FT reading

British American Tobacco:

          It rolled about 100 cigarettes for every man, woman and child on earth in 2011

          The only places around the world where BAT saw higher volumes were in Asia, eastern Europe, the middle east and Africa

          The main challenge is to adjust to its falling cigarette consumption

 

China unlikely to impose ‘big bang’ reforms

          If Chinese three-step capital control reform is implemented as envisaged, the global economic landscape will undergo sweeping change this decade.

          China has erected vast roadblocks to stymie capital flows, even as china has flung its doors open to global trade.

          The country’s capital controls have protected it from the financial crisis. But Chinese savers have few investment outlets and plough their money into the property market instead. For foreign companies, they don’t want a currency that cannot be invested in its country of origin.

          China’s leaders have given a series of signals that they want capital account reforms to get into gear.

 

Europe say goodbye to solidarity

          Solidarity comes in two flavors:

o   Simple transactional arrangement – the joint policy against the possibility of this or that calamity (disaster)

o   Self-interest that leads governments to identify national goals in a shared and sustainable strategy of integration.

          The single currency was the ultimate expression of this marriage of national and mutual interests.

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