Well, for one, Being an NRI (Non-Resident Indian) the interest rate inflation means good and bad. As india’s government tests the Indian market by hiking the interest rate to check any inflation rates, NRI’s around the world feel the effects. India’s impoverished will most definitely feel it the most as food prices heighten and debt increases on loans. Even though my parents have invested money in The State bank of India and are profiting from these ridiculous interest rates, India’s banks make no attempt to hide their resentment towards NRI’s. Just last week we received a letter in the mail threatening to  cease our accounts due to “inactivity” (my parents do their online Indian banking every week). The only way to keep our bank accounts open? “Please send a copy of your passport and social insurance number”… I really hope India’s revolutionist Ana Hazareh influences India’s corruption quick because I don’t think I’m the only NRI hesitant to send my personal information to this developing country. I understand that these banks are having troubles facing the facts that NRI investments means money leaving the country, but that’s the downside of dealing with investors. There’s my rant on India’s corruption and ridiculous interest rates.

For more information, visit this Aljazeera link:

http://aljazeera.com/business/2011/06/201161684733130212.html

Photo taken from CTV News:

http://www.ctv.ca/CTVNews/World/20110426/food-prices-could-swell-ranks-of-asias-poorest-110426/

South Africa’s federal competition tribunal gave the Walmart corporation a green light to enter the country’s market and buy 51% of the Massmart company’s stock. This is a huge deal due to the fact that Massmart is one of Africa’s largest retailers. Because Walmart was granted this permission on very few conditions, Cosatu, South Africa’s largest labour federation has campaigned against allowing Walmart into the country.

What does this mean for Africa’s already low employment rate? Walmart’s consistent competitive prices will continue into South Africa and will greatly affect small businesses. Competition will be scarce as no one would be able to afford to compete against Walmart; even though they are due to their unethically low labour costs in developing countries.

What strikes me the most is that South Africa’s competition tribunal asked Walmart to refrain from laying any workers off for at least two years. What happens after those two years? Although South Africa is one of the more developed countries on the continent, their unemployment rate hovers around 25% within the past five years. It seems as though Walmart’s influence in the Massmart corporation in South Africa will have a crippling effect after the two year-long promise is finished.

http://www.southafrica.info/doing_business/businesstoday/businessnews/732588.htm

http://english.aljazeera.net/business/2011/05/2011531172516126893.html

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