THIS WEEK’S MUST READ NEWS FROM CAPX | NEW DIRECTION
17 April 2016
New Direction | The Foundation for European Reform is an international partner of CapX, a new digital service which commissions and aggregates the best news on popular capitalism from around the world.
China has extended Nigeria a $6bn loan to fund infrastructure projects, coinciding with the countries' agreement that the Chinese renminbi is free to flow among banks in Nigeria, and accounts for at least 10% of Nigeria's foreign exchange reserves. Already, 80% of this bilateral trade is Chinese exports, and with Nigeria relying on China for rail, power, agriculture and mining projects, Africa's cash cow finds itself in the palm of China's hand.
President Dilma Rousseff has faced the first vote on her impeachment. Millions of protestors want Rousseff and her cronies gone - the country is in crisis, and the President's name remains tarred by the biggest corruption scandal in Brazilian history. But if Rousseff goes, who is the alternative? The next two officials in line for the presidency are as unpopular as she is. Are new elections on the horizon?
Capitalists owe much to Mario Vargas Llosa, who recently received the “Living Legend Award” at the Library of Congress. We live in a world of ever increasing mutual dependency, and we rely on other people’s cooperation for most of our daily endeavours. Llosa rejuvenated this argument and made it more cogent for millions through his writing. His eye for businessmen as humane characters, rather than deceitful shysters, inspired many more.
The row over David Cameron's tax affairs illustrates one of the central dilemmas in economics and politics. He paid his taxes and it was all within the law. But is that enough? It didn't used to be. In the UK the shift stems in large part from the City revolution in the 1980s and changes that resulted in assumptions about duty and obligation to others. Iain Martin asks CapX readers to offer their views.
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