Several years ago I read Under the Black Flag by David Cordingly which was about exactly what the subtitle says it’s about: “The Romance and the Reality of Life Among the Pirates.” The main thing I learned was that unless your name was Sir Francis Drake you probably weren’t plundering gold and silver from the Spanish Treasure Fleet. The typical pirate attacked merchant ships full of manufactured goods from Europe. The pirate would then take the prize and the cargo to a friendly port where the cargo could be sold and the bounty on the prize claimed. Not as glamorous as gold, but, as Cordingly makes clear, a much more pleasant existence than serving on a demanding merchant or military ship.
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After forming a free trade regional clique last week, Asian nations united in Dhaka, Bangladesh for a cleaner greener future. The group decided to jointly fight climate change, reduce greenhouse gases and help each other during a natural calamity. The group also stood together against developed nations urging them to spend 0.5-1 percent of their GDP to help the developing world face the challenge posed by climate change and make good their unfulfilled commitments towards cutting back on greenhouse emissions. The move seeks to pressure these nations to part with funds committed under the UN Framework Convention on Climate Change (UNFCCC).
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China’s economy grew at the slowest pace since 2005 in the second quarter, prompting the yuan’s biggest drop in seven weeks on speculation the government will slow its advance to protect exporters. Gross domestic product rose 10.1 percent from a year earlier, down from 10.6 percent in the first quarter, as exports weakened and the government curbed lending. Consumer prices rose 7.1 percent in June, slowing from 7.7 percent in May, according to the latest data from the statistics bureau.

GDP growth cooled for the fourth straight quarter.

The trade surplus for the second quarter narrowed 12 percent from a year earlier to $58.14 billion as import costs climbed and U.S. demand faltered.

Producer prices climbed 8.8 percent in June from a year earlier, the statistics bureau said today, after rising 8.2 percent in May.

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The Economist.com has a new article up discussing the fallout over firm’s image and advertising dollars in connection with Darfur and the Beijing Olympics, Beyond the “genocide Olympics”. This article has generated more comments at the Economist than any article I’ve seen over there. Here is the central paragraph:
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The third ministerial meeting of the South Asian Association for Regional Cooperation Free Trade Agreement (SAFTA) hosted by India commenced on March 3, 2008 in New Delhi. Although SAARC – The South Asian Association for Regional Co-operation, comprising India, Nepal, Bhutan, Bangladesh, Sri Lanka, Maldives, Afghanistan and Pakistan, hasn’t had the desired impact that NAFTA (North Atlantic Free Trade Agreement) has made, changes are clearly in the pipeline.
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With the start of 2008 China has had its stock market surge, yet there are some questions. Already the impact of the Olympic games in August are being felt, as the Shanghai Composite Index at 5,272.8 points. While that is a mere 0.21 percent for the day, stocks related to the Olympics as well as Beijing-based and consumption-related stocks recorded gains of up to the 10 percent daily limit.
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