The ‘low-key’ (almost anti-climatic) celebrations marking the 50th anniversary since the Cuban revolution on January 1 were highly symbolic of the republic’s current economic, social and political state of affairs. Cuba endured three devastating hurricanes in 2008 (Gustav, Ike and Paloma) incurring damages worth an estimated US$10bn, struggled with soaring fuel and food costs earlier [Read more...]

One barely noticed (there was no mention even on Reuters) but potentially significant event in Central and Eastern Europe over the Christmas period was the declaration of independence by the Ruthenians from Ukraine. Lest you wonder who the Ruthenians are, they are an eastern Slavic ethnic group, one of a handful of peoples in Europe [Read more...]

President Rafael Correa’s game of chicken with Ecuador’s external creditors finally came to an ugly end on Friday, when he announced he would prefer to take on the ‘monster’ bondholders in court rather than pay up. While many Ecuadoreans will no doubt admire their president’s courage for standing up to those responsible for the country’s [Read more...]

In these uncertain times, RiskWatchdog’s quest for finding relative value in emerging markets currencies has been a challenge to say the least, with only a handful of high-yielders like the Turkish lira and Kenyan shilling showing even a glimmer of upside potential. Nevertheless, one chart that found its way onto my desk this morning was [Read more...]

US decline theorists are having a field day (year?), thanks to America’s worsening economic crisis. Among those predicting that the US will lose its superpower status are Iranian president Mahmoud Ahmadinejad, Venezuelan president Hugo Chavez, and German finance minister Peer Steinbrück. Last week, even the US National Intelligence Council seemed to hint at the loss [Read more...]

Last Saturday was a sad day for world trade, with Somali pirates seizing a Saudi-owned tanker carrying US$100 million worth of oil. The Sirius Star was hijacked 450 miles off the coast of Kenya, becoming the largest vessel ever hijacked.

If you thought that piracy was the stuff of old swashbuckling tales, think again. Indeed, [Read more...]

Now that the initial euphoria surrounding Barack Obama’s election as US president has dissipated somewhat, it is time to take a more sober look at the geopolitical implications of his presidency.

One of Obama’s biggest tasks will be to shore-up the United States’ global position in the wake of its financial meltdown, and years of anti-Americanism [Read more...]