Abandoned
Dogs Roam Detroit in Packs as Humans Dwindle (www.bloomberg.com) As many as 50,000 stray dogs roam the streets
and vacant homes of bankrupt Detroit, replacing residents, menacing humans who
remain and overwhelming the city’s ability to find them homes or peaceful
deaths. Dens of as many as 20 canines have been found in boarded-up homes in
the community of about 700,000 that once pulsed with 1.8 million people. One
officer in the Police Department's skeleton animal-control unit recalled a pack
splashing away in a basement that flooded when thieves ripped out water pipes. “The
dogs were having a pool party,” said Lapez Moore, 30. “We went in and fished
them out.” Poverty roils the Motor City and many dogs have been left to fend
for themselves, abandoned by owners who are financially stressed or unaware of
proper care. Strays have killed pets, bitten mail carriers and clogged the animal
shelter,
where more than 70 percent are euthanized. “With these large open expanses with
vacant homes, it’s as if you designed a situation that causes dog problems,”
said Harry Ward, head of animal control.
Denver
officials evict murdered woman's family 72 hours after her slaying - (www.ft.com) Three
days after a Denver woman was brutally murdered, the city’s housing authority
evicted her family because the slain woman was the only one on the lease. Just
days after losing a loved one, the victim’s mother and autistic son are now
homeless, sleeping wherever they can after they were booted from their own
house. The eviction occurred after 47-year-old Sandra Roskilly was murdered on
the front porch of her home. Daniel Abeyta, the 31-year-old gunman who was
armed with a rifle, shot the Denver woman to deathon Friday. He also shot a
second woman in the leg and tried to detonate a propane canister in the street.
A police sniper shot and wounded the gunman, who now faces a first-degree
murder charge, KUSA-TV reported. Police believe Roskilly was an innocent
bystander when Abyeta, who lived in a neighboring home, went on a shooting
rampage. The murder has devastated the woman’s family.
Istanbul
Skyline Reflects Cheap Dollars Now Growing Scarce - (www.nytimes.com) In
a city where skyscrapers sprout like weeds, none grew as high as the Sapphire
tower in Istanbul. Today, it stands as a symbol of how far the mighty may fall.
Like a vast majority of new buildings that have blanketed the Istanbul hills in
recent years, the Sapphire — at 856 feet it is the tallest in Turkey and among
the loftiest in Europe — was built on the back of cheap loans, in dollars, that
have flooded Turkey and other fast-growing markets like Brazil, India and South
Korea. The money began to flow when the Federal Reserve and other major central
banks cut interest rates to the bone in 2009 and cranked up the printing
presses in a bid to spur recovery in the United States and other advanced
industrial nations. But now, with expectations mounting that the Federal
Reserve, led by its departing chairman Ben S. Bernanke, may soon begin to
tighten its monetary spigot, Istanbul’s skyline could well be a harbinger of an
emerging-market bust brought on by unpaid loans, weakening currencies, and,
eventually, the possible failure of developers and banks.
Analysis:
Sovereign funds' fortunes turn as emerging assets sour - (www.reuters.com) The
world's biggest sovereign wealth funds may see their bumper profits of 2012
diminish this year as recent diversification into high-growth emerging markets starts
to produce disappointing returns. Their long-term horizon may allow many
sovereign funds, which globally control $5 trillion of oil and other windfall
assets, to weather losses. But the sheer size of these funds may increasingly
limit the window of opportunities even when emerging markets recover.
SWFs have piled into emerging markets, crucially via public equity and debt
markets, which are cheap to invest in and big enough to absorb sizeable
investments, rather than potentially higher-yielding private equity deals,
which are often too small and labor-intensive to discover real gems. According
to Thomson Reuters data, the world's top 38 sovereign funds which globally
invest nearly $900 billion in listed public equities allocate more than a third
of the total to emerging markets at $383 billion, up 18 percent from mid-2012.
Currency
Volatility Is Unnerving Investors - (www.nytimes.com) Lawmakers
and central bankers in India, Indonesia, Turkey and several emerging-market
economies are scrambling to contain the damage from falling currencies and to
keep foreign investors from heading for the exits. Money has poured out of
those economies over the last few weeks, pushing down the prices of a wide
array of assets, including stocks, bonds and currencies. On Tuesday, the Indian
rupee fell to a record low against the dollar, while the Indonesian rupiah
dropped to its lowest level against the dollar since 2009. In an effort to slow
the exodus of foreign money from Turkey, the country’s central bank raised a
key interest rate on Tuesday. That came as the Reserve Bank of India announced
that it would start buying Indian government bonds later this week to “address
the risks to macroeconomic stability.” “At this point in time I personally see
the current government is completely in panic,” said Arvind Singhal, the
chairman of Technopak Advisors, a consulting firm in Delhi.
Asia’s
debt conundrum reawakens ghosts of 1990s crisis (www.ft.com)
A Global Boom Is Facing the End of Easy Lending - (www.nytimes.com)
A Global Boom Is Facing the End of Easy Lending - (www.nytimes.com)
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