Home' Trinidad and Tobago Guardian : September 3rd 2014 Contents INDIA IMPROVES
Wednesday, September 3, 2014 www.guardian.co.tt Guardian
You eat food daily, take in thousands of grains! Have
you ever calculated how many rice grains you have
consumed? However the moment one minute stone
comes in the rice you eat, you are very unhappy that
day and complain that your food has stones. Similarly
your life is three fourths happiness and one fourth
sorrow. But you become a victim to sorrow. You
choose to give more importance to sorrow than hap-
piness. This is an animal quality (Pashu Lakshanam).
Teach your tongue not to lose its reputation by fol-
lowing the wrong path. Your tongue is capable of rais-
ing you to Divine or droop to that of an animal. If
someone is good to you, the tongue praises them as
God Himself. If someone harms you, the tongue then
equates them to an animal. Teach your tongue to
ever chant the Name of the Lord and never to criticize
- My Dear Students, Vol 5, Ch 2, Mar 9, 1993.
How should we respond to
difficulties and sorrows in
life? Bhagawan explains to
Keep your tongue under control. The manner
in which you employ it determines your fame
The region s international bond sales reached a
half-year record of US$84 billion in the first half
of 2014, beating the previous record established in
the second half of 2013 by nearly US$21 billion,
according to Eclac s calculations on the basis of
data from LatinFinance and other market sources.
According to the report Capital Flows to Latin
America and the Caribbean: Recent Developments
prepared by Eclac s Office in Washington DC, the
surge represented an increase of 41 per cent relative
to the amount issued in the first half of 2013 and of
32 per cent relative to last year s second half. The
average deal size, at US$740 million, was also the
highest on record.
The study shows that international capital flooded
back to Latin American and Caribbean markets in
the first six months of 2014.
Including July, the region s total debt issuance
reached US$97 billion, compared to US$69 billion
in the same period in 2013. The increase in issuance
came as borrowers took advantage of low borrowing
costs to sell new bonds and refinance outstanding
debt with liability management exercises.
The report says that low volatility and risk aversion
have prevailed in most financial markets since late
January, when a bout of volatility followed by a market
correction caught market participants by surprise.
Even as a stronger job market in the US fosters dis-
cussions on when and by how much the Federal
Reserve will raise rates in 2015, in the first half of
the year investors behaved as if the low-yield envi-
ronment will persist.
The surge in capital flows has been supported by
the decline in global volatility and risk aversion since
late January, and asset prices have increased as a
result. The unusually low global volatility has prompt-
ed concerns that market participants may be increas-
ingly complacent about tail risks, however, according
to Eclac s study.
The Federal Reserve has confirmed that its quan-
titative easing (QE) programme will end in October,
the latest and firmest signal that US monetary policy
is reversing direction. The big question that emerging
markets are now asking is how quickly and how sud-
denly interest rates will go up.
The paper adds that there is a risk of instability
in financial markets in the coming year if the Fed s
target rate rises earlier and faster than expected,
which can impact Latin America and the Caribbean s
access to international capital markets. If global
interest rates increase faster than anticipated, they
could trigger capital outflows as investors seek higher
interest rates and safer assets in advanced economies.
An elderly Indian woman alights from a rickshaw near a vendor selling mangoes in New Delhi, India.
India's economy grew 5.7 per cent in the April-June quarter, the highest in more than two years,
according to government estimates. AP PHOTO
Capital flows to LAC
surge in first half of 2014
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