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Madoff Fraud
Due to Bernard Madoff the philanthropic world including charities and foundations in the US have lost billions of dollars. A meeting was held by the Jewish funders Network to decide on further procedures. Many charities have lost everything and were forced to close completely. These foundations are racing to refund the loss from the Madoff fraud. The economic situation made it hard for foundations and charities to raise money, due to the fraud it is nearly impossible for them to raise the needed money to stay above water.
The fraud effected nonprofit organizations as well; they had received funds from Madoff investors which “literally vanished overnight”. Jeff Salomon the president of the Andrea and Charles Bronfman Philanthropies, said: “This is the ultimate triple header. Numerous generous high-end donors have lost their asset base; foundations have lost their investments, and the charities themselves have directly lost money ... The impact is unprecedented, there is no question there will be more closures.”
Mr. Salomon forecasts merges of the left over nonprofit organizations a as a final act to survive. Several foundation funded by Jewish philanthropists have closed, they were part of the US nonprofit world. Many Jewish individuals and organizations invested most or all of their funds in Madoff. Many health charities are searching for new investors as many big donors were hit hard by the Madoff fraud. Days after the fraud analysts calculated that over 30 organizations were forced to close and 20 others are on the brink of closure after losing several millions.
Exports: Trade with the Middle East soars as relationships thaw
By Pelin Turgut
Published: November 28 2008 14:35
Due to a shift in turkey’s foreign policy towards the Middle East the exports dependency of Europe is diminishing with success. The conservative Justice and development party in turkey has strengthened diplomatic ties and trading bond with Islamic countries with investor rich regions in the Middle East: Iran, Syria and the Gulf states. Turkish business is becoming very popular in the Middle East region through building projects, TV series etc. Turkey has found plenty of commercial capital in a region they found too backward and religious.
Since the AKP party took office in 2002 exports to Europe have increased but very slightly compared to the 92 per cent export increase in the Middle East. In August the UAE became the top export destination for turkey, where Germany had led by a mile.
The change in relationship with the Middle East reflects the change in government since 2002. In turkey it is clear that the Islamic party in office is trying to strengthen ties with the Middle East by “diversifying export markets and goods.” (According to Ibrahim Ozturk a Turkish economist at Marmara University.)
In the past the cold war directed Turkish exports to the West. The ruling elite at the time was reluctant to trade with the Middle East due to the situation in the world at the time. The new Government is keen to become a “regional powerhouse”.
Much export success has come from the new party in Office (AKP). In 2002 turkey had 8 trading partners and exported one billion dollars of goods, in 2007 Turkey found themselves with 4 partners. The increase is drastic as it was at 172 in 1996 and in 2008 its 218, the highest exports in Turkish history.
Because of the Islam rooted government lead by Prime Minister Recep Erdogan, Middle Eastern investors see turkey as their “second home.” “The success of the AKP lies in their improvement of trade diversification.” It is known that the Turkish government leaders are more comfortable in the Middle east, analysts say business depends on personal relationships. Relationships with Saudi Arabia and Iran, that were once frosty have improved; a visit from the Saudi King, which was the first in 40 years, reassured the Turkish government. Turkey was the first country outside the Gulf in 2008 to be named the strategic partner by the Gulf co-operation.
Although exports to Europe are still 50 per cent, having these ties with the Middle East draws turkey away from the financial crisis presently in Europe. Mr. Erdogan along with his party is accused of harboring Islamistic agenda, he refuses all criticism questioning who could be disturbed by the increase in exports in the Middle east.
According to Mr. Ozturk becoming an influaential player in the Middle East will icreasese its bargaining power with Europe. ““Turkey can prove how indispensable it is to the EU precisely by demonstrating its influence and added value in places outside Europe. That will make Turkey an asset, not a burden.”
Japan's trade deficit worsens as exports suffer record fall
By Mure Dickie in Tokyo
Published: December 23 2008 02:00
Japans export has decreased due to the shockwave caused by the economic crisis. As demand for output falls the prospects for the world’s second largest economy are diming. Japans Cabinet Office announced that the economy would continue to worsen and slow down trade; drop corporate profits cause rising unemployment and weaken private consumption. Governor of the central Bank declared that exports would decrease, partly due to the rise of the Yen and private demand.
The rising Yen is key to the decrease in exports. Import is also falling leaving Japan with a trade deficit for the first time in 28 years. According to officials the fall in export was the steepest ever; even trade with the Middle East and Europe has decreased drastically due to universal falls in demand.
Japan is looking to China for rescue again, but export in China has fallen as well which highlights the failure of Asia’s biggest emerging market. Domestic demand is low and not balancing out the loss from decrease in exports.
To some economist who felt Japans structural surplus lead to the financial crisis Japans trade deficit may be comforting. However the falling imports in Japan exclude them from driving a global recovery.
Pakistan in trade and arms offer to India
By James Lamont in New Delhi and Farhan Bokhari in Islamabad
Published: November 23 2008 22:24
The Pakistani president Asif Ali Zardari announced that Pakistan wants to end the feud with India, which began in 1947 during the partition of India. Both of these nations posses nuclear weapons and have fought many wars with each other. Pakistan will also withdraw first strike nuclear threat; Ali Zardari claims that Pakistan will not be the first country to use nuclear weapons against India. Further Zardari offered to join India in a south Asian nuclear-proliferation pact.
This year Pakistan is finalizing a financial rescue package with Kashmir the disputed Muslim majority in India. Zardari claims that India could aid Pakistan economically by opening its borders for trade and creating an economical union. Zardari is trying to write a new chapter in Indo-Pakistani history, “The big question is, can President Zardari take along Pakistan’s ruling establishment, especially the military?” said Lieutenant General (retired) Talat Masood, a Pakistani commentator.
