The new scramble for Africa was triggered by a convergence of events: surging demand for biofuels, rising consumption patterns in China and India and the 2008 global food crisis, when the price of corn and wheat tripled, almost overnight. Responding to sudden hyperinflation, rioting and panic buying, at least 30 countries, including Argentina, Vietnam, Brazil, Cambodia and India, banned or sharply reduced food exports. In short order, Japan and South Korea, who import 70 per cent of their grains, joined a parade of countries turning to Africa to lock in means of production beyond their borders.
Leonardo Gottems on 05 May 12When the process of nominating the president of World Bank was taking place, a lot of people have raised the question about representatives from emerging markets. It did have a Latin American candidate for the very first time. However, the influence from emerging economies at the World Bank does not make a lot of sense anymore. The Brazilian National Bank for Social and Economic Development (BNDES) is now the second biggest development bank in the world. The first is the China Development bank and the World Bank just comes in a distant third. BNDES has a loan portfolio three times bigger than the World Bank...
