Central Bank releases guidelines on Sharia banking
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| Sanusi Lamido, CBN Governor |
Global tourism posts strong recovery in 2010, UNWTO
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| Taleb Rifai, UNWTO president |
The tourism monitoring agency of the United Nations said, “Thanks to improved economic conditions worldwide, international tourism recovered strongly last year following the decline brought on by the global financial crisis and recession of late 2008 and 2009”.
According to the agency based in Madrid, Spain, it noted, while there was an increase in tourist arrivals in all regions, emerging economies remain the main drivers of this recovery, according to the UN World Tourism Organization (UNWTO).
“The recovery in international tourism is good news, especially for those developing countries that rely on the sector for much-needed revenue and jobs,” said UNWTO Secretary-General Taleb Rifai. “The challenge now will be to consolidate this growth over the coming years amid a still uncertain global economic environment,” he added in a news release.
The agency said that Asia was the first region to recover and the strongest growing region in 2010, with international tourist arrivals reaching a new record of 204 million last year, up from 181 million in 2009.
Africa, which was the only region to show positive figures in 2009, maintained growth during 2010, thanks in part to the hosting of events such as the FIFA World Cup in South Africa. Results returned to double digits in the Middle East, where almost all destinations grew by 10 per cent or more.
Recovery was slower in Europe than in other regions due to the air traffic disruption caused by the volcanic eruption in Iceland and the economic uncertainty affecting the Euro zone, noted the agency. While some individual countries performed well above the regional average, this was not sufficient to bring overall results above the losses of 2009.
Meanwhile, UNWTO said that the Americas rebounded from the decline in 2009 brought on by the economic hardship suffered in North America and the impact of the influenza A (H1N1) outbreak.
The return to growth in the United States economy has helped improve the region’s results as a whole, as did the increasing regional integration in Central and South America and the vitality of Latin American economies. Growth in tourism was strongest in South America.
Following last year’s recovery, growth in tourism is expected to continue in 2011 but at a slower pace, said the agency.
Emerging economies attract greater share of FDI – UN REPORT
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| United Nations Headquarters |
Foreign direct investment (FDI) to developing and transition economies rose last year, while investment flows to developed countries declined, according to the United Nations Conference on Trade and Development in an update on global investment trends release.
The Agency reported that developing and transition economies accounted for more than half of global flows, noting that there was a strong rebound in FDI to developing Asian economies and Latin America, while Europe stood out as the region where flows fell the most sharply.
Global inflows of FDI rose marginally by 1 per cent from $1,114 billion in 2009 to almost $1,122 billion in 2010, according to UNCTAD’s Global Investment Trends Monitor (GITM).
According to the report, FDI flows are expected to improve this year, but a number of risk factors remain in place.
Stagnant global flows in 2010 were accompanied by diverging trends in the components of FDI. While the increased profits of foreign affiliates, especially in developing countries, boosted reinvested earnings, the uncertainties surrounding global currency markets and European sovereign debt resulted in negative intra-company loans and lower equity investments, the GITM notes.
Last year’s FDI quarterly fluctuations, as reported in previous monitors, indicate that the worldwide FDI recovery is still unsteady, although after an unexpectedly weak second quarter, global FDI flows registered an increase in the third quarter of 2010.
Preliminary data for the fourth 2010 quarter suggests that global FDI flows continue to struggle to establish a sustainable growth path, according to UNCTAD, which pointed out that investment flows in that period are likely to be flat, or slightly down, compared to the third quarter.
While reinvested earnings will be helped by higher corporate profits, weak equity capital flows from cross-border mergers and acquisitions and greenfield (new) investments will continue to keep FDI flows in a holding pattern during that quarter.
The Agency reported that developing and transition economies accounted for more than half of global flows, noting that there was a strong rebound in FDI to developing Asian economies and Latin America, while Europe stood out as the region where flows fell the most sharply.
Global inflows of FDI rose marginally by 1 per cent from $1,114 billion in 2009 to almost $1,122 billion in 2010, according to UNCTAD’s Global Investment Trends Monitor (GITM).
According to the report, FDI flows are expected to improve this year, but a number of risk factors remain in place.
Stagnant global flows in 2010 were accompanied by diverging trends in the components of FDI. While the increased profits of foreign affiliates, especially in developing countries, boosted reinvested earnings, the uncertainties surrounding global currency markets and European sovereign debt resulted in negative intra-company loans and lower equity investments, the GITM notes.
Last year’s FDI quarterly fluctuations, as reported in previous monitors, indicate that the worldwide FDI recovery is still unsteady, although after an unexpectedly weak second quarter, global FDI flows registered an increase in the third quarter of 2010.
Preliminary data for the fourth 2010 quarter suggests that global FDI flows continue to struggle to establish a sustainable growth path, according to UNCTAD, which pointed out that investment flows in that period are likely to be flat, or slightly down, compared to the third quarter.
While reinvested earnings will be helped by higher corporate profits, weak equity capital flows from cross-border mergers and acquisitions and greenfield (new) investments will continue to keep FDI flows in a holding pattern during that quarter.
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