The year 2010 is almost certain to rank among the three warmest years since the beginning of instrumental climate records in 1850, with the possibility of topping the chart, the United Nations World Meteorological Organization (WMO) reported today. The global combined sea surface and land surface air temperature for January–October is estimated at 0.55 degrees Celsius, plus or minus 0.11 degrees, (0.99 degrees Fahrenheit, plus or minus 0.20 degrees) above the...

Discussions at an international forum in Russia on restoring the global tiger population from the brink of extinction have resulted in a United Nations-led alliance to fight wildlife crime and put an end to the key drivers threatening the wild cats around the world. The meeting held this week in Saint Petersburg saw the governments of 13 Tiger Range Countries agree to double tiger numbers by 2022 and the heads of...

Yaga Venugopal Reddy , former Reserve Bank of India governor credited with saving the nation’s financial system from the 2008 meltdown, has said what many finance experts believed, but did not have the courage to admit publicly: microfinance is India’s subprime. “Ultimately, it’s something like subprime lending,” Mr Reddy told ET in an interview ahead of his book release. “The same incentives are operating here... it was securitisation and derivatives that...

The SKS IPO and the Andhra Pradesh ordinance have suddenly changed everything. Will it be the death knell or will it usher in a reformed and healthy industry? There are three basic facts about micro-finance in India. First, most of what is described as micro-finance industry is actually micro-loans. There is hardly any provision of micro-savings, micro-investments, micro-insurance or micro-pensions. This is mostly because of regulatory reasons, i.e. accepting money...

MICROFINANCE is an example of something that is sadly all too rare: an anti-poverty tool that usually at least breaks even. If you make small, uncollateralised business loans to groups of poor women, they almost always repay them on time. It has grown rapidly in many countries, not least Bangladesh and India. With nearly 30m clients each, these are now the world’s biggest markets for microfinance. Yet the industry has...