DOCSLIB.ORG

Emerging & Frontier Markets

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Emerging & Frontier Markets Emerging & Frontier Markets: You’re Wrongly Predicting Them The education of an developing markets fund manager Orlando CFA Society February 2019 Marshall L. Stocker, Ph.D., CFA 2 | Photograph: Gerard Malie / AFP/Getty Images 3 | East Berlin (Then) East Berlin (Now) Rykestraβe, Berlin Photograph: www.ryke37.de 4 | Photograph: David Degner, New York Times 5 | Photograph: Yannis Behrakis/Reuters 6 | Cairo (When I Arrived) Photograph: Marshall L. Stocker 7 | Cairo (When I left) Photograph: Marshall L. Stocker Countries Matter the Most 9 | Fall 2016, 25 (3) 38-47 Triage in a Global Financial Crisis: Countries, Sectors, or Stocks? Marshall L. Stocker Source: Eaton Vance Management, MSCI 10 | Countries Matter the Most Correlation 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 1999 2000 2001 Emerging & Frontier Country Equity Index Returns (USD) 2002 2003 2004 Rolling One Year Correlations 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Eaton Vance Management, MSCI 11 | Countries Matter the Most Annualized Standard Deviation of Returns 10% 15% 20% 25% 30% 35% 5% 2001 2002 2003 2004 2005 2006 2007 Developed Market Sectors Developed Market Countries Style selection (Growth/Value; Large/Small) Emerging Market Sectors Emerging Market Countries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Stocker, M.L. Fall 2016. Triage in a Global Financial Crisis: Countries, Sectors, or Stocks? The Journal of Investing, 25 (3) 38-47 12 | Countries Matter the Most Actual Excess Returns: [Rmf - Req] (%) -20 -10 0 10 20 -10 Predicted Excess Return Based on Country Weights: [Rca - Req] (%) Predicted vs. Actual Excess Monthly Returns -5 Developed and Emerging Market Mutual Funds 0 5 10 Economic Freedom Matters A Whole Lot Too 14 | Economic Freedom 15 | Measuring Economic Freedom 5 Components 1. Size of Government 2. Rule of Law 3. Sound Money Supply 4. Freedom to Trade Internationally 5. Regulation 16 | Economic Freedom exists when: • Have secure rights to property • Are free to engage in voluntary transactions • Are free of government control over contractual terms • Are free from governmental expropriation 17 | Economic Freedom Trends Source: Gwartney, J., Lawson, R., & Hall, J. (2017); Economic Freedom of the World: 2017 Annual Report; Fraser Institute. 18 | Photograph: Gerard Malie / AFP/Getty Images 19 | Poverty Source: Gwartney, Hall, Lawson, and Murphy 2018, Economic Freedom of the World: 2018; World Bank, 2016, World Development Indicators. 20 | Economic Freedom & Poverty Poverty Rate (%) 10 20 30 40 50 0 Least Free Third Second Most Free Economic Freedom and Poverty Economic Freedom Quartile, 2018 Moderate Poverty Extreme Poverty 21 | Infant Mortality 22 | Economic Freedom & Infant Deaths Economic Freedom and Infant Mortality Rate 46.7 (Per 1,000 Live Births, 2015) 29.3 22.5 11.7 5.4 Bottom Fourth Third Second Top EFW Index Quintiles, 2016 Source: Gwartney, Hall, and Lawson, 2016, Economic Freedom of the World: 2016 Annual Report; World Bank, 2015, World Development Indicators. 23 | Child Labor 24 | Economic Freedom & Child Labor Economic Freedom and the Percentage of Children in the Labor Force (Ages 5 to 14 years, 2016) 20.6% 14.7% 11.7% 8.7% 1.5% Bottom Fourth Third Second Top EFW Index Quintiles, 2016 Source: Gwartney, Hall, and Lawson, 2016, Economic Freedom of the World: 2016 Annual Report; Unicef, Global Databases, 2016. 25 | Corruption 26 | Economic Freedom & Corruption Economic Freedom and Corruption (Perceptions Index Score, 2016) 68.5 47.0 39.5 35.7 27.9 Bottom Fourth Third Second Top EFW Index Quintiles, 2016 Note: Corruption is measured on a scale from zero to 100: zero = highly corrupt; 100 = little or no corruption. Source: Gwartney, Hall, and Lawson, 2016, Economic Freedom of the World: 2016 Annual Report; Transparency International, Corruption Perceptions Index 2016. 27 | Equity Market Returns 28 | Equity Market Returns 29 | Equity Market Returns 30 | The Price of Freedom: A Fama-French Freedom Factor Emerging Markets Review 26 (2016) 1–19 Marshall L. Stocker 31 | Equity Market Returns Country-level Equity Market Returns (1970-2015) Stocker, M. L. (2005). Equity returns and economic freedom. Cato Journal, 25, 583. Stocker, M. L. (2014, forthcoming). Macro-economic policy explains country-level equity returns. EVM white paper. 32 | Equity Market Returns Economic Freedom segments investment outcomes (2000-2016) Stocker, M. L. (2005). Equity returns and economic freedom. Cato Journal, 25, 583. Stocker, M. L. (2014, forthcoming). Macro-economic policy explains country-level equity returns. EVM white paper. 33 | Equity Market Returns Macro-economic policy differentiates Emerging Market performance (2000-2016) Stocker, M. L. (2005). Equity returns and economic freedom. Cato Journal, 25, 583. Stocker, M. L. (2014, forthcoming). Macro-economic policy explains country-level equity returns. EVM white paper. 34 | Equity Market Returns Macro-economic Policy and Bear Markets (‘00 – ‘02, ‘08, ‘11, ‘15) Stocker, M. L. (2005). Equity returns and economic freedom. Cato Journal, 25, 583. Stocker, M. L. (2014, forthcoming). Macro-economic policy explains country-level equity returns. EVM white paper. 35 | Equity Valuation The Developing Markets Are Everywhere 37 | Which Countries? EM and FM Argentina Kazakhstan Slovenia Botswana Bahrain Kenya South Africa Cambodia Korea, South Sri Lanka Bangladesh Cyprus Kuwait Taiwan Georgia Brazil Lebanon Thailand Iceland Bulgaria Lithuania Tunisia Myanmar Chile Malaysia Turkey Ukraine Mauritius Ukraine China Mexico United Arab Emirates Colombia Morocco Vietnam Croatia Nigeria Czech Rep. Oman Pakistan Egypt Peru Estonia 55+ Countries Philippines Greece Poland Vs. Hungary Qatar Romania India 24-Country MSCI EM Index Russia Indonesia Saudi Arabia Jordan Serbia 38 | Photograph: Gerard Malie / AFP/Getty Images 39 | Economic Freedom Emerging & Frontier Markets: You’re Wrongly Predicting Them The education of an developing markets fund manager Orlando CFA Society February 2018 Marshall L. Stocker, Ph.D., CFA The views expressed in this document are those of the presenters and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for Eaton Vance are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. Eaton Vance does not provide legal or tax advice. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Individuals should consult their own legal and tax counsel as to matters discussed. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. Thank you. For more information, please contact: Eaton Vance Management. Two International Place Boston, MA 02110 800-836-2414 eatonvance.com 42 | Emerging market returns GDP growth China USA 1991-2017 4000% • China • 1991 through 2017 3000% • Chinese GDP grew 31-fold 2000% • US GDP 2.1 x’s • S&P is up 9.8 x’s 1000% • Shanghai Composite is up 14.7 0% x’s GDP Growth Equity Index Return Source: World Bank; Bloomberg 43 | CFA Curriculum Guideline Exam Weights Topic Level I Level II/III Ethics 15% FinancialReporting&Analysis 15% EquityInvestments 11% FixedIncome 11% Corporate Finance 10% Economics 10% 5-10% Quants 10% Alternatives 6% Derivitives 6% Portflio Management 6% Total 100% Source: https://www.cfainstitute.org/programs/cfa/curriculum/study-sessions 44 | Human Development 45 | Economic Freedom & Human Development Economic Freedom and Human Development (Index Score, 2015) 0.87 0.78 0.69 0.65 0.55 Bottom Fourth Third Second Top EFW Index Quintiles, 2016 Note: The United Nations Human Development Index is measured on a scale from zero to one: zero = least developed; one = most developed. Source: Gwartney, Hall, and Lawson, 2016, Economic Freedom of the World: 2016 Annual Report; United Nations Development Program, Human Development Indicators 2015..
Load more

Recommended publications
  • Live News: a Survival Guide for Journalists
    AA SURVIVALSURVIVAL GUIDEGUIDE FORFOR JOURNALISTSJOURNALISTS LIVELIVE NEWSNEWS Front cover picture: A press photographer in a cloud of teargas during a riot in Lima, Peru, in May 2000. Photo: AP / Martin Mejia Title page picture (right) A newspaper vendor waits for customers in Abidjan, Ivory Coast, one of many countries where media have been put under threat. In November 2002, an emergency aid programme was launched by the IFJ, the Communication Assistance Foundation, International Media Support and Media Assistance International, working with the Union Nationale des Journalistes de Côte d'Ivoire (UNJCI) and the West Africa Journalists Association. The programme included training on safety and conflict reporting. Photo: AP / Clement Ntaye. LIVE NEWS A SURVIVAL GUIDE FOR JOURNALISTS Written and produced for the IFJ by Peter McIntyre Published by the International Federation of Journalists, Brussels March 2003 With the support of the European Initiative for Democracy and Human Rights. (i) Live News — A survival guide for journalists Published by the International Federation of Journalists March 2003. © International Federation of Journalists International Press Centre Residence Palace Rue de la Loi 155 B-1040 Brussels, Belgium ✆ +32 2 235 2200 http://www.ifj.org Editor in Chief Aidan White, General Secretary, IFJ Managing Editor Sarah de Jong, Human Rights Officer, IFJ [email protected] Projects Director Oliver Money-Kyrle Written and designed by Peter McIntyre, Oxford, UK [email protected] Acknowledgments The IFJ would like to thank: Associated Press Photos and Reuters, who donated the use of photos; AKE Ltd, Hereford, UK, for advice, information, facilities, and support; Mark Brayne (Dart Centre Europe) for advice on post trauma stress; Rodney Pinder, for comments on the drafts; All the journalists who contributed to, or were interviewed for, this book.
    [Show full text]
  • Freedom of the Press 2013 Partly Free Countries with Notable Developments Free
    Worst of the Worst not Free Freedom oF The Press 2013 Partly Free counTries WiTh noTable develoPmenTs Free Key Trends B Intensified efforts to block new media B Media openings in West Africa and Asia B Press crackdown in Mali and Guinea-Bissau B Economic crisis weakens In 2012, only 1 in 6 people lived press freedom in EU in countries with a free press. Greece ParTly Free Press Freedom score 41 e HeigHtened economic, LegaL, and PoLiticaL Pressure on tHe Press Greece’s score dropped from 30 to 41 points and its status fell from Free to Partly Free due to closures of, or cutbacks at, numerous print and broadcast outlets; a related reduction in media diversity and effective re- porting about the country’s political and economic situation; and height- ened legal and physical harassment of journalists. A riot policeman punches Greek photojournalist Tatiana Bolari during a demonstration in Athens’ Syntagma (Constitution) square on October 5, 2011. (REUTERS/Yannis Behrakis) israel ParTly Free Press Freedom score 31 e FinanciaL Pressure, PoLiticaL interFerence in tHe Press In Israel, the score fell from 30 to 31, and the status declined from Free to Partly Free, to reflect the indictment of journalist Uri Blau for possession of state secrets, the first time this law had been used against the press in several decades, as well as instances of polit- icized interference with the content of Israeli Broadcasting Authority radio programs and concerning the license renewal of Channel 10. In addition, the economic impact on media sustain- ability posed by Israel Hayom, a free newspaper and now the largest-circu- lation daily, led to financial pressures on other dailies and the collapse and buyout of the daily Maariv in 2012.
    [Show full text]
  • The Global Refugee Crisis
    THE GLOBAL REFUGEE CRISIS A CONSPIRACY OF NEGLECT Amnesty International is a global movement of more than 7 million people who campaign for a world where human rights are enjoyed by all. Our vision is for every person to enjoy all the rights enshrined in the Universal Declaration of Human Rights and other international human rights standards. We are independent of any government, political ideology, economic interest or religion and are funded mainly by our membership and public donations. First published in 2015 by Amnesty International Ltd Peter Benenson House 1 Easton Street London WC1X 0DW United Kingdom © Amnesty International 2015 Index: POL 40/1796/2015 Original language: English Printed by Amnesty International, International Secretariat, United Kingdom All rights reserved. This publication is copyright, but may be reproduced by any method without fee for advocacy, campaigning and teaching purposes, but not for resale. The copyright holders request that all such use be registered with them for impact assessment purposes. For copying in any other circumstances, or for reuse in other publications, or for translation or adaptation, prior written permission must be obtained from the publishers, and a fee may be payable. To request permission, or for any other inquiries, please contact [email protected] Cover photo: A Kurdish refugee boy from the Syrian town of Kobani holds on to a fence that surrounds a refugee camp in the border town of Suruc, Sanliurfa province. 3 November 2014. © REUTERS/Yannis Behrakis amnesty.org CONTENTS Executive Summary ....................................................................................................... 5 Syria’s refugees: A crisis beyond borders ......................................................................... 9 The consequences of reduced humanitarian assistance: Case studies from Lebanon and Jordan ...................................................................................................................
    [Show full text]
  • American Policy and Changing Alignments in the Middle East
    American Policy and Changing Alignments in the Middle East Adam Lammon American Policy and Changing Alignments in the Middle East Geoffrey Kemp, John Allen Gay, Adam Lammon Center for the National Interest The Center for the National Interest is a nonpartisan public policy institution established by former President Richard Nixon in 1994. Its current programs focus on American defense and national security, energy and climate security, regional security in the Middle East, and U.S. relations with China, Japan, Europe, and Russia. The Center also publishes the bimonthly foreign affairs magazine The National Interest. The Center is supported by foundation, corporate and individual donors, as well as by an endowment. Copyright 2018. Center for the National Interest. All Rights Reserved. American Policy and Changing Alignments in the Middle East By Geoffrey Kemp, John Allen Gay, Adam Lammon Center for the National Interest 1025 Connecticut Ave, NW, Suite 1200 Washington, D.C. 20036 Phone: (202) 887-1000 E-mail: [email protected] www.cftni.org Cover design by Gabriella Turrisi Photographs from Reuters: From top (front to back): Yannis Behrakis, Reuters, Erik de Castro, Azad Lashkari Acknowledgments This study was supported by a grant from the Smith Richardson Foundation and with encouragement from the Center for the National Interest’s Executive Director, Paul J. Saunders. The Center for the National Interest would like to thank Henri Barkey, Fiona Hill, Dennis Ross, James Dobbins, Steven Szabo, and Charles W. Freeman for their participation in a series of seminars that were invaluable in structuring the research and argumentation, as well as the Center’s former Program Assistant, Luke Hagberg, and interns Bradley L.
    [Show full text]
  • Conflict Photographers Include
    BOOK SHOOTING WAR Title: SHOOTING WAR Publisher: Glitterati Editions Author: Anthony Feinstein Forward: Sir Harold Evans Conflict photographers are visual historians, bearing witness to stories that must be told. The images they produce seize our attention and, moved by what we see, troubling questions come to mind. What has become of these victims of war whose plight has been so memorably captured on camera? How did human behaviour turn so dark? SHOOTING WAR builds on this narrative by asking a different set of questions that to date has received little, if any, attention. What of the person taking the photograph? From Shooting War by Anthony Feinstein, copyright © 2018, Published by Glitterati Editions What might they have experienced? ANTHONY FEINSTEIN is a professor of Psychiatry at Neuropsychiatrist Anthony Feinstein provides the the University of Toronto, a Guggenheim Fellow, and answers in a series of essays, one each for 18 of a Peabody winner for his documentary Under Fire: the world’s preeminent conflict photographers. Journalists in Combat. He has published a series of Complementing each essay is a single, iconic seminal studies exploring the psychological effects photograph around which the text is built. The of conflict on journalists covering the Balkans, Iraq, essays, derived from face-to-face interviews with the Syria, Kenya, Iran, and the refugee crisis in Europe. He photojournalists, relatives, and close friends, give new lives in Toronto, Canada. and revealing insights into those factors, professional and psychological, that motivate photographers to enter zones of conflict repeatedly and the SIR HAROLD EVANS is a British-born journalist and consequences that come from exposure to grave bestselling author of The American Century.
    [Show full text]
  • The Emotional Toll on Journalists Covering the Refugee Crisis
    REPORT The Emotional Toll On Journalists Covering The Refugee Crisis Anthony Feinstein and Hannah Storm July 2017 A beach on the Greek island of Lesbos is covered with deflated dinghies, tubes and life vests left by refugees and migrants after crossing a part of the Aegean Sea from the Turkish coast September 21, 2015. REUTERS/Yannis Behrakis Published by the Reuters Institute for the Study of Journalism. THE EMOTIONAL TOLL ON JOURNALISTS COVERING THE REFUGEE CRISIS Contents About the Authors 2 Acknowledgements 2 Executive Summary 3 1. The Refugee Crisis: An Unprecedented Event 6 The Responsibility and Response of Journalists to the Refugee Crisis 7 What is Different about Covering the Refugee Crisis: Editorial and Management Perspectives 8 The Foreign and the Familiar 9 2. Key Survey Findings 11 Previous Studies and How the Current Study Differs 11 Methodology of the Current Study 12 Breakdown of Results 14 Factors Associated with Moral Injury 14 Applicability of Findings 15 Personal Narrative in Support of the Data 17 3 Case Studies from Journalists in the Field 19 Will Vassilopoulos, Freelance Journalist, Agence France-Presse 20 Yannis Behrakis, Reuters 23 Patrick Kingsley, the Guardian 25 Alice Petrén, Swedish Radio 27 4 Initial Industry Response 29 The Value of Education 29 Recommendations for Consideration 31 5 Conclusion and Next Steps 33 Resources 33 Appendices 34 References 39 1 THE EMOTIONAL TOLL ON JOURNALISTS COVERING THE REFUGEE CRISIS About the Authors Anthony Feinstein is professor of psychiatry at the University of Toronto and director of the Neuropsychiatry Programme at Sunnybrook Health Science Centre. He has undertaken numerous studies looking at how journalists are affected psychologically by their work in zones of war, conflict, and disaster.
    [Show full text]
  • Number 2 | August 2017 | Quarterly | Estorilconferences.Org 0307
    GLOBAL REVIEW | INVITED | Number 2 September 2017 07 Number 2 | August 2017 | Quarterly | estorilconferences.org 0307 IMPRESSUM Founders In this issue: › Teresa Violante › Daniel Estudante Protásio › Rui Cordeiro Managing Director Graphic Design › Rui Cordeiro › Kátia Lopes Editors Advertising › Cátia Rebocho › Cátia Rebocho › João Tiago Teixeira › Maria Inês Gameiro Permanent Contributors Administration › Arie M. Kacowicz › Edifício Cascais Center › Carlos Carreiras Rua Manuel Joaquim Avelar, 118, piso 2 › Felipe Pathé Duarte 2750-421 - Cascais | Portugal › Miguel Pinto Luz › T. +351 21 132 99 33 › Teresa Violante › [email protected] Property: Câmara Municipal de Cascais A GLOBAL REVIEW Isento de registo na Entidade Reguladora para a Comunicação Social ao abrigo do Decreto Regulamentar nº 8/99, de 9 de Junho, artigo 12º, nº 1, al. b). This issue of our Global Review will be entirely dedicated to the 5th edition of the Estoril Conferences as we take a look back at some of the special moments, talk with an attending student and a teacher and share images of the several exhibitions displayed during the three days of conferences. In this number, we will also be sharing the figures that prove the most successful edition of the Estoril Conferences yet. [email protected] On the first day of the Conferences we focused on the future and hosted EDITORIAL our Youth Summit. Youngsters from all over the world came to listen to personalities such as Fareeda Khalaf or the Nobel Prize winner Rajendra » By Teresa Violante Pachauri. I am very proud to say that youngsters also kept on coming PERMANENT CONTRIBUTORS SPECIAL MOMENTS » P.
    [Show full text]
  • Yannis Behrakis REUTERS
    Yannis Behrakis REUTERS Photo #1 Yannis Les chemins de l’espoir Behrakis et du désespoir Reuters Ils se sont enfuis en pleine nuit, leurs biens dans des sacs en plastique En 2015, l’Europe a dû faire face à la plus grande crise de réfugiés noir. Ils se sont cachés dans des camions ou entassés dans des depuis la Seconde Guerre mondiale. Près d’un million de personnes bateaux, ils ont couru et couru encore, passant points de contrôle, ont fui la guerre et la misère dans leur pays et ont fait la traversée barrages, rivières, collines. de la Turquie vers la Grèce à la recherche d’une vie décente. C’est pour trouver la sécurité qu’ils ont quitté leur pays : Bosnie, Behrakis en a fait une affaire personnelle. Sa grand-mère est née Somalie, Albanie, Irak, Croatie, Libye, Tchétchénie, Kosovo, Syrie et dans une famille grecque à Smyrne (aujourd’hui Izmir) sur la côte ailleurs. Ils ont laissé derrière eux des parents, des frères, des femmes turque. Elle a dû s’enfuir en 1922 après le grand incendie qui a qui attendent. Beaucoup ne sont jamais arrivés. Beaucoup d’autres ravagé la ville. resteront des déplacés pour le restant de leur vie. « Je me souviens de ce qu’elle nous racontait : comment elle a survécu Pendant près de trente ans, Yannis Behrakis, photographe pour avec sa sœur, toutes deux évacuées vers Marseille à bord d’un navire de Reuters, a suivi les déplacements massifs de populations, les opprimés la Marine française, puis sa vie de réfugiée dans un monastère pendant et les torturés, les menacés et les maltraités.
    [Show full text]
  • On Samos, Greece, a Show Takes an Intimate Look at the Refugee Crisis
    Reviews On Samos, Greece, a Show Takes an Intimate Look at the Refugee Crisis Can art help to convey the bigger context of the crisis? Hili Perlson, August 12, 2016 The port of Pythagorion. Photo by Costas Vergas, courtesy of Schwarz Foundation. “I can’t imagine doing an exhibition about anything other than the refugee crisis,” curator Katerina Gregos told a handful of journalists invited by the Schwarz Foundation to visit the group show “A World Not Ours” at the foundation’s Art Space Pythagorion, on the island of Samos. Separated from Turkey by less than 2 kilometres of sea, Samos, like other Greek islands in the north Aegean, has been an entry point into Europe for thousands of migrants and asylum seekers who survived a perilous journey at sea. Since March, when Europe signed an agreement with Turkey to take back migrants from Greece in exchange to the EU’s resettlement of Syrian refugees residing in Turkey and other forms of financial support, the number of new arrivals on the island’s shores has decreased dramatically, with thousands now risking the journey to Europe from Libya instead. The registration centers on the islands of Lesbos, Chios, Leros, and Samos have been turned into detention camps. Currently, there are about 1,000 migrants and asylum seekers detained in Samos. Gregos, who was invited by the Schwarz Foundation’s director Chiona Xanthopoulou- Schwarz to curate the space’s fifth summer exhibition, was faced with a challenging task to say the least. There have been numerous recent attempts in artworks, exhibitions, and actions to raise awareness of the refugee crisis, many of which have failed to transcend the realm of visual platitude in approaching the connections between content, form, representation, and activism.
    [Show full text]
  • Annual Report 2015-16 Annual Report ’15-’16
    ANNUAL REPORT 2015-16 ANNUAL REPORT ’15-’16 02 PREFACE 04 THE YEAR IN REVIEW: • DIRECTOR’S REPORT • RISJ IMPACT AND INFLUENCE 10 THE JOURNALISM FELLOWSHIP PROGRAMME • FELLOWS’ FOCUS: GLOBAL ISSUES, FRESH PERSPECTIVES • JOURNALIST FELLOWS 24 RESEARCH AND PUBLICATIONS • DEVELOPING RISJ RESEARCH • DIGITAL NEWS PROJECTS • THE EUROPEAN JOURNALISM OBSERVATORY • NORTH AMERICAN ACTIVITIES • RESEARCH PROJECTS • PUBLICATIONS • RESEARCH ASSOCIATES • VISITING FELLOWS 46 EVENTS 56 ABOUT US Opposite: Pro-democracy protesters rise their yellow umbrellas, the symbol of the Occupy Central movement, as they march to the government headquarters two days before the first anniversary of the Occupy Central civil disobedience movement, in Hong Kong, China September 26, 2015. REUTERS/Tyrone Siu 2 3 TIM GARDAM MONIQUE VILLA CHAIR OF THE CEO, THOMSON REUTERS STEERING COMMITTEE FOUNDATION REUTERS INSTITUTE ANNUAL REPORT ’15-’16 REPORT ANNUAL REUTERS INSTITUTE REUTERS INSTITUTE ANNUAL REPORT ’15-’16 REPORT ANNUAL REUTERS INSTITUTE As I step down as chair of the Reuters Institute, I have Ten years. Remarkable to see how in such a short been looking back at its development since it was just period of time the Reuters Institute for the Study of a gleam in the eye when I arrived in Oxford in 2004. Journalism has become a centre of excellence for It is striking to recall what a diff erent world that was. anybody wanting to understand the revolution in the media industry and take stock of the diff erent trends Facebook was still eff ectively confined to students, having just reached Oxford in journalism. from Harvard; broadband penetration in the UK was not at 25%, there was no Twitter or 4G mobile.
    [Show full text]
  • Olympics & Refugees
    2016 Summer The UN Refugee Agency(UNHCR) is mandated to protect refugees and to seek durable solutions. Vol. 21 #TeamRefugees Olympics & Refugees Mobile Scan UNHCR International ─ ① Rio Olympics and Refugees 03 Rio Olympics and Refugees, Team Refugees ─ Full of Hope UNHCR United Nations High Commissioner for Refugees ( ) Yusra Mardini The laurel wreath symbolizes UNHCR’s mandate given by the United Nations General Assembly This coming August 5, the 31st Olympic Games will be held in Brazil’s harbor city, Rio de Janeiro. What makes the Born in: Syria The person symbolizes persons of concern to UNHCR 2016 Summer Olympics unique are the people who will be Fled to: Germany competing in the Games. Sport: Swimming, 200-metre freestyle Sheltering hands symbolizes UNHCR’s commitment and efforts to protect refugees and persons of concern. Contents Cover Story “I got separated from my family UNHCR International ① Rio Olympics and Refugees 03 and used to cry a lot. ② Latin America and Refugees 07 I started with judo to have a better life. ③ Emergency Response 08 Judo never gave me money, but it gave me a strong heart.” Interview With You ─ Yolande Mabika, Judoka, Interview with UNHCR Yolande Mabika Refugee Olympic Athletes Team Korea’s New Representative 10 Born in: Democratic Republic of Congo Fled to: Brazil Sport: Judo UNHCR Korea ① UNHCR Korea Outreach + Fundraising Activities 12 Paulo Amotun Lokoro ② Reuters Photo Exhibition 14 For the first time, Team Refugee Olympic Athletes will Born in: South Sudan compete at the Rio Olympics just like other national Fled to: Kenya teams participating in the Olympic Games.
    [Show full text]
  • Bargaining Bodies: the EU's Deal with Turkey Has Sacrificed
    Bargaining bodies: The EU’s deal with Turkey has sacrificed provided by LSE Research Online View metadata, citation and similar papers at core.ac.uk CORE Eurobrought to you by pe’s principles to appease domestic politics blogs.lse.ac.uk/europpblog/2016/03/10/bargaining-bodies-the-eus-deal-with-turkey-has-sacrificed-europes-principles-to-appease-domestic-politics/ 3/10/2016 The EU and Turkey have agreed on the broad elements of a deal to help stem the flow of people across the Turkish border into the EU. Assessing the content of the agreement, Rebecca Bryant writes that the EU is on the brink of making a costly mistake for the sake of domestic expediency. She argues that rather than shutting down migrant pathways, the EU should provide safe routes to Europe while obligating members to fulfil increased resettlement obligations. The 29th of November 2006 and the 8th of March 2016: Almost a decade separates two dates that mark milestones in the Turkey-EU relationship. The first was the date when the European Commission recommended a partial freeze of Turkey’s EU entry talks, largely at the insistence of the Republic of Cyprus, an EU-member state that views Turkey as an occupying force in the island’s north. The second is the date on which the EU did an about-face and bargained Turkey’s relation with Europe on the bodies of refugees. What these two seemingly contradictory moments share is the sacrifice of a strategy based on EU principles for the tactics of short-term domestic politics.
    [Show full text]