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Business Daily

Factual: Money

The daily drama of money and work from the BBC.

Business Daily: Who spiked your prices?

08/10/2009

Who spiked your prices?

BBC World Service - Business Daily, Who spiked your prices?

Steve Evans talks to Michael Masters who speculates if big speculators have too much power.  
And Africa gives the rich West a business lesson.

Business Daily today talks to a speculator about how speculation pumped up the price of food and oil.  There's been a big debate about whether prices spiked because of real factors like drought or because of financial manipulation.  
Steve Evans talks to Michael Masters who is a mover of money based on the low-tax, high-sun island of St Croix in the Caribbean, from where he runs his company, Masters Capital Management.   
He thinks he's identified the flows of money, particularly with the buying of oil.  With financial markets, it's often not about buying goods for actual delivery but simply as an asset to be resold later.
And Africa gives the rich West a business lesson, our regular commentator, Wycliffe Muga in Mombassa, notes that Kenyan banks have had a habit of failing and getting rescued at tax-payer expense, then recovering their health.

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