Business

Sisi aspires for greater African integration

The “Africa 2018” forum held in Sharm al-Sheikh comes amid aspirations to achieve greater regional integration and to facilitate intraregional trade as well as increase investments between African… Al-Masry Al- Youm Egypt Independent He explained that this would be achieved through the implementation of joint and cross-border projects, especially in infrastructure, energy and information technology in light of the launch of the… In his speech at the opening session of the forum, Sisi said that Egypt aspires to achieve these ... Read More »

Huawei exec’s arrest opens a new front in the US-China trade war

Hong Kong (CNN Business) – The conflict between the United States and China over trade and technology is expanding. Analysis by Jethro Mullen, CNN Business The arrest of a top executive at Chinese tech giant Huawei at the request of the US government has angered Beijing, alarmed investors and raised new doubts about the fragile truce that the leaders of the world’s top two economies reached just days ago. “You have to see this as a significant escalation in the trade ... Read More »

What moves markets more, Twitter or traditional news?

Can a single tweet make a country’s currency depreciate by 16%? Apparently it did on August 10, when Donald Trump tweeted that US tariffs on Turkish steel and aluminium would rise sharply. Authors: The Conversation Amid 36,100 retweets, and calls by Turkish President Recep Tayyip Erdoğan for his people to dump foreign assets, the Turkish lira plunged. It’s not just the president of the United States that has such Twitter power. Around the same time, Elon Musk’s infamous tweet about ... Read More »

‘Escalation’: Trump’s meeting with Xi likely to make trade war much worse, says Goldman Sachs

President Donald Trump and his Chinese counterpart Xi Jinping will meet on the sidelines of the G20 summit in Buenos Aires, Argentina this weekend, in what is among the most widely watched bilateral meetings of 2018. Will Martin Brisbane Times There have been tentative signs that a deal may be struck, but according to analysts at Goldman Sachs, the most likely outcome of the meeting is that the trade war actually escalates. “We currently see ‘escalation’ as the most likely ... Read More »

Chinese government orders fishing boats to behave during G-20 summit

Beijing has issued a notice to Chinese fishing boats operating overseas, warning them to avoid illegal activities during the G-20 summit in Argentina this weekend. Nyshka Chandran CNBC Asia-Pacific The country’s Agricultural Ministry released a statement this week asking Chinese offshore fishing enterprises to stay at least three nautical miles away from other countries’ marine exclusive economic zones. This distance will ensure that violations such as cross-border fishing don’t occur, it… These measures are designed to protect China’s image as ... Read More »

Paris Gourtsoyannis: Not enough fish in the sea for Brexit

Fishermen were told Brexit would make them winners. That looks difficult to achieve, writes Paris Gourtsoyannis The Scotsman Until now, it’s been easy to dismiss the debate over fishing after Brexit as a parochial one. The industry makes up less than half a percent of UK GDP. Fishing interests are concentrated in a small number of communities, so the issue is wrapped up in retail politics. Because fishing disproportionately affects Scotland – six of the ten biggest ports for fish ... Read More »

Trump’s tariff tactics could make no-deal Brexit work for Ireland

Security exemption in WTO rules could enable tariff-free cross-Border trade David Singh Grewal, Richard Tuck The Irish Times It is widely agreed, on both sides of the Irish Sea, that a no-deal Brexit would be bad for Ireland. The UK’s Northern Ireland secretary, Karen Bradley, has even claimed that “no deal” would mean a hard border between the Republic and Northern Ireland, which in turn could end the Common Travel Area agreement between Ireland and… But, surprisingly, when World Trade Organisation (WTO) rules ... Read More »

Rio Tinto warns climate inaction poses ‘greatest long-term threat’

The new chairman of global mining giant Rio Tinto has described inaction on climate change as “perhaps the greatest long-term threat” facing the business and promised it would be part of the solution rather than the… Nick Toscano WAtoday Speaking at an investor meeting on Monday, Rio Tinto chairman Simon Thompson said society – particularly Millennials – were demanding higher standards from the companies they worked for and… He signalled a renewed emphasis from Rio Tinto’s board on environmental, social ... Read More »

Brexit: Emmanuel Macron in EU customs union threat to Scottish fishing

Emmanuel Macron has put fishing at the heart of a fresh row over the future trade with the EU by threatening to keep the UK inside the customs union unless European fishermen keep the same rights in British waters after Brexit. Paris Gourtsoyiannis The Scotsman The French President said that unless a new fishing agreement is agreed by the end of 2020, maintaining reciprocal access to waters and imposing the same quotas as today, he would seek to trigger the ... Read More »

China uses the cloud to step up spying on Australian business

China’s peak security agency has directed a surge in cyber attacks on Australian companies over the past year, breaching an agreement struck between Premier Li Keqiang and former Prime Minister Malcolm Turnbull to not steal each other’s commercial secrets. Nick McKenzie, Angus Grigg & Chris Uhlmann The Age A Fairfax Media/Nine News investigation has confirmed that China’s Ministry of State Security is responsible for what is known in cyber circles as “Operation Cloud Hopper”, a wave of attacks detected by ... Read More »

Breaking Algeria’s Economic Paralysis

Political paralysis in oil-dependent Algeria has blocked much-needed economic reform. ICG To avoid a new era of instability, the government should increase transparency and accountability within state institutions and the private sector, as well as improve opportunities for the country’s burgeoning youth. What’s new?  Since the 2014 oil price drop, Algeria’s economic model, which emerged from the civil war in the 1990s, appears increasingly unsustainable. Despite repeated reform promises, the political system remains paralysed, led by an… Why does it ... Read More »

APEC 2018: US-China clash at regional meeting leads to historic summit failure

Deep divisions between the United States and China have derailed the APEC meeting in Port Moresby, with regional leaders failing to agree on a final communique for the first time in the summit’s history. By Pacific affairs reporter Stephen Dziedzic ABC The two regional powers clashed repeatedly over the language on trade in the final document, with Beijing angrily rejecting paragraphs that called for an overhaul of the World Trade Organisation (WTO) and… The Trump administration has repeatedly accused China ... Read More »

Irish bruiser, on the ropes at home, comes out swinging in Brussels

Agriculture commissioner has eyes on a bigger prize, but it’s unclear how far Dublin will back him. By SIMON MARKS AND EMMET LIVINGSTONE Politico There’s no going back for Phil Hogan. With his reputation at home still in tatters for introducing an unpopular water charge at the height of the financial crisis, the Irishman has launched a stealth campaign to stay in Brussels after next year’s European election. The giant from County Kilkenny, who stands 1.95 meters tall, has set his eyes ... Read More »

The royal commission is about to grill the chiefs of the big four banks. Here’s why soon they mightn’t exist

It will be worth watching the final round of hearings at the banking royal commission, which begin on Monday. Pat McConnell The Conversation The chief executives of each of the big four will be recalled for reexaminations. It might be the final time they appear in the same room. It might even be the last time there’s even such a thing as the big four. Not only are the so-called four pillars under attack from the Commissioner Kenneth Hayne, but ... Read More »

Wesfarmers, Coles bosses throw support behind immigration

As the debate over the immigration rate rages, the managing directors of two of Australia’s biggest companies have voiced their support for migrants. Hamish Hastie WAtoday Speaking after the Wesfarmers AGM in Perth on Thursday, Wesfarmers managing director Rob Scott and Coles managing director Steve Cain both said immigration played an important role in economic growth. In 2017-18 162,417 migrants were welcomed under the Australian immigration program, well below the government ceiling of 190,000 and more than 20,000 fewer than the 183,608 ... Read More »

Seafood industry calls for Senate inquiry into seismic testing

Members of the Australian seafood industry are persisting in their calls for an inquiry into seismic testing, despite the Senate having twice rejected the idea. ABC West Coast SA By Samantha Jonscher Seismic surveys, which are used to search for undersea oil and gas deposits, involve firing intense soundwaves into the ocean floor, which fishers worry could disrupt the behaviour of marine life. Southern Bluefin Tuna Industry Association President Brian Jeffriess said not enough is known about the impacts of ... Read More »