Business

Saudi Arabia’s $121 billion reason to allow women to drive

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Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco. Bloomberg The Sydney Morning Herald The move, which went into effect on Sunday, could add as much as $US90 billion ($121 billion) to economic output by 2030, with the benefits extending beyond that date, according to Bloomberg Economics. Selling as much as 5 percent stake in Saudi Arabian Oil Co. — at the most optimistic valuation — could generate about $US100 ... Read More »

As tourism and trading links soar, will Greece become the bridge between China and the rest of Europe?

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Visitor numbers are soaring since Air China began direct Beijing-Athens flights, while Chinese shipping company Cosco has taken majority ownership of the Piraeus Port – a potentially crucial component of the… South China Morning Post Priceless relics that belonged to one of China’s greatest leaders will leave Beijing’s Forbidden City for the first time and be displayed in the birthplace of democracy. Reconstructed rooms and more than 150 artefacts from the life of the 18th-century Emperor Qianlong will go on ... Read More »

History is made: Everything you need to know about Greece’s deal to pay back $300 billion

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The euro zone granted fresh debt relief measures to Greece last week after years of long arguments over the issue. Silvia Amaro * Analysts told CNBC the deal was “very satisfactory” and a “win” for Greece, which has demanded such concessions since 2015. How did we get here? Greece has been relying on external help in the form of loans to stay afloat since 2010. It’s now due to put an end to that on August 20. This is a ... Read More »

Why the debt deal with the EU is bad for Greece

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The new Eurogroup agreement commits Greece to 40 more years of austerity and supervision. Jerome Roos AlJazeera Shortly before coming to power in January 2015, Alexis Tsipras – then still known as an outspoken Greek opposition leader and unconventional anti-austerity firebrand – vowed not to wear a tie until international lenders agreed to cut his country’s towering debt load to sustainable levels. On Friday evening, the 43-year-old prime minister, who has since presided over three years of highly unpopular austerity measures ... Read More »

Is space tourism travelling faster than space law?

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Space tourism is fast becoming the new frontier in the transportation business. Driven by profit-making private venture capital, the push to offer customers some direct or indirect experience with space travel is no longer the stuff of comic books or science fiction. Gbenga Oduntan The Conversation The worry is that the legal architecture for this nascent industry has barely got its foundations in order. There seems to be a sound business case for the industry. Market studies indicate that there are ... Read More »

WA government backs suspension of embattled livestock shipping company’s licence

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The West Australian government has backed the federal government’s decision to suspend an embattled livestock shipping company’s licence after a disastrous sheep shipment to the Middle East. AAP WAtoday Thousands of sheep died from heat stress during the Emanuel Exports shipment, sparking a national debate about the industry and the need for reform. WA’s Regional Development Minister Alannah MacTiernan said in a statement on Saturday that elements undermining the industry’s credibility had to be accounted for. “It was always… WA ... Read More »

An island nation in the Mediterranean Sea is running dry

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Countries in the eastern Mediterranean are increasingly vulnerable to drought as the changing climate brings higher temperatures and less precipitation. NBC2 MARONI, Cyprus — The salty water of the Mediterranean in plain view from Charis Christoforou’s olive farm is no help to the cracked, white earth suffering from a third year of drought. A shortage of rain combined with clouds of dust carried over from the water-starved Middle East has slashed Christoforou’s olive production to a quarter of what it ... Read More »

The real reason Saudi Arabia lifted its ban on women driving: economic necessity

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After years of campaigning by women activists, on June 24 the ban on women driving in Saudi Arabia will be lifted. Martin Hvidt The Conversation It is the most visible of a bundle of recent initiatives taken by the Saudi king and the crown prince, Mohammad bin Salman, to strengthen the role of women in Saudi society. These include more public sector job openings for women, an apparent relaxation of women’s strict dress code, the extension of suffrage to women ... Read More »

The 3 stages of giving: Deference, arrogance and inquiry

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If you had US$1 million to give to charities aiming to eradicate poverty, how would you do it? Would you support a soup kitchen? Jennifer A. Jones The Conversation A financial literacy program? Educational scholarships? Organizations pressing for policy changes? I worked for nonprofits for many years before realizing the way I approached solving social problems said more about me than it did about the problem I wanted to solve. If I really wanted to make a difference, I had ... Read More »

The eurozone isn’t ready for the next big shock

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Here’s how to fix that. MADRID — The return to economic growth in the eurozone has produced a dangerous sense of complacency on the Old Continent, especially in the richer countries of the north. Miguel Otero-Iglesias  and Raymond Torres Politico But Italy’s flirtation with an exit from the euro under a populist government is a stark reminder that, if left unaddressed, the deep structural weaknesses that plague the single currency could trigger an existential crisis across the EU. It would be a ... Read More »

EU Should Stand Up for Vietnam’s People

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Use Trade Pact to Demand Rights Improvements Claudio Francavilla HRW Cecilia Malmström, the European Union’s trade commissioner, will hold talks on Monday with Trần Tuấn Anh, Vietnam’s trade and industry minister, about concluding a long negotiated Free Trade Agreement. Based on the EU Commission’s figures, the pact could boost Vietnam’s Gross Domestic Product (GDP) by 15 percent. The EU says it has designed its trade policy as a tool to promote human rights in line with its founding treaty and ... Read More »

The surprising corporate response to a global crisis

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THIS week, it was revealed that the level of forced displacement globally has reached a new, alarming high. Naomi Steer The Daily Telegraph Some 68.5 million people are now displaced according to UNHCR’s annual Global Trends report. That’s one in every 110 people in the world. More than half are children. On top of this, the report shows the vast majority — 85 per cent — of displaced people are hosted in developing countries that simply don’t have the resources ... Read More »

Noon Forum Examines “Turkey’s Claims to the Eastern Mediterranean: Myth & Reality”

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WASHINGTON, DC —The American Hellenic Institute (AHI) hosted a Noon Forum on the topic, “Turkey’s Claims to the Eastern Mediterranean: Myth & Reality” featuring Professor Theodore Kariotis on May 30, 2018. “Professor Kariotis is an expert on maritime law and the issues of Exclusive Economic Zones,” AHI President Nick Larigakis said. “His insight into the Turkey’s mythical claims to Cyprus’ EEZ and Greek islands once again proves the real and substantial threat to territorial sovereignty that U.S. allies face every ... Read More »

Where steel tariffs will hit hard: your gas tank

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President Trump’s decision to impose a 25 percent tariff on imported steel from multiple countries will raise consumer prices for lots of products. And one of them is gasoline. Merrill Matthews The Hill The fracking boom has allowed energy companies to drill in places that had never been considered viable or profitable. Once production begins, the crude oil and natural gas have to be transported from the well to the refinery, a phase referred to as “midstream.” That’s where the ... Read More »

Illusion’s End: Erdoğan and Turkey’s Coming Economic Chil

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The rapid depreciation in the value of the Turkish Lira since the beginning of 2018 is the product not only of the collapse of any remaining vestiges of investor confidence in the regime of President Recep Tayyip Erdoğan but a… Gareth H. Jenkins Turkey Analyst BACKGROUND: When the AKP first took office in November 2002, the Turkish economy was already rebounding from the currency collapse of February 2001 and subsequent sharp recession. The Economic Stabilization Program that the outgoing administration ... Read More »

Something is going on in the Eastern Mediterranean – Israel puts forward new round of concessions

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Israel decided to proceed to a second round of concessions, a total of 25 “pieces” within its Exclusive Economic Zone (EEZ), at the end of 2018 or at the latest in early 2019, thus triggering a resurgence of international investment interest if the… Nefeli Tzanetakou ibna According to the top Israeli geologist Miki Gardosh, one of the Israeli Ministry of Energy officials, and the well-known Oil & Gas Journal website, the individual “pieces” will be grouped into 3 or 4 “plots” ... Read More »