Business

Dow drops about 200 points as financial crisis in Turkey spooks global markets

Stocks fell on Friday as geopolitical concerns pushed the Turkish lira to a record low against the dollar and rattled investors. Fred Imbert | Alexandra Gibbs CNBC The Dow Jones Industrial Average dropped 196.09 points to 25,313.14 as Intel declined. The Dow also erased its gains for the month of August and posted a three-day losing streak. The S&P 500fell 0.7 percent to close at 2,833.28 as financials and materials lagged. The Nasdaq Composite also pulled back 0.7 percent to 7,839.11 and snapped an eight-day winning ... Read More »

Embattled Nord Stream 2 seeks to skirt Danish veto

Russia’s controversial Nord Stream 2 pipeline consortium on Friday said it had applied for an alternative route to skirt a new Danish law that threatened to block the project. AFP New legislation which took effect in January allows the Danish government to veto pipelines passing through the Nordic nation’s territorial waters based on its foreign policy, security and defence interests. Led by Russia’s gas giant Gazprom, the consortium said in a statement that the law gives the Danish foreign ministry ... Read More »

Profit, not free speech, governs media companies’ decisions on controversy

For decades, U.S. media companies have limited the content they’ve offered based on what’s good for business. The decisions by Apple, Spotify, Facebook and YouTube to remove content from commentator Alex Jones and his InfoWars platform follow this same pattern. Amanda Lotz The Conversation My research on media industries makes clear that government rules and regulations do little to limit what television shows, films, music albums, video games and social media content are available to the public. Business concerns about ... Read More »

After the Showdown in Libya’s Oil Crescent

A renewed struggle this summer over Libya’s main oil export zone cut sales in half, squeezing hard currency supplies amid outcry about mismanagement of hydrocarbon revenues. ICG To build trust, Libyan and international actors should review public spending and move toward unifying divided financial institutions. What’s new? Fighting in June in Libya’s “oil crescent”, a coastal area home to most of its oil export terminals, led to a brief military takeover of oil installations and, subsequently, an attempt to deepen ... Read More »

The huge food company with the worst health rating

The federal government is being urged to make the health star rating system mandatory, with new figures showing only 28 per cent of food and drinks display stars. Esther Han The Sydney Morning Herald A George Institute for Global Health study found only about 4350 of 15,770 eligible products on supermarket shelves in 2017 featured a health star rating. Food multinationals General Mills, PepsiCo and Mondelez, which sell household brands such as Latina, Oreo and Doritos, have opted out of the system altogether. ... Read More »

The devastating reality of Australia’s crippling drought: Shocking maps show just how parched the country has become as desperate farmers continue to pray for rain – but experts say it’s only going to get WORSE

Australia has been suffering one of the most intense droughts of the past century, and meteorologists believe that it is only going to get worse. Laura Hedges DailyMail These maps from the Australian Bureau of Meteorology (BoM) show how the country has been getting increasingly dry since 2010. The latest – and most shocking – map from BoM shows next to no average rainfall across the majority of the country from 1 April to 6 August this year. It has ... Read More »

Prospects of huge gas reserves in deep sea

Bangladesh could have a minimum of 5 prospective structures in the Bay of Bengal in Block D-12, block operator Daewoo Corporation says Shahed Siddique The Independent Bangladesh has discovered the prospects of a big deep-sea gas reserve after the resolution of its maritime boundary dispute with Myanmar and India. A 2D seismic survey along the Myanmar border has revealed that Bangladesh could have a minimum of five prospective structures in the Bay of Bengal in Block D-12. The operator of ... Read More »

Rick Gates Delivers a Public Lesson on Money Laundering and Political Corruption

Tuesday was Rick Gates’s second day testifying as a witness for the prosecution in the trial of Paul Manafort, his former boss, and he spent a lot of time explaining how money flowed from Ukraine, where he and Manafort had a run of lucrative years doing consulting work for pro-Russian interests, to shell companies in Cyprus, to other shell companies in the Caribbean, and… John Cassidy The New Yorker In the afternoon, Gates was subjected to a withering cross-examination by ... Read More »

Your choice of holiday destination is a political act

Tickets, money, passports! We all know what to check for during that last minute packing panic. Brendan Canavan The Conversation But preparing for your holidays is about more than what you squeeze into your suitcase. It is about making a political choice. Tourism is an industry tied up with national and international politics like no other. Tourists are a source of foreign exchange, governments promote themselves through visitors, and politicians quite often worry about the social freedom that tourism can ... Read More »

Europe vows to preserve Iran deal as US sanctions return

EU diplomats say they will work to protect Iran’s continued export of oil and gas as US threatens ‘severe consequences’. AlJazeera Europe’s top diplomats have vowed to work together to preserve a multinational nuclear deal with Iran, as US President Donald Trump signed an executive order paving the way for the return of biting sanctions against Tehran on… In a joint statement issued on Monday, EU foreign policy chief Federica Mogherini and the foreign ministers of France, Germany and Britain said the remaining ... Read More »

Federal Trade Commission should crack down on scammers

Last month I received a call from a friend of long standing in Las Vegas. He indicated that he was in distress; his friend had been in an automobile accident and, to his surprise, drugs were found in the backseat of his friend’s car. Herbert London The Hill The legal aide representative who contacted him said his buddy was being held in an overnight cell before a judge ruled on this matter the following day. In order to secure this ... Read More »

Food shortages ‘unfortunate reality’ of no deal Brexit, say Scottish economists

Food shortages, the stockpiling of medicines and queues at the UK border are the “unfortunate reality” of a no deal Brexit, one of Scotland’s most respected economic think-tanks has warned. Chris Green iNews The Fraser of Allander Institute said it was “hard to believe” that the UK Government was now openly discussing the possibility of failing to reach an agreement with the EU. At the weekend International Trade Secretary Liam Fox put the chances of a no deal Brexit at ... Read More »

Wielding power, waging war: Media moguls’ relevance fading

Back in 2011, the outspoken American-born pay TV executive John Porter lamented an obsession in the Australian business press with media moguls. John McDuling The Sydney Morning Herald “[E]veryone in the media industry seems to want to go back to the natural order of things: a Packer, a Murdoch and a Stokes pulling all the strings” Porter, chief executive of satellite pay TV company Austar at the… It has only taken seven years, but Porter’s desire to move on from ... Read More »

NATO is a Goldmine for the US/Military Industrial Complex

Countries of the NATO military alliance have been ordered by President Trump to increase their spending on weapons, and the reasons for his insistence they do so are becoming clearer. Brian Cloughley CounterPunch It’s got nothing to do with any defense rationale, because the Secretary General of NATO, Jens Stoltenberg, has admitted that “we don’t see any imminent threat against any NATO ally” and the… Even Radio Free Europe, the US government’s official broadcaster, acknowledged that “Russia, one of the world’s top military spenders, ... Read More »

Jeff Bezos’s $150 Billion Fortune Is a Policy Failure

Growing inequality in the United States shows that the game is rigged. Annie Lowrey The Atlantic Last month, Bloomberg reported that Jeff Bezos, the founder of Amazon and owner of the Washington Post, has accumulated a fortune worth $150 billion. That is the biggest nominal amount in modern history, and extraordinary any way you slice it. Bezos is the world’s lone hectobillionaire. He is worth what the average American family is, nearly two million times over. He has about 50 ... Read More »

Brexit: champagne, parmesan, prosecco and feta could soon be at the centre of negotiations

As Brexit day creeps closer, one issue that remains unresolved is the way that food names will be protected in Britain and the EU. Authors: The Conversation From parmesan and feta to cornish pasties and Bavarian beer, the EU is fiercely protective over protected designations of origin (PDOs) or protected geographical indications (PGIs). A number of highly popular products are protected under this legal framework that dictates certain products can only be produced in certain regions. So champagne must be ... Read More »