Business

Funds have been peddling the Great Super Lie

Some years ago I went to an investment adviser, gave him my financial details and asked if I had enough super to do me in retirement. He didn’t answer, just laughed. Ross Gittins The Canberra Times I think he thought that someone with my amount of savings shouldn’t have needed to ask. Truth is, no matter how high or low the standard of living we’re used to, just about all of us worry that we haven’t saved enough to keep ... Read More »

US charges widen the net, deepen the intrigue on 1MDB scam

US DoJ indictments implicate fugitive financier Low Taek Jho and Goldman Sachs bankers but are likely only the first of many to be exposed in court in the multi-billion dollar heist. Matt Mulberry Asia Times On November 1, the United States Department of Justice (DoJ) announced it had lodged criminal charges against three suspects in the 1Malaysia Development Berhad (1MDB) fraud case, considered by observers among the… The three accused include fugitive Malaysian financier Low Taek Jho, former Goldman Sachs ... Read More »

‘May will have FIGHT on her hands!’ Fishing campaigner warns against Brexit backtracking

A BREXIT campaigner has warned that any extensions to the two year transition period will be met with fury among fishing communities. Freddie Jordan Express June Mummery, vice chairman of Lowestoft Fish Market Alliance (LFMA), told a BBC spokesperson: “We’ve had the Fisheries Bill, which is looking good. “But I just hope that it is the truth. “I hope we’re not going to get any of this backtracking again. That’s what worries me with my Prime Minister. BBC correspondent Andrew ... Read More »

‘Perth, we’re in trouble’: Scaffidi’s tweet and the standard we walk past

If the standard you walk past is the standard you accept, might I respectfully suggest Lisa Scaffidi raises her standards? Kate Hedley WAtoday On Sunday, the City of Perth’s suspended Lord Mayor tweeted two photos. Shown in the images were two men, at two different inner city locations. They were both asleep with their meagre possessions nearby. One had a couple of small suitcases with him, the other had not much more than a yoga mat and a dirty old pillow. ... Read More »

Turkey warns oil companies against drilling near Cyprus

President Erdoğan calls foreign energy firms ‘bandits of the sea’ for defying Ankara over hydrocarbon resources Agence France-Presse in Istanbul The Guardian The Turkish president, Recep Tayyip Erdoğan, has warned foreign oil companies against energy exploration near Cyprus, describing those defying Ankara as “bandits of the sea” who would face a similar response as its foes in Syria. Drilling for hydrocarbon resources off the coast of Cyprus, an EU member, is hugely sensitive. The northern third of the island is occupied ... Read More »

Major oil spill off Australia’s coast would dwarf Deepwater Horizon disaster, documents show

A worst-case oil spill in the Great Australian Bight would be twice the scale of the Gulf of Mexico disaster, and rough seas and a lack of suitable equipment risk delaying the response effort, confidential plans show. The Sydney Morning Herald Documents released under freedom of information laws reveal the potential dangers involved in drilling for oil in the wild, isolated seas off the South Australian coast – a move Resources Minister Matt Canavan last week said was a… Norwegian ... Read More »

Former UN climate chief says world doesn’t need Australia’s ‘toxic’ coal

Former United Nations climate chief Christiana Figueres has repudiated Australian mining giant BHP for its refusal to stop mining coal, suggesting the decision is uneconomic and poor nations do not need the “toxic” and “expensive” fossil fuel. Nicole Hasham The Canberra Times BHP chief executive Andrew Mackenzie said this week the company is “not going to move away from coal mining”. His position comes despite a warning last month by the Intergovernmental Panel on Climate Change that coal must be ... Read More »

Regional Risks of Rising U.S.-Iran Rivalry

The U.S. is pursuing a “maximum pressure” campaign against Iran that includes the re-imposition of key energy and banking sanctions. Naysan Rafati ICG With Tehran refusing to capitulate over its nuclear program or regional policies, the U.S.-Iran rivalry could escalate across the region. The re-imposition of U.S. sanctions against Iran’s banking and energy sectors on 5 November is a key element of Washington’s “maximum pressure” campaign against Tehran. President Donald Trump’s decision to pull out of the 2015 Joint Comprehensive ... Read More »

Pressure mounts on Ireland to accept EU digital tax

The Republic continues to resist proposal as European opposition to the levy slips away Pat Leahy, Cliff Taylor The Irish Times The Government is under increasing pressure to agree to European Commission proposals for an EU-wide 3 per cent digital sales tax ahead of a meeting of European finance ministers in Brussels next week. Government sources says it will resist the proposal in its current form, but there has been heavy lobbying from the commission, the French government and the ... Read More »

Angela Merkel’s African business summit marred by protest

The German chancellor welcomed 11 African leaders to Berlin to introduce them to the CEOs of Germany’s biggest firms. Ben Knight DW Outside, protesters demanded Germany stop doing business with dictatorships across the continent. “Africa is open for business.” South African President Matamela Cyril Ramaphosa couldn’t have made the basic purpose of the G20 investment summit any clearer. Ramaphosa was one of 11 African leaders in Berlin on Tuesday for what the German government said was the biggest African event ... Read More »

Brian Wilson: Leipzig shows how history’s giants bring people together

In Leipzig, Brian Wilson finds evidence of the greatness of German Chancellor Helmut Kohl, who took an extraordinary decision that helped make the reunification of Germany a success. Brian Wilson The Scotsman It is surely a paradox of history that so much time now has to be spent resisting efforts to create new borders when most of the past couple of centuries’ heroes are those who brought people together. This week, I was in two German cities – Berlin for ... Read More »

Millions of women to share pensions windfall

MILLIONS of women are in line for a pension boost following a landmark multi-billion pound High Court ruling. Lloyds Bank was told yesterday it had to equalise pensions benefits for men and women, in… By SARAH O’GRADY Express The ruling by Mr Justice Morgan could cost Lloyds £150million and the pension industry collectively around £20billion. Employees Angela Sharp, Judith Cain and Susan Dixon by their trade union BTU, claimed they faced sex discrimination because their guaranteed minimum pension increased at a ... Read More »

Lack of trust between EU and Britain emerging as issue in backstop talks

London Letter: Fears Britain could seek to use Border issue for trade deal leverage Denis Staunton The Irish Times This was supposed to be “hell week” for Theresa May after mutinous Brexiteers foretold her political assassination in grisly metaphors in last Sunday’s papers. But after surviving a Brexit statement in the House of Commons on Monday, a fiery cabinet meeting on Tuesday and an appearance before the 1922 Committee on Wednesday, the prime minister ends the week in a… But May still ... Read More »

We don’t want billionaires’ charity. We want them to pay their taxes

Rather than philanthropy, the super-wealthy should give their money to governments that know better how to spend it Owen Jones The Guardian ”Charity is a cold, grey loveless thing. If a rich man wants to help the poor, he should pay his taxes gladly, not dole out money at a whim.” It is a phrase commonly ascribed to Clement Attlee – the credit actually belongs to his biographer, Francis Beckett – but it elegantly sums up the case for progressive ... Read More »

Italy’s Budget Isn’t as Crazy as It Seems

EU officials must recognize that the country needs stimulus. Ashoka Mody Bloomberg Europe’s leaders have come down hard on Italy for its plans to increase spending with the aim of boosting growth and helping the poor. What they fail to recognize is that a little stimulus might be just what the… The outlook for the global economy is deteriorating more rapidly than forecasters realize. A slowdown in China has hit global trade, European exports are decelerating, and euro-area business sentiment is sharply down. All ... Read More »

Economic realpolitik brings Asia’s big guns together

There were deals a-plenty between China and Japan in Beijing on Friday, as Asia’s top economies hedge against global financial risk William Pesek Asia Times Nothing beats a potential financial crisis to bring geopolitical rivals together. This dynamic was on full display in Beijing Friday when the premiers of China and Japan joined hands on a US$30 billion currency swap, a yuan clearing bank and business deals worth billions. The steps agreed upon by Chinese Prime Minister Li Keqiang and ... Read More »