Business

Stonnington council suspends staff after tracking them via phone records

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A Melbourne council is using mobile phone records to monitor its staff, sparking a bitter workplace dispute over “Orwellian surveillance” that could have implications for anyone using a phone provided by their employer. Cameron Houston and Chris Vedelago The Age City of Stonnington recently suspended four enforcement officers who it accuses of rorting ratepayers by claiming to have been at work, when phone records indicated they were outside the… The officers could face dismissal if the allegations are upheld. Three of ... Read More »

IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency

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Bitcoin “puts a question mark on the fractional banking model we know today.” Jeffrey A. Tucker FEE Ιn a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies. Christine Lagarde–a Paris native who has held her position at the IMF since 2011–says the only substantial problems ... Read More »

Brexit: Boris Johnson urges two-year transition time limit

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Theresa May is coming under fresh pressure over Brexit on the eve of the Conservative party conference Foreign Secretary Boris Johnson has again intervened on Brexit, setting out four conditions he says are necessary. BBC Speaking to the Sun, Mr Johnson insisted any transition period after Britain leaves the EU should not last “a second more” than two years. Jeremy Corbyn said Mr Johnson’s position threatened a trade war with the EU, which could impact on jobs. The prime minister ... Read More »

China’s audacious and inventive new generation of entrepreneurs

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Industries and consumers around the world will soon feel their impact “NEW era, new revolution. I am a MAKER, for the hearts of the dream.” The Economist So goes a rallying cry carved in giant letters on the wall of a warehouse in Shekou, a seaside enclave near Hong Kong. Many of China’s most promising entrepreneurs flocked there recently for a conference organised by TechCrunch, a technology publisher from Silicon Valley. Yet Baidu, Alibaba and Tencent—established Chinese internet giants collectively ... Read More »

Production of shelf hydrocarbons to grow to 50 million tonnes by 2035

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By 2035, Russia may produce 22% of oil in the Arctic TYUMEN, September 21. /TASS/. Russian companies may produce 50 million tonnes of hydrocarbons on the shelf by 2035, Russia’s Deputy Minister of Energy Kirill Molodtsov told the Tyumen oil and gas forum on Thursday. “On the shelf we continue building up the production at the current fields,” he said. “The task is to produce about 50 million tonnes by 2035, while currently we produce about 28 million tonnes of ... Read More »

This pension fund is now worth $1,000,000,000,000

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Norway’s giant pension fund is now worth over $1 trillion. Yes, 1 followed by 12 zeros. The fund’s managers announced Tuesday that currency shifts had helped push its value above $1 trillion for the first time. Ivana Kottasová CNN “The growth in the fund’s market value has been stunning,” fund chief Yngve Slyngstad said in a statement. “I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May ... Read More »

Insanely Concentrated Wealth Is Strangling Our Prosperity

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Today’s mountains of wealth throttle the very engine of wealth creation itself <style type=”text/css”> .wpb_animate_when_almost_visible { opacity: 1; }</style> Remember Smaug the dragon, in The Hobbit? He hoarded up a vast pile of wealth, and then he just hung out in his cave, sitting on it (with occasional forays to further pillage and immolate the local… Steve Roth Evonomics That’s what you should think of when you consider the mind-boggling hoards of wealth that the very rich have amassed in America ... Read More »

Coast Guard interdicts lancha crew illegally fishing in U.S.

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Coast Guard law enforcement crews detected and interdicted a Mexican lancha boat crew engaged in illegal fishing in federal waters off southern Texas, Saturday. KRISTV.com The lancha, with fishing gear onboard, was seized.  Four Mexican fishermen were detained and transferred to border enforcement agents for processing. “The persistent illegal fishing of red snapper and other fish in the Gulf of Mexico is having a very detrimental economic and environmental impact,” said Cmdr. Keith Pierre, chief of response at Sector/Air Station ... Read More »

China reacts to India-Japan cooperation in northeast, says no room for ‘third party’

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The India-Japan joint statement had referred to cooperation between the two sides to develop India’s northeastern states as a “concrete symbol of developing synergies” Sutirtho Patranobis Hindustan Times China on Friday warned third parties against meddling in its boundary dispute with India, specifically mentioning the Arunachal Pradesh sector in an apparent response to Indo-Japanese plans to invest in infrastructure projects in the northeastern… A joint statement issued on Thursday following talks between Prime Minister Narendra Modi and his Japanese counterpart ... Read More »

Fugro to open Houston Hydrography Center

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Fugro has announced plans to establish a Hydrography Centre of Excellence for the Americas, supporting its strategic focus on growth in this market sector OE  Utilizing specialist resources that include autonomous vessels and aircraft, integrated data acquisition techniques, remote processing and large data transfer, the focus is on reducing risk, increasing accuracy and streamlining project timelines for… The Houston-based center will handle a wide range of hydrographic project types, including nautical charting, cable routing and Law of the Sea boundary… ... Read More »

Building the Alaska ‘Blue Economy’

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Alaska’s blue economy leadership potential is tremendous; we maintain over half the nation’s coastline and a third of the U.S. exclusive economic zone with access to vast natural resources S. Bradley Moran Joel Cladouhos  Alaska Journal  The blue economy vision is that by 2040 Alaska would grow by 50,000 jobs and $3 billion in wages, approximately equal to the oil and gas industry today. Alaska’s blue economy includes existing traditional sectors such as fisheries, coastal tourism and oil and gas, ... Read More »

Greece completes sale of railway operator to Italy’s Ferrovie

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ATHENS, Sept 14 (Reuters) – Greece concluded on Thursday the sale of railway operator TRAINOSE to Italy’s Ferrovie dello Stato and expects hundreds of millions of euros to be invested in the country’s ageing rail infrastructure in the coming years. Reuters Staff Under its current bailout, its third since 2010, Greece was expected to sell TRAINOSE and other state assets to raise 6 billion euros ($6.2) by 2018. Greece will fetch 45 million euros from this sale and expects a ... Read More »

India to invest $17bn on Japanese bullet trains

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Japanese premier Shinzo Abe hails new ‘strategic and global partnership in the Indian-Pacific region’. Al Jazeera India will invest $17bn to build its first high-speed train system, having reached a deal with Japan to help finance the project. Source: News agencies The network, which will run 508km between Mumbai and Ahmedabad, was announced on Thursday by Prime Minister Narendra Modi. “This is the new India, and the flight of its dreams is endless,” he said. “The bullet train project will bring ... Read More »

Hebrew U tech chief seeks balance between academia and industry

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Yaron Daniely, the new head of Hebrew University’s tech transfer unit, wants technology created in the academic world to get a fair chance to market Shoshanna Solomon The Times of Israel Yaron Daniely, the Hebrew University’s newest pick to spearhead the commercialization of technologies developed within its ivory towers, is taking the reins at a delicate time. Israeli academia has come under public scrutiny for missing out on royalties on technologies developed by their researchers: earlier this month, the Israeli ... Read More »

A lesson from Hurricane Irma: capitalism can’t save the planet – it can only destroy it

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The perpetual quest for growth drives our economics. That’s why our environment and financial system lurch from crisis to crisis. George Monbiot The Guardian There was “a flaw” in the theory: this is the famous admission by Alan Greenspan, the former chair of the Federal Reserve, to a congressional inquiry into the 2008 financial crisis. His belief that the self-interest of the lending institutions would lead automatically to the correction of financial markets had proved wrong. Now, in the midst ... Read More »

Six charts that show how much the world has changed since the 2007-08 financial crisis

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Ten years ago, fretting depositors formed lengthy queues in front of Northern Rock bank branches across the UK after news broke that it needed support from the Bank of England. Six charts that show how much the world has changed since the 2007-08 financial crisis Alex Mandilaras  The country’s fifth-largest mortgage lender, it was in real danger of running out of cash. The Conversation People were anxious to withdraw their money. They all managed to do so. But not without ... Read More »