Business

Davos 2019: Global elites in crisis as they gather amid populist assault and accusations of failure

World leaders meet as once-dominant ideology of global trade threatened by nationalism Facing populist backlash and a worrying economic outlook, the world’s financial and political elite will gather in Davos, Switzerland, on Tuesday to discuss the future of global politics. Conrad Duncan Independent The influential World Economic Forum (WEF) takes place as nationalist movements continue to gain strength across Europe and the Americas, and the event’s once-dominant ideology of unrestricted global trade and… In France and the UK, politicians have struggled through months of chaos, caused by the gilets jaunes (yellow vests) movement and… Davos ... Read More »

Lebanon restricts dollar cash-outs in bid to bolster currency

A central bank decree that foreign currency entering via non-financial institutions must be cashed out in Lebanese pounds has sparked fears of a currency crisis Nasser Elamine Asia Times The Lebanese Central Bank has issued a circular requiring non-financial institutions that carry out money transfers from abroad to begin cashing out the amounts strictly in Lebanese pounds, sparking panic among a… The bank justified the January 14 announcement as a bid to shore up the national currency and to render transfers via ... Read More »

China’s looming great wall of debt may have ‘major global implications’

While many countries struggled following the 2008 global financial crisis, China appeared as though it had largely escaped unscathed. Tasha Wibawa ABC But observers are becoming increasingly concerned Beijing will struggle to repay an ever-increasing mountain of debt, with potential detrimental consequences for the global market. China’s debt has been a key factor to its economic success in riding out the GFC, due to a large government stimulus injected into its economy. However, the financial boost has mostly led to ... Read More »

Vestager in hot seat as she moves to derail mega-merger

Alstom-Siemens deal looks set to be blocked in Brussels, but Paris and Berlin are exerting political pressure. Thibault Larger Politico EU competition chief Margrethe Vestager will face questions on Tuesday from her fellow commissioners over why she is opposing the French and German governments to thwart the creation of a… Vestager is on course to block a landmark merger between France’s Alstom and Germany’s Siemens even though Paris and Berlin insist that the tie-up is needed to build a European industrial heavyweight ... Read More »

Turkey accused of plundering olive oil from Syria to sell in the EU

Α Swiss MP has accused the Turkish government of passing off olive oil plundered from Syria as Turkish in order to sell it in European Union countries, including Spain. James Badcock The Telegraph Bernhard Guhl of Switzerland’s Conservative Democratic Party has alerted the Swiss government to the possibility of olive oil seized as loot from the conflict in Syria entering the European Union single market falsely labelled as Turkish, with the… “In Turkish-occupied Afrin, the olive groves are being pillaged by ... Read More »

US House Democrats file bills to stop offshore drilling, exploration

House Democrats on Tuesday, 8 January, introduced a series of bills that would block the Trump administration from permitting offshore drilling in various regions of the U.S. exclusive economic zone. Steve Bittenbender SeafoodSource Opponents of offshore drilling claim the practice could devastate both the environment and the economies of coastal communities, with the fishing industry particularly at risk. “President Trump’s dangerous plans for offshore drilling will risk the livelihoods of millions on the Atlantic Coast and in New Jersey,” said ... Read More »

Xi Jinping will Give Donald Trump a Victory on Trade

Expect Trump to declare a “triumph” in a great trade deal that will feature China’s purchase of more than a trillion dollars of additional U.S. products. Graham Allison The National Interest With the conclusion of the first round of negotiations yesterday in Beijing, the way ahead for the United States and China to avoid a full-scale tariff war has become clear. With fifty days remaining before the March 1 end of the truce Trump and Xi announced to prevent U.S. ... Read More »

Manipur Governor sees NE as exclusive economic zone for organic products

Manipur Governor Dr Najma A Heptulla attends fourth Convocation of Central Agricultural University (CAU), Imphal at its Iroishemba campus near Imphal SOBHAPATI SAMOM NorthEast Now The Northeast should be developed as an exclusive economic zone for organic products as the advantage of organic farming needs to be exploited suitably through technical and institutional interventions. This was disclosed by the Manipur Governor Dr Najma A Heptulla while addressing the fourth Convocation of Central Agricultural University (CAU), Imphal at its Iroishemba campus ... Read More »

Erdogan’s $2 Billion Reason to Thank the Saudis

Turkey shrewdly took advantage of the spillover demand from Riyadh’s bond sale this week. Investors may well be underpricing the economic risks. Marcus Ashworth Bloomberg There are opportunistic financing deals, and then there’s Turkey. A $2 billion 10-year bond sale appeared out of nowhere for the country on Wednesday, with no roadshow and… But there was one big helping hand. Saudi Arabia had just launched $7.5 billion of new 10- and 30-year notes and had elected for tighter pricing rather ... Read More »

The US could lose its crown as the world’s most powerful economy as soon as next year, and it’s unlikely to ever get it back

The United States of America could lose its position as the world’s biggest economy as soon as next year — and once that happens, it is unlikely to regain the top spot as developing Asian economies power… Will Martin Business Insider According to research released this week by Standard Chartered Bank, China is likely to become the world’s biggest economy at some point in 2020, when measured by a combination of purchasing-power-parity exchange rates and… Using PPP alone, China is ... Read More »

How India will consume in 2030: 10 mega trends

Over the next decade, consumption in fast-growth consumer markets such as China, India and Southeast Asia will be reshaped by the Fourth Industrial Revolution and more than one billion first-time consumers. Authors: WEF The Future of Consumption in Fast-Growth Consumer Markets, a project in collaboration with Bain & Company, focuses on the emerging markets that comprise more than 40% of the world’s population. After studying China in 2017, for 2018 it… India is one of the fastest-growing economies in the world. By 2030, ... Read More »

Erdogan’s war on workers

Turkey’s crackdown on dissent extends to the country’s fractured labor movement. Cole Stangler Le Monde Diplomatique If the presence of a two dozen riot cops blocking the entrance of the Gaziosmanpaşa Courthouse didn’t send the message, then the arrival of a water-cannon truck—slowly backing up from the… Eyüp Özer, an organizer and head of international relations at Turkey’s United Metalworkers Union, which is part of the Confederation of Progressive Trade Unions (DISK), shrugged off the… ‘It’s not that unusual,’ he ... Read More »

Even Dutch planning can’t avoid the chaos of a no-deal Brexit

Rotterdam: The Hook of Holland, a stretch of land outside Rotterdam sliced by canals, functions in many ways like Britain’s backyard. Michael Birnbaum WAtoday The Washington Post Greenhouses stretch for miles, nurturing tulips, tomatoes and other supermarket specialties. The bounty is gathered into warehouses and sorted under signs denoting destinations such as Sheffield and Gateshead. Then trucks whisk it all onto ferries headed across the North Sea. Thanks to this precisely calibrated ecosystem and the European Union’s borderless trading zone, ... Read More »

Venezuela Supreme Court judge Christian Zerpa flees to US

Venezuela Supreme Court judge Christian Zerpa has fled to the US to protest over President Nicolás Maduro’s second term in office. BBC Last year’s election “was not free and competitive”, the former Maduro loyalist told a Florida radio station. And he accused President Maduro of systematically manipulating the affairs of the Supreme Court. In response, the court said Mr Zerpa was fleeing allegations of sexual harassment. Opposition parties boycotted the 2018 vote, calling it a sham. Mr Zerpa had been ... Read More »

Goldman Sachs Asks What If Lebanon Is Forced to Restructure Debt

Goldman Sachs Group Inc. still sees an imminent debt restructuring in Lebanon as unlikely but is already turning its attention to how much investors could recover as one of the world’s most indebted countries teeters on the brink of financial crisis. Paul Abelsky Bloomberg Under Goldman’s base scenario, foreign investors would recover 35 cents on the dollar, Farouk Soussa, an economist at Goldman Sachs, said in a report. But he said any debt overhaul would put the country’s banks first, meaning “the ... Read More »

Belgium Bans Religious Slaughtering Practices, Drawing Praise and Protest

BRUSSELS — A Belgian ban on the Muslim and Jewish ways of ritually slaughtering animals went into effect on New Year’s Day, part of a clash across Europe over the balance between animal welfare and… Milan Schreuer The New York Times With both animal rights advocates and right-wing nationalists pushing to ban ritual slaughter, religious minorities in Belgium and other countries fear that they are the targets of bigotry under the guise of … “It is impossible to know the ... Read More »