Business

Master plan to protect sea

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HÀ NỘI — A master plan on the use of Việt Nam’s sea is being built by the Ministry of Natural Resources and Environment, a necessary move according to experts. Viet Nam News The plan will map out sea-based socio-economic activities until 2035 in line with integrated management of sea and island resources and environment. It focuses on marine environment and resources, the value of marine ecosystems and appropriate exploitation of the sea. The plan is being built in accordance ... Read More »

Oil Barrels Aren’t Real Anymore

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Once a cask that held crude, the oil barrel is now mostly an economic concept An Object Lesson. Brian Jacobson The Atlantic   The U.S. oil industry pumps more than 3 billion barrels of crude per year.Oil crosses continents in pipelines like the Keystone, which moves 1.3 million barrels per day. It travels between them on tanker ships, the largest of which can carry 3.7 million barrels. When oil leaks, the disaster is quantified in barrels spilled—more than 250,000 from ... Read More »

Trump Admin Quietly Pushing ‘Small Scale’ LNG Exports That Avoid Environmental Reviews

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The Trump administration proposed regulations to expedite the permitting process for natural gas exports from “small-scale” facilities on the Friday before Labor Day. Steve Horn – Joshua Frank CounterPunch The U.S. Department of Energy (DOE) had proposed an alteration of the rules for the export of “small-scale” liquefied natural gas (LNG) under the Natural Gas Act. The proposal will now be open to a public commenting period set to end October 16. “The Trump Administration is focused on finding ways to unleash American energy and providing ... Read More »

Vietnam, Serbia agree to build concrete cooperation framework

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Hanoi (VNA) – Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh and his Serbian counterpart, Ivica Dacic, have agreed to build a specific cooperation framework in order to boost bilateral collaboration in all fields, especially in economy, trade and investment. During their talks in Hanoi on September 8, the two officials also emphasised the need to increase political consultations and coordination between the foreign ministries of Vietnam and Serbia. More favourable conditions should be created to facilitate the ... Read More »

The Copenhagen breakthrough in the Timor Sea

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There has been an agreed breakthrough in the long running dispute between Australia and Timor Leste in relation to maritime boundary demarcation and control of the resources in the disputed area in the Timor Sea. Frank Brennan Eureka Street The breakthrough came on 30 August, the 18th anniversary of the bloody referendum at which the Timorese voted for their independence from Indonesia. The terms of the deal remain confidential. But the Permanent Court of Arbitration which is overseeing the Conciliation ... Read More »

These Economies Are Getting More Miserable This Year

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Venezuela tops the list once again, but it’s the moves in the middle that matter Catarina Saraiva and Michelle Jamrisko Bloomberg If 2016 was the year of political shocks, this year could be when we find how they’ll impact the global economy. Bloomberg’s Misery Index, which combines countries’ 2017 inflation and unemployment outlooks, aims to show us just that. For the third year in a row, Venezuela’s economic and political problems make it the most miserable in the ranking. The least miserable ... Read More »

Russia vs US Economic War: Who’s Going to be the Ultimate Loser?

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Full scale economic war in between America and Russia is underway. Russian Prime Minister Dmitry Medvedev said so, and the US administration and the American congress voted it in with new sanctions. Phil Batler NEO The only question that remains is ”œwho will win?” Here’s a look at the future of US-Russia relations and the ultimate loser in this new type of Cold War. A fact most people are not aware of is that the United States is at risk ... Read More »

The Promise of Fiscal Money

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ATHENS – Western capitalism has few sacred cows left. It is time to question one of them: the independence of central banks from elected governments. Yanis Varoufakis Project Syndicate The rationale for entrusting monetary policy fully to central banks is well understood: politicians, overly tempted during the electoral cycle to create more money, pose a threat to economic stability. While progressives have always protested that central banks can never be truly independent, because their autonomy from elected officials increases their ... Read More »

China, Japan and the Energy Quest in the East China Sea

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In early August 2017, Japan lodged a protest with China over its gas exploration in a disputed area of the East China Sea. Confirming the presence of a Chinese drillship close to Tokyo’s proposed median line, Japan accused China of conducting “unilateral development in the area” which remains yet to be demarcated between the two countries. IPP Review Amrita Jash In its defence against Tokyo’s accusations, Beijing categorically pointed out that its oil and gas activities in the maritime areas in ... Read More »

EU Commission bans Baltic Sea eel fishing, while increasing quotas for herring and salmon

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The European Commission proposes a decrease for the Baltic fishing opportunities by 7% compared to 2017, offering a highly differentiated proposal by the type of fishery for 2018. Irene Kostaki NewEurope The proposal, which is a part of a long-term approach, aims to adjust and maintain the level of fishing at long-term sustainable levels, ensuring a stable fishing pressure, higher quotas and hence an improved income for fishermen and their families. Decisions taken on the Baltic fishing opportunities over the ... Read More »

The Eurozone is recovering, but we cannot afford to be complacent. Here are 3 reasons why

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If there is a term that can best describe the current climate in the Eurozone, it is “complacency”. Markets are rising, bond yields are at an all-time low, growth estimates have improved and the European Union has triumphantly declared the end of the crisis, thanks to its “decisive action”. Daniel Lacalle World Economic Forum There is no denying that the European Union is in recovery mode, and that is a positive. Business confidence is rising, and manufacturing indices are in ... Read More »

Alex Salmond has backed independent Scotland to have own pound

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Alex Salmond has backed Scotland to have its own currency if it becomes an independent country. The former first minister has changed his position from ahead of the 2014 referendum when he proposed sharing the sterling with the rest of the UK. Russel Jackson The Scotsman That suggestion was rejected by the UK Government, but now, with the effects of Brexit, Salmond believes Scotland should have its own pound. At his Edinburgh Fringe show, Alex Salmond… Unleashed, he was joined ... Read More »

Whatever happened to East Africa’s oil boom?

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Politics has been central to the progress, or lack thereof, in developing East Africa’s oil. And it will continue to be. Luke Patey African Arguments It was not long ago that East Africa was the shining frontier of the continent’s oil scene. Uganda sparked the rush in 2006 after wildcatters ventured deep inland and made Africa’s largest onshore discoveries in decades. And Kenya’s north­western Turkana region continued the run with new oilfields found in 2012. With crude prices averag­ing almost $112 per barrel ... Read More »

China now patrolling Philippines sea, air space

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China now patrols Philippine seas and air space. Its coast guard controls entry into and the vicinity of Scarborough Shoal, 120 miles off Luzon. Jarius Bondoc The Philippine Star Paramilitary fleets increasingly are fishing in the Philippines’ 200-mile exclusive economic zone. Warships venture close to Zambales and Mindoro in the West Philippine Sea. Chinese aircraft regularly confront Philippine flights to Pag-asa Island in Palawan’s Kalayaan Island Group. Maritime research vessels are exploring the Philippine western seabed as well as Benham ... Read More »

Turkey and Russia’s tomato crisis explained

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Nearly two years after Turkey downed a Russian fighter jet, relations between Ankara and Moscow are largely restored. The two countries last month signed an arms deal, but tomatoes are still a thorny issue. Zeynep Şahin TRTworld Turkish and Russian delegations will meet in Turkey’s coastal city of Izmir on Friday to discuss trade and economic relations. The humble tomato is also expected to be on the table — and it’s playing an outsized role in the talks. The two ... Read More »

IMF’s China debt warnings are eerily familiar

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The IMF has seen this horror film before in neighboring Japan and the odds of a happier ending for China are negligible. William Pesek Asia Times The International Monetary Fund shouldn’t expect much warmth from Beijing these days. Its latest annual health check on Asia’s biggest economy is blunt, sweeping and sure to ruin Xi Jinping’s month as the Chinese president tries to maintain a veneer of omnipotence and stability. The IMF’s worry, of course, is debt. It’s seen this ... Read More »