Business

Explainer: how our understanding of risk is changing

Under the traditional notion of risk, people react predictably based on how risk-tolerant they are. Here, risk is calculated by combining the probability of something occurring (such as rolling a six with a pair of dice) with the value of the outcome (how much you have wagered). Robert Hoffmann  Adrian R. Camilleri  But our understanding of risk is changing. The Conversation We now know that a whole host of factors, from your personal history to your mood and age, all ... Read More »

Chiefs To Offer Sacrifices To Thank The gods For ITLOS Victory

Chiefs in the Western region have hailed the aftermath of the International Tribunal of the Law of the Sea (I TLOS) ruling which gives Tullow Ghana Limited the go-ahead to activate its plans to drill more wells to improve production in the TEN fields. Modern Ghana Paramount Chief of Nsein Traditional Area, Awulae Agyevi Kwame II, informed a meeting with the Paramount Chiefs in the Region that a day will be set aside to commemorate the victory. He said they ... Read More »

6 Reasons Why This Week’s ‘Our Ocean’ Conference In Malta Was So Important

World leaders, EU representatives and the Prince of Wales were among those attending The Our Ocean conference is a major annual event aimed at encouraging countries and businesses to make concrete commitments to protect the marine environment. David Grech Urpani  Lovin Malta This year, it was Malta’s turn to host the global summit for its fourth edition, and very important points were raised. Among leaders from more than 100 nations and a large number of local and international NGOs in attendance, ... Read More »

GNPC spent $9.7 million on ITLOS maritime boundary dispute

23rd September, 2017 will forever be one of the memorable days in the history of Ghana. The flag of the Nation soared high. GhanaWeb Ghana was victorious in the landmark Maritime Boundary dispute case involving its Western neighbor La Cote d’Ivoire at the International Tribunal for the Law of the Sea, ITLOS in Germany. It was a “sweet victory” for Ghana. The triumph came at a price. The Ghana National Petroleum Corporation, GNPC financed Ghana’s defense team and other activities ... Read More »

Why Europe Needs a New Deal, Not Breakup

The EU is facing a crisis of legitimacy—but retreating to the nation-state will only benefit the far right By Yanis Varoufakis and James K. Galbraith * The Nation The American New Deal of Franklin Roosevelt’s first two terms combined the goals of financial stabilization, reconstruction, conservation, and employment—jobs for the jobless; public works; power systems and new industries, especially in the South; soil conservation and reforestation to battle the Dust Bowl; and a potent mix of regulations and insurance to assert ... Read More »

The Oceans – a Challenged Resource

The world’s oceans facilitate global transportation. They also offer a unique source of food: one that continues to give. Provided we manage this source responsibly, of course. Sustainable harvest must be combined with prudent Kåre R. Aas * HuffPost Based on an American initiative, the world’s maritime nations came together yesterday and today (Oct 5 and 6) for the 4th annual Our Oceans conference to discuss how to achieve this balance. The United States has hosted twice. This year, the chair ... Read More »

Miners leave themselves open to corruption, report finds

US President Donald Trump described it as “draining the swamp”, a political promise he made to rid business and politics of deep-seated bribery and… Adele Ferguson The Sydney Morning Herald It could equally be applied to Australia, which has had its fair share of scandals and political capture in the past few… But understanding where the risks lie can be a useful first step in tackling the problem. Following a string of mining scandals, Australia’s biggest mining states Western Australia and ... Read More »

Here’s why you may not be able to bypass paywalls through web search anymore

The era of using a Google search to bypass a news website’s paywall may be coming to an end Google has announced that subscription news websites will no longer have to provide users three free articles per day under its ‘Google first click free… ABC The move has been welcomed by media giants such as News Corp, which have paywalls in place and have long complained that the policy essentially forced them to give their content away for free if ... Read More »

Stonnington council suspends staff after tracking them via phone records

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

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

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

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

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

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

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.

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 »