Oxfam: Richest one percent banked 82 percent of wealth created in 2017

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Oxfam’s latest report on wealth inequality describes how a wealthy elite accumulates vast fortunes while the poorest go without Nik Martin DW But the charity has been criticized as offering a too simplistic view of the imbalances. Oxfam on Monday detailed how the richest one percent grew its wealth by $762 billion (€620 billion) in 2017, which it says was enough to end poverty seven times over. In its annual report on wealth inequality, the UK-based poverty and disaster relief ... Read More »

Regional Report: Eastern Mediterranean

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Eastern Mediterranean region are beginning to increase E&P activity and were able to bring several key projects on stream in 2017 Emily Querubin World Oil Eastern Mediterranean region are beginning to increase E&P activity and were able to bring several key projects on stream in 2017. Despite a substantial amount of progress, the region still faces a few hurdles as it enters the new year. EGYPT Egypt is home to several mega-projects—including Nooros and Zohr fields—which reportedly will double the ... Read More »

Employers should tap into a well of creative ideas from a diverse workforce

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One of my genuine wishes for 2018 is that Scotland can ably demonstrate to the world what a wonderfully rich and diverse workforce we have Lauren Brown * The Scotsman We will show how we can positively ­transcend individuals’ perceived barriers, break down prejudices and have a 100 per cent focus on equality in the workplace. I would encourage employers to see the far-reaching benefits of offering job opportunities to young, ­vulnerable and disadvantaged people who might otherwise have been ... Read More »

China’s record US trade surplus leaves Trump trumped

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The US president will hate the figures after saying he is getting ‘much tougher’ on the world’s second largest economy Gordon Watts Asia Times Whichever way you look at it, the latest trade figures from China will make uncomfortable bedtime reading for Donald Trump. In yuan or dollar terms, the numbers are dripping with red ink, which will fail to amuse the US President. Official data released by the General Administration of Customs on Friday showed that China’s trade surplus ... Read More »

How Washington Will Lose Its Influence in Asia

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There is no guarantee that President Trump will ask Congress to renew the Trade Protection Authority Act before it expires Peter C.Y. Chow The National Interest As Douglas Irwin said, if “truth” is the first to be sacrificed in the war, then “free trade” will be the scapegoat in the populist electoral politics. The most recent examples are the Brexit and the U.S. withdrawal from the Trans Pacific Partnership (TPP-12). While the British government is facing contentious negotiations with the ... Read More »

A new Kodak moment: shares soar as company launches KODAKCoin cryptocurrency

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Shares of Eastman Kodak surged by as much as 147 per cent on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon Reuters Brisbane Times The storied Rochester, New York-based company said in a statement it is launching a cryptocurrency called “KODAKCoin” for photographers, part of “KODAKOne”, an image rights management platform launched in a licensing partnership with WENN Digital. The platform uses blockchain technology, the backbone of bitcoin and other digital ... Read More »

Emmanuel Macron breaks French taboo on farm subsidies

French presidential election candidate for the En Marche ! movement Emmanuel Macron looks on in a farm in Usseau near Poitiers, central France, on April 29, 2017 while campaigning ahead of the second and final round of the presidential elections which takes place on May 7.  / AFP PHOTO / POOL / Eric FEFERBERG        (Photo credit should read ERIC FEFERBERG/AFP/Getty Images)

Facing a multibillion-euro cash crunch in the EU budget, Paris is dropping its insistence on preserving the status quo for farmers. By EMMET LIVINGSTONE, MAÏA DE LA BAUME AND DAVID M. HERSZENHORN Politico France’s president has crossed the manure-lined Rubicon In a shift liable to ignite a civil war in French politics, Emmanuel Macron is breaking with France’s traditionally ironclad defense of farmers’ subsidies. If one thing was ever considered certain in negotiations over the EU budget every seven years, it was that ... Read More »

Cyprus sets sea borders for energy drilling with Greece’s backing

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NICOSIA – Facing challenges from Turkey, which has unlawfully occupied the northern third of the island since a 1974 invasion, Cyprus is moving ahead to set the rest of its Exclusive Economic Zone (EEZ), trying to re-establish borders in the seas where it has licensed international companies to drill for oil and gas. Tornos News Cyprus will delineate the EEZ that Turkey has violated, including the north and western part, Cypriot President Nicos Anastasiades said, calling on Greece to offer ... Read More »

Brexit ‘will not be a fatal blow to Irish economy’

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Former WTO director general and Goldman Sachs chairman Peter Sutherland on why Ireland had to change and future economic challenges Ian Hyland The Irish Times The following is an edited version of one of the last interviews Peter Sutherland gave prior to his death Attorney general, European commissioner, director general of the General Agreement on Tariffs and Trade (GATT), director general of the World Trade Organisation (WTO), chairmanships of BP and Goldman Sachs. … Peter Sutherland has undoubtedly enjoyed an illustrious career. ... Read More »

Trump proposes massive expansion of offshore drilling

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The Trump administration is proposing to greatly expand the areas available for offshore oil and natural gas drilling, including off the Pacific and Atlantic coasts. Timothy Cama The Hill In the first major step toward the administration’s promised expansion of offshore drilling, Interior Secretary Ryan Zinke said nearly all of the nation’s outer continental shelf is being considered for drilling, including areas off the coasts of Maine, California, Florida and Alaska. The proposal, which environmentalists immediately panned as an environmental disaster ... Read More »

Iceland has made it illegal to pay men more than women

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ICELAND is the first nation in the world to legally ensure women are paid equally to men David Bol TheScotsman The Arctic country has passed legislation meaning companies and government agencies that employ more than 25 workers, will be forced to receive official certification from the government for their equal-pay policies. The law came into effect in Monday and companies failing to demonstrate equal pay could be fined. Dagny Osk Aradottir Pind, board member of the Icelandic Women’s Rights Association, ... Read More »

The Giant, Under Attack

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One of America’s biggest rehab companies built an empire But after a patient named Gary Benefield died, its enemies — investors and business rivals alike — struck hard. By MICHAEL CORKERY and JESSICA SILVER-GREENBERG The New York Times On the last day of his life, Gary Benefield expressed hope for the future. He was finally about to “get right,” he said. A Harley-riding tough guy and retired utility worker, Mr. Benefield had let addiction get the better of him. He was downing a ... Read More »

China and India dominate planned pipelines additions

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GlobalData’s latest analysis of global planned trunk/transmission oil and gas pipelines for the period 2018 to 2022 shows that the Xinjiang–Guangdong–Zhejiang SNG gas pipeline in China is the longest planned pipeline globally with a length of 8,972 kilometres (km). By GlobalData Energy Hydrocarbons Technology The onshore pipeline is expected to start operations in 2022 China Petrochemical Corp has 100% equity in the pipeline while China Petroleum & Chemical Corporation is the operator. The pipeline has a… The second longest planned ... Read More »

For richer or poorer: 4 economists ponder what 2018 has in store

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Editor’s note: We asked four economists to offer their thoughts and insights on what they expect to be a key theme or issue in 2018. Greg Wright, assistant professor of economics, University of California, Merced Patricia Smith, professor of economics, University of Michigan Christos Makridis, Ph.D. candidate in labor and public economics, Stanford University William Hauk, associate professor of economics, University of South Carolina The Conversation Income and wealth inequality are currently at levels last seen during the Gilded Age ... Read More »

With Oceans Under Greatest Threat Ever, Trump Administration Urges Even Less Protection for Marine Life

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“It shouldn’t be too much to ask to protect two percent of the U.S.’s exclusive economic zone off the Atlantic coast for future generations.” Julia Conley Common Dreams With the world’s oceans more severely threatened than ever before, President Donald Trump’s Interior Department is recommending even less protection for the fraction of ocean life the U.S. has guarded from commercial fishing and other activities in recent years. Interior Secretary Ryan Zinke has proposed that three ocean monuments in the Pacific ... Read More »

Flemish farmer busts conventional wisdom on EU farm policy

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Community-supported model thrives without subsidies from Brussels By SIMON MARKS Politico LEUVEN, Belgium — The EU does not spend much time thinking about farmers like Tom Troonbeeckx. But as Brussels prepares to propose a reform of its landmark €58 billion-per-year Common Agricultural Policy in 2018, the softspoken Flemish farmer offers an alternative model to Europe’s conventional wisdom over the last half century. Troonbeeckx runs 30 hectares of farmland near the Belgian city of Leuven, only 20 kilometers east of Brussels, without… Flemish ... Read More »