Finance

Austerity benefit freezes and Brexit inflation to cost lower-income households £300 next year

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The benefit freeze ‘risks ushering in a period of rising inequality on a scale not seen since Margaret Thatcher’s final term,’ says think tank The Independent  Charlotte Beale  Poorer households could be £300 worse off next year, due to benefit freezes and a predicted rise in inflation. Half of all families with children will be affected, warns think tank the Resolution Foundation, meaning seven million children in total. 800,000 people looking for work and 2.4 million disabled people will also be hit. ... Read More »

Costello wants govt to run workers’ super

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The Turnbull government won’t say if it backs a call for it to assume control of billions of dollars in workers’ compulsory superannuation contributions now being managed by banks and industry funds Australian Associated Press Herald Sun Former treasurer Peter Costello is critical of the way default funds are being run and wants a new government agency to instead invest the money About $2.3 trillion in workers’ super is sitting in private accounts as part of the former Keating government’s ... Read More »

IMF raises growth forecast for all advanced economies except UK

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The pound has made gains despite a flurry of gloomy economic reports, while advances among bank stocks helped the wider market push higher Holly Williams The Scotsman Official figures showing disappointing trade data, but a stronger-than-expected performance from the manufacturing sector, saw the pound make strong gains against the US dollar and hold firm against the euro. Sterling lifted 0.6% to 1.32 US dollars and was flat at 1.12 euros. The FTSE 100 Index closed the session 30.4 points higher ... Read More »

Explainer: how our understanding of risk is changing

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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

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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 »

Why Europe Needs a New Deal, Not Breakup

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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 »

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

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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 »

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 »

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 »

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 »

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 »

Norway’s sovereign wealth fund hits $1 trillion valuation for first time ever

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Norway’s sovereign wealth fund owns about 1.3 per cent of all listed stocks globally and about 2.3 per cent of all stocks listed in Europe Josie Cox The Independent  The value of Norway’s sovereign wealth fund, which is the world’s largest, has hit the equivalent of $1 trillion for the first time in history. Experts on Tuesday said that the value of the fund had been bolstered by rising global stocks and a strong performance of the euro. Major stock ... 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 »