Finance

Middle classes in crisis, IMF’s Christine Lagarde tells Davos 2017

Lagarde 1a Ruben Sprich Reuters

IMF head wins support from outgoing US vice-president Joe Biden as she uses American term for working people in demanding action over rising… Larry Elliott in Davos The Guardian The head of the International Monetary Fund, Christine Lagarde, has called for urgent action to tackle a “middle-class crisis” hitting working people as… Middle classes in… Read More »

Border tariff fears as UK edges towards hard Brexit

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Theresa May expected to say Britain prepared to exit single market and customs union Pat Leahy, Gerry Moriarty The Irish Times Fears that Britain will leave the European Union’s customs union, raising the prospect of tariffs on goods moving across the Border, have intensified in Dublin following leaks of British prime… Border tariff fears… Read More »

For Israel, energy boom could make friends out of enemies

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ABOARD THE ATWOOD ADVANTAGE — In the ship’s control room, facing four video screens, a driller from Mississippi in dark shades and a black baseball cap with a skull on it held what could be the future of Israel in his… Peter Baker, New York Times The Boston Globe The massive drill he controlled extended down 11,345 feet, more than 2 miles below the… For Israel, energy … Read More »

Total’s Cyprus Block 11 could rival Egypt’s Zohr discovery, IHS Markit says

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HOUSTON — Driven by the success of Eni’s major Zohr field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to new analysis from IHS Markit. Total’s announcement that… World Oil “The Zohr gas discovery in… Total’s Cyprus Block… Read More »

The calm before the storm for China inflation

China - Asia Times

Acceleration of supply side reforms may push up consumer prices faster than expected, with medical inflation already at its highest since 1997 Steve Wang Asia Times China economists have been nodding off at the wheel on inflation figure predictions, underestimating how quickly prices are rising across factory gates and potentially overlooking the trickle down effect on consumers. The biggest surprise in… The calm before the… Read More »

Total’s Offshore Cyprus Block 11 Could Rival Egypt’s Zohr Natural Gas Discovery; Increasing Investment and Competition in Region, IHS Markit Says

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Total to drill one of E&P industry’s most critical wells in 2017, as interest grows in region IHS Driven by the success of Eni’s major Zohr Field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to… Total’s Offshore Cyprus… Read More »

Do Indians Really Support Modi’s Currency Swap?

India - The National Interest

The real test for Modi comes in the form of five key state elections scheduled for February and March. Lisa Curtis The National Interest On the same day Americans elected Donald Trump to power, Indian Prime Minister Narendra Modi made a surprise announcement: 500 and 1,000 rupee notes (86 percent of Indian currency in circulation) would no longer be valid. By New Year’s Eve, Modi was… Do Indians Really Support… Read More »

EU spots opportunity in Brexit to fix funding wars

BERLIN, GERMANY - AUGUST 29: Italian Prime Minister Mario Monti speaks during a news conference with German Chancellor Angela Merkel at the German federal Chancellory on August 29, 2012 in Berlin, Germany. Merkel and Monti discussed the crisis in the Eurozone, part of a series of meetings that Merkel has held after the summer break during heightened concerns over the economies of Italy, Greece and Spain.  (Photo by Adam Berry/Getty Images)

The UK’s departure could be used to change the tone of the budgetary debate. Paul Taylor Politico PARIS — Britain’s impending exit from the European Union is a unique opportunity to shake up, simplify and detoxify the way the EU funds itself. That is the message of… EU spots opportunity in… Read More »

Damian Green ‘unconvinced’ by prospect of universal basic income in UK

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Work and pensions secretary Damian Green has dismissed the idea of a universal basic income, saying he is “unconvinced” by such a plan. Jon Vale The Scotsman Mr Green said it would be “fantastically expensive” to guarantee a set level of income, as well as hitting low earners. Universal basic… Damian Green ‘un… Read More »

Lebanon set to join East Mediterranean race for oil and gas

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Lebanon will auction energy-development rights to five offshore areas and adopt production-sharing contracts to attract international investors as the tiny country seeks to join a regional race to tap oil and gas wealth in the… Written by Bloomberg Energy Voice The government may qualify more bidders for its… Lebanon set to… Read More »

Italian banks: It’s Rome’s turn to confront Berlin’s aggressiveness

Italy - European Sting

Italy, after Greece, is now the next target of the archetypical Teutonic aggressiveness, aimed this time at making the life difficult for Paolo Gentiloni the new Prime Minister. Dennis Kefalakakos The European Sting The problems Rome has with the country’s banking system are being exaggerated and used by Berlin to either pave the road leading outside the euro area or turn the country into an impoverished, obedient and second rate euro… Italian banks: It’s Rome’s… Read More »

Bankers and mash: How to power lunch in London

Bankers - Politico

The unwritten rules to ensure your London luncheon does the business. Franscesco Guerrera  Politico “Lunch is for wimps,” Gordon Gekko famously said in Oliver Stone’s Wall Street.   Not in London… Bankers and mash… Read More »

Modi defends move to demonetise high-value currency

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Move to withdraw high-value banknotes, which took toll on country’s poor, called “historic purification ritual” by PM. Al Jazeera India’s prime minister has defended his government’s decision to demonetise the country’s highest-value currency bills in an unusual New Year’s Eve message to the… Modi defends move… Read More »

India’s object lesson in how not to demonetize

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In the first installment of a two-part series, Chan Akya writes that the reasons for demonetization are sound, but that its execution has been bungled. Asia Times By CHAN AKYA It  is something of an article of faith amongst investors in Emerging Markets that economic crises in those markets are at… India’s object lesson… Read More »

China’s falling US debt holdings a ‘short-term adjustment’

China - Asia Times

The most important and market-moving stories from the Chinese-language media Asia Times Lin Wancia and Poo Yee Kai Decreases in the amount of US Treasuries held by China should not be “over-interpreted.” ”That’s the message from… China’s falling US debt… Read More »

Making Manufacturing Great Again Will Require A Two-Pronged Approach

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Employment in manufacturing peaked in the late 1970s at over 19 million. Aparna Mathur AEI Since then, despite occasional positive bumps, manufacturing employment has shown a long-term secular decline. Today, fewer than 13 million workers are employed in… Making Manufacturing Great… Read More »