Finance

EU and Japan say new trade deal is signal to the world that protectionism does not work

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European Commission said openness to trade and investment is ‘one of the best tools to… create more economic growth and jobs’ Caitlin Morrison Independent The EU and Japan have signed up to a “landmark” trade deal in a show of strength against protectionism among global economies. Japan is the EU’s second biggest trading partner after China and together the EU and Japan account for almost one third of global GDP. The deal was confirmed at a ceremonial signing in Tokyo on Tuesday, attended by ... Read More »

Germany and France’s growth DOWNGRADED by IMF as Trump tariffs take hold

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GERMANY and France are to experience the worst economic slowdown among all major European economies over the next two years, the International Monetary Fund (IMF) said. Alice Scarsi Express In a series of shock downgrades in its newly published economic outlook for 2018, the IMF sees Berlin and Paris’ economy growth predictions shrink by 0.3 percent by the end of this year. Blaming the hefty tariffs on steel and aluminium exports imposed by US President Donald Trump, the IMF’s outlook reads: ... Read More »

Trade Troubles: China Is Poised to Bring Down the Global Economy

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Beijing is prepared to push the world into another recession. Gordon G. Chang The National Interest The Chinese economy is in distress, and the country’s currency and markets, reflecting unease, are tumbling. Xi Jinping, the Chinese ruler, has no solutions. The only thing he is doing is incurring more debt. That’s extremely unfortunate because an overly indebted Beijing is again set to push the world into recession. China, through predatory policies, precipitated the global downturn last decade, and it looks ... Read More »

Immigration decline costing UK economy billions, says think thank

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Meeting government targets on immigration means £12bn hit to public finances, say Global Futures Peter Stubley Independent The fall in immigration since Brexit is already costing the UK more than £1bn a year, according to new analysis by an independent think tank. Global Future, which promotes the benefits of openness, calculates that the loss to the public finances is the equivalent of more than 23,000 nurses or 18,000 doctors. It also claims that meeting the government’s immigration target of “tens of thousands” will also cost Britain ... Read More »

Erdogan’s New Dynasty Makes Turkey Uninvestable

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The president has given investors every reason to turn away. Turkish President Recep Tayyip Erdogan unfortunately is a man of his word. Marcus Ashworth Bloomberg He promised to take greater control of monetary policy during the election campaign, and he has wasted no time in doing so. He has snipped the last threads in Turkey’s safety net — and he has made his nation all but uninvestable. Deputy Prime Minister Mehmet Simsek and Finance Minister Naci Agbal have both departed. They were the kinds ... Read More »

Happiness helps football players do better, and it could help economies too

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World Cup football teams with a higher proportion of players smiling in their official portraits have scored more goals on average in all group phases since 1970. Authors: The Conversation The authors of this study argue that smiling is a reflection of confidence. Greater confidence results in a greater capacity to overcome complex situations and score more goals. We decided to explore whether this same smiling-creativity link holds for entire societies by looking at the relationship between happiness and creative… ... Read More »

Who is more powerful – states or corporations?

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Who holds the power in international politics? Most people would probably say it’s the largest states in the global system. Authors: The Conversation The current landscape of international relations seems to affirm this intuition: new Russian geopolitics, “America First” and Chinese state-led global expansion, among others, seem to put state power back in charge after decades of globalisation. Yet multinationals like Apple and Starbucks still wield phenomenal power. They oversee huge supply chains, sell products all over the world, and ... Read More »

Israeli Crypto Startup Bancor Loses $13.5 Million to Hacking

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Bancor reported the incident in a tweet on Monday. A digital coin valued at $23.5 million was stolen, with Bancor eventually retrieving $10 million worth of its own coin, BNT Amarelle Wenkert C Tech On Monday, Israeli crypto coin trading platform Bancor announced in a tweet it had been the victim of a security breach which has resulted in the theft of $13.5 million in crypto coins, mostly Ethereum. The company said that no user wallets were compromised in the event. ... Read More »

483 drown in the Mediterranean while rescue ships are trapped in port

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On 10 June 2018 Italy’s new government closed its ports to NGO rescue ships operating in the Mediterranean Sea, leaving the humanitarian vessel Aquarius adrift with 639 migrants on board.  Shortly after another NGO ship, Lifeline, was also turned away. Care4Calais The two ships were finally allowed to dock in Malta following a tense agreement that the people on board would be relocated within the EU. On 2 July, the Sea Watch-3, which was by then the only operating rescue ... Read More »

Foreign trade turnover of Penza region in four months equals 151 mln dollars

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The foreign trade turnover of the Penza region from January to April 2018 amounted to 150.6 million dollars, which is 11% higher than the result of the same period last year. PenzaNews This was reported by the press service of the regional Ministry of Economy with the reference to data from the Federal Customs Service of… The share of export equalled 45.2%, that of import – 54.8%. The export volume in four months amounted to 68.1 million dollars including that ... Read More »

Trump Should Just Give People Money

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Ms. Lowrey is the author of a new book on universal basic income. The Trump administration, Republicans in Congress and conservative governors across the country want the government to be simpler, smaller and more effective — unless, that is, the government is dealing with the… Annie Lowrey The New York Times In a matter of months, hundreds of thousands of low-income residents of Arkansas, New Hampshire and Indiana will have to convince local bureaucrats that they have a job or are ... Read More »

World’s Largest Crypto Exchange Eyes $1 Billion Profit Amid Rout

Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018. Photographer: Akio Kon/Bloomberg

This year’s cryptocurrency crash has saddled bulls with billions of dollars in losses, but the world’s largest virtual currency exchange is still making money hand over fist. Cindy Wang Bloomberg Binance expects a net profit of $500 million to $1 billion in 2018, according to its chief executive officer. First half revenue was about $300 million, Changpeng Zhao said in an interview. Average daily turnover at his venue, which opened a year ago, is roughly $1.5 billion, and Binance now ... Read More »

What’s the real price of getting rid of plastic packaging?

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The Economics of Change Crunching the numbers of how much switching might cost us How much would it cost to switch to plastic alternatives? Richard Gray crunches the numbers. By Richard Gray BBC Walking along a short section of stony beach, Claire Waluda stoops briefly to pick up something from between the rocks. It is a brightly coloured plastic bottle top – just one of hundreds of bits of plastic that she finds washed ashore on the remote, windswept island ... Read More »

Lessons in Chinese history as America shuts off from the world

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Those who have studied history understand the importance of being engaged in the global economy. Walid Hejazi The Conversation Two thousand years ago, China represented nearly 25 per cent of the global economy. In 1600, it was 30 per cent, and a third in 1820. The country was a global powerhouse, to say the least. There is a famous story from 1792 when King George III’s ambassador led a trade mission to China with a cargo of the latest European ... Read More »

Qatar to maintain LNG dominance despite regional embargo

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In 2017, Qatar produced 18.1 billion cubic feet of natural gas per day (bcfd). Almost all natural gas comes from various developments on the North Field, which is considered the largest non-associated gas structure in the world. By GlobalData Energy Hydrocarbons Technology The field has a combined processing and export capacity of 77.4 million tonnes per annum (mtpa) of LNG. The Qatargas and Rasgas projects are the largest contributors to production on the field and are joint ventures between Qatargas ... Read More »

An Alternative Way to Deal with the Cyprus Co-Op Bank

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Socialising the losses and privatising the gains I have written two articles on the subject of “the Deal” sought and negotiated by the Government for privatising the ailing Co-Op Bank in Cyprus. Savvas Savvides StockWatch I continue here with “Socialising the losses and privatising the gains – Part 3” which provides an alternative proposal than the one that the Government arrived at with Hellenic Bank. It makes the argument that the concessions made in desperation to the Hellenic Bank (which ... Read More »