Finance

Govt working on legal framework for quick offshore auction

The government today said that the mines ministry is closely working with its law counterpart to evolve an enabling framework which would result in auction of offshore mineral blocks… DNA “We are working with the Law Ministry to work on what enabling framework can be quickly brought up by which we can quickly start that auction,” Mines Minister Piyush Goyal said while addressing a… As far as the current law is concerned, Goyal said, there… Govt working on… Read More »

Traversing the Tribal Patchwork of Libya’s South West

Our Senior Analyst Claudia Gazzini travels to southern Libya and finds neglect, smugglers, a gold rush, and simmering tensions among a patchwork of ethnic, tribal and militia actors on the edge of the Sahara… Claudia Gazzini ICG She also discovers much longing for a united, well-governed Libya. SEBHA, Libya – To understand the full extent of the impact of the civil war that has fractured the rest of the country into warring fiefdoms, it is… Traversing the Tribal… Read More »

Xi: Security key to development

SCO members urged to strengthen coordination in fighting terrorism President Xi Jinping sent a strong voice of fighting terrorists and safeguarding regional peace during a summit of the Shanghai Cooperation Organization in Astana, the capital of Kazakhstan, on… AN BAIJIE ChinaDaily China calls for the SCO to strengthen regional counterterrorism institution building to enhance the capacity of member states in coordination and… Xi: Security key… Read More »

Top 10 world’s most competitive economies

China’s Hong Kong has ranked first on the world’s most competitive economies list for two consecutive… China Daily The United States, however, fell out of the top 3 this year, according to the International Institute for Management Development (IMD) in… The list consisted of ranking 63 economies based on 260 indicators – two thirds of which came from hard data, such as national employment and trade statistics, and the… Top 10 world’s… Read More »

Brazil emerges from recession as GDP grows 1%

Brazil’s economy has grown 1% in the first three months of 2017, putting an end to the country’s longest recession in history, officials have announced. BBC The GDP increase came after two consecutive years of negative growth, during which the Brazilian economy shrank by almost 8%. A record harvest of soybeans, one of Brazil’s main exports, gave the economy a… Brazil emerges from… Read More »

A new study shows how little tax the super-rich pay

Wealth inequality may be worse than previously thought OF LIFE’s two certainties, death cannot be dodged even by the well-to-do. Taxes are another matter. The Economist Quantifying quite how much they manage to keep from the taxman, however, has always been tricky. One common approach governments take is to conduct randomised audits of… A new study… Read More »

US Oil Production Could Reach Historic Levels This Year

U.S. oil production could break an all-time high of 10 million barrels per day by the end of the year, according to a new report. Michael Bastasch The Daily Caller Analysts at Rystad Energy are predicting U.S. crude oil output could top an old record set in November 1970 by the end of the year. Production is currently growing at 95,000 barrels per day per month this year, largely thanks to hydraulic fracturing into shale… US Oil Production… Read More »

UnionBank gears up for digitization to take on ‘fintechs’

Aboitiz-led Union Bank of the Philippines (UnionBank) is pursuing a three-point plan that will digitize its operations and bring it onto a level playing field with the “fintechs,” or… MAYVELIN U. CARABALLO, TMT The Manila Times In a roundtable discussion with The Manila Times on Tuesday, UnionBank President and Chief Operating Officer (CEO) Edwin Bautista said the main threat to local banks amid the… Fintech, or financial technology, is an… UnionBank gears up… Read More »

Lloyd’s begin post-Brexit financial exodus with shock decision that will delight Juncker

LLOYD’S of London have started their post-Brexit financial exodus by opening up a new financial hub in Brussels, the capital of the European project. Oli Smith Express Inga Beale, chief executive officer at Lloyd’s of London, picked Brussels to set up the new post-Brexit financial centre. The decision to move jobs to Brussels will fly in the face of Brexiteers who rejected the EU – including the insurer’s chairman Lord Blackwell, who is a well-known pro-Brexit… Lloyd’s begin post… Read More »

Qatar launches hacking probe as fake news row spreads across Gulf

UAE and Saudi ban Qatari media after Qatar emir quoted in fake story defending Hezbollah, Hamas and Iran… MEE and agencies  Qatar said it has launched an inquiry into an unprecedented security breach, alleging “shameful” hackers posted a fake story quoting Qatar’s leader that sparked tension with Gulf… Publication of the fake story, which hit Qatar’s official news agency website and Twitter account late on Tuesday, led to ripples of… Qatar launches hacking… Read More »

Twiggy Forrest’s philanthropy is great. But he could have just paid more tax

It’s true philanthropy is more common in the USA. So is tax minimisation, citizens without health insurance and homelessness Kristina Keneally The Guardian Fortescue Metals Group founder and billionaire Andrew “Twiggy” Forrest and his wife Nicola made the single biggest philanthropic donation by a living person in Australian history on… For that, they are to be congratulated… Twiggy Forrest’s philanthropy… Read More »

Russia, Saudi Arabia call to extend oil output deal

The world’s biggest oil producers Russia and Saudi Arabia on Monday called for the extension of an output reduction deal ahead of an OPEC meeting later this month. Daily Sabah with wires “To underscore the determination of oil producers to ensure market stability, predictability and sustainable development, the joint actions of participating producers should be… The statement added that Russian… Russia, Saudi Arabia… Read More »

Sudanese-Italian economic forum held in Rome

May 9, 2017 (KHARTOUM) – The third Sudanese-Italian economic and investment forum has been held Tuesday in Rome with the participation of 135 Italian companies. In a statement seen by Sudan Tribune, Sudan’s foreign ministry said the chairman of the Italian Federation of Industries Giovanni Otati praised the enormous economic potential enjoyed by the Sudan. Otati, who addressed the… Read More »

Automakers: UK car industry will stall without Brexit deal

British carmakers will struggle to absorb costs and face problems over rules of… JAKOB HANKE & JOSHUA POSANER Politico Britain’s car industry has issued a stark warning that it will struggle to compete if Prime Minister Theresa May delivers on a threat to walk away from an… The nightmare scenario for British industry is that the U.K. will crash out of the EU without a trade deal in 2019 and move on to tit… Automakers: UK car… Read More »

‘Sadness will last forever’: Living with the Van Gogh legacy

As he lay on his death bed, having apparently shot himself, Vincent Van Gogh is said to have uttered the final words, “The sadness will last… Patrick Wood ABC It’s hard to imagine a bleaker prophecy from the famed and deeply troubled Dutch… And yet, more than 125 years later, the Van Gogh family can attest to a fulfilling life that is, in part, devoted to honouring his work and… ‘Sadness will last… Read More »

Eureka! the price is right

Asia Times had one excited economist this week as a deeper delve into the first-quarter growth data threw up some intriguing… STEVE WANG Asia Times Anyone fortunate enough to have shared an office with a follower of the dismal science will know that when a eureka moment strikes, the… “I’d like to thank my mom, my first grade math teacher, professor Ma … ad… Eureka! the price… Read More »