Finance

Under pressure govt backtracks on Atif Mian appointment; removes economist from advisory council

The Pakistan Tehreek-i-Insaf (PTI) government has asked Princeton University economist Atif R. Mian to step down from the Prime Minister Imran Khan-led Economic Advisory Council (EAC), PTI Senator Faisal Javed Khan announced on Friday. Fahad Chaudhry Dawn The decision follows mounting pressure from religiopolitical partiesagainst the appointment of Dr Mian, who is an Ahmadi. According to a tweet by Senator Javed, Mian has agreed to give up his position on the council. A replacement will be announced later, he… Minister of ... Read More »

A new and more efficient payments system will be a magnet for fraud. Here’s how to prepare

Most credit card fraud takes place online or over the phone. It’s not the cards that are stolen, but the details. The Conversation, By Steve Worthington ABC The Australian Payments Network finds they are used to amass 85 per cent of the money stolen using Australian credit cards, without the need to steal the cards themselves. Usually, we are not liable for the money lost. It is reimbursed through our card provider if we have quickly reported the breach and ... Read More »

Construction Of TurkStream’s 2nd Leg In Russia’s Exclusive Economic Zone Over – Gazprom

Russian energy giant Gazprom has completed the construction of the second leg of the TurkStream gas pipeline in Russia’s exclusive economic zone, the company said in a statement Wednesday. Rukhshan Mir MOSCOW (UrduPoint News / Sputnik – 05th September, 2018) Russian energy giant Gazprom has completed the construction of the second leg of the TurkStream gas pipeline in Russia‘s exclusive economic zone, the… “Gazprom’s Management Committee considered the current status of the TurkStream project. It noted that the… Construction Of ... Read More »

How solar kits and battery lamps are replacing kerosene across Africa

For decades, people in rural Africa have been using sooty kerosene lamps to dimly light their homes. Jörg Peters The Conversation But in recent years households, even in poor areas, have started to replace their kerosene lamps with non-rechargeable dry-cell battery driven lamps and solar kits. This is happening largely without any governmental or donor involvement. These devices are equipped with light-emitting diodes (LED) that have become significantly cheaper over the years. This has, in turn, made them a highly ... Read More »

Lawyers perceived as only slightly more ethical than bankers

Even in the wake of the banking royal commission, Australians perceive lawyers to be almost as unethical as bankers, insurers and financial services professionals, according to new research. Jerome Doraisamy Lawyers Weekly The Governance Institute Australian Ethics Index 2018 found that while the banking, financial services and insurance sectors have a net ethical score of -15, with only 30 per cent of respondents thinking tha… All sectors implicated in the Royal Commission into Misconduct in the Banking, Superannuation and Financial ... Read More »

Demonetisation in India: A Democracy Deficit

Demonetisation On November 8, 2016, when the United States of America was busy electing a populist president in Donald Trump, India’s own populist prime minister, Narendra Modi came up with a unique economic decision. Shubbam Ghosh EurasiaFuture In one stroke, he invalidated two high denomination currency notes the nation had been using –  Indian National Rupee notes (INR) valued at INR 1,000 and INR 500. According to Modi and his supporters, the move was a… On August 29, 2018, almost ... Read More »

The Decade of a Rising China: 10 Years After the Financial Crisis

It is 10 years in September since Lehman Brothers went bankrupt bringing global capitalism to the point of collapse. Jenny Clegg CounterPunch Although the crash did not finally lead to a total meltdown, it triggered a slump of 1930s proportions and for most economies the last decade has been a lost decade of low growth, low investment, low productivity, marked by debt and deficit, with virtually no improvement in real incomes for the… The stand-out story of the period has ... Read More »

Turkey calls on country’s religious authority in struggle to keep prices down

As the Turkish lira continues to be hit by losses in value against foreign currencies, the government has been struggling to keep prices down, even going to the extent of using the… TM “[Islam] certainly forbids unlawful profits such as bribery, usury, speculation, black marketing and rigging prices, which challenge moral values and disrupt the peace in the society,” the weekly sermon said, according to the… Earlier this week one of Turkey’s biggest retailers, BİM, known for its cheap prices ... Read More »

Greece and the Balkans: opportunities across borders

Greece’s recent exit from its economic adjustment programme last week has generated some long overdue welcome headlines for the country. Peter Sanfey EBRD But how can the country generate sustainable growth in the coming years? And what would a lasting Greek recovery mean for its neighbours throughout the Balkan region? One way to promote growth in Greece is to foster trade and investment linkages and develop interconnections with neighbouring countries, a fact recognised by the Greek government in their recently ... Read More »

The longevity dividend: how ageing populations could boost economic productivity

People are generally living longer than previous generations across most parts of the world. Matt Flynn The Conversation Rising life expectancy is a result of advances in medicine as well as improving living standards and healthier lifestyles. But while this should be celebrated for social reasons, is it beneficial in economic terms? Does the increase in the older population create an economic burden on society or can older people be mobilised to enhance the productivity of communities in which they ... Read More »

Turkish currency isn’t the real problem for Erdoğan, it’s democracy

Turkish President Recep Tayyip Erdoğan is presiding over the damaging loss of value of the Turkish currency, the lira, against foreign currencies. Gary M. Grossman The Conversation It’s the most severe economic crisis the country has faced since he assumed power. Erdoğan has been the dominant figure in Turkish politics for almost two decades. Can he and his party maintain political control through this moment? As an American scholar, I began my engagement in Turkey in 1990, working with various ... Read More »

Greece was never bailed out – it remains locked in an EU debtor’s prison

Punitive conditions attached to the ‘rescue’ package mean the Greek financial tragedy may never end Yanis Varoufakis The Guardian Over the past week, the world’s media have been proclaiming the successful completion of the Greek financial rescue programme mounted in 2010 by the European Union and the International Monetary Fund. Headlines celebrated the end of Greece’s bailout, even the termination of austerity. Buoyant reports from ground zero of the eurozone crisis portrayed Europe’s eight-year long Greek intervention as a paradigm ... Read More »

‘Tokatu’ makes first visit

The country’s largest deepwater fishing vessel, Tokatu, made its maiden call to Dunedin yesterday, and will be a semi-regular visitor to the city’s upper harbour. Simon Hartley Otago Daily Times Sealord took possession of the $70 million, 81.7m-long Norwegian-built vessel in mid-June, after a six-week delivery via the Panama Canal to its home port, Nelson. Sealord fleet manager Bill Healey said the ship was still in its commissioning stages and working towards full capacity, which was to catch, process and ... Read More »

Greek Casino Project Considers Pitches From U.S. Companies

Greece is undergoing a potentially country-defining construction project. America’s largest gambling operators want to be a part of it. Ryan Batler gambling Four leading U.S. companies are among a group of five meeting with Greek officials in the coming weeks to discuss the lone license to open a mammoth new casino in the country, according to a report from Ekathimerini, an international edition of the… These companies will discuss investment terms and demands from the Hellenic Gaming Commission, which is ... Read More »

Greece’s “Bailout” Was a Disaster for Greece

Some bailout that turned out to be. The European Stability Mechanism disbursed its final tranche of loans to the Greek government on Aug. 6. On Aug. 20, the program officially ended, although the loans are not expected to be fully repaid for another half-century. Matthew C. Klein Barron’s If their purpose was to support the Greek economy, the emergency loans must be considered a failure. Since 2008, the economy has shrunk by a quarter, and more than 400,000 Greeks have ... Read More »

The Turkish Currency Crisis And What It Can Teach Us

Turkey’s currency turmoil follows a well-known scenario. It is one more case in the long series of financial crises that afflict the international monetary system. Antony Mueller Seeking Alpha Just over the past two-and-half-decades, international markets experienced the crisis of the British pound (1992), the Mexican and Argentinean currency crises (1994), the East Asia currency turmoil (1997), and the collapse of the… In 2007, the liquidity-driven housing boom in the United States began to falter and Lehman Brothers filed for ... Read More »