Finance

What Happened to America’s Wealth? The Rich Hid It

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If you find yourself traveling this summer, take a closer look at America’s deteriorating infrastructure — our crumbling roads, sidewalks, public parks, and train and… Chuck Collins CounterPunch Government officials will tell us “there’s no money” to repair or properly maintain our tired infrastructure. Nor do we want to raise taxes, they say. But what if billions of dollars in tax revenue have gone… What Happened to… Read More »

Puerto Rico following Greek footsteps to economic woe

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It is said that those who cannot learn from history are doomed to repeat it. Desmond Lachman, opinion contributor The Hill Sadly, this seems to be the case with respect to the Puerto Rican government and its Financial Oversight and Management Board in their handling of the Puerto Rican economic… By not drawing the right lessons from Greece’s recent failed attempt at fiscal austerity in a Euro straitjacket, the Puerto Rican government is all too likely to exacerbate rather than ... Read More »

Home ownership remains strong in Australia but it masks other problems: Census data

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The great Australia dream of owning your own home is still alive despite the various problems plaguing housing affordability, new Census data shows. Wendy Stone Kath Hulse Margaret Reynolds Terry Burke The Conversation Even though the overall home ownership trend remains strong, it’s masking other issues. The latest 2016 Census data assesses what the national home ownership and rental rates are and how these vary location. It also gives us a picture of mortgage and… Home ownership remains… Read More »

World food security risks growing, Chatham House says

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The world’s food security is increasingly reliant on 14 “chokepoints” for trade, a think-tank report has warned. BBC UK-based Chatham House says more needs to be done to protect key transport routes such as the Panama Canal, the Suez Canal and the Turkish… Almost 25% of the world’s food is traded on international markets. This, the report says, makes food supply and prices vulnerable to unforeseen crises or climate… World food security… Read More »

Ten years since the global financial crisis, world still suffers ‘debt overhang’

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It is almost exactly 10 years since the financial world began a wobble that would swing into what we now know as the global financial crisis. Nassim Khadem Brisbane Times On June 22, 2007, the public downfall of New York-based global investment bank Bear Stearns began in earnest. America’s then fifth-largest investment bank was among a number of Wall Street giants exposed to bad bets on the US subprime mortgage… Ten years since… Read More »

Meadows: Freedom Caucus eyeing $1.5 trillion debt ceiling increase

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Some House Freedom Caucus conservatives want to raise the debt ceiling by a smaller amount than the Trump administration would like — just long enough to clear the 2018 mid-term elections, the… Rachael Bade Politico The Freedom Caucus has not taken an official position on a specific… But Chairman Mark Meadows emerged from a group meeting Tuesday night saying some of his conservative colleagues are looking at a $1.5… Meadows: Freedom Caucus… Read More »

Ali Sherif al-Emadi: Sanctions will not harm economy

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Finance minister says Qatar can defend economy and currency against tough sanctions imposed by neighbouring GCC nations. Al Jazeera and news agencies Qatar can easily defend its economy and currency against sanctions by other Arab states, Qatari finance minister Ali Sherif al-Emadi told CNBC television in an interview broadcast on… He said that the countries that had imposed sanctions on Qatar would also lose money because of the damage to business in the… Ali Sherif al… Read More »

Govt working on legal framework for quick offshore auction

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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

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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

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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

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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%

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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

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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

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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’

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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

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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 »