Economy

Sisi aspires for greater African integration

The “Africa 2018” forum held in Sharm al-Sheikh comes amid aspirations to achieve greater regional integration and to facilitate intraregional trade as well as increase investments between African… Al-Masry Al- Youm Egypt Independent He explained that this would be achieved through the implementation of joint and cross-border projects, especially in infrastructure, energy and information technology in light of the launch of the… In his speech at the opening session of the forum, Sisi said that Egypt aspires to achieve these ... Read More »

Group led by Thomas Piketty presents plan for ‘a fairer Europe’

Manifesto by progressive Europeans calls for €800bn of levies to tackle inequality, disillusionment, climate change and migration. Jennifer Rankin The Guardian A group of progressive Europeans led by the economist and author Thomas Piketty has drawn up a bold new blueprint for a fairer Europe to address the division, disenchantment, inequality and rightwing populism sweeping the continent. The plan, crafted by more than 50 economists, historians and former politicians from half a dozen countries, includes huge levies on multinationals, millionaires and carbon ... Read More »

Huawei exec’s arrest opens a new front in the US-China trade war

Hong Kong (CNN Business) – The conflict between the United States and China over trade and technology is expanding. Analysis by Jethro Mullen, CNN Business The arrest of a top executive at Chinese tech giant Huawei at the request of the US government has angered Beijing, alarmed investors and raised new doubts about the fragile truce that the leaders of the world’s top two economies reached just days ago. “You have to see this as a significant escalation in the trade ... Read More »

What moves markets more, Twitter or traditional news?

Can a single tweet make a country’s currency depreciate by 16%? Apparently it did on August 10, when Donald Trump tweeted that US tariffs on Turkish steel and aluminium would rise sharply. Authors: The Conversation Amid 36,100 retweets, and calls by Turkish President Recep Tayyip Erdoğan for his people to dump foreign assets, the Turkish lira plunged. It’s not just the president of the United States that has such Twitter power. Around the same time, Elon Musk’s infamous tweet about ... Read More »

The Pentagon Doesn’t Know Where Its Money Goes

The military finally submits to an audit, and the results are poor. The Editorial Board The New York Times After decades of ducking the legal requirement that it undergo a thorough financial audit, the Pentagon finally opened up its books to 1,200 outside accountants and analysts. The report was recentlycompleted, and here’s the good news: The Army Corps of Engineers (most of it, anyway) and the Military Retirement Fund passed the audit. The bad news: The Army, Navy, Air Force and Marines and most other ... Read More »

‘Escalation’: Trump’s meeting with Xi likely to make trade war much worse, says Goldman Sachs

President Donald Trump and his Chinese counterpart Xi Jinping will meet on the sidelines of the G20 summit in Buenos Aires, Argentina this weekend, in what is among the most widely watched bilateral meetings of 2018. Will Martin Brisbane Times There have been tentative signs that a deal may be struck, but according to analysts at Goldman Sachs, the most likely outcome of the meeting is that the trade war actually escalates. “We currently see ‘escalation’ as the most likely ... Read More »

Chinese government orders fishing boats to behave during G-20 summit

Beijing has issued a notice to Chinese fishing boats operating overseas, warning them to avoid illegal activities during the G-20 summit in Argentina this weekend. Nyshka Chandran CNBC Asia-Pacific The country’s Agricultural Ministry released a statement this week asking Chinese offshore fishing enterprises to stay at least three nautical miles away from other countries’ marine exclusive economic zones. This distance will ensure that violations such as cross-border fishing don’t occur, it… These measures are designed to protect China’s image as ... Read More »

G20: What is it and how does it work?

This weekend in Buenos Aires, the so-called “Group of 20” meets for the 13th time. But what exactly is this group of global economic powers and how significant are their annual gatherings. Arthur Sullivan, Thomas Kohlmann DW What is the G20? The Group of 20, most commonly referred to as the G20, is an international association of 19 states and the supranational EU. The group’s main summit takes place annually, with government leaders and central bank governors from the respective countries coming together ostensibly to ... Read More »

Paris Gourtsoyannis: Not enough fish in the sea for Brexit

Fishermen were told Brexit would make them winners. That looks difficult to achieve, writes Paris Gourtsoyannis The Scotsman Until now, it’s been easy to dismiss the debate over fishing after Brexit as a parochial one. The industry makes up less than half a percent of UK GDP. Fishing interests are concentrated in a small number of communities, so the issue is wrapped up in retail politics. Because fishing disproportionately affects Scotland – six of the ten biggest ports for fish ... Read More »

Report of the Independent Commission for Sustainable Equality | 2019-2024

Report Join our visionary call to action for a radically different Europe, detailed across over 100 policy proposals to be pursued by progressive forces during the next term from 2019 to 2024, and embedded in a radically different approach to European governance built on a new Sustainable Development Pact! Annexes Topics Equitable society Ecological Transformation as a Social Lever Transforming Governance Sustainable Financing for Transformation ..Progressive Society… Read More »

Trump’s tariff tactics could make no-deal Brexit work for Ireland

Security exemption in WTO rules could enable tariff-free cross-Border trade David Singh Grewal, Richard Tuck The Irish Times It is widely agreed, on both sides of the Irish Sea, that a no-deal Brexit would be bad for Ireland. The UK’s Northern Ireland secretary, Karen Bradley, has even claimed that “no deal” would mean a hard border between the Republic and Northern Ireland, which in turn could end the Common Travel Area agreement between Ireland and… But, surprisingly, when World Trade Organisation (WTO) rules ... Read More »

Rio Tinto warns climate inaction poses ‘greatest long-term threat’

The new chairman of global mining giant Rio Tinto has described inaction on climate change as “perhaps the greatest long-term threat” facing the business and promised it would be part of the solution rather than the… Nick Toscano WAtoday Speaking at an investor meeting on Monday, Rio Tinto chairman Simon Thompson said society – particularly Millennials – were demanding higher standards from the companies they worked for and… He signalled a renewed emphasis from Rio Tinto’s board on environmental, social ... Read More »

Brexit: Emmanuel Macron in EU customs union threat to Scottish fishing

Emmanuel Macron has put fishing at the heart of a fresh row over the future trade with the EU by threatening to keep the UK inside the customs union unless European fishermen keep the same rights in British waters after Brexit. Paris Gourtsoyiannis The Scotsman The French President said that unless a new fishing agreement is agreed by the end of 2020, maintaining reciprocal access to waters and imposing the same quotas as today, he would seek to trigger the ... Read More »

Breaking Algeria’s Economic Paralysis

Political paralysis in oil-dependent Algeria has blocked much-needed economic reform. ICG To avoid a new era of instability, the government should increase transparency and accountability within state institutions and the private sector, as well as improve opportunities for the country’s burgeoning youth. What’s new?  Since the 2014 oil price drop, Algeria’s economic model, which emerged from the civil war in the 1990s, appears increasingly unsustainable. Despite repeated reform promises, the political system remains paralysed, led by an… Why does it ... Read More »

APEC 2018: US-China clash at regional meeting leads to historic summit failure

Deep divisions between the United States and China have derailed the APEC meeting in Port Moresby, with regional leaders failing to agree on a final communique for the first time in the summit’s history. By Pacific affairs reporter Stephen Dziedzic ABC The two regional powers clashed repeatedly over the language on trade in the final document, with Beijing angrily rejecting paragraphs that called for an overhaul of the World Trade Organisation (WTO) and… The Trump administration has repeatedly accused China ... Read More »

Irish bruiser, on the ropes at home, comes out swinging in Brussels

Agriculture commissioner has eyes on a bigger prize, but it’s unclear how far Dublin will back him. By SIMON MARKS AND EMMET LIVINGSTONE Politico There’s no going back for Phil Hogan. With his reputation at home still in tatters for introducing an unpopular water charge at the height of the financial crisis, the Irishman has launched a stealth campaign to stay in Brussels after next year’s European election. The giant from County Kilkenny, who stands 1.95 meters tall, has set his eyes ... Read More »