Economy

Illusion’s End: Erdoğan and Turkey’s Coming Economic Chil

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The rapid depreciation in the value of the Turkish Lira since the beginning of 2018 is the product not only of the collapse of any remaining vestiges of investor confidence in the regime of President Recep Tayyip Erdoğan but a… Gareth H. Jenkins Turkey Analyst BACKGROUND: When the AKP first took office in November 2002, the Turkish economy was already rebounding from the currency collapse of February 2001 and subsequent sharp recession. The Economic Stabilization Program that the outgoing administration ... Read More »

British Court Freezes Gazprom Assets For Payment To Ukraine

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The Commercial court in London today gave long-awaited orders to freeze assets of Gazprom in the UK for payment to Ukrainian gas company Naftogaz to settle a recent Stockholm Arbitration award. Tsarizm “Naftogaz today served Gazprom with an order to freeze assets in England and Wales. The order was issued by the Commercial Court in London on June 18, 2018 to enforce the Stockholm arbitration award, whereby Gazprom owes Naftogaz $2.6 bln. In addition to freezing assets, it requires Gazprom ... Read More »

United Arab Emirates gives Ethiopia $1 billion lifeline to ease foreign exchange crisis

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The United Arab Emirates (UAE) is to deposit $1 billion in Ethiopia’s central bank to ease the latter’s foreign exchange shortage. Justina Crabtree CNBC The sum is part of a total of a $3 billion aid and investment pledge from the UAE to Ethiopia announced Friday. The news came as Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan visited Ethiopian Prime Minister Abiy Ahmed in Addis Ababa. Ethiopia’s foreign exchange shortage is due in part to its spending ... Read More »

Anger grows in Philippines over China’s control of shoal

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Public backlash as documentary shows Filipino fishermen accusing Chinese para-military forces of forcibly taking the best of their catch Richard Javad Heydarian Asia Times Once again, the Scarborough Shoal dispute is threatening to torpedo Philippine-China relations. Two years into office, Philippine President Rodrigo Duterte is facing a widespread public backlash over reports that the Chinese coast guard is controlling the contested shoal and surrounding areas and routinely harasses Filipino fishermen. In a widely-watched documentary broadcast on the GMA Network, a… ... Read More »

Jordan walks a tightrope between rival powers

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The country is currently under an intense IMF programme, which has cut public expenditures and raised tax revenue. Jonathan Gorvett Asia Times After days of peaceful street protests and the resignation of the former government, Jordan’s King Abdullah swore in a new administration, Friday morning. The first act of the new prime minister, Omar Munif Al-Razzaz, was to withdraw the unpopular tax bill that had triggered the recent demonstrations, while commiting himself to ensuring “taxpayers’ money goes to serve… Yet, ... Read More »

Europe jumps off easy money train

The President of the European Central Bank (ECB) Mario Draghi gives a press conference following the meeting of the Governing Council of the European Central Bank in Riga, Latvia, June 14, 2018. - The euro fell against the dollar after the European Central Bank said it expected interest rates to remain at their current record lows until well into 2019. (Photo by Ilmars ZNOTINS / AFP)        (Photo credit should read ILMARS ZNOTINS/AFP/Getty Images)

Mario Draghi puts pressure on Berlin and Paris to shore up eurozone. By PIERRE BRIANÇON Politico An era has ended at the European Central Bank. On Thursday, European Central Bank President Mario Draghi announced that the bank would stop its massive bond-buying program at the end of December. The policy, known as quantitative easing or QE, has seen the ECB buy €2.4 trillion worth of government debt in the last three years to help pull the eurozone out of recession. Draghi is ... Read More »

It’s time to stop giving more rights to global corporations

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The UN Conference on Trade and Development (UNCTAD) has published new research that shows that increased market power of global corporations is driving global income inequality. Dr Patricia Ranald Brisbane Times It notes that “in 2009–2015, the surplus profits of the top 1 per cent of publicly listed firms in a new UNCTAD firm-level database represented 55 per cent of recorded operating profits,” and recommends a… This research supports the case against giving corporations greater legal powers to sue governments over changes to domestic ... Read More »

What’s next for the West?

Members of Oxfam dressed as the G7 leaders protest in Quebec City on June 9, 2018, during the G7 Summit. (Photo by Alice Chiche / AFP)        (Photo credit should read ALICE CHICHE/AFP/Getty Images)

Double, double toil and trouble. Politico Wrecking ball or master negotiator? Either way, Donald Trump is rewriting the rules of international diplomacy. In the span of just a few days, the U.S. president blew up the G7 summit and signed a nuclear deal with North Korea. Europe was left reeling. POLITICO asked experts what’s next for the West. The West is finished Ulrike Guérot is founder and director of the think tank European Democracy Lab and professor for European policy and the study of democracy ... Read More »

US sees TANAP ‘universally’ good for Turkey, Europe

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The United States has expressed very strong support for the trans-Anatolian Natural Gas Pipeline Project (TANAP) that will carry natural gas from Azerbaijan to the European continent via Turkey, describing the $8.5 billion-worth project as a… Serkan Demirtaş – ANKARA Hurriyet “TANAP is pretty much universally good. It’s good for Azerbaijan, good for Turkey. Once the TAP [Trans Adriatic Pipeline Project] is built, it will also be good for Europe,” Sandra Oudkirk, the deputy assistant secretary of the… She came ... Read More »

How Asian crypto traders leverage the ‘Kimchi Premium’

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The price of Bitcoin is often substantially higher in South Korea than elsewhere, which is leading many investors to turn to arbitrage trading Luke Thompson Asia Times Aside from the futures markets, it is difficult to go short on crypto-currencies. Big gains are made in bull markets and panic selling occurs when the bears have control, such as at the moment. There is, however, another way of leveraging a profit out of crypto markets and Asian traders have found this ... Read More »

How Democratic Is the Euro?

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If the European Union is to remain viable and democratic at the same time, policymakers will have to pay closer attention to the demanding requirements of delegating decisions to unelected bodies. Dani Rodrik Project Syndicate They should promote such a delegation of sovereignty only when it truly enhances the long-term performance of their democracies. SAN SERVOLO, ITALY – When Italy’s president recently vetoed the appointment of the Euroskeptic Paolo Savona as finance minister in the government proposed by the Five ... Read More »

New Strategic Dimensions of the Eastern Mediterranean

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For the first time since the collapse of the Byzantine Empire, the Eastern Mediterranean is in the midst of a tectonic shift. Dr. Spyridon N. Litsas BESA The region presents all the required attributes to function as a distinct sub-regional system in the 21st century’s international environment. The Eastern Mediterranean holds the interest of the great powers (the US, Russia, and China); it contains resolute regional actors that influence the sociopolitical orbit of the region (Israel, Egypt, and Turkey); and ... Read More »

Bosses deserve to be happy at work too – here’s how

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We intuitively know that a “happy worker is a good worker.” But what about their bosses? Authors: The Conversation In the modern workplace, managers are accountable to several groups of people, from rank-and-file employees on one side, to chief executives and shareholders on the other. How well they juggle these conflicting pressures can determine not only their performance at work, but also how happy they are while doing it. Our research project, funded by the Bankwest Curtin Economics Centre and ... Read More »

Vietnam protesters clash with police over new economic zones

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Protests have broken out in Vietnam against plans for new economic zones, amid fears that Chinese investors will dominate the areas. BBC Police reportedly detained more than a dozen people in the capital Hanoi and halted demonstrations in other cities. Some carried anti-China banners, including one reading “No leasing land to China even for one day”. The government proposed a law last year that would give foreign investors a 99-year lease on Vietnamese land. The bill offers… Vietnam protesters clash… Read More »

Typhoon Trump blows G7 off course

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Other leaders thought they’d kept the club together — until the US president tweeted his fury. David M. Hersenhorn Politico LA MALBAIE, Canada — As host of this year’s G7 summit, Canadian Prime Minister Justin Trudeau seemed to have just one over-arching goal: to get through the gathering without U.S. President Donald Trump blasting it to pieces. Trudeau succeeded — for all of about 90 minutes. Just an hour and a half after Trudeau finished his concluding news conference, an ... Read More »

Is the global economy just a giant debt scam? What the financial elite doesn’t want you to know

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Yanis Varoufakis saw power up close. He says capitalism is dead, democracy is crumbling and we’re ruled by debt Andrew O’Hehir Salon Why is the world the way it is, and how did it get that way? One book I read in the past year explained more about that question than any other, and it wasn’t about Donald Trump or the rise of the far right or the endangered state of democracy — or at least not directly. Beneath the ... Read More »