Economy

Austerity benefit freezes and Brexit inflation to cost lower-income households £300 next year

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The benefit freeze ‘risks ushering in a period of rising inequality on a scale not seen since Margaret Thatcher’s final term,’ says think tank The Independent  Charlotte Beale  Poorer households could be £300 worse off next year, due to benefit freezes and a predicted rise in inflation. Half of all families with children will be affected, warns think tank the Resolution Foundation, meaning seven million children in total. 800,000 people looking for work and 2.4 million disabled people will also be hit. ... Read More »

How the oligarchy wins: lessons from ancient Greece

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Ganesh Sitaraman looks at what two recent books – Classical Greek Oligarchy by Matthew Simonton and Oligarchy by Jeffrey Winters – can teach us about defending democracy from oligarchs Ganesh Sitaraman The Guardian A few years ago, as I was doing research for a book on how economic inequality threatens democracy, a colleague of mine asked if America was really at risk of becoming an oligarchy. Our political system, he said, is a democracy. If the people don’t want to ... Read More »

Costello wants govt to run workers’ super

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The Turnbull government won’t say if it backs a call for it to assume control of billions of dollars in workers’ compulsory superannuation contributions now being managed by banks and industry funds Australian Associated Press Herald Sun Former treasurer Peter Costello is critical of the way default funds are being run and wants a new government agency to instead invest the money About $2.3 trillion in workers’ super is sitting in private accounts as part of the former Keating government’s ... Read More »

Energy independence: is Lithuania getting away with state aid?

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The EU says Lithuania can levy funds from gas consumers to finance its own energy companies. Achema, Lithuania’s largest consumer, disagrees. Ramunas Miliauskas, chief executive officer, Achema Politico The European Commission and the European Court of Justice are currently considering state aid complaints against Lithuania. The outcome could have repercussions for every gas consumer in the country and massive ramifications for one company in particular. Achema is the largest fertilizer producer in the Baltic states, and part of a group ... Read More »

Mexico warns that abandoning Nafta could end broader cooperation with US

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Mexico’s foreign minister has warned that terminating Nafta could bring relations with the US to a breaking point, raising the prospect that bilateral cooperation against drug trafficking and illegal migration could be adversely affected by Donald Trump’s bellicose trade rhetoric. David Agren in Mexico City The Guardian The threat from the foreign minister, Luis Videgaray, came as Donald Trump once again threatened to tear up the three-country trade treaty between the US, Canada and Mexico ahead of a fourth round ... Read More »

IMF raises growth forecast for all advanced economies except UK

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The pound has made gains despite a flurry of gloomy economic reports, while advances among bank stocks helped the wider market push higher Holly Williams The Scotsman Official figures showing disappointing trade data, but a stronger-than-expected performance from the manufacturing sector, saw the pound make strong gains against the US dollar and hold firm against the euro. Sterling lifted 0.6% to 1.32 US dollars and was flat at 1.12 euros. The FTSE 100 Index closed the session 30.4 points higher ... Read More »

Explainer: how our understanding of risk is changing

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Under the traditional notion of risk, people react predictably based on how risk-tolerant they are. Here, risk is calculated by combining the probability of something occurring (such as rolling a six with a pair of dice) with the value of the outcome (how much you have wagered). Robert Hoffmann  Adrian R. Camilleri  But our understanding of risk is changing. The Conversation We now know that a whole host of factors, from your personal history to your mood and age, all ... Read More »

Chiefs To Offer Sacrifices To Thank The gods For ITLOS Victory

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Chiefs in the Western region have hailed the aftermath of the International Tribunal of the Law of the Sea (I TLOS) ruling which gives Tullow Ghana Limited the go-ahead to activate its plans to drill more wells to improve production in the TEN fields. Modern Ghana Paramount Chief of Nsein Traditional Area, Awulae Agyevi Kwame II, informed a meeting with the Paramount Chiefs in the Region that a day will be set aside to commemorate the victory. He said they ... Read More »

GNPC spent $9.7 million on ITLOS maritime boundary dispute

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23rd September, 2017 will forever be one of the memorable days in the history of Ghana. The flag of the Nation soared high. GhanaWeb Ghana was victorious in the landmark Maritime Boundary dispute case involving its Western neighbor La Cote d’Ivoire at the International Tribunal for the Law of the Sea, ITLOS in Germany. It was a “sweet victory” for Ghana. The triumph came at a price. The Ghana National Petroleum Corporation, GNPC financed Ghana’s defense team and other activities ... Read More »

Why Europe Needs a New Deal, Not Breakup

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The EU is facing a crisis of legitimacy—but retreating to the nation-state will only benefit the far right By Yanis Varoufakis and James K. Galbraith * The Nation The American New Deal of Franklin Roosevelt’s first two terms combined the goals of financial stabilization, reconstruction, conservation, and employment—jobs for the jobless; public works; power systems and new industries, especially in the South; soil conservation and reforestation to battle the Dust Bowl; and a potent mix of regulations and insurance to assert ... Read More »

The Oceans – a Challenged Resource

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The world’s oceans facilitate global transportation. They also offer a unique source of food: one that continues to give. Provided we manage this source responsibly, of course. Sustainable harvest must be combined with prudent Kåre R. Aas * HuffPost Based on an American initiative, the world’s maritime nations came together yesterday and today (Oct 5 and 6) for the 4th annual Our Oceans conference to discuss how to achieve this balance. The United States has hosted twice. This year, the chair ... Read More »

What Will Replace Outdated Left and Right Economic Thinking? The Commons Paradigm.

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The commons is about self-organized social systems for managing shared wealth The rise of so many right-wing nationalist movements around the world—Brexit, Donald Trump, the neo-Nazis in Charlottesville, Virginia, anti-immigrant protests throughout Europe—have their own distinctive origins and contexts, to… <style type=”text/css”> .wpb_animate_when_almost_visible { opacity: 1; }</style> David Bollier  Evonomics  But in the aggregate, they are evidence of the dwindling options for credible change that capitalist political cultures are willing to consider. This naturally provokes the question: Why are the ... Read More »

Here’s why you may not be able to bypass paywalls through web search anymore

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The era of using a Google search to bypass a news website’s paywall may be coming to an end Google has announced that subscription news websites will no longer have to provide users three free articles per day under its ‘Google first click free… ABC The move has been welcomed by media giants such as News Corp, which have paywalls in place and have long complained that the policy essentially forced them to give their content away for free if ... Read More »

Europe still hopeful to get Turkmen gas

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Turkmenistan, a hydrocarbon-rich Central Asian, is still hopeful to see its gas reach the European markets, while Brussels counties talks in this regard. Gulgiz Muradova AzerNews The EU is negotiating with Azerbaijan and Turkmenistan over a Trans Caspian Pipeline System, said Anca Paduraru, EU Spokesperson for Energy Union projects. “Negotiations are on-going,” Paduraru said, when answering on progress of the talks. “The EU’s objective has not changed. To diversify the EU’s supplies, the Southern Gas Corridor aims to expand infrastructure ... Read More »

The Twists and Turns along China’s Belt and Road

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China’s trillion-dollar Belt and Road Initiative could potentially transform relations with over 60 countries across Eurasia, Africa and beyond But to bring the concept to fruition, Beijing must overcome mammoth logistical obstacles, navigate fragile political situations and placate growing regional apprehension surrounding its ambitions. Michael Kovrig  ICG “The project of the century” is how Chinese Foreign Minister Wang Yi touted the Belt and Road Initiative to the world when addressing the UN General Assembly on 21 September. It was only ... Read More »

Brexit: Boris Johnson urges two-year transition time limit

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Theresa May is coming under fresh pressure over Brexit on the eve of the Conservative party conference Foreign Secretary Boris Johnson has again intervened on Brexit, setting out four conditions he says are necessary. BBC Speaking to the Sun, Mr Johnson insisted any transition period after Britain leaves the EU should not last “a second more” than two years. Jeremy Corbyn said Mr Johnson’s position threatened a trade war with the EU, which could impact on jobs. The prime minister ... Read More »