Economy

Egypt says “NO” to East Med

An unequivocal “no” from Egypt received the East Med gas pipeline. Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, in an interview with the Cyprus News Agency, said he was opposed to the transportation of gas from East Mediterranean to Europe via the East Med pipeline. Nefeli Tzanetakou ibna He even justified his position by saying that the feasibility study for this project would last up to two years, which in itself is a luxury the region of ... Read More »

Flood-affected farmers witness entire cattle herds wiped out by catastrophic deluge

Warning: Graphic content When rain started falling in Queensland’s west, drought-stricken farmers cried happy tears — but that emotion quickly turned to heartbreak. News Pty Limited — With AAP Farmers who managed to keep their cattle alive for seven years, through one of Australia’s worst droughts in history, have watched their herds wiped out in a matter of days after unprecedented floods devastated much of Queensland. If the cattle have not drowned or frozen to death in the elements, devastated farmers ... Read More »

Yes, Sustainability Can Be a Strategy

In recent years, a growing number of companies around the world have voluntarily adopted and implemented a broad range of sustainability practices. Ioannis Ioannou and George Serafeim Harvard Business Review The accelerating rate of adoption of these practices has also provoked a debate about the nature of sustainability and its long-term implications for organizations. Is the adoption of sustainability practices a form of strategic differentiation that can lead to superior financial performance? Or, is it a strategic necessity that can ... Read More »

Austrian foreign minister: Hell is other people

Austrian Foreign Minister Karin Kneissl blamed Brexit frustration for Donald Tusk’s controversial remark about Brexiteers. Paul Dallison Politico Tusk said last week after a meeting with Irish Prime Minister Leo Varadkar: “I’ve been wondering what that special place in hell looks like, for those who promoted Brexit, without even a sketch of a plan how to carry it out safely.” On Sunday, the BBC’s Andrew Marr told Kneissl that the remarks were “very very unhelpful, perhaps, to the EU side.” “My personal reaction when I ... Read More »

Goldman Sachs’ role in the 1MDB scandal – in 300 words

The 1MDB corruption scandal has cast a shadow over Goldman Sachs, raising questions about how much the US investment bank knew about the misconduct. BBC What is Goldman accused of? The firm helped raise $6.5bn (£5bn) for the Malaysian development fund, advising on three bond offerings in 2012 and 2013. Prosecutors allege more than $2.7bn was later embezzled, used to bribe government officials and buy luxury items. In November, Goldman’s lead banker on the deals, Tim Leissner, pleaded guilty in US court ... Read More »

EU adopts French, German compromise on Nord Stream 2 pipeline to Russia

Overcoming differences between Paris and Berlin, EU diplomats reached a deal on the pipeline, placing stricter regulations on the project. France said it wanted to “ensure European control” of its own energy needs. DW France and Germany have reached a compromise that will allow Berlin to remain the lead negotiator with Russia on the Nord Stream 2 gas pipeline, European leaders confirmed on Friday. “Regarding the gas directive, we have reached an agreement and this was possible because Germany and France worked closely together,” ... Read More »

A Mixed Economic Bag in 2019

Since the global synchronized growth of 2017, economic conditions have been gradually weakening and will produce an across-the-board deceleration in the months ahead. Nouriel Roubini Project Syndicate Beyond that, the prospect for markets and national economies will depend on a broad range of factors, some of which do not bode well. NEW YORK – After the synchronized global economic expansion of 2017 came the asynchronous growth of 2018, when most countries other than the United States started to experience slowdowns. ... Read More »

Mysterious Turkish Firm Helped Maduro Move $900 Million in Gold

Two months after Venezuelan President Nicolas Maduro visited his counterpart Recep Tayyip Erdogan in Ankara, a mysterious company called Sardes sprang into existence. Bloomberg The firm started business with a bang in January of 2018, when it imported about $41 million worth of gold from Venezuela, the first such transaction between the two countries in records that go back 50 years. The next month its volume more than doubled, with Sardes transporting almost $100 million worth to Turkey. By November, ... Read More »

End the US Stranglehold on the World Bank

Since the World Bank was created after World War II, its president has always been selected by the United States and backed by European powers, which enjoy a similar monopoly over the directorship of the International Monetary Fund. Jesse Griffiths Project Syndicate But with US President Donald Trump having nominated an unsuitable candidate, that may be about to change. ONDON – Nominations opened this week for the World Bank presidency, one of the most powerful and important jobs in the ... Read More »

Trump envoy urges Europe to ‘link arms’ against China

But first Brussels must start correcting the ‘enormous’ trade imbalances that have stoked transatlantic tensions, says Gordon Sondland. By HANS VON DER BURCHARD Politico Donald Trump’s man in Brussels has a simple message for Europe: Let’s be friends — and fight China. Describing China’s influence as “malign,” Gordon Sondland, the U.S. ambassador to the European Union, told POLITICO that his country and the EU should overcome their current trade tensions and… “We should … combine our mutual energies — we ... Read More »

A draft plan from Puerto Rico’s utility reveals a huge shift towards solar power

The island’s future is slowly bending towards renewables, with ambitious plans for the future. Ε. Α. Crunden Think Progress A year and a half after Hurricane Maria, Puerto Rico is increasingly looking towards more resilient energy sources as the island works for long-term recovery. According to a draft version of the 2019 integrated resource plan (IRP) from the publicly-owned Puerto Rico Electric Power Authority (PREPA), renewable energy is increasingly appealing for the island. The IRP, shared with ThinkProgress, lays out ... Read More »

The Death of Clothing

The underlying problem of weak demand is expected to dog the apparel industry for years, meaning more store closures and more bankruptcies lie ahead — with or without Amazon. BoF By Bloomberg By: Lindsey Rupp, Chloe Whiteaker, Matt Townsend and Kim Bhasin NEW YORK, United States — The apparel industry has a big problem. At a time when the economy is growing, unemployment is low, wages are rebounding and consumers are eager to… The woes of retailers are often blamed ... Read More »

Crimes, radical changes to super, home lending from Hayne final report

Banks face the prospect of criminal charges while the superannuation and home loan sectors are likely to be radically overhauled, in the wake of sweeping recommendations for change from the… By Sarah Danckert, Clancy Yeates & Eryk Bagshaw The Sydney Morning Herald A slew of banks and insurance companies have also been referred to financial regulators overseeing the sector for civil and criminal breaches relating to their superannuation and… However, the report stopped short of making any radical changes to ... Read More »

Is authoritarianism bad for the economy? Ask Venezuela – or Hungary or Turkey

Democracy is at risk worldwide. And the economy may be, too. Seventy-one out of the world’s 195 countries saw their democratic institutions erode in recent years, according to the 2018 year-end report by democracy watchdog Freedom House, a phenomenon known as “democratic backsliding.” Authors: The Conversation Signs of backsliding include elected leaders who expand their executive powers while weakening the legislature and judiciary, elections that have become less competitive and shrinking press freedom. When government institutions erode like this, it ... Read More »

Hayne’s failure to tackle bank structure means that in a decade or so another treasurer will have to call another royal commission

Every 10 to 15 years it’s the same. Ever since financial deregulation in the 1980s we’ve had a finance industry scandal followed by an inquiry, a quick fix, and a declaration that it shouldn’t happen again. Authors: The Conversation In the early 1990s there were royal commissions into the A$1.7 billion Tri-continental/ State Bank Victoria collapse, the A$3.1 billion State Bank of South Australia collapse and the WA Inc collapse which explored the interrelated activities at Rothwells bank, the A$1.8 ... Read More »

Modi has ‘nothing to offer’ to Kashmiris: separatist leader

NEW DELHI: A separatist leader in Indian-controlled Kashmir accused New Delhi on Sunday of having “nothing to offer” to the disputed territory, dismissing Indian Prime Minister Narendra Modi’s visit as… Sanjay Kumar Arab News “If the Indian government is really keen to reach out to the people of Kashmir it should suspend all military operations and stop celebrating the killing of young innocent people. Development does not mean anything if there is no peace and dialogue,” Mirwaiz Umar Farooq, chief ... Read More »