Economy

Merkel eyes overhaul of EU finances for post-Brexit bloc

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BERLIN: Brexit offers the EU an opportunity for a broad rethink of its financial set-up, German Chancellor Angela Merkel said on Thursday before an EU summit that will tackle the bloc’s future budget. Reuters Arab News Addressing the Bundestag (lower house of parliament), Merkel made clear that the future of the EU would be a priority in her fourth term, provided a coalition deal between her conservatives and the pro-EU Social Democrats is approved by SPD members. “We need a ... Read More »

Ukraine’s National Bank to prolong sanctions against banks with Russian capital

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Earlier Ukraine’s President enforced the decision of Security and Defense Council to impose sanctions against five banks with Russian capital 112.International The National Bank of Ukraine believes that the sanctions against banks with Russian state capital, expiring on March 16, should be prolonged. Vitaliy Vavryshchuk, the Head of the National Bank Financial Stability Department said this, as Interfax-Ukraine reports. “Yes, there is a need to prolong them,” he responded. He also mentioned that the presence of banks with Russian capital within the… Ukraine’s National ... Read More »

Delek, Noble sign accords for $15b in sales of Israeli natural gas to Egypt

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Partners in the offshore Tamar and Leviathan fields ink deals with Egypt’s Dolphinus Holdings Ltd. for the sale of some 64 billion cubic meters over coming decade By Shoshanna Solomon The Times of Israel The partners in Israel’s Tamar and Leviathan natural gas fields, including a unit of US Noble Energy Inc and Delek Drilling LP, have signed $15 billion in deals to export natural gas to Egypt over 10 years. In a filing to the Tel Aviv Stock Exchange ... Read More »

PH giving China ‘too much, too early, too soon’, says UP prof

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The Philippines has given “too much, too early and too soon” in seeking rapprochement with China and may end up with the short end of the stick, a maritime law expert warned on Saturday. By: Jhesset O. Enano – Reporter INQUIRER “We are trading away too much, too early and too soon in dealing with China,” said Jay Batongbacal, director of the University of the Philippines Institute for Maritime Affairs and Law of the Sea. “Even though we have had ... Read More »

UK Government-backed investment bank needed for small business lending, think tank urges

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A new report says a new national investment bank could address the lack of long-term investment in SMEs Ravender Sembhy The Independent Britain should set up a state-backed investment bank to focus on small business lending as part of efforts to tackle poor productivity, a think tank has urged. A new report by Civitas argues that the creation of a new “national investment bank” will address the “market failure” that has led to a lack of long-term investment in SMEs. The new lender ... Read More »

Japan thinks Brexit is an ‘act of self harm’, says former ambassador

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Sir David Warren says Britain’s withdrawal from EU could have ‘grave’ consequences for bilateral relations Chris Baynes The Independent Japan sees Brexit as an act of economic and political “self-harm” that will weaken the UK as a world power, according to the former British ambassador to Tokyo. Sir David Warren, who served in the post between 2008 and 2012, said Britain’s withdrawal from the EU could have “grave” consequences for relations with Japan. His comments came after the Japanese ambassador to London warned Prime Minister Theresa ... Read More »

Capitalism isn’t an ideology — it’s an operating system

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Bhu Srinivasan researches the intersection of capitalism and technological progress. Today’s TED Talk Instead of thinking about capitalism as a firm, unchanging ideology, he suggests that we should think of it as an operating system — one that needs upgrades to keep up with innovation, like the impending take-off of drone delivery services. Learn more about the past and future of the free market (and a potential coming identity crisis for the United States’ version of capitalism) with this quick, ... Read More »

Why our obsession with GDP ignores harm done to welfare and the world

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One of the first things economics students learn about is Gross Domestic Product (GDP) GDP is also a central concept in many political debates, including Brexit. The Converstion Will it rise? Will it fall? What effect will this have on our lives? Gross Domestic Product measures the total value of goods produced and services provided in a country, calculating the net value added by each economic “actor”. So if you produce a car sold for £10,000 but you bought parts ... Read More »

US leads globally with most planned and announced pipeline length additions

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GlobalData’s latest analysis of the global planned and announced trunk/transmission oil and gas pipelines for the period 2018 to 2022 shows that the US has the longest planned pipelines length globally with 35,065km. By GlobalData Energy India and Russia follow with 29,142 km and 26,566 km respectively Presently, the US accounts for 14.3% of the total planned and announced trunk/transmission oil and gas pipelines length globally. The country has the highest number of planned and announced pipeline additions with 184. ... Read More »

Pentagon seeks to invest $550 million for SDF

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The Pentagon on Feb. 12 requested $300 million to train and equip the Syrian Democratic Forces (SDF) and wants nearly as much to build a “border security force” with them in Syria WASHINGTON – Anadolu Agency Hurriyet The military’s budget proposal for 2019 also contains $850 million for train-and-equip activities in Iraq to counter the Islamic State of Iraq and the Levant (ISIL). “The training, equipment and operations support in this request will consolidate the gains achieved against [ISIL] and ... Read More »

The U.K. Is Down Since Brexit. Guess Who’s Up.

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Greece is growing faster than the U.K. and is outperforming it in financial markets Matthew A. Winkler Bloomberg When British voters decided in June 2016 to exit the European Union, investors who had anticipated the opposite result stampeded out of sterling and the currency plummeted a record 8.05 percent to a 31-year low. Almost 20 months later, the pound has mostly recovered, providing some satisfaction to commentators who’d predicted that Brexit would prove more distressing to the… So much for wishful thinking. ... Read More »

Worried About the Stock Market? This Is Just the Beginning.

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The U.S. financial markets will become increasingly volatile as interest rates rise and credit spreads return to something approximating normal Christopher Whalen The National Interest Watching the financial markets gyrate over the past week, it is tempting to wonder if the global economy will ever return to an era when the decisions of private investors are more important than the policies of governments. Since 2008 and even before, central banks have been buying public and private debt and even private ... Read More »

New Eni Discovery ‘Confirms’ Extension of Zohr Like Play in Cyprus EEZ

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Eni has made a ‘promising’ gas discovery offshore Cyprus, which it says confirms the extension of a ‘Zohr like’ play in the country’s exclusive economic zone. RigΖone The Calypso 1 well, located in block 6, was drilled in 6,800 feet of water depth and reached a final total depth of 12,555 feet. Calypso 1 encountered an ‘extended’ gas column in rocks of Miocene and Cretaceous age, with the Cretaceous sequence showing ‘excellent reservoir characteristics’, Eni said in a company statement. Detailed ... Read More »

Reserve Bank governor rules out interest rate hikes until wages rise

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The Reserve Bank governor has dismissed any chance of a rate hike any time soon, after a week of financial turmoil sparked by fears of rapidly rising inflation and interest rates in the United States. By business reporter Carrington Clarke ABC Philip Lowe said the recent market volatility would not have any impact on the growth outlook for Australia, which remains at “a bit above 3 per cent over the next couple of years”. But he also intensified his calls for higher ... Read More »

Brexit: ‘no deal would cut Scottish GDP by 9%’

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A ‘no deal’ Brexit would cut Scottish economic output by 9%, according to leaked UK Government analysis. Russell Jackson  The Scotsman The predicted hit to Scotland if the UK leaves the EU without a deal has been detailed in regional breakdowns that emerged on Wednesday. The figure is worse than the 8.5 per cent cut to GDP predicted by a Scottish Government study last month. At the time, the Scottish Government figure was described as “completely over-the-top scaremongering” by the ... Read More »

Justice Without Borders for Venezuela

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With Venezuela’s humanitarian catastrophe worsening by the day, governments in the region and beyond are pondering how to respond. But it may be civil society that needs to invent new ways of taking action. Ricardo Hausmann Project Syndicate TIRANA – As Venezuela’s humanitarian catastrophe worsens by the day, governments in the region and beyond ponder how to respond. It may be time for civil society to invent new ways of taking… According to estimates from MIT’s Billion Prices Project, month-on-month food ... Read More »