Economy

Frydenberg rejects foreign bid for ‘critical’ pipeline network

The Morrison government risks another feud with China over foreign investment after rejecting a $13 billion bid for Australia’s dominant gas pipeline network ahead of a crucial meeting in Beijing that… David Crowe & Cole Latimer, with Kylar Loussikian The Sydney Morning Herald The decision halts a divisive plan from Hong Kong company CK Group to buy APA Group and its massive energy network, giving the overseas bidder two weeks to appeal the ruling amid warnings of… Treasurer Josh Frydenberg issued ... Read More »

Funds have been peddling the Great Super Lie

Some years ago I went to an investment adviser, gave him my financial details and asked if I had enough super to do me in retirement. He didn’t answer, just laughed. Ross Gittins The Canberra Times I think he thought that someone with my amount of savings shouldn’t have needed to ask. Truth is, no matter how high or low the standard of living we’re used to, just about all of us worry that we haven’t saved enough to keep ... Read More »

Macron criticizes ‘ultra-liberal’ Europe

French president points the finger at all those who have resisted his plans. By ZACHARY YOUNG AND NICHOLAS VINOCUR Politico PARIS — Emmanuel Macron is gearing up to win back his popularity and influence in the European Union — by railing against “ultra-liberals” who he says have failed the bloc’s working people. In his first appearance on a radio talk show since he was sworn in, the increasingly unpopular French president came out swinging against an EU he is better known for defending against ... Read More »

US charges widen the net, deepen the intrigue on 1MDB scam

US DoJ indictments implicate fugitive financier Low Taek Jho and Goldman Sachs bankers but are likely only the first of many to be exposed in court in the multi-billion dollar heist. Matt Mulberry Asia Times On November 1, the United States Department of Justice (DoJ) announced it had lodged criminal charges against three suspects in the 1Malaysia Development Berhad (1MDB) fraud case, considered by observers among the… The three accused include fugitive Malaysian financier Low Taek Jho, former Goldman Sachs ... Read More »

‘May will have FIGHT on her hands!’ Fishing campaigner warns against Brexit backtracking

A BREXIT campaigner has warned that any extensions to the two year transition period will be met with fury among fishing communities. Freddie Jordan Express June Mummery, vice chairman of Lowestoft Fish Market Alliance (LFMA), told a BBC spokesperson: “We’ve had the Fisheries Bill, which is looking good. “But I just hope that it is the truth. “I hope we’re not going to get any of this backtracking again. That’s what worries me with my Prime Minister. BBC correspondent Andrew ... Read More »

Iranians feel the pressure of new US sanctions

After the latest round of US sanctions, ordinary Iranians are likely to suffer the most. Wesley Rahn, Mitra Shodjaie DW While some optimism remains about back door support through oil exports, the long-term outlook for Iran’s economy remains dire. The full force of US sanctions on Iran was re-imposed Monday in an attempt to isolate the country’s leadership and force a change in its behavior by crippling the Iranian economy. Iran has been absorbing a series of domestic crises even before the ... Read More »

Turkey warns oil companies against drilling near Cyprus

President Erdoğan calls foreign energy firms ‘bandits of the sea’ for defying Ankara over hydrocarbon resources Agence France-Presse in Istanbul The Guardian The Turkish president, Recep Tayyip Erdoğan, has warned foreign oil companies against energy exploration near Cyprus, describing those defying Ankara as “bandits of the sea” who would face a similar response as its foes in Syria. Drilling for hydrocarbon resources off the coast of Cyprus, an EU member, is hugely sensitive. The northern third of the island is occupied ... Read More »

George Soros on the new world disorder

His enemies paint him as all-powerful, but the billionaire philanthropist believes his political legacy has never been in greater jeopardy. Michael Steinberger Brisbane Times * On a clammy Tuesday morning in Paris at the end of May, George Soros, the world’s second-most-vilified New York billionaire (but worth many billions more than the other one), is addressing the European Council on Foreign Relations, an organisation he helped found a… Described by the woman who introduces him as a “European at heart”, ... Read More »

Pressure mounts on Ireland to accept EU digital tax

The Republic continues to resist proposal as European opposition to the levy slips away Pat Leahy, Cliff Taylor The Irish Times The Government is under increasing pressure to agree to European Commission proposals for an EU-wide 3 per cent digital sales tax ahead of a meeting of European finance ministers in Brussels next week. Government sources says it will resist the proposal in its current form, but there has been heavy lobbying from the commission, the French government and the ... Read More »

Brian Wilson: Leipzig shows how history’s giants bring people together

In Leipzig, Brian Wilson finds evidence of the greatness of German Chancellor Helmut Kohl, who took an extraordinary decision that helped make the reunification of Germany a success. Brian Wilson The Scotsman It is surely a paradox of history that so much time now has to be spent resisting efforts to create new borders when most of the past couple of centuries’ heroes are those who brought people together. This week, I was in two German cities – Berlin for ... Read More »

Millions of women to share pensions windfall

MILLIONS of women are in line for a pension boost following a landmark multi-billion pound High Court ruling. Lloyds Bank was told yesterday it had to equalise pensions benefits for men and women, in… By SARAH O’GRADY Express The ruling by Mr Justice Morgan could cost Lloyds £150million and the pension industry collectively around £20billion. Employees Angela Sharp, Judith Cain and Susan Dixon by their trade union BTU, claimed they faced sex discrimination because their guaranteed minimum pension increased at a ... Read More »

Lack of trust between EU and Britain emerging as issue in backstop talks

London Letter: Fears Britain could seek to use Border issue for trade deal leverage Denis Staunton The Irish Times This was supposed to be “hell week” for Theresa May after mutinous Brexiteers foretold her political assassination in grisly metaphors in last Sunday’s papers. But after surviving a Brexit statement in the House of Commons on Monday, a fiery cabinet meeting on Tuesday and an appearance before the 1922 Committee on Wednesday, the prime minister ends the week in a… But May still ... Read More »

We don’t want billionaires’ charity. We want them to pay their taxes

Rather than philanthropy, the super-wealthy should give their money to governments that know better how to spend it Owen Jones The Guardian ”Charity is a cold, grey loveless thing. If a rich man wants to help the poor, he should pay his taxes gladly, not dole out money at a whim.” It is a phrase commonly ascribed to Clement Attlee – the credit actually belongs to his biographer, Francis Beckett – but it elegantly sums up the case for progressive ... Read More »

Italy’s Budget Isn’t as Crazy as It Seems

EU officials must recognize that the country needs stimulus. Ashoka Mody Bloomberg Europe’s leaders have come down hard on Italy for its plans to increase spending with the aim of boosting growth and helping the poor. What they fail to recognize is that a little stimulus might be just what the… The outlook for the global economy is deteriorating more rapidly than forecasters realize. A slowdown in China has hit global trade, European exports are decelerating, and euro-area business sentiment is sharply down. All ... Read More »

Economic realpolitik brings Asia’s big guns together

There were deals a-plenty between China and Japan in Beijing on Friday, as Asia’s top economies hedge against global financial risk William Pesek Asia Times Nothing beats a potential financial crisis to bring geopolitical rivals together. This dynamic was on full display in Beijing Friday when the premiers of China and Japan joined hands on a US$30 billion currency swap, a yuan clearing bank and business deals worth billions. The steps agreed upon by Chinese Prime Minister Li Keqiang and ... Read More »

NDIS funds to be ‘repurposed’ for drought relief under Morrison plan

Disability advocates have slammed Prime Minister Scott Morrison’s decision to “repurpose” $3.9 billion originally set aside for the NDIS to pay for drought relief, but the plan has been cautiously welcomed by… Dana McCauley The Sydney Morning Herald Mr Morrison unveiled his $5 billion Drought Future Fund at a summit attended by farmers, economists, industry bodies and state and federal ministers in Canberra on Friday, promising measures to drought-proof the… The first $3.9 billion of the scheme, which would operate ... Read More »