Economy

Turkey’s currency turmoil and upcoming election – what you need to know

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The Turkish lira has dropped more than 15% this year against the US dollar and the government is doing all it can to stem the flow. Gulcin Ozkan The Conversation Turkey’s central bank just raised the country’s main interest rate by 1.25 percentage points (to 17.75%) in a bid to stabilise the lira and halt surging inflation. This follows an emergency rate rise on May 23 of three percentage points. With elections on the horizon, this is a trying time ... Read More »

Block 9: Flashpoint for the Next Lebanon War?

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Israel and its neighbor are embroiled in a dispute over the boundaries of resource-rich maritime territories. Which country’s claims are better supported by international maritime law? Andrew Norris Tablet The discovery of vast hydrocarbon reserves in the Levant Basin, estimated by the United States Geological Survey in 2010 to contain an estimated 122 trillion cubic feet of recoverable natural gas and 1.7 billion barrels of recoverable oil, holds the promise of a significant economic boom to nations in the region, ... Read More »

From coffee house to White House?

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Could Howard Schultz be the next Democrat candidate for the Presidency of the United States His resignation as Executive Chairman of Starbucks has fuelled speculation that he’s planning to run in 2020. EuroNews Schultz built the famous coffee chain up from 11 cafés in Seattle in 1982 to today’s 28 000 stores in 77 countries. He’s never been shy of intervening in political debate – last year in response to Donald Trump’s anti-immigration push he promised that Starbucks would hire ... Read More »

7 Reasons US Should Not Ratify UN Convention on the Law of the Sea

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President Donald Trump recently proclaimed June 2018 to be National Ocean Month and stated his support for better utilizing the vast resources contained in America’s Exclusive Economic Zone, the 200-nautical mile zone off U.S. coasts over which the U.S. has jurisdiction.j Authors: The Daily Signal There are now sure to be renewed calls for the United States to accede to the United Nations’ Convention on the Law of the Sea—also known as the Law of the Sea Treaty—as a useful ... Read More »

The rise and fall of AMP’s Catherine Brenner

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It all started to go wrong for Catherine Brenner the day that Jack Regan walked into the witness box at the Financial Services Royal Commission in Melbourne. Deborah Snow WAtoday The date was Monday, April 16, and Regan, the head of advice at financial giant AMP, was due to give his much-anticipated evidence under the hawk-eyed gaze of presiding justice Kenneth Hayne. Forty-seven year old Brenner, the well-remunerated chairman of AMP, logged on to follow the webcast live from Japan. ... Read More »

Crop exports to wilt as autumn rains fail over much of Australia

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Australia’s third-driest May on record has compounded the misery facing many of the nation’s farmers, with the window for winter plantings closing fast. Peter Hannam The Canberra Times Projections by Rabobank released on Friday indicate 21.6 million hectares of winter crop will be planted this year. While down 2 per cent on the previous year, the drop in Queensland and NSW will be much more severe at 11 per cent and 7 per cent, respectively. Rainfall last month was down ... Read More »

How Greece’s Busiest Port Reveals the Perils of Privatization

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Dockworkers say the same “harsh neoliberal experiment” that reduced their wages will spread to the rest of Europe. Alexander Saeedy The Nation Around 7 am at the Port of Piraeus near Athens, deckhands dressed in white began to unmoor the cruise liners and yachts filled with thousands of sleepy travelers ready to cross the Aegean Sea. But as the tourist trade picked up in the passenger and cruise terminals, some of the hundreds of dockworkers in the port’s northern cargo ... Read More »

In praise of doing nothing

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In the 1950s, scholars worried that, thanks to technological innovations, Americans wouldn’t know what to do with all of their leisure time. Simon Gottschalk The Conversation Yet today, as sociologist Juliet Schor notes, Americans are overworked, putting in more hours than at any time since the Depression and more than in any other in Western society. It’s probably not unrelated to the fact that instant and constant access has become de rigueur, and our devices constantly expose us to a ... Read More »

Lunch with the ruralists

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Landowners control Brazil’s parliament A group of wealthy agribiz owners get to make self-enriching policy affecting millions because they backed the overthrow of Dilma Rousseff. by Anne Vigna  Le Monde diplomatique he parliamentary ‘ruralist’ group meets every Tuesday in a villa in a classy district of Brasília, and, according to its PR, ‘they have lunch and discuss a different topic every week.’ The ruralists form a lobby of powerful landowning parliamentarians, and the results of their discussions later reach Congress ... Read More »

Turkey blames ‘Jewish lobby’ for economic crisis

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Turkish media have blamed the “Jewish lobby” for the sudden drop in the value of the country’s currency, based on a tweet from an Israeli academic. Hannah Lucinda Smith. Adam Sage, David Charter The Times The Turkish lira has fallen by 20 per cent against the dollar this year and President Erdogan has repeatedly blamed an unspecified “interest-rate lobby” for manipulating the currency. Turkey’s press is almost exclusively controlled by the state or pro-Erdogan businessmen after a crackdown on critical media. It seized ... Read More »

Ruth Davidson vows to end tax breaks for rich, boost immigration

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Tory leader Ruth Davidson has called for an end to tax breaks for the wealthy and more open immigration under plans to make the party a “credible force” for Government in Scotland. SCOTT MACNAB The Scotsman A shift away from the more hardline approach of Tory right-wingers south of the border was set out by the Edinburgh Central MSP in a keynote speech today. The sweeping vision is hoped to allow her to oust Nicola Sturgeon as First Minister at ... Read More »

The Battle For Energy Dominance In The Mediterranean

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The Eastern Mediterranean is easily one of the most important and hotly contested regions in the world due to several key factors: the Suez Canal is vital to international commerce, militaries of major powers are participating in the Syrian Civil War, and the region hosts two more unresolved conflicts in divided Cyprus and Israel/Palestine. By Vanand Meliksetian for OilPrice However, recent major gas discoveries may have permanently altered the energy map of the region. If they play their cards right, ... Read More »

Why CEOs need to embrace fear

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Running a business can be a frightening undertaking. CEOs make decisions that affect the livelihoods of dozens, if not thousands. Authors: The Conversation Only one in two new businesses last more than five years, few big businesses remain intact for more than a decade, and the shelf life of a corporate CEO is an… The human emotions that come with this undertaking are often brushed aside or even frowned upon. This is despite the fact that emotions play a crucial, ... Read More »

Nobel Laureate Economist Says American Inequality Didn’t Just Happen. It Was Created.

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How to keep power at the top of society By Joseph E. Stiglitz American inequality didn’t just happen. It was created. Market forces played a role, but it was not market forces alone. In a sense, that should be obvious: economic laws are universal, but our growing inequality— especially the amounts seized by the upper 1 percent—is a distinctly American “achievement.” That outsize inequality is not predestined offers reason for hope, but in reality it is likely to get worse. ... Read More »

Russia’s Gazprom Says Signs TurkStream Protocol With Ankara

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Russian state-owned energy giant Gazprom says it has signed a protocol with the Turkish government on the land-based part of the transit leg of the TurkStream gas pipeline. RFE/RL Gazprom on May 26 said it had also agreed with Turkish firm Botas to end an arbitration dispute over the terms of gas supplies related to the project, which will bring Russian natural gas to Europe on a… Gazprom said the dispute with Botas would be settled out of court, but ... Read More »

‘EU don’t get our money’ Rees-Mogg turns key Brussels phrase on itself in BRILLIANT swipe

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JACOB REES-MOGG delivered a brilliant response to Andrew Marr over how the United Kingdom should be handling Brexit negotiations with the European Union. Durrent Hunt Express The leading Brexit supporter and Conservative MP for North East Somerset said the UK needed to be using its £40billion payment to the EU as a bargaining chip. Jacob Rees-Mogg also turned the European Union’s key phrase of “nothing is agreed until everything is agreed” on itself to back up his argument. Speaking on BBC’s Andrew Marr ... Read More »