Economy

Learning by giving: How today’s students can become tomorrow’s philanthropists

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If someone asked you to picture a philanthropist, chances are a billionaire like Bill Gates or John D. Rockefeller Sr. would come to mind. Jodi Benenson David Campbell Lindsey M. McDougle The Conversation But not all philanthropists are billionaires, or even millionaires for that matter. People who make modest gifts of time or money can make a big difference in their communities. We are professors who teach and do research about philanthropy, the practice of expressing generosity by giving away ... Read More »

Who has been driving the crypto boom? Individuals in Asia

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Despite a backlash from some regional governments, Asian retail traders continue to drive demand MARTIN J. YOUNG Asia Times There is no doubt that 2017 has been the figurative Big Bang for digital currency markets. Until last Friday’s selling frenzy, Bitcoin had made a meteoric rise of 1,800% since the beginning of the year. It tumbled last week below US$12,000 to put it on track for its worst week since 2013. Other cryptocurrencies, such as Riot Blockchain and Overstock.com, also struggled. But even with ... Read More »

David McWilliams: There’s an economic star in the east

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Today, wise men know that the world’s economic future isn’t in the west. It’s in China. David McWilliams Some 2,000 years ago, Joseph and Mary headed from Nazareth to Bethlehem to sign a census. The Irish Times Census night was a big deal in Roman Judea because the Romans were meticulous about economic and demographic affairs. The Romans were fastidious measurers because they were exacting tax-collectors. These taxes, collected in the Judea of Christ, were designed to finance Roman expansion ... Read More »

The Danger to the South China Sea Fishery

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For years, sovereign rights in the South China Sea have been an object of fierce contention among the states that border it: the Philippines, Malaysia, Brunei, Indonesia and Vietnam, all members of the 10-nation ASEAN group, China, their giant neighbor to the north, and Taiwan as… David Brown Asia Sentinel But while the bordering states jockey for advantage, with China now clearly the dominant local power, scientists have been warning that the sea is fast becoming the site of an ... Read More »

Oil firms to step up exploration off Norway next year after poor 2017

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OSLO (Reuters) – Efforts to find new oil off Norway are expected to double next year, preliminary company plans show, with activity rising in more mature areas after this year’s disappointing Arctic campaign. Nerijus Adomaitis The pressure to deliver is growing as this year’s poor exploration results were partly to blame for a drop in interest in Norway’s latest licensing round Around 45-50 exploration wells, including wells to delineate previously made discoveries, could be drilled next year on the Norwegian ... Read More »

Behavioral economics finally goes mainstream: 4 essential reads

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The year 2017 may turn out to be when behavioral economics entered the mainstream after a leading practitioner in the field won a Nobel prize for his work Bryan Keogh The Conversation Behavioral economics is the study of how psychology affects the economic decision-making processes of individuals and institutions. Research in the field has led governments like those in the U.K. and U.S. to create teams of behavioral scientists to find ways to tweak citizens’ behavior to improve their welfare, ... Read More »

Cost of global disasters jumps to $306bn in 2017

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Despite the rise in financial loss from disasters, the number of people who died or went missing in disasters remained similar to 2016 Shafi Musaddique The Independent Global disasters in 2017 cost homes and businesses a staggering $306bn (£229bn), according to a new study. Losses made this year from both natural and man-made catastrophes represent a 63 per cent jump compared to last year. The US saw its most damaging hurricane season since 2005, hit hardest with Hurricane Harvey, Irma and Maria across ... Read More »

Alicia Garcia-Herrero: What US Tax Reform Means for China

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How will the new U.S. tax system affect the world’s second largest economy? Maurits Elen The Diplomat Since the 1980s, the American corporate income tax rate has remained unchanged, all while OECD countries consistently started to reduce their own. With lower rates soon to be signed into law, a key economic policy objective of Trump is taking shape: to make the United States more competitive. The tax overhaul is unlikely to significantly affect the Chinese economy, nor will it pressure China ... Read More »

Intangible assets are changing investment

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Forecasting profits is not as helpful as it used to be WHEN you work as an equity analyst at an investment bank, your task is clear. The Economist It is to comb all the statements made by corporate executives, to scour the industry trends and arrive at an accurate forecast of the company’s profits. Achieve this and your clients will be happy and your bonus cheque will have many digits. But is all this effort worthwhile? Not as much as ... Read More »

Georgia Still on the World Bank’s Mind

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As the World Bank racks up 25 years in Georgia, Mercy Tembon, the bank’s regional director for the South Caucasus, Europe and Central Asia tells Andrew Wrobel that her organisation is as committed to the country’s future as ever. Andrew Wrobel Emerging-Europe Let’s start with the anniversary. What has the World Bank been doing here for the last quarter of a century? Yes, Georgia, along with the other countries in the region, joined the bank in 1992. Those were very ... Read More »

Japan exports, imports surge on strong demand in China, U.S.

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Japan’s exports rose 16 percent in November from a year earlier driven by robust overseas demand for cars and manufacturing equipment that is helping to sustain the longest economic expansion in more than 15 years. THE ASSOCIATED PRESS The Asahi Shimbun Customs data released Monday showed the trade surplus for the world’s third-largest economy slipping 23 percent from the year before to 113.4 billion yen ($1 billion), however, as imports jumped 17 percent thanks to a surge in purchases of ... Read More »

Rethinking Russia’s Return to Global Big Policy

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In the first decade of 21st century Russia managed to get out of the economic crisis, restore its military strength, and take course to become a sovereign political pole. Mher D. Sahakyan Modern Diplomacy To understand the entire scope of Russia’s reaction to difficult foreign challenges and to analyze its probable steps, it is important to investigate its foreign policy strategy. On November 30, 2016, the Kremlin adopted the “Foreign Policy Concept of the Russian Federation” (Concept), which was signed ... Read More »

Insight: The Scots investors in the Bitcoin boom

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Some Scots investors in the cryptocurrency can barely believe their luck, writes Dani Garavelli Around 18 months ago, Norman, a pensioner from Inverness, was contacted about an investment opportunity: bitcoin. Dani Garavelli The Scotsman A financial dabbler, he had once been defrauded out of quite a large sum of money, so he was reticent about getting involved. But eventually he was persuaded to take the risk. He bought just over six bitcoins at just under £500 each, through a London-based ... Read More »

Scotland set to lag behind UK with growth below 1% until 2022

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A gloomy outlook for Scotland’s economy over the next five years has been unveiled by the new Scottish Fiscal Commission SCOTT MACNAB The Scotsman Growth will lag behind the rest of the UK at less than 1 per cent between now and 2022, according to the body which was set up by the Scottish Government to provide economic forecasting. Its first report was published yesterday to coincide with the Scottish budget. “Scottish economic growth has been slower over the last ... Read More »

3 myths about the poor that Republicans are using to support slashing US safety net

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Republicans continue to use long-debunked myths about the poor as they defend lower taxes for the rich and deep cuts to the social safety net to pay for them. Michele Gilman In so doing, they are essentially expressing scorn for working class and low-income Americans. The Conversation Sen. Chuck Grassley, for example, recently justified reducing the number of wealthy families exposed to the estate tax as a way to recognize “the people that are investing, as opposed to those that are just spending every darn penny they have, ... Read More »

The Arctic – The Arctic Russia’s plan for the world’s newest ocean

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There’s a new ocean at the top of our globe In just the past three decades, global warming has shrunk the size of the Arctic Ocean’s summer ice by half. Vox The region is now more accessible than it’s been in 1,000 years, and governments around the world have taken notice. The melting of the Arctic has grave implications for global weather patterns and rising sea levels, and most of the world sees it as a looming disaster. But for ... Read More »