Economy

The Decade of a Rising China: 10 Years After the Financial Crisis

It is 10 years in September since Lehman Brothers went bankrupt bringing global capitalism to the point of collapse. Jenny Clegg CounterPunch Although the crash did not finally lead to a total meltdown, it triggered a slump of 1930s proportions and for most economies the last decade has been a lost decade of low growth, low investment, low productivity, marked by debt and deficit, with virtually no improvement in real incomes for the… The stand-out story of the period has ... Read More »

Helping the Burundian People Cope with the Economic Crisis

Burundi’s worsening economy threatens to incite further violence in an already unstable country. ICG The European Union and its member states, who have suspended direct aid to the government, must redouble efforts to ensure that their support benefits the Burundian people. What’s happening?  In the wake of the political and security crisis ongoing in Burundi since 2015, the economy has suffered a sharp decline. The economic and social progress achieved since the end of the civil war in the 2000s ... Read More »

Turkey calls on country’s religious authority in struggle to keep prices down

As the Turkish lira continues to be hit by losses in value against foreign currencies, the government has been struggling to keep prices down, even going to the extent of using the… TM “[Islam] certainly forbids unlawful profits such as bribery, usury, speculation, black marketing and rigging prices, which challenge moral values and disrupt the peace in the society,” the weekly sermon said, according to the… Earlier this week one of Turkey’s biggest retailers, BİM, known for its cheap prices ... Read More »

Turkey might not like the West, but needs it

When President Trump sanctioned two Turkish ministers—an unprecedented measure involving a NATO ally—and announced the doubling of trade tariffs early in August, he further aggravated the steadily deteriorating U.S.-Turkish relationship. Kemal Kirişci Brookings The moves came after the Turkish government refused to allow Pastor Andrew Brunson, who is facing spurious espionage and terrorism charges, to return to the United States. Turkey’s currency, already fragile, went into a tailspin, and has lost nearly half its value compared to the beginning of ... Read More »

EEZ of Doing Watery Business

With ties that go back centuries, the relations between Indonesia and India remain steadfast today. By Sidharto Suryodipuro (The writer is ambassador of Indonesia to India) The Economic Times Both President Joko Widodo and Prime Minister Narendra Modi have met in various fora. During the visit of Modi to Indonesia last May, the two governments agreed to enhance cooperation in defence, space, railways, science, medicine and health. One aspect of cooperation that tends to be forgotten, however, is maritime boundary delimitation (MBD). ... Read More »

MAPPED: Where can the British and French fish for scallops? Where are the boundaries?

A SCALLOPS war has broken out over the English Channel, with British and French vessels clashing in angry exchanges over capture of the valuable shellfish. Where can they fish for scallops and what are the boundaries? Paul Withers Express This map from the Government shows the territorial sea limits of the UK, Isle of Man and the Channel Islands. In particular in the latest outbreak with fishermen from across the channel, it illustrates a clear red line there the UK-France ... Read More »

Greece and the Balkans: opportunities across borders

Greece’s recent exit from its economic adjustment programme last week has generated some long overdue welcome headlines for the country. Peter Sanfey EBRD But how can the country generate sustainable growth in the coming years? And what would a lasting Greek recovery mean for its neighbours throughout the Balkan region? One way to promote growth in Greece is to foster trade and investment linkages and develop interconnections with neighbouring countries, a fact recognised by the Greek government in their recently ... Read More »

The longevity dividend: how ageing populations could boost economic productivity

People are generally living longer than previous generations across most parts of the world. Matt Flynn The Conversation Rising life expectancy is a result of advances in medicine as well as improving living standards and healthier lifestyles. But while this should be celebrated for social reasons, is it beneficial in economic terms? Does the increase in the older population create an economic burden on society or can older people be mobilised to enhance the productivity of communities in which they ... Read More »

Greece returns to the Balkans

TIRANA, Aug. 28 – Greece’s Alternate Foreign Minister Georgios Katrougalos represented Greece at the informal summit of the Prime Ministers of the Western Balkan Countries (WB6) in Durres on Monday. Tirana Times The main topic of the meeting was to promote regional economic integration. In his speech, Katrougalos referred to the unwavering Greek stance in favor of the European perspective of the Balkan countries, highlighting recent initiatives to support political stability and economic co-operation in the region. A significant example ... Read More »

Turkish currency isn’t the real problem for Erdoğan, it’s democracy

Turkish President Recep Tayyip Erdoğan is presiding over the damaging loss of value of the Turkish currency, the lira, against foreign currencies. Gary M. Grossman The Conversation It’s the most severe economic crisis the country has faced since he assumed power. Erdoğan has been the dominant figure in Turkish politics for almost two decades. Can he and his party maintain political control through this moment? As an American scholar, I began my engagement in Turkey in 1990, working with various ... Read More »

Taiwanese fishing boat investigated after being caught in NZ waters

The Navy was involved in drama on the high seas, after sailors and fisheries officials boarded a Taiwanese-flagged vessel in New Zealand waters. Andrea Vance stuff The Yi Rong No.6 was spotted close to the Kermadec Islands, in New Zealand’s exclusive economic zone, earlier this month. A crew from the offshore patrol vessel HMNZS Otago went aboard the Taiwanese boat on August 9 and spent two hours inspecting it. The ship wasn’t illegally fishing in New Zealand waters – but fisheries officers did ... Read More »

Sri Lanka joins Indian Ocean strategy talks at Vietnam forum

ECONOMYNEXT – Sri Lanka’s Prime Minister Ranil Wickremesinghe is participating in conference to develop regional co-operation in the Indian Ocean held in Vietnam, a country that has suffered from China’s controversial restrictions on resources, free navigation and… The third Indian Ocean Conference is being held in Ha Noi to develop regional architectures to co-operate in security, trade commercial administration in the context of the strategic and economic importance of the… The Indian Ocean Conference was founded three years ago with ... Read More »

Greece was never bailed out – it remains locked in an EU debtor’s prison

Punitive conditions attached to the ‘rescue’ package mean the Greek financial tragedy may never end Yanis Varoufakis The Guardian Over the past week, the world’s media have been proclaiming the successful completion of the Greek financial rescue programme mounted in 2010 by the European Union and the International Monetary Fund. Headlines celebrated the end of Greece’s bailout, even the termination of austerity. Buoyant reports from ground zero of the eurozone crisis portrayed Europe’s eight-year long Greek intervention as a paradigm ... Read More »

North Korean fishing in Japan’s economic zone drops 77%

Early patrol by coast guard ahead of squid season pays off MIO SADAKATA, Nikkei staff writer Asian Review TOKYO — North Korean boats fishing illegally in a vital part of Japan’s exclusive economic zone appear to have decreased almost 80% on the year in July, after the Japan Coast Guard began issuing earlier warnings ahead of prime squid season. The Yamatotai area of the Sea of Japan, about 300 km northwest of the Noto Peninsula in Ishikawa Prefecture, offers ideal ... Read More »

Seafood diplomacy? Erdogan invites ‘dearest friend’ Putin to meet at fish restaurant

Russia’s Vladimir Putin and Turkey’s Recep Tayyip Erdogan may soon be discussing the S-400 anti-air systems deal while eating fish or lobsters, as Putin has been reminded of an arrangement to meet at a… * RT An invitation from Erdogan, delivered to Putin by Turkish Foreign Minister Mevlut Çavusoglu on Friday, said: “Your dearest friend, Mr. Erdogan, has asked to convene his greetings and best wishes, he is hoping for your visit to Istanbul in the near future. You have ... Read More »

‘Tokatu’ makes first visit

The country’s largest deepwater fishing vessel, Tokatu, made its maiden call to Dunedin yesterday, and will be a semi-regular visitor to the city’s upper harbour. Simon Hartley Otago Daily Times Sealord took possession of the $70 million, 81.7m-long Norwegian-built vessel in mid-June, after a six-week delivery via the Panama Canal to its home port, Nelson. Sealord fleet manager Bill Healey said the ship was still in its commissioning stages and working towards full capacity, which was to catch, process and ... Read More »