Economy

Chiefs To Offer Sacrifices To Thank The gods For ITLOS Victory

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Chiefs in the Western region have hailed the aftermath of the International Tribunal of the Law of the Sea (I TLOS) ruling which gives Tullow Ghana Limited the go-ahead to activate its plans to drill more wells to improve production in the TEN fields. Modern Ghana Paramount Chief of Nsein Traditional Area, Awulae Agyevi Kwame II, informed a meeting with the Paramount Chiefs in the Region that a day will be set aside to commemorate the victory. He said they ... Read More »

GNPC spent $9.7 million on ITLOS maritime boundary dispute

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23rd September, 2017 will forever be one of the memorable days in the history of Ghana. The flag of the Nation soared high. GhanaWeb Ghana was victorious in the landmark Maritime Boundary dispute case involving its Western neighbor La Cote d’Ivoire at the International Tribunal for the Law of the Sea, ITLOS in Germany. It was a “sweet victory” for Ghana. The triumph came at a price. The Ghana National Petroleum Corporation, GNPC financed Ghana’s defense team and other activities ... Read More »

Why Europe Needs a New Deal, Not Breakup

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The EU is facing a crisis of legitimacy—but retreating to the nation-state will only benefit the far right By Yanis Varoufakis and James K. Galbraith * The Nation The American New Deal of Franklin Roosevelt’s first two terms combined the goals of financial stabilization, reconstruction, conservation, and employment—jobs for the jobless; public works; power systems and new industries, especially in the South; soil conservation and reforestation to battle the Dust Bowl; and a potent mix of regulations and insurance to assert ... Read More »

The Oceans – a Challenged Resource

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The world’s oceans facilitate global transportation. They also offer a unique source of food: one that continues to give. Provided we manage this source responsibly, of course. Sustainable harvest must be combined with prudent Kåre R. Aas * HuffPost Based on an American initiative, the world’s maritime nations came together yesterday and today (Oct 5 and 6) for the 4th annual Our Oceans conference to discuss how to achieve this balance. The United States has hosted twice. This year, the chair ... Read More »

What Will Replace Outdated Left and Right Economic Thinking? The Commons Paradigm.

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The commons is about self-organized social systems for managing shared wealth The rise of so many right-wing nationalist movements around the world—Brexit, Donald Trump, the neo-Nazis in Charlottesville, Virginia, anti-immigrant protests throughout Europe—have their own distinctive origins and contexts, to… <style type=”text/css”> .wpb_animate_when_almost_visible { opacity: 1; }</style> David Bollier  Evonomics  But in the aggregate, they are evidence of the dwindling options for credible change that capitalist political cultures are willing to consider. This naturally provokes the question: Why are the ... Read More »

Here’s why you may not be able to bypass paywalls through web search anymore

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The era of using a Google search to bypass a news website’s paywall may be coming to an end Google has announced that subscription news websites will no longer have to provide users three free articles per day under its ‘Google first click free… ABC The move has been welcomed by media giants such as News Corp, which have paywalls in place and have long complained that the policy essentially forced them to give their content away for free if ... Read More »

Europe still hopeful to get Turkmen gas

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Turkmenistan, a hydrocarbon-rich Central Asian, is still hopeful to see its gas reach the European markets, while Brussels counties talks in this regard. Gulgiz Muradova AzerNews The EU is negotiating with Azerbaijan and Turkmenistan over a Trans Caspian Pipeline System, said Anca Paduraru, EU Spokesperson for Energy Union projects. “Negotiations are on-going,” Paduraru said, when answering on progress of the talks. “The EU’s objective has not changed. To diversify the EU’s supplies, the Southern Gas Corridor aims to expand infrastructure ... Read More »

The Twists and Turns along China’s Belt and Road

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China’s trillion-dollar Belt and Road Initiative could potentially transform relations with over 60 countries across Eurasia, Africa and beyond But to bring the concept to fruition, Beijing must overcome mammoth logistical obstacles, navigate fragile political situations and placate growing regional apprehension surrounding its ambitions. Michael Kovrig  ICG “The project of the century” is how Chinese Foreign Minister Wang Yi touted the Belt and Road Initiative to the world when addressing the UN General Assembly on 21 September. It was only ... Read More »

Brexit: Boris Johnson urges two-year transition time limit

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Theresa May is coming under fresh pressure over Brexit on the eve of the Conservative party conference Foreign Secretary Boris Johnson has again intervened on Brexit, setting out four conditions he says are necessary. BBC Speaking to the Sun, Mr Johnson insisted any transition period after Britain leaves the EU should not last “a second more” than two years. Jeremy Corbyn said Mr Johnson’s position threatened a trade war with the EU, which could impact on jobs. The prime minister ... Read More »

Turkey agrees to ‘only deal with Baghdad’ over oil exports

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In a major U-turn, Turkey has agreed to solely deal with the central Iraqi government over crude oil exports, following a contentious secession referendum held by Iraq’s semi-autonomous Kurdistan region, the Baghdad government says. PressTV The office of the Iraqi Prime Minister Haider al-Abadi reported Ankara’s change of mode on Thursday, following a phone call between Abadi and his Turkish counterpart, Binali Yildirim. Yildirim “confirmed the support of his country on all decisions” taken by the Iraqi government, said the… ... Read More »

China’s audacious and inventive new generation of entrepreneurs

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Industries and consumers around the world will soon feel their impact “NEW era, new revolution. I am a MAKER, for the hearts of the dream.” The Economist So goes a rallying cry carved in giant letters on the wall of a warehouse in Shekou, a seaside enclave near Hong Kong. Many of China’s most promising entrepreneurs flocked there recently for a conference organised by TechCrunch, a technology publisher from Silicon Valley. Yet Baidu, Alibaba and Tencent—established Chinese internet giants collectively ... Read More »

Why we need the welfare state more than ever

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Shocked by the ‘poverty cycle’, British reformers created a safety net for casual workers. Now precarious working conditions are back, and the welfare state is under attack. By Chris Renwick The Guardian Tucked away behind York Minster – the grand cathedral adorned with medieval stained-glass windows that dominates the North Yorkshire city’s skyline – is a cobbled street that has become an informal labour exchange. Each day, just before lunch, couriers dressed in the distinctive mint green and black uniform ... Read More »

Production of shelf hydrocarbons to grow to 50 million tonnes by 2035

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By 2035, Russia may produce 22% of oil in the Arctic TYUMEN, September 21. /TASS/. Russian companies may produce 50 million tonnes of hydrocarbons on the shelf by 2035, Russia’s Deputy Minister of Energy Kirill Molodtsov told the Tyumen oil and gas forum on Thursday. “On the shelf we continue building up the production at the current fields,” he said. “The task is to produce about 50 million tonnes by 2035, while currently we produce about 28 million tonnes of ... Read More »

This pension fund is now worth $1,000,000,000,000

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Norway’s giant pension fund is now worth over $1 trillion. Yes, 1 followed by 12 zeros. The fund’s managers announced Tuesday that currency shifts had helped push its value above $1 trillion for the first time. Ivana Kottasová CNN “The growth in the fund’s market value has been stunning,” fund chief Yngve Slyngstad said in a statement. “I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May ... Read More »

Insanely Concentrated Wealth Is Strangling Our Prosperity

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Today’s mountains of wealth throttle the very engine of wealth creation itself <style type=”text/css”> .wpb_animate_when_almost_visible { opacity: 1; }</style> Remember Smaug the dragon, in The Hobbit? He hoarded up a vast pile of wealth, and then he just hung out in his cave, sitting on it (with occasional forays to further pillage and immolate the local… Steve Roth Evonomics That’s what you should think of when you consider the mind-boggling hoards of wealth that the very rich have amassed in America ... Read More »

We’ve turned our unis into aimless, money-grubbing exploiters of students

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Of the many stuff-ups during the now-finished era of economic reform, one of the worst is the unending backdoor privatisation of Australia’s universities, which began under the Hawke-Keating government and continues in the Senate as we… Ross Gittins The Sydney Morning Herald This is not so much “neoliberalism” as a folly of the smaller-government brigade, since the ultimate goal for the past 30 years has been no more profound than to push university funding off the federal… The first of ... Read More »