Economy

The IMF’s ‘Large Brain, Unhealthy Ego, and Tiny Conscience’

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The reforms to the IMF since the global financial crisis have amounted to window dressing. Lauren Carasic The Nation Ten years after the financial crisis, the International Monetary Fund (IMF) remains largely beholden to policies that undermine human rights and exacerbate inequality around the world. In response to the global recession, the IMF pressured countries to restructure sovereign debt—in part by adopting austerity measures that eroded basic needs such as health care and income security. The resulting human cost was ... Read More »

Flogging of worthless life insurance policies laid bare

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It shouldn’t be a surprise that the flogging of life insurance is the domain of the hard seller. It is the ultimate “grudge” purchase. Who, after all, wants to think about their own demise, let alone prepare for it? John Collett The Age “It has ever been thus,” says Peter Thornhill, who had a long career in funds management and life insurance in Australia and overseas. “People don’t perceive life insurance as a necessity and, as a consequence, it has ... Read More »

Top Growing Trends & Segments in Global Deepwater Hydrocarbons Exploration Market , 2016-2024

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The worldwide “Deepwater Hydrocarbons Exploration Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024” report covers every single fundamental datum identified with the Times of Jersey It underscores a thought of the ongoing business sector development alongside insight about the most overwhelming players in the worldwide market. The market report talks about the businesses and market, computed highlights that are useful for the advancement of the worldwide Deepwater Hydrocarbons Exploration Market including the market size and…… Top Growing Trends… Read More »

‘Boat person’ Frank Lowy calls for more migrants

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Billionaire Sir Frank Lowy has warned Australia would be “moving in the wrong direction” if calls for a lower migrant intake are heeded. Richard Wood 9news The Central European-born businessman last night gave the 15th annual address of the think tank he founded, the Lowy Institute. Mr Lowy, 87, told a gathering of business and political figures he backed a “big Australia”, but noted his views on expanding the country puts him at odds with many. The Wesfield co-founder was ... Read More »

Israel, Greece, Cyprus plan underwater gas pipeline

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Netanyahu meets with Greek, Cypriot foreign ministers as three countries plan gas pipeline to Europe Arutz Sheva Prime Minister Binyamin Netanyahu on Thursday, at the Prime Minister’s Office in Jerusalem, held a trilateral meeting with Greek Foreign Minister Nikos Kotzias and Cypriot Foreign Minister Nikos Christodoulides. He also met… The three discussed, in continuation of previous meetings, the laying of a joint Israel-Cyprus-Greece East-Med gas pipeline in order to export gas to Europe. They also discussed – inter alia – ... Read More »

Income and Wealth in the United States: An Overview of Recent Data

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Government surveys collect a wide range of information about the population of the United States that contain useful insights about Americans’ economic status. Peter G. Peterson Foundation Three examples are the American Community Survey (ACS), the Current Population Survey Annual Social and Economic Supplement (ASEC), and the… The ACS and the ASEC are conducted annually by the Census Bureau, while the SCF is conducted once every three years by the… Below are some examples of measures of income and wealth ... Read More »

Greek Economic Recovery Has Nothing to Do With Odysseus

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According to the prime minister, Greece is emerging from bailout life like Odysseus coming home to Ithaca. This comparison could use some work. Alexis Papazoglou The New Republic In 2010, at a picturesque port on the island of Kastelorizo, then Prime Minister George Papandreou announced the start of “a new Odyssey for Greeks”: entry into an austerity-focused International Monetary Fund-European Union bailout agreement to help finance the… “We know the route to Ithaca,” Papandreou said, “and we’ve got a map.” ... Read More »

CBA admits to misleading advertising for heart attack cover

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The Commonwealth Bank’s insurance arm has for the first time admitted to publishing misleading advertising that would have left customers thinking they were covered for heart attacks, when… Clancy Yeates The Age The royal commission into financial misconduct also heard the bank convinced the corporate watchdog to soften its language in a media release about the ads to remove an admission of wrongdoing. Its penalty for the misleading ads was a fraction of the maximum fine it could have… Senior ... Read More »

Breast cancer surgery wasn’t ‘radical’ enough for CommInsure

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CommInsure refused to pay out a woman with breast cancer because it didn’t consider she’d had “radical” breast surgery, despite the evidence of her doctor and surgeon. Ruth Williams WAtoday The financial services royal commission on Thursday heard that CommInsure repeatedly denied her claim on the basis of an outdated and arbitrary definition of “radical” breast surgery, which it argued only included a mastectomy, despite that definition not appearing anywhere in the… The woman bought trauma insurance in 1996 and ... Read More »

New data paint an unpleasant picture of poverty in the US

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On Sept. 12, the U.S. Census Bureau released national poverty data for 2017. The headline was that 39.7 million people were poor in 2017. This works out to 12.3 percent of the population or one in eight Americans. The good news is that the U.S. poverty rate has fallen since 2010, when it hit 15.1 percent, and… The bad news is that poverty still exceeds the 11.3 percent rate of 2000 and far too many people are poor in a ... Read More »

Argentina, Turkey, Indonesia – why it’s too early to speak of contagion in emerging markets

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Turkey, Indonesia and Argentina have all seen their currencies experience huge drops in recent months. Similarly, stocks in India, South Africa, Mexico and others have taken a hit. Alain Naef The Conversation Emerging markets across the board have been under pressure since the US Federal Reserve raised interest rates in June. Governments and companies had borrowed in dollars when interest rates were low and the dollar was weak. Now the dollar is strong and interest rates are rising. And research ... Read More »

Climate change conflicts are here – and ‘scallop wars’ are just the beginning

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As the planet warms, species are moving further north to climate zones which are closer in temperature to what they originally evolved in. The oceans have absorbed most of this temperature increase, and… Heather Alberro The Conversation In the face of this disruption, legal boundaries for fishing fleets could become increasingly irrelevant. As the fish stocks they once contained move out, conflict is likely to arise between countries exploiting… As a result, the ongoing “scallop war”, which has seen tense ... Read More »

The Real Cost of the 2008 Financial Crisis

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The aftermath produced a lost decade for European economies and helped lead to the rise of anti-establishment political movements here and abroad. John Cassidy The New Yorker Audio: Listen to this article. To hear more, download the Audm iPhone app. September 15th marks the tenth anniversary of the demise of the investment bank Lehman Brothers, which presaged the biggest financial crisis and deepest economic recession since the nineteen-thirties. After Lehman filed for bankruptcy, and great swaths of the markets froze, ... Read More »

303,000 crimes in three years: Insurer scrambles at royal commission

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A life insurance company has admitted to 303,000 criminal breaches of the law through its use of a pushy cold call sales force that intentionally upset potential customers in the hope they would make “grudge purchases” of its products. Sarah Danckert Brisbane Times The admissions by ASX-listed life insurance group Clearview came as the banking royal commission turned its gaze to the life insurance sector. The royal commission heard on Monday that Clearview – a company born out of NRMA’s life ... Read More »

Quinquepartite meeting of Energy Ministers: “The Balkans are the next energy hub”

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Initiative to showcase the Balkans as an energy hub for the wider region are expected to be taken in the near future with the aim of, creating a single energy market in SE Europe, among other things. Nefeli Tzanetakou ibna The quinquepartite meeting held on the sidelines of the Southeast Europe Energy Forum, organized by the Hellenic-American Chamber of Commerce in the framework of the 83rd… All sides share common objectives, including the need for further interconnection of infrastructure and ... Read More »

When the Beach Is Out of Reach—Coastal Access Becomes a Growing Concern

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As Americans crowd toward the coasts, states and municipalities are caught in passionate battles about public access, while lawsuits seem headed for the U.S. Supreme Court. Timothy B. Clark Route Fifty NORTHEAST HARBOR — Maine, it is said, has more coastline than any other state. Measured along the twists and turns of countless coves and inlets, the coast stretches 3,478 miles, a few more than California’s—and over 5,000 miles if one counts the shorelines of… But Maine does not grant the ... Read More »