Economy

G20: What is it and how does it work?

This weekend in Buenos Aires, the so-called “Group of 20” meets for the 13th time. But what exactly is this group of global economic powers and how significant are their annual gatherings. Arthur Sullivan, Thomas Kohlmann DW What is the G20? The Group of 20, most commonly referred to as the G20, is an international association of 19 states and the supranational EU. The group’s main summit takes place annually, with government leaders and central bank governors from the respective countries coming together ostensibly to ... Read More »

Paris Gourtsoyannis: Not enough fish in the sea for Brexit

Fishermen were told Brexit would make them winners. That looks difficult to achieve, writes Paris Gourtsoyannis The Scotsman Until now, it’s been easy to dismiss the debate over fishing after Brexit as a parochial one. The industry makes up less than half a percent of UK GDP. Fishing interests are concentrated in a small number of communities, so the issue is wrapped up in retail politics. Because fishing disproportionately affects Scotland – six of the ten biggest ports for fish ... Read More »

Report of the Independent Commission for Sustainable Equality | 2019-2024

Report Join our visionary call to action for a radically different Europe, detailed across over 100 policy proposals to be pursued by progressive forces during the next term from 2019 to 2024, and embedded in a radically different approach to European governance built on a new Sustainable Development Pact! Annexes Topics Equitable society Ecological Transformation as a Social Lever Transforming Governance Sustainable Financing for Transformation ..Progressive Society… Read More »

Trump’s tariff tactics could make no-deal Brexit work for Ireland

Security exemption in WTO rules could enable tariff-free cross-Border trade David Singh Grewal, Richard Tuck The Irish Times It is widely agreed, on both sides of the Irish Sea, that a no-deal Brexit would be bad for Ireland. The UK’s Northern Ireland secretary, Karen Bradley, has even claimed that “no deal” would mean a hard border between the Republic and Northern Ireland, which in turn could end the Common Travel Area agreement between Ireland and… But, surprisingly, when World Trade Organisation (WTO) rules ... Read More »

Rio Tinto warns climate inaction poses ‘greatest long-term threat’

The new chairman of global mining giant Rio Tinto has described inaction on climate change as “perhaps the greatest long-term threat” facing the business and promised it would be part of the solution rather than the… Nick Toscano WAtoday Speaking at an investor meeting on Monday, Rio Tinto chairman Simon Thompson said society – particularly Millennials – were demanding higher standards from the companies they worked for and… He signalled a renewed emphasis from Rio Tinto’s board on environmental, social ... Read More »

Brexit: Emmanuel Macron in EU customs union threat to Scottish fishing

Emmanuel Macron has put fishing at the heart of a fresh row over the future trade with the EU by threatening to keep the UK inside the customs union unless European fishermen keep the same rights in British waters after Brexit. Paris Gourtsoyiannis The Scotsman The French President said that unless a new fishing agreement is agreed by the end of 2020, maintaining reciprocal access to waters and imposing the same quotas as today, he would seek to trigger the ... Read More »

Breaking Algeria’s Economic Paralysis

Political paralysis in oil-dependent Algeria has blocked much-needed economic reform. ICG To avoid a new era of instability, the government should increase transparency and accountability within state institutions and the private sector, as well as improve opportunities for the country’s burgeoning youth. What’s new?  Since the 2014 oil price drop, Algeria’s economic model, which emerged from the civil war in the 1990s, appears increasingly unsustainable. Despite repeated reform promises, the political system remains paralysed, led by an… Why does it ... Read More »

APEC 2018: US-China clash at regional meeting leads to historic summit failure

Deep divisions between the United States and China have derailed the APEC meeting in Port Moresby, with regional leaders failing to agree on a final communique for the first time in the summit’s history. By Pacific affairs reporter Stephen Dziedzic ABC The two regional powers clashed repeatedly over the language on trade in the final document, with Beijing angrily rejecting paragraphs that called for an overhaul of the World Trade Organisation (WTO) and… The Trump administration has repeatedly accused China ... Read More »

Irish bruiser, on the ropes at home, comes out swinging in Brussels

Agriculture commissioner has eyes on a bigger prize, but it’s unclear how far Dublin will back him. By SIMON MARKS AND EMMET LIVINGSTONE Politico There’s no going back for Phil Hogan. With his reputation at home still in tatters for introducing an unpopular water charge at the height of the financial crisis, the Irishman has launched a stealth campaign to stay in Brussels after next year’s European election. The giant from County Kilkenny, who stands 1.95 meters tall, has set his eyes ... Read More »

The royal commission is about to grill the chiefs of the big four banks. Here’s why soon they mightn’t exist

It will be worth watching the final round of hearings at the banking royal commission, which begin on Monday. Pat McConnell The Conversation The chief executives of each of the big four will be recalled for reexaminations. It might be the final time they appear in the same room. It might even be the last time there’s even such a thing as the big four. Not only are the so-called four pillars under attack from the Commissioner Kenneth Hayne, but ... Read More »

Wesfarmers, Coles bosses throw support behind immigration

As the debate over the immigration rate rages, the managing directors of two of Australia’s biggest companies have voiced their support for migrants. Hamish Hastie WAtoday Speaking after the Wesfarmers AGM in Perth on Thursday, Wesfarmers managing director Rob Scott and Coles managing director Steve Cain both said immigration played an important role in economic growth. In 2017-18 162,417 migrants were welcomed under the Australian immigration program, well below the government ceiling of 190,000 and more than 20,000 fewer than the 183,608 ... Read More »

Brexit deal EXPLAINED: What we know about Theresa May’s 500-page Brexit deal

THERESA May has completed a draft Brexit deal with the European Union and now must seek the approval of her Cabinet at a crunch meeting in Westminster this afternoon. Joe Barnes Express The Prime Minister’s latest proposals have already become deeply controversial with rumours of more ministerial resignations and Northern Ireland’s Democratic Unionist Party ready to vote down the… But in what is considered largely as a victory by Brussels and Downing Street, Mrs May has secured a UK-wide Irish ... Read More »

Italy’s beggar’s nationalism

The populist government’s reckless budget relies on other countries being ready to bail it out. Alberto Mingardi Politico MILAN — One of the bestselling books in Italy right now is a novel based on the life of Benito Mussolini, the Italian dictator who invented fascism.   “M” by Antonio Scurati aims to be the first in a trilogy. Though several historical inaccuracies have been spotted, the novel captures well the spirit of the troubled times in which Mussolini came to power. ... Read More »

Paul Keating says raising superannuation to 12 per cent will ‘barely cut it’

Former prime minister Paul Keating has rejected a Grattan Institute report that suggested scrapping plans to raise compulsory super payments from 9.5 per cent to 12 per cent, and raising the… ABC Mr Keating, whose government introduced compulsory superannuation contributions, said Grattan Institute chief executive John Daley had a “miserable view” of the world. Mr Keating told 7.30 that super payments had to be raised to 12 per cent, though that would “barely cut it”. “When I introduced super 32 years ago, people retired ... Read More »

Judge tears up $35m settlement between ASIC and Westpac in lending case

The corporate regulator and Westpac Banking Corp have been forced back to the drawing board after the Federal Court threw out the bank’s offer to pay a $35 million settlement for contravening responsible lending laws. Sarah Danckert WAtoday Federal Court judge Nye Perram tore up the settlement between the parties on Tuesday on a technicality after finding the Australian Securities and Investments Commission (ASIC) and Westpac could not agree on exactly how, or how many times, Westpac broke the… The ... Read More »

Cities Should Stop Playing the Amazon HQ2 Bidding Game

There is no economic benefit to huge tax incentives to lure new companies, so why do cities keep offering them? Bryce Covert The New York Times It’s official: Amazon has anointed New York and Northern Virginia as locations for a major expansion, involving at least 25,000 employees and an investment of $5 billion. The announcement is the culmination of an intense bidding war among 238 cities for Amazon’s promise of $50 billion in investment and 50,000 high-paying technology jobs. To land that deal, cities ... Read More »