Economy

The Eurasian Economic Union: Power, Politics and Trade

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Since its creation in 2015, the Eurasian Economic Union (EEU) has kept only a few of its promises. Its limited economic success cannot mask the many tensions between Russia and its neighbours. Much of the EEU’s future success will depend on its members’ will to shift away from geopolitics and focus on international cooperation, governance, social welfare and migration… Source: The Eurasian Economic Union: Power, Politics and Trade – International Crisis Group Read More »

France attacks bolster growing global fears, but long-term economic impact uncertain

The deadly truck attack in Nice, France, had an enormous human cost, but it may also weigh on the economy of a country – and a world – that has now seen several horrific terrorist incidents over a relatively short period of time. It is very hard to determine what impact a single tragedy can have on a huge economy such as France, said Craig Wright, chief economist at Royal Bank of Canada, but the fact that there have been ... Read More »

Clean energy won’t save us – only a new economic system can

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It’s time to pour our creative energies into imagining a new global economy. Infinite growth is a dangerous illusion. Jason Hickel The Guardian Earlier this year media outlets around the world announced that February had broken global temperature records by a shocking… March broke all the… Clean energy won’t… Read More »

Handful of multinationals behind 26.3% growth in GDP

Surprising growth figures affected by number of one-off factors in tech and aircraft leasinγ.. A handful of multinational companies in the tech, pharma and aircraft leasing sectors were responsible for an extraordinary jump in Ireland’s headline rate of economic growth last year… Source: Handful of multinationals behind 26.3% growth in GDP Read More »

Estimated cost of Hinkley Point C nuclear plant rises to £37bn

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Critics point to volatility of scheme but energy department says price ‘will not affect bill payers’.. The total lifetime cost of the planned Hinkley Point C nuclear power plant could be as high as £37bn, according to an assessment published by the UK government. The figure was described as shocking by critics of the scheme, who said it showed just how volatile and uncertain the project had become, given that the same energy department’s estimate 12 months earlier had been ... Read More »

‘Credibility of Europe’s trade policy at stake’

Commission dubbed ‘traitors’ for handing over approval of Canada trade deal to national parliaments.. If there was ever such a thing as an easy trade deal for the EU, Canada was supposed to be it. As Chrystia Freeland, Canada’s trade minister, put it last month: “If the EU cannot do a deal with Canada, I think it is legitimate to say: Who the heck can it do a deal with?”… Source: ‘Credibility of Europe’s trade policy at stake’ – POLITICO Read More »

ECB asks Italian lender to cut bad loans by 40%

Monte dei Paschi may have to raise capital quickly to meet the ECB’s target.. The European Central Bank has asked Italy’s third-largest lender, Banca Monte dei Paschi di Siena, to slash its bad debts by 40 per cent to €14.6 billion over three years, heaping more pressure on Rome and Brussels to stabilise the Italian banking system… Source: ECB asks Italian lender to cut bad loans by 40% Read More »

The market is getting the Fed wrong, JPMorgan’s Lebovitz says

The Federal Reserve could very well increase rates once this year, even though the market is not expecting it, David Lebovitz, global market strategist at JPMorgan Asset Management, said Friday. “I’m not exactly sure the market is getting this right. The first-quarter growth numbers, they were weak. We saw GDP revised down to 1 percent, which is half of the average growth rate we’ve seen over the course of the recovery,” Lebovitz told CNBC’s “Squawk Alley.”… Source: The market is ... Read More »

EU to Ireland: You cannot go back on water charges

Commissioner Karmenu Vella tells MEP country must not back out of commitment.. The European Commission has insisted Ireland cannot abolish water charges without breaching European law. In a written response to MEP Marian Harkin, the Commission said Ireland had committed to water charges in 2010 and it could not revert on that… Source: EU to Ireland: You cannot go back on water charges  Read More »

Nirmala Sitharaman talks of pulse imports from Burma, Africa

Commerce and Industry Minister Nirmala Sitharaman today said pulses will be imported from Burma, Africa and Canada and 1 lakh tonnes of lentil will be available in markets soon to keep a lid on prices.. The government is also encouraging farmers to increase production of pulses. Sitharaman, who was at Bilaspur to highlight achievements of the Modi… Source: Nirmala Sitharaman talks of pulse imports from Burma, Africa | The Financial Express Read More »

PM: Malaysia well-positioned to face any volatility post-Brexit referendum

KUALA LUMPUR: Malaysia, which has sound fundamentals, diversified economic structure and ample liquidity in its financial markets, is well-positioned to face any volatility following the UK referendum result, said Prime Minister Datuk Seri Najib Tun Razak. “I am confident we will be able to weather this period of uncertainty. The government will also continue to strengthen the economy and further our fiscal reforms,” he said in a statement yesterday. He said exit from the 28-nation European Union (EU) would not ... Read More »

Brexit vote raises global recession fears

The risk of another global recession escalated Friday after Britain’s stunning decision to leave the European Union plunged financial markets into free fall… Source: Brexit vote raises global recession fears Read More »

State Department: Azerbaijan – important partner of US

Baku, Azerbaijan By Anakhanum Idayatova – Trend: Azerbaijan is an important partner of the US, the US Deputy Assistant Secretary of State for European and Eurasian Affairs Bridget Brink told reporters during a press conference in Baku June 24. She noted that the US and Azerbaijan will continue their partnership in the spheres of security, energy, economy and democracy… Source: State Department: Azerbaijan – important partner of US Read More »

World gas production increases – OPEC

Baku, Azerbaijan By Elena Kosolapova – Trend: The world marketable gas production has increased by 1.9 percent and neared 3.644 trillion cubic meters in 2015, as compared to 2014, according to OPEC Annual Statistical Bulletin 2015. The US became the largest marketable gas producer in 2015. The country’s marketable gas production increased by 5.3 percent in a year and stood at 768.83 billion cubic meters. Russia ranked second, as it produced 637.39 billion cubic meters of marketable gas in 2015, ... Read More »

Refugees can offer economic boost to their host countries

Refugees are often considered an economic burden for the countries that take them in, but a new study conducted by UC Davis with the United Nations World Food Program indicates that refugees receiving aid—especially in the form of cash—can can give their host country’s economy a substantial boost. The researchers found that these economic benefits significantly exceeded the amount of the donated aid. The findings come as refugee numbers around the world are growing. In 2015, an estimated 15.1 million ... Read More »

Germany supports Russia’s initiative on Nord Stream-2 — Russian Energy Minister

Germany supports Russia’s initiative on the implementation of the Nord Stream-2 project, Russian Energy Minister Alexander Novak told reporters, TASS reported. “Germany supports the Russian initiative on Nord Stream (2),” the Minister said. He added that the project fully complies with the European legislation… Source: Germany supports Russia’s initiative on Nord Stream-2 — Russian Energy Minister Read More »