Economy

An Alternative Way to Deal with the Cyprus Co-Op Bank

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Socialising the losses and privatising the gains I have written two articles on the subject of “the Deal” sought and negotiated by the Government for privatising the ailing Co-Op Bank in Cyprus. Savvas Savvides StockWatch I continue here with “Socialising the losses and privatising the gains – Part 3” which provides an alternative proposal than the one that the Government arrived at with Hellenic Bank. It makes the argument that the concessions made in desperation to the Hellenic Bank (which ... Read More »

HMRC data disaster sees pensions CUT BY HALF – are YOU affected?

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PAYMENTS will be cut by HALF for some pensioners as the HMRC tries to correct a catalogue of catastrophically expensive cock-ups and blunders which went unseen and unchecked for decades. Joe Gamp Express Although they have done NOTHING wrong some pensioners will see £10,000 wiped from their nest-egg. The string of payment errors made by HMRC dating back over four decades will hit tens of thousands of British pensioners. The Inland Revenue cock-ups came to light during a ‘data clean-up’ ... Read More »

China-Pakistan Economic Corridor: Opportunities and Risks

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The China-Pakistan Economic Corridor, opened in 2015, could bring needed jobs and investment to Pakistan. But many projects also risk widening social divides and heightening political tensions along the route. With Beijing’s support, Islamabad should seek the… ICG What’s new? Pakistani leaders say the China-Pakistan Economic Corridor (CPEC), launched in 2015, is a “game changer” for the country’s ailing economy. But opaque plans for the corridor, the upheaval likely to affect locals along its route, and profits flowing mostly to ... Read More »

Brexit LAST CHANCE: Donald Tusk warns May ‘last call to lay cards on table’ at EU summit

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DONALD Tusk has warned Theresa May that this is “the last call to lay the cards on the table” over Brexit on the final day of a tense two-day EU summit. Rebecca Perring Express He told a press conference: “The EU 27 has taken note of what has been achieved so far. “However there is a great deal of work ahead, the most difficult tasks are still unresolved. “If she wants to reach a deal in October we need quick ... Read More »

How the Iran sanctions drama intersects with OPEC-plus

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Major states buying oil from Iran are unlikely to heed the US call to drop imports; key allies want a waiver to avoid sanctions; OPEC, meanwhile, will have trouble boosting output in the short-term; the puzzle is not solved, but there are dark clouds. Pepe Escobar Asia Times History may have registered stranger geoeconomic bedfellows. But in the current OPEC-plus world, the rules of the game are now de facto controlled by OPEC powerhouse Saudi Arabia in concert with non-OPEC Russia. Russia ... Read More »

Macron on Trump suggestion to leave EU: ‘You can imagine my response’

French President Emmanuel Macron gestures as he visits  France's national football team players   in Clairefontaine-en-Yvelines, southwest of Paris, on June 5, 2018, during the squad's preparations for the FIFA World Cup 2018 in Russia. - France's players are in Clairefontaine-en-Yvelines as part of the team's preparation for the upcoming FIFA Football World Cup 2018 in Russia. (Photo by FRANCK FIFE / AFP)        (Photo credit should read FRANCK FIFE/AFP/Getty Images)

The US president offered a better trade deal for France than with the rest of the EU. Andrew Gray Politico French President Emmanuel Macron said Friday he would not comment directly on a report that Donald Trump suggested France leave the EU — but his commitment to Europe made clear what his response would have been. Back in April, Trump proposed to Macron that France leave the EU, the Washington Post reported, citing two European officials, and said that if Paris ... Read More »

China caught in a conundrum over economic policy

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Central bank governor Yi’s calming message fails to ease market and currency concerns as NIFD warns of ‘financial panic’ in leaked report Gordon Watts Asia Times Stay calm and don’t panic. Sound advice. But it appears no one is listening to Yi Gang, the People’s Bank of China governor. As fears grow of a trade war between Beijing and Washington, the… Last week, Yi called for investors to “remain calm” after the benchmark Shanghai Composite Index dropped 3.78%, dipping below ... Read More »

It’s not personal, but Twiggy is making life hell for Gina

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As the Queen and Prince of Australia’s iron ore industry, Gina Rinehart and Andrew Forrest going head to head in a fight over junior producer Atlas begs the question of whether the battle is personal or strategic. Elizabeth Knight The Sydney Morning Herald Given the history of animosity between these two big personalities – one which exploded into the public arena during the mining tax saga – there is undoubtedly an element of the personal involved in this contest. There has been ... Read More »

Why middle-aged entrepreneurs are better than young ones

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Bill Gates, Steve Jobs, and Mark Zuckerberg are three of the biggest role models for entrepreneurs. They are all famous for starting their companies in their early 20s and in many ways set the… Sukanlaya Sawang The Conversation And yet, there is reason to believe that we’d be better off investing in older entrepreneurs. They are actually far more successful than younger ones, according to new research, which analysed the age of all business founders in the US in recent ... Read More »

Xi Jinping and Kim Jong Un Keep Meeting—Here’s Why

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China has been successful at keeping North Korea close and leveraging the relationship to achieve its own overarching goals beyond denuclearization. Oriana Skylar Mastro The National Interest North Korean leader Kim Jong-un made his third visit to China in mid-June. The fact that Kim visited Beijing shortly after the Singapore summit was unsurprising—it was expected that Kim would have to debrief Xi and the two would want to strategize ways forward. But the predictability of the visit does not diminish ... Read More »

While Iconic Brands Feel Tariff Pain, Corporate America Braces for More

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With the U.S.-versus-the-world trade war threat heating up, Harley-Davidson Inc. and Jack Daniel’s maker Brown-Forman Corp. may just be the canaries in the coal mine. By Jonathan Roeder and Hema Parmar * Bloomberg Both iconic American brands — singled out for tariffs in part to inflict maximum pain on U.S. districts that voted for President Donald Trump or his allies — have warned investors that retaliatory measures will have tangible effects on… Wall Street should expect more companies to disclose pain ahead when they report second-quarter results in… ... Read More »

Poor but Proud

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The next meeting of the European Council, set to take place on June 28, 2018, promises a certain level of intrigue. Elena Alekseenkova RIAC One reason for this is the expectation that the new Italian government, formed on the basis of the March 4 elections after 80 days of coalition talks and conflict between the president and parliament, will present an ultimatum to Brussels. The ultimatum is expected to include the following points: 1) The cancellation of Italy’s €250-billion debt ... Read More »

Saudi Arabia’s $121 billion reason to allow women to drive

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Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco. Bloomberg The Sydney Morning Herald The move, which went into effect on Sunday, could add as much as $US90 billion ($121 billion) to economic output by 2030, with the benefits extending beyond that date, according to Bloomberg Economics. Selling as much as 5 percent stake in Saudi Arabian Oil Co. — at the most optimistic valuation — could generate about $US100 ... Read More »

As tourism and trading links soar, will Greece become the bridge between China and the rest of Europe?

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Visitor numbers are soaring since Air China began direct Beijing-Athens flights, while Chinese shipping company Cosco has taken majority ownership of the Piraeus Port – a potentially crucial component of the… South China Morning Post Priceless relics that belonged to one of China’s greatest leaders will leave Beijing’s Forbidden City for the first time and be displayed in the birthplace of democracy. Reconstructed rooms and more than 150 artefacts from the life of the 18th-century Emperor Qianlong will go on ... Read More »

History is made: Everything you need to know about Greece’s deal to pay back $300 billion

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The euro zone granted fresh debt relief measures to Greece last week after years of long arguments over the issue. Silvia Amaro * Analysts told CNBC the deal was “very satisfactory” and a “win” for Greece, which has demanded such concessions since 2015. How did we get here? Greece has been relying on external help in the form of loans to stay afloat since 2010. It’s now due to put an end to that on August 20. This is a ... Read More »

Why the debt deal with the EU is bad for Greece

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The new Eurogroup agreement commits Greece to 40 more years of austerity and supervision. Jerome Roos AlJazeera Shortly before coming to power in January 2015, Alexis Tsipras – then still known as an outspoken Greek opposition leader and unconventional anti-austerity firebrand – vowed not to wear a tie until international lenders agreed to cut his country’s towering debt load to sustainable levels. On Friday evening, the 43-year-old prime minister, who has since presided over three years of highly unpopular austerity measures ... Read More »