Economy

The Trade War Has Claimed Its First Victim

Tariffs from the United States, Canada, China, Mexico, and the EU may have damaged the WTO beyond repair. Arvind Panagariya * FP The World Trade Organization (WTO) might be the first victim of the trade war between China, the United States, and the European Union. Today, each is in flagrant violation of its rules, and the institution’s credibility as the protector of a rules-based trading system is in serious doubt. U.S. President Donald Trump initiated the trade war in March when he ... Read More »

The Morrison government’s biggest economic problem? Climate change denial

Last week Peter Costello accused Malcolm Turnbull of failing to develop an economic narrative to unite the Coalition. Judith Brett The Conversation Turnbull promised this when he challenged Tony Abbott for the leadership of the Liberal Party, but, said Costello, it never came, and the result is a government struggling to manage deep differences over social issues. There was “jobs and growth”, but this is really just a goal without much of a story about how to get there, except ... Read More »

How Turkey and Saudi Arabia became frenemies – and why the Khashoggi case could change that

The Oct. 2 disappearance of Saudi Arabian journalist Jamal Khashoggi at his country’s consulate in Istanbul has put a spotlight on the deteriorating relations between Turkey and the Persian Gulf kingdom. Nader Habibi The Conversation Articles based on anonymous accounts from Turkish officials report that Turkey has video and audio proof that Saudi Arabian agents detained, murdered and dismembered Khashoggi, a sharp critic of his government who lived in Washington, D.C. Turkish President Recep Tayyip Erdogan raised the stakes even ... Read More »

Turkey will continue drilling off Cyprus, says Turkish FM

Turkey will continue with drilling for gas off the Cyprus coast in the Eastern Mediterranean in order to ensure the “fair sharing of resources,” pro-government CNN Türk quoted Foreign Minister Mevlüt… Tiny Url Ahval Çavuşoğlu’s statement arrives amid an ongoing standoff over hydrocarbons rights in the eastern Mediterranean. “Turkey will not allow unilateral activities. We need to protect the rights of Turkish Cypriots with actual steps,” Cavusoglu told a university conference on law and politics in the Eastern Mediterranean. “We ... Read More »

U.S. Destroyer, Coast Guard Help Pacific Island Nations Patrol their Waters

As Arleigh Burke guided-missile destroyer USS Shoup (DDG-86) steams through the Oceana region on an independent deployment, the crew is assisting small Pacific island nations with protecting their… Ben Werner USNI News Shoup is engaged in an Oceania Maritime Security Initiative (OMSI) deployment, which has the ship working with several Pacific island nations to offer training on how to protect crops. A nation’s territorial waters extend 12 miles from shore, but countries can claim exclusive economic zones – controlling access ... Read More »

The Eastern Mediterranean ‘may face a serious crisis’

On 29 October, on the day of the Republic Day of of Turkey, Ankara will take a step towards its fully fledged participation in the energy game that is underway in the Eastern Mediterranean. Nefeli Tzanetakou This move, according to the former head of the National Intelligence Service of the Republic of Cyprus, Andreas Pentaras, will mark the beginning of a period of absolute diplomatic instability in the region in question. As Sputnik has reported, it has not yet been clarified the exact ... Read More »

More than three million Australians living in poverty, Acoss report reveals

Peak welfare body calls for overhaul of employment services and at least two days a week of subsidised early childhood care Gareth Hutchens The Guardian Poverty has become a consistent feature of Australian life, with millions still living below the breadline despite 27 years of uninterrupted economic growth, the Australian Council of Social Service says. A vital circuit-breaker is needed, including a complete overhaul of Australia’s employment services, a commitment to “full employment” and a guarantee of at least two days ... Read More »

Opinion: Why the Saudi business conference should be left to wither in the sun

Statements from Saudi Arabia to respond to any Western sanctions imposed over the Khashoggi case with even greater actions are a veiled threat of monstrous proportions and demand a stern reaction, says DW’s Kevin Cote. Sunday’s statement from the Saudi Foreign Ministry cited the kingdom’s “influential and vital role in the global economy.” That role is scheduled to be underscored at a conference called the Future Investment Initiative (FII) starting on October 23 in Riyadh. The conference should be boycotted by ... Read More »

‘Australia is in trouble’: The plan to fix Australia’s tax system

Australia has more than 125 taxes at a state and federal level, but 90 per cent of revenue is raised through just 10 of them. The pressure is now on to tear up the system and start again. Eryk Bagshaw WAtoday The tax-free threshold would be scrapped, tax rates would increase for every $1000 of income earned, and savings would be targeted by the tax office under one of the most ambitious blueprints for… The proposal has been unveiled as ... Read More »

What would it take for North Korea to join the IMF?

At the recent UN General Assembly, South Korea’s President Moon Jae-in was discussing North Korea’s strides to build relations and open up to the world. Ana Nicolaci da Costa BBC He said Kim Jong-un had even said he would be “willing to join the IMF and the World Bank and other international agencies”, Reuters reported. Those ambitions, if vague for now, cast a light on the challenges North Korea will face as it tries to become part of the global ... Read More »

Brussels casts pall over Tunisia’s desert jewel

New environmental rules in the EU threaten the country’s phosphate mines, which have spluttered since the revolution. Emmet Livingstone Politico REDEYEF, Tunisia — In the desert, far from Tunisia’s bustling ports, tourist beaches and sprawling olive plantations, lies a colossal state company that was once the beating heart of the national economy. Brought to its knees by inefficiency and social unrest, it is now threatened with extinction — by an obscure bit of legislation making its way through the Brussels machinery. The Compagnie ... Read More »

Ukraine accuses Russia of violating the UN Convention on the Law of the Sea

The Ukrainian delegation to the United Nations has accused the Russian side of violating the UN Convention on the Law of the Sea due to its brutal actions in the Sea of Azov, which, among other things, lead to blocking of maritime traffic. Ukrinform Ukraine made such a statement at the UNGA Sixth Committee meeting on the rule of law at the national and international levels, an Ukrinform correspondent reports. “Control over the Sea of Azov is a current Russian target, after the ... Read More »

In the exclusive economic zone of Latvia was invaded by Russian warship – news ZIK.UA

In the exclusive economic zone of Latvia near the border recorded the appearance of the Russian warship. TSP This is reported by the National armed forces of Latvia in Twitter. “On 6 October in the exclusive economic zone of Latvia, at a distance of 14 nautical miles from the state border was fixed the Russian military ship “guarding”, – stated in the message. We will remind, military ships and aircraft of the Russian Federation with the beginning of the conflict ... Read More »

Japan surveying border isles to protect maritime interest, security

Japan has started surveying border-area islands, whose owners and usage often remain a mystery, to maintain its territorial waters and far-flung locations in its exclusive economic zone (EEZ). By SATOSHI OKAMOTO/ Staff Writer The Asahi Shimbun Many of these outlying islands serve as fiducial points to mark the boundaries of territorial waters and the EEZ. Government officials also hope that updated, detailed information on ownership and usage will help protect against intrusions, occupations and… Japan has the world’s sixth largest ... Read More »

Why so many businesses are behaving badly

While we digest the royal commission’s evidence of shocking misconduct by the banks and insurance companies, there’s another unpalatable truth to swallow: they have no monopoly on bad behaviour. Ross Gittins Brisbane Times It seems almost everywhere you look you see examples of companies behaving badly. In a major speech he gave a few months ago, the chairman of the Australian Competition and Consumer Commission, Rod Sims, offered a remarkable list of business household names the commission was taking proceedings ... Read More »

Cooperation needed to tackle fisheries subsidies

In July 2016, an arbitral tribunal established that China — through failing to exercise due diligence in preventing Chinese-flagged vessels fishing in various locations in the South China Sea — had violated the… Margaret Young EastAsiaForum China had not, the tribunal found, exhibited due regard for the Philippines’ sovereign rights with respect to fisheries in its exclusive economic zone (EEZ). China was also found to have breached provisions in the Convention relating to the protection of marine environment. The findings ... Read More »