Business

The very big business of organised crime costing Australians millions a year

Australians were tricked out of nearly half a billion dollars by scammers in 2018 with reported losses the “tip of the iceberg”, said Australian Competition and Consumer Commission’s (ACCC) deputy… Julie Power The Age/The Sydeney Morning Herald/The Canberra Times She attributed a 44 per cent spike in losses – a $149 million increase – by consumers and businesses to increasingly sophisticated scammers: “They’re organised crime, they’re very big business and they’re very tech… To avoid detection by banks and money ... Read More »

Can Capitalism Beat Climate Change?

Only clear targets can transform rational self-interest from a potentially catastrophic force into a powerful driver of beneficial change. Adair Turner Project Syndicate Once investors know that the non-negotiable end point is zero carbon in 2050, they will desert any company whose plans are incompatible with that objective. LONDON – Easter visitors to London have found some streets and buildings occupied by “Extinction Rebellion” activists, warning of climate catastrophe and rejecting “a… Followers of central bank thinking have seen the ... Read More »

Venezuela’s Trade Scheme With Turkey Is Enriching a Mysterious Maduro Cron

Investigators say retrofitted criminal networks are being used to trade gold for the food that’s propping up the regime. By Michael Smith and Monte Reel From: New Economy Forum In the late afternoon of July 15, 2016, a cluster of staffers inside the Turkish Embassy in Caracas struggled to make sense of the images from home flashing across their televisions and computer screens. Military trucks were blocking a bridge over the Bosporus, tanks were rolling into the Istanbul airport, and ... Read More »

The Federal Trade Commission Is Coming After Facebook to the Tune of $3-5 Billion

No matter how much Mark Zuckerberg may bluster otherwise, Facebook doesn’t care about protecting its users’ privacy. John Ellis PJ Media Thankfully, though, that breach of trust is going to cost the social media behemoth, and it’s going to cost them a bundle. Reporting on Facebook’s Q1 2019 earnings report, Daniel Howley of Yahoo Finance News reveals that the company is expecting to be levied a… The report published by Facebook includes the admission that: In the first quarter of ... Read More »

The Risks of Maximising Pressure on Iran

The Trump administration’s “maximum pressure” campaign against Iran is more likely to fuel resistance and retaliation than capitulation. Ali Vaez ICG Washington should heed past lessons lest it provokes a new nuclear crisis or a regional escalation. The U.S. decision on 22 April to end sanctions exemptions for Iran’s remaining oil customers, following on an earlier designation of the Islamic Revolutionary Guard Corps as a Foreign Terrorist Organization (FTO), significantly escalates the… The intent is clear: bankrupt Iran into… The Risks of… Read More »

US to end Iran oil waivers to 8 countries, including Turkey

The United States announced on April 22 it will no longer grant sanctions exemptions to eight countries, including Turkey. Washington Hurriyet The White House said that Saudi Arabia and the United Arab Emirates- close U.S. allies that back President Donald Trump‘s hawkish stance against regional rival Iran– would work to make up the difference in oil to ensure that global markets are not rocked. “This decision is intended to bring Iran‘s oil exports to zero, denying the regime its principal source of revenue,” ... Read More »

Gina Rinehart company revealed as $4.5m donor to climate sceptic thinktank

Billionaire’s company gave significant donations to the Institute of Public Affairs in 2016 and 2017 Graham Readfearn The Guardian Australia’s richest person, mining magnate Gina Rinehart, has been revealed as a key funder of the rightwing thinktank the Institute of Public Affairs – a consistent promoter of climate science scepticism. Rinehart’s company, Hancock Prospecting, donated $2.3m to the IPA in 2016 and $2.2m in 2017, according to disclosures made to the New South Wales supreme court. As part of a long-running legal ... Read More »

How much of Europe does China own?

The European Union has introduced a new mechanism for screening foreign investment. It’s widely believed to have been prompted by concerns over China’s economic ambitions in Europe. By Reality Check team BBC News It will allow the European Commission – the EU’s executive arm -… In March, the European Commission called China a “systemic rival” and a “strategic competitor”. The Chinese Ambassador to the EU urged the bloc to remain “open and welcome” to Chinese investment, and not to “discriminate”. ... Read More »

‘Haters like to pick on China’: Huawei exec defends video surveillance

Shenzhen: China’s use of video surveillance on its citizens has been defended by a senior Huawei executive, who said it was critical to catching criminals, and the media attention on the country’s policing was “anti… Jennifer Duke WAtoday Huawei’s global chief public safety scientist, Hong-Eng Koh, a former Singapore police officer, said there was video surveillance “everywhere” and criticised “anti-Chinese” media companies for attacking China specifically for using the… “Excuse me, video surveillance started in New York and London long ... Read More »

Employers wary of hiring refugees and migrants to help fill shortages need help understanding the law

A recent survey I conducted of employers in Coventry in the West Midlands found that while 80% of the businesses we interviewed had hard-to-fill job vacancies, less than 5% had employed a… Catherine Harris The Conversation Yet, for most refugees, integration into their new home is heavily dependent on having a job. Finding employment is not only essential for refugees’ autonomy, but it can also improve language skills, increase cultural awareness, build local and social networks, and… If someone has ... Read More »

Will Conservatives Abandon the Free Market?

Conservatives would either “combat” or “convert” business or base their politics “squarely on it.” But, he warned, conservatism “founded on money,” is “fickle, selfish, and irresponsible.” Joshua Tait The National Interest WHEN FOX television host Tucker Carlson recently attacked conservative faith in free market economics, he probably surprised a number of his viewers. For too long, Carlson charged, libertarians and social conservatives have ignored the fundamental part economic structures play in undermining communities. Families are crushed beneath market forces. Disposable ... Read More »

Trump forces Brussels’ hand on trade despite tariffs backlash

Trump’s threat of auto tariffs has finally spurred EU leaders into action on a new trade deal with Washington. As the US president seeks reelection next year, will Europe hold more clout in upcoming negotiations? Nik Martin Deutsche Welle Nine months after European Commission President Jean-Claude Juncker rushed to Washington to stave off the prospect of US tariffs on European cars, the European Union signaled this week it was ready to restart trade talks with… EU leaders have been grappling with the ... Read More »

Deutsche Bank faces action over $20bn Russian money-laundering scheme

Exclusive: in confidential internal report seen by the Guardian, bank says scandal has hurt global brand Luke Harding The Guardian Germany’s troubled Deutsche Bank faces fines, legal action and the possible prosecution of “senior management” because of its role in a $20bn Russian money-laundering scheme, a confidential internal report seen by the Guardian says. The bank admits there is a high risk that regulators in the US and UK will take “significant disciplinary action” against it. Deutsche concedes that the scandal has ... Read More »

Corporate crime inquiry reference terms released

The terms of reference for the corporate crime inquiry being held by the Australian Law Reform Commission have been released by the Attorney-General. Grace Ormsby Corporate Counsel The ALRC has been tasked with the review, which will look into Australia’s corporate criminal responsibility regime. The inquiry, led by ALRC president, the Honourable Justice Sarah Derrington, will review part 2.5 of the Commonwealth Criminal Code and consider options for regime reform, according to a statement from the Attorney-General Christian Porter to ... Read More »

How we will rebuild trust in Irish banking

A new independent body will have a dedicated focus on banking culture John Hedigan The Irish Times Trust in the Irish banking system is at an all-time low. This is an unsustainable situation which damages not only the banking sector but the general public interest. To address this problem, banking culture in Ireland needs to change. For that change to be authentic and sustainable, it must come from within. If regulation were enough, the necessary change would have come about ... Read More »

China takes Australia’s Huawei 5G ban to global trade umpire

Beijing: China has complained to the World Trade Organisation about Australia’s ban on Huawei participating in the 5G network. Kirsty Needham WAtoday The complaint, made at a WTO meeting in Geneva on Friday, does not mention Huawei by name but refers to Australia’s “discriminatory market access prohibition on 5G equipment”, according to the meeting’s agenda seen by The Sydney Morning Herald and The Age. The complaint has been lodged with global trade umpire as the federal government has entered caretaker mode ahead of the ... Read More »