Business

Brexit: champagne, parmesan, prosecco and feta could soon be at the centre of negotiations

As Brexit day creeps closer, one issue that remains unresolved is the way that food names will be protected in Britain and the EU. Authors: The Conversation From parmesan and feta to cornish pasties and Bavarian beer, the EU is fiercely protective over protected designations of origin (PDOs) or protected geographical indications (PGIs). A number of highly popular products are protected under this legal framework that dictates certain products can only be produced in certain regions. So champagne must be ... Read More »

Coles caves and will give away free plastic bags indefinitely

Coles has hoisted a white flag in the face of angry shoppers aggrieved by having to bring their own bags or pay 15¢ for a “reusable” one, and has promised to give plastic bags away for free indefinitely. Patrick Hatch The Sydney Morning Herald The supermarket chain’s decision has raised the ire of environmental campaigners who say it is a return to the “bad old days” where plastic bags were used once and then discarded. Coles and its rival Woolworths removed thin ... Read More »

Minister Paolo Savona: A fine and enlightened economist

Paolo Savona was and still is an essential figure to understand the recent Italian economic and financial history. Giancarlo Elia Valori Modern Diplomacy He was Minister of Ciampi’s government in 1993, just at the time when Italy’s entry into the single currency system was being planned. We will revert to this issue at a later stage. From the beginning of his university studies, Paolo Savona was one of Guido Carli’s favourite students. Shortly after graduation, he won a public competition ... Read More »

What the world can learn about equality from the Nordic model

Rising inequality is one of the biggest social and economic issues of our time. It is linked to poorer economic growth and fosters social discontent and unrest. Geoffrey M Hodgson The Conversation So, given that the five Nordic countries – Denmark, Finland, Iceland, Norway and Sweden – are some of the world’s most equal on a number of measures, it makes sense to look to them for lessons in how to build a more equal society. The Nordic countries are ... Read More »

NATO Is a Goldmine for US Weapons’ Industries

Countries of the NATO military alliance have been ordered by President Trump to increase their spending on weapons, and the reasons for his insistence they do so are becoming clearer. Brian Cloughley Strategic Culture Foundation It’s got nothing to do with any defence rationale, because, after all, the Secretary General of the US-NATO military alliance, Jens Stoltenberg, has admitted that “we don’t see any imminent threat against any NATO ally” and the Stockholm International Peace Research Institute recorded in its 2018 ... Read More »

Rightwing UK thinktank ‘offered ministerial access’ to potential US donors

A rightwing thinktank has been offering potential US donors access to government ministers and civil servants as it raises cash for research to support the free-trade deals demanded by hardline Brexiters, according to an… Robert Booth The Guardian The director of the Institute of Economic Affairs (IEA) was secretly recorded telling an undercover reporter that funders could get to know ministers on first-name terms and that his organisation was in “the… Mark Littlewood claimed the IEA could make introductions to ... Read More »

Five minute guide to treating savers fairly ‘Basically a good idea’

SAVERS have struggled to get a decent return on cash for a decade, but some have struggled more than others. Harvey Jones Express The Bank of England’s move to slash base rates to 0.5 per cent at the peak of the financial crisis in March 2009 is primarily to blame. Banks, and to a lesser extent building societies, have made a bad situation worse by abandoning loyal savers who have kept the same account for years. The average closed branch-based ... Read More »

Iran’s currency plunges to record low as US sanctions loom

Rial has lost half its value since April amid weak economy and big demand for dollars by Iranians fearful of sanctions. AlJazeera Iran’s currency has plunged to another record low, dropping past 100,000 rials to the US dollar, as Iranians brace for August 7 when the United Statesis due to reimpose the first batch of sanctions on their economy. In May, Washington pulled out of a landmark 2015 deal between world powers and Tehran under which international sanctions on Iran were lifted in ... Read More »

Migrant farm workers launch landmark $10m legal claim

Migrant farm workers from Vanuatu have launched a landmark $10 million legal claim against their former Australian labour hire employer for gross underpayment and mistreatment. Ben Schneiders The Sydney Morning Herald The Federal Court action against Agri Labour will use — thought to be for the first time — laws introduced by the Turnbull government to protect vulnerable workers from exploitation. In May, The Sunday Age revealed that 50 workers from Vanuatu had worked in shocking conditions on a farm near Shepparton, and had ... Read More »

Deal to Protect Waters Around ‘Jurassic Park Island’ Falls Through

Costa Rica’s government failed to execute a commitment to protect 4,000 square miles around Cocos Island National Park, a critical shark habitat. Stephen Leahy National Geographic A commitment to create a marine protected area around Cocos Island fell through, though the country’s new government may take another look. Two years ago, former Costa Rican President Luis Guillermo Solís made international news by committing to a 4,000-square-mile expansion of the marine protected area around the extraordinarily biodiverse waters of Cocos Island ... Read More »

Turkey is ready ‘to fight’ in the Eastern Mediterranean Sea

Ankara “counterattacks” on the occasion of the preparation of exploratory drillings by Exxon Mobil, Qatar Petroleum, Total and ENI, within the EEZ of the Republic of Cyprus, for the… Nefeli Tzanetakou ibna According to a report in the Turkish newspaper Yeni Şafak, “Turkey’s maritime jurisdiction issues are back on the agenda as the fight for energy supplies in the Eastern Mediterranean continues.” The quantities in the meantime hosted in the Eastern Mediterranean zone, according to a survey cited by the ... Read More »

Tunisian economy continues to struggle

TUNIS — More than any time in the country’s past, Tunisia must now engage in reforms to ease the financial and economic strains affecting its trade and balance of payments, according to the governor of the Central Bank of Tunisia, Marouane el-Abassi. Mohamed Ali Litfi Al-Monitor The International Monetary Fund (IMF) this month approved the fourth tranche of its $2.8 billion loan to Tunisia, which was arranged in 2016. The $250 million payment brings IMF’s total loans to Tunisia so far to approximately $1.14 billion. Speaking at a ... Read More »

MoviePass stopped working because it ran out of money

Subscription movie service MoviePass made a name for itself by practically handing out money. The popular service, owned by parent company Helios and Matheson, charges $9.95 a month to see up to one regular 2D movie in theaters a day—including in markets like New York, where a… Alison Griswold Quartz MoviePass pays the theaters full price for each ticket. How fast has the money gone? In May, MoviePass reported spending $40 million more in cash than it brought in. For ... Read More »

South Korean firm backs off ‘treasure ship’ claim amid probe

A South Korean company on July 26 backed off its claim to have found a sunken Russian warship with an enormous cargo of gold as financial regulators began investigating whether the outlandish treasure… SEOUL – The Associated Press Hurriyet The Seoul-based Shinil Group said it doesn’t know if any gold coins and bars would be found inside the sunken ship it identified as the Dmitrii Donskoi, which sank 113 years ago. Company officials… “There’s no way for us to figure out whether ... Read More »

Fairfax Nine takeover: Australia’s oldest media empire ends with $4bn merger

Combined media company will rival Murdoch’s News Corp Australia in size Amanda Meade The Guardian Australia’s oldest newspaper company Fairfax Media has been swallowed up by the national television network, Nine Entertainment, in a shock mergerthat spells the end of the 177-year-old legacy media name. While journalists at Fairfax’s two largest mastheads, the Age and the Sydney Morning Herald, furiously accused chief executive Greg Hywood of selling them out, media buyers and analysts welcomed what is the first major media consolidation since federal ... Read More »

Why Nigeria had good reasons to delay signing Africa’s free trade deal

Much has been made of the embarrassing withdrawal by Nigeria from signing the African Continental Free Trade Agreement earlier this year having initially made the commitment to sign them. Olabisi D. Akinkugbe The Conversation Its decision was criticised by many, including myself. These reactions were justifiable given the historical poor performance of Nigeria and other African states when it comes to their commitment to regional economic integration. But, Nigeria’s decision needs to be evaluated in the light of the reason ... Read More »