Economy

US House Democrats file bills to stop offshore drilling, exploration

House Democrats on Tuesday, 8 January, introduced a series of bills that would block the Trump administration from permitting offshore drilling in various regions of the U.S. exclusive economic zone. Steve Bittenbender SeafoodSource Opponents of offshore drilling claim the practice could devastate both the environment and the economies of coastal communities, with the fishing industry particularly at risk. “President Trump’s dangerous plans for offshore drilling will risk the livelihoods of millions on the Atlantic Coast and in New Jersey,” said ... Read More »

Xi Jinping will Give Donald Trump a Victory on Trade

Expect Trump to declare a “triumph” in a great trade deal that will feature China’s purchase of more than a trillion dollars of additional U.S. products. Graham Allison The National Interest With the conclusion of the first round of negotiations yesterday in Beijing, the way ahead for the United States and China to avoid a full-scale tariff war has become clear. With fifty days remaining before the March 1 end of the truce Trump and Xi announced to prevent U.S. ... Read More »

Manipur Governor sees NE as exclusive economic zone for organic products

Manipur Governor Dr Najma A Heptulla attends fourth Convocation of Central Agricultural University (CAU), Imphal at its Iroishemba campus near Imphal SOBHAPATI SAMOM NorthEast Now The Northeast should be developed as an exclusive economic zone for organic products as the advantage of organic farming needs to be exploited suitably through technical and institutional interventions. This was disclosed by the Manipur Governor Dr Najma A Heptulla while addressing the fourth Convocation of Central Agricultural University (CAU), Imphal at its Iroishemba campus ... Read More »

Erdogan’s $2 Billion Reason to Thank the Saudis

Turkey shrewdly took advantage of the spillover demand from Riyadh’s bond sale this week. Investors may well be underpricing the economic risks. Marcus Ashworth Bloomberg There are opportunistic financing deals, and then there’s Turkey. A $2 billion 10-year bond sale appeared out of nowhere for the country on Wednesday, with no roadshow and… But there was one big helping hand. Saudi Arabia had just launched $7.5 billion of new 10- and 30-year notes and had elected for tighter pricing rather ... Read More »

The US could lose its crown as the world’s most powerful economy as soon as next year, and it’s unlikely to ever get it back

The United States of America could lose its position as the world’s biggest economy as soon as next year — and once that happens, it is unlikely to regain the top spot as developing Asian economies power… Will Martin Business Insider According to research released this week by Standard Chartered Bank, China is likely to become the world’s biggest economy at some point in 2020, when measured by a combination of purchasing-power-parity exchange rates and… Using PPP alone, China is ... Read More »

Japan Slams China for Unauthorized Research Around Okinotori Island

Japan’s exclusive economic zone around the remote island is being challenged by China again. Thisanka Siripala The Diplomat The Japanese Embassy in Beijing has filed official protest with China after they admitted to conducting marine surveys around the Japan-held Okinotori island without permission. In mid-December last year, the Japanese Coast Guard intercepted a Chinese research vessel in waters surrounding Okinotori Island. Japan claims the uninhabited Okinotori island in the Pacific Ocean as its southernmost territory, which is 1700 kilometers south ... Read More »

How India will consume in 2030: 10 mega trends

Over the next decade, consumption in fast-growth consumer markets such as China, India and Southeast Asia will be reshaped by the Fourth Industrial Revolution and more than one billion first-time consumers. Authors: WEF The Future of Consumption in Fast-Growth Consumer Markets, a project in collaboration with Bain & Company, focuses on the emerging markets that comprise more than 40% of the world’s population. After studying China in 2017, for 2018 it… India is one of the fastest-growing economies in the world. By 2030, ... Read More »

Even Dutch planning can’t avoid the chaos of a no-deal Brexit

Rotterdam: The Hook of Holland, a stretch of land outside Rotterdam sliced by canals, functions in many ways like Britain’s backyard. Michael Birnbaum WAtoday The Washington Post Greenhouses stretch for miles, nurturing tulips, tomatoes and other supermarket specialties. The bounty is gathered into warehouses and sorted under signs denoting destinations such as Sheffield and Gateshead. Then trucks whisk it all onto ferries headed across the North Sea. Thanks to this precisely calibrated ecosystem and the European Union’s borderless trading zone, ... Read More »

Venezuela Supreme Court judge Christian Zerpa flees to US

Venezuela Supreme Court judge Christian Zerpa has fled to the US to protest over President Nicolás Maduro’s second term in office. BBC Last year’s election “was not free and competitive”, the former Maduro loyalist told a Florida radio station. And he accused President Maduro of systematically manipulating the affairs of the Supreme Court. In response, the court said Mr Zerpa was fleeing allegations of sexual harassment. Opposition parties boycotted the 2018 vote, calling it a sham. Mr Zerpa had been ... Read More »

Goldman Sachs Asks What If Lebanon Is Forced to Restructure Debt

Goldman Sachs Group Inc. still sees an imminent debt restructuring in Lebanon as unlikely but is already turning its attention to how much investors could recover as one of the world’s most indebted countries teeters on the brink of financial crisis. Paul Abelsky Bloomberg Under Goldman’s base scenario, foreign investors would recover 35 cents on the dollar, Farouk Soussa, an economist at Goldman Sachs, said in a report. But he said any debt overhaul would put the country’s banks first, meaning “the ... Read More »

China could occupy more areas in WPS — expert warns

MANILA, Philippines — China may end up occupying more areas in the West Philippine Sea if it would be allowed to unilaterally rehabilitate coral reefs in the disputed region, a maritime expert warned. Janvic Mateo (The Philippine Star) Jay Batongbacal, director of the UP Institute for Maritime Affairs and Law of the Sea, said China’s announcement that it would carry out coral reef rehabilitation and restoration in the South China Sea should be taken with a… “Interested states should take ... Read More »

Japan finds a huge cache of scarce rare-earth minerals

Japan looks to replace China as the primary source of critical metals Rare earth elements are a set of 17 metals that are integral to our modern lifestyle and efforts to produce ever-greener technologies. Robby Berman Big Think The “rare” designation is a bit of a misnomer: It’s not that they’re not plentiful, but rather that they’re found in small concentrations, and are especially difficult to successfully extract since they blend in with and resemble other minerals in the ground. ... Read More »

The euro at 20: An enduring success but a fundamental failure

New Year’s Day 1999 saw the largest monetary changeover in history. Barry Eichengreen The Conversation On that date, just 20 years ago, 12 members of the European Union formally adopted a brand-spanking-new currency, the euro. Today seven additional EU member states use it, along with Montenegro, Kosovo, Andorra, Monaco, San Marino and Vatican City. If survival is the ultimate gauge of success, then this grand monetary experiment can be said to have succeeded. But as investment advisers say, past performance ... Read More »

Government’s post-Brexit agriculture scheme falls short of protection needed to safeguard environment, farmers warn

Call for tougher policies comes after Michael Gove addressed two major farming conferences in Oxford Josh Gabbatiss Independent The government’s vision for post-Brexit farming does not provide enough protection for the environment, meaning food production is at risk, according to a farming group.Michael Gove’s agriculture bill is a cornerstone of his plan for a “green Brexit”, but campaigners say it has fallen short of providing long-term protection for UK nature. The environment secretary addressed two farming conferences in Oxford on Thursday, one focusing on traditional agriculture and the other based around ... Read More »

Seven minutes of chaos: The ‘flash-crash’ that rocked currency markets

It took seven minutes for the yen to surge through levels that have held through almost a decade. WAtoday Bloomberg Traders are still seeking to piece together what happened just before 9:30 a.m. in Sydney, when orders came to sell Australia’s dollar and Turkey’s lira against the yen. While some pointed to risk aversion triggered by Apple cutting its sales outlook, others said Japanese retail investors were behind the trades. Whatever the cause, the moves were exacerbated by algorithmic programs ... Read More »

China’s Atlantean ambition for the South China Sea

Beijing’s futuristic plan for an artificial intelligence-driven deep-sea submarine base promises to churn the contested sea’s already volatile waters Richard Javad Heydarian Asia Times Αs Southeast Asian nations look ahead to 2019, competition for control of the South China Sea looms large on the horizon. That strategic contest could enter a new destabilizing phase if China introduces as reported a new Atlantis-like deep-sea submarine base in the already volatile maritime area. The proposed new base, which could in theory be ... Read More »