Economy

Who is responsible for migrants?

President Donald Trump tends to portray migrants as a foreign problem that has suddenly – and unfairly – been “dumped” at America’s doorstep. Felipe A. Filomeno The Conversation Migration “is a way they get certain people out of their country and dump in U.S.,” he wrote on Nov. 25 about a caravan of mostly Honduran women, children and young men seeking asylum in the United States. He is not alone. The flow of refugees and asylum-seekers from poor countries to ... Read More »

Goldman’s Woes Mount as Malaysia Slaps First Criminal Charge

Malaysia is demanding Goldman Sachs Group Inc. bear the brunt of the 1MDB scandal, opening up another legal front for the Wall Street firm over its role raising money for the investment fund. By Anisah Shukry and Sridhar Natarajan Bloomberg The country filed the first criminal charges against the U.S. bank in the global corruption probe on Monday, after publicly urging Goldman to come to the negotiating table or face litigation. The firm already is in the thick of investigations ... Read More »

China Confronts Its Eternal Dilemma

With pressure building for major stimulus, leaders must decide whether boosting growth or controlling debt is more important. Christopher Balding Bloomberg China’s top leaders meet this week in Beijing to set economic policy objectives for the coming year. The central question is whether they will do what they want or what the country needs. Clear evidence has emerged in the past couple of months that the Chinese economy is slowing to an uncomfortable degree. That’s raised expectations that the leadership ... Read More »

Mounting legal threats surround Trump as nearly every organization he has led is under investigation

Two years after Donald Trump won the presidency, nearly every organization he has led in the past decade is under investigation. By David A. Fahrenthold, Matt Zapotosky and Seung Min Kim The Washington Post Trump’s private company is contending with civil suits digging into its business with foreign governments and with looming state inquiries into its tax practices. Trump’s 2016 campaign is under scrutiny by special counsel Robert S. Mueller III, whose investigation into Russian interference has already led to guilty pleas ... Read More »

Việt Nam’s economy grows robustly but risks intensify

HÀ NỘI — Economic growth in Việt Nam had proven resilient despite weakening external conditions, driven mainly by strong domestic demand and a dynamic export-oriented manufacturing sector, according to the… Việt Nam News According to Taking Stock, the WB’s bi-annual economic report on Việt Nam which was released yesterday, the pace of expansion was forecast to remain at 6.8 per cent this year, higher than the projected figure of 6.3 per… Over the medium term, in line with global trends, ... Read More »

The Case for the 6-Hour Workday

The eight-hour workday harkens back to 19-century socialism. By Steve Glaveski Harvard Business Review When there was no upper limit to the hours that organizations could demand of factory workers, and the industrial revolution saw children as young as six-years-old working the coal mines, American labor unions fought hard to instill a 40-hour work week, eventually ratifying it as part of the Fair Labor Standards Act of 1938. So much has changed since then. The internet fundamentally changed the way we live, ... Read More »

VN and Greece promote trade and investment

Viet Nam News – HÀ NỘI — The Việt Nam Chamber of Commerce and Industry (VCCI) signed a co-operation agreement with the Federation of Greek Industries (SEV) and the Athens Chamber of Commerce and… The agreement was signed at the Việt Nam – Greek Business Forum, which attracted representatives from Vietnamese businesses and 16 leading Greek groups in the fields of food, olive oil production, garments and… Speaking at the forum, Greek Deputy Foreign Minister Terens-Nikolaos Quick said Việt Nam and ... Read More »

Not wiped out. Why Whyalla, of all places, now has a sustainable future

Whyalla will be wiped off the map by Julia Gillard’s carbon tax, Whyalla risks becoming a ghost town, an economic wasteland if this carbon tax goes ahead – Then opposition leader Tony Abbott, campaigning against Julia Gillard’s carbon tax in 2011. Michael O’Neil The Conversation Whyalla’s “death notice” has been written a number of times over the past 40 years, beginning with the closure of the shipyards in 1978, continuing with predictions of doom in the lead-up to the carbon ... Read More »

Sisi aspires for greater African integration

The “Africa 2018” forum held in Sharm al-Sheikh comes amid aspirations to achieve greater regional integration and to facilitate intraregional trade as well as increase investments between African… Al-Masry Al- Youm Egypt Independent He explained that this would be achieved through the implementation of joint and cross-border projects, especially in infrastructure, energy and information technology in light of the launch of the… In his speech at the opening session of the forum, Sisi said that Egypt aspires to achieve these ... Read More »

Group led by Thomas Piketty presents plan for ‘a fairer Europe’

Manifesto by progressive Europeans calls for €800bn of levies to tackle inequality, disillusionment, climate change and migration. Jennifer Rankin The Guardian A group of progressive Europeans led by the economist and author Thomas Piketty has drawn up a bold new blueprint for a fairer Europe to address the division, disenchantment, inequality and rightwing populism sweeping the continent. The plan, crafted by more than 50 economists, historians and former politicians from half a dozen countries, includes huge levies on multinationals, millionaires and carbon ... Read More »

Huawei exec’s arrest opens a new front in the US-China trade war

Hong Kong (CNN Business) – The conflict between the United States and China over trade and technology is expanding. Analysis by Jethro Mullen, CNN Business The arrest of a top executive at Chinese tech giant Huawei at the request of the US government has angered Beijing, alarmed investors and raised new doubts about the fragile truce that the leaders of the world’s top two economies reached just days ago. “You have to see this as a significant escalation in the trade ... Read More »

What moves markets more, Twitter or traditional news?

Can a single tweet make a country’s currency depreciate by 16%? Apparently it did on August 10, when Donald Trump tweeted that US tariffs on Turkish steel and aluminium would rise sharply. Authors: The Conversation Amid 36,100 retweets, and calls by Turkish President Recep Tayyip Erdoğan for his people to dump foreign assets, the Turkish lira plunged. It’s not just the president of the United States that has such Twitter power. Around the same time, Elon Musk’s infamous tweet about ... Read More »

Russia’s Gas Strategy Gets Help From Turkey

The Turkish Stream pipeline will make Ankara more energy dependent on Moscow. It will also give Russia a bigger energy foothold in Europe. Marc Pierini Carnegie Europe It was November 19 in Istanbul. There, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdoğan held a ceremony marking the completion of the first underwater segment of the Turkish Stream gas pipeline, linking Russia to Turkey’s European shores. The project is a vivid illustration of Moscow’s strategy to strengthen its position ... Read More »

The Pentagon Doesn’t Know Where Its Money Goes

The military finally submits to an audit, and the results are poor. The Editorial Board The New York Times After decades of ducking the legal requirement that it undergo a thorough financial audit, the Pentagon finally opened up its books to 1,200 outside accountants and analysts. The report was recentlycompleted, and here’s the good news: The Army Corps of Engineers (most of it, anyway) and the Military Retirement Fund passed the audit. The bad news: The Army, Navy, Air Force and Marines and most other ... Read More »

‘Escalation’: Trump’s meeting with Xi likely to make trade war much worse, says Goldman Sachs

President Donald Trump and his Chinese counterpart Xi Jinping will meet on the sidelines of the G20 summit in Buenos Aires, Argentina this weekend, in what is among the most widely watched bilateral meetings of 2018. Will Martin Brisbane Times There have been tentative signs that a deal may be struck, but according to analysts at Goldman Sachs, the most likely outcome of the meeting is that the trade war actually escalates. “We currently see ‘escalation’ as the most likely ... Read More »

Chinese government orders fishing boats to behave during G-20 summit

Beijing has issued a notice to Chinese fishing boats operating overseas, warning them to avoid illegal activities during the G-20 summit in Argentina this weekend. Nyshka Chandran CNBC Asia-Pacific The country’s Agricultural Ministry released a statement this week asking Chinese offshore fishing enterprises to stay at least three nautical miles away from other countries’ marine exclusive economic zones. This distance will ensure that violations such as cross-border fishing don’t occur, it… These measures are designed to protect China’s image as ... Read More »