Economy

The Brexit plan that could bring down the British government – explained

Two years after the referendum, the UK government briefly appeared to agree on its vision for the future UK-EU relationship. Nikos Skoutaris The Conversation A three page document, outlining the UK position, was published following a long meeting of cabinet ministers at the prime minister’s country retreat of Chequers on July 6. The new position aims to address the Irish border issue and potentially offers a softer version of Brexit than was previously talked about. It has prompted the resignation ... Read More »

Foreign trade turnover of Penza region in four months equals 151 mln dollars

The foreign trade turnover of the Penza region from January to April 2018 amounted to 150.6 million dollars, which is 11% higher than the result of the same period last year. PenzaNews This was reported by the press service of the regional Ministry of Economy with the reference to data from the Federal Customs Service of… The share of export equalled 45.2%, that of import – 54.8%. The export volume in four months amounted to 68.1 million dollars including that ... Read More »

Trump Should Just Give People Money

Ms. Lowrey is the author of a new book on universal basic income. The Trump administration, Republicans in Congress and conservative governors across the country want the government to be simpler, smaller and more effective — unless, that is, the government is dealing with the… Annie Lowrey The New York Times In a matter of months, hundreds of thousands of low-income residents of Arkansas, New Hampshire and Indiana will have to convince local bureaucrats that they have a job or are ... Read More »

World’s Largest Crypto Exchange Eyes $1 Billion Profit Amid Rout

This year’s cryptocurrency crash has saddled bulls with billions of dollars in losses, but the world’s largest virtual currency exchange is still making money hand over fist. Cindy Wang Bloomberg Binance expects a net profit of $500 million to $1 billion in 2018, according to its chief executive officer. First half revenue was about $300 million, Changpeng Zhao said in an interview. Average daily turnover at his venue, which opened a year ago, is roughly $1.5 billion, and Binance now ... Read More »

What’s the real price of getting rid of plastic packaging?

The Economics of Change Crunching the numbers of how much switching might cost us How much would it cost to switch to plastic alternatives? Richard Gray crunches the numbers. By Richard Gray BBC Walking along a short section of stony beach, Claire Waluda stoops briefly to pick up something from between the rocks. It is a brightly coloured plastic bottle top – just one of hundreds of bits of plastic that she finds washed ashore on the remote, windswept island ... Read More »

The cost of child care is driving Americans away from parenthood

American adults are having fewer kids—or foregoing parenthood entirely. A new survey conducted by Morning Consult for The New York Times sheds light on the dynamics behind the trend. Annabelle Timsit Quartz The survey of 1,858 men and women between 20 to 45 years old identified plenty of personal factors that influence their choices about parenthood. But high on the list was a purely financial concern: The cost of child care. Among survey respondents who either had children or planned ... Read More »

Lessons in Chinese history as America shuts off from the world

Those who have studied history understand the importance of being engaged in the global economy. Walid Hejazi The Conversation Two thousand years ago, China represented nearly 25 per cent of the global economy. In 1600, it was 30 per cent, and a third in 1820. The country was a global powerhouse, to say the least. There is a famous story from 1792 when King George III’s ambassador led a trade mission to China with a cargo of the latest European ... Read More »

‘She’s in BIG trouble’ Ministers warn May – Brexiteers will REJECT EU customs union plan

THERESA MAY has been warned by senior ministers that her latest EU customs plan will be rejected by Brexit-backing Tory MPs. By MACER HALL – EXCLUSIVE Express The Prime Minister is due to brief her top team on a new “third way” compromise proposal for future customs links with Brussels at a crunch Cabinet meeting at her country residence Chequers on Friday. And her officials expressed hope that the blueprint – combining two earlier options that bitterly divided ministers – will be a ... Read More »

Qatar to maintain LNG dominance despite regional embargo

In 2017, Qatar produced 18.1 billion cubic feet of natural gas per day (bcfd). Almost all natural gas comes from various developments on the North Field, which is considered the largest non-associated gas structure in the world. By GlobalData Energy Hydrocarbons Technology The field has a combined processing and export capacity of 77.4 million tonnes per annum (mtpa) of LNG. The Qatargas and Rasgas projects are the largest contributors to production on the field and are joint ventures between Qatargas ... Read More »

An Alternative Way to Deal with the Cyprus Co-Op Bank

Socialising the losses and privatising the gains I have written two articles on the subject of “the Deal” sought and negotiated by the Government for privatising the ailing Co-Op Bank in Cyprus. Savvas Savvides StockWatch I continue here with “Socialising the losses and privatising the gains – Part 3” which provides an alternative proposal than the one that the Government arrived at with Hellenic Bank. It makes the argument that the concessions made in desperation to the Hellenic Bank (which ... Read More »

HMRC data disaster sees pensions CUT BY HALF – are YOU affected?

PAYMENTS will be cut by HALF for some pensioners as the HMRC tries to correct a catalogue of catastrophically expensive cock-ups and blunders which went unseen and unchecked for decades. Joe Gamp Express Although they have done NOTHING wrong some pensioners will see £10,000 wiped from their nest-egg. The string of payment errors made by HMRC dating back over four decades will hit tens of thousands of British pensioners. The Inland Revenue cock-ups came to light during a ‘data clean-up’ ... Read More »

China-Pakistan Economic Corridor: Opportunities and Risks

The China-Pakistan Economic Corridor, opened in 2015, could bring needed jobs and investment to Pakistan. But many projects also risk widening social divides and heightening political tensions along the route. With Beijing’s support, Islamabad should seek the… ICG What’s new? Pakistani leaders say the China-Pakistan Economic Corridor (CPEC), launched in 2015, is a “game changer” for the country’s ailing economy. But opaque plans for the corridor, the upheaval likely to affect locals along its route, and profits flowing mostly to ... Read More »

Brexit LAST CHANCE: Donald Tusk warns May ‘last call to lay cards on table’ at EU summit

DONALD Tusk has warned Theresa May that this is “the last call to lay the cards on the table” over Brexit on the final day of a tense two-day EU summit. Rebecca Perring Express He told a press conference: “The EU 27 has taken note of what has been achieved so far. “However there is a great deal of work ahead, the most difficult tasks are still unresolved. “If she wants to reach a deal in October we need quick ... Read More »

How the Iran sanctions drama intersects with OPEC-plus

Major states buying oil from Iran are unlikely to heed the US call to drop imports; key allies want a waiver to avoid sanctions; OPEC, meanwhile, will have trouble boosting output in the short-term; the puzzle is not solved, but there are dark clouds. Pepe Escobar Asia Times History may have registered stranger geoeconomic bedfellows. But in the current OPEC-plus world, the rules of the game are now de facto controlled by OPEC powerhouse Saudi Arabia in concert with non-OPEC Russia. Russia ... Read More »

Macron on Trump suggestion to leave EU: ‘You can imagine my response’

The US president offered a better trade deal for France than with the rest of the EU. Andrew Gray Politico French President Emmanuel Macron said Friday he would not comment directly on a report that Donald Trump suggested France leave the EU — but his commitment to Europe made clear what his response would have been. Back in April, Trump proposed to Macron that France leave the EU, the Washington Post reported, citing two European officials, and said that if Paris ... Read More »

China caught in a conundrum over economic policy

Central bank governor Yi’s calming message fails to ease market and currency concerns as NIFD warns of ‘financial panic’ in leaked report Gordon Watts Asia Times Stay calm and don’t panic. Sound advice. But it appears no one is listening to Yi Gang, the People’s Bank of China governor. As fears grow of a trade war between Beijing and Washington, the… Last week, Yi called for investors to “remain calm” after the benchmark Shanghai Composite Index dropped 3.78%, dipping below ... Read More »