Economy

Find parenting tough? Be glad you’re not American

I have a news flash: being a grandad beats being a parent. Parenting is now a much tougher gig, whereas grandparenting is all care and no responsibility. And it’s a lot cheaper. Ross Gittins The Age These thoughts are prompted by an article in the New York Times, in which Claire Cain Miller writes that parenthood in the United States has become much more demanding than it used to be. “Over just a couple of generations,” she writes, “parents have greatly ... Read More »

The Center Left and Globalization

After promising to reform both France and the European Union, President Emmanuel Macron is now struggling to reclaim the public’s confidence and prove that he is not the “President of the Rich.” Kemal Derviş and Caroline Conroy * Project Syndicate By pursuing a business-friendly reform agenda, Macron has fallen into a trap that center-left reformers everywhere seem incapable of avoiding. WASHINGTON, DC – Popular uprisings across France are threatening to shatter the hope that so many had placed in French President Emmanuel Macron ... Read More »

Japan withdraws from International Whaling Commission

Japan will resume commercial whaling in July 2019. Tokyo has long deflected criticism for its commercial whaling activities, arguing that eating whale meat is a part of its culture. DW Japan will withdraw from the International Whaling Commission (IWC), a government spokesman confirmed on Wednesday. The move sets the stage for Japan to resume commercial whaling activities next year. “Commercial whaling to be resumed from July next year will be limited to Japan’s territorial waters and exclusive economic zones. We ... Read More »

Whiff of Extinction Blows in Bull Market That Outlived Them All

It’s been derided as a house of cards, a gift to the one-percent, an experiment in monetary policy taken way too far. By Sarah Ponczek,  Elena Popina, and Vildana Hajric Bloomberg Now a bull market that for 10 years has confounded and chastened its detractors — by outlasting all its predecessors — is staggering up to death’s door. And haters and admirers alike are turning out to pronounce last rites. The fall has been swift, a spasm of nearly uninterrupted selling that dragged the S&P ... Read More »

US stocks endure worst Christmas Eve on record

Not even the truncated Christmas Eve session could halt the US market rout that’s gripped investors for three months. Elena Popina Brisbane Times The S&P 500 plunged almost 3 per cent to end at a 20-month low, in what was the worst final session before the Christmas holiday on record in the US, according to data compiled by Bloomberg. It was the busiest Christmas Eve since 2010, with more than 1.7 billion shares changing hands in the truncated session. “The ... Read More »

47% of Jobs Will Disappear in the next 25 Years, According to Oxford University

“No government is prepared,” The Economist reports. Philip Perry Big Think The Trump campaign ran on bringing jobs back to American shores, although mechanization has been the biggest reason for manufacturing jobs’ disappearance. Similar losses have led to populist movements in several other countries. But instead of a pro-job growth future, economists across the board predict further losses as AI, robotics, and other technologies continue to be ushered in. What is up for debate is how quickly this is likely to occur. ... Read More »

What if Donald Trump did fire the Federal Reserve chairman?

Reports that US President Donald Trump discussed whether he could fire Federal Reserve board chairman Jerome Powell with his advisers have produced widely differing opinions of what would happen if he did. Stephen Bartholomeusz The Age The reports elicited a peculiar response from the White House. While Trump himself remained silent, Treasury Secretary Steve Mnuchin tweeted on his behalf. “I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is ... Read More »

Trump says Fed is ‘the only problem’ of US economy

President Donald Trump has lashed out at the US central bank for stock market turmoil, saying the American economy’s only problem is the Fed itself. BBC In a tweet, Mr Trump said the Federal Reserve lacks understanding of markets and “necessary trade wars”. The salvo came as Mr Trump’s treasury secretary scrambles to calm nervous investors. The Dow Jones fell 400 points on Monday, before recovering slightly. Last week was its worst in a decade. The sharp decline comes amid ... Read More »

Corbyn: Brexit would go ahead even if Labour won snap election

Exclusive: opposition leader says he would go to Brussels to secure better deal if he was PM Heather Stuart The Guardian Jeremy Corbyn has defiantly restated Labour’s policy of leading Britain out of the European Union with a refashioned Brexit deal, shrugging off intense pressure from Labour MPs and activists for the party to throw its weight behind a… The Labour leader insisted that even if his party won a snap general election in the new year, he would seek to go ... Read More »

The Geopolitics of Greece: A Sea at its Heart

Throughout the history of Greece, its geography has been both a blessing and a curse, a blessing because it allowed Greece to dominate the “known Western world” for a good portion of Europe’s ancient history due to a combination of sea access and rugged topography. Stratfor In the ancient era, these were perfect conditions for a maritime city-state culture oriented toward commerce and one that was difficult to dislodge by more powerful land-based opponents. This geography incubated the West’s first ... Read More »

China will ’never seek hegemony,’ Xi says in reform speech

China will never pursue hegemony, President Xi Jinping said Tuesday as global concerns persist over the country’s growing economic influence. BEIJING – Associated Press Hurriyet During a speech to mark 40 years of market reforms, Xi repeated China’s commitment to a multilateral trading system and further opening of its economy. However, he did not announce any new initiatives to counter a slowing economy and trade frictions with the United States. The Chinese leader said China would not develop “at the expense of other countries’ ... Read More »

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 »