The libertarian developer looming over West Maui’s water conflict
Just weeks after the deadliest wildfire in modern U.S. history ripped through the coastal town of Lāhainā, Native Hawaiian taro farmers, environmentalists, and other residents of West Maui crowded into
Three in four young people are not being protected by employment rights
A new Trades Union Congress (TUC) report published on Thursday 30 November reveals that nearly three-quarters (72%) of young people aged 16 to 24 miss out on key employment rights at work.
US oil and gas extraction is at a new high and will likely stay near record levels through 2050
For the US, it isn’t a good look in the lead-up to this week’s United Nations conference on climate change (COP28). The country will pull record quantities of oil and gas out
Vietnam reels from historic €11.4 billion corruption scandal
Vietnam has been rocked by its largest corruption scandal to date after authorities last month arrested a prominent real estate developer over allegedly embezzling nearly €11.4 billion ($12.4 billion), the equivalent
Brazil’s politicians, unions, and workers can’t agree on how to protect gig labor
While on the campaign trail in 2022, Brazilian President Luiz Inácio Lula da Silva made it clear he wanted to take on gig work platforms. “We’re not against someone working
European lawmakers give green light to ‘model’ NZ trade deal
Lawmakers in the European Parliament on Wednesday signed off on the bloc’s free-trade agreement with New Zealand, heralded as Brussels’ gold standard for making its trade deals greener. “This is the most
Nigerian workers’ wages diminish as inflation rises and gov’t revenue dips
Lagos, Nigeria – When Yusuf Mogaji joined Nigeria’s federal civil service as a non-teaching staff member at the University of Ilorin in 2015, he had dreams of building his own house.
Economic models buckle under strain of climate reality
Nov 22 (Reuters) – Ahead of international climate talks in Dubai this month, economists are updating estimates of the impact of global warming on the world economy, sometimes calculating down
Somalia’s devastating floods have now caused food prices to rocket – leaving countless people in peril
Somalia has recently seen the worst flooding it’s had in a century. Dozens of people have been killed, and 1.6 million people have been affected. Moreover, the flooding has cut off communities
German farmers: Ukraine membership would spell end of EU farming system
Following last week’s recommendation by the European Commission to open formal accession talks with Ukraine, Joachim Rukwied, the president of the German Farmers’ Association (DBV), warned of its consequences on the
Energy Department tries to boost US battery industry with another $3.5 billion in funding
The Energy Department is making a push to strengthen the U.S. battery supply chain, announcing up to $3.5 billion for companies that produce batteries and the critical minerals that go
South Africans are breaking the law to get Elon Musk’s Starlink internet
Small business owner Sozwani Joko felt he wasn’t getting the one vital resource he needed to run his community internet cafe: a strong internet connection. His services – video conferencing,
Hedge fund recruits investigative journalists to help with investment
Hunterbrook, an investment firm, has begun hiring financial journalists who will support its research team in identifying deals. The writing room, which will operate independently of the investment division, will
Maine voters reject effort to create the first statewide public power company
Voters in Maine overwhelmingly rejected scuttling the state’s for-profit utilities in favor of a public power company that would have been governed by a board of elected and appointed officials. The referendum was
Global fossil fuel production plans far exceed climate targets, UN says
LONDON, Nov 8 (Reuters) – Global fossil fuel production in 2030 is set to be more than double the level deemed consistent with meeting climate goals set under the 2015
Greece: Cost of living crisis hits ordinary households hard
“The money I now spend in the supermarket to buy three day’s worths of food for my family, last year was enough for an entire week’s worth of groceries,” Anna
A Hidden System of Exploitation Underpins US Hospitals’ Employment of Foreign Nurses
TALLAHASSEE, Florida — When Rachel started her job as a nurse in the internal medicine unit at Tallahassee Memorial HealthCare last year, it felt like the realization of a dream
‘Time to Exit ISDS’: Hundreds of Groups Call On US to Ditch Corporate-Friendly Trade Regime
More than 200 civil society groups on Thursday called on the Biden administration to protect climate, health, and other public interest policies across the Americas by dismantling a trade regime
Investors are unsettled as funding is drying up for Africa’s startup ecosystem
VC funding in the African startup ecosystem has steadily declined in 2023, causing experts to worry about the future of the once fast-growing sector. With fewer investors willing to bet
Crumbling buildings and broken dreams: China’s unfinished homes
Taichung, Taiwan – Around a tiled square on the outskirts of the Chinese city of Nanjing, a cluster of apartment buildings rise like concrete columns towards a grey sky. At first
Rishi Sunak carries out Liz Truss plan to axe cap on bankers’ bonuses
Rishi Sunak is pushing ahead with Liz Truss’s plan to axe the cap on bankers’ bonuses despite warnings that boosting bumper payouts for the rich is “obscene”. Scrapping the limit on multimillion-pound bonuses
NGOs launch 2024 EU elections manifesto calling for bold action on sustainable finance
(Thursday 26th October) Today, a group of over 20 NGOs coordinated by ShareAction through the European Responsible Investment Network (ERIN), has published a manifesto for the EU elections calling on
When Recycling Comes to the Construction Industry
When calculating our environmental footprint, people usually consider their consumption of things like food, flights, and fuel for heating or run the car. But a major contributor to carbon emissions
Warren Buffett’s company joins oil-buying frenzy this week by resuming its Occidental Petroleum buys
Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway’s purchases of Occidental Petroleum stock for the first time in four months. Buffett’s
Indonesia: Corruption scandals escalate as election nears
Indonesia has been hit by a series of corruption scandals whereby several leading officials have been accused of wrongdoing. The latest allegation came against the former Minister of Agriculture Syahrul Yasin Limpo. Earlier
Exxon in talks to join UN-led methane reporting pact -sources
Oct 19 (Reuters) – Exxon Mobil (XOM.N) is considering joining a U.N.-led initiative that would require disclosing more details of its global methane output, two people familiar with the matter told Reuters, a
Argentina’s gig workers are rallying against regulation — and supporting the libertarian candidate
Activist gig workers are handing out ballots and campaign materials as part of their delivery runs. The incumbent party has introduced a bill to classify gig workers as employees, stoking
Government slammed over ‘bizarre’ use of Amazon to give fuel poverty advice
A joint campaign by Amazon and the government to offer struggling families money-saving advice has been slammed by an employee of the tech giant who said its own staff are
Why is Goldman Sachs suing Malaysia over 1MDB scandal?
The United States investment bank Goldman Sachs has sued Malaysia in a London arbitration court amid rising tension over a settlement deal reached in connection with the bank’s role
Claudia Goldin wins Nobel Prize in Economics 2023
The Royal Swedish Academy of Sciences on Monday awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, more commonly known as the Nobel Prize in Economics,
US: As climate risks mount, the insurance safety net is collapsing
“We’ve got ourselves a little monster out there,” anchorman Jim Cantore warned, facing the camera in the Weather Channel’s newsroom on a sultry August weekend in 1992. At first, few in
Analysis: How the UK has spent its foreign aid on climate change since 2011
A new investigation by Carbon Brief reveals exactly how much of the UK’s foreign-aid budget is being used – and how – to help nations in the global south to
Australia to rejoin Global Climate Fund it abandoned in 2018
Australia has announced it will rejoin the United Nations climate fund set up to help poorer countries deal with the challenges of a heating planet ahead of a key donor
Japan’s sleep-deprived employees embrace the workplace nap
Japan’s ministry of health and welfare has called on the public to sleep longer and better after two recent reports determined that Japanese people are not getting enough shut-eye. And
Laid-off workers hesitate to rejoin Pakistan’s yo-yoing phone assembly industry
Pakistan’s mobile assembly industry was poised to take off, but a foreign exchange crisis caused the nascent, import-dependent sector to crash. Only 10.6 million phones have been manufactured so far
A new study finds returns on ESG ETFs to be “unremarkable”
Investors searching for alpha—to beat the market—won’t find it in socially responsible investing. A new study examining a decade of data finds portfolios of exchange-traded funds (ETFs) that follow environmental, social, and
Rishi Sunak to sign UK-India trade deal without binding worker or environment pledges
LONDON — Prime Minister Rishi Sunak’s trade deal with India will not include legally enforceable commitments on labor rights or environmental standards, five people briefed on the text have told
Rising poverty grips Argentina as runaway inflation takes its toll
BUENOS AIRES, Argentina (AP) — With tired faces, residents of a homeless shelter in Argentina’s capital pass through the main entrance and line up to receive a hot drink and
Brazil’s Supreme Court upholds Indigenous rights to reclaim land
The justices of Brazil’s Supreme Court voted 9-2 last week against a legal framework that would have made it impossible for Indigenous tribal leaders to reclaim traditional land and that
How India is seeking to gain ground on China
At first glance, the scene is just one of countless images of India’s contrasts. A child walks naked down a dusty street near a group of huts with corrugated iron roofs,
Singapore’s clean image under scrutiny amid money laundering scandal
Singapore – Singapore’s image as a squeaky-clean business hub is under scrutiny amid a huge money laundering scandal that has so far resulted in 10 arrests and the seizure of assets
Google Recruiting Propels Zurich Home Prices Past London, Paris
Zurich has become one of Europe’s hottest housing markets, with prices surging past London and Paris and showing how local shortages can offset interest rate hikes. With demand in the Swiss
U.S. aids Pakistan IMF bailout with secret Ukraine arms deal
SECRET PAKISTANI ARMS sales to the U.S. helped to facilitate a controversial bailout from the International Monetary Fund earlier this year, according to two sources with knowledge of the arrangement,
Panama Canal drought: Rolling ecological crisis is raising prices everywhere
It’s been another summer of extreme weather and the relentless drumbeat of climate change syncopating with the warm-water Pacific Ocean cycle of El Niño has reverberated across the globe. Floods in the
China denounces Europe investigation of EVs
China on Thursday warned that looking into Chinese state subsidies for electric vehicles would have a “negative impact” on economic and trade ties between the bloc and Beijing. The Chinese commerce ministry deemed the
Muhammad Yunus, the father of microfinance, is facing a prison sentence
Among foreign economists and civil society activists, the Nobel laureate Muhammad Yunus is an icon for extending microloans to those too poor to access conventional banks. But at home, in Bangladesh, he has
The U.S. is racing to source chips from Vietnam — but engineers are scant
The U.S. and Vietnam have leveled up their diplomatic relationship, including with an agreement that would put CHIPS Act funding towards growing the semiconductor industry in Vietnam. But for the
Norway will deliver gas to Europe for as long as needed, climate minister says
OSLO, Sept 15 (Reuters) – Norway will continue to deliver natural gas to Europe for as long as needed while also working to decarbonise the continent’s energy systems, its climate
New report exposes high number of anonymous UK property owners
Over two-thirds of properties in the UK held by overseas shell companies still do not publish information about the identity of their owners. That’s according to new research from the London School
India seeks a greater voice for the developing world at G20 but the Ukraine war may overshadow talks
NEW DELHI (AP) — It’s never been easy for the leaders of the world’s largest economies to find common ground, but Russia’s war on Ukraine has made it even harder
The International Monetary Fund: ‘Dollarization is not a substitute for a sustainable fiscal policy’
Latin America is suffering the economic effects of the post-pandemic period, but Chilean Rodrigo Valdés, 56, the economist responsible for the Western Hemisphere Department of the International Monetary Fund (IMF),
Ecuador faces economic dilemma after vote to ban oil drilling in the Amazon
Ecuador’s historic vote to leave the Amazon rainforest’s oil reserves underground contrasts sharply with the results of the presidential elections held on the same day, and leaves the troubled country
Philippines’ Marcos orders price cap for rice amid ‘alarming’ price surge
The Philippines has imposed a price cap on rice as the Southeast Asian country grapples with some of the highest inflation in the region. President Ferdinand Marcos Jr signed an
As the UN designs a new carbon market, experts call for a different approach
Back in 2015, when 174 countries and the European Union came together to finalize the Paris Agreement, each agreed to do its part to slash greenhouse gas emissions. Signatories put forward
UK weighing exit from controversial energy treaty
LONDON — The U.K. is reviewing its membership of the Energy Charter Treaty, a controversial international investment agreement, over fears it could hold back the country’s net zero plans. Energy
How Lebanon was plundered by its own central bank
Before the start of the economic crisis in Lebanon in 2019, the governor of the country’s central bank, Riad Salameh, had a strong reputation as one of the world’s best. But by the
Nigeria’s currency devaluation is a disaster for startups
In July, when Nigerian agritech startup Winich Farms shared its quarterly financial report with stakeholders, it reported all the figures twice. One version used the old official currency rate of
Japan eyes over $14 bln in green transformation spending – govt
TOKYO, Aug 23 (Reuters) – Japan aims to spend over 2 trillion yen ($14 billion) on green transformation to promote local production of storage batteries, semiconductors and equipment to produce
Climate change is making debt more expensive – new study
Earth is overheating due to the greenhouse gas emissions from burning fossil fuels. This is “the biggest market failure the world has seen” according to economist Nicholas Stern. The rational behaviour
Queues for bread and no formula milk: Motherhood in blockaded Nagorno-Karabakh
Mary Grigoryan’s day starts when the electricity is switched on, so she can heat up sugarless tea for her children’s breakfast. Energy use in the disputed territory of Nagorno-Karabakh, which
Renewables are exacerbating modern slavery — how businesses can act
When Mahendra Pandey was a teenager, he traveled from his home country of Nepal to Saudi Arabia for work. He said his passport was confiscated upon arrival, and he was
H&M probes alleged Myanmar factory abuses as pressure intensifies
H&M, the world’s second-largest fashion retailer, is investigating 20 alleged instances of labour abuse at Myanmar garment factories that supply it, Reuters news agency has reported, just weeks after Zara-owner Inditex, the
LNG supplies: Why Europe is spooked by Australian strike
Prospective strike action by workers at Australia’s second-largest liquefied natural gas (LNG) plant is being closely watched by European policymakers, concerned that a second winter of soaring energy prices could cause inflation to rebound. European
US escalates trade dispute with Mexico over limits on genetically modified corn
The U.S. government said Thursday it is formally requesting a dispute settlement panel in its ongoing row with Mexico over its limits on genetically modified corn. Mexico’s Economy Department said it
Toronto Takes on Silicon Valley to Become AI Startup Hub
Few figures have loomed larger in recent public dialogue over artificial intelligence than Geoffrey Hinton, the groundbreaking AI researcher who famously left Google Brain in May, saying he wanted to be free
Offices: how bad will the coming property crunch be?
There has been much talk for a while about offices heading for the buffers. The nightmare scenario is many thousands of office buildings being deemed virtually worthless as leases come up for
What the Amazon Summit means for deforestation and climate change
At a meeting in Belém, Brazil, on 8-9 August, heads of state and foreign ministers gathered to discuss how to take a cooperative approach to a range of issues, including
Another week, another push to “Make in India”
The Indian government has made yet another attempt to give its flagship Make in India initiative a push. On August 3, India said companies importing laptops, tablets, and PCs into
India’s wild price swings for tomatoes make and lose fortunes
“Tomato King” Ramesh Pangal, a farmer in the north Indian state of Haryana, had a good yield despite a heatwave that began earlier than usual this summer. By May, the
The US government’s debt has been downgraded. Here’s what to know
WASHINGTON (AP) — Late Tuesday, Fitch Ratings became the second of the three major credit-rating firms to remove its coveted triple-A assessment of the United States government’s credit worthiness, a move that
Failing UK anti-pollution scheme needs ‘complete rethink’, experts say
Scientists and campaigners have slammed the government’s decision to hand unexpectedly large subsidies to the biggest polluters – making it far cheaper to pollute in the UK than in the
Russia strikes Ukraine’s Danube port, driving up global grain prices
KYIV, Aug 2 (Reuters) – Russia attacked Ukraine’s main inland port across the Danube River from Romania on Wednesday, sending global food prices higher as it ramped up its use
Deep-sea mining risks costing everyone – including mining companies – the Earth
Deep-sea mining is the subject of ongoing discussions at the International Seabed Authority (ISA). Such mining would pose substantial risks to marine life and ecosystems, as well as humans, which are
Clean fuel storage attracts big business amid energy shift
With Europe’s deepening commitment to decarbonizing the energy it uses — and to weaning itself off Russian imports — comes a desperate need to replace its fossil fuel habit with green alternatives. As 70%
Yellen visits Vietnam to build US ties and push supply chain diversity to offset tensions with China
The U.S. considers building strong economic and security ties with Vietnam a priority, U.S. Treasury Secretary Janet Yellen said Thursday as she met with Vietnamese officials in a visit aimed at fortifying
Greenhushing, explained: Why companies have stopped talking about their climate pledges
Not long ago, the world’s biggest companies were making splashy promises to tackle climate change. Even those in the business of selling fossil fuels — like BP and Shell —
Novatek set to oust Gazprom as Russia’s top gas supplier to Europe
MOSCOW, July 21 (Reuters) – Increased supplies of liquefied natural gas (LNG) from Russia’s Novatek (NVTK.MM) mean the company is close to overtaking Kremlin-controlled Gazprom (GAZP.MM) as the country’s leading fuel supplier to Europe,
As Cuba’s private sector roars back, choices and inequality rise
Güines, Mayabeque – “Capitalism must be uprooted, parasitism must be uprooted, the exploitation of man must be uprooted,” cried Fidel Castro in 1968 to rapturous applause, explaining his decision to ban
Europe’s latest energy security tactic: hoarding Chinese solar panels
Russia’s invasion of Ukraine last February, and Moscow’s subsequent throttling of natural gas supplies to Europe, threw global energy markets into disarray. Europe panicked as it confronted the ugly reality of its fragile
New visa programs spark brain drain fears across Africa
When Edmund Ekott, a Nigerian front-end developer, decided to relocate to Germany in 2022, he had to deal with an exasperating immigration process. He went through a prolonged back-and-forth with
Rice crops are being threatened by El Nino after grain supplies were disrupted by the war in Ukraine
NEW DELHI (AP) — Warmer, drier weather because of an earlier than usual El Nino is expected to hamper rice production across Asia, hitting global food security in a world
International negotiators just missed a deadline to regulate deep-sea mining. Now what?
This month, a small group of diplomats is meeting to hash out a plan that could affect the future of nearly half of Earth’s surface — including regions containing metals that are vital for
Rishi Sunak hikes public sector pay — but the devil’s in the details
LONDON — Rishi Sunak’s finally splashing the cash. But will his latest round of pay rises be enough to calm restive public sector workers? On Thursday the U.K. prime minister
Revealed: Major US banks are funding anti-LGBTIQ groups
The Bank of America and Goldman Sachs have both been lauded for their LGBTIQ-friendly workplaces. But tax filings uncovered by openDemocracy show nonprofit foundations linked to the banks have also
World’s richest people added $852 billion to their fortunes in the first half of 2023
The world’s 500 richest people added $852 billion (about €780 billion) to their personal fortunes in the first half of the year, according to Bloomberg data. On average, each member
Mexico’s growing e-commerce infrastructure is built on top of its smallest shops
Online sales in Mexico grew by 80% in 2020, and they’ve since kept growing by over 20% every year. Amid this trend, neighborhood corner shops, laundromats, and office supply stores
How holidaying in developing countries affects local inequality
A few years ago, one of us (Alex) went for a vacation to the Dominican Republic. The motivation was similar to millions of other tourists every year: escape the daily
UK-US: What’s happened to their free trade deal?
US President Joe Biden’s upcoming European trip, where he will be popping in to see UK Prime Minister Rishi Sunak, will no doubt reinforce the optics of the “special relationship,” but
The key points of Sri Lanka’s plan to restructure domestic debt
The Central Bank of Sri Lanka (CBSL) has unveiled a far-reaching domestic debt restructuring plan aimed at restoring stability in the crisis-hit country. The move on Thursday comes as the
Public Pension Funds Have Lost Billions on Their Fossil Fuel Investments: New Analysis
For U.S. public pension funds, divesting from oil, coal, and gas would result in overall higher financial value. That is the key takeaway from a new study examining the past decade’s portfolio
Chinese businesses want more trade as EU becomes more sceptical
As the EU starts using a more political lens to analyse its trade relations with China, Chinese companies are still trying to convince Europeans of the benefits of a close
‘Climate washing’ lawsuits jump as more activists challenge corporate claims, report shows
LONDON, June 29 (Reuters) – “Climate washing” litigation has risen sharply in the last two years as environmental groups and governments grow frustrated with corporate claims about their contribution to
Greenwashing concerns: Is Brazil paper company sustainable?
Members of the Curvelandia community in Brazil’s north-eastern Maranhao state used branches and palm fronds at the beginning of this year to create a barricade across the red dirt road that runs
Cost of living is driving one in four workers globally to look for new jobs
The rising cost of living is causing employed people to look for either higher pay with a new job or take on additional jobs, according to the recently released Global Workforce Hopes and
Pivotal case against UK fossil fuel project gets its day in the Supreme Court
A legal challenge against an onshore oil project in Horse Hill, Surrey will be heard in the Supreme Court on 21 and 22 June. The years-long case challenges Surrey County Council’s failure
Are low-traffic neighbourhoods greenwashing? Here’s what the evidence says
Since the pandemic, a series of low-traffic neighbourhoods (LTNs) have been installed across the UK. LTNs are designed to curtail car use in residential streets and promote active modes of travel such
US: Renewable group shifts position, shakes up hydrogen debate
One of the nation’s largest renewable trade groups unveiled revised recommendations Thursday on how “green” hydrogen emissions should be counted under the Inflation Reduction Act, highlighting the challenge facing the
How Emefiele, Nigeria’s powerful central bank chief lost his seat
Lagos, Nigeria – Last Friday Nigeria’s new President Bola Tinubu suspended the country’s Central Bank Governor Godwin Emefiele. On Saturday, Nigeria’s secret police confirmed the erstwhile top banker has been arrested
Africa’s Richest City Is Crumbling Under Chaos and Corruption
Solomon Owa’s fingers work quickly as he speaks over the hum of his sewing machine. That’s because the hum of his sewing machine might stop at any moment. “In a
Net zero targets among world’s largest companies double, but credibility gaps undermine progress
Bonn, 12th June 2023: The globally-agreed mission to curtail climate change will be impossible unless national & sub-national governments and the largest companies urgently strengthen their targets, reports the Net Zero
India’s central bank sets a vision for a net-zero economy
India’s goal of achieving net zero emissions by 2070 raises important questions for policymakers regarding potential risks to the financial system and necessary policy reforms. These concerns are particularly relevant
China’s factory deflation steepens as demand wanes
BEIJING, June 9 (Reuters) – China’s factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing
Pakistan’s 4-day internet shutdown was the final straw for its tech workers
On May 16, frustrated with an unexpected internet shutdown in Pakistan, Karachi-based app developer Wajahat Karim posted a poll on LinkedIn. The 32-year-old asked his connections if they wanted to move
Revealed: Labour taking free staff from scandal-hit consulting firms
Labour went cap-in-hand to two scandal-hit consultancy firms that its own shadow chancellor said should be broken up, openDemocracy can reveal. The party has quietly accepted more than £230,000 worth
Europe sees inflation drop to 6.1%, but real relief for consumers will take months
FRANKFURT, Germany (AP) — Europe’s inflation took a positive turn with a significant drop to 6.1%, but prices are still posing a pinch to shoppers who are yet to see
Glencore a big winner of Germany’s Colombian coal binge
The German and Colombian governments both have detailed decarbonization strategies to take on climate change. Still, the real beneficiary of this green transition is actually based in Switzerland. Almost a year
US: CEOs got smaller raises. It would still take the average worker 2 lifetimes to make their annual pay
After ballooning for years, CEO pay growth is finally slowing. The typical compensation package for chief executives who run S&P 500 companies rose just 0.9 percent last year, to a
Straightening Turkey’s economy: The main challenge of Erdogan’s new term
Prices that double every year, the Turkish lira at record lows, the Central Bank’s foreign exchange reserves in negative for the first time in 21 years, a tangle of regulations
How an energy giant helped law enforcement quell the Standing Rock protests
By March 2017, the fight over the construction of the Dakota Access Pipeline had been underway for months. Leaders of the movement to defend Indigenous rights on the land —
Belgium’s De Croo slams degrowth, joins call for a regulatory break
Belgian Prime Minister Alexander De Croo on Monday (22 May) criticised the idea of not growing the economy for environmental reasons, joining calls to stop environmental and health-related regulation to
Tiger protection in India also saved 1 million tonnes of carbon emissions – new study
The year 2023 coincided with the 50th anniversary of India’s groundbreaking Project Tiger, an innovative programme designed to rescue the country’s iconic big cat from the precipice of extinction. In
Nigerians look to president-elect Tinubu for economic turnaround
Ilorin, Nigeria – On Monday, as Nigeria’s president-elect Bola Tinbu is sworn into office, Olusegun Badmus will be one of several million people watching. But for the 57-year-old bus driver
UK plays catch-up in chips war with £1B semiconductor strategy
LONDON — The U.K. will invest £1 billion over the next decade to secure semiconductor supplies and boost its chip design sector, Prime Minister Rishi Sunak announced in the early hours
Russia’s rupee problem risks harming trade ties with India
India has emerged as a major buyer of Russian oil over the past year, after Moscow’s invasion of Ukraine triggered Western sanctions, forcing Russia to offer its crude at discounted rates. The South
HGV driver says training more Brits won’t solve awful working conditions
A lorry driver has said Suella Braverman’s plan to end reliance on foreign workers by training more Brits ignores the awful working conditions putting people off the job. The home
Japan’s sleepy tech scene is ready for a comeback
Sho Hayashi might be a walking cliche in San Francisco or Austin. The 33-year-old founder, with two successful startups and a string of degrees to his name, met me in
The super-rich are gobbling up prime London properties at a rate not seen since Brexit
Everyone with a mortgage in London—and the rest of the UK—woke today (May 11) to the unwelcome news that interest rates, and therefore the cost of paying for their homes, are likely
The “Electrify Everything” Movement’s Consumption Problem
In 2019, Thea Riofrancos was splitting her time between researching the social and environmental impacts of lithium mining in Chile and organizing for a rapid energy transition away from fossil fuels
A Mysterious Mumbai Company Has Been Shipping Large Quantities of Russian Oil: Report
New Delhi: A mysterious Mumbai company registered as an exporter only on March 31 this year, has grown into a giant of international oil shipping in the last 18 months, Financial Times has
Yellen says G7 members looking at how to counter China’s ‘economic coercion’
NIIGATA, Japan, May 11 (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday said many members of the Group of Seven advanced economies shared U.S. concerns about China’s use of
AI: When the machines tell you where to invest: ‘You won’t always win’
It is eleven o’clock in the morning at the Madrid headquarters of the Renta 4 bank and a group of eight young people from various countries are typing away concentrated
Head of the UN’s COP28 climate conference claims fossil fuels still have a role to play
The United Arab Emirates (UAE) will host the UN‘s COP28 climate conference in November 2023. One of its senior politicians, sultan Al Jaber, is set to head up the event. However,
Effective Altruists Want to Engineer People to Sleep Less So They Can Work More
“Sleep is for the weak.” This expression is often tossed around jokingly. However, some effective altruists believe there is a moral imperative to get the human race to sleep less,
Digital bank runs: social media played a role in recent financial failures but could also help investors avoid panic
A crisis of confidence in the US banking sector led people to pull their money from banks including Silicon Valley Bank and Credit Suisse, and more recently, First Republic Bank and California-based PacWest
10 years after Rana Plaza, fast fashion still resists change
The collapse of the Rana Plaza garment factory building on the outskirts of Bangladesh’s capital city, Dhaka, on April 24, 2013 killed 1,138 people. Its legacy one decade on is a mix of
Half of Europe unable to spend enough to meet climate targets under current borrowing rules
New EU rules restricting government borrowing would prevent all but four European countries from investing enough to meet their Paris climate commitments and limit global heating to 1.5C, according to
Ukraine is reforming its welfare system as the cost of war rises
The Ukrainian government is continuing with wide-reaching reforms to its social welfare system as the country faces the ever-increasing cost of war with Russia, now in its second year. National
Africa fell in love with crypto. Now, it’s complicated
Amid waning consumer trust and regulatory pushbacks, African crypto startups are dealing with the lack of venture dollars needed to gain competitive advantage against local and global counterparts. Chiamaka, a
US: The Meat Industry Is Advertising Like Big Oil
Later this month, the National Cattlemen’s Beef Association (NCBA) will head to the 2023 National Agri-Marketing Association’s conference to see if its public relations campaign about beef’s sustainability can secure the national
China says drafting plans to boost recovery, expansion of consumption
BEIJING, April 19 (Reuters) – China is formulating plans to boost the recovery and expansion of consumption, the state planner’s spokesperson Meng Wei said on Wednesday, signaling officials are worried
In Peru, forest communities are fighting to regain ownership of protected land
On the morning of July 27, 2022, a small coalition of Shipibo fishers and local farmers living inside a protected area in the Peruvian Amazon steered their boats across a
IMF wants Egypt to make reforms before bailout review: Report
The International Monetary Fund wants Egypt to enact more of the reforms that Cairo has committed to before it conducts the first review of the country’s $3bn rescue package, Bloomberg
New India-born World Bank chief: Real change or rebranding?
The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by
Progress on forced labour products ban too slow, says leading rapporteur
The Swedish Presidency’s progress on the regulation to prohibit products made with forced labour from the EU is “good news, but not enough”, according to the European Parliament’s co-rapporteur on
Barcelona bets on green to boost city’s mental health
There are plenty of reasons for major cities to go green: to adapt to climate change, to lower emissions, to tackle air pollution. In Barcelona, urban planners are motivated by
NHS paid private firms £500m to ‘ease backlog’. Fewer patients got seen
The government handed almost half a billion pounds to private healthcare companies to fix the NHS backlog last year, yet is still struggling to treat any more patients than it
How company profits are keeping prices high
When major oil companies announced record earnings in February, even US President Joe Biden was appalled. The White House said it was “outrageous” that ExxonMobil had raked in a profit of $56 billion (€51 billion) in
M-Pesa has been huge for Kenya’s economy — and for scammers
In January 2022, Peter Mwanzo, a senior Nairobi police officer, became a high-profile victim of mobile money fraud. Scammers replaced his SIM card remotely, transferred 597,100 Kenyan shillings ($4,575)
World Bank falling short on climate action and locking countries into fossil fuels
Following the release of the Intergovernmental Panel on Climate Change’s (IPCC) ‘final warning’ report on the climate crisis, UN chief António Guterres warned: “Our world needs climate action on all fronts:
Zurich Insurance becomes second firm to quit climate alliance
LONDON, April 5 (Reuters) – Zurich Insurance Group (ZURN.S) said on Wednesday it was withdrawing from the Net Zero Insurance Alliance (NZIA), becoming the second founding member to quit the climate group
‘The Billionaire Bailout’: FDIC Chair Says the Biggest Deposit Accounts at SVB Held $13 Billion
In prepared testimony for a Senate Banking Committee hearing slated for Tuesday morning, the chair of the Federal Deposit Insurance Corporation reveals that the 10 largest deposit accounts at Silicon Valley Bank
The EU is wielding a new weapon in its trade battle with China
The European Union knows all too well what it means to be the target of economic coercion. Russia’s move to cut off gas flows to Europe is one example. China’s boycott and blockade of Lithuanian
Crypto sector sees an existential moment in the U.S.
Crypto businesses have warned for months that the Biden administration is quietly moving to push them out of the U.S. Now, with the collapse of three crypto-friendly banks, they say
Companies need more transparency on employee satisfaction and human rights – new Workforce Disclosure Initiative report reveals
For the sixth consecutive year, ShareAction’s survey of the world’s leading companies has revealed the trends of how these companies respond to the needs their workforces and supply chains. The
How Boris Johnson raked in £5m in 6 months after leaving office
Boris Johnson’s outside earnings have now hit £5m in the six months since he left office, new figures suggest. His latest disclosures, which came as he was grilled by MPs
Climate change could spur severe economic losses, Biden administration says
Climate change is generating major economic problems in the United States, the Biden administration said in an annual report published this week. The assumptions that higher-income countries like the U.S. would
How Nigerians are using WhatsApp groups to fight food inflation
As inflation rises above 20%, middle-class Nigerians are forming WhatsApp groups to buy food items in bulk directly from producers and share among themselves. For Cecelia Anahobi, a single mother
Italy’s Model for Renewable Energy Communities
San Giovanni a Teduccio is a working-class neighborhood on the outskirts of Naples, Italy. Once an industrial center, today it’s home to abandoned factories that sit in ruins by the
Honduras says economic factors fuelling pursuit of China ties
The Honduran foreign minister has said that a decision to pursue diplomatic relations with China and ditch ties with Taiwan was motivated by economic interests rather than ideology. Speaking to the Canal
South Korea yields on extended 69-hour working week after backlash from young workers
The government of South Korea has been forced to reconsider a proposal to raise the cap on weekly working hours to 69, due to widespread rejection by young people, who
DRC’s dilemma: Generate oil wealth or combat climate change?
The Democratic Republic of Congo wants more money for climate projects. Otherwise, oil drilling could replace fishermen in the world’s largest peat bog. And that could spell devastation for the
EU countries seek to weaken livestock emission limits
BRUSSELS, March 16 (Reuters) – European Union countries agreed on Thursday to try to reduce the number of farms covered by proposed rules to cut pollution and greenhouse gas emissions
Liquid gas industry fights to weaken EU climate plans ahead of key vote
Liquid gas companies are casting themselves as champions of rural communities in a bid to weaken proposals to slash the carbon emissions produced by heating Europe’s buildings, according to dozens
German workers want green transition, but not with lower pay
As industrialised countries shift towards climate neutrality, some industries such as coal mining will have to disappear, meaning workers need to retrain to find employment in other sectors. Other industries,
Anti-strike bill akin to modern slavery, legal experts tell MPs
The government’s plans to give employers powers to force striking workers back to work is akin to modern slavery, legal experts told MPs. Last month, business secretary Grant Shapps unveiled plans that
Power outages are killing South Africa’s gig economy
Bongani Mlilo started driving for the ride-hailing company Bolt in Thembisa, east of Johannesburg, in 2020. Things were smooth for the first two years. Mlilo earned about 6,000–7,000 rand ($325–$380)
Sri Lanka workers defy strike ban to protest IMF bailout plan
Sri Lankan workers have gone on strike in defiance of a government ban to protest against a rescue plan for the bankrupt island nation, forcing the closure of some hospitals,
UK government climate ‘aid’ set to displace indigenous villagers in India
“We are saying with folded hands that the only thing that we want is our lands to be saved. And if not land, then at least our houses.” The Canary spoke
Citizenship-by-investment programs are on the rise in Africa
African economies looking to attract fresh investments are turning to innovative programs that offer residence and dual citizenship opportunities to investors with deep pockets. Migration investment programs allow people to purchase
Countries split on plastics treaty focus as U.N. talks close
WASHINGTON, Dec 2 (Reuters) – The first round of negotiations on a global plastics treaty ended on Friday with agreement to end plastic pollution but a split on whether goals
President Muhammadu Buhari’s questionable legacy
In 2015, when he was elected president of Nigeria, Muhammadu Buhari made history in more than one sense. It was the first time an opposition candidate assumed the helm peacefully. And
China beats Tesla to Nigeria’s lithium riches
Kaduna, a state in northwestern Nigeria, has selected China’s Ming Xin Mineral Separation Nig Ltd. (MXMS) to build the country’s first lithium-processing plant, with a plan to manufacture batteries for
Home Office paying asylum seekers £1 an hour to clean detention centres
The Home Office has paid asylum seekers £1 an hour to carry out more than a million hours of work in the past five years, openDemocracy can reveal. The government
US nominates Ajay Banga for World Bank president
WASHINGTON (AP) — The United States is nominating former Mastercard CEO Ajay Banga to lead the World Bank, President Joe Biden announced on Thursday, crediting him with critical experience on global
Barclays scales down oil sands finance following investor pressure
(Wednesday 15th February) Today, Barclays published its annual report, where it committed to new restrictions on oil sands, following a long-term campaign from shareholders on the issue. From July, the bank will
Turkey cracks down on contractors of quake-struck buildings
Dozens of contractors were detained over the weekend in Turkey, as anger grows over the consequences of the devastating earthquakes and the government vows to take action against construction negligence
Big Oil’s Been Secretly Validating Critics’ Concerns about Carbon Capture
Last February, ExxonMobil announced it would further expand its only active carbon capture and storage (CCS) operation in the United States, located at a gas processing facility in LaBarge, Wyoming. Shute Creek is the
One year on, Ukraine exposes the limits of well-funded international aid
As the power returns following one of the now frequent electricity cuts that ripple across Ukraine, Kylyna Kurochka logs on to her laptop and finds herself faced with dozens of
‘iPhones are made in hell’: 3 months inside China’s iPhone city
Chinese factory laborers call jobs like Hunter’s “working the screws.” Until recently, the 34-year-old worked on the iPhone 14 Pro assembly line at a Foxconn factory in the central Chinese
‘Stop Union-Busting’: After 1,000+ Days Without Contract, NBC News Workers Walk Out
After working more than 1,000 days without a contract, more than 200 unionized NBC NewsDigitalworkers on Thursday launched a 24-hour walkout to protest the media giant’s ongoing “unfair labor practices,” including
The world needs lithium more than ever, and Latin America knows it
German chancellor Olaf Scholz flew to Latin America this week looking for one thing: lithium. Meeting with the leaders of Argentina, Chile, and Brazil — home to the so-called lithium triangle —
Shell’s board of directors sued over ‘flawed’ climate strategy in first-of-its-kind lawsuit
Shell’s board of directors are being personally sued over their alleged failure to properly manage risks associated with the climate crisis. The lawsuit says the British oil giant’s 11 directors
Hope for jobs drives recruitment by militant groups in Africa – report
JOHANNESBURG, Feb 7 (Reuters) – Hope of employment more than religious belief is driving people to join fast-growing extremist groups in sub-Saharan Africa, according to a report by the U.N.
Environment plan for England asks farmers to restore nature – but changes are likely to be superficial
The UK government’s environment improvement plan pledges to restore 500,000 hectares (1.2 million acres) of wildlife-rich habitat, create or expand 25 national parks, invest in the recovery of hedgehogs and
EU’s green industrial plan vague on clean tech, finance, critics say
The Commission’s ‘Green Deal Industrial Plan’, unveiled on Wednesday (1 February), promises simplified EU regulation for clean technologies, but critics say it lacks clarity and opens the door to unrestricted
UK government promises ‘confidentiality’ for Putin allies fighting sanctions
The government has promised Vladimir Putin’s cronies total privacy if they launch a legal bid to be removed from the UK’s sanctions list. The Foreign Office said it would be
‘Beyond imagination’: Pakistan PM warns of IMF bailout conditions
Pakistan’s Prime Minister Shehbaz Sharif has said that the government will have to agree to International Monetary Fund (IMF) bailout conditions that are “beyond imagination”. Sharif’s comments on Friday came
ShareAction response to European Parliament’s Economic and Monetary Affairs Committee decision to enhance the financial sector’s due diligence obligations
The European Parliament’s Economic and Monetary Affairs Committee (ECON) have committed to enhance the obligation on the financial sector to undertake due diligence on human rights and environmental impact. Commenting
A US research firm has accused Adani of pulling “the largest con in corporate history”
A US-based financial forensic firm has alleged that India’s Adani Group, led by the world’s third-richest person Gautam Adani, is involved in a massive and “brazen stock manipulation” and “accounting
How gold mining in Brazil is connected to hundreds of deaths
In mid-January, Brazil’s President Luiz Inacio Lula da Silva accused the country’s former president, Jair Bolsonaro, of facilitating genocide against the Indigenous Yanomami people, who live deep in the Amazon rainforest along the border
Greenwashing on food, drink, toiletry labels to be scrutinised in UK
LONDON, Jan 26 (Reuters) – Britain’s competition regulator will consider whether companies selling food, drink and toiletries are wrongly labelling products as “sustainable” or “better for the environment” in its
US: Financial world celebrates slowing wage and employment growth in new jobs report
The drops in both new jobs and wage growth contained in a Department of Labor report released on Friday elicited cheers from financial world insiders. “This is a really terrific jobs
Pedro Castillo: The 180 minutes that made Peru tremble
In the early days of his presidency, he was acclaimed by crowds in public squares as the humble man representing those who had never held power in Peru. On Wednesday,
Davos struggles to get used to a world without Russia
DAVOS, Switzerland — For the second year in a row, Western sanctions have prevented Russian officials and oligarchs from attending the World Economic Forum in Davos, the Swiss ski-resort town
Revealed: more than 90% of rainforest carbon offsets by biggest provider are worthless, analysis shows
The forest carbon offsets approved by the world’s leading provider and used by Disney, Shell, Gucci and other big corporations are largely worthless and could make global heating worse, according to a
Five political decisions that drove the NHS to the brink
Rishi Sunak was once again forced to deny that the NHS is facing a crisis this weekend, claiming that the service is merely “under pressure”. The prime minister has continued
€60bn earmarked for EU Covid recovery could go to fossil-fuel projects
Billions of euros ringfenced for Europe’s post-Covid recovery could be diverted into a raft of new fossil-fuel infrastructure projects, deals which may lock Europe into contracts for the next 20
Is aid from the richest countries really at a record high?
Aid from the world’s biggest donors is reaching record levels, according to the latest assessments. But as usual, there’s nuance behind the numbers. Official development assistance (ODA) from the world’s
Washington state just started capping carbon emissions. Here’s how it works.
Washington state rang in the New Year with the launch of its most ambitious plan to slash carbon pollution. The new “cap-and-invest” program is designed to follow in the footsteps
European investors give China the cold shoulder
As tensions between the EU and China rise, European companies are turning to Southeast Asia for investment. This trend will likely continue, despite Beijing relaxing its strict Zero-COVID policy. Following
Guidance on corporate nature targets is on its way
Guidance on corporate targets and measurements is coming for the land sector after the announcement of qualitative global commitments. When cutting carbon emissions for the good of the planet became
Heard of “Net-Zero Oil” or “Carbon Negative” Bioenergy? In 2023 You Will
Last year, DeSmog chased ambitious stories all along the climate spectrum. We investigated allegations of workers exposed to radioactive oilfield waste, reported from the frontlines of climate-fueled extreme weather and climate migration, expanded our coverage
Japan’s million-yen idea to tackle demographic decline
Japan’s government will pay families three times more to leave Tokyo and relocate to less densely populated regions of the country. Since the 2019 fiscal year, parents have been able
Liberal Sweden put to the test as transatlantic trade war looms
On timing, Sweden could be forgiven for cursing its luck. Just as the country embarks on its EU presidency, the bloc is facing not only an economy-hammering war on its
Latin America’s pink tide is preparing for the green revolution
Luiz Inácio Lula de Silva’s narrow victory over incumbent Jair Bolsonaro in Brazil’s recent presidential election has reinvigorated the Latin American left. Despite recent setbacks in Peru and Argentina, left-wing governments in the
COP15 Global Biodiversity Framework – ShareAction response
(Monday 19th December) Commenting on the adoption of Kunming-Montreal Global Biodiversity Framework at COP15 in Canada today, Katie Leach, Head of Biodiversity at responsible investment NGO ShareAction, said: “World leaders have today
How 2022 shocked, rocked and rolled global markets
LONDON, Dec 30 (Reuters) – Trillions of dollars wiped off world stocks, bond market tantrums, whip-sawing currency and commodities and the collapse of a few crypto empires – 2022 has
Secret files reveal how UN climate advisers ‘greenwashed’ for BP
The PR firm advising the UN on climate change campaigns has been accused by US lawmakers of helping BP “greenwash” its fossil fuel investments, openDemocracy can reveal. Internal BP documents released to
What do politicians really think of economists? New research explains why relations fell apart after 2008
As countries across Europe and around the world grapple with high living costs and impending recession, voters are concerned about the economy and how their elected representatives will fix it. For many,
Sanders’ Bill to Expand Worker Ownership Passes Senate in Omnibus
Legislation that Sen. Bernie Sanders unveiled 13 years ago to help boost workplace democracy and curb worsening inequality in the United States was included in the $1.7 trillion omnibus package approved by
‘An amazing year’: Scotland sees renewables generation soar 55 per cent
Renewable energy generation in Scotland during the third quarter of the year rose a massive 55 per cent year-on-year, according to new figures from the Scottish government released yesterday. The data
HSBC announces it will no longer finance new oil and gas fields – ShareAction response
(Wednesday 14th December) Responding to today’s announcement that HSBC, the UK’s biggest high street bank and one of the world’s biggest financers of fossil fuels, will no longer finance new
Why the US is backing the Africa Continental Free Trade Area
More investments in Africa could see the Biden administration reduce China and the EU’s dominance in trade with Africa The US is optimistic that if the Africa Continental Free Trade Area (AfCFTA)
India: Families of migrants who died in Qatar seek answers
Mammai Bhoo Laxmi’s husband went to Qatar to work on its FIFA World Cup infrastructure as a construction worker. Within one week of arriving, he was reported dead. Eight years
Weekend showdown looms for EU carbon pricing revamp
Europe’s carbon market expansion plans could hardly have come at a worse time. Starting Friday, EU institutions will attempt to finalize an extensive revamp of the bloc’s Emissions Trading System (ETS),
Labour’s plan to ‘abolish’ the House of Lords: what exactly has been proposed – and the chances Keir Starmer will adopt it
A commission led by former prime minister Gordon Brown has called for a future Labour government to replace the controversial House of Lords with an elected upper chamber, in a
Landlords’ efforts to turn students against new renters’ rights
The UK’s largest landlord body has sent letters to more than 20 university unions representing thousands of students in its drive to get students cut out of new renters’ rights.
Historic Offshore Wind Lease Sale in California Gets Over $750 Million in Winning Bids
Climate and environmental campaigners on Wednesday hailed the first-ever U.S. government offshore wind power lease sale off the Pacific coast, an auction that drew over three-quarters of a billion dollars in
MPs Advocate for NHS Privatisation While Being Funded by Private Health Firms
A lobbying group led by Conservative MPs and peers has released a report recommending the further privatisation of the NHS while being funded by private health companies, Byline Times can reveal.
Inflation: How financial speculation is making the global food price crisis worse
UK households, like those in many other countries, are struggling to make ends meet. More than half of households have only £2.66 per week left after paying for bills and essentials, according
Defending the environment can be a death sentence
More than 1,700 environmental and land defenders have been killed in the last decade. Most of them were Indigenous people — and most were in Latin America, a DW analysis
Trade war averted? Macron gets Biden to ‘tweak’ his industrial subsidies
French President Emmanuel Macron snatched an unexpected win from his U.S counterpart during a visit to Washington on Thursday, getting Joe Biden to suggest that European companies could benefit from a
Latin American could set a global example for a just energy transition
In Latin America and the Caribbean, a mix of technological, economic, social and political factors could come together to ensure that the region has the right conditions to become a
France and Ireland see ‘window’ to resolve post-Brexit dispute with UK
French President Emmanuel Macron and Irish Prime Minister Micheal Martin believe there is “a crucial window of opportunity to resolve” post-Brexit trade disputes with London over Northern Ireland, according to
Report lays bare Australia’s ‘sobering’ climate challenge
Rising temperatures are fuelling widespread environmental degradation across Australia and supercharging natural disasters, according to a government report released Wednesday in the wake of flash floods on the country’s east
UK overseas aid still invested in fossil fuels – two years after climate pledge
A fund set up using British overseas aid cash still holds at least 20 investments in fossil fuel companies, two years after it pledged to stop backing dirty energy. Records
COP27: Key outcomes agreed at the UN climate talks in Sharm el-Sheikh
The COP27 summit in the Egyptian resort town of Sharm el-Sheikh made history when developing countries secured a new fund to support the victims of climate disasters. Yet this was
Trade war threatens to overshadow EU-US summit
When senior European and American officials gather in Washington next month, there’s a lot they’re likely to agree on — from vaccines to artificial intelligence. Just don’t bring up subsidies
UK’s most secretive think tanks took £14.3m from mystery donors
The UK’s most secretive think tanks have raised more than £14m from mystery donors in the past two years, new analysis by openDemocracy has found. Among them are some of
Sponsor Microsoft Partnering with Egypt’s Big Oil Drive to ‘Increase’ Fossil Fuel Investments
Documents reveal Microsoft is working with the Egyptian Government to use COP27 to maximise fossil fuel exploitation – and the owners of the Daily Mail are helping them. Despite hosting
Republicans pitched an economic solution. Now they’ll have to deliver.
WASHINGTON — Central to Republicans pitch to voters in the midterm elections was a pledge to tackle high inflation and bolster the economy, but a GOP “civil war” is brewing over what
Too poor to die: the rise of crowdfunded funerals
Amid soaring inflation, more families are having to turn to the kindness of strangers to shoulder the cost of dying. When Cerys Defis lost her mom, Tresi Davies, to bowel
Can ‘the people’ solve climate change? France decided to find out.
At first, Sylvain Burquier thought it was a joke. It was August 2019, and Burquier and his two children were at their home in Paris’s Ninth Arrondissement, off the right
EU faces winter recession as war pummels the economy
The European Commission now expects the EU and euro area to contract in the last quarter of this year and first quarter of 2023, amounting to a technical recession, before
GDP is getting a makeover
Pressure is mounting to downgrade GDP or improve it so economic growth is not the only game in town. The numbers are heading in the wrong direction. If the world
G7 Russian oil price cap applies only to seaborne crude
WASHINGTON, Nov 4 (Reuters) – The price cap on Russian oil exports to be imposed by G7 countries and Australia next month will apply only to seaborne cargoes through the
Nurses set to strike in first ever national action – as patients braced for disruption
Nurses across the UK are set to strike in the first ever national action over a pay dispute. The strike ballot among more than 300,000 members of the Royal College
High hopes for COP27, but warnings of disappointment
Since 1992, when world leaders first came together to address global warming, humanity has spewed more than one trillion tonnes of heat-trapping carbon dioxide from fossil fuels into the air.
Herman Daly, professor who introduced ecology to economics, dies at 84
Herman E. Daly, an economist who envisioned a new practice of his field, a discipline known as ecological economics in which growth is not an unquestioned good and the impact
Thousands of Children At Risk of Criminal Exploitation as Government Classifies Modern Slavery as an Immigration Issue
New data on children in need reveals the scale of criminal and sexual exploitation of children – so why does the Government see modern slavery as an issue for illegal
‘Carbon capture’ subsidy could let power station keep polluting atmosphere
The owner of Britain’s biggest power station could receive billions of pounds in green subsidies for a flagship ‘carbon capture’ project even if much of the carbon ends up being
Good mental health linked to a reduction in productivity losses to the economy
Good mental health in Denmark is associated with a reduction of USD $0.9-1.3bn per year in productivity losses to the economy, according to a new study published in the Mental Health and
European Central Bank announces new super hike of interest rates to tame inflation
The European Central Bank (ECB) has announced a new jumbo hike of interest rates in a bid to bring down record inflation in the eurozone. The bank’s three key interest
China’s Missing Economic Data
China’s third-quarter economic data, including gross domestic product figures, were due to be released Oct. 18. The day before the scheduled release, however, publication was delayed indefinitely. Indeed, over the
Economic woes, shifting ties complicate Pakistan’s flood recovery
Islamabad, Pakistan – Pakistan has this week announced plans to host an international donors’ conference to help it recover from catastrophic floods that caused widespread devastation and major financial losses this summer. The United Nations
UK economic outlook downgraded to ‘negative’ by rating agency
The UK’s economic outlook has been downgraded from “stable” to “negative” by the rating agency Moody’s because of political instability and high inflation. Moody’s said the change in outlook was
Iran privately menaces EU capitals against sanctions
VIENNA/BRUSSELS/BERLIN/PARIS — Iran this week privately pressured EU diplomats to abandon sanctions against Tehran over its lethal crackdown on protesters, warning diplomats the move may rupture Europe’s ties to the
Yellen warns of ‘geopolitical coercion’ by Russia, China
WASHINGTON, Oct 12 (Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday said the global economy was facing “significant headwinds” and the United States was working to shore up its
IMF chief rebukes UK officials over ‘policy coherence’
International Monetary Fund Managing Director Kristalina Georgieva has rebuked the United Kingdom over its planned tax cuts, telling its finance minister and central bank chief that their policies should not be
An often-overlooked economic measure is signaling serious trouble ahead
The Conference Board’s Leading Economic Indicators index indicated that conditions worsened in September. While not usually considered a major data point, the LEI, combined with Fed rate hikes, is signaling
EU Commission allows collective bargaining for solo self-employed
Two years after its initiative to ease collective bargaining for self-employed workers, the European Commission published new guidelines to allow collective bargaining for solo self-employed people under EU competition rules.
Why the US dollar’s supremacy is hurting the rest of the world
“In God We Trust” has been inscribed on all US paper and coin currency since former president Dwight Eisenhower mandated it in the 1950s. Americans generally believe in the afterlife,
New York is the latest state to ban sales of new gas-powered vehicles by 2035
New York is the latest state to push for a ban on the sale of new gas-powered vehicles by 2035. New York joins Massachusetts and Washington state in following the
UK defies climate warnings with new oil and gas licences
The UK has opened a new licensing round for companies to explore for oil and gas in the North Sea, reports BBC News, which adds that the “decision is at
Bitcoin in crosshairs as EU goes after non-green crypto
The EU wants to shame the world of crypto into greener practices — and Bitcoin is first in line. The world’s most popular crypto will likely fall under a scheme
South Korea’s factory output falls in warning for global economy
South Korea’s factory production fell for a second straight month in August, a warning sign for the global economy as it faces risks from the war in Ukraine to rising interest rates.
Eurozone inflation hits record 10%, highest in the history of the euro
Inflation in the 19-member eurozone reached 10% in September, the highest it has ever been in the history of the common European currency, according to the latest flash estimate from
Sweden detects a fourth leak in Nord Stream gas pipeline
The Swedish Coast Guard has detected a fourth gas leak in one of the Nord Stream pipelines that cross under the Baltic Sea carrying natural gas from Russia to Europe. According to
‘Path to oblivion’: Ukraine military gains could deepen Russia’s economic problems
Ukraine’s military has had stunning success in recent weeks, recapturing Russian-occupied territory in the northeast and south of the country. Holger Schmieding, chief economist at Berenberg, said the recent Ukrainian
Markets spooked as UK slashes taxes and boosts borrowing
LONDON — U.K. Chancellor Kwasi Kwarteng signaled a sharp change in British economic policy Friday as he cut taxes, pledging a “new era” focused on boosting growth. Markets reacted dramatically
The world’s largest carbon removal project yet is headed for Wyoming
A couple of climate tech startups plan to suck a hell of a lot of carbon dioxide out of the air and trap it underground in Wyoming. The goal of
Bank of Japan keeps ultra-low rates despite US Fed tightening
The Bank of Japan has maintained ultra-low interest rates and dovish policy guidance as it seeks to reassure markets that it will continue to swim against a global tide of
Africa Seeks Public-Private Investments to Help Combat Climate Change
Rabat- Africa faces an uncertain future with the impacts of climate change ahead. While the continent’s citizens are still unsure about the consequences of the climate crisis, the solution to
Bank of England and new UK government risk policy clash
LONDON, Sept 15 (Reuters) – The Bank of England and Britain’s new finance minister Kwasi Kwarteng will test their ability to jointly manage the economy next week, with the BoE
California files lawsuit against Amazon for blocking price competition
The US state of California filed a lawsuit on Wednesday against online shopping giant Amazon for allegedly violating antitrust laws by blocking price competition. Rob Bonta, the Californian attorney general,
Queen’s funeral could push U.K. into ‘technical recession’: economic forecast
The death of Queen Elizabeth II could be the blow that sends the United Kingdom’s already-strained economy into a “technical recession,” according to one economic projection, as some Canadians also ring warning
European Central Bank could unleash a jumbo rate hike as the economy slides toward recession
FRANKFURT, Germany — The European Central Bank is expected to frontload a series of rate hikes and sacrifice growth in the region due to the rising cost of living which
Is Russia’s economy really hurting?
Russia’s economy was predicted to collapse after Western countries imposed unprecedented sanctions on Moscow over the war in Ukraine. But last week, the Russian statistics bureau Rosstat said gross domestic
After record floods, now Pakistan has to worry about economy
Islamabad, Pakistan – Tanveer Aziz Kingrani was planning to spend August preparing for his term examinations at the University of Sindh. Instead, the 23-year-old aspiring physicist has been camping out in
World close to hitting four climate “tipping points,” new research warns
Even if the world somehow manages to limit future warming to the strictest international temperature goal, four Earth-changing climate “tipping points” are still likely to be triggered with a lot
Sterling suffered its worst month since Brexit, and analysts expect it to ‘plumb new depths’
LONDON — Sterling in August suffered its sharpest monthly fall against the U.S. dollar since the aftermath of the Brexit referendum, as political uncertainty and a historic cost-of-living crisis weigh
India’s status as world’s fastest growing major economy to be short-lived
BENGALURU, Aug 29 (Reuters) – India likely recorded strong double-digit economic growth in the last quarter but economists polled by Reuters expected the pace to more than halve this quarter
Two-thirds of UK households to be in fuel poverty by the new year, according to new report
People living in the poorest and coldest regions of the UK will be the worst affected along with those who are already most likely to be struggling with the cost
Global fish stocks can’t rebuild if nothing done to halt climate change and overfishing, new study suggests
Global fish stocks will not be able to recover to sustainable levels without strong actions to mitigate climate change, a new study has projected. Researchers at UBC, the Stanford Center
UK energy bills to rise by 80% in October as regulator announces hike
LONDON — Britain’s energy regulator announced Friday it will raise its main cap on consumer energy bills to an average £3,549 from £1,971 a year, as campaign groups, think tanks