Economy and Finance

Image: Collage by IDN-INPS with graphics von Internet.

The Great De(b)terioration in the Offing As Impotent Capital Weds Algorithms

Viewpoint by Jayasri Priyalal

The writer is the Regional Director responsible for Finance Sector of UNI Global Union, Asia & Pacific based in Singapore. This article was first published in the Financial Times, Sri Lanka.

SINGAPORE (IDN-INPS) – We are now in the era of acceleration termed as the Fourth Industrial Revolution [4IR]. In the new era, the impact and relevance of old ethical theories of yesteryear have severe limitations to offer solutions to the complex problems unfolding in the twenty-first century.

: Ramesh Jaura; OPINION; 20 April 2019

Rich Nations Slash Development Aid to Neediest Countries

By Krishan Dutta

PARIS (IDN) – “Donor countries are not living up to their 2015 pledge to ramp up development finance and this bodes badly for us being able to achieve the 2030 Sustainable Development Goals,” OECD Secretary-General Angel Gurría has cautioned.

The warning of the head of the Organisation for Economic Co-operation and Development (OECD) comes at a time when, according to preliminary data collected by the OECD, official development assistance (ODA) from 30 member countries of the club of rich nations fell 2.7 percent in 2018 from 2017. The worst affected by the declining share were the neediest countries.

: Ramesh Jaura; SUSTAINABILITY; Global Partnerships; 10 April 2019

Photo: President of Angola Joao Lourenco.

Angola Plans Manufacturing Russian Military Equipment

By Kester Kenn Klomegah*

MOSCOW (IDN) – Many African countries are looking for profitable business, investment and trade rather than development aid. Now Angola, a south-central Africa, has announced corporate plans to diversify its state business away from purchasing to full-fledged manufacturing of Russian military equipment for the southern African market, and possibly other regions in Africa – impeding realization of the Sustainable Development Goal 16 calling for peace and justice.

: IDN-INPS Middle East & Africa Editor; THE WORLD; Africa; 07 April 2019

Photo: President Lourenço of Angola with President Putin of Russia. Credit: en.kremlin.ru

Russia and Angola Stuck between Diplomatic Rhetoric and Business Reality

By Kester Kenn Klomegah*

MOSCOW (IDN) – Strengthening cooperation in trade, economy and culture, as well as current international and regional matters were top issues in talks between President Vladimir Putin of Russia and President João Lourenço of Angola at the Kremlin on April 4.

Striking a personal note, the Angolan leader, who completed his education in 1982 in Moscow, said: “Moscow then and now are two different cities. My congratulations – you have ensured progress and development for Russia and the Russian people.”

: IDN-INPS Middle East & Africa Editor; THE WORLD; Africa; 05 April 2019

Photo source: Philippine Institute for Development Studies.

Women’s Unpaid Work Needs Factoring In for Fairer ASEAN Economies

By Jose Ramon Albert

This article is abridged from a version that appears in the latest issue of East Asia Forum Quarterly, 'Investing in Women'. Jose Ramon Albert is a Senior Research Fellow at the Philippine government think tank Philippine Institute for Development Studies (PIDS).

MANILA (IDN-INPS) – The Philippines and other ASEAN economies are experiencing stellar economic growth. Frontier technologies of the Fourth Industrial Revolution, such as automation and robotics, the internet of things, 3D printing, blockchain and nanotechnologies are rapidly transforming economies.

: Kalinga Seneviratne; THE WORLD; Asia-Pacific; 25 March 2019

Kazakhstan Attracts Foreign Investors with AIFC as the 'Hub'

By Radwan Jakeem

NEW YORK (IDN) – Young and ambitious independent Kazakhstan is well-known for decisions marked by ingenuity and innovation. The creation of the Astana International Financial Center (AIFC) was no exception. In fact it confirmed the long-established tradition. The Center has turned out to be a unique project for the CIS countries. Backed by a court of its own, empowered by an arbitration facility, armed with stock exchange and a regulator, AIFC is becoming the "hub" drawing investors to Kazakhstan.

: IDN-INPS UN Bureau; CENTRAL ASIA; 21 March 2019

Mexico: A Growing Global Crisis of Confidence

By Bill Dahl*

At least one child dies from a residential home fire every day. Another three hundred are injured as a result of fire. However, before the fire breaks out, there’s something smoldering before it bursts into flames. The same is true with the economic sectors of nations. In this article, we examine two dimensions of Mexico’s economy that are currently smoldering: Tourism and oil Mexico’s energy sector.

REDMOND, Oregon, USA (IDN) – According to the World Travel & Tourism Council’s report on Mexico for 2018, travel and tourism made direct contributions to Mexico’s GDP of US$82.2 billion or 7.1 percent in 2017. However, the total contribution to Mexico’s GDP by the T&T industry was US$185.4 billion or 16.0 percent of GDP in 2017.

: Admin; OPINION; 14 March 2019

Photo © European Union 2018 – European Central Bank

Lessons from Money Laundering Scandals in European Banks

Viewpoint by Maíra Martini and Laure Brillaud

This article is reproduced with the permission of Transparency International. Maira Martini is Knowledge Coordinator and Laure Brillaud Senior Policy Officer, Anti-Money Laundering, of Transparency International. Any views expressed do not necessarily reflect those of IDN.

LONDON (IDN) – What do all recent major grand corruption scandals have in common? Individuals and companies involved in schemes like the Russian and Azerbaijani “Laundromats” and Operation Car Wash in Brazil relied on European banks to pay bribes, transfer illicit funds and hide the proceeds of corruption.

: Phil Harris; THE WORLD; EU & Europe; 04 March 2019

UN Warns Of The Confluence Of Significant Risks Threatening Global Development

By Jaya Ramachandran

GENEVA (IDN) – The convergence of several significant risks is endangering efforts to achieve the 2030 Agenda for Sustainable Development – the universally adopted plan containing 17 specific goals to promote prosperity and social well-being while protecting the environment, a new report has warned.

The risks with the potential to severely disrupt economic activity and inflict significant damage on longer-term development prospects include waning support for multilateral approaches; the escalation of trade policy disputes; financial instabilities linked to elevated levels of debt; and rising climate risks, as the world experiences an increasing number of extreme weather events.

: Jaya Ramachandran; UN INSIDER; 27 January 2019

China Leads Upsurge In Global Creative Economy

By Ronald Joshua

GENEVA (IDN) – The remarkable story of China's dominance in the trade of creative goods and services is the golden thread of a new creative economy outlook by UNCTAD, the United Nations Conference on Trade and Development.

The creative economy is recognized as a significant sector and a meaningful contributor to national gross domestic product. It has spurred innovation and knowledge transfer across all sectors of the economy and is a critical sector to foster inclusive development.

With export growth rates of over 7 percent over 13 years, global trade in creative goods is an expanding and resilient sector buoyed by Asia in general and China in particular, according to a new UNCTAD report.