Economy and Finance

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.

: UN Bureau; THE WORLD; 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.

: UN Bureau; THE WORLD; Asia-Pacific; 19 January 2019

A New Spectre Is Haunting Europe

Viewpoint by Roberto Savio

The writer is publisher of Other News, a vehicle for "voices against the tide", and founder of IPS-Inter Press Service News Agency. This article is being reproduced courtesy of Other News with the writer's permission. He can be contacted at This email address is being protected from spambots. You need JavaScript enabled to view it. and his articles and comments can be read on Facebook @robertosavioutopia

ROME (IDN) – After Teresa May’s defeat in the British parliament on January 15, it is clear that a new spectre is haunting Europe. It is no longer the spectre of communism, which opens Marx’s Manifesto of 1848; it is the spectre of the failure of neoliberal globalisation, which reigned uncontested following the fall of the Berlin Wall, until the financial crisis of 2009.

: Roberto Savio; OPINION; 16 January 2019

An Exceptional Book With A Message Of Hope That Does Not Exist Today

Viewpoint by Roberto Savio*

The following is the text of the Foreword to Riccardo Petrella's In the Name of Humanity, English edition under way of Au nom de l’humanité. L’audace mondiale - Éditions Couleur Livres, 2015. Petrella is an Italian economist, political scientist and a leading figure in the anti-globalisation movement. He is Emeritus Professor at Université Catholique de Louvain (Belgium). He was a co-founder, in 2012, of the international initiative Banning Poverty 2018. – The Editor

: Roberto Savio; OPINION; 06 January 2019

Liberalization, Privatization and Globalization Playing Havoc

Viewpoint by Jayasri Priyalal

The writer is the Regional Director responsible for Finance Sector of UNI Global Union, Asia & Pacific Organization - Singapore.

SINGAPORE (IDN) – Imagine the feelings of millions of Americans holding their pay cheques during the festive seasons and at a time getting ready to face the harsh winter, as a consequence of the partial government shutdown decision of President Donald Trump.

This single most incident can be interpreted as the culmination of the LPG strategies of the Liberal, Libertarian, and Neo-Liberal order with an ultimate objective to get rid of state intervention for market forces to reign into government.