A credit suisse report has revealed richest 1% Indians owns 53% of country’s wealth while the top 10% owns 76.30% of the country’s wealth.
Courtesy: The Logical Indian
A credit suisse report has revealed richest 1% Indians owns 53% of country’s wealth while the top 10% owns 76.30% of the country’s wealth.
Courtesy: The Logical Indian
A trial of shorter days for nurses at a Gothenburg care home is inspiring others across Scandinavia to cut back, but the cost of improving staff wellbeing is high
By David Crouch in Gothenburg
A Swedish retirement home may seem an unlikely setting for an experiment about the future of work, but a small group of elderly-care nurses in Sweden have made radical changes to their daily lives in an effort to improve quality and efficiency.
In February the nurses switched from an eight-hour to a six-hour working day for the same wage – the first controlled trial of shorter hours since a rightward political shift in Sweden a decade ago snuffed out earlier efforts to explore alternatives to the traditional working week.
“I used to be exhausted all the time, I would come home from work and pass out on the sofa,” says Lise-Lotte Pettersson, 41, an assistant nurse at Svartedalens care home in Gothenburg. “But not now. I am much more alert: I have much more energy for my work, and also for family life.”
The Svartedalens experiment is inspiring others around Sweden: at Gothenburg’s Sahlgrenska University hospital, orthopaedic surgery has moved to a six-hour day, as have doctors and nurses in two hospital departments in Umeå to the north. And the trend is not confined to the public sector: small businesses claim that a shorter day can increase productivity while reducing staff turnover.
At Svartedalens, the trial is viewed as a success, even if, with an extra 14 members of staff hired to cope with the shorter hours and new shift patterns, it is costing the council money. Ann-Charlotte Dahlbom Larsson, head of elderly care at the home, says staff wellbeing is better and the standard of care is even higher.
“Since the 1990s we have had more work and fewer people – we can’t do it any more,” she says. “There is a lot of illness and depression among staff in the care sector because of exhaustion – the lack of balance between work and life is not good for anyone.”
Pettersson, one of 82 nurses at Svartedalens, agrees. Caring for elderly people, some of whom have dementia, demands constant vigilance and creativity, and with a six-hour day she can sustain a higher standard of care. “You cannot allow elderly people to become stressed, otherwise it turns into a bad day for everyone,” she says.
After a century in which working hours were gradually reduced, holidays increased and retirement reached earlier, there has been an increase in hours worked for the first time in history, says Roland Paulsen, a researcher in business administration at the University of Lund. People are working harder and longer, he says – but this is not necessarily for the best.
“For a long time politicians have been competing to say we must create more jobs with longer hours – work has become an end in itself,” he says. “But productivity has doubled since the 1970s, so technically we even have the potential for a four-hour working day. It is a question of how these productivity gains are distributed. It did not used to be utopian to cut working hours – we have done this before.”
Continue reading Efficiency up, turnover down: Sweden experiments with six-hour working day
India and the economy: Your questions answered
Is India really rising? How is the China devaluation affecting it? Is the country wasting money on space programmes when such a high percentage of its population lives in poverty?
These are among the many questions on India and the economy we answered on our Facebook page on Wednesday morning.
Questions came in from across the world on a range of economic areas, all of which can be found on the BBC News page.
Here are a few examples:
Ram Chandra: Miss Vaswami, What is it about India that the country is not attracting big enterprises like China did. Is globalisation dead?
A lot of the complaints I hear from foreign investors who want to invest here are the same ones that used to crop up five years ago when I was last reporting for the BBC here.
Issues such as ease of doing business, red tape, shoddy infrastructure and archaic labour laws are all concerns for big companies who want to invest in India – but it IS getting better.
Manufacturing companies are looking more closely at India as an alternative base to China – as wage growth there has made it more expensive for companies to do business.
What India needs to show the foreign investment community and its critics is that it serious about taking on painful but crucial economic reforms – many in the business community have told me they’re disappointed with the lack of progress on passing important bills during the last parliamentary session
Sendoi Likwasi: Does the devaluing of China’s currency positively or negatively affect India’s economy in terms of trade?
Predicting what might happen in the currency markets is very difficult.
The Indian currency has depreciated against the US dollar since the devaluation of the Chinese yuan earlier this month, but not by as much as other currencies in the region.
One argument is that emerging market currencies like the rupee must adjust to a lower yuan in order to make their exports more competitive and compete with Chinese goods.
For India, a weaker currency means its goods are cheaper overseas – but it also means the cost of raw materials – like oil – goes up. Currently India is enjoying the benefits of a low oil environment and it looks like it will stay that way for some time to come, but the bigger concern is over what the impact of a weakened Chinese currency might do in the longer term, and whether its devaluation may trigger the start of a global currency war.
Read more » BBC
See more » http://www.bbc.com/news/business-34063747
QUETTA: Iranian top official at the Quetta consulate has announced that his government would supply 3,000 megawatts of electricity at a low price to end power crisis in Balochistan.
“We can increase the power supply anytime if requested by the Pakistan government,” Consul General Islamic Republic of Iran at Quetta Consulate Seyed Hassan Yahyavi told reporters on Thursday.
He said Iran is willing to help Pakistan to end persisting power crisis in the country by supplying sufficient electricity at a cheaper price.
“Iran has already increased the power supply to Gwadar from 70MW to 200MW and this process is nearly completed which will put an end to the power problem in the port city,” pointed out the Iranian diplomat.
Iranian and Pakistan electricity companies, he said, are working together. “The country is providing electricity to districts which share the border with Iran.”
Yahyavi said he met Chief Minister Dr Abdul Malik Baloch and discussed issues of mutual interest, adding that the border trade and economic activities would be improved in the coming months.
He said the issue of border security was also thoroughly discussed with the chief minister. “We agreed to jointly fight to end the menace of terrorism from the bordering areas.”
Courtesy: The Express Tribune
Read more » http://tribune.com.pk/story/913950/iran-offers-3000mw-of-electricity-at-low-rate/
I read that there are 85 lakh persons registered with the employment exchanges in Tamil Nadu. If we extrapolate that number for the whole country, don’t you agree that the situation is alarming?
Written by P Chidambaram
Dear Mr Prime Minister,
I am an average citizen. I belong to an average family, had an average education, live in an average town, hold an average job, and have average ambitions. I am aware that because I am the son of a school teacher, hold a bachelor’s degree (second class) and have a job, I may actually be above the average. It only shows how low the average is.
In the last week, my fellow citizens and I have been bombarded with editorials, columns, statements, interviews, blogs, tweets and what not, and I am quite confused. I thought your letter of May 26 that appeared in all newspapers would put things in perspective but, I am afraid, it left me more confused. So, please bear with me while I ask you a few questions.
Where are the Jobs?
My first question is, how is the economy doing? To me and my children, and to all families on our street, the most important concern is jobs. Will you please tell us the number of jobs that were created in the first year of your government? The numbers I have seen are a little over one lakh of jobs every quarter, so that makes a grand total of 4 to 5 lakh jobs in the whole year. I also read that there are 85 lakh persons registered with the employment exchanges in Tamil Nadu. If we extrapolate that number for the whole country, don’t you agree that the situation is alarming? So, please tell us the truth about jobs.
That takes me to the next question, who is creating the jobs? My neighbour who teaches economics in the local government college told me that no real new jobs can be created in farming. She thinks that only if more people start new businesses, and more large plants are built to produce power or steel or cars or mobile phones or anything, will there be more direct and indirect jobs. She said the key word is investment and encouraged me to ask you what were the amounts invested in the last year by the public sector enterprises and the private sector, what is the number of jobs they expect to add once the projects go into production, and when. By the way, why don’t we see advertisements of a bhumi puja or an inauguration of a big project costing a few thousand crore rupees as we used to do a few years ago?
Read more » Indian Express
– See more at: http://indianexpress.com/article/opinion/columns/across-the-aisle-letter-to-the-prime-minister/#sthash.Mp0i0WAo.dpuf
By Sarah Knapton, Science Editor
Britain is experiencing the same decline as Rome in 100BC, with the collapse of civilisation inevitable, a scientist has warned.
Read more » The Telegraph
I work 70 hours a week doing two jobs but cannot make ends meet. Presidential hopefuls must make profitable federal contractors pay living wages
Every day, I serve food to some of the most powerful people on earth, including many of the senators who are running for president: I’m a cook for the federal contractor that runs the US Senate cafeteria. But today, they’ll have to get their meals from someone else’s hands, because I’m on strike.
I am walking off my job because I want the presidential hopefuls to know that I live in poverty. Many senators canvas the country giving speeches about creating “opportunity” for workers and helping our kids achieve the “American dream” – most don’t seem to notice or care that workers in their own building are struggling to survive.
I’m a single father and I only make $12 an hour; I had to take a second job at a grocery store to make ends meet. But even though I work seven days a week – putting in 70 hours between my two jobs – I can’t manage to pay the rent, buy school supplies for my kids or even put food on the table. I hate to admit it, but I have to use food stamps so that my kids don’t go to bed hungry.
Courtesy: The Guardian
An Australian-first floating solar power plant is expected to be operational in South Australia by early April, with construction about to begin.
The plant will float on a wastewater treatment facility in Jamestown in the state’s mid north.
Felicia Whiting of Infratech Industries said the plant was designed so that much of the construction could be carried out offsite and slotted together at the facility.
“We should see some plant on the site within about two weeks,” Ms Whiting said.
She also explained that as the solar panels were floating they would be kept cool by the water mass, making them about 57 per cent more efficient than land-based solar panels.
“It prevents water evaporation up to 90 per cent of the surface area covered, and for dry states and dry climates that’s a big water saving measure,” Ms Whiting said.
“It prevents the outbreak of blue-green algae by keeping the surface water cool, which is for treated wastewater an issue in water quality.
“By preventing photosynthesis, the energy from the sun goes into the panel rather than into the water.”
Read more » ABC
See more » http://www.abc.net.au/news/2015-03-05/australian-first-floating-solar-farm-for-sa/6281374
By Sivan Klingbail and Shanee Shiloh
According to a new survey, more than a third of Israelis would leave the country if they could, citing economic opportunities as the main reason. Who are the wannabe leavers, and what can be done to induce them to stay?
Read more » Haaretz
Learn more » http://www.haaretz.com/news/features/bye-the-beloved-country-why-almost-40-percent-of-israelis-are-thinking-of-emigrating.premium-1.484945
The UK is preparing for a possible Greek exit from the eurozone by taking measures to ensure British banks and companies are not exposed to risk.
Prime Minister David Cameron discussed plans to prepare the UK for a Greek exit from the eurozone with senior Treasury and Bank of England officials at a meeting on Monday.
They debated the possible impact an exit would have on markets and considered potential contingencies for the British businesses thought to be exposed to financial risk.
The meeting follows comments by the former chairman of the US Federal Reserve, Alan Greenspan, who told the BBC: “I believe [Greece] will eventually leave.”
Read more » http://rt.com/uk/230603-uk-begins-preparations-grexit/
KARACHI: Pakistan is located in a region that will bring major changes in the world economy in coming decades primarily due to its demographics.
With over 100 million people below the age of 30 aspiring to change their lives, the rise of Pakistan is just a matter of time, Morgan Stanley Chief Investment Strategist David M Darst said on Tuesday. Darst, however, was speaking in his personal capacity and not representing Morgan Stanley at the lecture.
“Demographics will play a major role in coming decades. Pakistan is among those nine countries in Asia that will add another China in the next 35 years and the impact of this change will be phenomenal on the world economy,” he said while giving a lecture on “The World Economic Environment: Where’s the Global Capital Going”.
It was part of a special series of lectures that was organised by The Aga Khan University here at its auditorium.
With a young population of an average age of 22 years, “I believe the opportunities that the young entrepreneurs from Pakistan have are going to make an exceptional contribution to the economy of the region,” he added.
Darst, who is the author of 11 books and has a PhD in economics from Yale, said it is wrong to believe that Pakistan is lagging behind due to its proximity with Afghanistan, Iran and India. “In fact, I believe Pakistan is in the centre of Asian countries like Iran, Bangladesh, Vietnam and Indonesia that will significantly contribute in the world economy in coming decades.”
Speaking about the strong fundamentals of Pakistan’s stocks, he said, with 31% returns in dollar terms Pakistan led the world markets in 2014. “What is important is that the stocks in Pakistan are still very cheap compared to the markets in the industrialised world and they are performing better than many markets in terms of returns,” he added.
“I am surprised to see low number of investors in the bourses of Pakistan. This must change considering the strong fundamentals of Pakistani stocks.”
Darst said women in the world are playing an important role in today’s world economy. The rise of the entrepreneurs from the developing world, especially women entrepreneurs, will also bring significant positive changes in this century.
Listing down the challenges to the global economy, he said though Pakistan and India have benefitted from the current sharp decline in oil prices, sudden fall in oil prices has rejuvenated fears of deflation in many countries.
He said Europe is redefining itself and the sharp changes in Europe can surprise the world at large.
Speaking on the challenges facing Europe in relation to Greece, he said the new elected prime minister of Greece could take decisions that may not go well with the euro and the overall economy of the continent.
Courtesy: The Express Tribune, January 28th, 2015.
Learn more » http://tribune.com.pk/story/828679/shift-in-focus-rise-of-pakistan-just-a-matter-of-time-says-morgan-stanley/
KOLKATA: Describing himself as a Marxist, Tibetan spiritual leader the Dalai Lama on Tuesday said many Marxist leaders have now become capitalists in thinking.
“As far as social-economic theory is concerned, I am still a Marxist,” the spiritual leader said adding that he admires Marxism because of its focus on reducing gap between the rich and the poor.
“Many Marxist leaders are now capitalists in their thinking. It depends on their motivation, thinking, wider perspective,” the spiritual leader said during a lecture on world peace in Presidency University.
“In capitalist countries, there is an increasing gap between the rich and the poor. In Marxism, there is emphasis on equal distribution. That is very crucial to me,” he said.
He blamed discrimination against women and those from low-castes for hampering peace in India, but said, “Muslims in India are living more safely than the Shias of Pakistan.”
The Dalai Lama greets the audience as he arrives to speak on “A Human Approach to World Peace” at Presidency Univeristy in Kolkata, on January 13, 2015.
President Obama will veto a bill authorizing the construction of the Keystone XL oil pipeline if it passes Congress, his spokesman said on Tuesday, setting up a clash between the White House and the new Republican-led Congress.
“I would not anticipate that the president would sign this legislation,” Josh Earnest, the White House press secretary, said during a briefing. He later clarified that the president would indeed veto the bill.
The Keystone bill was the first introduced in the Senate in the new Congress, and Senator Mitch McConnell of Kentucky, the new majority leader, has vowed to make it the first measure sent to the president’s desk. The House is expected to pass the bill on Friday, while the Senate is expected to take up the measure next week.
It was widely expected that Mr. Obama would veto the measure. As written, the bill would remove the requirement that the president authorize the construction of the oil pipeline to Canada, and instead give that authority to Congress. Mr. Obama issued a veto threat to a similar bill passed by the House in 2013.
News courtesy » The New York Times »» FirstDraft
Learn more » http://www.nytimes.com/politics/first-draft/2015/01/06/?entry=7990&action=click&contentCollection=Personal%20Tech®ion=Footer&module=TopNews&pgtype=article
– – – – – –
More » via Twitter » Sanders Statement on Tar Sands Pipeline Veto Threat
See more » http://www.sanders.senate.gov/newsroom/press-releases/sanders-statement-on-tar-sands-pipeline-veto-threat
New World Order
Labor, Capital, and Ideas in the Power Law Economy
By Erik Brynjolfsson, Andrew McAfee, and Michael Spence
Recent advances in technology have created an increasingly unified global marketplace for labor and capital. The ability of both to flow to their highest-value uses, regardless of their location, is equalizing their prices across the globe. In recent years, this broad factor-price equalization has benefited nations with abundant low-cost labor and those with access to cheap capital. Some have argued that the current era of rapid technological progress serves labor, and some have argued that it serves capital. What both camps have slighted is the fact that technology is not only integrating existing sources of labor and capital but also creating new ones.
Machines are substituting for more types of human labor than ever before. As they replicate themselves, they are also creating more capital. This means that the real winners of the future will not be the providers of cheap labor or the owners of ordinary capital, both of whom will be increasingly squeezed by automation. Fortune will instead favor a third group: those who can innovate and create new products, services, and business models.
The distribution of income for this creative class typically takes the form of a power law, with a small number of winners capturing most of the rewards and a long tail consisting of the rest of the participants. So in the future, ideas will be the real scarce inputs in the world — scarcer than both labor and capital — and the few who provide good ideas will reap huge rewards. Assuring an acceptable standard of living for the rest and building inclusive economies and societies will become increasingly important challenges in the years to come.
LABOR PAINS
Turn over your iPhone and you can read an eight-word business plan that has served Apple well: “Designed by Apple in California. Assembled in China.” With a market capitalization of over $500 billion, Apple has become the most valuable company in the world. Variants of this strategy have worked not only for Apple and other large global enterprises but also for medium-sized firms and even “micro-multinationals.” More and more companies have been riding the two great forces of our era — technology and globalization — to profits.
Read more » Foreign Affairs
Learn more » http://www.foreignaffairs.com/articles/141531/erik-brynjolfsson-andrew-mcafee-and-michael-spence/new-world-order
China’s foreign minister has pledged support to Russia as it faces an economic downturn due to sanctions and a drop in oil prices. Boosting trade in yuan is a solution proposed by Beijing’s commerce minister.
“Russia has the capability and the wisdom to overcome the existing hardship in the economic situation,” Foreign Minister Wang Yi told journalists, China Daily reported Monday. “If the Russian side needs it, we will provide necessary assistance within our capacity.”
The offer of help comes as Russians are still recovering from the shock of the ruble’s worst crash in years last Tuesday, when it lost over 20 percent against the US dollar and the euro. The Russian currency bounced back the next day, but it still has lost almost half of its value since March.
Read more » RT
Learn more » http://rt.com/news/216563-china-russia-economic-hardships/
By Magan Specia
Protesters hurled eggs at the country’s finance ministry and scaled the sides of the Colosseum on Thursday as nationwide labor demonstrations heated up.
Students and union members were the driving force behind the demonstrations, rallying on Twitter under the hashtag #socialstrike.
Several were injured in in Padua where protesters clashed with police. The violence erupted when members of the march headed toward the local offices of Premier Matteo Renzi’s centre-left Democratic Party (PD).
Read more » Mashable
Learn more » http://mashable.com/2014/11/14/national-labor-protest-italy/
Switzerland’s National Bank (SNB) will bring in a negative interest rate cutting the value of large sums of money left on deposit in the country.
The Bank is imposing a rate of minus 0.25% on “sight deposits” – a form of instant access account – of more than 10m Swiss francs ($9.77m).
It is trying to lower the value of the Swiss franc, which has risen recently.
Russia’s market meltdown and a dramatic plunge in the oil price have led investors to seek “safe havens”.
The announcement sent the franc lower, and in early trading the euro was buying 1.2095 Swiss francs, fewer than the 1.203 it was worth before the news, just within the target.
Switzerland typically sees money flow in during economic uncertainty.
The new rate will be introduced on 22 January and will only affect banks and large companies who use the “sight account” to transfer funds quickly and without restrictions.
A negative rate means depositors pay to lend the bank their money.
Read more » BBC
Learn more » http://www.bbc.com/news/business-30528404
by Sprout Money
In an attempt to try to divert a looming economic stagnation in the European Union, some leading German and French economists have launched some plans to try to revive (read: ‘resuscitate’) the economy of the Eurozone by tackling two issues which might have deteriorated the economic situation in the currency bloc.
Enderlein, an associate at a German school of Governance and Pisani, member of a French think thank have announced some ideas focusing on solving the issue of the rigid French labor market and the lack of government spending on infrastructure projects in Germany. This could be the perfect time to push some of these ideas through as the next elections in both countries are still 2.5 years away which means there’s plenty of time to implement new measures and restoring the popularity of the politicians before the next elections.
Read more » Zero Hedge
Learn more » http://www.zerohedge.com/news/2014-12-14/germany-already-signaling-complete-economic-collapse-european-union
In a move that would help curb the relentless increase in the Centre’s non-Plan spending and ease the way for infusion of more young blood and professionalism into the country’s largely moribund bureaucracy, the Narendra Modi government is planning to reduce the retirement age of central government employees from the present 60 to 58.
UPDATE 3-Rouble falls further as central bank seen intervening
Rouble has tumbled more than 40 percent vs dollar in 2014
* Central bank seen intervening on Friday to halt slide
* Rosneft’s dollar buying adds pressure – traders (Updates prices, adds extension of FX swap limit)
By Vladimir Abramov and Vladimir Soldatkin
MOSCOW, Dec 12 (Reuters) – The Russian rouble dropped to a new low of almost 58 to the dollar, continuing a slide that traders said led the central bank to intervene in the market on Friday after a rate hike failed to break the currency’s fall.
Read more » REUTERS
See more » http://www.reuters.com/article/2014/12/12/russia-rouble-idUSL6N0TW0KE20141212
Abe’s last chance
Japan desperately needs economic reform; Shinzo Abe still offers the best chance of that
TWO years ago Shinzo Abe ran for office vowing to end Japan’s long economic malaise by banishing deflation and smashing the old habits that impeded growth. He promised to make a country suffering a collapse in confidence once again stand tall. Mr Abe won the election in a landslide, yet barely two years later he has called another.
One reason for this is painfully obvious: Mr Abe has failed to deliver on those promises. Japan is once more flirting with recession and deflation. Households feel no better off. Promised structural reforms have not happened. “Abenomics”, the prime minister’s slickly marketed programme, is looking to many Japanese like a prescription that is benefiting only the rich and big business. Mr Abe’s decision to hold a fresh election on December 14th is in part a cynical move to consolidate his power before his popularity falls further.
In political terms that gamble seems likely to pay off. Given a weak opposition, it would be a shock if his Liberal Democratic Party and its junior partner, Komeito, did not win again. But does Mr Abe actually deserve a second term? Our answer is yes—but only if he does what, in an interview with this newspaper (see article), he says he will by finally embarking on the structural reforms that his country badly needs.
Read more » The Economist
Learn more » http://www.economist.com/news/leaders/21635488-japan-desperately-needs-economic-reform-shinzo-abe-still-offers-best-chance-abes?fsrc=scn/tw_ec/abe_s_last_chance
ISLAMABAD: The government of Prime Minister Nawaz Sharif on Tuesday exempted customs duty and general sales tax on import of solar panels for promoting alternative and renewable energy in Pakistan.
Read more » DAWN
Learn more » http://www.dawn.com/news/1149791/
Bolivia has reduced poverty and inequality more than any country in the Western Hemisphere over the last ten years by increasing the minimum wage 87%, doubling investment in schools and healthcare, and lowering the pension retirement age from 65 to 60. The government paid for these programs by increasing taxes on oil profits from 18% to 82%, which also allowed the country to eliminate its debt and amass the world’s largest surplus. Bolivia is now estimated to have the region’s fastest growing economy this year and next, according to the IMF.
See more » http://www.theguardian.com/commentisfree/2014/oct/14/evo-morales-reelected-socialism-doesnt-damage-economies-bolivia
Learn more » http://www.cepr.net/index.php/blogs/the-americas-blog/bolivias-economy-under-evo-in-10-graphs
Via Facebook
“… between technology, globalization, trade, the winner-take-all superstar effect, inequality is rising. This is not just a ‘moral’ issue but also an issue of too little consumption too little savings that is bad for global growth. So it becomes vicious cycle. It’s a bit like the old Marxist idea that if profits grow too much compared to wages, there’s not going to be enough consumption, and capitalism is going to self destruct. So I think that insight of Karl Marx is as useful today as it was 100 years ago.”
If profits grow too much compared to wages, there’s not going to be enough consumption, and capitalism is going to self destruct.
That quote is from Nouriel Roubini, and it perfectly summarizes what a lot of the world’s elites were thinking about at the World Economic Forum.
Roubini’s words echoed the warning from MIT professor Erik Brynjolfsson, who told us:
…there are a lot of forces affecting inequality. There’s globalization, there are institutional changes, cultural changes, but I think most economists would agree that the biggest chunk of it is due to technology. And that’s because of what economists call skill-biased technical change — favoring skilled workers versus less-skilled workers.
Also we talk in the book about capital-biased technical change — you bring capital over labor like when you replace humans with robots. And the third category that maybe is the most important one, we call it superstar-biased technical change, maybe we should come up with a better name. But it’s the fact that technologies can leverage and amplify the special talents, skill, or luck of the 1% or maybe even the 100th of 1% and replicate them across millions or billions of people. In those kinds of markets, you tend to have winner-take-all outcomes and a few people reap enormous benefits and all of us as consumers reap benefits as well, but there’s a lot less need for people of just average or above-average skills.
Brynjolffson came to The World Economic Forum in Davos to warn policymakers that without changes, technology would exacerbate inequality, rather than benefit society as a whole.
The folks at the World Economic Forum in Davos are almost all doing extremely well. They’re the world’s 1% (actually probably more like the world’s 0.001%), and it’s well known that the recovery has been good to them. But there was also a sense — that Roubini gets at in his comment — that the good times won’t last if things keep becoming more unequal.
Figuring out a way to promote mass welfare and to ensure that more people have jobs and strong incomes becomes crucial to preserving what the elites have. Better to have some sort of rebalancing than a dramatic capitalist-destroying rebalancing.
Read more: http://www.businessinsider.com/rich-tech-fears-2014-1#ixzz3KDVYHufQ
Move over Trans-Siberian: China launches ‘world’s longest’ train route
The 82-wagon cargo train is expected to take 21 days to travel 6,200 miles, passing through six countries between China and Spain.
Dubbed Yixinou, the train left Yiwu, an industrial center less than 200 miles south of Shanghai, on Tuesday and is expected to reach Madrid in December after traversing Kazakhstan, Russia, Belarus, Poland, Germany, and France, reports the Local.se.
Read more » RT
See more » http://rt.com/news/207447-china-spain-longest-train/
Japan’s economy unexpectedly shrank for the second consecutive quarter, leaving the world’s third largest economy in technical recession.
Gross domestic product (GDP) fell at an annualised 1.6% from July to September, compared with forecasts of a 2.1% rise.
That followed a revised 7.3% contraction in the second quarter, which was the biggest fall since the March 2011 earthquake and tsunami. Economists said the weak economic data could delay a sales tax rise.
Read more » BBC
See more » http://www.bbc.com/news/business-30077122
Pakistan, China sign 19 agreements, MoUs relating to China-Pakistan Economic Corridor and electricity generation New pacts pave way for Chinese state-owned companies to help build at least four new power stations in Pakistan Chinese president, PM Sharif say Pakistan-China are ‘iron friends’, aim to create green channel for release of funds for development projects in Pakistan PM assures crackdown on terrorist forces such as the East Turkistan Islamic Movement and maintaining regional stability China on Saturday promised Pakistan investments worth $42 billion, an official said, as Islamabad promised to help Beijing fight what it calls a terrorist threat in its far-west. Prime Minister Nawaz Sharif oversaw the signing of 19 agreements and memorandums mostly centred on the energy sector as he met Chinese President Xi Jinping at the Great Hall of the People during his three-day visit to Beijing to discuss bilateral relations and the regional situation in Beijing.
Read more » Pakistan Today
http://www.pakistantoday.com.pk/2014/11/08/national/pakistan-wins-42b-chinese-investment/
The number of Pakistanis reporting they are better off now has increased from 25% in 2002 to 51% in 2014, according to Pew Research Center report from its 43-nation survey on life satisfaction around the world.
Read more » http://www.riazhaq.com/2014/11/pew-survey-2014-pakistanis-report.html
Weaker loonie won’t save Canada’s low-skilled manufacturing sector, top economist says
Canadian makers of goods such as dishwashers shouldn’t look to a depreciation of the nation’s currency to save their businesses, said Carl Weinberg, chief economist at High Frequency Economics.
Parts of Canada’s manufacturing industry will be wiped out by lower-cost Asian rivals, according to Weinberg, who said the country doesn’t have any competitive advantage when it comes to the business of bolting together cars and appliances from imported kits.
Read more » Financial Post
See more » http://business.financialpost.com/2014/10/02/weaker-loonie-wont-save-canadas-low-skilled-manufacturing-sector-top-economist-says/
200,000 Canadians are homeless in any given year, national report says
By CBC News
Despite sporadic success in addressing homelessness in Canada, little progress has been made toward a permanent cross-country solution, says a national report into the extent of the problem. The report’s initial numbers tell a grim story. Among the report’s findings:
At least 200,000 Canadians experience homelessness in any given year.
At least 150,000 Canadians a year use a homeless shelter at some point.
At least 30,000 Canadians are homeless on any given night.
At least 50,000 Canadians are part of the “hidden homeless” on any given night — staying with friends or relatives on a temporary basis as they have nowhere else to go.
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