The face of British poverty has been transformed over the past decade, with low income now being characterised more by younger, often working households in private rented accommodation, rather than elderly people in council houses.
Chinese offshore investment will reach $1.25tn over the next decade, President Xi Jinping predicted on Sunday as he opened the Asia-Pacific Economic Co-operation CEO Summit in Beijing. Mr Xi also unveiled a $40bn contribution to a new China-initiated
International lenders have attacked Portugal for allowing the pace of reform to slacken since the country exited a three-year bailout programme, warning that some of the progress made at the cost of tough austerity measures could be reversed.
The Wall Street Journal, FAZ and die Welt have the story that the European Commission is preparing to reject the French 2015 budget after talking to Commission officials. This would be the first time a budget is sent back since this procedure was installed in 2011.
When Xi Jinping, the president of China, made an unofficial one-night stopover in August on the island of Rhodes, on his way to Brazil for a summit of leading emerging markets, Greece’s president and premier flew from Athens to make sure his stay
Portugal, like other crisis-hit eurozone countries under pressure to sell off state assets, has sold large minority stakes in utilities and infrastructure operators to Chinese companies. As much as a gateway to Europe, these Chinese investors are also buying into what they see as a strategic hub for expanding across Brazil, Angola, Mozambique and other former Portuguese possessions.
In its report titled “Market Reforms at Work in Italy, Spain, Portugal and Greece”, the European Commission (EC) has outlined that reforms of the public administration, the judicial system and those to facilitate the ease of doing business in Greece have had a positive but partial impact.
Proposals to privatise the water company in Thessaloniki/Greece were overwhelmingly rejected in a referendum on 18 May 2014 with 98 per cent of votes against. In this guest post, his third contribution focusing on the privatisation of water, EPSU's Jan Willem Goudriaangives an update of the struggle of Greek workers against the austerity policies imposed upon them.
Greek higher education has been, for the past four years, under a double attack, both by crippling austerity-induced budget cuts and by an attempt to accelerate the imposition of aggressively neoliberal reforms towards an entrepreneurial model of higher education.
As the European recovery continues to struggle, a surprising number of policy makers and analysts keep expressing hope – or even expectations – that bank lending will soon pick up and fuel an investment-led recovery in the eurozone. Such hopes are misguided.
Companies in the eurozone are reshoring an increasing number of operations, despite its stagnating economy. “Offshoring must have been a no-brainer 10 to 15 years ago but the advantage is now less clear,” said John Hawksworth, chief economist at PwC.
One of the biggest misconceptions about the eurozone has been a belief in the innate strength of Germany – the idea that competitiveness reforms have transformed a laggard into a leader. This is nonsense. The German model relies on the presence of an unsustainable investment boom in other parts of the world. That boom is now over in China, in most of the emerging markets, in Russia certainly. What we saw last week is what happens once the world returns to economic balance: Germany reverts to lower economic growth.
Italy’s business elite – senior executives from blue-chip companies such as Telecom Italia and Vodafone plus high-ranking government officials – filled a renaissance palazzo across from Milan’s gothic cathedral this summer to court one of the
Jamie Jordan's insight:
Some details about Greece and Portugal also in here.
As investors fled Europe in the worst days of its sovereign debt crisis, China-based companies moved in the other direction and surged in, with cash flowing from China into some of the hardest-hit countries of the eurozone periphery.
In his speech at the International Trade Fair in Thessaloniki on Saturday, the leader of the main opposition party (SYRIZA) Alexis Tsipras reiterated his pledges on debt haircut and other measures to ease debt servicing.
Greece’s competitiveness improved by 10 spots in 2014, at an accelerating pace compared to the previous year, according to the Global Competitiveness Report 2014-15 published by the World Economic Forum (WEF) today. In 2013, Greece had gained 5 spots.
But rankings within the eurozone remain very uneven, with the WEF arguing that “while the divide between a highly competitive north and a lagging south and east persists, a new outlook on the European competitiveness divide between countries implementing reforms and those that are not can now also be observed.”
Despite the prolonged global economic crisis since 2007/2008, neo-liberal economic thought and practice continue to reign supreme. In his important book Capitalist Globalization: Consequences, Resistance and Alternatives (Monthly Review Press, 2013), Martin Hart-Landsberg makes a number of key interventions unravelling the myth of neo-liberalism as well as the dynamics underlying capitalist accumulation.
The Bundesbank has backed the push by Germany’s trade unions for inflation-busting wage settlements, in a remarkable shift in stance from a central bank famed for its tough approach to keeping prices in check. Jens Ulbrich, the Bundesbank’s chief