Swedish consumers are feeling less optimistic about the economy, with a down-turn also visible in the mood of the manufacturing industry, Sweden’s National Institute for Economic Research said on Friday. … Read More
America’s Bubble Economy Is Going To Become An Economic Black Hole
What is going to happen when the greatest economic bubble in the history of the world pops? … Read More
Phillipine migrant workers pay personal price
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Russian roulette: Luxembourg new offshore hotspot, Cyprus abandoned
According to the Central Bank of Cyprus, the once offshore paradise lost out on Russian accounts, as investors pulled their money as they sensed the banking crisis looming.In Luxembourg, Russian investments grew by $7 billion, in the British Virgin Islands by $4.7 billion, in Ireland by $4.6 billion, and in the Netherlands by $2.8 billion, the Russian newspaper Izvestia reported.Head of Investments at the ‘Solid’ Investment and Financial Company, Michael Koroljuk explains the decline in market attractiveness in Cyprus since the crisis broke out.“The emergence of this ‘stigma’ of Cyprus is perceived as a bad tax authority and business partner,” Korljuk told Izvestia.Offshore oligarchs, trying to minimize their losses in Cyprus, didn’t bring their money to back Russia, but have reinvested their capital in other, more feasible, offshore zones.“Instead of Russia, it is rushing off to other offshore areas,” Maxim Osadchiy, head analyst at BKF Bank, told Izvestia.Because they provide more financial security than Cyprus, other offshore zones are a little more expensive, but the figures show Moscow’s millionaires are happy to pay extra for peace of mind.The more ‘respectable’ offshore destinations still offer similar tax breaks, and offer more protection for businessmenThough the financial crisis sent many investors into a slight hysteria and prompted them to abandon ship, the actual losses incurred as a result of crisis appear to be fractional.Russia’s largest commercial bank, VTB, which had assets up to $1.8 billion in Cyprus, reported to be virtually unaffected by the collapse.Strengthening ties between Moscow and LuxembourgBy increasing their holdings in Luxembourg, Russians are reciprocating the small European financial hub’s long standing tradition of Russian investment. Luxembourg is the third largest country in total investments in the Russian economy, and has invested 28 billion euros in Russian projects.Russian investment only accounts for 4.4 billion euros of Luxembourg’s 43 billion euro economy.Luxembourg may be Russia’s new window to Europe, the Minister for Economy and Foreign Trade, Etienne Schneider, has stated.”To develop serious business contacts and create new joint projects, we need to look ahead and prepare professionals who are familiar with economic realities of our countries,” said Schneider. … Read More
New Film Exposes the Israeli Weapon and Security Industry
Yotam Feldman: the Israeli economy has become dependent on the massive security market. Governments act in hypocrisy when they purchase Israeli arms used against Palestinians, but criticize Israeli violence. … Read More
British business says ‘Brexit’ will cost UK $140bn annually
Some of the UK’s leading business heavyweights including Sir Richard Branson and Sir Martin Sorrell as well as the current and next presidents of the Confederation of British Industry and the chairmen of BT, Deloitte, Lloyds and Centrica argue that exiting the EU could cost the British economy up to £92bn (almost $140 billion) a year, The Independent newspaper reports. A number of UK’s most successful and eminent business figures have signed a letter to The Independent where they slam Eurosceptics for ignoring the national interest in their call for the UK to leave the European Union. It is the first coordinated response from the business community to the anti-EU rhetoric.The businessmen call for PM David Cameron to “strengthen and deepen” the European single market to drag an extra £110 billion ($167 billion) to the British economy. Opinion polls in the country reveal that exiting the EU is the most likely scenario. Anti-EU sentiment has been growing since 2007, when almost half the UK population didn’t trust the European bloc. A similar survey undertaken last year revealed that 69 percent of those who took part were euro-sceptic.A draft bill on an in-out referendum has been proposed by the ruling Conservative party, saying it must be held before the end of 2017. According to The Independent, two cabinet ministers have already declared that they would vote to leave the EU if the referendum were held today. The newspaper also says that some senior Tories are quite certain a new EU membership deal for Britain that eurosceptics would support is hardly an option for Cameron.The businessmen in their letter refer to the economics, saying that exiting the EU would bring nothing but losses to the UK economy. “The economic case to stay in the EU is overwhelming,” the business leaders state in the letter to the The Independent. “To Britain, membership is estimated to be worth between £31 billion ($47 billion) and £92 billion ($139 billion) per year in income gains, or between £1,200 to £3,500 for every household.”“What we should now be doing is fighting hard to deliver a more competitive Europe, to combat the criticism of those that champion our departure. We should push to strengthen and deepen the Single Market to include digital, energy, transport and telecoms, which could boost Britain’s GDP by £110 billion ($167 billion) ,” they add. … Read More
