Global Economics Archives

27Feb

By Patti MohrNo Comments

Big Tech, Digital Economy, Globalization, Disintegration, Nationalism, Populism, Types of News: Analysis

Why The Wuhan Lab Story Matters

Information Control Skewed Science And Public Opinion Feb. 27, 2023—On Sunday, the Wall Street Journal broke the news about a leaked classified U.S. intelligence report that says the Covid-19 virus most likely originated from a laboratory leak. The report matters in more ways than one. At stake are lessons for international cooperation in organizations, trust in government and responsible media management. The article carefully points out the disparate views of different U.S. agencies and says the newly leaked report comes from the Department of Energy. That's significant because DOE "has considerable scientific expertise and oversees a network of U.S. national laboratories, some of which conduct advanced biological research." According to the WSJ, the DOE and the FBI believe t...

At G20, India PM Pushes Digital Currency Model

25Feb

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Analysis

At G20, India PM Pushes Digital Currency Model

The Digital Rupee Is Backed By A Biometric Infrastructure System February 25, 2023—Indian Prime Minister Narendra Modi encouraged G20 delegates meeting in Bengaluru yesterday to follow India's lead in adopting a digital currency model. The digital rupee, as it's known, is run by blockchain and other technologies and is an alternative to cryptocurrency and cash. India's central bank announced its launch in February 2022. By November, it issued its first pilot and began promoting the digital rupee's adoption early this year. This week, India's leaders took that launch one step further: They began pushing the digital rupee abroad as they hosted the G20. "Over the past few years, we have created a highly secure, highly trusted, and highly efficient public digital infrastructure,"...

Disney Faces Shareholder Proxy Vote On China

23Feb

By Patti MohrNo Comments

Finance, Banks, Cryptocurrency, Metals, Globalization, Disintegration, Nationalism, Populism, Types of News: Analysis

Disney Faces Shareholder Proxy Vote On China

Disney in Shanghai UPDATE: The shareholder proposals went down at the April 3, 2023 annual meeting. Feb. 23, 2023—Coming soon on a proxy vote near you: Disney shareholders will have a say in whether the company should disclose details about its operations in China. The Walt Disney company, DIS, faces several shareholder proxy votes when it holds its annual meeting on April 3. They include votes about its charitable contributions, its political contributions, and its business in China. The National Legal and Policy Center, NLPC, a Disney shareholder, is proposing the latter. Specifically, the public-interest nonprofit group is asking Disney to do the following: "Report annually to shareholders on the nature and extent to which corporate operations depend on, and are vulnerable ...

17Feb

By Patti MohrNo Comments

Global Economics, Types of News: Brief

U.S. Economy Is Still Hot

Gas And Food Prices Continue To Climb; Jobs Market Still Tight Despite Layoffs February 17, 2023—The U.S. economy continues to run more hot than cold, despite previous forecasts that a recession would loom early in 2023. The IMF had projected a steep decline for the global economy at the beginning of the year. Then, the World Bank said the world was "perilously close" to falling into a recession. But despite the doom and gloom, the U.S. economy keeps growing. Prices are climbing; the job market remains tight even as certain economic sectors deliver layoffs; and U.S. equity markets are rising. Inflation: Prices Still Rising Inflation in the United States remains high, even as the overall CPI figure comes down from its peaks of 8.6 percent and 9.1 percent of an annualized...

Crypto Exchange ‘Bitzlato’ Processed $700M In Illicit Funds, DOJ Says

19Jan

By No Comments

Corruption, Bribes, Illicit Finance & Money Laundering, Finance, Banks, Cryptocurrency, Metals, Types of News: Brief

Crypto Exchange ‘Bitzlato’ Processed $700M In Illicit Funds, DOJ Says

U.S. Attorney's Office for Eastern District of New York held a press conference on January 18, 2023 January 19, 2023—The U.S. Justice Department arrested and charged the operator of Bitzlato, a Hong Kong-registered cryptocurrency exchange that conducted a substantial amount of business with U.S.-based customers. Anatoly Legkodymov is a Russian national and senior executive of the exchange. On Wednesday, law enforcement officials in Miami, Florida arrested him and scheduled his arraignment for that afternoon in the U.S. District Court for the Southern District of Florida. The crackdown is a sign that federal investigators have stronger tools at their disposal in targeting money laundering and illicit crypto networks. A Crypto Exchange For Crooks, Traffickers, And Addicts The...

Which Countries Escape The Economic Gloom?

11Jan

By Patti MohrNo Comments

Global Economics, Types of News: Brief

Which Countries Escape The Economic Gloom?

Global Growth Forecasts For 2023 January 11, 2023—The global economy is "perilously close to falling into a recession," the World Bank warned yesterday, with a forecast that projects 1.7 growth for the world. That projection is down significantly from the bank's forecast last June. Persistently high inflation, rising interest rates, and weakening confidence are bringing growth estimates down in an atmosphere of gloom. "The global economy is on a razor's edge. Even a small shock can trigger an outright recession," said Ayhan Kose, director of the World Bank’s Prospects Group. "The slowdown is a very sharp one, and it is broad-based." Economic Growth Continues While that is gloomy news, it might not be as bad as it sounds. For instance, a lot of economies are likely to continue...

IMF Sees Recession For Global Economy In 2023

2Jan

By Patti MohrNo Comments

Global Economics, Types of News: Brief

IMF Sees Recession For Global Economy In 2023

January 2, 2023—International Monetary Fund Managing Director Kristalina Georgieva said the majority of the world should brace itself for an economic slowdown in 2023. In an interview with CBS on Sunday, Georgieva predicted that half the European Union would see recession this year while China's economy is likely to continue to slow down. She said the United States might avoid a negative growth if its labor market remains strong, but that is a "mixed blessing" because it means the Federal Reserve would likely continue raising interest rates. Georgieva, the head of the agency tasked with helping countries avoid economic crisis, said 2023 is likely to be "a tough year, tougher than the year we leave behind." That outlook differs from trends at the end of 2022 when a majority of G2...

US Senator Raises Concerns About Saudi Funding for Twitter

7Nov

By No Comments

Big Tech, Digital Economy, Human rights

US Senator Raises Concerns About Saudi Funding for Twitter

November 5, 2022—U.S. Senator Chris Murphy of Connecticut is raising national security concerns about Elon Musk's recent takeover of Twitter. Musk bought the social media company for $44 billion in part with financing from equity investors. Up to 5 percent of the loans came from Saudi Arabian investor Prince Alwaleed bin Talal and Qatar. In a letter to Treasury Secretary Janet Yellen, the senator asked the Treasury Department's office overseeing foreign investments to use its legal authority to review the deal. Specifically, the senator asked the office known as CFIUS "to examine whether any degree of Saudi influence over Twitter’s operations or access to user data could foreseeably be used to silence government critics and human rights activists, or to further state-sponsored disinform...

2Nov

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Brief

Musk’s $8 Twitter Pay Plan

November 2, 2022—As the new owner and head of the world's social media gathering place, Elon Musk has a plan to make it a little less free. That is, he intends to charge $8 a month to Twitter users who want validation backing their accounts that they are legitimate. The validation would come from a blue check mark next to their names and handle. Moreover, that check mark could come with the privileges, such as priority in receiving replies, mentions, and search rankings, the ability to post long videos and audio, and half as many ads. Revenue the company receives from charging the fee could help Twitter reward the content creators, Musk said. Here he is discussing his vision in an archived video released today. Are you buying in? See video here. https://video.twimg.c...

Musk’s Challenge Is Living Up To The Promise

27Oct

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Brief

Musk’s Challenge Is Living Up To The Promise

Innovator Says That, Unlike Traditional Media, Twitter Won't Cater To Polarizing Extremes Elon Musk meets with Twitter staff ahead of the purchase. Photo: Walter Isaacson October 27, 2022—A day ahead of closing a $44 billion deal to buy one of the world's largest social media platforms, Elon Musk said he is acquiring Twitter to empower citizen journalism and make it a place where people from various views can come together to conduct health debate. Twitter is one of the world's most popular social media sites. While it is well behind Meta's Facebook and Instagram, Google's YouTube, TikTok, WeChat, and Telegram in terms of users, it boasts of strong engagement among its monthly average users of around 436 million people. Musk is known for his innovation, leadership, and tough ma...