Once Celebrated in Russia, the Programmer Pavel Durov Chooses Exile
Once Celebrated in Russia, the Programmer Pavel Durov Chooses Exile - NYTimes.com - 0 views
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Mr. Putin’s big challenge is falling oil prices, which Mr. Durov calls “the only chance” for economic and political reform.“When the petrol prices are high, there is no incentive for those reforms,” he said. “It can stay like this forever; nobody really cares.”
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Mr. Durov has also described himself, with tongue in cheek, as a Pastafarian, a quirky atheistic “faith” that can involve wearing a colander on your head.
What Is Plan B for Greece? by Kenneth Rogoff - Project Syndicate - 0 views
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even if all of its past debts are forgiven.
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But even if Greece’s debt had been completely wiped out, going from a primary deficit of 10% of GDP to a balanced budget requires massive belt tightening – and, inevitably, recession.
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Nonetheless, Europe needs to be much more generous in permanently writing down debt and, even more urgently, in reducing short-term repayment flows.
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Syriza and the French indemnity of 1871-73 | Michael Pettis' CHINA FINANCIAL MARKETS - 0 views
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Fundamental to the argument that Spain (or Greece, or anyone else) has a moral obligation to repay in full its debt to Germany are two assumptions. The first assumption is that “Spain” borrowed the money from “Germany”, and that there is a collective obligation on the part of Spain to repay the German collective. The second assumption is that Spain had a choice in what it could do with the German money that poured into the country, and so it must be held responsible for its having mis-used hard-earned german funds.
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There was plenty of irresponsible behavior in every country, and it is absurd to think that if German and Spanish banks were pouring nearly unlimited amounts of money into countries at extremely low or even negative real interest rates, especially once these initial inflows had set off stock market and real estate booms, that there was any chance that these countries would not respond in the way every country in history, including Germany in the 1870s and in the 1920s, had responded under similar conditions.
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The winners have been banks, owners of assets, and business owners, mainly in Germany, whose profits were much higher during the last decade than they could possibly have been otherwise
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Europe's Young Entrepreneurs - NYTimes.com - 0 views
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Europe's Young Entrepreneurs
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Mr. D’Aloisio was still a 17-year-old British student in 2013 when he sold his news-reading app, Summly, to Yahoo for what some reports said was as much as $30 million.
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Jan Koum, the Ukrainian-born American who was a co-founder of WhatsApp, a mobile messaging application.The company was acquired by Facebook a few months later. “I turned down his offer, but since his company then got sold for $19 billion and every employee held some options, it’s a bit painful to think about that decision,” Mr. Cuende said.
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Greece threatens tilt to Russia and China unless Europe yields - Telegraph - 0 views
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Greece threatens tilt to Russia and China unless Europe yields
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Greece's radical new government has threatened to seek money from Russia and China to avert a financial crisis rather than yield to austerity demands from Europe,
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the defence minister
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The euro is in greater peril today than at the height of the crisis - FT.com - 0 views
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The euro is in greater peril today than at the height of the crisis
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Two years ago forecasters were hoping for strong economic recovery. Now we know it did not happen, nor is it about to happen.
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Today the eurozone has no mechanism to defend itself against a drawn-out depression. And, unlike two years ago, policy makers have no appetite to create such a mechanism.
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The Broken Model Of The Eurozone | Seeking Alpha - 0 views
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The Broken Model Of The Eurozone
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The North is competitive. The South is 20% overvalued.And I realized that's all you need to know about the eurozone and about why it will fail. Or has already failed, to put it more accurately. There's no other information required. Other than a bit of context, perhaps, to clarify.Before the euro and the eurozone, countries like Greece, Spain, Italy, Portugal, would perform 20% or more lower economically than Germany or Holland would. And that was kind of alright, because periodically, their governments and central banks would revalue (devaluate) their currencies down against;
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Of course, Germany hated this to an extent, since it made it harder for its industries to compete against Greek and Italian companies. Which may, by the way, well be a mostly hidden reason for them to push the eurozone on the Mediterranean.
Why the euro crisis still isn't over, in 1 chart - The Washington Post - 0 views
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Why the euro crisis still isn’t over, in 1 chart
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So why hasn't Europe gotten a real — or any — recovery? Well, it's the debt, stupid.
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Every euro that the private sector spends on paying back what it owes is a euro that gets sucked out of the economy.
Russia pressures Moldova and Ukraine ahead of signing of E.U. Association Agreement - T... - 0 views
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Russia pressures Moldova and Ukraine ahead of signing of E.U. Association Agreement
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And in September, Russia declared that Moldovan wines did not meet Russian food-safety standards, removing access to a major export market for a key Moldovan industry. (Wines from pro-Russian autonomous regions of Moldova have been deemed safe for Russian palates, however.) Many Moldovans are convinced that the apples and grapes that grow on their nation’s gently rolling hills are the next targets. Russia is their main export market, and E.U. regulations will keep most of the fruits out of Europe even after the agreement is signed
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Overall, 26 percent of Moldova’s exports go to Russia and 47 percent to the E.U.
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Gazprom Cuts Russia's Natural Gas Supply to Ukraine - NYTimes.com - 0 views
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The gas flowing into Ukraine as of Monday was meant only to transit the country to Europe. “Gazprom supplies to Ukraine only the amount that has been paid for, and the amount that has been paid for is zero,” Gazprom’s spokesman, Sergei Kupriyanov, told reporters.
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Gazprom, which has sought for the past decade to convince the Europeans that it is a reliable supplier and not an arm of Russian foreign policy, painted the dispute as strictly commercial.
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Second, Gazprom has provoked economic ire in Europe over its plans to build an alternative gas route under the Black Sea for the company’s exclusive use, contradicting Europe’s open access laws. That has put the future of what is known as the South Stream pipeline in doubt.
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As LED Industry Evolves, China Elbows Ahead - NYTimes.com - 0 views
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As LED Industry Evolves, China Elbows Ahead
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“LED lighting could see itself become the next solar, wind or other future opportunity that the U.S. will have given away by failing to address Chinese industrial policies and unfairly traded products,”
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SolarWorld, a solar panel maker that complained to the American government about what it considered unfair advantages for Chinese competitors, was later the victim of a cyberattack by Chinese military officials, according to a recent indictment by the Justice Department.
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Waiting for the Markets to Blink - NYTimes.com - 0 views
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“You get these occasional disconnects and start asking who’s right and who’s wrong,” said Daniel Morris, global investment strategist at TIAA-CREF.
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“We think the equity market is right,” he said. “If that’s the case, bond yields are too low.”
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“We’re constructive about the future and think all this intervention is going to work, but how much is priced in” to the stock market? So much, in his view, that “we’ve been selling into the strength,” he said.
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The Economist explains: How Nigeria's economy grew by 89% overnight | The Economist - 0 views
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A snapshot of Nigeria’s economy in 1990 gave little or no weight to fast-growing parts of the economy such as mobile telephony or the movie industry. At the time the state-owned telephone company had a few hundred thousand customers. Today the country has 120m mobile-phone subscriptions. On the old 1990 figures, the telecoms sector was less than 1% of GDP; it is now almost 9% of GDP. Motion pictures had not shown up at all in the old figures, but the industry’s size is now put at 1.4% of GDP.
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The oil industry’s share of GDP is now put at just 14%, compared with 33% according to the old figures.
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Manufacturing is much larger than previously thought. Services are booming.
Italy's Mob Extends Reach in Europe - NYTimes.com - 0 views
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Italy’s Mob Extends Reach in Europe
Ukraine crisis: Russian retaliation could hit Western mulitinationals - 0 views
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"There no doubt would be Russian retaliation," said Justin Logan, director of foreign policy studies at the Cato Institute. "Companies with money tied up in Russia would have a tough time getting it back out."
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The White House said Friday that President Barack Obama and the leaders of Germany, the United Kingdom, France and Italy agreed after a conference call that they're ready to inflict targeted sanctions against Russia if Moscow es
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The lion's share of foreign money in Russia is from major energy sector players like Shell, Exxon, and BP, said Fadel Gheit, senior energy analyst at Oppenheimer
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Aluminum and Icelandic GDP | Askja Energy - The Independent Icelandic Energy Portal - 1 views
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Aluminum and Icelandic GDP
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The aluminum sector now consumes almost 75 per cent of electricity generated in Iceland. When taking this part of the Icelandic energy industry into account, the total contribution of the aluminum industry to the Icelandic GDP is somewhat larger than the direct contribution, and the total contribution can be said to be 5.4-6.3 per cent annually (on average in the period 2007-2010). In 2010 this number was approximately 7.7-8.6 per cent.
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n her thesis, Ms. Ragnarsdóttir explains how aluminum production first began in Iceland in the year 1969, with an output of barely 11 thousand tons annually. In the early 1990s the rate of production grew rapidly and today it is around 820 thousand tons annually. Two of the largest hydroelectric power stations in Iceland were constructed mainly to serve the aluminium industry.
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UAE's Mubadala, Guinea sign $5 billion bauxite, alumina deal | Reuters - 0 views
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The agreement includes $1 billion for extraction and exports of bauxite to the UAE as well as a $4 billion aluminium refinery and a port, Mohamed Lamine Fofana, Guinea's minister for mines and geology told Reuters at a Guinea investors' conference in Abu Dhabi.The investment forms part of the UAE's expansion plans for its Emirates Global Aluminium business, set to become the world's fifth largest aluminium company by output next year.Emirates Global Aluminium was created from the merger of DUBAL and Emirates Aluminium (EMAL). The merged group has two aluminium plants in the UAE, one in Dubai and a second at Taweelah near Abu Dhabi.
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In May 2013, Mubadala and DUBAL said they would jointly take over a Guinea Alumina Corp project in Guinea, acquiring 66.6 percent from BHP Billiton (BHP.AX) and Global Alumina.
Work Like a German - NYTimes.com - 0 views
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Work Like a German
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In the German job-share model (known as “Kurzarbeit”), if an employer cuts an employee’s hours so that income is reduced by more than 10 percent, the government compensates workers for a large portion of wages lost. This enables companies to cut costs during downturns without having to lay workers off.
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For the long-term unemployed who take significantly lower-paying jobs (typically, at minimum-wage levels), the unemployment benefits could offer stop-loss insurance to put a floor under their losses.
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