Joseph Mariathasan: America first – or America last?

first_imgForeign direct investment in the USSource: US Bureau of Economic Analysis Immigrants have founded half the start-ups in recent years, but – according to a recent study from Duke University and the Kauffman Foundation – the rate of start-ups has declined significantly, primarily as a result of immigration policies in the US. Trump’s isolationist stance is likely to exacerbate this trend significantly.As Posen argues elsewhere (for example, in this article from February this year), if the US continues its retreat from economic leadership, it will impose serious pain not only on the rest of the world but also on itself.Trump puts forth the belief that the US has somehow been taken advantage of by its allies and trading partners in the multilateral US-led post-war world. There may be some truth in the area of defence: the US provides security guarantees to its allies and an umbrella of nuclear deterrence. The US military also polices the freedom of navigation in international waters and airspace. These, as Posen points out, are classic public services provided by the US, essentially on its own, that every country benefits from whether or not it contributes.When it comes to the everything else in the global multilateral ecosystem, many, including Posen, argue that it is the US that has been the one free-riding in recent years. US president Donald Trump’s actions are proving to have the exact opposite effect to his objective of “America First”.In a recent article, economist Adam Posen, president of the Peterson Institute for International Economics, makes the case that the president is actually ruining the US’s attractiveness as a place to do business – a case of putting “America last”.One strong piece of evidence supporting Posen’s view is foreign direct investment (FDI) into the US. According to the US Bureau of Economic Analysis, in the first quarter of 2016 the total net inflow of investments was $146.5bn (€128.4bn). For the same quarter in 2017 it had gone down to $89.7bn, and by 2018 it was down even further to $51.3bn.As Posen makes clear, this precipitous drop cannot be ascribed to changes in Chinese investment, which flow both ways with little contribution to changes in the figures. The falloff, he says, is a result of a general decline in the US’s attractiveness as a place to make long-term business commitments. US president Donald Trump and Canadian prime minister Justin Trudeau at the G7 gathering in JuneCredit: Adam Scotti, Canadian Prime Minister’s OfficeFrom accusations of not paying its dues to international organisations on time, to spending a far smaller share of its GDP on aid than other wealthy countries, according to the OECD, and withdrawing from international efforts to combat climate change even as other countries have begun to shift toward greener growth. Is the world moving towards a post-American era?China’s president Xi Jinping appears to have become the global spokesman for the cause of global free trade and capitalism. Indeed, at the World Economic Forum in Davos in 2017 he declared: “Whether you like it or not, the global economy is the big ocean that you cannot escape from. Any attempt to cut off the flow of capital, technologies, products, industries, and people between economies, and channel the waters in the ocean back into isolated lakes and creeks, is simply not possible. Indeed, it runs counter to the historical trend.”Posen argues that, so long as the US economy remains very large (which it will) and at the technological frontier (which it probably will), and maintains its commitment to globally attractive values, the country will be capable of remaining the leader.However, even he admits that it is worth watching the flows of direct investment, especially of net FDI, into the US as an early indicator of how far the global economy has moved toward a post-American era. The data on flows of both investment and people suggest that Trump’s approach to globalisation is certainly moving the world in that direction.center_img But it may not just be in investment flows that the US is losing its attractiveness. The best and brightest from across the world have always been attracted to its shores and its ability to attract them has been one of its great strengths. Silicon Valley would not be where it is today without Chinese and Indian immigrants.last_img read more

London Stock Exchange consults on trading hours change

first_imgAnd new regulatory reporting times would require regulatory approval. The paper said a co-ordinated approach by European exchanges is needed for the changes to be effective.The proposal follows a recent call from the Association for Financial Markets in Europe (AFME) and the Investment Association (IA), to shorten and harmonise operating hours for European stock exchanges, to between 9am and 4pm GMT.“Our members tell us that a reduction of 90 minutes in European markets would bring significant benefits to the market structure, concentrating liquidity and allowing adequate time to absorb corporate announcements,” the AFME and IA said.They also said shorter hours would improve the mental wellbeing of staff and encourage staff diversity, allowing firms to attract a wider variety of talent.“Anecdotal evidence from members is that trading remains one of the areas of financial services where staff face significant mental health issues,” they observed. “We consider that the excessively long hours play a major contributory part in generating and perpetuating this problem.”Responding to the LSE paper, Galina Dimitrova, director for investment and capital markets at the IA, said: “We are very pleased the London Stock Exchange has listened to traders’ calls.”She added: “We need to call time on the long hours culture, which is detrimental to diversity and mental health, and inefficient for the markets. A shortened day will benefit the markets, those that operate them and ultimately the clients we serve.”Meanwhile, the LSE consultation also aims to strengthen trading in small cap securities, which has seen a reduction in numbers of specialist brokers and advisers. The LSE suggests reducing the number of daily auctions for the Stock Exchange Electronic Trading Service SETSqx platform – on which smaller caps are traded – from five to three.“Almost 57.7% of trading activity on the service occurs during the closing auction,” said the paper. “By reducing the number of auctions, liquidity may become concentrated in the remaining auctions, providing more meaningful price discovery and trading sizes.”The paper also canvasses ideas for improving liquidity during the LSE’s mid-day intraday auction, introduced in 2016 to offer the opportunity to trade block orders at a traditionally low volatility point in the day. Between inception and end-September 2019, these auctions have attracted only 0.1% of value traded on SETS.The consultation closes on 31 January 2020. The London Stock Exchange (LSE) has launched a consultation on potential changes to the market’s structure, including changes to trading hours, as well as plans to improve the liquidity of smaller cap securities, and of intraday auction activity.Five alternative sets of opening hours are suggested for the London exchange, including retaining the existing 8am to 4.30pm arrangement.One major benefit of a change would be to concentrate liquidity within the new trading hours, said the LSE.However, there would be a reduction in overlap with US and/or Asian trading hours, which might hit trading participants in those regions, it said. Changed hours would also – given that major trading desks are pan-European – mean all main European trading venues would need to be aligned, to maximise benefits.last_img read more

Maersk Supply to divest five more vessels as more red ink spills

first_imgThe industry continues to be characterized by oversupply, financial restructurings and consolidation, and Maersk Supply Service said it expects market outlook for the industry to remain subdued in the near and mid-term. The market demand remains challenged due to the low activity in the offshore industry, and thus the offshore supply vessel industry has approximately 30% of vessels laid up globally, including Maersk Supply Service with 12 vessels laid up end of 3Q, said the company.Maersk Supply Service initiated a divestment program in 2016 as a response to vessels in lay-up, limited trading opportunities and the global over-supply of offshore supply vessels in the industry. The divestment program is progressing as planned with one vessel shipped for recycling in 3Q, having divested three vessels in total in 2017 leaving the total fleet at 43 with eight vessels still to be delivered. Maersk Supply Service plans to divest further five vessels in the coming six to nine months.Offshore Energy Today Staff Outlook to ‘remain subdued’   Danish offshore vessel provider Maersk Supply Service sank deeper into the red during the third quarter of the year while its revenues were dragged down by lower dayrates and utilization. The company plans to sell another five vessels in the coming period.Maersk Supply’s parent company, A.P. Moller – Maersk, on Tuesday published its financial report for the third quarter 2017, according to which a structural solution for Maersk Supply Service remains to be defined before the end of 2018.Namely, from 2017, the group’s Energy business consists of Maersk Oil, Maersk Drilling, Maersk Supply Service and Maersk Tankers, as well as other businesses (Maersk Training and FPSOs).In an attempt to separate out its energy businesses, Maersk already sold its oil and gas business and its tanker business. As already reported by Offshore Energy Today, a solution for Maersk Drilling is expected within 12 months while Maersk Supply Service will be handled by the end of next year.According to the report on Tuesday, Maersk Supply Service booked a loss of $16 million for the third quarter 2017 compared to a loss of $11 million in 3Q 2016 impacted by the general market conditions in the global offshore industry.The underlying result was a loss of $14m versus loss of $11m in last year’s period driven by fewer legacy contracts offset by a periodically stronger spot market in 3Q.During the third quarter of this year, Maersk Supply’s revenues dropped to $62 million from $94 million in the same period of last year due to lower rates and utilization.Going into the fourth quarter, the vessel owner’s contract coverage for the rest of 2017 is 38% and 24% for 2018.Gross utilization was 52% for 3Q 2017 versus 57% in the corresponding period of 2016.last_img read more

Rise of sex predator female teachers

first_imgStuff 26 March 2017Family First Comment: “This behaviour needs to be recognised for what it is, sexual abuse of a child. It should be viewed exactly the same way as if it’s a male offender and a female victim. It needs to be acknowledged that there is a certain process of grooming involved before the abuse begins. Part of the problem with that stereotype, that the offending isn’t as serious if it’s a female offender and a male victim, means that there’s probably under-reporting of this…. Often it needs to be understood that we do have female offenders in our community and it needs to be taken just as seriously, even if it’s a teenage boy.”An increase in the number of female teachers being accused of sexual acts against male students could be just the tip of the iceberg, a child protection expert says.At least seven female teachers have been charged with misconduct or criminal charges in the past three years. This week, a Bay of Plenty teacher, now 39, was charged with misconduct after marrying her former student, who is now 23, after they struck up a friendship while the student was in prison.But a “romanticised” view of sexual contact between teachers and male students could be leading to severe under-reporting of cases, according to Child Matters spokeswoman Jane Searle.“I think what people have to be clear about is that there is no Romeo and Juliet romance,” Searle said.“This behaviour needs to be recognised for what it is, sexual abuse of a child. It should be viewed exactly the same way as if it’s a male offender and a female victim. It needs to be acknowledged that there is a certain process of grooming involved before the abuse begins.“Part of the problem with that stereotype, that the offending isn’t as serious if it’s a female offender and a male victim, means that there’s probably under-reporting of this.“Because without that recognition of what that’s doing to the victim and the effects of it, then it’s much less likely that the victims will come forward … so we don’t really know what the true statistics are.”Searle says the vast majority of teacher-student abuse is committed by male offenders, which perpetuates the myth that female teachers are not abusers.“Often it needs to be understood that we do have female offenders in our community and it needs to be taken just as seriously, even if it’s a teenage boy.”READ MORE: read more

The Athletic Scene

first_imgThis is the time of the year that real high school basketball fans relish.  The girls’ season is winding down quickly.  Next week is their state finals.  The high school boys’ teams already know their sectional draw, and their tournament will begin the first of March.Next week March Madness begins for the college basketball system.  This 4-week bonanza for the NCAA and television revenue grows bigger and bigger every year.  If you are tired of basketball, at any point in March you can turn to baseball because they will be well into their spring training.How will the Indiana college teams do this year?  We won’t know yet this week, but Selection Sunday is also just around the corner.  We have talked about all of these things to follow, and we haven’t even mentioned the NBA yet.  They still have almost 2 full months of basketball regular season yet to play.last_img read more

La Liga club admits fear to play during COVID-19 pandemic

first_img Read Also: Ronaldo enters 14-day quarantine after returning to Juventus It’s difficult to see how the league can force players to return to action if they’re not comfortable doing do, and it’s also hard to see at what point the players will consider the virus under control enough to warrant a return. This could drag on, and the mooted return dates in June look very hopeful. FacebookTwitterWhatsAppEmail分享 Various protocols and safety measure are being developed and will be in place, but none can remove the essential point that 22 players will be in intense physical contact for 90 minutes. No matter how efficient or regular the testing, the risk of transmission is as high as it can get, and that what they mean by being unable to comply with the most basic recommendations of every expert – to keep one’s distance. Loading… Fans trapped in isolation are desperate to see their teams back in action, but players are less certain. The Eibar squad have today release a statement admitting their “fear” over playing games again in the middle of a pandemic. “We love football and nothing would give us more pleasure than being able to come back to it… [but] we are afraid to start an activity in which it’s not possible to complete even the first recommendations of every expert. It disturbs us that, to do what we like most, we risk infection our families and friends, as well as contributing to a new wave of the disease,” the statement as carried by Sport read. While they are the first to put their thoughts into words like this, and it’s a feeling that one sense is widespread among players. They’re aware of their privileges – as they mention several times here – but they also don’t see why they should be returning to action to take part in a patently infectious activity when the virus is still in full swing.center_img Football is desperately trying to figure out how to return to playing matches as soon as possible, and signs from across the continent show that bit by bit we’re coming closer to action. The Bundesliga intends to play games later this month if possible, and Spain’s La Liga intends to be close behind, with teams returning to training this week in preparation for matches in a month or so. Promoted Content7 Of The Best Top Models From IndiaMeghan And Harry’s Royal Baby: Everything You Need To KnowTop 7 Best Car Manufacturers Of All TimeCouples Who Celebrated Their Union In A Unique, Unforgettable WayThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreWho Is The Most Powerful Woman On Earth?Care To Try A Glow-In-The-Dark Doughnut?8 Fascinating Facts About Coffee9 Facts You Should Know Before Getting A Tattoo6 Incredibly Strange Facts About HurricanesWhich Country Is The Most Romantic In The World?Birds Enjoy Living In A Gallery Space Created For Themlast_img read more

Integral, Family and football partner for talent hunt in Africa

first_img Loading… Promoted ContentFantastic-Looking (and Probably Delicious) Bread ArtThe 10 Best Secondary Education Systems In The WorldBest & Worst Celebrity Endorsed Games Ever Made5 Of The World’s Most Unique Theme ParksTop Tastiest Foods From All Over The WorldThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreCouples Who Celebrated Their Union In A Unique, Unforgettable WayBest Car Manufacturers In The World6 Incredibly Strange Facts About HurricanesHidden For A Thousand Years – A Secret Of The Great Wall Of China7 Universities In The World Where Education Costs Too Much10 Hyper-Realistic 3D Street Art By Odeith Family and football founder Erkut Sogut said, “Nigeria, Africa and Integral are strategic partners for us. We believe in their potential. And with Integral we will showcase African footballers in a different way because they deserve it. The continent deserves it. It has some of the best talents I have ever seen like Jay – Jay Okocha, Kanu and many more like them. But our ties extend beyond football. I am passionate about education and I see the quality of people here; desirous of learning, of leaving a positive impact in the world. So together (with Integral) we will support them with our work”. Managing Director of Integral Abimbola Ilo expressed optimism that the new partnership will boost talent hunt and offer opportunity to up and coming players. “We are extremely excited to be working fully now with Erkut and his team, joining forces together to become an even more dominant force in football representation and management. Read AlsoNigeria has incredible, exciting talents, says Yaya Toure Importantly the scope of the joint venture extends beyond just the representation side of things and involves education and charity too which are equally important to us,” he revealed. FacebookTwitterWhatsAppEmail分享 center_img Talent identification development and management is to be taken to a new level in Africa, Integral and Family & Football in partnership with Germany international and Arsenal forward Mesut Ozil have announced. The new joint venture is aimed at augmenting talent hunt efforts in the Africa continent which has been described as fertile ground for budding talents who can make a huge difference with the needed push. The outfit believes it is possible to discover more of the likes of Jay Jay Okocha, Nwankwo Kanu among others who left their feet on the sands of history of international football. Integral’s Abimbola Ilo, Family and football founder Erkut Sogut and associate Misha Sher during a recent visit to NigeriaAdvertisementlast_img read more

Frye recognizes volunteer firefighters for longevity

first_imgIndianapolis, In. — Republican state representative from Greensburg Randy Frye honored Indiana volunteer firefighters with a resolution for over 50 years of service Thursday, April 11, 2019, at the Statehouse. Frye recognizes the tireless contributions and sacrifices these brave individuals face to bring safety and security to Indiana communities.last_img

D’Tigress through to 2020 Olympic qualifying tourney

first_imgRelatedPostsNo Content Available African champions, the D’Tigress, have qualified for the Women’s Olympic Qualifying Tournament after defeating Mali 74-59 in the semifinals of the African pre-qualifiers.The Otis Hughes girls will represent Africa along with either Mozambique or Senegal at the WOQT in February, 2020.The Nigerians led the first quarter by 14-11 points and also consolidated by 20-14 and 25 -14 points in the second and third quarters but lost the final quarter by 15-20 points.In the series, Nigeria had beaten hosts, Mozambique, by 57-48 points and also walked out Democratic Republic of Congo.—  Tags: Otis Hugheslast_img read more

NPFL: Akwa United star first to reach double figures in battle for Eunisell Boot

first_imgRelatedPosts NPFL: Coach Dogo leaves Sunshine Stars NFF sanctions NPFL 2019/2020 final table Ex-Eagles’ keeper joins Kwara United Akwa United utility man, Ndifreke Effiong, has become the first player to score 10 goals in the race to win this season’s Eunisell Boot Award. Effiong, who plays in various positions from the defence to midfield and attack, netted his 10th goal of the 2019/20 season in the Nigeria Professional Football League on Sunday when his team played host to Warri Wolves at the Nest of Champions in Uyo. However, Effiong’s goal in added time of the second half could only save the blushes of the Promise Keepers from defeat at home as they played out a 1-1 draw with Warri Wolves. The breakdown of the 10 goals scored by the Akwa United man shows that only two have been from the penalty spot, while the others have come from open play. The former Abia Warriors attacking midfielder now sets the pace in the race for the Eunisell Boot Award, but will have to look over his shoulders with a very formidable field of chasing pack breathing down his neck. Effiong is now a goal better than Enyimba forward, Victor Mbaoma, who fired blanks in his team’s 2-0 defeat at Nasarawa United on Sunday. Mbaoma is currently on nine goals. The trio of Tasiu Lawal of Katsina United, Plateau United’s Ibrahim Mustapha and Rangers striker Israel Abia are on eight goals each. The Eunisell Boot Award, created by Eunisell, West Africa’s largest independent chemicals and engineering solutions group, aims to help increase the standard of the NPFL by rewarding the season’s top scorer with N200,000 for each goal scored.Tags: Akwa UnitedEunisell BootNdifreke Effiongnpfllast_img read more