Category Archives: Global economy

Only six countries in the world give women and men equal legal work rights

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Sweden and France among states found by the World Bank to enshrine gender equality in laws, but implementation haphazard

If you’re a woman and want to be on an equal footing with men, it’s best to live and work in Belgium, Denmark, France, Latvia, Luxembourg or Sweden. The World Bank, which has tracked legal changes for the past decade, found these were the only countries in the world to enshrine gender equality in laws affecting work.

The bank’s women, business and the law 2019 report, published this week, measured gender discrimination in 187 countries. It found that, a decade ago, no country gave women and men equal legal rights.

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Donald Trump delays tariff hike on Chinese goods after ‘great’ trade talks

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The US president says he will hold a summit with Xi Jinping to conclude an agreement to end the year-long standoff

Donald Trump has said he will delay an increase in tariffs on Chinese goods that had been scheduled for Friday, citing “substantial progress” in trade talks with China over the weekend.

Related: When multilateralism crumbles, so does our rules-based order | Mark Medish

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Trump’s unseemly haste shows World Bank must no longer be in thrall to US

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The race to head the World Bank opened with the US candidate already known. Other countries must stand up and be counted

With characteristic lack of restraint, the Trump administration last week jumped the gun on the World Bank presidential election process by naming David Malpass as its preferred candidate to succeed Jim Yong Kim.

The formal nomination process, which did not begin until the following day, is based on selection principles agreed in 2011 that put the emphasis on an “open, merit-based and transparent” appointment. It is high time those principles were put in practice.

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Risk of global recession may be low but we are heading for slowdown

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Although there is a cloud over economy, the silver lining is central banks are more dovish

After the synchronised global economic expansion of 2017 came the asynchronous growth of 2018, when most countries other than the US started to experience slowdowns. Worries about US inflation, the US Federal Reserve’s policy trajectory, trade wars, Italian budget and debt woes, China’s slowdown and emerging-market fragilities led to a sharp fall in global equity markets toward the end of the year.

The good news at the start of 2019 is that the risk of an outright global recession is low. The bad news is that we are heading into a year of synchronised global deceleration; growth will fall toward – and, in some cases, below – potential in most regions.

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No-deal Brexit: UK exporters risk being locked out of world’s harbours

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Goods dispatched in coming days may not arrive until after 29 March deadline

British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned.

Independent trade experts and the UK’s biggest business groups said exporters could be dispatching goods from UK ports imminently that would not arrive until after the 29 March deadline. This raised the prospect of goods being stuck in ports or facing hefty additional costs in the event of a disorderly Brexit.

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‘Ridiculous’: report Ivanka Trump could lead World Bank meets scorn

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First daughter’s name said to be ‘floating around Washington’ but it wouldn’t be her first unconventional role

The Financial Times reported on Friday that the name of Ivanka Trump is “floating around Washington” regarding the need for a new president of the World Bank.

The role will soon be open due to the surprise departure of the current president, Jim Yong Kim. But on politics Twitter, at least, the idea that his replacement might be the first daughter met with widespread derision.

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China feels the squeeze of Trump’s trade war as more tariffs loom

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Talks begin this week in Beijing to end the trade war – and even titans such as Apple are feeling its impact

It epitomises China’s position in the global economy that a seismic warning about its health last week came from a US company: Apple. The iPhone maker cut sales forecasts, citing the unforeseen “magnitude” of the economic slowdown in China – a vital growth market. At the same time the head of Baidu, China’s biggest search engine, warned his employees that “winter is coming” in the world’s second-largest economy.

If China is indeed entering an economic winter, then the chill will spread around the globe. Forty years after communist China opened its doors to trade with the west in a dash for growth, the country’s mix of free-market policies and central planning faces one of its sternest tests.

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Fears grow in Africa that the flood of funds from China will start to ebb

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Slowing growth and rising debt at home may affect Beijing’s ability to keep up its vast investments in the developing world

Concerns over Chinese growth could spell problems for Africa and other parts of the developing world. Beijing funded an overseas investment boom in the past few decades as it strove to become the world’s second largest economic superpower, while also buying vast amounts of the natural resources produced by emerging nations.

The scale of the expansion forms part of China’s multibillion-dollar “Belt and Road” Initiative, a state-backed campaign to promote its influence around the world, while providing stimulus for its own slowing economy. The transcontinental development project, launched by China’s president, Xi Jinping, in 2013, aims to improve infrastructure links between Asia, Europe and Africa, with the aim for China to reap the benefits from increasing levels of global trade.

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China’s faltering economy gives US stronger hand in trade talks, Trump says

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As US officials fly to Beijing for negotiations, the president says the Chinese ‘sort of have to’ make a deal on tariffs

Donald Trump has said China’s weakening economic growth puts the United States in a strong position as negotiators from the world’s two largest economies prepare for trade talks on Monday.

US officials are heading to Beijing this weekend for the first face-to-face talks since Trump and China’s president, Xi Jinping, agreed in December to a 90-day truce in the trade war as they sought to strike a deal.

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