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The earthquake that struck Morocco on Friday night hit near Marrakesh, a popular tourist destination, sending both residents and visitors scrambling for safety. “We didn’t know if we had to stand up, to sit down, to run,” Mr. Ait Chari said. Ms. Lorang and hundreds of others found refuge in a courtyard, where some brought out rugs and blankets to sleep. “It was very chaotic.”Mr. Ait Chari, the tour guide, said he was supposed to pick up more clients on Sunday but was unsure flights would be maintained. Many people were still in shock, he said, but there had also been “great solidarity,” as residents cleared roads.

Persons: “, Jen Lorang, ” Ms, Lorang, “ I’ve, Mr, Ait, ”, Jean, Baptiste Guinet Organizations: Big, ”, UNESCO, Heritage, Tourism, Organization for Economic Cooperation, Development Locations: Morocco, Marrakesh, Ait Chari, Massachusetts, Seattle, San Francisco, ” Morocco, Agadir, ”, Taroudant

As the death toll from the powerful earthquake in Morocco rose on Saturday, questions mounted about the vulnerability of buildings in the seismically active North African country. Moroccan architects said that the hardest-hit areas were rural zones with many earthen houses that were unable to withstand the shaking. “Given the state of the buildings in the country, this death toll was kind of expected,” said Anass Amazirh, an architect in the northern city of Casablanca. Image Rescue workers searching for survivors in a collapsed house in Moulay Brahim, in Morocco’s Al Haouz Province, on Saturday. “These more extreme risks occur regularly in other countries,” the report said, “and Morocco cannot avoid taking them into account.”

Persons: “, ”, Anass Amazirh, Omar Farkhani, Fadel Senna, Mr, Farkhani, Al Hoceima, Al, Haouz, Amazirh Organizations: Morocco’s, of Architects, ., Agence France, Moroccan, Organization for Economic Cooperation, Development Locations: Marrakesh, Morocco, Moroccan, Casablanca, Al Haouz, Moulay Brahim, Morocco’s Al Haouz Province, Al, Al Hoceima, “

NEW DELHI (AP) — U.N. Secretary-General António Guterres on Friday urged the Group of 20 top economic powers, which are responsible for more than 80% of the emissions that cause global warming, to use their weekend summit to send a strong message on climate change. Climate ministers of the G20 nations ended their last meeting for the year in July without resolving major disagreements on climate policies. Guterres called on big emitters to make additional efforts to cut emissions and rich countries to meet the climate finance commitments made already. Energy analysts say its crucial that G20 leaders act on the U.N. chief's suggestions. And have it now,” said Madhura Joshi, energy analyst at the climate think tank E3G.

Persons: — U.N, António Guterres, Guterres, ” Guterres, ”, Madhura Joshi, Joshi Organizations: DELHI, Group, World Bank, International Monetary Fund, United Nations, Organization for Economic Cooperation, Development, Energy, AP Locations: Paris, New Delhi, Ukraine, ”

"Further progress is likely to become more difficult as base effects fade, and supply-constraints could drive global energy and food prices higher again." Brent crude prices have risen 27% since mid-year and U.S. crude is up 30%, with U.S. retail pump prices already up almost 10% so far since June. Oil and inflation expectationsReuters GraphicsSLOWING DESCENTAnd alongside creeping worries about rising debt supply, the long end of bond markets has been rattled again by the oil price jump. And this has been a far bigger influence on the inflation trajectory than oil prices per se. Yet, restive crude prices will still cloud a messy and tricky battle with inflation expectations just as policy tightening cycles near an end.

Persons: Brent that's, Christian Keller, Akash Utsav, Andrew Goodwin, there's, George H.W, Jamie Freed Organizations: Brent, UBS, Organization for Economic Cooperation, Development, Barclays, Federal Reserve, European Central Bank, Bank of England, U.S, Treasury, Oxford, Monetary Fund, Reuters Graphics Reuters, Reuters, Thomson Locations: Ukraine, Saudi Arabia, Russia, tailwind, U.S, Europe, Britain, West, George H.W . Bush

☆ How China became the king of new nuclear power, and how the U.S. is trying to stage a comeback
▼ + stars: | 2023-08-30 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

That is two and a half times more nuclear reactors under construction than any other country. China was just getting started as the United States nuclear industry began to take a back seat. Power follows demand, so the new nuclear reactors tend to be built where fast-developing economies need power to fuel their growth. For the United States to win the export business, it must prove it can put steel in the ground in the United States. "We and our close nuclear energy allies are at what I think is just the start of a fierce competition for supremacy in global nuclear energy export markets," Kotek said.

Persons: Jacopo Buongiorno, Kenneth Luongo, Luongo, John F, Kotek, they've, Buongiorno, Westinghouse, Trump, Biden Organizations: Plant, China National Nuclear Corporation, China Huaneng, Changjiang, China News Service, Getty, International Atomic Energy Agency, United, Massachusetts Institute of Technology, CNBC, Partnership for Global Security, World Nuclear Association, Chicago Tribune, Tribune, Service, IAEA, Organization for Economic Cooperation, Development, OECD, U.S . Energy Information Administration, Nuclear Energy Institute, International Energy Agency, France, Visual China, Georgia Power, Westinghouse Locations: China, Changjiang Li Autonomous County, Hainan Province, India, Turkey, United States, Georgia, Byron , Illinois, France, Russia, HUIZHOU, CHINA, Huizhou, Guangdong Province of China, Europe, Eastern Europe, U.S

☆ New Zealand plans digital services tax for multinationals from 2025
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David Gray/File Photo Acquire Licensing RightsAug 29 (Reuters) - New Zealand said on Tuesday it would introduce legislation for a digital services tax on large multinational companies from 2025 after talks for a global rollout did not reach consensus at the Organization for Economic Cooperation and Development (OECD). But the proposal was pushed back last month after countries with digital services taxes, with the exception of Canada, agreed to hold off applying them for at least another year. The proposed digital services tax will target multinational businesses that earn income from New Zealand users of social media platforms, search engines, and online marketplaces. The tax would be payable by businesses that make over 750 million euros ($812 million) a year from global digital services and over NZ$3.5 million a year from digital services provided to New Zealand users. The tax would be applied at 3% on gross taxable New Zealand digital services revenue, a similar rate adopted by comparable countries like France and the United Kingdom.

Persons: David Gray, Grant Robertson, Renju Jose, Lincoln Organizations: REUTERS, Organization for Economic Cooperation, Development, Apple, Finance, Kiwis, NZ, Thomson Locations: Wellington, New Zealand, Canada, Zealand, France, United Kingdom, Sydney

☆ 9 European countries where workers get more than a month of paid vacation
▼ + stars: | 2023-08-18 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

Nationally, the average American gets 10 vacation days — all public holidays like Memorial Day and Thanksgiving — after a year of service. Several countries offer even more by law, giving workers more than a month of business days in vacation time per year. Here are nine European countries that give workers more than a month of paid vacations a year, according to the Organization for Economic Cooperation and Development:France: 30 days of paid vacation per yearUnited Kingdom: 28 days of paid vacation per yearAustria: 25 days of paid vacation per yearDenmark: 25 days of paid vacation per yearFinland: 25 days of paid vacation per yearNorway: 25 days of paid vacation per yearSpain: 25 days of paid vacation per yearSweden: 25 days of paid vacation per yearPortugal: 22 days of paid vacation per yearGiven the culture of rest prioritized around Europe, many workers get even more days off from their company. While Swedes are guaranteed 25 paid vacation days by law, her employer adds a few extra days to bring her up to 30 paid vacation days a year. In Norway, Lene Vindenes, 28, gets 25 paid vacation days per year, and her company requires her to take three weeks of vacation during the summer between June and August.

Persons: Kimberly Sorce, Lene Vindenes, Warren Buffett Organizations: European, Organization for Economic Cooperation, Development Locations: U.S, Europe, Spain, France, United Kingdom, Austria, Denmark, Finland, Norway, Sweden, Portugal, New Jersey

☆ China has a case of 'economic long COVID' - and won't use the only cure for growth, expert says
▼ + stars: | 2023-08-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

China is suffering from "economic long COVID," Adam Posen wrote in Foreign Affairs. Like other authoritarian regimes, China's economic development is following a predictable pattern, he noted. "Low appetite for illiquid investment and low responsiveness to supportive macroeconomic policies: that, in a nutshell, is economic long COVID," he wrote. Despite the West's growing tensions with Beijing, China's economic woes aren't necessarily good news for its rivals either, Posen said. "When another global recession hits, China's growth will not help revive demand abroad as it did last time.

Persons: Adam Posen, Peterson, —, Goldman Sachs, It's, Xi, COVID, Posen, there's Organizations: Foreign Affairs, Service, Peterson Institute for International Economics, Bank of America, Monetary Fund, Organization for Economic Cooperation, Development, China's Communist Party Locations: China, Wall, Silicon, Beijing, Posen

☆ Global tax loss: Countries could lose trillions in revenue to tax havens in next decade
▼ + stars: | 2023-07-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The estimated $4.7 trillion shortfall is based on an analysis of aggregated data for 47 countries from the Organization for Economic Cooperation and Development. All in, the report’s authors estimate that $4.7 trillion is roughly equivalent to a year’s worth of public health spending worldwide. The outlook for systemic global tax reformWhile the Tax Justice Network was initially hopeful that OECD tax reform efforts that started a decade ago might reduce global tax abuse, those efforts have hit multiple roadblocks and implementation delays. Now, TJN backs proposals to move authority for global tax rulemaking from the OECD to the United Nations. “The key to ending cross-border tax abuse is to deliver on a UN tax convention and to create a global tax body under UN auspices,” the report’s authors contend.

Persons: TJN, ”, Alex Cobham, Cobham, “ Organizations: New, New York CNN, Tax Justice Network, of Tax, Organization for Economic Cooperation, Development, OECD, Apple, Senate Finance, Democratic, Tax, Network, United Nations, UN Locations: New York, United Kingdom, Singapore, Netherlands, Hong Kong, Luxembourg, Ireland, United States

☆ Why waiting for A.I. laws, regulations from government could be a catastrophic mistake
▼ + stars: | 2023-07-19 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +8 min

Sam Altman, chief executive officer of OpenAI, parent company of ChatGPT, warns AI poses risk of human extinction, and Geoffrey Hinton, known as the "godfather of AI," cautions that AI can bring a dangerous future. These AI leaders and others support intervention from the federal government and other industry leaders before AI proliferates throughout society. With rapid growth, Palmer said companies of all sizes need to track AI efforts and disclose the information publicly. After a company has established metrics for tracking AI, or even while it's figuring that out, companies need to do a risk assessment for AI, Palmer said. "Within most companies, AI doesn't have an owner," Palmer said.

Persons: Sam Altman, Geoffrey Hinton, Altman, Asha Palmer, Palmer, Genies, Akash Nigam, Nigam, we've, ChatGPT, François, Candelon, Let's Organizations: OpenAI, CNBC, Google, Microsoft, Samsung, Organization for Economic Cooperation, IT, Boston Consulting Group's Henderson Institute Locations: Washington , DC, OpenAI, Japan

☆ CNBC Daily Open: The sun rises on Japan
▼ + stars: | 2023-07-05 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Philip Fong | Afp | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayU.S. markets on holidayU.S. markets were closed yesterday for the Fourth of July holiday, while futures were little changed on Tuesday night. Inflation exceptionalismThe U.K. is the only G7 country where inflation is still rising, according to data from the Organization for Economic Cooperation and Development. The sky's the limitAround 30% of the flights operated by U.S. airlines were delayed between June 24 through July 2.

Persons: Philip Fong, Abu Dhabi's, Xi Jinping, aren't, Niño, El Niño Organizations: Tokyo, Mount, Afp, Getty, CNBC, Organization for Economic Cooperation, Development, U.S, aren't fazed, World Meteorological Organization Locations: Mount Fuji, Ichikawa city, Chiba prefecture, Tokyo, China, Beijing, U.S

☆ Britain is now the only major economy where inflation is still rising
▼ + stars: | 2023-07-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

It comes as many major central banks start to consider bringing their aggressive interest rate hikes to an end as prices cool, even as inflation remains elevated. The move, which exacerbated fears of a mortgage catastrophe, marked a divergence from other major central banks that have been able to either slow or pause interest rate hikes. Year-on-year inflation, as measured by the consumer price index, slowed markedly to 6.5% in May, down from 7.4% in April. Core inflation, which excludes volatile food and food prices, declined at a much slower rate across 33 OECD countries, however, continuing a recent trend. Energy inflation, meanwhile, was found to have plunged to -5.1% in May when compared to the previous year, from 0.7% in April.

Organizations: OECD, LONDON, Organization for Economic Cooperation, Development, U.S ., Bank of England, Energy Locations: Paris, U.S, U.S . Canada, France, Germany, Italy, Japan, Britain, Netherlands, Norway, Costa Rica, Greece, Denmark, Hungary, Turkey

☆ UK inflation exceeds expectations in May, piling pressure on the government and Bank of England
▼ + stars: | 2023-06-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

The OECD recently predicted that the UK will experience the highest inflation among all advanced economies this year. Inflation dipped below 10% in April but continues to exceed consensus forecasts and remains significantly higher than the Bank of England 's 2% target. The Consumer Prices Index including owner occupiers' housing costs (CPIH), the ONS' preferred metric, rose by 7.9% in the 12 months to May 2023, up from 7.8% in April. LONDON — U.K. inflation came in hotter than expected in May, as consumer prices rose by an annual 8.7%, unchanged from the previous month. However, he said the Bank will now "feel like it has no choice, especially with core inflation now rising again."

Persons: Rishi Sunak, Jeremy Hunt, Marcus Brookes, Brookes, Thiru Organizations: OECD, Bank of England, ONS, Office, National Statistics, Reuters, LONDON, Organization, Economic Cooperation, Development, CPI, Quilter Investors, Bank Locations: Sheffield

☆ Bank of England's conundrum deepens as inflation and labor market stay hot
▼ + stars: | 2023-06-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A member of the public walks through heavy rain near the Bank of England in May 2023. LONDON — The Bank of England is "caught between a rock and a hard place" as it prepares for a key monetary policy decision against a backdrop of sticky inflation and a tight labor market, economists say. May's consumer price index figure will be published Wednesday morning, the day before the Bank's Monetary Policy Committee (MPC) announces its next move on interest rates. Data points since the last meeting have indicated persistent tightness in the labor market and strong underlying inflationary pressures, alongside mixed but surprisingly resilient growth momentum. Economists therefore now expect the Bank to prolong its tightening cycle and lift interest rates to a higher level than previously anticipated.

Organizations: Bank of England, LONDON, Organization, Economic Cooperation, Development

☆ India predicted to outshine China as Asia remains a bright spot for global growth
▼ + stars: | 2023-06-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

In its latest global economic outlook report, the OECD predicted India, China and Indonesia would top gross domestic product projections for 2023 and 2024. The OECD added that looser monetary policy in the second half of next year will help household spending momentum return. The report added that it expects OECD countries' average headline inflation to fall to 6.6% this year, after peaking at 9.4% in 2022. 'Fragile' improvementStill, the OECD warned the global economic recovery remains fragile as central banks continue to tighten monetary policy, which could lead to stress in financial markets. Asia remains brightWhile the global economy could slow down further, Asia is expected to remain a bright spot as regional inflation is expected to remain "relatively mild," OECD says.

Persons: Rashtrapati, Clare Lombardelli, Lombardelli, David Malpass Organizations: Rashtrapati Bhavan, Organization for Economic Cooperation, Development, OECD, India, World Bank Locations: India, New Delhi, Kriangkrai, China, Indonesia, Argentina, Turkey, United States, Ukraine, Asia, Japan

☆ UK predicted to have the highest inflation rate out of all advanced economies this year
▼ + stars: | 2023-06-07 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The OECD recently predicted that the UK will experience the highest inflation among all advanced economies this year. The U.K. headline inflation is "projected to slow on the back of declining energy prices and to come down close to target by the end of 2024," the OECD noted. "Core inflation is set to be more persistent due to strong services inflation, only receding to 3.2% in 2024." The U.K. is set to report a headline inflation of 6.9% this year, above the OECD average of 6.6% for 2023. Sanctions-struck Russia is forecast to have a headline inflation of just under 5.4% in 2023.

Persons: Andrew Bailey, Governor Bailey, BoE, Paul Dales Organizations: OECD, LONDON, Organization for Economic Cooperation, Bank of England, Capital Economics Locations: Sheffield, Argentina, Turkey, Russia, Paris, Paul

☆ Opinion | Like It or Not, America Needs Chinese Scientists
▼ + stars: | 2023-05-25 | by ( Dan Murphy | ) www.nytimes.com time to read: +2 min

When we discourage international collaboration in the absence of clear concerns about national security, we limit the pool of possible collaborators, potentially weakening the research. Chinese publishing of research papers has grown, by one measure, to 25 percent in 2020 from less than 1 percent of the global total before 1990. According to some calculations, Chinese papers are cited (an indication of a paper’s impact) by academics in their own work more often than those of any other country. Questions have been raised about Chinese academic fraud and low-quality patents, but more work is needed to assess how widespread those problems are. Under the Chinese model, civilian organizations and businesses are sometimes obliged to support the country’s military apparatus.

☆ A man in South Korea got caught out after having his twin brother take an entrance exam for him when he double booked himself
▼ + stars: | 2023-05-18 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

A Bank of Korea employee got caught after his twin brother took an entrance exam in his name. The man had an entrance exam for two jobs on the same day, but got his brother to take one for him. Rather than trying to rearrange one of the exams, the man asked his twin to take the FSS exam under his name. South Korea is notorious for having a hyper-competitive job market, and for the length and intensity of work many people do. That ranks among the five highest working hours in developed nations.

☆ US Treasury's top international official heads to Europe, Asia for talks on economy
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 4 (Reuters) - The U.S. Treasury Department's top international official is heading to Europe and Asia this week for talks on current macroeconomic trends and events, and a G7 finance officials meeting, Treasury said in a statement on Thursday. Treasury Undersecretary for International Affairs Jay Shambaugh will attend meetings of the Organization for Economic Cooperation and Development in Paris on Friday, before traveling on to Singapore and Japan, Treasury said. The meeting takes place a month after the International Monetary Fund trimmed its 2023 global growth outlook slightly and warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. Shambaugh will join U.S. Treasury Secretary Janet Yellen at the G7 meeting in Niigata, Treasury said. Reporting by Andrea Shalal; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ France pension protests explained: France is still mad -- but can the protests last?
▼ + stars: | 2023-05-01 | by ( Joseph Ataman | ) edition.cnn.com time to read: +7 min

In 1995, weeks-long mass protests forced the government of the day to abandon plans to reform public sector pensions. For many in France, the pensions system, as with social support more generally, is viewed as the bedrock of the state’s responsibilities and relationship with its citizens. Nathan Laine/Bloomberg/Getty ImagesIn contrast, during the Yellow Vest protests, started in opposition to hikes in fuel prices, violence gradually soured public support. That these pensions protests continue to hold such popular goodwill is an ominous sign for Macron’s future plans. The size and violence of pensions protests spiked when Macron forced the legislation past the country’s lower legislative house without a vote.

☆ Forget the pension protests. France’s economy has momentum
▼ + stars: | 2023-04-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

France’s economy grew 0.2% in the first quarter of this year, its national statistics agency said Friday, after stagnating in the previous quarter. Yet the long-running protests are unlikely to leave a lasting dent in France’s economy, according to Charlotte de Montpellier, a senior economist at Dutch bank ING. But its $2.8 trillion economy has held up comparatively well. Office buildings illuminated in the La Defense business district of Paris, France, on Monday, Feb. 6, 2023. ‘Momentum’ building for banksBritain’s exit from the European Union has also been a boon for France’s financial sector.

So how did India’s population get so big, and how long will it last? The rise in population despite a drop in the fertility rate can be explained by “demographic momentum.”“When the fertility rate drops, the population continues to grow for several decades. So, even with a replacement or sub-replacement fertility rate, India’s population will continue to grow slowly because of the considerable number of women entering their reproductive years. India’s population growth is slowing downIndia may have overtaken China in total population, but UN data also shows that its growth rate has slowed. Uttar Pradesh, for instance, is home to 17% of India’s population but has only 9% of its industrial jobs.

☆ We got an exclusive look at the pitch deck that math education startup Innovamat used to raise $21 million in new funding
▼ + stars: | 2023-04-19 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

Innovamat is a Barcelona-based edtech startup that uses a new way of teaching math to K-8 students. Now, the team has raised $21 million in Series A funding and will expand into the US. The idea for Innovamat, a startup focused on developing a new way to teach math to K-8 students, came to the company's cofounders when they were students themselves. In 2015, Dotti and Piedra spent their free time working as engineering and math teachers at their university's neighboring academy, which helps first year students study and pass important qualifying exams. Check out the 13-slide pitch deck that Innovamat used to raise $21 million in Series A funding:

Paris CNN —France’s top court on Friday approved the government’s unpopular plans to raise the age of retirement by two years to 64, a huge win for President Emmanuel Macron in the face of mass protests across the country. The Constitutional Council – akin to the US Supreme Court – struck down some elements of the new law, but the most controversial element remains: the gradual upping of the retirement age. Sweeping protests have paralyzed major services across France year this year over Macron’s proposed changes to the pension system. Ahead of the ruling, heightened security was in place in Paris amid expectations of spontaneous protests. With regular, incremental increases, by 2030 the retirement age will have reached 64.

☆ Increasing Export Restrictions on Critical Minerals Threaten Energy Transition, OECD Says
▼ + stars: | 2023-04-11 | by ( Yusuf Khan | ) www.wsj.com time to read: +3 min

Rising export restrictions on lithium, cobalt and other raw materials critical to the energy transition threaten to slow the move to a greener economy, according to the Organization for Economic Cooperation and Development. In a new report, the OECD said that over the last decade, export restrictions on critical minerals—usually in the form of taxes—have increased more than fivefold. Now roughly 10% of the global value of critical raw material exports face at least one export restriction measure. These countries hold some of the largest reserves of critical raw materials and account for a significant share of their global production. Despite the additional export controls, demand for these critical materials is increasing as is trade in them, said the OECD.

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