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☆ How deep are Egypt's economic troubles?
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +5 min

CAIRO, March 3 (Reuters) - Egypt's economy has come under severe pressure over the past year, with the Egyptian pound tumbling, foreign currency drying up, and inflation soaring. As many as 60% of Egypt's 104 million citizens are estimated to be below, or close to the poverty line. IS EGYPT'S DEBT SUSTAINABLE? Egypt's debt burden has been climbing, though analysts differ over how much of a risk this presents. Substantial principle and interest payments on foreign debt contribute to a large external financing gap - the difference between supply of and demand for foreign currency financing.

☆ Australian Indigenous group steps up campaign to protect sacred rock art
▼ + stars: | 2023-03-02 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

[1/4] Murujuga indigenous custodians campaign to protect sacred rock art in The Burrup Peninsula, Sydney, Australia July 11, 2022. Save our Songlines/Handout via REUTERSSYDNEY, March 2 (Reuters) - An Australian Indigenous group on Thursday stepped up its campaign against industrial development in Western Australia's Burrup Peninsula, a key gas export hub, saying in a protest in Sydney that planned projects would damage ancient rock art. Australia last month formally nominated the Murujuga Indigenous cultural landscape for a UNESCO World Heritage listing. The Murujuga Aboriginal Corporation, the traditional owners' representative, led the preparation of the World Heritage nomination. Save our Songlines has disagreed with the group over the industrial development and has raised doubts that a World Heritage listing would protect the ancient landscape from industrial damage.

☆ Countries gather to thrash out U.N. ocean protection treaty
▼ + stars: | 2023-02-20 | by ( David Stanway | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Delegations from hundreds of countries will meet in New York this week in an attempt to hammer out a new legally binding ocean protection treaty that green groups believe will decide whether efforts to safeguard global biodiversity can succeed. Last August, an earlier round of talks on the new United Nations ocean conservation treaty were suspended, with countries unable to reach an agreement on financing. Sharing the proceeds of "marine genetic resources" and the establishment of ocean environmental impact assessment rules for development were also major sticking points. "There seems to be an appetite to actually finalise the treaty now," said Jessica Battle, ocean expert at the Worldwide Fund for Nature. "Genetic resources and the issue of finance will be the end game," said Greenpeace's Li.

☆ Analysis: Lula confronts Brazil military's pro-Bolsonaro lean with carrot and stick
▼ + stars: | 2023-01-23 | by ( Anthony Boadle | ) www.reuters.com time to read: +6 min

But at a Friday meeting the commanders of the armed forces, Lula did not bring up the attack, according to a government official who witnessed the meeting. The armed forces' strategic plans to modernize its equipment included developing a nuclear-powered submarine contracted with France's Naval Group, a subsidiary of defense contractor Thales (TCFP.PA). GENIE OUT OF THE BOTTLEWhether a splurge on military hardware will help tamp down pro-Bolsonaro sentiment in the armed forces is open to question. "Lula wants this to go away as soon as possible," he added. "Starting to punish members of the armed forces for what happened may be legally the right thing to do but politically it would open a Pandora's box."

☆ British Columbia reaches deal with more First Nations on resource management
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Jan 20 (Reuters) - The western Canadian province of British Columbia (B.C.) on Friday announced a deal with four Indigenous First Nations to collaborate on land planning and managing the impacts of industrialization. Supreme Court ruled decades of natural resource extraction and industrial development had infringed on indigenous rights. It also contains a new revenue-sharing approach to support First Nations communities, similar to the ones agreed with Blueberry River. However, other aspects of the Blueberry River agreement, such as an annual cap on land that can be disturbed for oil and gas development, were not included.

☆ Taiwan to plough $12 bln in excess tax revenue back into economy in 2023
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Dec 31 (Reuters) - Taiwan will plough an extra T$380 billion ($12.43 billion) in tax revenue back into the economy in 2023 to help protect the island from global economic shocks, including subsidies for electricity prices, President Tsai Ing-wen said on Saturday. Tsai, in a statement from her office following a meeting of senior economic officials, said the government must make preparations in advance for the "more severe challenges" the global economy faces in 2023. For 2023, it projected GDP would grow 2.53%, compared with an earlier forecast of 2.9%. The economy grew 4.01% in the third quarter from a year earlier. ($1 = 30.5770 Taiwan dollars)Reporting by Jeanny Kao; Writing by Ben Blanchard; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Nanjing, a historic city in eastern China, vowed to ensure daily supplies of fever medicines. The rapid spread of the virus across China has left many pharmacies sold out of medication to treat COVID-19. A major Chinese pharmaceutical company said this week that it expects the shortage of fever medicines to ease soon as manufacturers ramp up production. The Haikou-based drug manufacturer said there was a “short-term” shortage of its fever and cold medicines mostly due to hoarding. Tech giant Tencent announced this week that it had rolled out a program via its social messaging app Wechat allowing people to share surplus fever medicines.

☆ "There's more opportunity now than in the last 10 years": A real estate investor with a 178-unit portfolio shares why it's crucial to get in within the next 6 months — and offers his 4 best pieces of
▼ + stars: | 2022-11-20 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +8 min

Ahmed Seirafi is a real estate investor with over 20 years of experience and a 178-unit portfolio. Shortly thereafter, he began to pursue real estate investing full time. Now's the time to begin investing in real estateFor those interested in real estate investing, Seirafi believes that it's crucial to start sooner rather than later. But with more opportunities for real estate investors comes more potential pitfalls. "There's a million different ways of making money in real estate — there really is, and everybody makes money in real estate when they focus and stick to a lane," he said, explaining that this is the reason he's offloading his office retail buildings in favor of more multifamily and industrial developments.

The pledge was praised widely at last year's COP26 climate summit, particularly as Brazil, Indonesia and Congo all signed on. To fulfill the pledge, the world would need to ensure 10% less area is deforested on average each year from 2021 to 2030. Most countries under the pledge have yet to detail plans for passing stronger forest protections or implementing them. BRAZILThe biggest rainforest country also leads the world in deforestation, as the Amazon falls rapidly to illegal logging, agriculture and land speculation. Deforestation driven by land-clearing for palm oil plantations continued to slow in the first seven months of the year - even as palm oil prices soared.

☆ Could Mexico be on its way to electing its first woman president?
▼ + stars: | 2022-11-03 | by ( ) www.nbcnews.com time to read: +9 min

MEXICO CITY — The most historic legacy of President Andres Manuel Lopez Obrador, a left-leaning resource nationalist who casts his administration as a turning point in the annals of Mexico, may be to pave the way for the country’s first woman leader. President Lopez Obrador’s popularity stems from his personal, austere, simple way of governing,” Sheinbaum said. Many of Lopez Obrador’s biggest public works look increasingly like they will not be completed on his watch. One cloud hanging over MORENA domination is Mexico City, a bastion of the Mexican left which unites the president, Sheinbaum and Ebrard, who succeeded Lopez Obrador as mayor. In May 2021, a Mexico City metro overpass collapsed, killing or injuring dozens of people.

☆ Mexico succession puts scientist on path to be first woman president
▼ + stars: | 2022-11-03 | by ( Dave Graham | ) www.reuters.com time to read: +10 min

[1/6] Mexico City Mayor Claudia Sheinbaum greets supporters after attending a supervision of the Canal Nacional rehabilitation project, in the Iztapalapa neighborhood in Mexico City, Mexico July 21, 2022. Still, they are quick to forecast both would be more encouraging to investors than Lopez Obrador. President Lopez Obrador's popularity stems from his personal, austere, simple way of governing," Sheinbaum said. Many of Lopez Obrador's biggest public works look increasingly like they will not be completed on his watch. In May 2021, a Mexico City metro overpass collapsed, killing or injuring dozens of people.

Although Lula's 2003-2010 presidency effectively reduced destruction of the rainforest, he embraced traditional industrial development with little regard for emissions. In the United States, the progressive Green New Deal languished in Congress, while President Joe Biden adapted some of the ideas for his climate agenda. Marcio Astrini, the head of environmental lobby group Climate Observatory, said Lula's proposals were a promising blueprint, but added: "Whether it will happen in practice is another matter." By contrast, Bolsonaro's campaign has said little about his environmental proposals for a second term. [1/3] Macaws sit on a tree at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022.

☆ Toyota Starts Plant in Junta-Led Myanmar Making 1 to 2 Cars a Day
▼ + stars: | 2022-10-12 | by ( River Davis | ) www.wsj.com time to read: 1 min

A Toyota Hilux moving down a production line in South Africa; the car maker said in 2019 it planned to build around 2,500 of the pickup trucks in Myanmar annually. TOKYO— Toyota Motor Corp. said it has begun producing cars at a new plant in Myanmar that had been on hold after the country’s military seized power in a coup last year. Toyota began assembling one or two cars a day at its plant in Yangon last month, a spokeswoman for the Japanese auto maker said Wednesday. She said Toyota wanted to contribute to the industrial development of Myanmar and the livelihood of local employees and their families.

☆ Toyota opens new Myanmar plant put on hold following coup
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Oct 12 (Reuters) - Toyota Motor Corp (7203.T) said on Wednesday it had begun assembling cars at a new plant in Myanmar that was put on hold for more than 19 months after a military coup and during the coronavirus pandemic. Japanese companies and other multinationals have faced pressure to pull out of investments in Myanmar that are perceived to benefit the military. Human Rights Watch, a leading advocacy group, called for Toyota and any other companies seeking to invest or resume operation in Myanmar to conduct human rights due diligence. "Toyota should certainly refrain from doing business with Myanmar military owned conglomerates ... as well as their subsidiaries," said Teppei Kasai, the organisation's Asia programme officer. The Toyota plant is in the Thilawa Special Economic Zone, a manufacturing and logistics hub outside the business hub of Yangon built with Japanese investment.

☆ Toyota Starts Plant in Junta-Led Myanmar Over a Year After Coup
▼ + stars: | 2022-10-12 | by ( River Davis | ) www.wsj.com time to read: 1 min

TOKYO— Toyota Motor said it has begun producing cars at a new plant in Myanmar that had been on hold after the country’s military seized power in a coup last year. Toyota began assembling one or two cars a day at its plant in Yangon last month, a spokeswoman for the Japanese auto maker said Wednesday. She said Toyota wanted to contribute to the industrial development of Myanmar and the livelihood of local employees and their families.

☆ Australia's Scarborough project: Race and power collide in a fight over sacred rock art in remote Australia
▼ + stars: | 2022-09-23 | by ( Hannah Ritchie | ) edition.cnn.com time to read: +21 min

More than a million drawings are etched onto rocks on Murujuga peninsula on the Western Australia coast. Resources extracted from the region have powered Australia’s economy and helped create some of the world’s largest mining and energy multinationals. Today, the fight for Murujuga’s rock art reflects long-standing and unresolved issues of race and power. Woodside Petroleum's Pluto development on Murujuga, Western Australia, June 2008. Murujuga Aboriginal Corporation chief executive Peter Jeffries.

☆ China had a plan to dominate tech and become the world's most powerful country. It's all gone wrong.
▼ + stars: | 2022-09-08 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Semiconductor chips are the tiny brains that power our technological world, from cars and cellphones to fighter jets and advanced missile systems. Right now China is awash in money for tech, but you need the right people and customers that trust you. Why China needs the chipsThe Chinese economy is big, but it isn't wealthy. In other words, China needs a more lucrative line of business the same way someone with credit-card debt needs a raise. The Made in China 2025 plan lays out a goal for domestically manufactured chips to meet 70% of China's semiconductor needs within three years.

Find out what your state provides for first-time homebuyers:Programs in the NortheastConnecticutThe Connecticut Housing Finance Authority gives loans for down payment assistance. Programs in the SoutheastAlabamaThe Alabama Housing Finance Association has down payment assistance programs for low-to-moderate income earners, and a tax credit program that can be combined with down payment assistance. If you're buying a home in Louisville, you might qualify for a down payment assistance loan from the local government. WashingtonThe Washington State Housing Finance Commission has several down payment assistance programs that will loan you up to $10,000. The lender is also the one who will approve and process any applications for down payment assistance, closing cost assistance, or tax credits.

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☆ Nigeria is oil rich and energy poor. It can’t wait around for cheaper batteries
▼ + stars: | 2021-11-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +15 min

But it’s coming under huge pressure from developed countries to abandon fossil fuels and shift to renewable energy in order to help save the climate. AKINTUNDE AKINLEYE/EPA-EFE/ShutterstockLike the United States, Europe and Britain, Nigeria sees a prominent role for renewable energy, notwithstanding its investments into gas power. “In Nigeria, clean energy is central to our government’s plan to transition to net-zero emissions,” Osinbajo, the vice president, continued. In Nigeria, energy poverty is itself a major driver of emissions, according to Olu Verheijen, the founder of Lagos-based energy advisory business Latimer Energy. This means that in some cases, certainly for Nigeria, gas has an important role to play in providing power.

“The government is obviously failing us and not protecting us,” said Taylor, who evacuated from St. John before Hurricane Ida hit. The US Centers for Disease Control and Prevention categorizes St. John and St. James as a community with high levels of Covid-19 transmission. Prior to Ida, at least 16% of residents in St. James Parish and St. John Parish were living below the poverty line, according to Census data. One of their biggest fights was against the Taiwanese plastics manufacturer Formosa, which was set to build a $9.4 billion petrochemical complex in St. James Parish. While the battle to block the multibillion-dollar facility isn’t over, Hurricane Ida added to the community’s problems.

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