May 8, 2024

Archives for February 2019

Zimbabwe drops US dollar & relaunches own currency to revive economy

Under the new rules, Harare decided to abandon an unrealistic dollar peg for the country’s surrogate bond notes and electronic dollars, which were merged into a new currency called the RTGS dollar. It was adopted with a fixed exchange rate 1:1 parity policy on the surrogate bond note currency and the US dollar for a managed floating system.

The RTGS dollar derives its name from the country’s interbank online payment platform, Real Time Gross Settlement.

Also on rt.com South Africa considers bailing out crisis-hit neighbor Zimbabwe

“There is nothing to stop Zimbabwe printing money with this new currency,” Jee-A van der Linde, an analyst at South Africa-based NKC African Economics told The Times daily. “The government has basically kicked the can down the road in recent years by trying to stimulate the economy through excessive spending,” he said.

Former finance minister and opposition politician Tendai Biti, who oversaw Zimbabwe’s adoption of the US dollar to curb hyperinflation 10 years ago, has slammed the new policy as “voodoo economics.”

“It is disaster, it is grand theft, it is voodoo economics,” Biti told the Financial Times. “There is no market confidence and there are no reserves,” he said, adding: “We are Zimbabweans, we have seen this before.”

Also on rt.com Zimbabwe now has the most expensive gasoline in the world

Residents of Harare now have to wait outside banks for hours to withdraw a maximum of around $30 in surrogate money or collect remittances from relatives abroad.

READ MORE: Zimbabwe to print own version of US dollar bill

Meanwhile, Finance Minister Mthuli Ncube insists that austerity measures he introduced in last year’s budget are working and government revenue is increasing.

Many businesses and economists have also welcomed the floating of the quasi-currencies, claiming that it restores some sanity after extreme distortions caused by the peg.

Also on rt.com Zimbabweans could soon use livestock as collateral

As long as the government does not try to manage the RTGS dollar exchange rate, then this is a step in the right direction, Charlie Robertson, chief economist at Renaissance Capital, told the BBC.

He added that given the history that Zimbabwe has with currencies, it will take a lot to restore people’s trust.
According to Zimbabwe’s main opposition leader, Nelson Chamisa,

“The monetary policy statement is a disaster that will erode livelihoods, plunge the nation into darkness and uncertainty.”

Zimbabwe has been hit by rising inflation and increasing levels of government debt for many years. Following hyperinflation in 2009, the country abolished its own currency and adopted the use of a basket of strong international currencies led by the US dollar.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/452639-zimbabwe-new-currency-dollar/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Saudis leaning toward OPEC cut extension

Asked to comment on President Trump’s tweet from earlier this week that called on OPEC “to take it easy,” al-Falih told CNBC on the sidelines of an OPEC symposium in Riyadh that “We are taking it easy.”

“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” President Trump tweeted on Monday in his latest criticism of OPEC’s cuts aimed at rebalancing the market and lifting prices.

Also on rt.com OPEC cuts US sanctions against Iran and Venezuela boosting global crude prices

The tweet sent oil prices tumbling by more than 2 percent on Monday, but a surprise draw in crude oil inventory of 4.2 million barrels for the week ending February 22 reported by the American Petroleum Institute (API) helped lift the price of oil on Tuesday.

Referring to OPEC and allies’ approach to the production cuts, al-Falih told CNBC today:

“We remain flexible, I am leaning toward the likelihood of an extension in the second half (of 2019), but that’s not automatic.”

FILE PHOTO: An oil field owned by Bashneft, Bashkortostan, Russia © Reuters / Sergei Karpukhin OPEC wants formal alliance with Russia to manage global oil market – report

“If we find out the fundamentals are tightening, by June you can bet that I will be — just like we did last year — encouraging my colleagues within the OPEC plus to ease the voluntary limits we set on ourselves and to increase supplies to ensure that there is no unnecessary tightening in the market,” the Saudi minister said. 

OPEC and its Russia-led non-OPEC partners in the production cut deal are withholding a total of 1.2 million bpd from the market between January and June and are set to review the state of the oil fundamentals and market, and possibly the cuts, in April.  

Responding to a question about President Trump’s tweet, al-Falih said:

“We listen to the honorable president, and hear his concern about consumers and assure everybody, whether it’s him or developing country leaders, that we are as focused on the interests of the global economy and consumers around the world as we are focused on the interests of producers.”

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/452636-saudis-opec-cut-extension/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Tech Fix: Samsung Galaxy S10 Plus Review: A $1,000 Smartphone With Compromises

To use the power-sharing feature, you hit a button in the phone’s settings and place another device that supports wireless charging onto the back of the Samsung. I stacked my iPhone and the Galaxy S10 Plus back to back, and it took the Samsung about 15 minutes to replenish 5 percent of the iPhone’s battery. That’s a slow charge rate, though Samsung said the feature was primarily intended for charging accessories like wireless earbuds or smart watches.

I found that the fingerprint reader on Samsung’s Galaxy S10 Plus was an improvement over past models. But the device’s biometrics over all were still weaker than the features on Apple’s iPhone, Samsung’s biggest rival.

In previous Samsung phones, the sensor was a physical button on the back of the phone near the camera, which often led people to accidentally bump the camera lenses when attempting to unlock their phones.

Now the sensor is on the front and embedded in the screen. Its ultrasonic technology uses sound waves that read the ridges and valleys of a finger. This means you can now unlock the phone while it is flat on a table, and the ultrasonic technology will be able to scan your print through water or grease. In addition, because the captured image is so detailed, the print becomes much more difficult to spoof than with past fingerprint sensors.

In my tests, I was able to unlock the phone while my hand was damp.

On the downside, Samsung is behind Apple in face recognition. While Apple uses infrared scanning to create a precise 3-D map of a person’s face, Samsung’s face scanner uses the camera to take your photo and then compares it with an image stored on the device. So a thief could fool the system by holding a photo of your face in front of the camera.

Because a person’s head shape is unique, the likelihood of bypassing infrared-based facial recognition with an incorrect face is one in a million, according to Qualcomm. In contrast, the false-acceptance rate of older face-scanning techniques like Samsung’s is one in 100, and the false-acceptance rate of fingerprint scanning (including the new ultrasonic technology) is one in 50,000.

Article source: https://www.nytimes.com/2019/02/27/technology/personaltech/samsung-galaxy-s10-review.html?partner=rss&emc=rss

A New Editor, and a New Take on Brexit, for a Brawny London Tabloid

The Mail has the second-highest circulation of any British paper, trailing only the down-market Sun and far outpacing liberal favorites like The Guardian, whose editorial page is sharply against Brexit.

One sign of the paper’s shift came in mid-February, when a top adviser to Mrs. May was overheard in Brussels suggesting that the prime minister could extend the Brexit deadline. The Daily Express — which has the slogan “We’re Backing Britain” on its front page — ran the story on its front page, declaring, “Secret Brexit Plot Exposed in Hotel Bar.”

The same day’s Mail placed the news on Page 10, with the relatively subdued headline “May’s Brexit Chief in Bar Blunder.” On the cover, instead, was a celebratory piece about the success of the paper’s anti-litter campaign, the Great British Spring Clean.

As the three-year anniversary of the Brexit vote looms, with no clear resolution in sight, it’s also possible that average British readers simply want to think about something else.

Over tea in the dining hall at Portcullis House, the parliamentary office building, Ian Dunt, the editor of Politics.co.uk, lamented that the marathon machinations of Brexit had left readers numb. Compared with President Trump’s tenure, Brexit “is much more boring,” he said, dryly.

And given falling circulation numbers and the mass digital migration of news, Mr. Dunt questioned if the revised tone at The Mail, or any other paper, would do much to change minds.

He may have a point. Around the corner from The Mail’s headquarters on Kensington High Street, a newsstand vendor, a man in late middle age, was asked if he had noticed anything different about the paper’s Brexit coverage.

“Oh, I wouldn’t know,” he replied, with an apologetic smile. “I just do the crossword.”

Article source: https://www.nytimes.com/2019/02/28/business/media/brexit-media-daily-mail.html?partner=rss&emc=rss

Why People Are Outraged at Lower Tax Refunds (but Probably Shouldn’t Be)

Which would you rather have: an extra $50 in each biweekly paycheck, or a $1,300 refund payment in a single lump sum in April of the following year? The simple idea of the time value of money — that a dollar today is more valuable than a dollar tomorrow — suggests you should want the higher weekly paycheck.

When you withhold more in taxes than you ultimately owe, you are giving the United States government an interest-free loan. You’re better off calibrating your withholding so that you have no refund, or owe a little when you complete your tax form (although you want to keep that obligation low enough to avoid I.R.S. penalties).

But as the discontent over smaller refunds shows, actual humans — as opposed to the rational automatons of economics textbooks — don’t view it that way.

“The question that befuddles traditional economists is why people want these refunds,” said Richard Thaler, a Nobel-winning economist at the University of Chicago’s Booth School of Business. “Why do they want to make interest-free loans to the government? If they just went out and met a noneconomist, they would find that people like” refunds.

Essentially, the Trump administration chose to set withholding tables that created a short-term political talking point (your paycheck went up!) but that are likely to make people less happy over the medium term (your refund shrank!).

The term “behavioral economics,” for the study of psychological dimensions of how people make economic decisions, had not yet come into use when the United States introduced tax withholding during World War II. But the creators of that system showed keen intuition about behavioral economics lessons that would become more formalized decades later.

At the time, the government needed to raise a lot of money fast for the war effort. If it had simply increased tax rates and expected everyone to write the government a large check at the start of the ensuing year, there would have been popular outrage.

Article source: https://www.nytimes.com/2019/02/27/upshot/lower-tax-refunds.html?partner=rss&emc=rss

Arbitrator Scolds Fox and Orders It to Pay $178 Million to ‘Bones’ Team

Complicating matters is that both Mr. Rice and Ms. Walden are weeks away from moving into senior leadership roles at the Walt Disney Company after it closes on its purchase of the bulk of 21st Century Fox’s entertainment properties.

Fox has been under the leadership of its chairman, Rupert Murdoch, who built his media empire over more than six decades. Last year he agreed to sell the majority of his business to Disney for $71.3 billion. As part of the transaction, Mr. Rice is poised to become the chairman of Walt Disney Television and Ms. Walden will become the chairwoman of Disney Television Studios and ABC Entertainment.

Hours after the ruling become public, Disney’s chief executive, Robert A. Iger, defended his incoming senior executives.

“Peter Rice and Dana Walden are highly respected leaders in this industry, and we have complete confidence in their character and integrity,” Mr. Iger said in a statement. “Disney had no involvement in the arbitration, and we understand the decision is being challenged and will leave it to the courts to decide the matter.”

At minimum, the producers and the stars of “Bones” will be awarded $50 million in damages, but it’s unclear who will be on the hook for that payment. The plaintiffs sued Fox’s television studio, which produced the show; the broadcast network, which aired the show; and 21st Century Fox, the studio and network’s parent company.

In the coming weeks, Fox’s television studio will become part of Disney but the broadcast network will remain with Mr. Murdoch as part of a smaller company to be named Fox Corporation. Both Disney and Fox did not offer any explanation for who would be responsible for payment.

The extraordinary award for damages has piqued the interest of the creative set in Hollywood. The entertainment industry has undergone a remarkable change with Netflix, Hulu, Facebook, Amazon and Apple cutting big checks for original content. Older fare has also become incredibly valuable. Netflix paid about $100 million to keep “Friends” for at least another year. The show, a decade-long hit for NBC, went off the air in 2004.

Article source: https://www.nytimes.com/2019/02/27/business/media/bones-fox-arbitration-award.html?partner=rss&emc=rss

Critic’s Notebook: Michael Cohen Depicts a Life More Like ‘The Sopranos’ Than ‘The Apprentice’

Indeed, though Mr. Cohen was only brought to testify because Democrats had taken control of the house, some of the most striking exchanges were with the Republicans. It was Mr. Trump’s old attack dog against his new pack.

And oh, was the barking loud. Mostly ignoring Mr. Cohen’s specific charges, the Republicans instead painted him as disgruntled, untrustworthy and out for himself (the phrase “book deal” was uttered more times than in a literary agent’s office), while signaling to the voters at home that they’d be zealous in defending the president.

Representative Jim Jordan, quarterbacking the Republican case in shirt sleeves, taunted Mr. Cohen for being jealous of not being “brought to the dance” with a White House job. Representative Mark Green channeled Mr. Trump by calling Mr. Cohen a “fake witness.” Representative Paul Gosar scolded, “Liar, liar, pants on fire,” bringing a poster in case his oratory was too subtle.

Mr. Cohen, who began his remarks wrung-out and drained, showed the combativeness that had kept him on the Trump payroll. When Representative Mark Meadows rebutted Mr. Cohen’s charges of racism by having a lone African-American Trump official, Lynne Patton, stand silently behind him, Mr. Cohen said to ask her how many black executives the Trump Organization employed.

Toward the end of the hearing, that scene came up again, when Representative Rashida Tlaib denounced the spectacle as “racist.” Mr. Meadows, who is white, took offense, citing his friendship with the committee chairman, Representative Elijah Cummings, who is black, and who stepped in to calm the situation. It all seemed like a mini improv drama on the messy personal-racial dynamics of “Green Book” America.

Other times, Mr. Cohen copped to his flaws in a way that seemed to frustrate his questioners. “You called Donald Trump a cheat in your opening testimony. What would you call yourself?” Representative James Comer asked him. “A fool,” Mr. Cohen said.

Article source: https://www.nytimes.com/2019/02/27/arts/television/president-trump-cohen.html?partner=rss&emc=rss

Ira Gitler, Influential Jazz Critic and Historian, Dies at 90

Mr. Giddins said that Mr. Gitler’s liner notes had helped cement his reputation. “Those notes are as much a part of those albums as the sequencing of tracks and the cover art,” he said.

Mr. Gitler had a close association with Mr. Feather, the longtime jazz critic for The Los Angeles Times. He was an assistant on Mr. Feather’s “The New Encyclopedia of Jazz” (1960), and he completed “The Biographical Encyclopedia of Jazz” (1999) after Mr. Feather’s death in 1994 and was credited as co-author.

On his own, Mr. Gitler wrote “Jazz Masters of the 40s” (1966) and “Swing to Bop: An Oral History of the Transition in Jazz in the 1940s” (1985).

As passionate as Mr. Gitler was about jazz, he was equally passionate about another pursuit: ice hockey. He played for and coached an amateur-league team, Gitler’s Gorillas, and wrote “Blood on the Ice: Hockey’s Most Violent Moments” (1974). He also wrote for the program sold to fans at Ranger games at Madison Square Garden.

Stan Fischler, a longtime hockey writer and commentator and a friend of Mr. Gitler’s, recalled on Twitter that a high point of Mr. Gitler’s avocation was playing defense on a fantasy hockey team in 1984 in Lake Placid, N.Y., with the Hall of Famers Gordie Howe and Bill Gadsby.

Mr. Fischler wrote that Gadsby, also a defenseman, was worried that Mr. Gitler would not be able to help hold their team’s one-goal lead when he skated onto the ice in the final minute of the game. “As Bill skated past Ira,” he wrote, “Gadsby stopped, leaned over and uttered the deathless words: ‘Ira, just get in the way!’ ” The lead held.

In addition to his son, Mr. Gitler is survived by his wife, Mary Jo (Schwalbach) Gitler, an artist, and two grandchildren.

Article source: https://www.nytimes.com/2019/02/27/obituaries/ira-gitler-dead.html?partner=rss&emc=rss

Something rotten in the state of Denmark? Govt wants stores to stop accepting cash

The law change would allow petrol stations, convenience stores and clothing shops to choose to only accept card and online forms of payment. The anti-crime measure would provide additional security for stores, according to Denmark’s Business Minister Rasmus Jarlov.

“Fewer people use cash today, so we think there should be a balance between the difficulty and security risks placed on business owners and the benefits of accepting cash,” Jarlov told the DR broadcaster.

Also on rt.com Scandinavians are done with cash

A 2017 law enabled certain types of stores to apply for a dispensation to be cash-free between 10pm and 6am.

The minister said that, “If you still want to use cash, I would advise saying so to the stores where you shop. I expect businesses to listen to their customers.”

“We are not forcing anyone to stop using cash,” he added.

Certain services, including supermarkets, postal services, doctors, pharmacies and other stores with “central societal functions,” will still be required to accept cash.

Denmark’s endeavor to move towards a completely cash-free economy has been the subject of heated debate lately; with opponents saying the measure is aimed at placing citizens exclusively under state control.

Also on rt.com Cashless Denmark: Should total e-commerce be embraced?

The government has “set a 2030 deadline to completely do away with paper money.”

Mobile payments and bank cards have been adopted widely and have become more popular than old-fashioned cash payments not only in Denmark but in neighboring Sweden, Norway, and Finland as well.

Increases in stores refusing cash could impact some sections of society more than others, according to Troels Holmberg, senior economist with the Tænk (Think) consumer rights group.

“There are some groups in society which don’t have any option other than to pay with cash. There are young people, disabled people, socially underprivileged – we also need to consider their needs when we set out legislation,” he explained.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/452577-denmark-cashless-payments-crime/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Exorbitant toilet paper use by Americans wiping out Canadian forests

According the study, called ‘The Issue with Tissue’, the biggest US manufacturers of toilet paper and tissue products, such as Procter Gamble, Kimberly-Clark and Georgia-Pacific use virgin wood pulp from Canadian boreal forests, which means that they do not use recycled material. As a result, thousands of hectares of Canadian woods are cut down every year by industrial logging.

The report also says that an average American consumes three rolls of toilet paper a week, while the refusal of the biggest brands “to create more sustainable products makes consumers unwittingly complicit in flushing forests down the toilet.”

Also on rt.com Calls for MS boycott over toilet roll ‘with Allah symbol’ (VIDEO)

The worst offenders are the brands of Charmin Ultra Soft, Quilted Northern, Angel Soft, Kirkland Signature and UpUp Soft Strong toilet tissues, according to the report, prepared in cooperation with Canadian grassroots environmental organization Stand.earth.

In terms of revenues, the US is the world’s second biggest tissue market with estimated earnings of about $31 billion annually. US citizens that make up just four percent of global population account for more than 20 percent of global tissue consumption.

“Canada’s boreal forest also stores nearly two times as much carbon as is in all the world’s recoverable oil reserves combined,” the study says. “Toilet paper and tissue manufacturers continue to rely on forests even though they have the resources and means to create and deliver products with recycled and responsibly sourced content that are better for the planet.”

Also on rt.com £1,500/year Muslim girls’ school doesn’t provide toilet paper or soap for students – Ofsted

According to the study, Canadian boreal is a vast landscape of coniferous, birch and aspen trees, and the country contains some of the last of the world’s remaining intact forests. At the same time, there are more than 600 indigenous species inhabiting the forests, including boreal caribou, pine marten, and billions of songbirds.

“Instead of relying on virgin fiber from ancient forests, tissue companies can use recycled content or sustainably sourced alternative fibers. Use of these materials to create tissue can dramatically reduce our destructive impact on the boreal and other forests in North America and around the world,” the report reads.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/452575-us-toilet-paper-canada-forests/?utm_source=rss&utm_medium=rss&utm_campaign=RSS