A report from the U.S. State Department called Trafficking in Persons (TIP) highlights Uzbekistan’s failure to address forced labor within the agricultural sector, according to The Diplomat. The Central Asian country made strides in reducing forced child labor, but has since used adults as a source of work fodder. Uzbekistan is the fifth-largest cotton exporter in the world.
Following its vote to leave the European Union (EU), its vote also known as “Brexit,” the United Kingdom (UK) has been searching for ways to attract new businesses. One proposal that has gained traction in the government is the idea of becoming a new tax haven for foreign corporations by slashing corporate taxes. The Organization for Economic Cooperation and Development (OECD), however, has put in its opinion on the matter, and it says such an act is unlikely to entice foreign investment.
The European Union’s collective credit rating was downgraded as mounting fears that the union will break up. Credit rating agency Standard and Poor’s, which maintains credit ratings on companies and countries, slashed the EU’s credit rating to AA. It fears that the EU may lose more members in the future.
State-oil firm PDVSA reported a 41% drop in oil income when compared to 2015, according to Reuters. The South American country has suffered under a lower-priced oil market as Saudi Arabia contributed to a market glut. Venezuela also has a history of corruption and overspending, causing further damage to the economy.
Ireland has been dealing with a mortgage crisis for some time. To find ways out of this situation, it has turned to the International Monetary Fund (IMF) for guidance and possible financial assistance. In a rather unusual move for the IMF, rather than suggesting that Ireland needs to tighten its lending policies, as has been the case in most countries with similar problems, the IMF has proposed liberalization.
Just days after praising the central banks of the world for preventing any notable cash shortfalls, the International Monetary Fund (IMF) has issued a warning that the effects of the United Kingdom’s (UK) decision to sever its relationship with the European Union (EU) will have far-reaching consequences for the world economy.
A spokesperson for the IMF, Gerry Rice, described Brexit as likely to dampen global economic growth in the near term, and advised that the IMF urge policy makers to take decisive action when addressing the situation.
A team of overseas researchers discovered 54 billion cubic feet of helium gas in Tanzania’s Rift Valley, according to The Guardian. Helium is a rare gas used for research and medical purposes, and its scarcity has sent prices skyrocketing over 500% in the past decade. Norwegian firm Helium One has three extraction licenses pending with the Tanzanian government.
American policymakers are pressing for more trade with Mexico and Canada as more Americans lose their jobs. Jobless claims rose 10,000 last week, above expectations and a 3.5% jump from the prior week. The Department of Labor study saw more Americans looking for work, causing the four-week moving average of jobless claims to remain steady.
Pakistan’s province of Balochistan is one of the least water-secure provinces in Pakistan. Not only does this make farming difficult, it makes life itself quite uncertain. That is why the World Bank today announced that it had approved a $200 million credit to help Pakistan bring community-based water management to this region.
In a recent report, UN chief Zeid Ra-ad al-Hussein outlined rampant human rights violations in Burundi, according to Voice of America. Political violence has ensued since July 2015, when President Pierre Nkurunziza won a third term despite constitutional term limits. Burundi has a history of ethnic strife between Hutus and Tutsis.
