A new treaty between the United States and Mexico promises to greatly expand air travel between the two neighbors. U.S. and Mexican authorities believe this will lead to a boost in travel, shipping, and economic exchange between the two nations. Meanwhile, air carriers have roundly supported the treaty, anticipating substantial additions to their annual revenues.
Calls for a boycott of Thailand’s fish and shrimp products have grown as a new report shows child slavery and human rights violations remain common in the country’s seafood industry. An in-depth report by the Associated Press detailed working conditions in which children peel shrimp for several hours for little-to-no pay alongside adults who are held in captivity and forced to work.
Mozambique fails to improve economically as the southern African nation suffers from low commodity prices and overindulgent spending, according to AFP. The currency fell to a record 35 percent in 2015 against the dollar.
The government recently borrowed $286 million from the IMF, but it will not prove sufficient to save Mozambique from mounting issues—most notably the staggering debt. Public debt will climb to 60 percent of GDP as the year draws to a close. Further, donors and investors grow concerned over Mozambique’s finances and overall direction of the country.
The World Trade Organization (WTO) closed its Nairobi Conference over the weekend with some agreements and new directions many — both in the negotiations and reporting on their outcome — found surprising. Indeed, some say the changes may have such significance that they could completely change the face of the WTO.
For the first time since 2001, when the Doha round launched, the WTO’s 164 members declined to “reaffirm” the Doha mandate. Moreover, the members agreed to discuss an array of new issues and focus on smaller, more incremental reforms.
If given the option to choose an economy that is the largest non-World Trade Organization (WTO) member, most people would not guess Iran. Most people would be wrong.
The Angolan government announced the construction of a detention center that will hold large numbers of illegal arrivals from Portugal, according to the New York Times. Migrants have been entering Angola in the tens of thousands to search for work and a better life. The migration started in 2010, when Portugal’s economy underwent an economic downturn, highlighting Angola’s status as a lucrative emerging market.
In America, investors’ concern over the prospect of defaults that could emerge in the corporate credit world, which has swollen in value by trillions of dollars since the financial crisis, rose this year.
Uzbekistan has been a known user of forced labor for agricultural projects, such as harvesting cotton. Nevertheless, the World Bank plans to provide more than $500 million in financing to the Uzbekistan government for agricultural projects.
According to government data, the economy grew 4.0 percent in 2015, the fastest pace since 2014, surpassing analyst expectations, according to AFP. The good news may prompt the central bank to raise rates unless Russian sanctions hamper economic progress. Prime Minister Ahmet Davutoglu promises such measures as pension reform, increasing the minimum wage and fostering a suitable business climate.
The job market is strong and Americans are in great economic shape, Federal Reserve Chairwoman Janet Yellen said in a press conference yesterday.
After making a move that will make credit cards, mortgages, student loans, and many other forms of debt more expensive for Americans, Yellen said the move reflects how strong the economy is and how well positioned Americans are to pay more on their debt.
