Are migrant workers humans or commodities?UNITED NATIONS: The United Nations has estimated a hefty $466 billion as remittances from migrant workers worldwide in 2017—and perhaps even higher last year. These remittances, primarily from the US, Western Europe and Gulf nations, go largely to low and middle-income countries, “helping to lift millions of families out of poverty,” says UN Secretary-General Antonio Guterres. But most of these migrant workers are known to pay a heavy price, toiling mostly under conditions of slave labor: earning low wages, with no pensions or social security, and minimum health care. As the United Nations commemorated Labor Day on May 1, the plight of migrant workers is one of the issues being pursued by the Geneva-based International Labor Organization (ILO), a UN agency which celebrates its centenary this year promoting social justice worldwide.In a December 2018 report, the ILO said: “If the right policies are in place, labor … [Read more...] about Are migrant workers humans or commodities?
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Sections SEARCH Skip to content Skip to site index Subscribe Log In Log In Today’s Paper DealBook | DealBook Briefing: Ray Dalio Says Capitalism ‘Needs To Be Reformed’ Advertisement DealBook Supported by April 5, 2019 Good Friday morning. (Was this email forwarded to you? Sign up here .) The March jobs report will be published this morning; here’s what to expect . “It doesn’t take a genius” to know capitalism needs fixing Capitalism helped Ray Dalio build his investment empire. But in a lengthy LinkedIn post, the Bridgewater Associates founder says that it isn’t working anymore. • Mr. Dalio writes that he has seen capitalism “evolve in a way that it is not working well for the majority of Americans because it’s producing self-reinforcing spirals up for the haves and down for the have-nots.” • “Disparity in wealth, especially … [Read more...] about DealBook Briefing: Ray Dalio Says Capitalism ‘Needs To Be Reformed’
By Karin Strohecker and Ritvik Carvalho LONDON (Reuters) - There are signs that the tightening cycle among emerging market central banks could be coming to an end and may be about to reverse as the dollar rally and rise in global borrowing costs has run out of steam. Net interest rate hikes across a group of 37 developing economies showed just one raise in January, compared with a peak of nine hikes in November. Interest rate rises by major emerging market central banks have outstripped or matched cuts for nine straight months -- the longest such run since the summer of 2011 -- as policymakers battled the fallout from a strong dollar, rising inflation and softer currencies. For an interactive version if this graphic please click here https://tmsnrt.rs/2CVjktl Below is a list of emerging market economies that have recently raised interest rates. CHILE - Chilean central bank policymakers decided unanimously to raise the benchmark interest to 3.00 percent on Jan. 3 amid a gradual rise … [Read more...] about Emerging central banks’ tightening cycle grinds to a halt
The city of Dubai in the United Arab Emirates is known for its extravagant, newly built landmarks like the Burj Khalifa, the Palm Jumeirah, and the Dubai Mall. In just over two decades, the city has skyrocketed from a desert backwater port to a thriving metropolis with the third-most skyscrapers in the world. While the rapid development has produced a futuristic city, it has come at the cost of hundreds of thousands of workers and produced a city that can feel soulless. Dubai markets itself as a liberal Hong Kong-for-the-Middle-East, but it hides the fact that it is still ruled by an autocracy and that legal rights frequently don’t hold up for foreigners. During a visit to Dubai’s downtown, it became apparent just how radically the city has developed and the consequences – both positive and negative – of that development. Three decades ago, Dubai was little more than desert. The city exploded in prosperity after the United Arab Emirates discovered oil … [Read more...] about A walk through Dubai’s supercity of futuristic skyscrapers made me uneasy for any city that mimics its rapid development
DOHA (Reuters) - Qatar named the head of its largest bank as the new trade minister and restructured the boards of its state-run energy firm and sovereign wealth fund amongst other changes in a top-level shake-up on Sunday. It was the first government reshuffle in Qatar, the world's top liquefied natural gas producer, since early 2016, but diplomats and analysts said the changes did not represent a significant shift in power in the world's largest liquefied natural gas exporter. The tiny but wealthy country has been subject to a diplomatic and economic boycott by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June 2017. They accuse Qatar of backing terrorism and cosying up to Iran. Doha denies the charges and says the boycott aims to impinge on its sovereignty. Qatar's ruler issued decrees outlining changes to the boards of Qatar Petroleum (QP) and Qatar Investment Authority (QIA), the world's ninth largest sovereign wealth fund with about $300 billion in assets. A … [Read more...] about Qatar reshuffles cabinet, boards of QP and QIA