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Economics and Finance

Francois’ Sporty Tax

He wants it, he gets it: After his first proposal for a 75% mega tax for income-millionaires was rejected by the Constitutional Court, France’s president Francois Hollande announced in a TV interview to shift the burden of payment from individuals to businesses paying salaries above the magical one-million-euro-line.  That means that companies paying wages higher than €1m p.a. are required to ... Read More »

An Economy Running on Money from Abroad

“Goris-Stepanakert autoway, built with participation of all Armenians” reads a sign next to the very road. In other words, this road has been paid for by the Armenians living outside Armenia, the Diaspora. The money they send in is of such importance, it is one of the main reasons Armenia and its economy have not collapsed yet. Armenia is a ... Read More »

The World’s Most Dangerous Criminal

Semeon Mogilevich seems to have walked right away from the set of a Hollywood gangster movie: he is fat, highly educated, powerful, rich, and above all incredibly elusive. The Ukrainian criminal is wanted by various countries and has been on the World’s Most Wanted list of the FBI since 2009. Despite being one of the world’s most hunted criminals, the ... Read More »

Colonial Cloth or Cosmopolitan Creativity?

Did you know that Holland’s most famous export product in Africa is fashion? Although the average Beninese earns two dollars a day, many buy quality tissues of Wax hollandaise for as much as fifteen euros per meter. At the end of the 19th century, Dutch merchants industrialized these age-old Javanese patterns, known there as batik. Bypassing merchants and returning mercenaries ... Read More »

Fracking: a Justified Fear of the Unknown?

Two months ago, co-reporter Hendrik Dependau envisioned an intensified debate on fracking as a gas exploitation method. His research led to the “Fracking: Underground Money” article in the new edition of Checks&Balances (Volume 9, Issue 2). Since then, mayor European newspapers such as the Sunday Times have spent pages polarising and simplifying fracking into an economy vs. environment debate. To ... Read More »

Going Dutch: Building Land, Concurring Water

Right now, the port of Rotterdam is realising one of the biggest land reclamation projects in the world in order to expand its capacity. In September 2008 the construction of Maasvlakte 2 was started, increasing the size of the port by 20 percent and realising an expansion of Dutch soil by 2000 hectares. Apart from being a great example of ... Read More »

Houses for Sugar: Trade in Cambodia

The “Everything But Arms” (EBA) agreement of the European Union was once meant as a gesture of assistance. It eliminated the custom duties on all products imported from the world’s 48 poorest countries, arms excepted. Cambodian sugar has undoubtedly benefited from the programme:  since 2006 the exports in this sector have substantially increased. Yet, territorial conflicts linked to the expansion ... Read More »

La Crisis

The situation on the Spanish housing market gets more and more precarious. Over 400,000 families already faced eviction since the outbreak of the economic crisis five years ago and the same number is acutely endangered to suffer a similar fate. The implosion of the credit-financed boom reached Spain´s moribund housing market at full tilt. With an unemployment rate of 25% ... Read More »

Russian Money under Cyprian Sun

Being a warm and sunny island, Cyprus is a popular destination for Russian sun worshipper. Yet, it is not only the favorable climate, that makes Cyprus so attractive for Russian citizens – it has mainly to do with mundane mammon. The Federal Intelligence Service of Germany (BND) has reported that Russians have deposited some 26bn Dollars on Cypriot banks – ... Read More »

Looking Down the Fiscal Cliff

607,000,000,000 (607 billion) – a gigantic number. The United States faces budget cuts of this magnitude on New Year’s Eve if the Obama Administration and the Congress will not be able to reach a solution on Governmental austerity measures this year. The background: With the Budget Control Act of 2011, President Obama and the Republican-dominated House has set up a ... Read More »