Iraq Should Try Universal Income to Uproot Its Endemic Corruption – Bloomberg — www.bloomberg.com
Highlights:
– Corruption is deeply entrenched in Iraq. President Barham Salih recently estimated that $150 billion has escaped the country since 2003 due to embezzlement — a figure likely to understate the scale of the issue.
– The system operates as a pyramid:
At the top is the government, which gets most of its revenue from the oil before distributing it to ministries.
Political parties “earn” these ministries (yes, they use this verb) based on the votes they get and the power they wield. They claim government funds and gain influence by awarding contracts and apportioning payroll — appointing supporters and, often, “ghost” or fictitious employees. An official who ran a ministry reckons that these practices ate up half of his budget.
The remainder trickles down to citizens through public-sector jobs, with some (mostly young and marginalized) left out of the system altogether.
– One policy can change this and flatten the pyramid: giving money directly to people through a universal income.
– Universal income reduces corruption, has a better chance of being implemented than other solutions that require the elites to reform themselves against their interests, is fairer and develops a healthier economy
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UAE Sets 2050 Net-Zero Goal, First Among Gulf Petrostates – Bloomberg — www.bloomberg.com
Highlights:
– Sheikh Mohammed bin Rashid Al Maktoum, prime minister of UAE and Ruler of Dubai said that country would invest almost $165 billion in clean energy by 2050.
– The UAE relies heavily on the export of oil and gas, which makes up about 30% of its gross domestic product.
– It’s a “very ambitious step,” said Jim Krane, author of ‘Energy Kingdoms: Oil and Political Survival in the Persian Gulf and a fellow at Houston’s Rice University.
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Learn more.
Dubai DoF reveals $6.8bn worth PPP projects to make the emirate an economic hub – GCC Business News — www.gccbusinessnews.com
Highlights:
– The portfolio includes more than 30 significant projects in the infrastructure, public transportation and urban development sectors.
– The Dubai International PPP Conference represents a key initiative for generating new public-private partnerships which will help accelerate Dubai’s journey to the future. The event promotes innovative financing methods for partnership projects among local and international investors.
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First Egypt Smartphone Maker Wants to Build Africa’s Electronics – Bloomberg — www.bloomberg.com
Highlights:
– The pandemic’s disruption to supply chains “proved that technological and industrial centers must be distributed around the world.”
– Chief Executive Officer Mohamed Salem said in an interview that SICO could play a role broadly similar to Foxconn Technology Group, which makes iPhones in Asia.
– SICO already sells its handsets and tablets in Gulf Arab countries, France and Rwanda, exporting 15,000-20,000 units a year, Salem said.
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Coal, Gas, Oil Consumption On The Rise Approaching Pre-Pandemic Levels – Bloomberg — www.bloomberg.com
Highlights:
– For all the green energy promises and plans, that transition is in its infancy, and the world still leans heavily on fossils.
– Amos Hochstein, U.S.’s top energy diplomat. “If we want to solve climate change we need to do so while at the same time insulating the global economy from extreme energy shocks.”
– From oil to coal, peak demand has been the buzzword, always about to happen, but never actually materializing.
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European Gas Crisis: Putin Senses Golden Opportunity for Russia – Bloomberg — www.bloomberg.com
Highlights:
– “Putin senses an opportunity from the crisis,” said Andrei Kortunov, head of the Kremlin-founded Russian International Affairs Council. “Russia wants to prevent the EU from dragging its feet on certifying Nord Stream 2 and start talks on long-term stable prices for gas.”
– Putin has blamed the energy crisis partly on “snobbish” EU officials and advisers who he said had pushed for the shift to spot pricing “and do not want to hear anything else.
– Russia is keen to restore the link to oil prices in gas contracts and shift away from spot pricing that the EU has increasingly insisted on in recent years, said the two people familiar with the matter.
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The $100 Billion Hurdle to a Global Climate Breakthrough — www.bloomberg.com
Highlights:
– That’s the amount in annual contributions promised more than a decade ago by developed nations to help less well-off nations cut planet-warming emissions and adapt to climate change. It’s one half of a quid pro quo agreed in 2015 at United Nations-sponsored talks in Paris: Developed countries put up the cash, and in return poor countries invest in clean-energy technologies and resiliency projects such as flood defenses.
– The gigantic financial gap has some of the worst greenhouse gas emitters, including India and Brazil, rejecting calls to cut pollution faster without more assistance.
– Part of the problem is that it’s not entirely clear who owes what
– The consensus is that most of the blame belongs to the U.S.
Read more.