If you’re reading this, you have quite a powerful language. There are 1.5 billion global English speakers – the most spoken language in the world. Why not make your linguistic skills even more powerful by learning other strategic languages? It’s always useful to learn aspects of a language while traveling – phrases in German, French, Italian, Greek and Romanian for your trip across Europe, perhaps. But there are a handful of languages that would be wise to learn, especially as a frequent traveler. Here are the three most useful second languages as per
There are at least 315 million native and non-native speakers in the Arab world, making it the fifth most spoken language in the world. With it, traveling to the Middle East and parts of Africa and Asia is so much simpler (especially since the written language is so different from English lettering). Arabic is the official language of Jordan, Morocco, Saudi Arabia, and a few dozen other countries. It’s also the liturgical language of the Muslim population (around 1.5 billion people), making it highly important to religious scholars and those with an interest in the topic.
Every traveler likely knows a tiny bit of Spanish, but with so many Spanish-speaking countries, it’s a no-brainer to learn in an effort to make your trips easier and more rewarding. There are about 400 million nature speakers in countries around the globe: Argentina, Bolivia, Cuba, El Salvador, Guatemala and, of course, Spain, just to name a few. It’s universally recognized as useful, as it’s the third most studied language in the world behind English and French.
If you want to interact with 1.1 billion or so people, you’re going to have to do so in Mandarin Chinese, nearly a billion of which are native speakers. China is expected to become the world’s leading economy by 2050. If you’re in business, it’s a must-know language. It would at least be extremely useful as the country’s worldwide influence increases.
New York (CNN Business) The epic American oil boom is just getting started. OPEC, on the other hand, is stuck on the sidelines. US oil production is on track to spike to a record 13.4 million barrels per day by the end of 2019, according to a recent report by energy research firm Rystad Energy. Texas alone is expected to soon top 5 million barrels per day in oil production — more than any OPEC member other than Saudi Arabia. Oil plunges back into bear market The surge in American barrels — led by the Permian Basin in West Texas — has offset oil blocked by US sanctions on Venezuela and Iran. But all of that US oil is also contributing to a supply glut that last week sent crude into another bear market. OPEC has been forced to scale back its output — a trend that could continue as the cartel tries to prop prices back up. “We continue to see the Permian representing the key driver of global oil supply growth for the next five years,” Goldman Sachs analyst Brian Singer wrote to clients on Monday.
US daily output could soon top 14 million
The shale oil revolution has made the United States the world’s leading producer, surpassing Saudi Arabia and Russia. The ferocity of the US shale oil revolution has caught analysts off guard several times over the past decade. Rystad Energy ramped up its year-end US output forecast by 200,000 to 13.4 million barrels per day. In May, the United States likely produced a record 12.5 million barrels of oil per day, the firm added. All but four million of those barrels were from shale oilfields. That growth is expected to continue. The United States is on track to end 2020 by producing 14.3 million barrels per day, Rystad projects. That’s slightly higher than the firm previously estimated and nearly triple 2008’s output. Of course, analysts could have to rein in those blockbuster forecasts if oil prices crash significantly further. That would force American frackers to preserve cash and pull back on production.
OPEC’s production hits five year low
OPEC remains in retreat as the cartel tries to balance the market by putting a floor beneath prices. OPEC’s oil production tumbled to 29.9 million barrels per day in May, the lowest level in more than five years, Rystad said. OPEC output is down 2.6 million per day since October 2018 — the month before oil prices crashed into the last bear market. Khalid al-Falih, Saudi Arabia’s energy minister, said on Friday that OPEC is close to a deal to extend its production cuts. Those cuts, which Saudi Arabia has borne the brunt of, are due to expire at the end of June. The stock market is ‘spoiled’ by rate cuts” We think that OPEC will at least maintain its output cuts, and maybe even deepen them at their next meeting,” Caroline Bain, chief commodities economist at Capital Economics, wrote in a note to clients on Monday. Rystad dimmed its projection for Saudi Arabia’s oil production from 10.6 million barrels per day to 10.3 million.
Venezuela, Iran under pressure
OPEC’s output could be further hurt by problems in some of its member countries. Iran’s oil exports have plunged because of US sanctions. The years-long collapse of Venezuela’s oil industry has been accelerated in recent months by US sanctions and sprawling blackouts in the South American nation. “There appears little prospect of a recovery in output from Iran or Venezuela any time soon,” Bain wrote. Violence is also threatening oil production in Libya and Nigeria. All told, Rystad Energy estimates 1.3 million barrels per day of oil production is at risk in those four OPEC nations. “Risks to short-term supply are undoubtedly still plentiful,” Rystad analyst Bjørnar Tonhaugen said in the report.
Will crude slide below $50?
Despite all this, analysts aren’t predicting a spike in oil prices. If anything, forecasters are bracing for more pressure on prices, due in part to robust US production. Brent, which has tumbled about 15% since late April to $63 a barrel, should finish the year at around $60 a barrel, according to Capital Economics. The US economy is about to break a record. These 11 charts show why US oil prices, trading at about $54 a barrel, are down nearly 19% since late April. Recent selling has been driven by a spike in oil inventories that suggest demand for crude is deteriorating. Goldman Sachs said that a reversal in the oil demand metrics will be required to prevent US oil prices from sinking below the $50-$60 range.”Our real concern is over demand weakness,” consulting firm Facts Global Energy wrote in a report on Monday. “Have we entered an era where demand will keep falling and we have a lot more oil on our hands than expected?”
APO Group – Africa Newsroom / Press release informs that despite a difficult business environment in Iran . . . , 865 exhibitors from 21 countries present the entire value chain at Iran agrofood 2019. Here it is.
National pavilions of Brazil, China, Germany, India, Italy, Russia and Turkey
TEHRAN, Islamic Republic of Iran, June 5, 2019/APO Group/ —
Despite the currently difficult business environment in Iran, as many as 865 exhibitors from 21 countries will be presenting their products, solutions and technologies “from field to fork” at iran agrofood 2019. More than 40,000 trade visitors from all over Iran and neighbouring countries are again expected. Brazil, China, Germany, India, Italy, Russia and Turkey will be represented with official pavilions this year. iran agrofood consists of the five partial events iran agro, iran food + bev tec, iran bakery + confectionery, iran food ingredients and iran food + hospitality and has been organised by the German trade show specialists fairtrade (www.fairtrade-messe.de) and its Iranian partner Palar Samaneh (www.Palar-Samaneh.com). The 26th edition will take place from 18 to 21 June 2019 at the Teheran International Fairground.
The exhibitors come from Austria, Brazil, China, Denmark, Georgia, Germany, Greece, India, Indonesia, Iran, Italy, Mongolia, Netherlands, Poland, Russia, Slovakia, Spain, Switzerland, Tunisia, Turkey and the United Arab Emirates.
Seven official national pavilions
Brazil, China, Germany, India, Italy, Russia and Turkey are present at iran agrofood 2019 with official national pavilions. The Netherlands and Switzerland are represented through stands of their embassies.
Following the successful participations in 2017 and 2018, Brazil will again be present this year with an official pavilion at iran food + hospitality, organised by the Brazilian Embassy in Tehran. 10 Brazilian companies will present the finest meat, coffee and food from Brazil.
China participates with 19 exhibitors at iran food ingredients, iran food + hospitality and iran food + bev tec.
The official German Pavilion is presented by the German Federal Ministry for Economic Affairs and Energy, in cooperation with the Association of the German Trade Fair Industry (AUMA) and supported by VDMA Food Processing and Packaging Machinery. Altogether 15 German companies take part in iran food + bev tec & iran food ingredients.
Not less than 24 Indian exhibitors display their products at iran food ingredients & iran food + hospitality, supported by the India Trade Promotion Organisation ITPO, the Associated Chambers of Commerce & Industry of India ASSOCHAM, and the Cashew Export Promotion Council of India CEPCI.
For many years Italy has been one of the most important exhibitor nations at iran food + bev tec. While the Italian participation in recent years has been organized solely privately, the 2019 Italian participation featuring 22 Italian exhibitors is for the first time complemented by an official Italian pavilion with the support of the Italian Trade Agency ITA.
The Russian Federation presents itself for the first time at iran agro 2019 with two official pavilions. One from the Republic of Bashkortostan, Russia’s most populous republic. And another from the Kabardino-Balkar Republic in the North Caucasus. Both pavilions are officially supported by the Russian Export Center. A total of 9 Russian exhibitors will present technologies for agriculture, milk production and water treatment.
As in previous years, Turkey will again be officially represented this year at iran food + bev tec & iran food + hospitality. The Turkish pavilion with 11 exhibitors is supported by the Turkish Ministry of Trade.
The 26th edition will take place from 18 to 21 June 2019 at the Teheran International Fairground
Iran agrofood 2019 presents the entire value chain “from field to fork”
Iran agro 2019 – The agricultural event within iran agrofood
Contact Iran: Palar Samaneh Co. Ms Ladan Maleki Apt.1, Amin Building (No.18) – Amini Alley South Shiraz St. Molasadra IR – Tehran 14358-93681 Tel: +98 21 88 05 94 57 +98 21 88 05 94 58 +98 21 88 05 94 59 Fax: +98 21 88 04 48 17 email@example.com www.Palar-Samaneh.com
fairtrade – Valuable business contacts: fairtrade (www.fairtrade-messe.de) was founded by Martin März in 1991. Since long, fairtrade ranks among the leading organisers of professional international trade fairs in emerging markets, especially in North and Sub-Saharan Africa, the Middle East and Eastern Europe. Managed by its shareholder and his son Paul März and committed to the values of a family business and the team spirit, fairtrade maintains a powerful network of partnerships throughout the world. fairtrade organizes shows in the sectors Agrofood, CIT Solutions, Energy, Industry and PlastPrintPack and strives for a high level of customer satisfaction.
By means of innovative products and excellent service fairtrade organizes professional platforms for valuable business contacts between exhibitors and visitors. fairtrade is a member of UFI The Global Association of the Exhibition Industry and AAXO The Association of African Exhibition Organisers. The management is ISO 9001:2015 certified.
Palar Samaneh: Based in Tehran Palar Samaneh (www.Palar-Samaneh.com) has organised over 50 international trade fairs of major importance in Iran over the past 10 years. Having played an important role in the growth of the Iranian trade fair market, Palar Samaneh makes use of this knowledge for the benefit of its customers.
In addition to their exhibition organization department, its stand building unit serves individual exhibitors as well as country pavilions all over the Middle East and the CIS-countries.
The World Economic Forum article dated 28 May 2019, could well be applied to most of the countries of the MENA region. Apart from the oil exporting ones, all the others’ informal economy appears to the naked eye as undergoing the same phenomenon but perhaps at a lesser density. In effect, very much like in the neighbouring sub-Saharan regions, the MENA’s informal markets seem to be pushing towards a new kind of business structure. A new kind of company is revolutionising Africa’s gig economy?Aubrey Hruby, Senior advisor to Fortune 500 companies replies.
For more than 30 years, governments and international development organizations have followed the same recipe for formalising the world’s informal economy; enacting new legislation and regulations or abolishing those that get in the way of the process.
By 2035, Africa will contribute more people to the workforce each year than the rest of the world combined. By 2050, the continent will be home to 1.25 billion people of working age. In order to absorb these new entrants, Africa needs to create more than 18 million new jobs each year. Given the urgent need to provide jobs and livelihoods to Africans, it is time to examine the conventional wisdom that informal markets must transition into formal markets. Development finance institutions (DFIs) and private investors in African markets can play a critical role in both advancing Africa’s gig economy and changing the narrative that growth in informal markets is incompatible with sustainable development.
Across African markets, companies are pioneering business models that bridge the formal and informal sectors; in these models, each company is a formal entity but can mobilise large numbers of informal actors in their supply chains or service delivery. While this has been done in dairies in Kenya and at coffee and cocoa outgrowers across the continent and in other sectors for nearly a century, the penetration of mobile phones has enabled a new breed of African companies to monetise their ability to organize and inject trust into fragmented informal markets. However, unlike Uber or Airbnb, which disrupted largely formal sectors, many of Africa’s new ‘gig economy’ firms are writing the rules for whole new industries in local markets.
Perhaps the most high-profile example is Safaricom’s M-PESA. Since its launch in 2007, M-PESA, a mobile payments system developed by Kenya’s largest telecoms operator, has enabled millions of informal sector workers to move money at a lower cost, which has provided a significant boost to the Kenyan and Tanzanian economies. Another, more recent example, is Nigeria’s Cars45, operated by Frontier Car Group. Nigeria’s $12 billion used car industry is largely informal and characterised by distrust, a lack of standardisation and the absence of a structured dealer network. Cars45 facilitates the buying and selling of used cars by pricing and rating their condition transparently and conducting online auctions. Many sectors throughout the continent remain highly informal and would benefit from these types of bridges into formality. These ‘bridge companies’ are going to define the future of employment in African countries.
DFIs are ideally placed to invest in bridge companies in African markets, given their long presence and in-depth engagement with local financing environments. The International Finance Corporation (IFC) and the UK’s CDC Group already invest in technology-enabled start-ups, and others, including OPIC, are adapting their strategies to be able to do so. Many of the continent’s most promising technology-enabled bridge companies are starting to raise funding large enough to attract the attention of DFIs. Frontier Car Group recently raised $89 million, Kenya’s Twiga Foods raised $10 million, and Nigeria’s Kobo365 has raised $6 million. Overcoming a dearth of funding remains one of the highest barriers for African entrepreneurs, and the development impact of investing in those that improve employment is enormous.
The gig economy comes with limitations. Lack of legal rights, limited career progression, stagnant pay and a lack of benefits are just some of the issues that will need to be addressed in an ‘Uberised’ world. These challenges, plus the day-to-day economic uncertainty, make the informal sector far worse in many ways than the formal. Bridge companies – because they are registered, and have a public brand and centralised management – can be pressured into addressing issues around workers’ wellbeing. Studies into the financial behaviours and needs of low-income families by BFA, a consulting firm specialising in financial inclusion policies, found that workers often aspired to ‘gig economy’ jobs but hated casual labour (such as waiting on a corner to be hired for the day) because of the lack of reliability and predictability.
The future of work is changing and the mass job creators of today will not be able to meet the needs of tomorrow’s workforce in the same way. Bridge companies are pioneering new ways of injecting efficiency and higher productivity into traditional informal markets. Investing in this trend is critical to solving Africa’s pressing job creation need.
The six Gulf Co-operation Council (GCC) states have used their oil exports revenues of the past years not only to spend lavishly but to plan for a peaceful and serene future. So English football: a proxy battleground for feuding Gulf states?
Decades earlier, low oil prices meant economic disaster for a region that once controlled the world’s leading energy supplies impacting their sovereign wealth fund holdings. The ‘rentier’ states had to cope, some for the first time, with rising budget deficits. They had to conjure up policies to make good use of the classic rentier state economy involving a reduction in their dependence on oil revenues. A historical shift was handled quite artfully with notable policies of diversification of the respective economies and eventually getting hold of some ‘Soft Power’. Education, Sports and TV Entertainment or News channels amongst many other sectors of human activities were not precisely only bad earners in terms of Dollars. While there seems to be no question about the proceeds from the sector as mentioned earlier’s sales, these might have been central to the development of the Gulf States rivalries, eventually leading to the enduring present day blockade of Qatar.
So: English football: a proxy battleground for feuding Gulf states?
There’s nothing like a Saturday night scoop to get social media buzzing. Revelations that a Qatari investor wants to acquire a stake in Leeds United certainly did. If the story is correct, then it seems Qatar Sports Investments (QSI), which already owns French club Paris Saint-Germain (PSG), is interested in buying shares in the Yorkshire based English Championship football club.
That a Qatari group is showing interest should be no surprise either; after all, the Yorkshire outfit already has a partnership with the small Gulf nation’s Aspire Academy. Over the last two years, rumours have been recurrent that big money from Doha will, sooner or later, be invested.
Hence, it was the timing of the latest rumour’s emergence that was actually more revealing than the rumour itself. It came after a tumultuous week in football (and sport more generally) which was stitched together by a narrative stretching from Manchester, through Paris, to Doha and Abu Dhabi.
A big week for Qatar
The previous weekend, Abu Dhabi-owned Manchester City won the English FA Cup, which ensured the club secured an unprecedented domestic treble of trophies (alongside the club’s Premier League title and Carabao Cup win). City’s success, however, was very quickly tempered by stories that UEFA may ban the club from the Champions League for what are alleged to be serious breaches of the European football governing body’s Financial Fair Play regulations.
Later in the week, news came through that two PSG board members – Nasser Al-Khelaifi and Yousef Al-Obaidly – are being investigated on suspicion of corruption in connection with Qatar’s bid to host the 2019 IAAF World Athletics Championship in Doha. Significantly, Al-Khelaifi is president of PSG but also chairman of QSI (the Qatari investment group behind the alleged Leeds bid) and a member of UEFA’s executive committee. Al-Obaidly is chief executive of the Qatari media group beIN.
It was quite a week for the Qataris, as news also broke that FIFA will concede during its forthcoming council meeting that the 2022 World Cup will be contested by 32 teams. FIFA had been pressing for an increase in tournament size to 48 teams, though this would have necessitated Qatar sharing the tournament with at least one other country. Qatar, though, is currently engaged in an acrimonious feud with its near neighbours, notably the United Arab Emirates (UAE), Saudi Arabia and Bahrain, so FIFA’s capitulation was effectively a victory for Qatar over its rivals.
The Gulf feud is ongoing, having broken out two years ago following a visit to Riyadh by a bellicose Donald Trump. Since then, all manner of tactics have been used by the countries involved, ranging from heavy political lobbying in Washington DC through to an online war in which misinformation has been spread.
Qatar hasn’t stood idly by in the face of such provocation, often spending lavishly both to demonstrate its oil and gas fuelled economic strength and to project its soft power. The world record breaking transfer of Brazilian international Neymar, from FC Barcelona to PSG, is the most potent symbol of this, as the government in Doha set out to shift attention away from its rivals while simultaneously making a statement about the aspirations of Qatar.
As such, the news that QSI may be circling Leeds United doesn’t seem to be about a Qatari penchant for Yorkshire puddings, nor is it merely a nice opportunity to generate some Saturday night clickbait. Rather, it suggests the opening of another front in a feud which, instead of resolving itself, appears to be intensifying. Rather than being the dawn of a new era for Leeds United, the club may consequently be on the cusp of being drawn into a bitter battle of competing geopolitical interests.
The dense network of connections and conflicts between the likes of Qatar Sports Investments, Saudi Arabia, UEFA and Abu Dhabi may therefore be about to span the English Pennines, sparking a new War of the Roses between Yorkshire and Lancashire. Given the on-off speculation about Saudi Arabia’s purchase of Manchester United, and Abu Dhabi’s continued lavishing of its wealth upon Manchester City (as well as its rumoured acquisition of Newcaste United), these Gulf states are strengthening their hold over Lancashire, the western side of the Pennines, and possibly further north too.
In buying Leeds United, their rival, Qatar, would be shoring up its own defences in neighbouring Yorkshire, meaning that the Gulf region’s proxy war could spill over into English football. Thus, as fans on both sides of a historic English divide anticipate the prospect of their clubs’ battle for supremacy, they should remain mindful that Elland Road and the Etihad Stadium could become modern day proxy battlefields in a new stand-off between the houses of York and Lancaster.
The IMFBlog on May 28, 2019, is about a world phenomenon that seems to still be present in all walk of life throughout the world. The Costs of Corruption running deep in the MENA, have been amplified by the hydrocarbon-related rentier economies to a point where only a defossilisation of the respective economies could somehow reduce their extent. In the meantime, costs of corruption running deep in the MENA seem to go unattended to. Anyway here is this IMFBlog article.
The costs of corruption run deep. Your
taxpayer dollars are lost in different ways, siphoned off from schools, roads,
and hospitals to line the pockets of people up to no good.
Equally damaging is the way it corrodes the
government’s ability to help grow the economy in a way that benefits all
And no country is immune to corruption. Our
Chart of the Week from the Fiscal Monitor
analyzes more than 180 countries and finds that more corrupt countries collect
fewer taxes, as people pay bribes to avoid them, including through tax
loopholes designed in exchange for kickbacks. Also, when taxpayers believe
their governments are corrupt, they are more likely to evade paying taxes.
The chart shows that overall, the least corrupt governments collect 4 percent of GDP more in tax revenues than countries at the same level of economic development with the highest levels of corruption.
A few countries’ reforms generated even higher
revenues. Georgia, for example, reduced corruption significantly and tax
revenues more than doubled, rising by 13 percentage points of GDP between 2003
and 2008. Rwanda’s reforms to fight corruption since the mid-1990s bore fruit,
and tax revenues increased by 6 percentage points of GDP.
These are just two examples that demonstrate that
political will to build strong and transparent institutions can turn the tide
against corruption. The Fiscal Monitor
shines a light on fiscal institutions and policies, like tax administration or
procurement practices, and show how they can fight corruption.
costs of corruption run deep.
Where there is political will, there is a way
Fighting corruption requires political will to
create strong fiscal institutions that promote integrity and accountability
throughout the public sector.
Based on the research, here are some lessons for
countries to help them build effective institutions that curb vulnerabilities
Invest in high levels of transparency and
independent external scrutiny.
This allows audit agencies and the public at large to provide effective
oversight. For example, Colombia, Costa Rica, and Paraguay are using an online
platform that allows citizens to monitor the physical and financial progress of
investment projects. Norway has developed a high standard of transparency to
manage its natural resources. Our analysis also shows that a free press enhances
the benefits of fiscal transparency. In Brazil, the results of audits impacted
the reelection prospects of officials suspected of misuse of public money, but
the impact was greater in areas with local radio stations.
Reform institutions. The chances for success are greater when
countries design reforms to tackle corruption from all angles. For example,
reforms to tax administration will have a greater payoff if tax laws are
simpler and they reduce officials’ scope for discretion. To help countries, the
IMF has built comprehensive diagnostics on the quality of fiscal institutions,
investment management, revenue administration, and fiscal transparency.
Build a professional civil service. Transparent, merit-based hiring and pay reduce
the opportunities for corruption. The heads of agencies, ministries, and public
enterprises must promote ethical behavior by setting a clear tone at the top.
Keep pace with new challenges as technology and
opportunities for wrongdoing evolve.
Focus on areas of higher risk—such as procurement, revenue administration, and
management of natural resources—as well as effective internal controls. In
Chile and Korea, for example, electronic procurement systems have been powerful
tools to curtail corruption by promoting transparency and improving
More cooperation to fight corruption. Countries can also join efforts to make it harder
for corruption to cross borders. For example, more than 40 countries have
already made it a crime for their companies to pay bribes to gain business
abroad under the OECD
anti-corruption convention. Countries can also aggressively pursue
anti–money laundering activities and reduce transnational opportunities to hide
corrupt money in opaque financial centers.
Curbing corruption is a challenge that requires persevering on many fronts, but one that pays huge dividends. It starts with political will, continuously strengthening institutions to promote integrity and accountability, and global cooperation.