money

NEWS via BloombergBusinessWeek: Megadams Are Dismal Investments

March 22, 2014 // 0 Comments

Megadams Are Dismal Investments By Blake Schmidt March 13, 2014 Photograph by Taylor Weidman/Zuma Press Indigenous Munduruku men at the quarry site for Belo Monte It’s hard to overstate the massive proportions of Belo Monte. When completed, it will be the world’s third-largest dam. Set in the heart of the Brazilian Amazon, it will funnel water through 18 turbines, each with the diameter of the Space Shuttle. When the last one is switched on in 2019, Belo Monte will have a capacity of 11,233 megawatts—enough to supply power to 40 percent of Brazil’s households. Construction crews, which began work in 2011, will have to dig up almost twice as much dirt as was removed to build China’s Three Gorges Dam, and truck in enough steel to build 16 Eiffel Towers, according to the dam’s developers. About 26,000 laborers toil in shifts around the clock. Massive is a word that also applies to the hydropower project’s price. Norte Energia, the consortium awarded a 35-year concession [...]

NEWS via CNN: Plugging China’s talent pool

March 20, 2014 // 0 Comments

Plugging China’s talent pool By Zarina Banu for CNN March 20, 2014 — Updated 0603 GMT (1403 HKT) Many are leaving China for reasons like education, food and wealth security and air quality. STORY HIGHLIGHTS China sees 8.5 million mainly middle-class living abroad with less than 10% moving in Paper in China calls exodus “the world’s worst brain drain” Hong Kong (CNN) — “Culture is not the main reason why most Chinese people leave. This is a romantic view. Most people leave China because of practical reasons like education, food and wealth security and air quality.” This is the view of Li Chen, who moved to Hong Kong from the mainland two years ago. A combination of pragmatism and aspiration led the 32-year-old Masters of Journalism student to leave. He said when his wife was offered the chance to relocate to Hong Kong, the timing for the couple was just right. The move allowed Li to pursue his passion for photography and will earn him [...]

NEWS via CNN: Crimea-Economic fallout of a ‘yes’ vote

March 16, 2014 // 0 Comments

Crimea: Economic fallout of a ‘yes’ vote By Alanna Petroff and Mark Thompson  @CNNMoney March 15, 2014: 7:54 AM ET Crimea is voting on Sunday in a referendum to decide if the region should break from Ukraine and join Russia.  LONDON (CNNMoney) The Ukrainian region of Crimea votes Sunday on whether to join Russia, a move that could tip Europe back into a Cold War with its powerful eastern neighbor. The West has called the vote illegal, saying Russian military activity in Crimea violates Ukraine’s sovereignty and will influence the outcome of the referendum. U.S. and European leaders say Russia will pay a price for annexing Crimea, and German Chancellor Angela Merkel has warned of a potential “catastrophe.” Related: Live coverage of the crisis in Ukraine If, as expected, Crimeans choose Russia over Ukraine, the fallout could ultimately affect economic growth, trade, investment and energy supplies. Sanctions: Western powers may move as early as Monday [...]

NEWS via Christian Science Monitor: Why African-Americans are moving back to the South

March 16, 2014 // 0 Comments

After decades of moving north, thousands of blacks are returning to their Southern roots for economic and cultural reasons. By Carmen K. Sisson, Correspondent / March 16, 2014 Artist Kia Darceo left Milwaukee for Atlanta, which she calls ‘Black Mecca.’ This is the cover story in the Mar. 17 issue of The Christian Science MonitorWeekly. Melanie Stetson Freeman/Staff WEST POINT, MISS. When Charlie Cox told his friends he was leaving Chicago, no one tried to talk him out of it. After 35 years at General Motors, he was ready to retire. Ready to trade the cold and the crime and the frenetic pace of life for the rivers and fields of his youth. He had grown up in rural West Point, Miss., and he had moved north with his family when he was 9 years old, but somehow his heart had never quite followed. His spirit yearned for the South, and, as the years passed, the memories of his childhood burned brighter until he couldn’t stand it any longer. There was only one problem: [...]

NEWS via CNN Money: 11 cities where workers are disappearing

March 14, 2014 // 0 Comments

NEW YORK (CNNMoney) Cincinnati, Cleveland and Dayton, Ohio The labor force has been shrinking in all of Ohio’s major cities other than its state capital, Columbus. Cleveland has lost 52,000 workers, or about 5% of its labor force, since November 2007, and Cincinnati lost 39,000 workers, or about 4% of its labor force, since May 2009, according to U.S. Bureau of Labor Statistics data. Job growth is anemic, particularly in Ohio’s main industry, manufacturing. Signs point to workers giving up, said Amy Hanauer, executive director of Policy Matters Ohio. “I think people are getting discouraged and leaving the labor market,” she said. Ohio lost 388,000 jobs in the financial crisis, and has since gained only about a fifth of them back. Phoenix and Tucson, Ariz. The fallout from the housing bust is still felt here. The construction sector slashed more than half its jobs in the crisis, and they’ve only started to trickle back in the last few months. But the [...]

NEWS via Pew Research: Remittance Flows Worldwide in 2012

February 25, 2014 // 0 Comments

Remittance Flows Worldwide in 2012 U.S. top sending country; India top receiving country Click above for full interactive “Remittances” are funds or other assets sent to their home countries by migrants, either themselves or in the form of compensation for border, short-term and seasonal employees (World Bank, 2013). Total remittances received by a country, as reported by the World Bank, include remittances sent via formal channels, such as banks and other businesses that transfer money. Data in this interactive are provided by the World Bank and follow World Bank definitions adopted from the International Monetary Fund nations (World Bank, 2013). If unofficial remittances were counted, the total could be as much as 50% higher or more, according to household surveys and other evidence cited by the World Bank (World Bank, 2005). Remittance data are provided by the World Bank and follow World Bank definitions adopted from the International Monetary Fund (World Bank, 2013). [...]
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