That mindless growth, Hickel and his fellow degrowth believers contend, is very bad both for the planet and for our spiritual well-being. We need, Hickel writes, to develop “new theories of being” and rethink our place in the “living world.” (Hickel goes on about intelligent plants and their ability to communicate, which is both controversial botany and confusing economics.) It’s tempting to dismiss it all as being more about social engineering of our lifestyles than about actual economic reforms. 

Though Hickel, an anthropologist, offers a few suggestions (“cut advertising” and “end planned obsolescence”), there’s little about the practical steps that would make a no-growth economy work. Sorry, but talking about plant intelligence won’t solve our woes; it won’t feed hungry people or create well-paying jobs. 

Still, the degrowth movement does have a point: faced with climate change and the financial struggles of many workers, capitalism isn’t getting it done. 

Slow

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It is no surprise that the COVID-19 crisis has gravely affected the mental health and well-being of employees. Business priorities and goals all over the world have drastically changed, with key challenges being to keep the business afloat, as well as manage the safety and security of employees.

The social distancing measures implemented by governments within the Middle East region have made people more isolated and uncertain. Homes have turned into offices, playgrounds, gyms, and schools, and changes due to health threats and job losses are not helping to make the situation better. Moreover, in the fast-moving consumer goods (FMCG) industry, our frontliners had to leave the safety of their homes, and make sure that the food is produced and displayed on the shelves of

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As millennials, we’ve learned about money the hard way. From the Great Recession to stratospheric student loan debt to a pandemic, there’s been no shortage of life giving us lemons.

While the long-term economic effects of the pandemic are yet to be fully realized, you may have noticed one positive trend in the short term: For once, your debt may have dropped.

Credit card balances fell by $76 billion April through June, the steepest decline on record, according to an analysis by the Federal Reserve Bank of New York. Research by NerdWallet backed that up, finding that credit card balances carried from one month to the next dropped 9.15%, or more than $600 per household with this type of debt. Overall household debt shrank by nearly $1,000 among households carrying any type of debt in the same period.

If stimulus checks, paused student loan payments and sticking close to home

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WASHINGTON/LONDON (Reuters) – The international community must do more to tackle the economic fallout of the COVID-19 crisis, the head of the International Monetary Fund said on Monday, publicly calling on the World Bank to accelerate its lending to hard-hit African countries.

FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks at an opening news conference during the IMF and World Bank’s 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. REUTERS/Mike Theiler

Some of the key events of the virtual and elongated annual meetings of the IMF and World Bank take place this week, with the most pressing issue how to support struggling countries.

“We are going to continue to push to do even more,” IMF Managing Director Kristalina Georgieva said during an online FT Africa summit.

“I would beg for also more grants

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Only massive investment in clean energy can help overcome the economic crisis caused by the novel coronavirus pandemic while setting the world on a path to meeting its objectives to slow climate change, the International Energy Agency said Tuesday.

In its annual report looking into energy markets in the decades to come, the IEA presents several scenarios as governments try to balance the health of their citizens and their economies.

For the first time, the World Energy Outlook report includes a pathway that would see the world  achieve carbon neutrality in 2050. 

That is an objective some governments have already set themselves and one that would help ensure the rise in global temperatures is contained to well below 2 degrees C, the bedrock target of the 2015 Paris Agreement.

While the world economy has taken a knock it will only provide a temporary drop in emissions unless policies change sharply,

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Over the second quarter of the year, local and global economies faced an onslaught of challenges. The immediate response to the COVID-19 pandemic, for many businesses across the world, and in the UAE in particular, was to batten down the hatches, and cut any extras costs. This manifested in job cuts, salary cuts, suppliers unpaid, rents and assets unpaid, and more; all of which, while conserving short-term cashflow, may also have set one’s business up for later problems. 



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The knock-on impact on the market was not positive, and the rapidity with which everything happened left most people scrambling to catch up. Nobody could have foreseen the entire lockdown, the abrupt loss of cashflow, or the contraction of business early enough to have prepared adequately for it.

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I’d now like to highlight a potential second wave of challenges to local businesses. It’s not a definite, and it

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A low-rise building in a trendy part of east London bears testament to the far-reaching impact of the coronavirus crisis on the UK’s smallest companies.

The building’s central atrium has a series of doors leading to its 98 offices and workshops, but many are locked and the blinds on windows pulled down.

It highlights how some workers will never return to Brickfields, the building in Hoxton owned by Workspace, a FTSE 250 property company. About 10 companies that were tenants have either left or are due to leave, while another eight have cut the amount of space they are using in the building.

However Brickfields is far from a ghost town: many companies in the building have so far survived the crisis because of emergency government support, and a few are thriving amid the pandemic.

Businesses have made good use of chancellor Rishi Sunak’s menu of assistance, led by the

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An empty restaurant in Montclair, New Jersey.

Photographer: Gabby Jones/Bloomberg

The U.K. risks losing jobs to the Covid crisis that could be resilient to automation while giving a short-term boost to sectors that have no long-term future.

Jobs in supermarkets, residential care and couriering have all been lifted by the crisis. Yet they face a high risk of replacement by new technology in future, according to a report by the Royal Society for Arts published Monday. That disruption is also being accelerated by the pandemic, it said.

For workers in entertainment and the arts, massive cuts are likely in coming months as the virus keeps venues shuttered. However, the industry faces little destruction from automation and had provided some of the fastest employment growth over the past decade, the analysis found.

Technology could land a second blow to a labor market already reeling from a nationwide lockdown

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U.S. Treasury Secretary Henry Paulson (L) shares a laugh with financier Warren Buffett, Chairman and CEO of Berkshire Hathaway, at the Conference on U.S. Capital Market Competitiveness in Washington March 13, 2007.

  • Warren Buffett phoned Treasury Secretary Hank Paulson at the height of the 2008 financial crisis with a suggestion that likely saved the US economy from an even deeper recession.
  • The famed investor and Berkshire Hathaway CEO proposed the government plow capital directly into banks instead of only buying their distressed assets.
  • Paulson quickly gathered the bosses of the nation’s biggest banks and convinced them to accept billions of dollars in investment.
  • The Treasury demanded preferred stock paying chunky dividends, as well as stock warrants in return, emulating Buffett’s bailout of Goldman Sachs in September 2008.
  • Former President George W. Bush called it “probably the greatest financial bailout ever” and said it “probably saved a depression.”
  • Visit
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Dallas Federal Reserve President Robert Kaplan said on Thursday he sees no need to expand the central bank’s asset purchases to bolster the economic recovery and instead signaled support for winding stimulus down when the coronavirus crisis eases.

“I’d be skeptical about the benefits of doing more,” Kaplan told Bloomberg Radio. Long-term interest rates are already low, and trying to push them down further by adding to the $120 billion in bonds the Fed is already purchasing each month would do little to help the real economy.

CORONAVIRUS WILL DICTATE U.S. ECONOMY’S PATH: FED’S WILLIAMS

Kaplan added “the bond-buying needs to curtail, the Fed balance sheet growth needs to curtail,” when the crisis starts to lapse.

“I don’t think it’s healthy for the markets to be addicted, or too reliant, on Fed presence … it engenders fragilities.”

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