By: BiZnomics Special Economic Correspondent
Wonderful Princess Diana
Saturday, 31st August 2019 marked the 22nd Death Anniversary of Lady Diana, Princess of Wales. People around the world honourd her by remembering the legacy she left behind as a Humanitarian and Women’s Activist. Diana born in 1961 became an influential personality of the Royal family when she married Prince Charles at the age of 20. After being married for 15 years Princess Diana and Prince Charles divorced ending the fair tail. One year later she died in a controversial and much talked about motor car accident in Paris with her boyfriend Dodi Al Fayed.
She worked with numerous humanitarian agencies and charities and among them her work on anti-land mind campaign in Angola, Sri Lanka and Bosnia stand out as significant contributions to a world plagued with violence. Diana travelled to many countries visiting patient suffering from Leprosy, Cancer and Aids. Akorn Children’s Hospitals a well-known charity in UK that provided care to the children wrote “today we remember the very wonderful Princes Diana who did so much for so many”.
HONG KONG WORRIES
Chinese officials announced that Emergency Regulations Ordinance which was originally introduced by British in 1922 in case of emergency or public danger could be implemented if need arises. Market analyst still view that there is a low probability for such as eventuality but haven’t ruled out as anti-government protesters turn increasingly violent in recent weeks, disrupting this buoyant economy. The provisions of the Law include arrests, property ceases, deportations, control of the port and the power to restrict means of communication. In an extreme scenario the government even cut off the internet. If the emergency law is triggered economic damage is considered significant.
Most of the China’s biggest firms have listed in Hong Kong often as a springboard to global expansion of businesses. The Chinese also uses the Hong Kong currency, equity and debt markets to attract foreign funds while international companies use Hong Kong as a launching pad for their expansion into mainland China. The bulk of Foreign Direct Investments in china continues to be channelled through Hong Kong, making it a vital cog in global capital markets. Chinese companies have raised USD 64 billion globally – almost the 3rd of the worldwide capital this year via initial public offerings. Out of this sum USD 35 billion was raised in Hong Kong whereas USD 19.7 billion came from listings in Shanghai and Schengen.
G-7 – A Failed Summit
7 largest advanced economies in the world, popularly known as the Group of Seven (G-7) met in France in August 2019 was largely considered a failed summit. The US – Europe dispute over US trade war with China was not a topic in this discussion. The President Macron’s attempt to push US and Iran to initiate a dialogue by inviting Iranian Foreign Ministers was not bringing intended results, as proposal for a follow-up meeting with President Trump and Iranian President Hassan Rahuhani was squashed. The proposals to re-admit Russia was not supported by leaders of Britain, Germany and Canada. Thus the summit had failed in all aspects of its intentions.
UK Prime Minister Boris Johnson suffered a major blow to his authority on Wednesday when MPs voted against the no deal BREXIT.
It is not clear whether a political consensus will reach ultimately to go for a snap election to solve the crisis.
Prime Minister Boris Johnson says that “I would rather be dead in a ditch than ask for extension” speaking at a Police Training Centre after his successive defeats in Parliament. What is interesting to note is that the UK Parliament passed legislation to delay BREXIT and also blocked the call for an early election by the Prime Minister, even though the UK Parliament passed the BREXIT extension bill initially. Now as it stand any extension to the departure date of 31st October 2019 could also require the approval of the remaining 27 EU member states. The Prime Minister’s call for a General Election too failed to get the 2/3 support of the House of Commons, leaving Britain in state of flux and disarray.
Hurricane Dorian threatens US after devastating the Bahamas
Hurricane Dorian is one of the Strongest Hurricane ever to hit the Bahama’s wiped out all its neighbourhood. Hurricane Dorian developed from a tropical wave on 29th August 2019 as it intensified into a category 4 major hurricane, on the following day it reached category 5 leaking one minute sustained winds of 185 mph (295 km). Dorian is the strongest tropical storm to impact Bahamas.
However, Dorian had weakened it’s intensity to category 2 by the 02nd September but regained its momentum ending up as a category 3 hurricane by 5th September before weakening to category 1 intensity on 6th September. This swing in devastation could save the USA from major economic loss and loss of lives.
FIRE ON AMAZON RAIN FOREST
Amazon rain forest considered to be the world’s largest rain forest and world buffer in absorbing carbon dioxide and releasing oxygen. Amazon rainforest has long been recognized as a repository of ecological services not only for local tribes and communities, but also for the rest of the world. Thus making it an important global asset.
The unprecedented scale of fires have come up throughout Brazil this year intensifying the damage in August. Estimated sum of 85,000 fires so far this year has taken place. Experts says that deforestation and a practise cause-and-burn are to blame most of the fires. People cut down patches of the forest, allow the area to dry out then set the remains ablaze to make room home for agricultural and other developments. They might also set fires to replenish the soil and encourage the growth of fosters for cattle. Brazil who is the top exporter of beef uses the forest for grazing.