Russia's invasion of Ukraine is driven by historical and cultural ties to the region.
Most of Russia's foreign currency reserves have been frozen.
There are 11,000 member banks.
Russian banks were blocked from using the international payment system.
5% is the percentage of Russia's GDP that could be affected.
The percentage of Russia's oil that Transneft transports has been hit by sanctions.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a messaging system that allows banks to securely and quickly communicate about cross-border payments. A person in Canada wants to send money to someone in the UK.
She tells her bank the amount to be transferred, the account number and the code of the bank.
The message goes from one bank to the other if the banks have a relationship. The message goes through the banks if they don't have a relationship.
The payment is settled by the banks. His transfer is happening.
Russia's access to the international financial system is one of the reasons why some sanctions have been called for. Banks have other options.
Western companies are leaving Russia in response to the invasion of Ukraine. Several have left across three industries.
Some companies are staying put.
Russia mostly exportspetroleum oils, oils obtained from bituminous minerals and crude. China and the Netherlands are top buyers.
The US and UK will ban Russian oil in response to the war in Ukraine. The oil ban on Russia is backed by the two nations. Oil makes up 3% of the global economy, so any price increase will spread to other goods. Saudi Arabia could see a windfall.
Where things stand now.
The price per barrel of oil was broken.
If the war continues, analysts expect the price per barrel to be $185 by the end of the year.
The share of UK oil imports from Russia is 8%.
The UK and the US buy crude oil from Russia.
The US and other countries have imposed sanctions on the Russian elite because of their close ties to Putin.
The president of Transneft, a state-owned oil and gas company, is one of them.
Brothers who co-own Russia's SMP bank.
Sergei Chemezov is the CEO of the state-owned defense conglomerate.
Since it began scrutinizing tech giants on competitive grounds in the 2000s, the European Commission has collected over $12 billion in fines.
The share of present underdevelopment and inequality in Africa is 40% according to calculations by Ali Mazrui.
The average number of women on S&P 500 corporate boards was 11.
There was an increase in the number of workers who received government wage supplements in exchange for cutting their hours after the financial crisis.
The ratio is the difference in average pay between CEOs and workers at the 350 largest US companies in 2019. In 1965, the ratio was 21:1. What happened? The erosion of unions and the globalization of manufacturing has led to a decline in the power of labor. San Francisco is trying to stop runaway CEO compensation by taxing companies that pay their CEO more than 100 times their median employee salary.
In the world's most populated countries, the very highest earner is getting a bigger piece of the pie. Between 1980 and 2015, the share of pre-tax income going to the top 1% more than doubled in China and India.
The highest educated workers make a lot more money, which leads to the rise in inequality. If income is to be distributed more equally, it either means broadening access to education or pushing laws to force employers to give the poor a raise.
“I believe in capitalism, but I think that the way things are working right now, it’s broken. There’s too many people that aren’t participating. It’s about opportunity, and we have to figure out how we fundamentally solve this problem. … If you naively believe that we don’t need to prop some people up for awhile, well, I believe that’s wrong. I think it’s a public-private partnership that needs to be done; I think it’s government with business, not government [doing things] to business.” —Chuck Robbins, chairman and CEO of Cisco, on the future of capitalism
Is GDP the best measure of how the economy is doing?
A single figure, universally understood, and widely used for almost a century, is still the dominant economic indicator. The creation of alternatives is being spurred by growing awareness of its weaknesses in measuring wellbeing and other factors important to a nation's economic health. One group of economists came up with a way to calculate free digital goods and services. Some countries are collecting statistics on emotional and physical health, and on whether people find their lives meaningful. The measures hope to better reflect people's economic reality and guide policies to improve it.
Western capitalism is asking questions about its identity, and Mariana is ready with the answers. The Italian-American economist believes that governments should do more than just fix market failures, they should embrace their entrepreneurial spirit to steer the direction of innovation and economic growth. Her approach appeals to politicians who want to make governments stronger and more dynamic rather than smaller, and her influence even extends to space.
Four novel takes on how to identify and fix the world's economic problems.
You probably heard about the excesses of developed market economies, from $400 jeans flecked with fake mud to Chernobyl tourism. The term was popularized in the 1970s by Belgian economist Ernest Mandel, who referred to the post-World War II period when large multinational corporations gained strength. The kind of jargon that is supposed to make the user sound smart without saying much about our economic structure has evolved.
It used to be that workers put in their hours as and when they wanted to, based on what they needed to make ends meet. It wasn't until the industrial revolution that factory bosses instituted a regular workweek. Today's 40-hour workweek was a triumph of social campaigning, though some find it too long.
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