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David Fuller and Eoin Treacy's Comment of the Day
Category - Global Middle Class

The equal pay scandal that drove Birmingham Council to the edge of bankruptcy

This article from ITV may be of interest. Here is a section:

GMB Organiser, Michelle McCrossen, said: “Today’s announcement is a humiliating admission of failure on the part of Birmingham City Council’s officials and leadership.

“Not only are they responsible for creating this crisis through years of discriminating against their own staff, but even they no longer believe themselves capable of fixing it.

“For decades the Council has stolen wages from its low-paid women workers, running up a huge equal pay liability that has brought Birmingham to the brink." 

They said today's news will be worrying for staff and residents. 

Equal pay cases are happening across retail as well.  

We revealed leaked documents that show a boost for the 55,000 claimants taking on Asda - where male dominated distribution centres have higher wages than the shop floor.



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Money, Politics Imperil Indonesia's $21.5 Billion Climate Deal

This article from Bloomberg may be of interest. Here is a section:

The initial promise of peaking Indonesia’s power sector emissions by 2030 at no more than 290 million tons of carbon dioxide, about 20% below a baseline level for the year, looks out of the question. An alternate scenario laid out in the draft plan would raise the target maximum to 395 MT of CO2, to account for the construction of new captive plants to serve growing industrial power needs.

Officials have said they are aiming to have a revised—perhaps final—investment plan before COP28 begins in Dubai at the end of November, taking on public feedback. But to do that, they will need to come to agreement on at least three major, interrelated issues: the money, the emissions target and the mechanics of the coal phaseout, including changes to Indonesian laws and policies that hold back wider green progress.

And

But there may not yet be enough in either bucket. There is just $289 million in grants, with half earmarked for technical assistance—funding for experts, consultants and advisors to model and support the energy transition. Almost all of the rest is loans, at interest rates to be determined later.



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Colin Huang Adds $4.5 Billion in Wealth as PDD Shares Surge

This article from Bloomberg may be of interest.

PDD in recent years has used promotions to grab market share from more established Chinese rivals including Alibaba Group Holding Ltd. and JD.com Inc. In an attempt to replicate that success abroad, it created Temu, which was introduced with much fanfare during this year’s Super Bowl.

Since it launched last year, Temu has exploded into one of the top US apps, targeting cash-strapped Americans with cheap unbranded products shipped directly from Guangzhou, China. In just seven months, the app has been downloaded 50 million times.

The roll-out hasn’t been without hiccups. Temu is burning through money and squeezing its suppliers in a bid to take on Amazon.com Inc. It’s also involved in lawsuits with rival Shein over antitrust matters.



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Email of the day on positive innovations

Today you wrote about the heat in the Sahara Dessert. Watergen is an Israeli company that converts air into drinking water. Its products are sold in the USA, Latin America, India, Vietnam, Uzbekistan and on the African continent. Let's share some positive news on break the monopoly of pessimistic news in the various media.  



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Stuck in neutral: A call for partnership working on river quality and water quantity

This article from Local.gov.uk may be of interest. Here is a section:

Around 20,000 new homes a year have been put on hold as a result legal protections to clean and protect our precious water ways. This report explores the challenges that councils and other stakeholders are facing and sets out recommendations for action.



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Powell Remarks Friday at Jackson Hole Full Text

This speech by Jay Powell may be of interest to subscribers. Here is the conclusion:

As is often the case, we are navigating by the stars under cloudy skies. In such circumstances, risk-management considerations are critical. At upcoming meetings, we will assess our progress based on the totality of the data and the evolving outlook and risks. Based on this assessment, we will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data.

Restoring price stability is essential to achieving both sides of our dual mandate. We will need price stability to achieve a sustained period of strong labor market conditions that benefit all.



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Thaksin Return From Exile Shows Thai Royalists Have Bigger Enemy

This article from Bloomberg may be of interest. Here is a section:

The awkward 11-party alliance emerged after both camps saw their interests align in the wake of a May election that produced a stunning win for Move Forward, a party that advocated changes to a law forbidding criticism of King Maha Vajiralongkorn and other top royals. The royalist parties wanted to keep Move Forward out of power, while Thaksin sought to strike a deal that would allow him to return to Thailand after 15 years of shuttling between Hong Kong, Singapore, Dubai, and London.

“Pheu Thai is the most powerful party to battle the emergence of Move Forward, after the electoral defeat of the conservative parties,” said Yuttaporn Issarachai, a political scientist at Sukhothai Thammathirat Open University. “As the saying goes, the enemy of my enemy is my friend.”

Thaksin’s return will mark a full-circle moment in Thailand’s political drama, which has seen a cycle of coups and deadly street protests erodes the nation’s competitiveness as a Southeast Asian manufacturing destination since the turn of the century. Foreign investors have dumped about $3.8 billion of Thai stocks this year, triggering an almost 9% slump in the main stock index to rank it among Asia’s worst performers.



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On way back from Brics Summit in South Africa, Modi skeds a quick visit to Greece

This article from the Hindustan Times may be of interest. Here is a section:

Speculation about a Modi-Xi meeting has grown following a series of high-level contacts between India and China in recent weeks. Both National Security Adviser Ajit Doval and external affairs minister S Jaishankar have met top Chinese diplomat Wang Yi, who is currently the foreign minister, on the margins of multilateral gatherings in recent weeks.

The joint statement issued after the latest meeting between Indian and Chinese military commanders on the standoff on the Line of Actual Control (LAC) has also fuelled speculation about a Modi-Xi meeting in Johannesburg. The statement, issued after the talks held during August 13-14, had described the discussions as positive and constructive.



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Jokowi Tempers Growth Outlook, Warns of Middle-Income Trap

This article from Bloomberg may be of interest to subscribers. Here is a section:

Indonesian President Joko Widodo set a modest growth outlook next year as he underscores a narrowing window to get the country’s young population rich before it grows old.

Gross domestic product is expected to grow 5.2% in 2024, Jokowi — as the president is known — said in his annual budget speech to parliament on Wednesday. That’s toward the lower end of a 5.1%-5.7% initial estimate.

Fiscal deficit is projected to be 2.29% of GDP next year, in line with the government’s latest outlook for this year’s shortfall at 2.28%, lower than the figure in the 2023 budget. That’s still well below the legal limit of 3%.



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US Retail Sales Top Forecasts, Showcasing Consumer Resilience

This article from Bloomberg may be of interest. Here is a section:

The latest data illustrate how American households — supported by a strong labor market and rising wages — are so far buttressing the economy against recession in the face of high interest rates. Too much strength, however, could force the Federal Reserve to pursue more aggressive policy should inflationary pressures prove sticky. 

“This will boost optimism that because of the resilience of the consumer we can achieve that soft landing,” Lindsey Piegza, chief economist at Stifel Financial Corp., said on Bloomberg Television. At the same time, “this simply means the Fed will have to be more aggressive raising rates higher and keeping rates higher for longer,” she said.



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