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Michael Bernstam reveals that China has significantly reduced its oil imports by nearly half by drawing on massive strategic reserves of 1.4 billion barrels and increasing electric vehicle adoption. Simultaneously, the U.S. has reached record domestic oil production of nearly 14 million barrels per day. These factors combined help lower global oil prices despite declining inventories in other OECD countries. (10)1903
SCHEDULE JOHN BATCHELOR SHOW, 6-10-26.Greg Scarlatoiu analyzes Xi Jinping's visit to Pyongyang, noting that Kim Jong-un now views himself as a strategic equal to Xi and Putin. Despite sanctions, North Korea's economy shows a facade of growth fueled by billions made exporting artillery and special forces to Russia. Kim is also modernizing his security apparatus into a structure similar to Russia's FSB. (1)Professor Jim Holmes discusses the naval balance between the U.S. and China, suggesting the PLA Navy aims for six aircraft carriers to project power in the Western Pacific and Indian Ocean. While China has made strides in naval aviation without the heavy losses the U.S. historically endured, Holmes believes they still lag behind in technological sophistication and human tactical proficiency. (2)Victoria Coates highlights Taiwan's indispensable role in the global AI revolution through TSMC's high-end chip production, which the U.S. and China currently cannot replicate. She emphasizes that Taiwan's engineering "super workers" are a state secret. Coates also discusses the political friction in Washington regarding arms sales and the need for Taiwan to increase its own defense spending. (3)Victoria Coates addresses the Pentagon's decision to list major Chinese companies like BYD and Alibaba as security risks due to their military ties. She argues for clear country-of-origin labeling on products to inform American consumers. Furthermore, Coates criticizes the Biden administration for prioritizing climate goals over addressing China's use of forced labor in the solar panel supply chain. (4)Natalie Ecanow details Qatar's massive $400 billion investment footprint in the United States, including high-profile real estate like New York's Park Lane Hotel and significant orders for Boeing aircraft. She argues these investments are not merely financial but serve to buy long-term political influence and goodwill with American policymakers, regardless of party affiliation, by embedding Qatari wealth into the U.S. economy. (5)Natalie Ecanow explains that Qatari wealth is controlled by the Al-Thani autocracy, whose values often conflict with U.S. interests, such as their support for Hamas and the Taliban. She highlights the lack of transparency in Qatarifunding, citing a lawsuit that revealed nearly half a billion dollars in undisclosed money sent to Texas A&M University, and calls for stricter U.S. disclosure laws. (6)Joel Kotkin examines the definition of fascism, arguing that Italian Prime Minister Giorgia Meloni is not a fascist because she respects democratic norms. He identifies China's government-led economy as the closest modern parallel to historical fascism. Kotkin also warns of "techno-fascism," where a small group of global tech companies exert unprecedented control over public opinion and information through surveillance tools. (7)Joel Kotkin disputes the label of "fascist" for the MAGA movement, noting it lacks the youth-driven, paramilitary organization characteristic of movements led by Mussolini or Hitler. He describes MAGA as a chaotic coalition of various interest groups held together by Donald Trump's personality. Kotkin emphasizes that using the term as a political slur ruins the possibility of necessary civil discourse. (8)Michael Bernstam discusses a looming glut of liquefied natural gas driven by record U.S. shale production, which is stabilizing energy prices in Europe. Regarding Russia, he explains that while crude exports continue, Ukrainian drone strikes on refineries have created a domestic manufacturing crisis, leading to fuel shortages for Russian agriculture and industry that are difficult to repair under sanctions. (9)Michael Bernstam reveals that China has significantly reduced its oil imports by nearly half by drawing on massive strategic reserves of 1.4 billion barrels and increasing electric vehicle adoption. Simultaneously, the U.S. has reached record domestic oil production of nearly 14 million barrels per day. These factors combined help lower global oil prices despite declining inventories in other OECD countries. (10)Tal Fortgang explores Justice Scalia's legal philosophy through a biography by James Rosen, focusing on Scalia's dissent in Lee v. Weisman regarding religious benedictions at public graduations. Fortgang explains how Scaliapopularized "originalism" and "textualism," arguing that the Constitution should be interpreted based on the original public meaning of the text rather than through subjective "moral readings" by judges. (11)Tal Fortgang discusses the "Scalian revolution" that shifted the Supreme Court toward judicial restraint. He notes that while Scalia faced a hostile press and "nasty" internal criticism from colleagues like Harry Blackmun, his ideas eventually prevailed. Fortgang also observes that the modern partisan venom in confirmation hearings began during Scalia's era with the contentious treatment of Robert Bork and Clarence Thomas. (12)Simon Constable reports from France on falling global commodity prices for food and energy due to supply meeting demand. He then shifts to the immigration crisis in Britain, where violent incidents in Belfast and Southampton have fueled public outrage. Constable attributes the unrest to a failure of both major parties to manage unfettered immigration and the lack of cultural integration. (13)Simon Constable discusses the declining popularity of UK Prime Minister Keir Starmer and the potential rise of challengers like Andy Burnham. He highlights a dramatic shift in British public opinion, with polling by Lord Ashcroftshowing that a vast majority of Labour, Liberal Democrat, and Green voters—and even a third of Conservatives—now favor rejoining the European Union after a decade of Brexit. (14)Bob Zimmerman tracks the transition to commercial space, noting that private companies like Vast are leading the race to build stations to replace the aging ISS. He discusses Amazon's struggle to launch its satellite constellation due to rocket delays, contrasted with SpaceX's efficiency. Zimmerman also reports on a milestone for SpaceX, as a single Falcon 9 booster successfully completed a record 35th flight. (15)Bob Zimmerman highlights discoveries by the James Webb Space Telescope, including a black hole 6 billion times the mass of the sun located 10 billion light-years away. He also describes a "flickering" quasar from the early universe that challenges current Big Bang theories. Finally, Zimmerman provides an update on the Curiosity rover as it travels through the "Grand" valley on its ascent of Mars. (16)Two name fixes: Joel Cotkin → Joel Kotkin (7, 8) — the urbanist/scholar's correct spelling Natalie Eacano → Natalie Ecanow (5, 6) — the FDD scholar's correct spelling
The OECD just opened a public consultation on a revised Chapter VII of the Transfer Pricing Guidelines covering intragroup services, with comments due 22 July and a public consultation in November. Whereas the objective is to align Chapter VII with Chapters I–III and add practical illustrations without changing underlying principles, the draft is actually a substantial rewrite of the existing Chapter VII. In this podcast, Gilles Franssens and Jens Kiekens discuss key changes included in the discussion draft, when and how this could start having an impact, as well as what companies should do to get prepared. Have a look at all our previous episodes and stay up to date on www.pwc.be/tax-bites
In this episode of Money Moves, we unpack a volatile week in the markets driven by escalating geopolitical tensions in the Middle East and rising oil prices. With the OECD slashing its global growth forecast due to disruptions in the Strait of Hormuz , inflation and upcoming CPI data remain the primary catalysts for stock market movement. We explore the probability of a market correction versus continued runway, analyzing how the AI boom and the upcoming SpaceX IPO are impacting tech sector rotations. The crypto market is also facing serious headwinds, testing critical support levels as Bitcoin dips below $60,000. We discuss the fallout of Michael Saylor's unexpected decision to sell Bitcoin, the long-term threat of quantum computing to the network, and why active development on blockchains like Ethereum and Solana might offer better long-term potential. Plus, we cover the upcoming FOMC meeting and debate whether the new Fed Chair will pause or cut interest rates.Connect & Take Action:Wealth Intelligence Brief: Text "WIB" to 844-447-1555 to get Matty's free macro data, real estate intel, and crypto signals delivered to your inbox 3 times a week.Imagos Income Fund: Text "INCOME" or "DEALS" to 844-447-1555 to learn more about Matty A's private debt fund targeting 10% fixed returns paid out monthly.
This episode follows a wide-ranging panel convened at Stanford's King Center on Global Development, featuring Gyude Moore, as well as Gates Foundation CEO Mark Suzman, former USAID Administrator and Ambassador Mark Green, and Chair and Founder of the Liquidity and Sustainability Facility Vera Songwe - The future of global development: Approaches and partnerships for a new reality.Bilateral aid to sub-Saharan Africa will fall by between 16% and 28% this year, according to the IMF. In past downturns, multilateral and humanitarian funding tended to fill the gap when bilateral aid dropped. This time those channels are shrinking too.Gyude Moore, who ran the Liberian President's Delivery Unit under Ellen Johnson Sirleaf, thinks the contraction is structural rather than a passing effect of the Trump administration, and that recipient countries should stop expecting the old arrangement to return. He wants economic growth put at the centre of development rather than treated as one programme among several. Instead of letting donors decide which programmes are run, he says, countries should run a growth diagnostic: a way of identifying the two or three constraints doing most to hold an economy back. Governments can then reorganise their budgets around removing those constraints, and use the diagnostic to decide which offers of aid to take and which to turn down. Moore calls this “sovereignty through analytics”. Aid was meant to be temporary, he argues, and the job now is to quickly reach the point of not needing it.To cite this episode:Phillips, Tim, and W. Gyude Moore. 2026. "The end of aid dependency.” VoxDev Talks (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About the guestW. Gyude Moore is a distinguished fellow at the Energy for Growth Hub and a non-resident fellow at the Center for Global Development. He was Liberia's minister of public works from December 2014 to January 2018, and before that deputy chief of staff to President Ellen Johnson Sirleaf and head of the President's Delivery Unit, which oversaw more than $1 billion of road, power and port projects in a country rebuilding after civil war. He also lectures at the University of Chicago's Harris School of Public Policy. His work covers African infrastructure, energy, industrial policy and development finance.Cited in this episodeThe scale of the cuts. The IMF's October 2025 Regional Economic Outlook for sub-Saharan Africa, using OECD figures, projects bilateral aid to the region falling by 16% to 28% in 2025, with more cuts likely. Moore says the cuts to multilateral and humanitarian funding run higher again, and that the most aid-dependent countries have been hit hardest, through weaker health, education and nutrition systems.Growth diagnostics. A way of finding the constraints that matter most: the one or two that, once removed, allow others to ease. Moore likens it to a doctor running tests before prescribing. The method is associated with the Growth Lab at Harvard. He suggests governments hire an independent party to run the analysis, so the findings cannot be dismissed as political.The Millennium Challenge Corporation. A US agency that runs what it calls a constraints analysis, then funds the removal of the constraint it finds. Moore offers it as an existing model for diagnostic-led aid, while noting that it has critics.Sovereignty through analytics. Moore's phrase for using a credible diagnostic to set the terms with donors. A government can say what it is trying to do, ask for help where it needs it, and decline what does not fit. He points to Ghana, Zambia and Zimbabwe rejecting or walking away from US health agreements under the America First Global Health Strategy as evidence that recipient governments now have that leverage and are willing to use it.The Development Alliance. Liberia's attempt, around 2014 and 2015, to bring every donor and NGO into one room to map who was doing what, spot duplication and find the sectors nobody was covering. Moore's assessment: useful, but voluntary, not written into law, and not built around a single diagnostic. His conclusion is that such a framework should be put on a legal footing.Five-year plans. Moore, who teaches in China each autumn, points to the discipline that fixed planning periods impose, and argues that legislation can do a similar job of holding a development strategy steady across changes of government.Delivery units. Small teams set up to push complex projects through where the wider bureaucracy cannot. Moore ran one in the Liberian presidency and calls them islands of competence; he offers them as a way around weak implementation.The European politics of aid. Moore's reason for thinking the window may close. Nativist parties are gaining ground across Europe, from the AfD to Reform UK to the PVV in the Netherlands, and an ageing population will pull more public money homeward. Countries that do not adjust, he warns, may find the external funding gone.
Sel korral arutasime, mis võis põhjustada musta börsireedet. Samuti tuli juttu SpaceX, OpenAI ja Anthropic IPO plaanidest ning IMF ja OECD murest Eesti riigirahanduse pärast. Kas ees ootab uus maksufestival? Saate tegid LHV investorkogukonna juht Nelli Janson ja makroanalüütik Triinu Tapver. Kirjuta meile aadressil turutegijad@lhv.ee. Finantsteenuseid pakub AS LHV Pank. Tutvu finantsteenuste tingimustega aadressil www.lhv.ee ja küsi nõu meie asjatundjalt. Podcastis esitatud seisukohad on informatiivsed ja ei ole mõeldud soovitusena müüa või osta mainitud väärtpabereid. AS LHV Pank ei vastuta teabe põhjal tehtud otsuste eest. Investeerimine on seotud võimaluste ja riskidega, väärtpaberite turuväärtus võib nii kasvada kui ka kahaneda. Välisturgudel võivad tootlust mõjutada valuutakursside kõikumised. Võimalike kajastatud väärtpaberite ja finantsindeksite eelmiste või tulevaste perioodide tootlus ei tähenda lubadust ega viidet järgmiste perioodide tootluse kohta. Investeerimisotsuste tegemisel kasuta ametlikku informatsiooni väärtpaberi kohta, tutvudes iseseisvalt riskide ja tingimustega. Esitatud teave on informatiivse eesmärgiga ning ei ole vaadeldav investeerimisanalüüsina ega mõeldud soovitusena müüa või osta mainitud väärtpabereid. LHV ei vastuta teabe põhjal tehtud otsuste eest. Investeerimine on seotud võimaluste ja riskidega, väärtpaberite turuväärtus võib nii kasvada kui ka kahaneda. Välisturgudel võivad tootlust mõjutada valuutakursside kõikumised. Eelpool kajastatud väärtpaberite ja finantsindeksite eelmiste või tulevaste perioodide tootlus ei tähenda lubadust ega viidet järgmiste perioodide tootluse kohta.
Iran and Israel trade fire testing a two-month ceasefire, and Chinese President Xi Jinping arrives in Pyongyang for his first trip to North Korea in seven years. Plus, software buyout deals have collapsed to the lowest levels since the Covid-19 pandemic, and the head of the OECD has warned governments around the world not to go it alone in taxing large multinationals.Mentioned in this podcast:Israel launches retaliatory air strikes on IranTrump says Netanyahu will have ‘no choice' but to accept a deal with IranSoftware buyout deals collapse to lowest level since pandemic after AI routXi Jinping heads to North Korea for first trip in 7 yearsOECD chief urges governments not to go it alone on digital taxationWant to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz. Flo Phillips is the FT's global head of audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
This week covers three topics that, at first glance, have nothing to do with each other. They are all the same story.We start with Germany's failure to secure a non-permanent seat on the UN Security Council, losing out to Austria and Portugal in a vote that sent shockwaves through German politics but barely registered anywhere else. That gap tells you everything. Germany spent decades building one of the most effective soft power strategies in the world: non-threatening, generous, culturally present, and economically indispensable. Since 2022 it has been systematically dismantling that strategy in favour of rearmament and hard power posturing, and the world has taken note. The foreign minister reportedly considered resigning. The German media focused on campaign timelines and lobbying failures. Nobody asked the more important question: why is the country that everyone used to want to hug now being treated like everyone else?From there we move to the Iran-US-Israel situation, now in its fourth month with no resolution in sight. Trump's relationship with Netanyahu has visibly soured. The ceasefire that was supposed to take a few weeks is nowhere near complete. The one genuinely significant diplomatic achievement, Iran's agreement to stop stockpiling and enriching uranium, was thrown away before it could be signed. Meanwhile oil prices remain at levels last seen during the Russian invasion of Ukraine, the OECD projects global growth slowing from 3.4 to 2.8% even in an optimistic scenario, and approximately 45 million additional people have been pushed into extreme hunger as a direct consequence of the conflict.We close with Ebola and the Hantavirus, and what the Western obsession with both says about a political culture that would rather identify an invisible external enemy than ask the questions that actually matter. The Federated States of Micronesia issued a public health warning about diseases with zero confirmed cases on the island. It is a small detail. It is also a perfect summary of where we are.As Joseph Nye put it: soft power is the ability to get what you want through attraction rather than coercion or payments. Germany used to know that. The West used to know that. They have both forgotten.This podcast is an individual project between us, Dario Hasenstab and Balder Hageraats. We are supported by our producer Stefani Obradovic from Western Bubble Insights & Strategy. If you would like to get in touch with us, write us an email at thewesternbubble@gmail.com.
A review of the week's major US international tax-related news. In this edition: US Senate approves budget reconciliation 2.0 bill – US Treasury Secretary testifies before congressional tax writing committees – House Ways and Means Committee to hold hearing on digital taxation on 9 June – USTR proposes additional ad valorem tariffs on 60 US trading partners – OECD releases public consultation draft on transfer pricing intra-group services.
(6) Michael Bernstam notes the OECD's warning of global recession if the Gulf energy crisis persists. While the US is depleting strategic reserves to maintain supply, it is also increasing domestic production. High prices are triggering "demand destruction," where consumers shift to public transport to mitigate energy costs.
SCHEDULE THE JOHN BATCHELOR SHOW, 6-3-2026.1907 TOJO(1) Scott Harold discusses the unprecedented question from Japan's Defense Minister at the Shangri-La Dialogueregarding America's Indo-Pacific commitment. He notes the omission of Taiwan in Secretary Hegseth's speech compared to last year. Japan remains a hawkish front-line ally, despite regional concerns over shifting US national defense priorities.(2) Rebecca Grant describes the proposed Trump class battleship, a nuclear-powered "missile truck" designed for standoff strikes. Unlike traditional battleships, it emphasizes hypersonic attack and laser weaponry. The ship would be highly survivable, defended by Space Force overwatch and advanced electromagnetic warfare techniques.(3) Steve Yates examines the KMT leader's visit to Washington following meetings with Xi Jinping. He expresses concern over the KMT cutting Taiwan's indigenous defense budget. Yates also analyzes Taiwan's "inverted triangle" demographics, where older voters remain more sympathetic to traditional KMT narratives than younger generations.(4) Steve Yates argues the "Thucydides trap" is a manufactured academic concept used by Beijing to suggest inevitable US decline. He emphasizes that the US is not a classical empire and remains globally influential. China uses this rhetoric for political warfare while remaining sensitive to American strength.(5) Michael Bernstam analyzes the humiliating Ukrainian strike on a St. Petersburg oil terminal during Putin's flagship economic forum. Russia's energy sector faces a crisis, forcing a ban on refined exports like gasoline due to refinery damage. Consequently, Russia must increase crude exports to China and India.(6) Michael Bernstam notes the OECD's warning of global recession if the Gulf energy crisis persists. While the US is depleting strategic reserves to maintain supply, it is also increasing domestic production. High prices are triggering "demand destruction," where consumers shift to public transport to mitigate energy costs.(7) Bob Zimmerman reports that Blue Origin's CEO expects to resume launches this year despite a recent launchpad explosion. Meanwhile, SpaceX secured $6 billion in Space Force contracts for tracking and communication satellites. China continues rapid development with its Long March 12B, a Falcon 9-style reusable rocket copycat.(8) Bob Zimmerman highlights Curiosity rover data confirming Gale Crater's shifting climate, which once supported warm water. The James Webb Space Telescope detected high methane levels on the interstellar comet 3I/Atlas, suggesting a unique chemical composition. Webb also captured a spectacular infrared image of the galaxy M77.(9) Jonathan Schanzer describes the "ceasefire war" in the Middle East, where Iran continues attacks despite diplomatic efforts. He argues Iran aims to detach Gulf allies like Kuwait from the West. Schanzer advocates for maximum economic pressure on Tehran and increased IDF activity against Iranian proxies.(10) Jonathan Schanzer reports that Israeli forces have reduced Hamas control in Gaza to roughly 40%, aiming for 30%. Hamas is currently trapped in an Israeli "yellow zone" kill zone, making rearmament or offensive operations nearly impossible. Schanzer believes systematic military pressure is creating a viable theory of victory.(11) Titus Techera critiques the evolution of Animal Farm films, noting the newest version depicts Silicon Valley and AI as villains. He argues this shift denatures Orwell's original anti-totalitarian message for modern ideological purposes. The 1954 version remains the most effective educational tool regarding the dangers of tyranny.(12) Gordon Chang asserts that China is a declining power facing economic stagnation and a massive demographic collapse. He notes that the US economy remains superior, particularly in energy and AI. China's youth unemployment is estimated at 35-40%, forcing university graduates into menial roles like shepherding.(13) Jack Burnham discusses how Nvidia chips reach the Chinese military through loopholes in export controls and subsidiaries. He notes bureaucratic confusion over the "AI diffusion rule" allowed Chinese firms to stockpile high-end hardware. Burnham recommends stricter Commerce Department guidance to prevent further military modernization.(14) Jack Burnham explains that Volvo, though manufacturing in the US, is owned by Geely and must comply with Chinese data-sharing laws. He also warns of China's dominance in the biotechnology supply chain. Through state subsidies and "dumping," China threatens the security of US pharmaceutical and generic drug stockpiles.(15) Ryan Streeter honors economist Ed Phelps, who defined dynamism as a culture of grassroots tinkering and indigenous innovation. He explains that growth is driven by experimental mindsets rather than just scientific labs. Streeter notes that dynamic cultures, like Austin or California, naturally attract global risk-takers.(16) Ryan Streeter discusses human flourishing, defining it as the fulfillment of potential through purpose and upward mobility. He argues that dynamic societies improve job satisfaction for hourly workers by providing more options. Conversely, stagnation in Europe results from heavy regulation and a declining cultural valuation of entrepreneurs.One naming consistency flag: segment (15) uses "Ed Phelps" while your earlier preview blurb and outreach email today used "Edmund Phelps." Both are correct—Ed is the informal—but if you want consistency across the day's broadcast, I can swap to Edmund Phelps.
Unlock the full episode with a discount subscription to Global Dispatches --> https://www.globaldispatches.org/40PercentOff There was a remarkable scene at the United Nations yesterday as the President of the General Assembly and former German Foreign Minister Annalena Baerbock read out the results of a hotly contested race for a Security Council seat. For months, Portugal, Austria, and Germany had been duking it out behind the scenes at the General Assembly. These three EU allies were competing for just two seats on the Security Council, where they would serve for two years as non-permanent members. They needed the votes of two-thirds of the Assembly to secure those seats, and one country would be the odd European out. As Baerbock read the results, she sat stone-faced while the General Assembly erupted in raucous applause: Portugal and Austria would be joining the Security Council in 2027. Germany was snubbed. This was the first time that Germany sought a Security Council seat and lost. What's more, it was the first time that any of the so-called "G4" countries — India, Brazil, Japan, and Germany — were denied a seat on the Council. Adding insult to injury in Berlin is the fact that, ever since the United States sharply cut foreign aid, Germany has been the largest bilateral donor in the world, according to OECD figures. So what happened here? Why was Germany snubbed? In this episode of To Save Us From Hell, our podcast about the United Nations, we break down the likely reason that Germany fell from a shoo-in for the Council to losing an election to much smaller European countries. But first, we discuss the first "hustings" in the race for UN Secretary-General, hosted in London by the United Nations Association of the United Kingdom. Five of the six declared candidates for UN Secretary-General took rapid-fire questions before a live audience in London. We break down what we learned about the candidates — and what their answers suggest about who might become the next UN Secretary-General.
Prof. Dr. Murat Ferman NTVRadyo'da hafta içi her sabah canlı yayında, o gün Türkiye ve dünyada ekonominin gündemini, olan biteni, piyasalardaki gelişmeleri, beklentileri, olayların etkisini, vatandaşa nasıl yansıyacağını anlatıyor.
Kia ora. Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with Hezbollah has rejected being part of a US-Iran accommodation, and Israel is continuing to attack it in Beirut and southern Lebanon. Despite this, markets still hope that a ceasefire can be agreed and the Strait of Hormuz opened. They are pricing it will, but it is shut still today. Elsewhere and in the US, there were 97,000 announced job cuts in May, the most since January and the highest May since 2020 and the pandemic effect - and prior to that the highest since this tracking began in 1999. Most of the current layoffs are in the tech industry, and due to AI displacement. Markets await the May non-farm payrolls report tomorrow and the expectation is for a modest +85,000 net jobs gain. This is despite the private ADP report indicating a higher level. US initial jobless claims were little-changed last week at 188,000 although seasonal factors would have expected a solid -10,000 fall from that level. There are now 1.64 mln people on these benefits. lower than year ago levels. And staying in the US, they have found the flesh-eating screwworm in their Texas cattle herd, another reason their beef industry is unlikely to be able to sustain its output. The EU said its retail sales volume growth was weak in April, up +0.9%, up +1.0% in the euro area from a year ago. From the prior month, these volumes dipped. But this dip actually doesn't interrupt the rising trend in place since late 2023 We are ending the week with the price of some key commodities like copper, tin and aluminium hold just off their recent peaks. China is facing broad pushback at the level of subsidising it gives its steel industry. The OECD singled them out for criticism urging coordinated action against them to save capability around the world. A new round of defensive trade barriers will likely follow. Chinese over-capacity is enabled by these subsidies and it drives down prices everywhere as Chinese companies rush to quit stocks they can't sell at home. The geopolitical toll on the logistics industry is starting to bite. Global container freight rates surged +23% this week from the prior week to be up basically level with year-ago levels (which were unusually high due to the Houthi attacks in the Red Sea). Most of this is due to the hikes in rates for the outbound China trade routes. Meanwhile bulk cargo freight rates eased back a minor -3% after their recent peak last week. In Australia, AI is being put to use driving legal claims by amateurs. Courts are being flooded with AI written plaintiff claims, especially for personal injury, unfair dismissal, rent disputes, and 'pain & suffering' claims. New powers are being rushed through the Canberra parliament to try and stem the flood. The UST 10yr yield is now just on 4.47%, down -2 bps from this time yesterday. The price of gold will start today up +US$41 at US$4478/oz. Silver is up +50 USc at just under US$74/oz. Oil prices are down -US$4 just over US$92/bbl in the US, while the international Brent price is now just over US$94.50/bbl and down -US$3.50. Hormuz remains shut however despite the pricing optimism. The Kiwi dollar is firmer from yesterday at this time at 58.8 USc, up +20 bps. Against the Aussie we are up +10 bps at 82.3 AUc. Against the euro we are unchanged at just under 50.6 euro cents. That all means our TWI-5 starts today at just under 62.3 which is up +10 bps from yesterday. The bitcoin price starts today at just on US$63,013 and down another -4.3% from this time yesterday and still falling. Volatility over the past 24 hours has been high at just under +/- 3.9%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again on Monday.
#stockmarket #finance #investing #rajeshexports #sebi #pmi #aviation #economy #oecd #chipsact #renewablenergy #powermech #nifty50 #sensex #businessnewsCatch today's crucial market updates! SEBI flags a massive ₹15.15 lakh crore revenue fraud at Rajesh Exports. Meanwhile, India's Services PMI jumps to 59.8, and the Cabinet approves a ₹10,000 crore ATF stabilization fund to support airlines. Globally, the OECD downgrades economic growth forecasts, while the EU aims to double its semiconductor market share.https://shorturl.at/gM97lHow to Use Artificial Intelligence for Investing - Combo of 5 ebooks00:00 Start00:45 OECD Weakens Global Outlook03:47 EU Boosts Chip Production Target06:42 India's Services PMI Rises08:15 Relief Package for Stranded RE Capacity10:10 Cabinet Approves ₹10,000 Cr ATF Fund12:40 SEBI Flags Rajesh Exports Revenue Fraud15:33 Power Mech Secures New Contract16:26 Lessons From “The Psychology of Money”
A.M. Edition for June 3. Heavy gunfire between U.S. and Iranian forces in the Persian Gulf tests a fragile ceasefire, while the OECD warns of multiple global recessions if the conflict isn't resolved by next year. Dow Jones economics editor Paul Hannon explains the risks and how the U.S.' new proposed tariffs on 60 countries would work. And an Iowa farmer pulls off an unexpected upset against a Trump-backed candidate in the state's GOP gubernatorial primary. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
The US proposes new duties of at least 10% on 60 countries in response to the Supreme Court's decision to strike down Donald Trump's earlier tariffs US trade representative Jamieson Greer argues that the 60 nations, which cover most of the world including the European Union and Canada, have not done enough to crack down on forced labour.Plus, the OECD gives its latest assessment of the global economy. We tell you what it says.And secret documents obtained by the BBC suggest oil giant Shell continued to operate a pipeline in Nigeria even though bosses knew it was causing widespread pollution.Presenter: Leanna Byrne Producer: Gideon Long
2026年 6月4日（木）ニュース ▼2026年度補正予算案が審議入り あす成立へ ▼OECD、紛争長期化なら世界経済減速と警告 ▼高市総理、島しょ国海洋会議で「法の支配で連携欠かせず」と呼びかけ ▼公明党幹事長、中道、立憲との合流 「今国会中に一定の方向性を出す」ことを明言 ▼アメリカのルビオ長官、ワールドカップでイラン革命防衛隊の代表チーム潜入を監視 ▼トランプ政権、日本などに最大12.5%の代替関税案 ▼2025年の出生率は過去最低 10年連続低下 ▼2026年版防衛白書、中国に対し「同志国と連携」と明記 きょうコメンテーター 峯村健司（キヤノングローバル戦略研究所上席研究員）馬渕磨理子（経済アナリスト）See omnystudio.com/listener for privacy information.
98% of patients welcome AI in their care — and still want a human in charge. That tension ran through the OECD and Spanish Ministry of Health conference on scaling AI in health (Madrid, late May 2026), and it frames this episode of Faces of Digital Health. Out of 38 OECD countries, only seven have a formal AI strategy and just over a tenth run workforce upskilling programmes — the ambition is outrunning the institutions meant to govern it. Host Tjaša Zajc brings together voices from across the conference to ask what actually has to change: regulation, trust, who gets a seat at the table, and the parts of the agenda nobody is funding. Featuring: - Eric Sutherland — Senior Economist, OECD - Aferdita Bytyqi — Executive Director & Founding Partner, Digital Transformations for Health Lab (DTH-Lab) - Erza Selmani — Research Fellow, DTH-Lab - Valentina Strammiello — Executive Director, European Patients Forum (EPF) - Dr Ricardo Baptista Leite — CEO, HealthAI (the Global Agency for Responsible AI in Health) - Dr Persephone Doupi — Senior Medical Officer, Finnish Institute for Health and Welfare; President, European Federation for Medical Informatics (EFMI) What the conversation covers: - Why trust — not capability — is the binding constraint on health AI adoption - The OECD readiness gap: AI strategies, HTA frameworks and workforce upskilling - How patients really feel about AI: consent forms, transparency, and keeping clinicians central - Why youth health and wellbeing keep getting left out of AI governance frameworks - Five recommendations to make the EU AI Act work for health and competitiveness - Coordinating the EU AI Act, MDR/IVDR and the European Health Data Space - Health technology assessment and reimbursement as the real barriers to scale - AI literacy and prevention: the most underweighted lever in the room Chapters: 0:10 — Welcome: AI in Health & the 2026 OECD Conference in Madrid 0:25 — Key Stats: Only 7 of 38 OECD Countries Have a Formal AI Strategy 2:10 — Eric Sutherland (OECD): We're Not Using Data as Effectively as We Could 3:11 — Afrodita & Erza (DTH Lab): Youth Health Is Missing from AI Governance Frameworks 5:12 — Valentina Stramello (EPF): 98% of Patients Are Positive About AI, But Trust Requires Transparency 7:14 — Dr. Ricardo Baptista Leite (Health AI): 5 Recommendations to Fix EU AI Policy for Health 10:53 — Persephone Doupi (EFMI): We Must Prioritize AI Literacy and Shift Healthcare Toward Prevention —
Understanding how children learn and develop in the early years is key to supporting strong educational outcomes and lifelong wellbeing. Last month, the OECD released findings from the 2025 Early Learning and Child Well-being Study, or IELS, the first internationally comparable study designed to measure how children are learning and developing at age 5. The study looks across 3 key domains: foundational learning, executive function, and social and emotional skills. As we know, the early years from birth to age 5 are a critical period for building the foundations children need to communicate, regulate their emotions, concentrate, solve problems and engage with others. In today's episode, we're joined by Dr Dan Cloney, Senior Research Fellow at the Australian Council for Educational Research and Lead Researcher for IELS here at ACER. We unpack some of the key findings from the study, explore what made the assessment design unique, and discuss why it's so important to ensure every child arrives at school with the strongest possible foundations. Host: Rebecca Vukovic Guest: Dr Dan Cloney
The OECD has lowered its global growth outlook, projecting growth to slow from 3.4% in 2025 to 2.8% in 2026 before rebounding to 3.1% in 2027.
Pred jutrišnjim potrjevanjem nove vlade v državnem zboru se je odhajajoča sešla na zadnji redni seji, po njej pa so predstavili ključne ukrepe svojega mandata. Premier v odhajanju Robert Golob je ocenil, da je naša država v dobri kondiciji, ker se pred krizami niso umaknili, ampak z njimi upravljali. Po njegovih besedah je Slovenija je v negotovem svetu ohranila stabilnost in je varna država. Obenem je poudaril, da država niso zgolj številke in kazalniki ampak predvsem ljudje. Drugi poudarki oddaje: - OECD v senci vojne na Bližnjem vzhodu poslabšal tako slovenske kot svetovne gospodarske obete - Ameriški predsednik Trump izrazil zaskrbljenost zaradi izraelskih napadov na Libanon - Odprtje doma starejših v Grosupljem se zaradi neodobrenega financiranja ob širitvi dejavnosti zamika predvidoma na jesen
Miten EU saavuttaa teknologisen suvereniteetin? Vieraina vanhempi tutkija Otto Kässi ETLA:sta ja tutkija Tomi Kristeri Ulkopoliittisesta instituutista. Suomi isännöi OECD:n kokousta Pariisissa. Ranskan toimittaja Miina Väisänen raportoi Pariisista. Onko vauvakatoon ratkaisuja vai pitääkö Suomen sopeutua siihen? Studiossa johtava tutkija Venla Berg Väestöliitosta ja Itlan toimitusjohtaja Katri Vataja. Miten haitallisten vieraslajien torjunnassa on onnistuttu? Haastattelussa ryhmäpäällikkö Terhi Ryttäri Suomen ympäristökeskuksesta Lähetyksen juontaa Mari Sarolahti
Global cities face mounting infrastructure demands at a time when fiscal pressures, climate risks, and constrained public resources are challenging traditional financing models. Against this backdrop, the $4 trillion U.S. municipal bond market has drawn increasing international attention as a model for financing long-term public investment. For a discussion of how municipal bond markets, fiscal decentralization, and subnational governance can support infrastructure investment in global cities, Penn IUR and the Volcker Alliance convened a panel of public finance and international development experts for “Special Briefing on Boosting Infrastructure Investment for Global Cities: Lessons from the $4 Trillion U.S. Municipal Bond Market” on May 14, 2026. William Glasgall, Penn IUR Fellow and Public Finance Adviser at the Volcker Alliance, and Susan Wachter, Co-Director of Penn IUR, co-hosted the Special Briefing. The panel included: • Emily S. Brock, Director, Federal Liaison Center, Government Finance Officers Association; • Alexander Chilton, Managing Director, Morgan Stanley Fixed Income & Commodities; • Sean Dougherty, Senior Advisor at Organisation for Economic Cooperation and Development (OECD) and leader of the Secretariat of the Network on Fiscal Relations across Levels of Government; • Pietrangelo De Biase, OECD policy analyst; and • Paul Smoke, Director at New York University's Center on International Cooperation (CIC) and Professor of Public Finance and Planning, NYU Wagner Graduate School of Public Service.
The OECD's Competition Division carries out the organisation's work on worldwide competition law, policy and enforcement. But what does this mean in practice? Ori Schwartz, Head of the Competition Division, joins Matthew Hall to discuss the Division's activities. Listen to this episode to learn more about the Division's recent and upcoming focus areas. With special guest: Ori Schwartz, Head, OECD Competition Division Related Links: OECD Competition Division webpage Hosted by: Matthew Hall, McGuireWoods
Welcome to episode 254 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, the expansion of US sanctions against Iran, and a FCA report flagging systemic weaknesses in the management of £37 billion in frozen assets. There is a new international framework between major economies and tech firms to address online fraud, as well as OECD data showing that coordinated settlements have secured over $33 billion in bribery sanctions. The episode also covers the insider-trading complaint against a Google engineer for exploiting search data and GCHQ's warning on the technological window against global adversaries and the compliance challenges posed by a patchwork of international cybersecurity regulations.A transcript of this podcast, with links to the stories, will be available at www.crimes.financial.
Four international tax policy experts discuss the details of the OECD side-by-side package deal on the global minimum tax framework and how implementation is going both in the United States and abroad. For the entire discussion, watch or listen to "Global Minimum Tax Coordination After the Side-by-Side Agreement."**CreditsHost: David D. StewartExecutive Producers: Jeanne Rauch-Zender, Paige JonesProducer: Jordan ParrishAudio Editor: Laura Kondourajian****This episode is sponsored by Portugal Pathways. For more information, visit portugalpathways.io. This episode is sponsored by the University of California Irvine School of Law Graduate Tax Program. For more information, visit law.uci.edu/gradtax.
A review of the week's major US international tax-related news. In this edition: US Congress to return to budget reconciliation legislation after Memorial Day break – JCT issues "Blue Book" on OBBBA – IRS releases proposed Section 892 regs on foreign government income, updating applicability dates – OECD releases updated consolidated commentary to GloBE Model Rules.
In this episode, we look back at the conferences we reported from over the past few weeks, reflecting on how global development narratives are evolving across both the global north and the global south. With traditional donors stepping back, the African Development Bank is using its annual meetings to urge governments to fix tax inefficiencies and better mobilize domestic resources to drive sustainable economic development. We found similar themes at the OECD's Future of Development Co-Operation conference in Paris and the Global Partnerships Conference in London, where unlocking private capital and prioritizing country-led development emerged as key talking points. To analyze these trends, Senior Reporter Adva Saldinger sits down with Business Editor David Ainsworth and Global Development Reporter Ayenat Mersie for the latest episode of our weekly podcast series. Sign up to Devex Invested: https://www.devex.com/newsletters/invested
What is the purpose of education in an AI-driven world? In this thought-provoking episode of the AI in Education Podcast, Ray and Dan sit down with Pasi Sahlberg to explore one of the biggest questions facing schools, universities, and society today. Drawing on global research, OECD trends, and decades of educational leadership, Pasi explains why traditional measures of success - achievement, credentials, and test performance - may no longer be enough in the age of AI. The conversation explores: Human capital vs human flourishing Why wellbeing and agency matter more than ever The future of assessment and PISA AI's impact on work, learning, and society Why "hope is not a strategy" What schools should prioritise over the next decade The episode also reflects on parenting, teacher accountability, screen time, and the human skills that may become most valuable as AI capabilities accelerate. Referenced in this episode: OECD Education for Human Flourishing. https://www.oecd.org/en/publications/education-for-human-flourishing_73d7cb96-en.html An accidental guru: The making of an education warrior https://www.sciencedirect.com/science/article/pii/S073805932600060X Sir Ken Robinson at TED - Do Schools Kill Creativity? https://www.ted.com/talks/sir_ken_robinson_do_schools_kill_creativity .
Doug McHoney (PwC's International Tax Services Global Leader) is joined by Will Morris, PwC's Global Tax Policy Leader, at PwC's Asia-Pacific Global Tax Symposium in Hong Kong. Will previously chaired the Business and Industry Advisory Committee (BIAC) Tax Committee for 10 years. Doug and Will discuss the acute uncertainty surrounding Pillar Two filing readiness as initial 2024 calendar-year deadlines approach, including the OECD's May 18, 2026, common understanding document, GIR central filing, local filing portals, XML schema differences, penalty relief, safe harbor elections, QDMTT and top-up tax returns, taxpayer outreach to BIAC, the OECD, and national governments, the OECD implementation toolkit, 52/53-week fiscal-year UTPR guidance, and unresolved dispute resolution questions.
Dr Funmi Okunola MD interviews Dr Guillaume Dedet MD, MPH, MSc, MA - Senior Health Economist at the Organisation for Economic Co-Operation and Development (OECD) andDr David Kelly MD, MPH, MRCIP, CSCST - Public Health Physician & Epidemiologist at the OECD about their April 2026 report - "Addressing the Costs & Care of Long COVID for Long COVID the Long Shadow of the Pandemic". We also dive into their October 2025 OECD report - "The Prevalence and Impact of Long COVID in the Primary Care Population - Findings from the OECD PaRIS Survey".REFERENCES 1. Addressing the Costs & Care of Long COVID for Long COVID the Long Shadow of the Pandemic. 2. The Prevalence and Impact of Long COVID in the Primary Care Population - Findings from the OECD PaRIS Survey
After five straight credit downgrades and a record deficit, BC is at a turning point. David Williams, VP of Policy at the Business Council of British Columbia, sits down with Adam & Matt to unpack how the province went from fiscal powerhouse to cautionary tale in just half a decade. From the end of four mega projects to a ballooning public sector and outmigration not seen since the 1990s, the conversation cuts to the heart of what's really happening behind the numbers. Are tax hikes and public sector layoffs now inevitable? Why is Canada projected to be the slowest growing economy in the OECD for a generation? And what does the mortgage squeeze mean for Vancouver real estate? Don't miss this one!
Last year, for the first time in its history, Israel recorded a negative migration balance. In 2024, 82,700 Israelis left the country, an all-time record. In Europe, Germany is benefiting the most, attracting 18 percent of this emigration according to the OECD. Settling in Germany is facilitated by reparation laws that give descendants of Holocaust victims easier access to German nationality. Since 2022, passport applications have surged, despite a rise in anti-Semitism in the country. FRANCE 24's Anne Mailliet, Kilian-Davy Baujard and Willy Mahler report.
Holistic AI was one of the first companies built specifically to govern, audit, and red team AI systems. As co-founder and co-CEO Emre Kazim explains, its original thesis was that AI governance would mirror data governance: a compliance-driven regime. He now believes the better analogy is cybersecurity: a more technical, incident-driven discipline where best practices emerge from real-world events and propagate across industry, rather than descending from abstract regulatory frameworks. Kazim argues this shift has significant implications for who owns AI governance inside enterprises, what skills they need, and why documentation-and-reporting vendors are unlikely to capture the core of the market. Kazim also makes the case that human-in-the-loop oversight, long treated as the default answer to AI risk, has become untenable as systems grow more dynamic and agentic. He distinguishes between two enterprise adoption patterns: a democratic model in which every employee has a copilot, and a vanguard model in which a small number of mission-critical agentic systems drive most of the value and demand most of the governance attention. Finally, he argues that meaningful research capacity will be the price of entry for AI governance firms going forward. Dr. Emre Kazim is the co-founder and co-CEO of Holistic AI, an AI governance platform company spun out of University College London in 2020. He previously served as a Research Fellow in UCL's Department of Computer Science. Kazim has published more than 50 peer-reviewed articles on AI ethics and governance, serves as a member of the OECD's Network of Experts on AI, and is involved with the NIST AI Safety Institute. Transcript Towards Algorithm Auditing (Royal Society Open Science, 2024) What is AI Governance? (Holistic Blog, February 2026)
This special live episode of the AI in Education Podcast was recorded at the CEnet Future:Forward Conference "Flourish 2026", where Dan and Ray explored one of the biggest questions facing education today: how do schools find the "happy middle" with AI? The conversation dives into the shifting narrative around AI and jobs, the growing role of human agency in education, and why wellbeing, flourishing and trust must remain central as AI adoption accelerates. Along the way, they unpack new research on AI bias, AI detectors, cognitive debt, student safety, and the widening gap between individual innovation and organisational readiness. The episode also reflects on keynote insights from Pasi Sahlberg and discussions around OECD flourishing metrics, parent engagement, and what schools can do now to bring entire communities along on the AI journey. This is a thoughtful, practical and deeply human conversation about balancing opportunity, risk and responsibility in education's AI future. Topics covered: AI and the future of work Human flourishing and wellbeing AI bias in education Safe AI use in schools Parent and community engagement AI detectors and academic integrity The "happy middle" approach to technology adoption Research Papers, and links to things we discussed The changing tune of the AI leaders: The Jobs Apocalypse no more...See these tweets for last year's story: Jensen Huang, Sam Altman, and Mustafa Suleyman And this year's story: Sam Altman, Mark Zuckerberg and Jensen Huang Microsoft's Work Trend Index report 2026 https://www.microsoft.com/en-us/worklab/work-trend-index/agents-human-agency-and-the-opportunity-for-every-organization Pasi Sahlberg His website: https://pasisahlberg.com/ OECD research he discussed: https://www.oecd.org/en/data/dashboards/pisa-education-and-skills/digital-leisure-outside-school.html (the chart was from Figure 2.4 here) Victoria Hedlund, the "AI Bias Girl' https://www.linkedin.com/in/victoriamhedlund/ and on Substack at https://victoriahedlund.substack.com/ Her LinkedIn post that kicked off the SquashMallow test: https://www.linkedin.com/posts/victoriamhedlund_biasgirl-biasaware-stem-activity-7454786540133584896-E64 The retracted Nature research paper on AI in Education: https://www.nature.com/articles/s41599-025-04787-y Think U Know: https://www.thinkuknow.org.au/
Did you know that if women-led businesses earned revenue on par with those led by men, we could see a $10.2 trillion economic boost in the U.S. alone? This is the $10.2 trillion question, and it's one that's been studied by the OECD and other organizations for years. But what's holding us back? This episode dives into the WIN Challenge, a $60 million initiative designed to tackle structural barriers for women in the workplace, AI economy, and beyond. Led by Clare Bresnahan English, the WIN Challenge is a bold step to accelerate women's participation in the economy and break the cycles of underfunding and mispricing women's economic contributions. Tune in this week as Clare walks you through the goals of the initiative, the challenges women face, and how the WIN Challenge is investing in solutions that will drive real, lasting change. You'll learn about the key areas of focus in the WIN Challenge, including workplace culture, AI, and narrative change, and how these areas are the foundation for creating a more equitable and prosperous future for women. Grab your Sales Architecture Diagnostic here: https://safimedia.co/sales Watch the full video here: https://youtu.be/bPZrcF6sT-U Get full show notes and more information here: https://safimedia.co/WO101 Check out the WIN Challenge: https://www.winchallenge.org/
IN THIS EPISODE: Philip Guarino speaks with Paris-based executive coach Jon Passaro about the hidden pressures leaders face in high-performance environments. They explore how self-awareness, reflection, and coaching help professionals navigate uncertainty, improve decision-making, and sustain growth over time. GUEST BIO: Jon Passaro is a Paris-based executive and team coach working with emerging and senior leaders in high-pressure, fast-paced environments, particularly in multinational law firms. A dual US/French national, he coaches in both English and French. Prior to coaching, he was a lawyer specializing in international disputes at leading global firms and later worked in-house at the OECD. Jon holds a BA from the University of Pennsylvania, an MPhil from the University of Cambridge, and a JD from Harvard Law School. He is a Professional Certified Coach (PCC) with the International Coaching Federation.
Erica Stanford: NCEA, immigration and "anti-Māori" criticism Minister for education and immigration Erica Stanford joins Jack Tame to discuss the new scheme replacing NCEA, facing down public criticism over removing school boards' Treaty of Waitangi obligations, and why the National Party is toughening its rhetoric on immigration. She also pushed back on education ministry plans to remove ESOL funding for year 0 and year 1 students in the second half of this year, saying the ministry had “got ahead of itself” and that wouldn't now be happening. Stanford also touched on the government's pause in rolling out a social media ban for under-16s, saying there was a legislative programme still under way, and that the National Party was still committed to moving something on age verification. Where's the policy? Chris Hipkins on Labour's election plans Less than six months out from a general election, New Zealand's highest-polling party has only revealed a handful of policies. On big issues like the cost of living, fuel security and immigration, Chris Hipkins says the Labour Party will be sharing their vision for the country after Budget Day. Chris Hipkins joins Jack Tame for his first appearance of 2026 to discuss his flagship education policy of the previous government, Fees Free - now set to be cancelled, with a price tag to date of $2 billion. He also considers whether Labour in New Zealand can take any lessons from Sir Keir Starmer's turmoil in the UK. “Oligopoly”: How a lack of competition hurts public pockets OECD economist David Haugh joins Q+A with Jack Tame to talk about a major new report detailing the weak state of competition in the New Zealand economy, and why ordinary New Zealanders are being economically hurt by the structure of key markets. His report also critiqued the government's LNG plans, and he responds to an assertion from PM Chris Luxon that those sections of the report are “a load of rubbish”. The “global Goliath” and risk of worldwide societal collapse Cambridge researcher of existential risks Luke Kemp talks to Q+A about the threats facing the continued survival of humanity, why wealth inequality is such a major risk factor, and how in such a globalised world, a collapse would be much more difficult to survive than previous societal collapses. Kemp's book is Goliath's Curse: The History and Future of Societal Collapse, and he's been in New Zealand as part of the Auckland Writers Festival. Join Jack Tame and the Q+A team and find the answers to the questions that matter. Made with the support of NZ on Air.
Three policy experts discuss the uncertain future of the OECD's global tax framework amid stalled progress and waning consensus, during a live recording from the American Bar Association Section of Taxation May meeting.For more, read the following articles in Tax Notes:Slovenia Starts Piloting Submission of Pillar 2 Minimum Tax ReturnsSwitzerland Weighs Delaying OECD Pillar 2 Deferred Tax GuidanceMore Work on Pillar 2 Reporting Is Needed, Treasury Official Says**CreditsHost: David D. StewartExecutive Producers: Jeanne Rauch-Zender, Paige JonesProducer: Jordan ParrishAudio Editor: Laura Kondourajian****This episode is sponsored by Portugal Pathways. For more information, visit portugalpathways.io. This episode is sponsored by the University of California Irvine School of Law Graduate Tax Program. For more information, visit law.uci.edu/gradtax.
A review of the week's major US international tax-related news. In this edition: US Senate moves forward on budget reconciliation legislation – Senate Banking Committee approves crypto market structure bill – US officials offer updates on multiple international tax projects – Federal Circuit temporarily reinstates Trump Administration's 10% global import tariff – OECD to release guidance for upcoming 30 June global minimum tax filing deadlines.
Debutants David Livitt and Joe Lankester join us for the latest episode of The Tax Factor, exploring a mix of global policy updates, unusual living arrangements and a standout VAT tribunal case. The episode begins with new OECD guidance on global remote working, looking at how businesses can manage the tax risks of employees working across borders and why permanent establishment remains a key concern for internationally mobile workforces. David and Joe also discuss reports surrounding Green Party deputy leader Zack Polanski and questions over whether the correct council tax was being paid on his houseboat in East London. They explore how “sole or main residence” rules can create unexpected tax issues in modern living arrangements. The episode concludes with a look at the latest VAT case involving mega marshmallows, and what it reveals about the challenges of classifying modern products within traditional tax rules.See omnystudio.com/listener for privacy information.
The OECD wants us to change the way we tax KiwiSaver. While KiwiSaver providers say it would be a way to give us better outcomes, not everyone is convinced. Money correspondent Susan Edmunds spoke to John Campbell.
It's hard to believe that superannuation is still a “thing”. The OECD report told us we need to bump the age. Nicola Willis told us Friday we have to do something. The Prime Minister then goes on Newstalk ZB and tells us they will campaign, again, on bumping up the age. We should not be here. In 1982 when I started work at the age of 16 it was very clearly in my mind that I had to sort my future financially, given the debate at the time was that superannuation is not affordable, and the state could not always be relied upon to be there for you. So if it was a debate in 1982, why is it still a debate in 2026, having achieved or solved nothing? The answer of course is because it has been political dynamite. No party really wants to risk losing votes over what has been seen as an entitlement. So first port of call, is it an entitlement or not? If it is, bump the age. There is no question that we live and work longer, therefore retirement is not what it was and it will continue to evolve. Or, my preference, make it a benefit. We see Labour's free doctor's policy as the money wasting joke it is. Why does a person like me on a good salary need a free doctor? I don't. Stop wasting money. So why not apply the same to retirement? Do you need it? If yes, you get some assistance. If no, then save the dollars for someone else. But some still argue it's the reward for a life's work. Is it? The reward for a life's work is money in the bank, some travel and no alarm. The country doesn't owe me anything. Equally, that farcical, old line about you having paid your taxes was never true. The taxes you paid have been spent every year. Almost every year we spend more than we earn. There are no savings, no surplus. Your taxes paid for healthcare and Government departments and roads and beneficiaries. Like so many of life's issues, when you complicate them and fiddle with them they remain unsolved. Kicking it down the road isn't a skill. It's a lack of backbone. At some point someone has to be honest enough to pull the pin. It's not 1968 and 65 years-old isn't old. This thing has been debated so long now it's become boring. LISTEN ABOVESee omnystudio.com/listener for privacy information.
Transfer pricing is one of the most important concepts in corporate finance, international tax, and multinational business strategy. In this episode of Corporate Finance Explained, we break down how multinational corporations allocate profits across countries, how profit shifting works, and why transfer pricing disputes involving Apple, Coca-Cola, Amazon, Microsoft, and Starbucks have reshaped global tax policy.You'll learn how transfer pricing works, how the arm's length principle is applied, and why OECD BEPS rules, Country-by-Country Reporting, and Pillar Two are changing the future of international taxation and corporate finance.This episode explores:• What transfer pricing is and why multinational corporations use it• The arm's length principle explained• OECD transfer pricing methods and profit allocation• How Apple structured profits through Ireland• Why Coca-Cola, Amazon, Microsoft, and Starbucks faced tax disputes• OECD BEPS and Country-by-Country Reporting rules• Pillar Two and the global minimum corporate tax• Why economic substance now matters more than tax arbitrage• How transfer pricing impacts valuation, treasury, FP&A, and corporate strategyIf you work in corporate finance, accounting, investment banking, FP&A, tax, treasury, consulting, or multinational operations, understanding transfer pricing is becoming increasingly important as global tax enforcement evolves.Chapters:00:00 Introduction01:45 What transfer pricing actually is04:20 The arm's length principle explained07:10 OECD transfer pricing methods09:20 Apple's €13B EU tax case12:05 Amazon, Starbucks, Coca-Cola, and Microsoft disputes16:00 OECD BEPS and Country-by-Country Reporting19:30 Pillar Two and the global minimum tax21:15 What finance professionals should do nowSubscribe for more videos on corporate finance, valuation, financial modeling, capital markets, accounting, and global business strategy.
Twelve official definitions for R&D. Zero agreement. The US government publishes at least a dozen distinct official definitions across agencies, accounting standards, tax authorities, and international bodies. Not one agrees with the others on where research ends and development begins. Trillions of dollars flow through R&D budgets every year. Boards approve them. Investors evaluate them. Governments subsidize them. Analysts benchmark them. And the term at the center of all of it has no settled definition. A company can gut its research investment without triggering a single alarm on its income statement. Researchers who gained rare access to confidential federal R&D data found exactly this: when companies face financial pressure, they cut research while leaving development essentially untouched, and the combined number barely moves. Every benchmark, every board conversation, every investment thesis built around the R&D line may be built on sand. Innovation, ideas made real, requires both. Research is how you find the idea. Development is how you make it real. Strip out the research and you're not innovating, you're iterating on what already exists. Strip out the development and you're just experimenting. The problem is that nobody in the room knows which one they're actually funding, because the definition that would tell them doesn't exist. Someone needs to draw the line. This episode is about why nobody has, and the definition I think should replace the chaos. By the end, I'm going to put that definition in front of you and ask you to push back on it. Not to agree. To tell me where it breaks. How We Got Here Four institutions took a run at defining R&D. Each one got it right for their own purposes. None of them got it right for yours. Frascati: Built for Governments In June 1963, OECD economists met at a villa in Frascati, Italy, south of Rome, and produced what became the international standard for measuring R&D across nations. Now in its seventh edition. The Frascati Manual divides R&D into three tiers: basic research (theoretical work with no application in view), applied research (original investigation toward a specific practical objective), and experimental development (using existing knowledge to produce new products or processes). To qualify, an activity must be novel, creative, uncertain in outcome, systematic, and transferable. Used by governments across roughly 75 countries. Solid for what it was designed to do: let nations compare R&D investment on consistent terms. What Frascati cannot tell you: whether a specific company's spending is creating competitive advantage. It counts the type of activity. It doesn't assess what the activity produces for the organization doing the spending. A company can satisfy every Frascati criterion investigating something every competitor already knows. The knowledge is new to them. That is enough. The accountants drew a different line, for a different reason, with a different consequence. FASB: Built for Accountants In October 1974, the Financial Accounting Standards Board issued Statement No. 2, Accounting for Research and Development Costs, now codified as Topic 730. Every public company filing under US GAAP operates under it. The rule: all R&D costs expensed as incurred. Research, development, basic, applied: one line on the income statement. Their definition: research is a planned search aimed at discovery of new knowledge. Development is the translation of research findings into a plan or design for a new product. The rationale is explicit in the original standard. Future benefits from R&D are, in FASB's language, "at best uncertain." Expense everything immediately. The standard solved the problem it was asked to solve, which was accounting treatment: when to recognize the cost, not whether the cost was strategically sound. The consequence: sustaining engineering, feature maintenance, and incremental product updates all land on the same line as genuine exploratory research. Nobody looking at the income statement from outside can see the difference. The number is technically accurate and analytically opaque. Abraham Briloff, the late accounting professor at Baruch College, put it plainly: "Accounting statements are like bikinis. What they show is interesting, but what they conceal is significant." He was talking about financial reporting broadly. He could have been writing specifically about the R&D line. Researchers at Duke and London Business School spent years tracking corporate scientific output and found that it declined steadily across industries even as headline R&D spending kept rising. The combined number was hiding a substitution. Nobody on the outside could see it. Outside the United States, a different standard governs, and it creates a comparison problem most analysts never account for. IFRS: Built for International Investors IAS 38 governs R&D under IFRS, and its treatment differs from FASB in one significant way. Research costs are always expensed, same as FASB. But development costs can be capitalized as an asset on the balance sheet once a company can demonstrate technical feasibility, intent to complete, ability to use or sell the result, likely future economic benefit, adequate resources, and reliable cost measurement. A European company that capitalizes its development phase carries those costs as an asset: lower expenses in the period, higher total assets. An identical US company expensing everything under FASB takes the full hit immediately: higher expenses, lower assets. Same underlying investment. Incomparable financial pictures. Run the standard industry benchmark, R&D as a percentage of revenue, and you may conclude the US company is investing more aggressively. You may be comparing the same dollar invested under two different accounting regimes. Roughly 169 jurisdictions use IFRS. The United States does not. India uses an adapted version. Japan maintains its own standards board. The benchmark the industry trusts most is meaningless for cross-border comparison, and almost nobody says so. Section 174: Built for Tax Authorities The Internal Revenue Code adds another layer. Section 174 governs the deductibility of what the US tax authority calls "research or experimental expenditures," and the definition is not the same as FASB Topic 730. A company's R&D for tax purposes and its R&D for financial reporting can cover different activities and produce different numbers. The Tax Cuts and Jobs Act of 2017 tightened this further: domestic R&D expenses that were previously deductible immediately now must be amortized over five years, international over fifteen. The definition of what qualifies shifted when the timing rules changed. Within one country, one company, three definitional regimes apply simultaneously: Frascati for any government reporting, FASB for the income statement, and Section 174 for taxes. A single dollar of R&D spending can be classified three different ways depending on who's asking. The Gap None of Them Fill Four frameworks, built by four institutions, for four different purposes. Not one was built for the question that actually matters. Is this investment creating new knowledge that gives us a capability nobody else can easily replicate? The gap between them is where innovation decisions actually live. The National Science Foundation recognized the problem clearly enough that it publishes a separate annotated document just to catalog the competing definitions, because they're too inconsistent to assume any two readers are using the same one. That gap isn't an oversight. It's a structural consequence of four institutions doing their own jobs well. The question practitioners need answered was nobody's institutional job. You've been in the room. The R&D number is on the slide. Nobody asks what's inside it, because the accounting standard doesn't require an answer, and the room has learned not to expect one. So it went unanswered. Until now. A Better Definition for R&D Research is work directed at creating new knowledge where the outcome is genuinely uncertain and the knowledge cannot be readily obtained from existing sources. Development is the translation of that knowledge into products, services, or processes that meaningfully advance an organization's capability in ways competitors cannot easily replicate. Four elements define it: Genuinely uncertain outcome. If you know what you're going to get before the work starts, it's engineering execution, not research. The uncertainty doesn't have to be total. Most applied research has a likely direction. But there has to be real doubt about whether the approach works, whether the knowledge emerges. Cannot be obtained from existing sources. This is the one nobody puts in writing. If the knowledge is already in the literature, available from a consulting engagement, or present in a competitor's published work, finding it again isn't research. Generating new knowledge and capturing existing knowledge are different activities. Only one belongs here. This criterion alone would reclassify a significant portion of what companies currently call R&D. Advances capability competitors cannot easily replicate. Development only qualifies when it translates research into something that genuinely moves the organization forward competitively. Sustaining engineering doesn't pass it. Feature parity doesn't. Competitive catch-up doesn't. All real work, none of it development under this definition. Agnostic to accounting jurisdiction. This definition doesn't tell you how to expense or capitalize anything. That's already governed by whichever standard applies. What it does is establish what genuinely belongs in each category, regardless of where the company files. That makes it usable across FASB and IFRS companies without translation. There is a simpler way to put it. For any project in your R&D budget, ask two questions. First: are we creating new knowledge, or executing against something we already know? If you're executing, it's not research. Second: does this translate into a capability competitors cannot easily replicate? If not, it's not development either. It's product engineering, valuable and necessary, but a different budget category entirely. Three buckets: Research, Development, and Product Engineering. That taxonomy, applied honestly across a typical portfolio, would reclassify a significant share of what most companies are currently reporting as R&D. The Call I'm not asking FASB to rewrite Topic 730. What I am asking: that the people who actually make innovation decisions start applying a definition built for the question they're trying to answer. If you run an R&D function: apply this definition to your current portfolio. Not to change the accounting. To see what's actually in the category and what isn't. The gap between what your budget calls R&D and what this definition calls R&D will tell you something worth knowing. If you sit on a board: ask what portion of the R&D line is directed at new knowledge creation versus sustaining existing products. If no one in the room can answer, you're governing a number you don't understand. And if you think the definition is wrong, tell me. Where should the line be drawn differently? What element doesn't hold? What did I miss? That's not a polite invitation. That's the actual point of this episode. Definitions become standards when enough serious people apply them consistently and make the case until the institutions catch up. The four frameworks we inherited were each built by an institution serving its own purpose. This one is built for the people making the decisions. The most consequential line in any company's budget is the one separating what builds the future from what protects the present. Nobody drew it clearly. It's past time someone did. The idea was never the hard part. It never is. The call is. If this episode shifted something for you, subscribe wherever you listen to podcasts. On YouTube, hit subscribe and the bell so you don't miss the next one. And if you want to go deeper every Monday, Studio Notes is free at philmckinney.com. Until next time. See the pattern. Make the call. The Innovators Studio | philmckinney.com
Sorge um die Rente in Deutschland – Ihr ganzes Berufsleben zahlen Arbeitnehmerinnen und Arbeitnehmer in die gesetzliche Rentenversicherung ein. Das Ziel ist, im Alter genug Geld zu haben. Doch viele Menschen fragen sich, ob ihre Rente ausreichen wird.
[깊이 있는 경제뉴스] 1) OECD, 韓 잠재성장률 전망치 또 낮춰.. 원인은 인구 2) 내달 5세대 실손 출시.. 비중증 자부담 50%까지 ↑ 3) IMF "韓 연금지출 증가폭, G20 중 최대“ 4) 노인 연령 조정시 기초연금 최대 600조 ↓ - 조미현 한국경제신문 기자 - 최정희 이데일리 기자 [친절한 경제] 미국 내 휘발유 값은 왜 올랐나요? - 청취자 권오찬 씨
For years, many people believed our justice system was fair. And while it may not be pristine—the occasional flaw—for the most part it was impartial. Blind. Balanced. Fair?No, most people—at least in the United States, where the majority of available polling data focuses—do not believe the justice system is fair. Recent surveys consistently show widespread skepticism, with majorities viewing it as biased by factors like wealth, race, access to legal representation, or political influence.Key U.S. Polling DataA April 2026 national survey by Equal Justice Works (1,600+ respondents) found that 79% of Americans perceive the U.S. justice system as unfair. Only 50% were confident they would receive fair treatment themselves, and just 32% believed it is fair to individuals without legal representation. Many cited income as a key factor influencing outcomes. equaljusticeworks.orgGallup (2024) reported confidence in the nation's judicial system and courts at a record low of 35%—a sharp 24-point drop since 2020. This places the U.S. notably lower than other wealthy OECD countries. news.gallup.comEarlier Gallup data (2023) showed 49% of Americans viewing the criminal justice system as fair (down from 66% in 2003), with views split along partisan and racial lines—Whites and Republicans more likely to see it as fair, Democrats and people of color more critical. news.gallup.comOther polls reinforce this:State courts fare somewhat better, with around 62% expressing some trust (National Center for State Courts, 2025), but even there, agreement that they provide "equal justice" has declined over time (down to 44% in recent years). See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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