A Most Internationally Modernized City – Next City

The New Celestial Empire:

Author’s note: China’s “One Belt One Road” Initiative is an audacious plan to cover half the earth in Chinese-built infrastructure: railways, highways, shipping lanes, and energy corridors. One of the initiative’s marquee projects is a railway that China would like to build from its southern city of Kunming all the way through Southeast Asia to Singapore. Construction has just gotten started, particularly in Laos, the first Southeast Asian country the railway would run through. A poor and extremely undeveloped place, Laos has seen China’s presence grow quickly in recent years. I traveled to Laos in March 2017 while researching a book about the railway to see for myself how the project was coming along. What I found was surreal.

In the remote Laos-China border region, China is turning highland villages into teeming industrial hubs. Engineers have sliced modern highways — the kind you rarely see in Laos — through the jungle. And in one case, Chinese city-builders are resurrecting Boten, a former casino town that had been abandoned years prior, retrofitting it to serve as the railway’s entry point into Laos. This chapter-length excerpt is a snapshot of this isolated region and its dramatic transformation, as China begins its inexorable march with steam shovels, blueprints and big plans for the future.

Source: A Most Internationally Modernized City – Next City

Bank of America confirms Dublin as location for EU hub

Even if the UK reverses and doesn’t Brexit, the genie is out of the bottle. While London may survive as Europe’s premier financial center in a no-Brexit scenario, it will be by a smaller margin and with more competition.
Frankfurt and Dublin will be more important as financial centers with or without Brexit. Paris will gain – especially as high-speed transportation links advance. Just as Wall Street now stretches coast-to-coast, the European financial industry will spread across Europe. And don’t forget, non-financial institutions are also important and also relocating. For a country with strict gun control, the Tories-led UK has amazingly managed to shoot itself in one foot with no-Brexit and both feet with Brexit.

Wall Street giant Bank of America Merrill Lynch has picked Dublin as the preferred location of its EU hub, joining a growing number of international financial groups to outline initial plans for how they plan to deal with the fallout from Brexit.

Speaking to The Irish Times in Dublin on Friday, group chief executive Brian Moynihan said this will result in the bank’s existing Irish subsidiary merging with its current most important EU banking unit, based in London.

It will also involve the group setting up an EU trading operation, or broker-dealer, in the Republic, which will require separate Central Bank approval, he said.

 

Source: Bank of America confirms Dublin as location for EU hub

China smashes solar energy records, as coal use and CO2 emissions fall once again

In one sector after another, the US is falling behind. The US isn’t losing its global leadership, its walking away.

We are witnessing a historic passing of the baton of global leadership on technology and climate from the United States to China. The new U.S. administration has said it will abandon climate action, gut clean energy funding, and embrace coal and oil — the dirty energy sources of the past that experts say can’t create a large number of sustainable new jobs. At the same time, China is slashing coal use and betting heavily on clean energy, which is clearly going to be the biggest new source of permanent hig

Source: China smashes solar energy records, as coal use and CO2 emissions fall once again

The shifting global landscape – The Boston Globe

If my view is broadly correct, the great foreign policy challenge of our age will be to manage cooperation among many competing and technologically advanced regions, and most urgently to face up to our common environmental and health crises. We should move past the age of empires, decolonization, and Cold Wars. The world is arriving at the “equality of courage and force” long ago foreseen by Adam Smith. We should gladly enter the Age of Sustainable Development, in which the preeminent aim of all countries, and especially the great powers, is to work together to protect the environment, end the remnants of extreme poverty, and guard against a senseless descent into violence based on antiquated ideas of the dominance of one place or people over another.

Jeffrey D. Sachs is University Professor and director of the Center for Sustainable Development at Columbia University, and author of “The Age of Sustainable Development.”

Source: The shifting global landscape – The Boston Globe

Brexit: This Backlash Has Been a Long Time Coming | naked capitalism

Globalization has winners and losers. Surprise, surprise the losers aren’t happy. Who’d have thunk.

The Brexit vote shows that globalisation leaves people behind – and that ignoring this for long enough can have severe political consequences

Source: Brexit: This Backlash Has Been a Long Time Coming | naked capitalism

Deutsche Bank Chief Economist Joins SocGen Chairman in Trying to Foment Banking Crisis to Get Germany, Brussels to Blink | naked capitalism

Another race to the crash: who goes first Deutsche Bank or Italian Banks? Can bankers get politicians to pull the emergency cord? Who gets screwed? Stay tune for Crash 2.0.

Why bank executives are stoking a banking crisis, with Deutsche Bank in their crosshairs.

Source: Deutsche Bank Chief Economist Joins SocGen Chairman in Trying to Foment Banking Crisis to Get Germany, Brussels to Blink | naked capitalism