Economics & Business Archive

Since legislative elections were held in December, Kuwait has seen continued infighting between the National Assembly—where opposition lawmakers are heavily represented—and members of the Cabinet, who are appointed by the emir and also have parliamentary seats. The prolonged standoff has ground the legislative process nearly to a halt, preventing the government from passing measures to deal with the COVID-19 pandemic and its economic fallout, including a law that would allow the state to borrow badly needed funds on international markets. Kuwait is unique among Gulf Arab monarchies in that it has relatively free elections and an active legislature that can […]

A fight over nuclear power is heating up in the European Union. While the Czech Republic and other Central and Eastern European states insist that the technology is vital to their transition from coal-generated energy, others in the bloc want to cut it out of the equation. The outcome of the debate could also help determine the fate of a stalled tender to build a new reactor at Dukovany, one of the country’s two existing nuclear power plants. Hopes in Prague were boosted in March when the Joint Research Center, an expert group for the European Commission, delivered a report […]

This may be, as U.S. President Joe Biden says, the “decisive decade” for acting on climate change. But the U.S. and other rich countries don’t seem ready to put their money where their mouths are when it comes to making sure the Global South isn’t left behind in that effort. Biden and other world leaders made lots of promises at the U.S.-sponsored climate summit last week. Washington’s pledge to cut emissions by more than half by 2030 will likely do a lot to generate more urgency in capitals around the world. Indeed, Brazilian President Jair Bolsonaro’s announcement just ahead of […]

While tensions between Israel and Iran have been omnipresent in the Middle East for decades, the prospect of open military conflict between the two countries has never seemed closer than it does now. Over the past few months, the two rivals have escalated an undeclared naval war featuring unclaimed attacks on Israeli- and Iranian-owned ships. At the same time, Israel has continued its air strikes on Iranian weapons shipments transiting across Syria, and a damaging explosion on April 11 at Iran’s Natanz nuclear facility was widely attributed to Israel. All of this comes against the backdrop of U.S. President Joe […]

China’s central bank is currently conducting trials for its digital currency, which it hopes to have available for widespread use by the 2022 Winter Olympics in Beijing. But many privacy advocates are alarmed at the amount of data that Chinese authorities will be able to collect through the new digital yuan, and the resulting potential for abuse. On the Trend Lines podcast this week, WPR’s Elliot Waldman discussed the implications of China’s new digital currency with Yaya Fanusie, a senior fellow at the Center for a New American Security. Listen to the full interview with Yaya Fanusie here: If you […]

BELFAST, Northern Ireland—For more than a week earlier this month, Northern Ireland was rocked by riots in pro-British unionist communities, with frequent outbursts of violence in areas bordering on pro-Irish nationalist neighborhoods. Thankfully, no one was killed, but almost 90 police officers were injured in efforts to quell the unrest and keep youths on either side of the “peace walls”—effectively enhanced security barriers separating the two communities—from attacking one another. The main trigger for the disorder was the recent decision by local authorities not to prosecute leaders of the staunchly nationalist Sinn Fein party for attending the funeral last summer […]

When an obscure rebel group briefly laid siege to a hotel in Palma—a tiny enclave of the global energy industry in northern Mozambique—in late March, the story briefly became one of those one- or two-day wonders common to the Western media’s coverage of Africa. This typically means momentary headlines from a place that most readers have never heard of, and that most mainstream editors traditionally exhibit little interest in delving into more deeply. As is so often the case with the coverage of violence from outposts like these, what made this particular news “newsworthy” was the fate of a small […]

Since last year, authorities in China have been conducting pilot programs for the country’s new digital currency. The project, which Beijing has been researching since 2014, is an example of what’s known as a central bank digital currency, which a number of other countries are experimenting with, but few of them are at as advanced a stage as China. A top official at China’s central bank recently expressed hope that the digital yuan would be ready for testing with foreign visitors and athletes during the 2022 Winter Olympics in Beijing. Beijing’s progress on its digital currency has led some commentators […]

The U.S. had barely begun its recovery from the SolarWinds compromise, when another large-scale, state-sponsored cyberattack came to light in January. Like the SolarWinds hack, the Microsoft Exchange Server data breach exploited several zero-day vulnerabilities and has been attributed to a nation-state. But unlike SolarWinds, while the Microsoft attack was initially a targeted attack, it went on to create widespread collateral damage, leading some commentators to characterize it as “reckless.” Microsoft has attributed the compromise to a Chinese state-sponsored espionage group called “Hafnium.” Recent U.S. sanctions against Russia, in part motivated by the SolarWinds attack, have given rise to an […]

In 2017, the United States launched its Global Magnitsky Sanctions program, meant to target human rights abusers and kleptocrats around the world. The very first list of sanctioned entities included one Dan Gertler, an Israeli billionaire who had been accused by the Treasury Department’s Office of Foreign Assets Control, in consultation with the secretary of state and attorney general, of amassing his fortune through a series of “opaque and corrupt mining and oil deals” in the Democratic Republic of Congo. Over the next six months, around 30 of Gertler’s companies were further sanctioned, as the Treasury Department forbade him from […]

U.S. President Joe Biden used last week’s Earth Day summit to reassert U.S. global climate leadership, pledging dramatic reductions in U.S. carbon emissions and encouraging ambitious commitments from other major emitters. After four wasted years under former President Donald Trump, U.S. climate policy is finally headed in the right direction. And not a moment too soon, given the accumulated stock of greenhouse gases already in the atmosphere. With less than a decade left to avoid a planetary catastrophe, Biden has reenergized hopes that the world can still meet the daunting Paris Agreement target of holding the rise in average global […]

Editor’s Note: This is the web version of our subscriber-only weekly newsletter, Middle East Memo, which takes a look at what’s happening, what’s being said and what’s on the horizon in the Middle East. Subscribe to receive it by email every Monday. If you’re already a subscriber, adjust your newsletter settings to receive it. What does the Middle East have to do with the spectacular launch, crash and burn of the European Super League? Though indirect, the influence of Gulf Arab state backers’ financial largesse on European soccer played a major role in the shifts that gave birth to the […]

On Monday, the 60th anniversary of the failed Bay of Pigs invasion, Raul Castro stepped down as leader of the Cuban Communist Party. Between them, Raul and his late brother, Fidel, led Cuba since the triumph of the revolution in January 1959. But Raul Castro’s resignation more than six decades later, at the party’s Eighth Congress, represents more than just the retirement of an aging revolutionary with a storied last name. His departure marks the final stage of a leadership transition from the “historic” generation that founded the revolutionary regime to a successor generation born after 1959. All five of […]

The recently finalized 25-year comprehensive cooperation agreement between Iran and China has been referred to in the media as a “game-changer,” a “breakthrough” and a “major geopolitical shift,” but in reality, it is much ado about nothing. Signed with great fanfare on March 27, during Chinese Foreign Minister Wang Yi’s visit to Tehran, the deal does provide Iran with a political and rhetorical win in the context of its ongoing negotiations over the revival of the 2015 nuclear deal. Beyond the optics of the agreement with China, though, the substance follows the same playbook that Beijing and Tehran have developed […]

China has undertaken countless infrastructure projects across the globe as part of its Belt and Road Initiative, but the plan to transform the iconic waterfront of Colombo, the Sri Lankan capital, was so consequential, so massive, that Chinese President Xi Jinping personally attended the 2014 launch. From the start, the plan sparked fierce public protests, but it moved forward. Now, the $1.4 billion Colombo Port City development has run into legal headwinds, once again making Sri Lanka one of the principal case studies of China’s effort to gain a strategic foothold in developing countries across the globe. This week, Sri […]

In the weeks since the Feb. 1 coup that overthrew Myanmar’s democratically elected government, civilians have responded with relentless, organized outrage, mobilizing street protests, general strikes and other disruptive forms of nonviolent resistance. Ousted lawmakers have formed a parallel administration, called the National Unity Government, in defiance of the military regime. The Tatmadaw, as the armed forces are known in Myanmar, has countered with an escalating crackdown, killing over 700 demonstrators and injuring or detaining thousands more. The rest of the world, meanwhile, has issued statements of condemnation and piecemeal sanctions that have had little impact on a country descending […]

Editor’s Note: This is the web version of our subscriber-only weekly newsletter, China Note, which includes a look at a top story as well as a roundup of the rest of the week’s news and commentary from and about China. Subscribe to receive it by email every Wednesday. If you’re already a subscriber, adjust your newsletter settings to receive it directly to your email inbox. The United States and China struck a rare cooperative tone in a joint statement issued after two days of meetings between John Kerry, the Biden administration’s climate envoy, and his Chinese counterpart, Xie Zhenhua, in […]