While Bill der Berg SOYMB’s not on the spot biased reporter is waiting on events unfolding today he came across the below.
It is reported that, ‘Only three countries in the G20 saw real wages grow last year, a new report by a UN agency has revealed.
China, Russia and Mexico were the only leading economies that enjoyed positive real wage growth in 2023, the research found. Real wages is a term used to describe the amount of money an individual retains after accounting for the effect of inflation, or expressed in terms of purchasing power as opposed to the actual amount of income.
The paper, called ‘World Employment and Social Outlook. Trends 2024’, was prepared by the United Nations’ International Labour Organization. According to the document, China and Russia saw the strongest gains, as labor productivity growth in those two countries was among the highest in the G20 group.
However, other leading economies saw real wages fall, with the most pronounced declines recorded in Brazil, Italy, and Indonesia, the document says.
“The vast majority of G20 countries with available wage data saw real wages fall in 2023, meaning that wage increases were unable to keep pace with inflation,” reads the report.
April Fool story?
‘The Monnaie de Paris, France’s national mint, has had to remelt 27 million coins after failing to request approval of their design from the European Commission. The executive body rejected the new money after it had already been minted, French daily La Lettre reported.
The ten-, 20-, and 50-cent coins were produced with a new design in November. However, the bloc’s legislative arm decided that the way the stars of the EU flag had been depicted on them was not compliant with the European Commission’s strict and precise requirements.
According to the mint, the 27 million rejected coins account for less than 2% of the 1.4 billion coins it produced in 2023. The design was reportedly denied just six days before the presentation that had been scheduled for December 7, when French Economy Minister Bruno Le Maire visited the Paris Mint headquarters. The reversal has reportedly saddled the facility with costs of up to $1.6 million to melt and remint the coins.
Under EU regulations, member states can change the design of the national face of euro coins every 15 years. However, the green light from the EC is required, as well as from other eurozone governments that have to be informed and have seven days to raise objections.
After proposing a draft design of new coins in September 2023, Monnaie de Paris asked for approval “in accordance with existing procedures,” the mint said in a statement.
“Given the incompressible production deadlines, the Paris Mint had initiated the production of the new coins to ensure the distribution of the new standard coins at the start of 2024, in accordance with what was initially announced,” the Monnaie said.
Meanwhile, the head of the mint, Marc Schwartz, said that “the French state” was responsible for the mishap.
The design of the new coins proposed by the French government and validated by the Commission is still a secret and will be unveiled before the spring, the French Economy Ministry said, commenting on the issue.’
Note to the French: Abolir le capitalisme! Abolir l'argent!
The ‘joke’ from the this week’s stand up comedy routine doesn’t come from Davos but from the UK and Ukraine. Given the implications though perhaps it’s not that funny.
It is reported that, ‘The security agreement recently concluded between Kiev and London will guarantee Ukraine’s military support to the UK, if Russia were to attack the country, [Ukrainian} Prime Minister Denis Shmygal has said.
Shmygal was referring to the security cooperation agreement that British Prime Minister Rishi Sunak signed with Ukraine’s President Vladimir Zelensky on Friday. The pact stipulates support for Ukraine’s future integration into NATO and guarantees “prevention and active deterrence of, and counter-measures against, any military escalation and/or a new aggression by the Russian Federation.”
Shmygal explained that the agreement is “bilateral” and guarantees mutual support, thus Ukraine will have to “react in one way or another to support the UK in case Russia wants to attack our friend, partner, and ally.”
“Not only Great Britain has to react within 24 hours if there is aggression against Ukraine, Ukraine will also defend its ally and partner within 24 hours,” Shmygal said as cited by Ukrainskaya Pravda.’
If Russians missiles should ever start raining down on the UK it will be of great comfort to know that Ukraine has got our back. Sarc.
Anyone with a bridge to sell in the Sahara desert should contact Rishi Sunak, 10 Downing Street, London, but be fast, because he seems a bit slow on the uptake. Shades of Poland 31 March 1939?
‘Shmygal also called the signing of the accord a “historic moment” and expressed hopes that other countries will follow suit.
Earlier this week, Rishi Sunak paid a visit to Kiev to reaffirm Britain’s support for Kiev in the wake of US military aid drying up.
The British prime minister pledged £2.5 billion ($3.2 billion) in military assistance to Ukraine over the next two years, London’s largest aid package since the beginning of the military conflict in February 2022.
The bilateral accord detailed by Sunak’s government – the UK-Ukraine Agreement on Security Cooperation – includes a range of measures on UK security guarantees for Ukraine. The agreement also formalizes Britain’s “swift and sustained” defensive assistance for Ukraine “in the event that it is ever attacked by Russia again.”’ [Our emphasis.]
‘The aid package confirmed by London is about £200 million ($254 million) larger than those provided in the previous two years, and will supply Ukraine with long-range missiles, air defence, and artillery ammunition. About £200 million of the military aid will be spent on drones – the largest such contribution of state-of-the-art military drone hardware since the onset of hostilities nearly two years ago.’
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