The economic impact of Brexit tariffs only tells us half the story

first_imgEconomics has moved on in the past two centuries, but the concept of comparative advantage, modified by factors such as the distance between countries, is still seen as a key determinant of trade patterns. Brexit is about much more than the economic costs and benefits, but the idea that the former dramatically outweigh the latter has become the received wisdom in much of the media. whatsapp If the basic pattern of trade is fixed by comparative advantage, then if Brexit means higher tariffs for the UK, as a country we will lose out. In a nutshell, this is what lies behind all the negative assessments of the impact of Brexit. His answer introduced the fundamental concept of comparative advantage. England had an absolute advantage in producing both cloth and wine, but the country should choose to specialise in producing the one in which its advantage compared to Portugal was bigger.  Both would benefit if England produced only cloth and Portugal only wine, and they traded. However, the key word in the last paragraph is “if”.  Like almost all economic theory, these models are static. They assume that the network of trade is fixed, and analyse the consequences of changing prices through tariffs. Share Opinion The EU has become mired in regulation and the level of innovation is low. Outside the EU, the UK could alter the patterns of trade by innovating in, say, biotech or AI-related products and services. It is this dynamic response, and not the static one, which will determine whether or not Brexit is a success. The real problem is that they miss out key bits of the story. We can think of the classic tale of the person dropping his car keys in the street at night. He only looks for them under the street lamp, where the light is.  Main image credit: Getty Paul OrmerodPaul Ormerod is an economist at Volterra Partners LLP, a Visiting Professor in the Department of Computer Science at UCL, and author of Against the Grain: Insights of an Economic Contrarian, published by the IEA in conjunction with City A.M. Ricardo imagined, to illustrate his theory, a world with just two countries and two products. His examples were England and Portugal, and cloth and wine – but they could have been any countries and any products. Ricardo asked a simple but profound question. If England could produce both cloth and wine more efficiently than Portugal, why would trade take place at all? How could the more efficient country, England, benefit from trade?center_img Report after report emerges which purports to show that, under any of the various trade arrangements envisaged, the UK will be worse off as a result of Brexit. Wednesday 30 October 2019 4:01 am In the same way, standard economic analysis of Brexit only illuminates part of the landscape. The economic impact of Brexit tariffs only tells us half the story Economic models which claim to analyse the impact of Brexit are true – but only up to a point, Lord Copper, as the saying goes. These studies are not wrong. They all use perfectly standard economic theory to arrive at their conclusions. But they are misleading. DOVER, ENGLAND – MARCH 05: Lorry drivers board a ferry to Calais at the port of Dover on March 5, 2018 in Dover, England. The haulage industry faces an uncertain future while Brexit negotiations between the British government and the European Union continue. Many in the industry, which currently enjoys the free movement of goods within the EU, are concerned of possible lengthy waits at borders if full customs checks are brought back in after Brexit. Managing director of haulage firm INT Logistics Norman Ives says that having lorries standing still and waiting at borders “will cost the industry millions… and prices will have to rise dramatically”. The Road Haulage Association meanwhile is anxious about a piece of government legislation which will see a permit system for international drivers introduced in the event of no deal being done with the EU. (Photo by Jack Taylor/Getty Images) The explanation of why trade occurs between countries was given 200 years ago by the great English economist David Ricardo. It is still the basis of the modern economist’s understanding of trade. City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. In terms of Brexit, introducing complexities like tariffs into the picture essentially affects the amount which is traded, and not the structure of trade in terms of who sells what to who. whatsapplast_img read more

Premium / Supply chain radar: AP Møller-Mærsk cuts senior Latam staff as it preps to deal

first_img Reset << Go back Please Login Forgotten your password? Please click here While the initial warning came from Asia some time ago, Latin America is another place where AP Møller-Mærsk (APMM) is looking to align its cost base to a leaner, digital business proposition for the benefit of its clients.“Yes, that is right,” commented senior sources who had some interesting news to share overnight when local market sources expressed their surprise at the loss of two prominent names in APMM circles, who recently left the company after over two decades of combined service.This ... Email* Reset Your Password By Alessandro Pasetti 20/11/2019 Premium subscriber LOGIN Password* LOGIN Email* Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium New Premium subscriber REGISTER Please either REGISTER or login below to continuelast_img read more

We’ve updated STAT’s guidelines for op-ed submissions

first_img Co-founder & Executive Editor Rick Berke Beyond those steps, here’s what we want you to know about our opinion section:We believe it’s important to air a wide range of perspectives. That means sometimes hearing from writers who may have ties to industry or consumer advocacy groups or to individual companies. It’s absolutely crucial to us that such ties be disclosed fully and transparently to readers. But such ties do not necessarily disqualify writers from contributing to First Opinion.We do not accept opinion pieces written by advocacy groups, public relations firms, or companies when they hide their role behind the byline of a figurehead author. We have amended our author agreement to be more aggressive about ferreting out such deception. When PR firms, advocacy groups, or companies ask individuals to submit an opinion piece to STAT, we expect that relationship to be disclosed and we will evaluate the merits of the piece with that in mind. That can be a tough call; these issues are not black and white.We understand that many of the physicians, patients, scientists, executives, and politicians who contribute to First Opinion are not professional writers and may rely on friends, colleagues, or communications experts to help them shape their thoughts. Seeking such assistance does not disqualify writers from contributing to STAT. But we ask writers to disclose any help they received as we evaluate the merits of their submission. And we absolutely insist that any first-person piece reflect the authentic experiences and views of the author, and the author alone.We are rigorous in our selection of opinion pieces. We commission many of them ourselves and accept about a quarter of the unsolicited submissions we receive. Always, our overriding goal is to share insights and views from across the spectrum – and to be transparent about any conflicts the authors may have.STAT is nearly two years old now. We have published hard-hitting investigations of companies and institutions including (among many others) Google’s Verily, IBM Watson, Roche, NantHealth, and the Food and Drug Administration. We have gone to court to try to force Purdue Pharma to disclose documents about its marketing of OxyContin. We have published hundreds of First Opinions that have by turns enlightened, infuriated, awakened, and deeply moved our readers.We have never allowed, and will never allow, business considerations to influence our journalism.Every day, in stories large and small, we have sought to uphold our mission statement:STAT delivers fast, deep, and tough-minded journalism. We take you inside science labs and hospitals, biotech boardrooms, and political backrooms. We dissect crucial discoveries. We examine controversies and puncture hype. We hold individuals and institutions accountable. We introduce you to the power brokers and personalities who are driving a revolution in human health. These are the stories that matter to us all.We welcome scrutiny that can help us improve. Please continue to reach out to us when you have questions or concerns about any article or opinion piece. My email is [email protected] thank you for reading STAT.Rick Berke is the executive editor of STAT. [email protected] About the Author Reprints By Rick Berke Sept. 13, 2017 Reprintscenter_img At STAT, we are supremely proud of our journalism and our staff. We also value the trust of our readers.So we have been distressed to learn in recent days that some outside contributors to our opinion section failed to disclose conflicts of interest or misled us about the true authorship and origins of their op-eds.We have retracted one piece, as explained in this editor’s note. This experience prompted us to tighten our standards for opinion pieces and our practices for vetting writers. We are also reviewing past op-eds and will add previously undisclosed conflicts of interest where appropriate.advertisement First OpinionWe’ve updated STAT’s guidelines for op-ed submissions We have always asked contributors to disclose any conflicts of interest, and believe the vast majority of the opinion pieces we have published — reflecting a wide range of viewpoints across a wide range of subjects — included relevant disclosures.But in hindsight, we realize that we should have been more explicit in defining exactly what constitutes a conflict — so we will now require writers to answer a series of direct questions about those issues. We are also requiring contributors to disclose any assistance they received in writing their piece. You can view our revised author agreement here.advertisement @rickberkelast_img read more

TSX, U.S. markets end lower

first_img Toronto stock market dips on weakness in the energy and financials sectors The Canadian dollar declined 0.42 of a cent to 93.98 cents US as the stronger than expected retail sales report boosted the greenback. But U.S. indexes were lower after the Commerce Department said that retail sales rose 0.7 per cent in November, the biggest gain in five months and a better showing than the 0.6 per cent rise that economists had expected. October’s figure was also revised higher to 0.6 per cent from 0.4 per cent. The Dow Jones industrials dropped 104.10 points to 15,739.43, the Nasdaq lost 5.41 points to 3,998.4 and the S&P 500 index gave back 6.72 points to 1,775.5. A budget deal in the U.S. Congress also contributed to concerns that the Fed is set to start tapering its US$85 billion of monthly bond purchases. Analysts have suggested that investors have accepted the fact that the Fed is going to cut back on those purchases, which have kept long-term rates low and supported strong rallies on many markets this year. And they suggest that once the Fed moves and the uncertainty disappears, the market can resume its upward move. “That’s the way I’m looking at it,” said Ian Nakamoto, director of research at 3MACS. “This could all be a setup to next week when they meet and if they do decide to taper, I think the market could rally.” The prospect of Fed tapering has hung over markets since May when outgoing Fed chairman Ben Bernanke first raised the prospect of cutting back on asset purchases if economic conditions allowed. Fed tapering concerns also continued to punish bullion prices as February gold fell $32.30 to US$1,227.50 an ounce. Bullion prices have also been depressed amid low inflation in many countries and an improving global economy, falling about 25 per cent this year. Gold stocks have done much worse, with the TSX Global Gold sector down about 50 per cent on the year. That sector was down a further 0.3 per cent Thursday, dragged down by Iamgold Corp. (TSX:IMG), which said it was suspending its dividend effective immediately, citing the need to preserve cash in the face of falling prices for bullion. It shares shed 44 cents or 10.8 per cent to $3.63. The interest-rate sensitive utilities sector was a major source of weakness, down 1.7 per cent. The sector has been weakening for months as Fed tapering talk has pushed bond yields higher. On Thursday, the benchmark U.S. 10-year Treasury yielded 2.87 per cent, up sharply from about 1.6 per cent at the end of April. TransAlta (TSX:TA) fell 13 cents to $13.51. Canadian utility Fortis is buying power provider UNS Energy Corp. for $2.5 billion, expanding its business into Arizona. Fortis will also assume $1.8 billion in debt. UNS Energy, which is headquartered in Tucson, Ariz., provides electricity and natural gas services to more than 650,000 customers in the state through its two subsidiaries. Fortis shares fell $1.15 to $30.04. The financials sector fell 0.4 per cent as Manulife Financial (TSX:MFC) lost 16 cents to $19.53. The base metals sector was down 0.25 per cent while March copper was unchanged at US$3.29 a pound. Thompson Creek Resources (TSX:TCM) dipped six cents to C$2.26 while First Quantum Minerals (TSX:FM) gained 30 cents to $17.20. The industrials group was the biggest advancer, up 0.55 per cent with Canadian National Railways (TSX:CNR) rising 75 cents to $58.40. Air Canada (TSX:AC.B) is buying 61 Boeing 737s as it replaces its older Airbus and Embraer narrowbody aircraft. The deal has a face value of about US$6.5 billion. Air Canada says it could expand the order to as many as 109 of Boeing’s 737 MAX planes as it replaces older Airbus and Embraer narrowbody aircraft. Air Canada stock slipped eight cents to $7.60. The energy sector was up 0.23 per cent as January crude on the New York Mercantile Exchange gained six cents to US$97.50 a barrel. Suncor Energy (TSX:SU) climbed 49 cents to C$36. In other corporate news, shares in yoga clothing retailer Lululemon Athletica (Nasdaq:LULU) fell 11.65 per cent to US$60.39 in New York after the Vancouver-based company beat estimates for profit and revenue but said it expects flat same-store sales in the crucial fourth quarter. Related news Malcolm Morrison Keywords Marketwatch Facebook LinkedIn Twittercenter_img TSX gets lift from financials, U.S. markets rise to highest since March The Toronto stock market closed slightly lower Thursday as a U.S. budget deal and a solid retail sales report fuelled expectations that the U.S. Federal Reserve could start cutting back on its monetary stimulus program as early as next week. The S&P/TSX composite index declined 19.03 points to 13,114.39 after Fed concerns sent the market tumbling 191 points on Wednesday. But the index was well off the lows of the morning as mining losses moderated and energy stocks advanced. Share this article and your comments with peers on social media S&P/TSX composite hits highest close since March on strength of financials sectorlast_img read more

Newfoundland and Labrador budget forecasts three more years of deficits

first_img Related news Newfoundland and Labrador projects higher deficit Facebook LinkedIn Twitter Newfoundland and Labrador scales back “deficit levy” thanks to help from feds Canadian Press Newfoundland and Labrador’s new $8.4-billion budget forecasts a $683 million deficit, escalating debt and a shakeup at the Crown corporation responsible for huge cost overruns at the Muskrat Falls hydroelectric project.Expenses will slightly rise as net debt for the province of about 529,000 people is expected to hit a historic high at $15.5 billion. Share this article and your comments with peers on social media St. John's, capital of Newfoundland Labrador, NL, Canada, harbor and downtown seen from signal hill pilens/123RF Keywords Newfoundland and Labrador Big deficit but no tax or fee hikes in Newfoundland and Labrador budget Finance Minister Tom Osborne said Tuesday the profitable oil and gas sector will be hived off from Nalcor Energy, which oversees the delayed and over-budget Muskrat Falls project in Labrador. A new Crown corporation will focus on developing the oil sector off Newfoundland.“We want to make sure that this industry reaches its full potential,” Osborne said of the Nalcor changes. “The maximum number of jobs, the maximum spin off, the maximum number of industry players, the maximum amount of oil production and the maximum royalties to the people of this province.“We have a very, very strong future in the oil industry.”Also readReport on the Nation: Atlantic Canada slows downThe budget forecasts deficits in each of the next three fiscal years, returning to a modest surplus by 2023.The province will spend almost $3.2 billion on health care this year — far higher per person than what’s spent elsewhere in Canada, as the province aims to cut smoking rates and increase exercise.Osborne said the governing Liberals have made strides to get the province’s battered fiscal house in order since the oil-price slide in 2014. They’ve cut 759 public sector jobs in the last two years and will reduce more through attrition as about 5,000 workers are eligible to retire, he told a news conference.More radical reductions would “shock” an already fragile economy, he said.Cost-cutting efforts also include less discretionary spending, and working with management and unions to reduce overtime and sick leave.“Back at the peak of oil, we were 30% reliant on (it) as a revenue source for the province,” Osborne said. “Through finding efficiencies, through diversifying the economy, we’re now 14% reliant on oil.”If those revenues increase, they’ll be used to eliminate deficits and pay down debt, he added.The budget forecasts oil at an average price of US$63 per barrel in 2018-19 and 2019-20, based on forecasts from 11 analysts. Brent crude was trading early Tuesday at about US$70 a barrel.Also announced in the budget, a 15% tax on auto insurance imposed in 2016 will be cut 5% over four years, starting with a 2% reduction Jan. 1.last_img read more

Kids To Fall Into 'Black Holes' At June 14 CU Wizards Show

first_img Published: June 4, 2003 Ever wonder what it would feel like to be sucked into a black hole? Audience members will have the chance to fall into an artificial black hole and participate in other activities at the Saturday, June 14, CU Wizards show “Black Holes.” Professor Andrew Hamilton of the astrophysical and planetary sciences department will demonstrate the concepts of black holes in CU-Boulder’s Fiske Planetarium during a one-hour program starting at 9:30 a.m. The CU Wizards show will feature an artificial black hole where volunteer kids from the audience will leap off a treadmill onto a crash mat to illustrate falling into a black hole. They also will learn why nothing can get out of a black hole and what would actually happen to a person who fell into a black hole. CU Wizards is a monthly series offered from September to June that introduces kids to topics in astronomy, chemistry and physics. Though intended primarily for students in grades five through nine, the shows are educational and entertaining to people of any age. The audience also will make tornadoes on stage during the show and light the fuse of a gravity-powered jet. Hamilton said the session will be taped, so audience members can watch themselves jumping into the artificial black hole. Attendees can park for free in campus lot 308, just west of the planetarium. “Black Holes” is the final presentation of the 2002-03 CU Wizards series. For information about CU Wizards call (303) 492-6952 or visit the Web site at Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

New CU-Boulder Polymer Has Applications For Dentistry, Electronics, Automobiles

first_img Published: June 7, 2005 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Note to Editors: Contents embargoed until 2 p.m. EDT on Thursday, June 9. University of Colorado at Boulder researchers have developed a new polymer that resists cracking and shrinking, paving the way for creative breakthroughs in fields ranging from dentistry and microelectronics to the auto industry. CU-Boulder chemical and biological engineering department Chair Christopher Bowman said polymers, or plastics — which are made up of identical molecules linked by chemical bonds to form repeating chains or webs — generally show an increase in strain and stress when they are treated with heat or chemicals to cure them. But the new polymer, which has a complex chemical formula like most polymers, maintains its strength even while showing reduced stress and strain when exposed to light, according to Bowman. The researchers, who have filed for a patent on the novel polymerization process, said the new process may be ideal for use by dentists, who cure polymer fillings with light rather than high temperatures to achieve the desired strength and shape. Composite cavity-filling materials today have a tendency to shrink and even leak over time as the polymer cracks due to the stresses and becomes more rigid as it sets. This often leads to additional dental problems, he said. Led by postdoctoral researcher Timothy Scott, the team published a paper on the subject in the June 10 issue of Science. Other authors include Bowman, CU undergraduate Andrew Schneider and Wayne Cook from Monash University in Victoria, Australia. The National Institutes of Health provided funding support for the project. The new polymer also would be helpful in electronic packaging, the CU researchers said. Electronic processing chips are often sealed in computer “mother boards” with polymers, which may shrink as they cure and cause wires to touch one another, triggering malfunctions. Polymers are ubiquitous in today’s world and are used to make everything from shampoo bottles, tennis shoes and garden hoses to toilet seats, automobile tires and bowling balls. While the simplest polymers essentially are just large molecules strung together like beads on a string, more complex types, called cross-linked polymers, resemble microscopic mesh netting with individual strands of molecules linked together by chemical bonds, Scott said. When such polymers are treated with heat or light to cure them, they generally become more rigid and strained as they shrink, said Scott. But when the new CU polymer was treated with UV light, the chemical bonds linking the molecules, or monomers, continually broke and reformed during light exposure, “relaxing” the stress and strain in the polymer as it became more dense. “It really doesn’t matter how much stress there is, because this process just erases it,” said Bowman. “It remains fundamentally the same material, but just changes shape by reforming itself as it adapts to the new conditions. We think this process solves a significant problem in polymer science.” Scott said the original concept for the polymer was followed by intense research by faculty and students in CU-Boulder’s College of Engineering and Applied Science. “It only took about one second to come up with the idea,” he said. “But it has taken months to implement it and make it work in the lab.” In addition to dentistry and electronics, Scott and Bowman said the new cross-linked polymer may have applications for boats, automobiles and structural materials, including its use in coatings and adhesives. “This research has plenty of basic science for us to continue investigating it,” said Scott. “But we expect it to generate a fair amount of interest in a wide range of industries.”last_img read more

Broderick urges students to promote energy savers

first_imgBroderick urges students to promote energy savers EducationJune 27, 2011 FacebookTwitterWhatsAppEmail KINGSTON — State Minister for Mining and Energy, Hon. Laurence Broderick, is urging students to help promote and support Government’s conservation thrust, by carrying out energy saving activities at home, particularly during the summer holidays. He was speaking at the Petroleum Corporation of Jamaica’s (PCJ) Energy Conservation Incentive Programme for Schools 2011 awards ceremony, at the Knutsford Court Hotel, New Kingston, Thursday (June 23). “When the Government talks about youth involvement in energy, it’s not just a feel good mantra, it’s something that we take seriously” Mr. Broderick said. He cited the planned expansion of the energy conservation incentive programme to 50 more schools in eastern, western and central Jamaican. He noted that this was important to exposing more students to the sector. “It is important that as many of our students as possible be exposed to the issues of the energy sector, and given the opportunity to apply their cutting edge ideas,” he stated. Mr. Broderick said he wanted students to become acquainted with the National Energy Policy, which aims to create a modern, efficient, diversified, and environmentally friendly energy sector providing affordable and assessable energy supplies. He noted that the Ministry and the PCJ were committed to investing in the requisite programmes, to ensure that young persons are equipped with the knowledge and skills to contribute to the sector.          “And more importantly, capitalize on the opportunities that will arise…because that’s the only way we will be able to build on and sustain the gains that we have made so far,” he added. Mr. Broderick noted that the PCJ’s is undertaking of energy efficiency projects, particularly in the public sector, and pointed to the World Bank-funded Energy Security and Efficiency Enhancement Project, which the Ministry will be establishing. The project is expected to increase energy efficiency and security through strengthening the regulatory and institutional framework to improve sector performance, by increasing private investment and transition to cleaner fuels, developing energy efficiency and renewable energy potential and project management monitoring and evaluation. Fourteen schools participated in this year’s competition, including Ardenne High, St. Andrew Preparatory, Mona Preparatory, Campion College, Wolmer’s Boys, Ardenne Preparatory, Half- Way-Tree Primary, Jamaica College, St. Hugh’s High, Wolmer’s Girls, St. Andrew High, Merl Grove High, Sts. Peter and Paul Preparatory and St. Hugh’s Preparatory. The programme was launched in 2003, as part of the PCJ’s public education drive. It comprises a poster, essay and science competition and engages students through seminars, exhibitions, educational tours, culminating in an awards ceremony/dinner at the end of each academic year. RelatedBroderick urges students to promote energy savers Advertisements RelatedBroderick urges students to promote energy savers RelatedBroderick urges students to promote energy savers By ALPHEA SAUNDERS, JIS Reporterlast_img read more

‘Appeals for the Pro Bono Practitioner’ set for Winter Meeting

first_img‘Appeals for the Pro Bono Practitioner’ set for Winter Meeting The Bar’s Appellate Practice Section and Florida’s Guardian ad Litem Program are teaming up to offer the CLE program, “Appeals for the Pro Bono Practitioner” at the Bar’s Winter Meeting.The program will run from 1 to 6 p.m. on Wednesday, February 5. The Winter Meeting is at the Hyatt Regency on International Drive in Orlando.“The goal is to crate a one-stop shop for pro bono CLE content that will be easily accessible to GAL volunteers, legal aid organizations, domestic violence shelters, and lawyers who share a commitment to pro bono services,” said Thomasina Moore, director of appeals and pro bono initiatives for the GAL Program.She also said the program will be valuable to appellate practitioners in general, not just those doing pro bono and GAL-related appeals.Topics to be covered are: Taking and Perfecting Appeals: Overview of the Appellate Process; Preserving the Record for Appeal; Finality Concerns and the Different Types of Appellate Proceedings; The Basics of Brief-Writing; Appellate Motions Practice; Oral Argument; Principles of Statutory Construction; and Appellate Workflows.Participants can choose which segment they wish to attend, and CLE credit will be awarded accordingly.The Appellate Practice Section and Guardian ad Litem Program launched their “Defending Best Interests Project” in 2017, where section members donate time to handle appellate work for abused and neglected children.For registration and additional information about the seminar, visit Dec 17, 2019 Top Storieslast_img read more

Status yellow fog warning remains in place

first_imgHomepage BannerNews Google+ Pinterest WhatsApp Loganair’s new Derry – Liverpool air service takes off from CODA Google+ Nine til Noon Show – Listen back to Monday’s Programme Arranmore progress and potential flagged as population grows Previous articleTen Donegal schools to share over €500,000 in fundingNext articleColl pens new deal at Brandywell News Highland RELATED ARTICLESMORE FROM AUTHOR Twitter By News Highland – December 7, 2020 center_img Facebook WhatsApp News, Sport and Obituaries on Monday May 24th A status yellow fog warning remains in place nationwide.The alert from Met Eireann says there will be freezing fog in parts – and it will run until 1pm this afternoon.Motorists are being advised to use their fog lights in affected places and keep a safe distance from the car in front. Twitter Facebook Important message for people attending LUH’s INR clinic Status yellow fog warning remains in place DL Debate – 24/05/21 Pinterestlast_img read more