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Unformatted text preview: РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS The second half of the internet Sudan: people power meets bullets Baseball and American exceptionalism Why magic mushrooms should be legal JUNE 8TH–14TH 2019 Weapons of mass disruption РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS Contents The Economist June 8th 2019 The world this week 8 A round-up of political and business news 13 14 14 On the cover America is aggressively deploying a new economic arsenal to assert its power. That is counterproductive— and dangerous: leader, page 13. Donald Trump finds a new way to weaponise tariffs, page 70. The Mexican government scrambles to placate him, page 45. Pinch points in tech supply chains, page 63 • The second half of the internet The poorer half of humanity is joining the world wide web. They will change it, and it will change them: leader, page 14. How the pursuit of leisure drives internet use in the poor world: briefing, page 23 16 18 Leaders American power Weapons of mass disruption Foreign-investment disputes Treaty or rough treatment The internet’s next act You ain’t seen nothing yet Regional development Head south, young Chinese Psilocybin Let magic into the daylight Letters 20 On climate change, Uber, foreign policy, abortion, David Cameron, labour markets, Unilever, sheep Briefing 23 The second half of the internet A global timepass economy • Sudan: people power meets bullets Pro-democracy protesters are being slaughtered in Khartoum, page 48 • Baseball and American exceptionalism The national pastime reflects America’s easily mocked—but often successful— desire to be different: Lexington, page 44 • Why magic mushrooms should be legal Moves to decriminalise and license them for medical use are welcome, page 18. Research into the therapeutic potential of psilocybin is back in vogue, page 60 27 28 30 30 31 32 32 34 35 36 37 38 38 39 40 42 42 43 44 45 46 46 47 Schumpeter Employee ownership has a lot going for it. But not if it becomes too politicised, page 69 48 49 50 51 51 52 Britain Labour’s foreign policy The Trump visit Neil Woodford, felled Surrogacy’s new rules Redcar’s recovery Mo Salah tackles racism Football and identity Bagehot Rory Stewart, odd man out Europe Crimea, five years on Farewell to Germany’s rubble lady Turkey faces a mutiny, maybe Italian discipline Estonians embrace pink slime United States Democratic ideas and electoral reality Visas and social media MLK and the FBI School funding Solitary confinement Lexington Baseball and exceptionalism The Americas What tariffs mean for Mexico Pensions in Chile Marking a Salvadoran massacre Canada’s climate policy Middle East & Africa Sudan’s Tiananmen? Congo’s fever trees White elephants in Tanzania More suffering in Syria Confusion over Eid Trouble in Jordan 1 Contents continues overleaf 5 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS 6 Contents 53 54 55 55 56 56 The Economist June 8th 2019 Asia Thailand’s prime minister Banyan China v America in Asia Pretending to run North Korea Muslims in Sri Lanka Work for women in Vietnam Tourism in Bangladesh 70 71 72 73 73 74 75 China 57 Unbalanced development 59 Chaguan Enforcing belt-and-road law 76 77 78 78 International 60 Magic mushrooms, magic cure? 62 The psychedelic-tourism business 63 64 65 66 67 67 68 68 69 79 80 81 81 82 Business The technology industry’s pinch point Taiwan’s silicon balancing act Bartleby Toxic workplaces Chinese cruises FCA-Renault no more Big Tech and antitrust Investing in central Europe Electric scooters grow up Schumpeter Blue-collar capitalists Finance & economics America First trade policy Rebooting India’s economy Buttonwood Bath time for bonds Digital payments in India The Fed ponders policy Leaving LIBOR Free exchange The perils of advertising Science & technology Kite-powered generators Revealing forged art Diet and evolution Fungi trade nutrients Books & arts Vasily Grossman’s war Einstein at war The first folio of finance The trouble with economics Johnson The parable of Italian Economic & financial indicators 84 Statistics on 42 economies Graphic detail 85 Google’s news algorithm rewards reputable reporting, not left-wing politics Obituary 86 Judith Kerr, chronicler of cats large and small Subscription service Volume 431 Number 9146 Published since September 1843 to take part in “a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.” Editorial offices in London and also: Amsterdam, Beijing, Berlin, Brussels, Cairo, Chicago, Johannesburg, Madrid, Mexico City, Moscow, Mumbai, New Delhi, New York, Paris, San Francisco, São Paulo, Seoul, Shanghai, Singapore, Tokyo, Washington DC For our full range of subscription offers, including digital only or print and digital combined, visit: You can also subscribe by post, telephone or email: One-year print-only subscription (51 issues): Post: UK..........................................................................................£179 The Economist Subscription Services, PO Box 471, Haywards Heath, RH16 3GY, UK Please Telephone: 0333 230 9200 or 0207 576 8448 Email: customerservices PEFC/16-33-582 PEFC certified This copy of The Economist is printed on paper sourced from sustainably managed forests certified by PEFC Registered as a newspaper. © 2019 The Economist Newspaper Limited. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of The Economist Newspaper Limited. Published every week, except for a year-end double issue, by The Economist Newspaper Limited. The Economist is a registered trademark of The Economist Newspaper Limited. Printed by Walstead Peterborough Limited. РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS The new Silk Road. 1/3 of world’s economic power*: access the opportunities. Invest in the growth of the Eurasian region with the new Invesco Belt and Road Debt Fund1. A new opportunity for Fixed Income investors: *This relates to the Belt and Road region as a whole This advert is for Professional Clients and Financial Advisers in Austria, Belgium, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain and Sweden, and Qualified Investors in Switzerland only. 1 Investment risks: The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and investors may not get back the full amount invested. Debt instruments are exposed to credit risk which is the ability of the borrower to repay the interest and capital on the redemption date. Changes in interest rates will result in fluctuations in the value of the fund. The fund uses derivatives (complex instruments) for investment purposes, which may result in the fund being significantly leveraged and may result in large fluctuations in the value of the fund. As a large portion of the fund is invested in less developed countries, you should be prepared to accept significantly large fluctuations in the value of the fund. Investments in debt instruments which are of lower credit quality may result in large fluctuations in the value of the fund. The fund may invest in a dynamic way across assets/asset classes, which may result in periodic changes in the risk profile, underperformance and/or higher transaction costs. You consent to communicate with us in English, unless you inform us otherwise. The fund is domiciled in Luxembourg. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents (Including the KIID and prospectus), available free of charge on our website and from the issuers. This advert is issued in Germany by Invesco Asset Management Deutschland GmbH, An der Welle 5, D-60322 Frankfurt am Main, Germany; in Austria by Invesco Asset Management Österreich – Zweigniederlassung der Invesco Asset Management Deutschland GmbH, Rotenturmstrasse 16–18, A–1010 Vienna, Austria; in Switzerland by the representative for the funds Invesco Asset Management (Schweiz) AG, Talacker 34, CH–8001 Zurich (paying agent: BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH–8002 Zurich); in Belgium, Finland, France, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain and Sweden: by Invesco Asset Management S.A., 16–18 rue de Londres, 75009 Paris, France. EMEA4195/2019 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS 8 The world this week Politics claiming, without any evidence, that they had links to the bombers. The other ministers and governors resigned in sympathy. Two days of ceremonies commemorated the 75th anniversary of the Normandy landings of 1944. The queen and Theresa May, Britain’s prime minister, were joined by President Donald Trump of America, President Emmanuel Macron of France and many other national leaders from across the world. The events followed a state visit by Mr Trump to Britain, which included a state banquet at Buckingham Palace. However, the visit was also greeted by mass protests on the streets of London. Honey, honey Rodrigo Duterte, the president of the Philippines, said his former wife had “cured” him of homosexuality. He then accused a critical senator of being gay. Gay-rights groups decried the implication that homosexuality was both a disease and a slur. Thailand’s parliament chose the incumbent, Prayuth Chanocha, as prime minister. As army chief, Mr Prayuth launched a coup and disbanded the previous parliament in 2014, before pushing through a new constitution that shores up the junta he heads. One opposition mp likened his selection to “making someone who set fire to a temple the abbot of that temple”. All nine Muslim ministers in Sri Lanka’s government, as well as two Muslim provincial governors, resigned. Sri Lanka has been suffering from a wave of anti-Muslim violence after jihadist suicide-bombers killed some 250 people in April. A prominent Buddhist monk had demanded that two of the ministers be dismissed, Hasta mañana The Trump administration banned cruises and other tourism trips by American citizens to Cuba, in an attempt to press the communist government to stop supporting Venezuela’s embattled dictator, Nicolás Maduro. Colombia’s constitutional court rejected changes proposed by President Ivan Duque to a tribunal created to prosecute former rebels and military officials for war crimes. The tribunal was created after a peace deal was signed in 2016 with the Revolutionary Armed Forces of Colombia, a leftist rebel group. A Canadian inquiry described the high rate at which indigenous women are murdered, often by their partners, as a “race-based genocide”. It denounced the government for failing to protect them. Under attack Sudanese security forces slaughtered pro-democracy protesters in Khartoum—by coincidence, just before the 30th anniversary of the Tiananmen massacre in China. At least 100 people were killed; many more were injured. The killings suggest that the military junta that took charge after the ousting of President Omar al-Bashir in April has no intention of allowing free elections. Other Arab autocracies, such as Saudi Arabia, are giving the junta money and encouragement not to back down. The council that oversees elections in Algeria said a presidential poll would not be held as planned on July 4th due to a lack of eligible candidates. Protesters pushed for the delay, fearing the election would prolong the old regime. Demonstrations continue two The Economist June 8th 2019 months after they helped topple Abdelaziz Bouteflika, the long-serving president. It is up to the interim president to name a new date for the vote. Hundreds of members of Cameroon’s opposition were arrested during protests against President Paul Biya. The protesters were demanding the release of hundreds of others arrested following previous demonstrations, including Maurice Kamto, the opposition leader. They also called for an end to the fighting between the government and separatists in English-speaking parts of the country. The authorities in Bahrain took their suppression of dissent to a new level, warning that people who “follow” antigovernment social-media accounts could face legal consequences. Most of the regime’s critics are already in prison or have fled abroad. Money, money, money The European Commission found Italy in violation of eu fiscal rules over a proposed budget that fails to shrink its debt, currently 132% of gdp. The finding could lead to disciplinary action including multi-billion-euro fines. Turkey said it would go ahead with its purchase of Russianmade S-400 anti-aircraft missiles. America has said it will block the planned export of F-35 fighters to Turkey, a nato ally, if it does not axe the deal. Tens of thousands of demonstrators in Prague called for the resignation of Andrej Babis, the Czech prime minister, who is a business magnate. The police have recommended charging him with fraud, and a European Commission audit found he had a conflict of interest involving a company he once owned, Agrofert. Andrea Nahles stepped down as head of Germany’s Social Democratic Party, destabilising the country’s coalition government, led by Angela Merkel and the Christian Democrats. The party may take months to select a new leader. Some in the party want to pull out of the coalition, which would mean new elections this autumn. Lars Lokke Rasmussen, the leader of Denmark’s governing centre-right coalition, conceded defeat in the country’s general election. The centreleft bloc led by Mette Frederiksen won 91 of the 179 seats in parliament. She’s my kind of girl China and Russia agreed to upgrade their relationship to what they called a “comprehensive strategic partnership of co-ordination for a new era”. This was announced after a meeting in Moscow between China’s president, Xi Jinping, and his Russian counterpart, Vladimir Putin. Tass, a Russian news agency, quoted Mr Putin as saying the partnership had reached “an unprecedentedly high level”. Mr Xi told Russian media that Mr Putin was his “best and bosom friend”. In China, censorship of the internet was stepped up and tight security maintained around Tiananmen Square to prevent any attempt to commemorate the crushing of pro-democracy protests in the square on June 4th 1989. The measures appeared largely effective in Beijing, but in Hong Kong about 180,000 people joined a candlelit vigil to mark the bloodshed, organisers said. China’s defence minister, Wei Fenghe, said the army’s “resolute measures” in 1989 were “correct” and had “preserved stability”. China has never given an official figure for how many people died. 1 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS The world this week Business Reports emerged that America’s federal government is preparing to investigate the country’s biggest tech firms for anti-competitive practices. The Department of Justice will oversee any potential investigations of Google and Apple, while the Federal Trade Commission will have jurisdiction over Facebook and Amazon. Not to be outdone, lawmakers in the House Judiciary Committee said they were planning their own antitrust probe of digital platforms, including the four tech giants. America continued to fight trade wars on several fronts. President Donald Trump indicated that he would move forward with threats to impose 5% tariffs on imports from Mexico in an attempt to pressure the country to stem the flow of migrants crossing America’s southern border. While there is little support for the president’s proposed tariffs in Congress, even among members of his own party, Mr Trump insisted that attempts to stop him would be “foolish”. Jerome Powell, the chairman of the Federal Reserve, reassured financial markets rattled by growing trade tensions. Speaking at a conference in Chicago, Mr Powell said the central bank would “act as appropriate to sustain the expansion” amid growing economic uncertainty. The remarks sparked a rally in American share prices and signalled the Fed’s willingness to cut interest rates. Futures markets indicate a 59% chance of a rate cut by July. China announced plans to create a list of “unreliable” foreign firms, groups and individuals deemed harmful to the interests of Chinese firms. The move follows America’s decision last month to place Huawei on its own blacklist, in effect banning American firms from doing business with the Shenzhen-based telecoms giant. China has not provided details about which companies would be included on its blacklist or what measures would be taken against them. The Economist June 8th 2019 9 By the same token A group of 14 financial firms, led by Swiss bank ubs, is preparing to launch a blockchainbased digital currency for use in settling cross-border trade. The bitcoin-like token, called the utility settlement coin, or usc, is expected to reduce risk and make transactions more efficient. The usc will be backed by major global currencies held at central banks. The firms behind the effort— which include banks in America, Europe, and Japan—expect the digital currency to be operational by 2020. South Africa GDP, % change on previous quarter* 6 3 output falling by 8.8%, 10.8% and 13.2% respectively. The contraction can be blamed in part on severe power outages. Eskom, the state-owned utility responsible for supplying nearly all of the country’s power, has struggled to meet demand and is now regarded as a significant risk to South African growth. Apple said it will shut down its iTunes music service, replacing it with its Music, tv and Podcasts apps. The decision to phase out the software was announced at the firm’s annual developer conference. The change will be rolled out later this year with its latest operating system, macos Catalina. Blackstone, a private-equity firm, announced that it will buy a portfolio of industrial warehouses in America from glp, a Singapore-based property investment manager, for $18.7bn. The acquisition, one of the largest private realestate deals in history, represents a big bet on the continued growth of e-commerce, which has spurred demand for warehouse space by retailers. Midnight in Paris Fiat Chrysler withdrew its $35bn proposal to merge with Renault. The tie-up, which would have created the world’s third-biggest carmaker, was abandoned by the ItalianAmerican firm shortly after midnight on June 5th when the French government, Renault’s largest shareholder, requested a delay to a final decision on the merger. Fiat Chrysler blamed “political conditions in France” for the deal’s collapse. 0 -3 -6 -9 2009 11 13 Source: Haver Analytics 15 17 19 *Annualised Africa’s most industrialised economy shrunk by an annualised 3.2% in the first quarter, its largest decline in a decade. Almost every sector of the South African economy was hit, according to the country’s statistics office, with manufacturing, mining and agriculture Infineon Technologies, a German chipmaker, agreed to acquire a rival, Cypress Semiconductor, for €8.4bn ($9.4bn). The deal, which valued San Jose-based Cypress at $23.85 per share, a 46% premium over its share price in the last month, will create the world’s eighth-largest semiconductor maker. Infineon investors were dissatisfied with the acquisition, sending shares in the Munich-based firm tumbling more than 9%. A social-media campaign calling for a ban on office dress codes that require women to wear high heels went viral in Japan. The effort spread under the hashtag #KuToo, which plays on the Japanese words for shoe (kutsu) and pain (kutsuu). Asked to comment on the online campaign, Japan’s health minister said that such workplace rules are “necessary and appropriate”. РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM...
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