Ukraine conflict complicates grain imports for EU and neighbors

Ukraine’s successful grain exports that helped alleviate a global food crisis amid the ongoing war with Russia have sparked protests from neighboring countries, according to media reports. The development has caused tension within the EU, as farmers in Poland felt undercut by the flood of Ukrainian grain imports, despite being destined for sale outside the EU. The local media from multiple EU member states have reported that farmers remain unsatisfied. The neighboring countries like Bulgaria, Hungary, Poland, Romania, and Slovakia imposed import restrictions, which the European Commission criticized. EU Commission spokesperson Eric Mamer last week announced that a new round of funding was being worked on by the EU to ease the farmers’ burdens and establish a common approach, saying: ‘When we have measures taken by member states that aren’t compatible with EU law, we don’t directly go towards an infringement procedure – we don’t directly go to court. There’s always, generally at least, a phase where we have a discussion with member states.’ The EU Commission is now planning a pound 100 million support package for five neighboring countries, on top of the pound 56 million from the EU budget to help cope with increased Ukrainian imports. Recently, Warsaw and Bucharest have shown a willingness to ease the restrictive measures, but are demanding more financial aid from EU institutions. Polish Prime Minister Mateusz Morawiecki claimed a $2.4 billion support package was necessary stating, saying: ‘What the EU is offering us is offered with a delay. It is too little, a drop in the ocean of needs.’ Hungary, Bulgaria, Poland, Romania, and Slovakia all urged the EU in a letter last month to protect the farmers within the bloc.

Source: Anadolu Agency

Germany ‘astonished’ at Chinese envoy’s comments on former Soviet states

Germany on Monday said it was ‘greatly astonished’ at comments made by the Chinese ambassador in Paris who questioned the sovereignty of former Soviet republics. ‘It was with great astonishment that we read the statements made by the Chinese ambassador on French television. Especially since the statement is not consistent with the Chinese position known to us so far,’ German Foreign Ministry spokesman Christian Wagner said at a routine press briefing in Berlin. The Russian Federation and the former Soviet states are recognized within existing borders and “their sovereignty and territorial integrity are inviolable,’ he added. China’s ambassador to France, Lu Shaye, said during a television interview that former Soviet countries don’t have ‘effective status in international law,’ triggering a diplomatic uproar, especially in Ukraine and the Baltic states. Lu made the remarks in response to a question about whether Crimea, which was annexed by Russia in 2014, was part of Ukraine. ‘Even these ex-Soviet countries don’t have an effective status in international law because there was no international agreement to materialize their status as sovereign countries,’ Lu said, after first noting that the question of Crimea ‘depends on how the problem is perceived’ as the region was ‘at the beginning Russian’ and then ‘offered to Ukraine during the Soviet era.’ Ukraine also slammed the Chinese envoy’s remarks. ‘All post-Soviet Union countries have a clear sovereign status enshrined in international law,’ Mykhailo Podolyak, Ukraine’s presidential adviser, said on Twitter on Sunday. Podolyak claimed that an exception to this was Russia, which he said ‘fraudulently took a seat in the UN Security Council.’ ‘It is strange to hear an absurd version of the ‘history of Crimea’ from a representative of a country that is scrupulous about its thousand-year history. If you want to be a major political player, do not parrot the propaganda of Russian outsiders,’ he added.

Source: Anadolu Agency

Disney starts 2nd phase of job cuts with 4,000 layoffs

The Walt Disney Company on Monday started the second of three phases of cutting 7,000 jobs by laying off 4,000 workers. “These are hard decisions and not ones we take lightly,” Disney Entertainment Co-Chairmen Alan Bergman and Dana Walden wrote in a memo to employees. “But every decision has been made with considerable thought, and we are doing everything we can to make sure this process is conducted with respect and compassion,” said the memo published on the Disneyland News Today website. A third wave of cuts is expected before the beginning of this summer. The US-based entertainment conglomerate announced in February that it aims to save around $5.5 billion in costs, citing economic uncertainty. Disney’s global workforce stood at approximately 220,000 as of last Oct. 1, so eliminating a total of 7,000 jobs means trimming approximately 3% of its workforce. More than one dozen companies in the US, especially in the tech sector, have been cutting jobs as the industry is struggling with lower income, falling ad revenue, and fears of a recession. In recent months Amazon, Yahoo, Affirm, Zoom, Dell, IBM, Microsoft, Salesforce, PayPal, and Google’s parent company Alphabet have laid off workers by the thousands.

Source: Anadolu Agency

Trkiye to export its indigenous electric car as of 2025: President

Trkiye will export its first indigenous electric car Togg as of 2025, President Recep Tayyip Erdogan said on Monday. “As of 2025, we will export Togg and sell it to the world,” Erdogan said at the groundbreaking ceremony of SIRO battery development and production facility in the northwestern industrial province of Bursa. Trkiye aims to produce 1 million units of Togg car by 2030, Erdogan added. “With our domestic and national cars being on the road, our country owns a car and brand that can compete with the best ones in the world,” Erdogan said, adding that brotherly countries also demanded Togg from Trkiye. Early April, Togg took to the road after its ceremonial delivery to Erdogan, who said Togg has reached its current level as a symbol of Trkiye’s technological advancement, economic development and global reputation. Regarding the new battery facility in Gemlik district, Erdogan said it will start the first production in 2024. “As of 2026, this campus will become an integrated center producing high-nickel battery modules and packages, including battery cells,” he added, saying this investment will make Trkiye a “powerful actor” in battery technologies. “We set our heart on this journey to make Trkiye the production hub of Europe in charging and battery technologies along with electric vehicles,” the president stressed.

Source: Anadolu Agency

How the world of work is changing

Chile recently announced plans to bring down the number of working hours. Staggered over five years, Chileans will eventually work just 40 hours a week instead of the current 45.

Along with Ecuador, Chile will have the shortest work week in Latin America — a region that has the world’s longest official work hours. By comparison, Argentina, Mexico, Peru and Panama have 48-hour work weeks, while in Brazil it’s 44.

The law vs. reality

Most countries have statutory working hours that protect workers from being forced to put in too much overtime. But in reality, they are often pressured to put in many more hours than the law requires.

Japan, for example, has a term for workaholic employees — Karoshi — or literally death by overwork. The country does have a 40-hour work week. But abuse is so high, the government had to pass another law in 2018 that specifically limits overtime to around 30 hours per month.

Despite this, a survey last year found that 37% of 18,000 firms still required their workers to do a lot of overtime — an average of 80 unpaid hours per month.

The United States is also famous for its hustle culture, where workers are expected to put in several hours of overtime a week. Certain sectors of the economy like law, finance and technology are notorious for piling work on their staff.

Reports of tech workers sleeping under their desks are commonplace, while surveys show many lawyers work up to 60 hours a week to meet their firms’ billable hours targets.

US workers put in an average of 1,791 hours per year, 442 more than German workers and 301 more than French workers, according to stats from the Organisation for Economic Co-operation and Development (OECD).

Not all countries are following Chile’s example to cut working hours. South Korea had planned this year to raise the maximum working time to 69 hours as companies complained that the current 52 hours wasn’t enough to help them meet deadlines. But younger workers staged mass protests against the plan, forcing the government to reconsider. In 2021, South Koreans officially worked 1,915 hours.

France, of course, became famous for introducing a 35-hour week in 2000. Although it was widely interpreted as improving work-life balance, the measure was an attempt to cut unemployment, which had reached a record high of 12.5%. The 35-hour week was also meant to be the point where paid overtime should kick in.

Political systems, working hours and quality of work

Higher quality of working environment — hours worked, benefits, paid holidays, pension and health systems — often correlates with more advanced democracies, where companies, trade unions and the state have developed a system of collective bargaining. However, that doesn’t show up in the latest ILO data (above) where mostly non-European nations work the least hours in a week.

Overall, developed countries generally have shorter official workweeks and more vacation days, due to cultural demands for adequate leisure time. They also trend toward more generous overtime compensation and more favorable parental leave laws.

Improved working practices began in the 19th century and expanded massively after World War II. Today, in comparison, only 15% of workers in EU countries officially work more than 48 hours per week, while in China and South Korea, over 40% of workers do so and in Chile it is over 50%.

Chile’s military dictatorship under General Augusto Pinochet from 1970 to 1990 severely curtailed trade union bargaining for higher wages and a welfare safety net under an experiment with Monetarism (using the supply of money to stabilize the economy).

Other countries in Latin America followed suit together with the UK under Margaret Thatcher and the US under Ronald Reagan in the 1980s. The concept of increasing productivity and a welfare state system was deemed largely incompatible.

Working hours tied to contentment

One OECD country among those with the shortest workweeks is Denmark, which ranks as one of the happiest countries in the world. Denmark is known for the concept of “hygge,” which is described as “creating a warm atmosphere and enjoying the good things in life with good people.”

In France and Germany, too, a large state combines to produce a work-life balance. People in Italy still in fact enjoy the best work-life balance, according to the OECD. Employed Italians have the most time for leisure and personal activities, while only 3% of employees in the country work very long hours (50 or more hours a week).

Another major factor leading to contented workers is their incomes. The middle and working classes of the US and UK have seen stagnant or declining real wages since around 1980 when Monetarist — or so-called neo-liberal — policies first took hold in the Anglo-Saxon economies.

Today, faced with a political backlash from those largely excluded from reaping the benefits of rising growth, many free-market conservatives argue that a smaller state and low-taxed businesses will help grow wages. The bigger the pie, the more to go around, no matter the relative sizes of the slices.

But with artificial intelligence (AI) arriving, an aging population and the world’s productive base and power shifting to Asia, the question of quality of work is again on the political table. France under President Emmanuel Macron is a key test case. Why, many French people ask, should they pay for lower growth and productivity with shorter retirement? Who is right is a political choice.

Worklife in a post-pandemic world

COVID allowed tens of millions of office-based staff to work from home, spurring calls, as economies recovered, to retain a better work-life balance by avoiding long commutes and child care costs. Many companies still allow staff to work entirely remotely or through a hybrid system of office and home.

Consultancy McKinsey calculated that about 20% of workforces in advanced economies could continue to work from home between three and five days a week long-term without impacting productivity.

The introduction of nomad worker visas in many countries was spurred by employees’ demands to work from anywhere in the world, including Thailand, Spain, and Croatia.

Other countries are experimenting with four-day work weeks, including Belgium, which now allows employees to choose whether to do the same number of hours over a four- or five-day week.

In the UK, dozens of companies signed up for a trial by Cambridge and Oxford University along with Boston College, to test the impact on productivity from a 4-day week. Almost all of the firms subsequently continued with the new arrangement. Sweden and Iceland have conducted similar trials, while Spain is also offering to subsidize the wages of companies that take part in its upcoming experiment.

Despite scary headlines that hundreds of millions of jobs will be replaced by AI in the near future, many proponents of the technology see generative AI platforms like ChatGPT as primarily human aids, although the platforms are improving by the day. Many argue that it will take decades to replace humans entirely and until then, AI can free up the many who complain of overwork to concentrate on other productive tasks.

Source: Deutsche Welle

Trkiye reduces defense industry’s foreign dependency to 20% in 2 decades: President

In just two decades, Trkiye has made significant strides in its defense industry, reducing its foreign dependency from 80% to 20%, the country’s president said on Sunday.

Speaking at the delivery ceremony of new Altay tanks to the Turkish Armed Forces for tests in the northwestern Sakarya province, Recep Tayyip Erdogan highlighted Trkiye’s goal to be ‘fully independent in the defense industry.’

‘We have reduced the foreign dependency in the defense industry from around 80% to some 20% in such a short time as 20 years. The number of defense projects, which was merely 62 in 2002, has today surpassed 750,’ Erdogan said.

The Turkish leader also said that while Trkiye’s total budget for defense projects was $5.5 billion in 2002, now it has reached a $75-billion project volume, including the ones in the bidding process.

Erdogan stressed that behind every product developed in the defense industry lies years-long efforts, patience, work, and financial power.

‘This is how each of our UCAVs (unmanned combat aerial vehicles) — which stand out all across the world today — and our armored land vehicles, warships, frigates, and missiles, as well as other systems, which are greatly admired, have emerged,” he added.

Trkiye has become a supplier country for the defense industry, with its products used by many armies, the president also underlined.

Source: Anadolu Agency

Fiscal surplus of pound 570.2 mn and fiscal debt of 86.5% of GDP for 2022

The Statistical Service announced on Friday a fiscal surplus of pound 570.2 mn, which corresponds to 2.1% of GDP and a fiscal debt of pound 23,371.1 mn, which corresponds to 86.5% of GDP. The above data are the preliminary fiscal results for 2022, which have been audited and verified within the Excessive Deficit Procedure framework of the European Commission. Moreover, GDP at current prices for the year 2022 has been revised due to revised data of public finance and balance of payments and is estimated at pound 27,006.4 mn. The annual change at current prices is estimated at 12.4%.

Source: Cyprus News Agency

OUC data leaked on the dark web is encrypted

The data that was leaked on Thursday on the dark web by the hackers of the Open University of Cyprus (OUC) is encrypted, Police Cybercrime Department Chief Andreas Anastasiades told the Cyprus News Agency (CNA) on Friday. Asked if there was any information regarding the number of individuals affected by the leak, he stated that there was a partial publication of some data, but their contents “are encrypted, locked, and we cannot know exactly what kind of data has been published.” Anastasiades said the amount requested by the hackers was pound 100,000 in cryptocurrency. The deadline for paying the ransom has expired, resulting in the data being published on the dark web on Thursday. In a press release, the Open University of Cyprus said it experienced a malicious cyberattack on March 27, 2023. The attack resulted in several central University services and critical systems going offline as a precaution measure. Yet, (sensitive) personal data relating to members of the academic community have been leaked, it added. The OUC said from day one of the cyberattack, the University has been in constant communication and cooperates effectively with the Combating Cybercrime Department of the Cyprus Police to undertake the relevant investigations, and the Commissioner for Personal Data Protection. The competent authorities cooperate with the relevant Professional Services of the Open University of Cyprus in order to stop the acquisition of these data, which constitutes a criminal act. At the same time, the University, together with a number of external partners, are working closely to restore all disrupted operations by taking additional technical and organizational measures to mitigate all risks and repair all vulnerabilities. The university community is regularly informed by the relevant professional services about all relevant measures and good practices for secure use of online/network services, while OUC is committed to continue its efforts to safely restore all its central services and critical systems. It added that anyone interested for his or her personal data that may have been affected can contact the Open University of Cyprus via email at law@ouc.ac.cy or by phone 00357-22411730.

Source: Cyprus News Agency

Construction materials prices up 8.15% in March y-o-y, slight monthly drop

Construction materials prices were up by 8.15% on an annual basis this March but recorded a slight drop compared to the previous month, data released by the Cyprus Statistical Service on Friday show. In particular, the Price Index of Construction Materials for March 2023 reached 135.89 units (base year 2015=100), recording an increase of 8.15%, compared to March 2022. According to the official data, by main commodity category, a 24.45% increase was recorded in minerals, 15.53% in mineral products, 7.98% in products of wood, insulation materials, chemicals and plastics and 7.08% in electromechanical products. ? slight decrease of 0.82% was recorded in metallic products. Compared to February 2023 a marginal decrease of 0.15% was recorded.

Source: Cyprus News Agency

Oil down more than 5% during week ending April 21

Oil prices decreased more than 5% during the week ending April 21 as fears of higher interest rates and weak US economic data fueled demand concerns. International benchmark Brent crude was trading at $81.88 per barrel at 4.36 p.m. (1336 GMT) on Friday, posting a 5.3% fall from the Monday session that opened at $86.43 a barrel. The American benchmark West Texas Intermediate (WTI) registered at $78.19 per barrel at the same time on Friday, decreasing 5.2% compared to the opening price of $82.48 a barrel on Monday. Oil prices started the week on a positive note in anticipation of the release of positive Chinese economic data. On Tuesday, China announced its first-quarter gross domestic product, which increased sharply compared to expectations, putting the country in the spotlight after it lifted its strict pandemic measures. According to China’s National Bureau of Statistics on Tuesday, Chinese GDP grew by 4.5% in the first quarter, marking the highest growth since the first quarter of last year, when it grew by 4.8%. However, fears of higher interest rates fueled the US dollar’s strength throughout the week, discouraging oil-importing countries from purchasing dollar-indexed crude. Markets expect rising interest rates and high inflation to dampen oil demand which was supported by Atlanta Federal Reserve President Raphael Bostic’s proposal on Wednesday for “one more interest rate rise” to lower high inflation. Meanwhile, a larger-than-expected draw in US oil inventories signaled a recovery in US oil demand, limiting price decreases. US commercial crude oil inventories decreased by 4.6 million barrels to 466 million barrels during the week ending April 14, according to data released by the Energy Information Administration late Wednesday. Loretta Mester, the head of the Cleveland Federal Reserve Bank, said Thursday that the US central bank still has more interest rate increases ahead of it. Finally, weak US economic data added further pressure on prices as it raised concerns about a recession and slowing global oil demand. The number of Americans filing first-time unemployment claims rose by 5,000 last week to 245,000, according to Labor Department data released on Thursday. The markets will closely watch if the demand will pick up during the summer travel season in the US and in the second half of the year in China, the world’s biggest oil importer.

Source: Anadolu Agency