News 

Ohio AG Dave Yost defends plan for using potential opioid settlement money, says he is open to other ideas

“Yost said he is open to what percentage of the settlement money would be set aside in this way” writes Cleveland Com for cleveland.com. He said local governments, not the state, are in the best position to know how opioid settlement money should be spent. Summit County to create task force to decide how to spend settlement money from opioid lawsuit. The cash would be used to create a nonprofit “Ohio State and Local Government Opioid Crisis Recovery Foundation” to distribute settlement money among 19 regions around the state. Source: cleveland.com

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Indian government’s loan bonanza seen a temporary salve and a long-term pain

“It represents a record for monthly lending and a huge jump over the $12 billion in overall Indian bank loans given in September” writes Midwest Communications Inc for 95kqds.com. “Somebody who has never taken loan from the bank should be brought in and given a loan,” she added.During that era, bad loans increased and bank profitability took a hit.IF HISTORY IS ANY INDICATION Banking and policy experts said government lending schemes had a track record of skimping on due diligence, leading to higher-than-normal levels of bad loans. Source: 95kqds.com

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News Regulators 

ECB reportedly faces pushback from euro area finance ministers over NIRP

“I reckon this is going to be quite a debate in the next year or so especially if the euro area economy is seen struggling once again in 2020” reports forexlive.com. The report says that the ECB is facing increasing pushback against their negative interest rate policy in private engagements with the region’s finance ministers.Adding that some euro area finance chiefs are challenging the ECB’s stance during confidential discussions on the economy, complaining about its detrimental impact on savings and pension systems, according to people familiar with the situation.ForexLive However,…

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Markets News Stocks 

Why stock markets are better than banks at fixing climate change

“Stock markets seem more efficient than banks at financing the massive investments that will be needed to meet international climate goals” writes Senior Writer for marketwatch.com. To fight climate change, governments the world over would be well inspired to develop the breadth and depth of their stock markets.Between 1990 and 2013, countries where stock markets were relatively more important generated fewer carbon emissions per capita.Developing a true European capital markets union is in theory a top EU priority, but it has been buried in the bureaucratic sands of the Brussels…

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Governments should turn back the clock over trade policy

“In fact, had governments stood still on trade policy over the last three years, the world would be a lot better off than it is now” writes Jeffrey Frankel for theguardian.com. The “bicycle theory” used to be a metaphor for international trade policy.A damaging Trump policy that will need to be reversed is his abuse of the national-security exception to justify protectionist trade measures.Ironically, many governments that purport to care about the environment maintain trade barriers that increase the cost of protecting it. Source: theguardian.com

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EU close to addressing too-big-to-fail financial clearing house issue

“Banks would need to pay extra cash only if this effort from clearing houses were still not enough” writes Midwest Communications Inc for 95kqds.com. To lower risks in the multitrillion-dollar derivatives trade, clearing houses stand between both sides of a transaction and ensure its completion even if one side goes bust. It also remains unclear how the new rules would apply to Europe’s largest clearing houses, which operate from London, after Britain leaves the EU.If that is not enough, under existing rules, clearing houses contribute up to 25% of their…

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News 

OxyContin maker Purdue Pharma to pay states’ lawyers, urged to help victims

“Purdue has said the money has been tied up by disagreements among states, local governments and others parties over how to spend the funds” writes Midwest Communications Inc for 95kqds.com. Purdue proposed a $200 million emergency fund last month that could be spent quickly on addiction treatment while the parties resolve the entire bankruptcy case, a process that will take many months.As governments perform due diligence on the settlement, Purdue will reimburse their reasonable fees, which could reach $20 million, a lawyer for the official committee of unsecured creditors said…

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Crypto News 

Why Do Governments And Corporations Need Blockchain?

“All participants pointed out that the main features of blockchain technology go far beyond Bitcoin” writes Cassio Gusson for cointelegraph.com. Vinay pointed out that there is much debate about whether blockchains operated by governments and industries are truly decentralized or not.Experts at BlockShow Asia 2019 agree: Bitcoin is just cryptocurrency while blockchain is a new connectivity framework.Ming highlighted several use cases where blockchain connects different ecosystems to create new value for the internet, citing IBM’s Food Trust network as used by Carrefour, and several other partners connecting supply chains to…

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News Oil 

World thirst for oil keeps growing, with SUVs a key culprit

“Global oil demand is due to slow in the 2030s, and coal use to shrink slightly” writes The Associated Press for seattletimes.com. U.S. consumers and businesses were a leading source of growing oil demand last year, the IEA says.All that would lead to a big drop in oil demand — with repercussions for oil-producing countries that depend heavily on hydrocarbon income.Also, the U.S. will account for 85% of the increase in global oil production by 2030, thanks to the shale boom.Growing demand for SUVs in the U.S, China, Europe and…

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