1 Iceland to end all capital controls (BBC) Iceland
will lift all capital controls on its citizens, businesses and pension funds
from Tuesday. Capital controls, such as those to restrict money flowing in and
out of the country, were imposed in 2008 after the country's biggest banks
collapsed.
The government thinks the economy has recovered
sufficiently to end controls. Controls were imposed after the collapse of the
country's three biggest banks - Glitnir, Landsbanki and Kaupthing. At the same
time Iceland's national currency, the krona, fell in value.
The removal of the capital controls - which helped
stabilise the currency and economy during the country's financial crash -
represents the completion of Iceland's return to international financial
markets. Since the nation's financial collapse, the economy has seen a robust
recovery, helped by a boom in tourism. Last year around 1.8 million people
visited the the nation, a 40% rise on 2015.
That tourism boom, coupled with strong investment by
business and in the housing market, helped the economy grow 7.2% in 2016. Capital
controls were implemented in 2008, with the support of the International
Monetary Fund, to shield the economy from severe depreciation.
2 World’s first flying car unveiled (Khaleej Times) Tens
of thousands of people flocked to the Swiss city as the 87th Geneva International
Motorshow opened its doors to experts and the media ahead of a public opening
on Thursday.
As the doors opened, the show was abuzz with talk of
Peugeot-owner PSA's acquisition of Opel, the European subsidiary of General
Motors, a 1.3-billion-euro ($1.4 billion) deal that will create the continent's
second-biggest carmaker.
During the motor show, Italdesign and Airbus
world-premiered Pop.Up, the first modular, fully electric, zero emission
concept vehicle system designed to relieve traffic congestion in crowded
megacities. Pop.Up envisages a modular system for multi-modal transportation
that makes full use of both ground and airspace.
With European sales almost back to levels last seen
in 2008, carmakers are celebrating the end of a crisis which saw the global
financial meltdown inflict deep dents on the industry. Despite a wave of
political uncertainty and the persistent shadow of the 2015 emissions scandal,
executives were largely upbeat about the prospects for the coming year.
3 Ethiopia rubbish dump landslide kills nearly 50
(The Guardian) At least 46 people have died and dozens more have been injured
in a giant landslide at Ethiopia’s largest rubbish dump outside Addis Ababa, a
tragedy squatters living there blamed on a biogas plant being built nearby.
Dozens of homes of squatters who lived in the Koshe
landfill site, on the outskirts of the capital, were flattened when the largest
pile of rubbish collapsed on Saturday. Construction materials, wooden sticks
and plastic sheeting could be seen in the wreckage. The Koshe site has for more
than 40 years been the main garbage dump for Addis Ababa, a rapidly growing
city of about 4 million people.
Koshe, whose name means “dirt” in local slang, was
closed last year by city authorities who asked people to move to a new dump
site outside Addis Ababa. But the community there did not want the landfill,
and so the garbage collectors moved back. Poverty and food insecurity are
sensitive issues in Ethiopia, which was hit by a famine in 1984-85 after
extreme drought.
In recent years, the country has been one of
Africa’s top-performing economies and a magnet for foreign investment, with
growth in near-double digits and huge infrastructure investment. Still, nearly
20 million Ethiopians live below the poverty line set by the World Bank.
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