Iceland has announced it is dropping its bid to join the European Union in line with pledges made two years ago by its then-new eurosceptic government.

Iceland first applied for EU membership under a leftist government in 2009, when the country was badly shaken by an economic crisis that saw the Icelandic krona lose almost half its value, making eurozone membership an attractive prospect.

But the thorny issue of fishing quotas was seen as a key obstacle to joining the bloc, although it was never brought up in the accession talks.

Fishing represents an important part of the Icelandic economy, and it was never made clear how differences between Brussels and Reykjavik could be patched over on the subject.

Thousands of protesters had thronged the streets of Reykjavik last year to demand a referendum after the government said it was dropping its EU membership bid without a popular vote.

But opinion polls more recently began to show growing resistance among Icelanders to EU membership.

The north Atlantic island is a member of Europe’s visa-free Schengen area and the European Economic Area.

That allows it to export seafood to the mainland tariff-free and helps boost tourism, which is crucial to the country’s foreign exchange earnings.
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Iceland has clawed its way back from the demise of its bloated financial sector in 2008, with official figures showing this week that GDP reached record levels last year.

At constant prices, Iceland’s GDP grew by 1.9% in 2014 to beat a GDP record dating back to pre-crisis levels, according to Statistics Iceland.

However, “GDP per capita remains lower than in 2008, and while there is no shortage of jobs, we lack jobs that pay well, especially for young graduates,” University of Iceland economics professor Asgeir Jonsson told AFP.

For many Icelanders, joining the EU has not been a major priority, with concern instead over how to pay back loans taken on when the economy seemed to be booming before the crash.

The small Nordic country was hit hard as the crash of US investment bank Lehman Brothers caused the collapse of its three largest banks.

Without effective oversight, Iceland’s banks had taken out massive cheap loans abroad, scooping up assets worth several times the island’s annual output.

Iceland then became the first western European nation in 25 years to appeal to the International Monetary Fund to save its battered economy.

Senator Elizabeth Warren told an audience of Worcester entrepreneurs  that they are the future of the United States and more must be done to promote small business start-ups when policies are being pass down from Washington, D.C.

In Worcester, Warren visited the robotics technology incubator Technocopia and its Prescott Street neighbor, the co-working space Running Start.

“There are a lot of opportunities if you are already big to get bigger,” Warren said. “But, where the real innovation in this country comes from is the folks who have a good idea, but they have to start right down at the base. You’re creating that here.

Warren said much of the country’s current woes date back to 1980 and the start of trickle-down economics. Those policies have favored large corporations, and created an atmosphere where college graduates are buried in so much debt that they cannot afford to start small businesses, she said.

Kevin Harrington, of Technocopia, asked about the possibility for a small business deferment on student loans.

For her part, Warren said it was a good idea that needs to be considered among many others to help promote start-ups.

The visit to Worcester incubators highlights Worcester’s recent successes.

One of the country’s few remaining independent media outlets, analyzed the impact of American inventor Elon Musk’s inventions on the global economy, and on Russia in particular. She specifically singled out Musk’s recently unveiled solar battery:

Yulia Latinina of Novaya Gazeta writes:  First, car exhaust is really poisonous of the environment.  Second, his battery ensures that the house can be truly autonomous – after the invention of electricity, the house seized being an independent entity throughout the world. And third, this battery will change the world as much as shale gas could, and much more than the results of any election and any revolution.

Latinina feels that Musk’s breakthrough – along with other creations such as the hyperloop – will shift power away from presidencies and official heads of state, and move us toward a world where entrepreneurs have bigger sway and greater influence on international affairs. She is clearly impressed with the influence America’s top high-tech companies have, both at home and around the world. While she may overstate that influence, she importantly laments the absence of like initiatives in Russia, where major inventors and entrepreneurs must toe the government line:

President Putin is seriously waiting for the United States to finally come to its senses and to sit down to negotiate with him, as with Joseph Stalin at Yalta in 1945 and divide the world into spheres of influence … The problem is that the ‘zone of influence’ of the United States in the modern world is not established by Barack Obama, but by Sergey Brin, Elon Musk, and Steve Jobs. But since Putin’s policy is not to allow a Musk or a Jobs in Russia  – since every independent entrepreneur is a potential threat to the authorities –  the underlying principle for such negations practically does not exit.

Karen Weize writes: Over the past year, Uber built one of the largest and most successful lobbying forces in the country, with a presence in almost every statehouse. It has 250 lobbyists and 29 lobbying firms registered in capitols around the nation, at least a third more than Wal-Mart Stores. That doesn’t count municipal lobbyists. In Portland, the 28th-largest city in the U.S., 10 people would ultimately register to lobby on Uber’s behalf. They’d become a constant force in City Hall. City officials say they’d never seen anything on this scale.

If you’re starting up a business that fits into a large niche, you might well consider joining forces with your allies and competitors to influence City Hall.

Promoting small business in South Africa.  Small businesses are key to unlocking economic opportunities and achieving inclusive growth, Small Business Development Minister Lindiwe Zulu said last week at the Global Entrepreneurship Congress in Milan, Italy. South Africa’s high rate of unemployment, poverty and extreme inequality called for bold and far-sighted interventions, she said. “As government, we remain open and receptive to new policy ideas that will help accelerate the formation of new businesses and sustainability of existing ones.” Zulu said the government’s policy interventions aimed to ensure that small enterprises grew into thriving businesses: “They cannot remain small forever”. She said the government would focus on providing financial and non-financial support to small businesses as it wanted to reduce obstacles to doing business wherever possible. “There is general recognition that Africa is the next growth pole of the world. It is up to us Africans to seize the moment and ensure that Africa becomes an unprecedented economic success,” Zulu said. The Global Entrepreneurship Congress provides opportunities for entrepreneurs to explore business networking opportunities and to learn and interact with their peers across the globe. Around 4 000 delegates from 150 countries attend the gathering. “We see the GEC as a powerful platform to learn what other successful nations are doing to promote and sustain enterprise development,” said Zulu. South Africa will be the first African country to host the GEC in 2017. The bid was awarded to Johannesburg as part of the opening ceremony at GEC 2015 in Milan. Accepting the award on behalf of Johannesburg, Zulu said: “GEC 2017 will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders.”

 

Sungllasses women are allowed to wear and lacy underwear not seen but enjoyed.  High fashion items rocket in Saudi Arabia.

Abayas no longer need be black.  Wahhabi approved abayas include designs and bright colors to fit the occasion.  Flashy shoes and handbags are permitted.

Catwalk shows have now been banned in Saudi Arabia, although men can model clothes.

Is there an entrrepreneurial opportunity here for inventive women who don’t have to skirt Wahhabi laws?