NATURAL DISASTERS COST $520 BILLION A YEAR
According to the World Bank, floods, storms and droughts cost global economy more than half a trillion dollars a year. Extreme natural disasters like earthquakes and tsunamis push 26 million people into poverty each year which is an alarming call to tackle climate change. The bank has conducted its study on 117 countries and at the Marrakech climate change conference has highlighted the need to protect the most vulnerable against the effects of global warming. “Severe climate shocks threaten to roll back decades of progress against poverty. Storms, floods, and droughts have dire human and economic consequences, with poor people often paying the heaviest price. Building resilience to disasters not only makes economic sense, it is a moral imperative,” said Jim Kim, the World Bank’s president. This research was a big eye opener because previous studies had underestimated the impact of natural disasters by measuring damage of only physical assets, while the costs were much higher when lost consumption of poor was taken into account.
HOAX STORIES ON FACEBOOK INFLUENCED US ELECTION?
Facebook chief, Mark Zuckerberg, had said at a conference last week that suggestions the US election was influenced by fake news on Facebook were “pretty crazy”. Though Facebook’s fake news problem is not new, commentators and even outgoing president Barack Obama have raised concerns about its role in spreading false information during the election. Zuckerberg acknowledged the problem but continued to argue that spread of hoax stories on the social network did not influence US election. After all those concerned comments, Zuckerberg wrote a post on his Facebook profile saying that Facebook hoped to announce new measures to tackle fake stories “soon”. He wrote: “Of all the content on Facebook, more than 99% of what people see is authentic. Only a very small amount is fake news and hoaxes. The hoaxes that do exist are not limited to one partisan view, or even to politics. Overall, this makes it extremely unlikely hoaxes changed the outcome of this election in one direction or the other.”
GREECE ON THE EDGE TO EXIT RECESSION
Official figures show that, for the first time since 2014, the Greek economy managed to keep the straight GDP growth two quarters in a row. Two consecutive quarters of GDP growth mark the end of a recession which means Greece officially emerged from recession with its GDP increasing by 0.5% from the previous quarter to September and by 1.5% from the last quarter of 2015. According to statistic figures, economy is still expected to end this year with slight contraction of 0.3% but it is then predicted to surge by 2.7% next year. The Greek government said that the growth dynamic is now in better shape than at any point since the financial crisis has begun. “The Greek economy has not known a comparable growth rhythm since the first quarter of 2008,” said government spokesman Dimitris Tzanakopoulos.
DENVER LEGALIZED THE PUBLIC USE OF MARIJUANA
With legalizing the recreational use of marijuana three years ago, Colorado became one of the first states to have brought such law. The thing was, that the legal way to consume marijuana was for adults to do it in their private homes or in so called cannabis-only clubs meant for that purpose. However, this half-legalized permission of marijuana consumption has been sending mixed messages to tourists as well as to residents, which caused a group of supporters to propose so called Initiative 300. It would create a four-year pilot program that would allow Denver private establishments, such as bars or cafes, to apply for a license that would enable adult customers to consume their own marijuana in areas assigned exclusively for that. Voting took place in Denver today and the city’s voters appear to have legalized the social use of marijuana with supporters being in the majority with 53 percent votes for the Initiative 300. However, this results are unofficial until the election is certified on November 22, noted State election officials.