61930 comments

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  Monday, 04 August 2025 06:57

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  KeithWaw

  Monday, 04 August 2025 06:17

  It all started back in March, when dozens of surfers at beaches outside Gulf St Vincent, about an hour south of state capital Adelaide, reported experiencing a sore throat, dry cough and blurred vision after emerging from the sea.
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  Shortly after, a mysterious yellow foam appeared in the surf. Then, dead marine animals started washing up.
  
  Scientists at the University of Technology Sydney soon confirmed the culprit: a buildup of a tiny planktonic algae called Karenia mikimotoi. And it was spreading.
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  In early May, the government of Kangaroo Island, a popular eco-tourism destination, said the algal bloom had reached its coastline. A storm at the end of May pushed the algae down the coast into the Coorong lagoon. By July, it had reached the beaches of Adelaide.
  
  Diverse algae are essential to healthy marine ecosystems, converting carbon dioxide into oxygen and benefiting organisms all the way up the food chain, from sea sponges and crabs to whales.
  
  But too much of one specific type of algae can be toxic, causing a harmful algal bloom, also sometimes known as a red tide.
  
  While Karenia mikimotoi does not cause long-term harm to humans, it can damage the gills of fish and shellfish, preventing them from breathing. Algal blooms can also cause discoloration in the water and block sunlight from coming in, harming ecosystems.
  
  The Great Southern Reef is a haven for “really unique” biodiversity, said Bennett, a researcher at the University of Tasmania, who coined the name for the interconnected reef system which spans Australia’s south coast.
  
  About 70% of the species that live there are endemic to the area, he said, meaning they are found nowhere else in the world.
  
  “For these species, once they’re gone, they’re gone.”
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  ThomasInsof

  Monday, 04 August 2025 05:31

  Job losses
  But what about the impact of tariffs on job creation? Surprisingly, an increase in import taxes has been found to result in slightly more unemployment across countries.
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  An example provided by Irwin at Dartmouth College points to one plausible explanation — and it has to do with the steeper cost of imported goods.
  
  “A number of studies have shown, on net, we lost jobs from the (2018) steel tariffs rather than gained jobs because there are more people employed in the downstream user industries than in the steel industry itself,” he said.
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  A study by the Federal Reserve Board found that a rise in input costs resulting from US tariff hikes in 2018-19 led to job losses in American manufacturing. The damage from those higher expenses was compounded by retaliatory taxes on US exports, more than offsetting a small boost to manufacturing employment from US tariffs — at least so far, the 2024 paper said.
  
  Retaliation by other countries is indeed another danger of pulling the tariff lever. Higher tariffs on American exports would typically raise their prices for foreign consumers, hitting demand for the goods in many cases.
  
  When Trump announced new tariffs this year, America’s major trading partners were quick to strike back with their own levies, although the US then agreed a temporary truce with China and the European Union.
  
  Costs of free trade
  While economists generally agree that free trade has benefited the global economy in recent decades, they acknowledge that it comes with certain costs.
  
  One is the loss of jobs in communities that are particularly exposed to new competition from foreign manufacturers.
  
  That is similar to the impact of technological progress on workers. “Manufacturing jobs as a share of the labor force have come down everywhere. It isn’t a US-specific story,” said Gimber at JPMorgan Asset Management, pointing to automation.
  
  He drew a parallel between helping workers affected by higher imports and what is known as a just transition — the idea that the drastic changes needed to move toward a greener economy should be fair to everyone and minimize harm to workers and communities.
  
  In both cases, providing workers in impacted industries with new skills or retraining them could be key, Gimber said.
  
  Another potential cost of free trade is dependency on far-flung manufacturers. That took on new relevance during the pandemic, which snarled global supply chains, contributing to shortages of products such as face masks and respirators in the US and elsewhere.
  
  However, economists do not typically see tariffs as a good way to build up domestic manufacturing, Fatas at INSEAD said, noting that subsidies for specific industries are viewed as a better tool “because they work more directly.”
  
  But perhaps the strongest argument in favor of free trade is its importance to maintaining peace between nations.
  
  As Gimber’s colleague David Kelly noted in March, closer trade relations give countries more to lose in any conflict.
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  Monday, 04 August 2025 03:54

  Rome — There’s a reason archaeologist Ersilia D’Ambrosio can scarcely contain her excitement as she leads the way through dimly lit passageways deep below the Capitoline Hill that was once at the heart of ancient Rome: In a city where almost every historic treasure has been laid bare, this vast subterranean labyrinth is an undiscovered world.
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  “No one has seen these caves and tunnels for more than a century,” D’Ambrosio tells CNN, plunging further into the gloom. These chambers, which cover around 42,000 square feet, or 3,900 square meters — roughly three-quarters the area of an American football field — lie in an area beneath the Ancient Roman Forum and the 2,000-year-old Marcello Theater. At its deepest point, one of the caves extends about 985 feet below the surface.
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  Known as the Grottino del Campidoglio, or Capitoline Grotto, these tunnels have been part of the fabric of Rome even since before the days of Julius Caesar, despite being forgotten in recent generations. Comprehensively developed in the Middle Ages, they were in continuous use until the 1920s, at various times housing entire communities, shops, taverns, restaurants and, in World War II, people sheltering from falling Allied bombs.
  
  Above ground, on the steamy morning in July when CNN was granted exclusive access to the cavern network, tourists sweated in temperatures of 95 degrees Fahrenheit (35 Celsius) as they explored the Capitoline Square, designed by Michelangelo in the 16th century, and the Capitoline Museums complex. Seventy-five feet below, in the grotto, it’s decidedly cooler at around 55F, with the damp air causing condensation to glitter on some of the tunnel surfaces.
  Some of the passages are neatly constructed and lined with bricks, a sign of their development and use in the 19th century. Others are more roughly hewn from tuff, a soft volcanic rock from which the famous Seven Hills of Rome are formed. Walking through the tunnels is a trip back in time, with Rome’s complex layers of history laid bare.