By a nonviolent coup, Michel Temer has officially been sworn in as Brazil’s new president.
The Chinese State Nuclear Power Technology Corporation will build a nuclear power plant in Turkey by implementing technologies obtained in collaboration with US-based Westinghouse Electric company.
South Korea’s biggest shipping firm is shutting down, and its ships are being refused entry to ports. (This will cause one or two small headaches for the globalized economy.)
Bonus link: unemployment i the USA
The Illinois state government is so corrupt that it must keep its accounts secret:
Old background information on how the system gets gamed – in this case, by China:
How is it possible to manufacture and ship an item across an ocean for two bucks?
A big part of the explanation is a United Nations body called the Universal Postal Union. The UPU helps coordinate rates and standards between nearly every national postal system, and has been a crucial piece of global infrastructure since its founding in 1874 (it was absorbed into the United Nations only in the 20th century). But critics argue that the system now amounts to a subsidy for international shipping from developing countries and net exporters.
At the heart of the matter is a mixed system of barter and compensation. Postal services within the UPU agree to carry one another’s international letters and small parcels from their point of arrival—say, a port—to their final destinations. They then compensate each other for this service at rates set by the UPU. These are known as terminal dues, and are amended at a UPU congress every four to five years.
The UPU system is extremely complex, with countries slotted into at least nine different categories, which are based on their level of development and effect the terminal dues rates they pay to each other. These rates are generally far below rates paid by domestic shippers. For example, as of 2012, the terminal dues on items from China to the U.S. were about one U.S. dollar per kilogram. This means that in many if not most cases, the U.S. Postal Service received less compensation for a China Post package moved from a Los Angeles port to its final destination inland, than it would have from someone in Los Angeles who sent an identical package within the United States. The last half of that voice chip’s journey would have cost China Post less than the price of a U.S. stamp.