Dossier de Prensa

Global Systemic Crisis

  • temptation The Great Petroyuan Temptation - All this occurs in the context of strong pressure from the Chinese to trade their oil in yuan[1], a gigantic strategic U-turn for the country and the whole region, therefore harming numerous well-established Saudi interests. In recent days, Saudi oil exports to the US have dramatically declined, a collapse likely to disrupt US interests as well it also corresponding to an old dream of freeing the US from Saudi oil dependence. Except that, finally, it is the Saudis who reduced their oil exports more than the US reduced their Saudi imports. But in fact the US is experiencing the first positive consequences of this reduction: their trade balance with Saudi Arabia, which has always been negative, has just moved into the green thanks also to the increase in arms sales ... Leer
  • bitcoin Bitcoin: bye bye! - The star of the e-currencies has been on a roller-coaster ride lately. But so far, smart (and lucky) speculators have been able to take advantage of these dizzying ups and downs, as well as of the considerable trend appreciation. But what happens to Bitcoins nowadays is more serious. Indeed, the bitcoin community, whose decentralised nature did not allow to opt for a currency modernisation, particularly regarding the massification potential, has ended up generating competition (fork), the Bitcoin Cash, which looks like the brand new super Bitcoin. We strongly recommend that you bet on this new “option”, incompatible with the first one because of its size (eight times stronger), by separating the transaction activities and the more centralised e-gold status (flaw for the people, but quality for the states); also, it ... Leer
  • dw Poverty and social exclusion: Millions of Germans on brink - About 20 percent of people in Germany are threatened by poverty and other forms of social exclusion. According to EU statistics, close to a quarter of the bloc’s residents faced such precarious conditions in 2016. Poverty and other forms of social exclusion affect 16 million people in Germany — 19.7 percent of the population — the Federal Statistical Office reported on Wednesday as part of an EU study. The study defines threatened people as those who receive less than 60 percent of the median national income, are subjected to severe or persistent material deprivation, or live in households with “very low work intensity.” According to the study, about 16.5 percent of people in Germany face such precarious conditions because they are paid too little. The threshold for determining whether a person is threatened by economic circumstances was ... Leer
  • euobs German coalition talks collapse - The liberal Free Democratic Party (FDP) pulled out of coalition talks in Germany on Sunday (19 November), leading to an uncertain political future for the EU’s largest member state. The move is a blow to Angela Merkel, leader of the centre-right CDU and chancellor of Germany since 2005, who was expected to lead the coalition government for a fourth time. But talks between CDU, its Bavarian sister party CSU, the Greens, and FDP, progressed slowly and missed a self-imposed deadline last Thursday. FDP’s leader Christian Lindner said on Sunday that after weeks of talks, there were still many open issues and conflicting goals, but “no common basis for trust”. “It is better not to rule than to rule wrongly,” said Lindner around midnight on Sunday… Read more : EUObserver, 20.11.2017
  • francetv Le parti LREM va lancer une “grande marche européenne” en janvier - La formation d’Emmanuel Macron se prépare pour les prochaines échéances électorales. La République en marche (LREM) entend lancer, début 2018, une “grande marche” pour débattre avec les Français de l’avenir de l’Europe, a annoncé, lundi 20 novembre, son nouveau délégué général, Christophe Castaner, à l’issue d’un entretien à l’Elysée. En France, elle sera menée “dans les villages, auprès des agriculteurs qui s’inquiètent des dérives européennes, mais savent l’importance de la politique agricole commune, de nos concitoyens qui peuvent trouver que l’Europe est un amoncellement de normes…” a-t-il expliqué. LREM “sera partout en France au premier trimestre pour que nous puissions porter cette ambition” pour l’UE. Un “débat interne” sur le mode de scrutin Par ailleurs, LREM reste “ouverte” sur la question du mode de scrutin pour les élections européennes de 2019. Avec deux options : la liste nationale, qui peut “favoriser ... Leer
  • china Securing China’s financial system - On June 30, Beijing launched Bond Connect, a programme which allows international investors to invest in the Chinese bond market via Hong Kong, and vice versa[1]. In March, another system, the China Interbank Bond Market (CIBM) [2], had already been launched. Both programmes are expected to have limited impact in the short term. But the Japanese bank Nomura, in an internal note[3] dated July 7, specifies that the goal is to obtain the insertion of the Chinese bond market in the major benchmarks calculated by JP Morgan, Barclays or WGBI. This introduction would favour a large influx of capital to China, thus to the Yuan, via index funds. Nomura predicts a “reallocation of bond investments” from the rest of Asia to China. Deutsche Bank, the leading bank operating on the ... Leer
  • gu There is no such thing as western civilisation - Like many Englishmen who suffered from tuberculosis in the 19th century, Sir Edward Burnett Tylor went abroad on medical advice, seeking the drier air of warmer regions. Tylor came from a prosperous Quaker business family, so he had the resources for a long trip. In 1855, in his early 20s, he left for the New World, and, after befriending a Quaker archeologist he met on his travels, he ended up riding on horseback through the Mexican countryside, visiting Aztec ruins and dusty pueblos. Tylor was impressed by what he called “the evidence of an immense ancient population”. And his Mexican sojourn fired in him an enthusiasm for the study of faraway societies, ancient and modern, that lasted for the rest of his life. In 1871, he published his masterwork, Primitive Culture, which can lay ... Leer
  • oilprice Russian LNG Unfazed By U.S. Sanctions - Russia’s energy industry faces a new round of U.S. sanctions—including on oil projects in any location if a designated entity holds more than 33 percent. And in Europe, where Russia’s gas giant Gazprom currently holds a large share of the gas supplies, Poland and Lithuania are buying U.S. LNG in an effort to shake off Russian dominance. Despite the sanctions and cold shoulders from Poland and Lithuania, Russia still has plans to boost its LNG capacity and exports, with one of its major LNG export projects focusing on Asia, more specifically China, as its destination. The LNG project has relied on Chinese funding to bring the project to completion. By securing funding from China, Russia is not only finding alternative sources of financing in the face of U.S. sanctions; it’s also securing sales ... Leer
  • eubusiness (2) 23 EU states launch new era for European defence cooperation -  23 EU Member States – though not the United Kingdom – signed an historic pact Monday to cooperate more closely in future on security and defence in the wake of Brexit and Russian aggression. The countires – Austria, Belgium, Bulgaria, Czech Republic, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Poland, Romania, Slovenia, Slovakia, Spain and Sweden – today signed the joint notification of the launch of the Permanent Structured Cooperation (PESCO) on defence, and handed it over to the EU’s foreign policy chief Federica Mogherini. The possibility of the Permanent Structured Cooperation in the area of defence security and defence policy was introduced by the Lisbon Treaty. It foresaw the possibility of a number of EU member states working more closely together in ... Leer
  • euobs German coalition talks in near collapse - Talks to form a coalition government in Germany were in deadlock on Friday morning (17 November), after negotiators separated early morning without a deal in sight. A new, last chance meeting was due at midday on Friday. But wide differences remained on migration, climate and energy and finance policies between the four parties involved in the so-called Jamaica coalition, because their colours echo the Caribbean country’s flag: the centre-right CDU and its Bavarian branch CSU, the liberal FDP, and the Greens. “We need some sleep,” said Green leader Simone Peter after the overnight 15-hour discussion. “Good morning, today it continues,” chancellor Angela Merkel simply said. On Thursday, Merkel had warned that forming a coalition between parties that have never worked together at the federal level was “a very complicated task”. ... Leer
  • temptation Oriente Próximo / Europa: ¿hacia una nueva crisis migratoria? - Como venimos anticipando desde hace dos meses, la etapa final del año 2017 promete numerosos giros y riesgos de escalada diversos. Actualmente, la atención se centra en Oriente Próximo, la bomba de relojería del mundo, y en las tensiones en torno al Líbano, protagonizadas por nada menos que EE.UU., Rusia, Israel, Arabia Saudita e Irán. Los detalles del asunto dan escalofríos, con la dimisión/retirada de un primer ministro (el libanés prosaudí Saad Hariri), la alianza israelita-saudí contra el Hezbolá, los misiles hutíes (Yemen) lanzados en dirección a Riad, poniendo en cuestión a Irán de manera directa… Todo esto unido al hecho de que la crisis catarí aún no se ha resuelto y de que el presidente Trump parece estar en todas partes… Para leer más: GEAB 119
  • bloom Euro Economy Is Heading Towards a Golden Period - Europe is no longer the sick man of the world economy. The 19-nation euro-zone bloc is already enjoying the strongest growth in a decade and now economists at Credit Suisse Group AG and Oxford Economics are declaring that it’s heading toward a golden period of low-inflationary expansion. The turnaround is striking for a region that plunged from the global financial crisis into its own sovereign debt turmoil, record unemployment and near-deflation that threatened the very survival of the currency union. While still to make up most of the ground lost in the dark years, and with productivity still weak, the upturn at least holds out the hope that some scars will start to heal. “This is euro-area growth at its best,” said Nathan Sheets, a former international economist at the Federal ... Leer
  • bloom Bitcoin Plunge Exposes a Fundamental Flaw - Virtual currency’s threat to the human environment has been hitting the headlines recently. The race to mine new Bitcoins, exacerbated by rules that make the process use more computer power as time goes on, threatens one day to consume as much power as the whole of Japan, according to Citi. Already, Bitcoin mines stacked high with customized machines whir away in Inner Mongolia, hinting at the crypto-currency’s “Mad Max” problem, as ING’s Teunis Brosens puts it. But this is a problem only as long as people are desperate for new Bitcoin, and only as long as its rules remain fixed. The dramatic events over the past three days have shown us that neither is guaranteed. The tumble in value of the granddaddy of crypto-currencies, from about $7,300 to just more than $5,600, ... Leer
  • bloom The ECB Needs an Inflation Plan, Just in Case - Nearly three weeks after the European Central Bank halved the pace of its monetary stimulus to the euro zone economy, something strange is happening in the sovereign debt market. Even as the ECB takes a little step back from quantitative easing, investors are continuing to pile into government bonds, particularly from some countries that were most affected by the crisis. The risk is that markets may be in for a rude awakening. The cases of Italy, Spain and Portugal best represent this trend. The Italian 10-year bond yield has fallen by 20 basis points to 1.82 percent since the ECB announcement. The interest rates on similarly dated Portuguese and Spanish debt have decreased, respectively, by 30 and 11 basis points, to 1.95 percent and 1.52 percent. True, the ECB has extended purchases ... Leer
  • bbc Venezuela’s debt problem: To default or to pay - As creditors meet in Caracas to renegotiate the country’s foreign debt, BBC South America correspondent Katy Watson takes a closer look at Venezuela’s debt problem and the challenges facing the government. What is the Venezuelan government proposing? President Nicolás Maduro said on 2 November that the country would “refinance and restructure” all of Venezuela’s external debt, meaning that the government would effectively renegotiate the terms of how it repays the money it owes to foreign investors. The reason President Maduro cited for the move was to “fight against the financial persecution of our country”, a reference to the US sanctions that have targeted members of the Maduro administration… Read more : BBC, 15.11.2017
  • sweede The Shock of Sweden’s Housing Market is Hitting the Country’s Currency - Can a central bank steer the housing market? Not so long ago, Sweden’s Riksbank decided: no. Now, there’s a risk that decision may backfire as the biggest property market in Scandinavia risks sinking into a correction. The evidence of price declines was so worrying on Tuesday that it contributed to a 1.5 percent slump in the krona against the euro. A weak currency puts the Riksbank’s inflation target at risk. So should it be looking at the housing market more closely? Developments in Sweden’s housing market “could spark some doubts at the Riksbank as it may affect the overall economic outlook and inflation,” Nordea analyst Andreas Wallstrom said in a note… Read more : Bloomberg, 14.11.2017
  • marketwatch Household debt rises by $116 billion as credit-card delinquencies pile up - The numbers: Household debt rose by $116 billion, or 0.9%, to $12.96 trillion in the third quarter, the New York Fed said Tuesday. That’s the highest level in nominal terms, though not when compared to the size of the economy. Credit-card debt rose by 3.1% while home equity lines of credit, or HELOC, balances fell by 0.9%. There were small gains in mortgage, student and auto debt. Flows into credit-card and auto loans delinquencies rose, with 4.6% of credit card debt 90 days or more delinquent, up from 4.4% in the second quarter, and 2.4% of auto loan debt seriously delinquent, up from 2.3%. That’s still nowhere near the 9.6% of student loan debt that is delinquent, which itself is understated because about half of those loans are currently in deferment, ... Leer
  • zimbabwe Zimbabwe: What’s happening? - A vice president sacked, fears of a Mugabe dynasty, and a military threat. What is happening today in Zimbabwe? There is growing uncertainty in Zimbabwe. Soldiers on Wednesday took over the headquarters of the state broadcaster ZBC and blocked access to government offices, but the army says this is not a military take over. President Robert Mugabe, who leads the ruling Zanu-PF party, is safe, an army spokesman has said. But as yet, there is no official word from the government or the Mugabe family as to their whereabouts. What has happened so far: The backstory Vice President Emmerson Mnangagwa, an ally of the army chief and a veteran of the country’s struggle for independence, was sacked on November 8 by 93-year-old Mugabe for showing “traits of disloyalty”. Mnangagwa, who fled the country soon after, was seen ... Leer
  • alj Why we are suing the Norwegian government - For the first time ever, a government is being brought to justice for opening new areas for oil and gas extraction after signing and ratifying the Paris Agreement. This historic court case is set to begin in Oslo, Norway, on November 14. Greenpeace and Norwegian environmental organisation Nature and Youth are challenging the Norwegian government in court for allowing oil companies to drill for new oil in the Arctic. For the first time in more than 20 years, the government has awarded oil licenses in a completely new area of the Barents Sea to 13 oil companies, a move that violates the country’s own constitution and contravenes the Paris Agreement. At the time that the lawsuit was filed, then UN chief Ban Ki-moon said:“The fate of the Arctic is tied to the fate ... Leer
  • David Davis, Michel Barnier EU preparing for Brexit failure, Barnier says - The EU is drawing up plans for a no deal Brexit scenario, EU chief negotiator Michel Barnier said in an interview published on Sunday (12 November). Talking to France’s Journal du Dimanche newspaper Barnier warned that people should prepare themselves for the possibility of Brexit talks collapsing. “That’s not my preferred option … But it’s a possibility. Everyone has to prepare for it, states as businesses – we are technically preparing ourselves,” Barnier said. The chief negotiator said after the latest round of talks last week that the UK needed to clarify its position on the divorce bill for talks to be able to move on to their next phase on future relations. EU leaders will gather in December to assess whether Brexit negotiations have made enough progress on the key issues of the ... Leer
  • bloom Mysterious Gold Trades of 4 Million Ounces Spur Price Plunge - Trades that moved about 4 million ounces of gold in a matter of minutes awakened the precious metal from its slumber. After 11:10 a.m. on the Comex in New York almost 40,000 contracts, each representing 100 ounces of the metal, traded in a span of 10 minutes. That triggered a sell-off, sending prices down as much as 1.1 percent. The trades jolted the market, which has seen 60-day historical volatility languishing near the lowest since 2001. The metal has struggled to sustain the pace of gains from earlier this year as the outlook for rising U.S. borrowing costs curbs demand for non-interest-bearing assets like gold. “We didn’t see any headlines, any news to make gold drop $10, but it just did,” Miguel Perez-Santalla, a sales and marketing manager at Heraeus Metals ... Leer
  • gu Royal purge sends shockwaves through Saudi Arabia’s elites - Saudi Arabia’s leadership has pulled off its boldest move yet to consolidate power around its young crown prince, Mohammed bin Salman, arresting 11 senior princes, one of the country’s richest men and scores of former ministers in what it billed as a corruption purge. The move sidelined at least 20 senior figures, among them outspoken billionaire, Prince al-Waleed bin Talal, sending shockwaves through the ranks of the kingdom’s elites, who had long viewed senior royals as immune. The scale and targets of Saturday’s purge – ordered by royal decree from King Salman – dwarfed anything seen in Riyadh in recent years, deliberately targeting figures deemed previously to be untouchables. Figures close to the crown prince said the move aimed to reshape public behaviour in a kingdom where patronage networks often determine business deals ... Leer
  • 20171031 Nordiska rådets session i Helsingfors. Foto: Magnus Fröderberg/Norden.org Nordic people prioritise closer defence cooperation - “I wish that we stand together in the Nordic countries as the world has become strange”, said one of 3,202 Nordic people interviewed in August and September about Nordic cooperation. The quote was highlighted in the presentation of a new Nordic survey to the public on Tuesday (31 October) in relation to the Nordic Council’s yearly session. It showed that security and defence issues overall are the number one reason for people in the five Nordic countries to want cooperation. Overall 31 percent of the respondents pointed out security and defence as the most important issue for Nordic cooperation – while a similar study in 2008 instead showed that “fighting international crime” was the most important area for cooperation. A lot has happened in the world since then. Today Britain is about ... Leer
  • Paradise Papers leak reveals secrets of the world elite’s hidden wealth - The world’s biggest businesses, heads of state and global figures in politics, entertainment and sport who have sheltered their wealth in secretive tax havens are being revealed this week in a major new investigation into Britain’s offshore empires. The details come from a leak of 13.4m files that expose the global environments in which tax abuses can thrive – and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth. The material, which has come from two offshore service providers and the company registries of 19 tax havens, was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with partners including the Guardian, the BBC and the New York Times… Read more : The Guardian, 05.11.2017
  • alj Japan PM Abe: ‘All options on the table’ with N Korea -  As US President Donald Trumparrives in Tokyo on Sunday, he and Japanese Prime Minister Shinzo Abe are expected to act in lockstep in terms of their messaging on North Korea – nuclear weapons and missile development are entirely unacceptable and “all options are on the table” in terms of how this threat may be met. The political phrase “all options on the table”, of course, encompasses the possibility that the United States and Japan might jointly launch an aggressive military attack on North Korea, which they would portray as being “pre-emptive” in light of the many verbal threats that have already been issued by the regime of Kim Jong-un. At a personal level, Abe hardly needs Washington to push him into a hardline stance vis-a-vis North Korea (or China or even South Korea for that matter) because his hawkishness towards mainland Asian neighbours has been ... Leer
  • gu European arrest warrant issued for ex-Catalan leader Carles Puigdemont - A Spanish judge has issued an international arrest warrant for Catalonia’s ousted president a day after she jailed eight members of the region’s separatist government pending possible charges over last week’s declaration of independence. In the latest twist in Spain’s worst political crisis in four decades, a national court judge on Friday issued a European arrest warrant for Carles Puigdemont in response to a request from state prosecutors. Puigdemont flew to Brussels earlier this week with a handful of his deposed ministers after Spanish authorities removed him and his cabinet from office for pushing ahead with the declaration despite repeated warnings that it was illegal. Puigdemont’s Belgian lawyer has already said his client will fight extradition without seeking political asylum. Puigdemont was summoned to appear at Spain’s national court on Thursday to give evidence relating to possible charges of ... Leer
  • catalonia Catalonia. Re-thinking the political-institutional architecture of the EU - The Catalan crisis has a whiff of the Spanish civil war, proportion wise. Rajoy government’s serious mistakes in managing the crisis of the independence referendum are due to the fact that Spain does not have a far-right party (like most other western countries); this political trend is completely integrated into the classic right-wing party, Mariano Rajoy’s People Party. Thus, instead of managing with finesse, the Catalans’ unconstitutional inclinations of independence have been treated frontally in a violence resulting in radicalisation. Catalans will soon have no choice but to be independantists or traitors to the cause, whilst the majority is in reality autonomist and expects Madrid to lower down the tension. The EU which has pushed forward a Europe of the regions, most certainly with an intention to weaken the national ... Leer
  • may2 October 2017-March 2019: Theresa May resigns in favour of Philip Hammond and the Brexit negotiations are extended - Following the publication of Boris Johnson’s articles, Philip Hammond, the Chancellor of the Exchequer (Finance Minister), a defender of the Remain camp and fervent supporter of May, did not hesitate to warn Johnson, by stating “no one is unsackable”. Several British newspapers announced then a reorganisation within the British government, allowing May to show Boris Johnson the door[1]. Currently, the Prime Minister has four options: – The status quo: to negotiate under the current conditions by keeping Johnson and risking the “no deal” trail. – Resign and organise new Conservative Party elections within the Westminster Chamber to appoint a new Prime Minister – Dismiss Boris Johnson, at the risk of seeing the latter organise a non-confidence vote in the assembly (minimum 48 deputies needed) automatically inducing a parliamentary vote to ... Leer
  • may United Kingdom: Towards a May-xit - “Since there is no future, the wanderings of the past are back in Europe”. On this topic, our team finds interesting to identify some sort of an echo of the Continental Blockade[1] within the Brexit affair. There will be of course no strict parallel, but this parallel might show that Brexit is at least as much the result of a rejection of the UK by the continent as the other way around. It is a fact that the glorious decade of the UK’s reign over the EU dates back to the 1990s. From the mid-2000s onwards, the entire continent mobilised in order to put the UK back in its place. Consequently, the latter lost its tactical advantage of being a connecting point between the United States and the EU. The ... Leer
  • gu New $400m army to fight human traffickers and terrorists faces UN moment of truth - Unprecedented plans to combat human trafficking and terrorism across the Sahel and into Libya will face a major credibility test on Monday when the UN decides whether to back a new proposed five-nation joint security force across the region. The 5,000-strong army costing $400m in the first year is designed to end growing insecurity, a driving force of migration, and combat endemic people-smuggling that has since 2014 seen 30,000 killed in the Sahara and an estimated 10,000 drowned in the central Mediterranean. The joint G5 force, due to be fully operational next spring and working across five Sahel states, has the strong backing of France and Italy, but is suffering a massive shortfall in funds, doubts about its mandate and claims that the Sahel region needs better coordinated development aid, and fewer security responses, ... Leer
  • alj IAEA’s Yukiya Amano: Iran is living up to nuclear deal - What would have been a routine visit by the head of the International Atomic Energy Agency (IAEA) became a public relations opportunity for the Iranian government. Yukiya Amano was in Tehran on Sunday, his first visit since US President Donald Trump told Congress that Iran is not complying with the Joint Comprehensive Plan of Action (JCPOA), more commonly known as the 2015 nuclear deal. The IAEA chief put a positive face on proceedings, but the stakes are high. This time, his verification of compliance was a moment of vindication for Iran and another international rebuke of the White House. “Ladies and gentleman, I am very happy to come to your country again,” Amano said during a press conference at Iran’s nuclear agency. “Since January 2016, the IAEA has been monitoring and verifying the nuclear ... Leer
  • euobs EU takes aim at UK tax perks - EU competition authorities have sunk their teeth into UK tax perks for multinationals amid a wider crackdown on aggressive tax avoidance. The European Commission said on Thursday (26 October) it had opened an “in-depth investigation” into a British law that let big corporations shift profits to offshore subsidiaries. It said the opening of the probe did “not prejudge the outcome of the investigation”. But it indicated that if the UK scheme constituted illegal state aid, then Britain could go the way of Ireland or Luxembourg in terms of EU injunctions. “We will carefully look at an exemption to the UK’s anti-tax avoidance rules for certain transactions by multinationals, to make sure it does not breach EU state aid rules,” the EU competition commissioner, Margrethe Vestager, said. The Commission’s wider crackdown ... Leer
  • euobs Madrid and Barcelona on collision course - The Catalan parliament could declare independence on Friday (27 October), while the Spanish senate is set to vote in favour of suspending Catalonia’s autonomy. “It is the parliament’s duty to proceed with what the parliamentary majority determines in relation to the consequences of the application of article 155 against Catalonia,” Catalan leader Carles Puigdemont said on Thursday. Article 155 of the Spanish constitution is the clause that allows the national government to take “all measures necessary” to make a region meet its obligations to the state. Puigdemont’s governing coalition, Junts pel Si, said it would “continue with the mandate from the Catalan people,” given in the 1 October independence referendum, which had been declared illegal by the Spanish Constitutional Court. With the support of CUP, a staunchly separatist radical left ... Leer
  • guardian EU under mounting pressure to ban arms sales to Saudi Arabia - The European Union is under mounting pressure from MEPs to ban arms sales to Saudi Arabia in response to the Gulf state’s bombing campaign in Yemen. The leaders of four political groups in the European parliament have urged the EU foreign policy chief, Federica Mogherini, to propose an EU arms embargo on Saudi Arabia, because of the devastating war in Yemen that has left nearly 20 million people in need of humanitarian aid. In a letter to Mogherini, seen by the Guardian, the MEP leaders accuse the EU of flouting its own rules, by selling weapons to Saudi Arabia in defiance of a 2008 common code on military exports. Mogherini has the right to propose an arms embargo, but would need to win the backing of EU member states, including the UK, one of ... Leer
  • euobs Spain ‘takes back control’ of Catalan government - Three days after Catalonia’s unrecognised declaration of independence, the Spanish government will on Monday (30 October) start to take control of the region’s administration. On Saturday, the Spanish official bulletin published the decrees to apply article 155 of the constitution and suspend Catalonia’s independence. The president of the Catalan government Carles Puigdemont was dismissed and replaced by the Spanish deputy prime minister Soraya Saenz de Santamaria. Madrid had earlier dissolved the Catalan government and called elections for 21 December. The interior minister took control of the Catalan police, the Mossos d’Esquadra, firing their chief Josep Lluis Trapero. On Sunday police stations followed orders to take down the institutional pictures of Puigdemont … Read more : EUObserver, 30.10.2017
  • NAFTA renegotiation at risk due to U.S. proposals, says Mexican advisor - The current renegotiation of NAFTA is facing “big red lights” due to controversial proposals made by the U.S., a Mexican participant in the talks said on Wednesday. Moises Kalach, coordinator of international negotiations at Mexico’s Business Coordination Council, said that the “philosophy of the White House” had led to “major unbreachable topics in which Mexico is not ready to give in.” Speaking at a conference in Mexican Institute of Financial Executives, Kalach said the U.S. was seeking to reduce its trade deficit with Mexico and Canada, to make the NAFTA treaty expire every five years, and to increase rules of origin in the automotive sector, among others, making the negotiations more difficult to reach agreement. Kalach added that Washington’s intention to modify NAFTA’s mechanism for dispute resolution would also greatly impact ... Leer
  • gu Files will shed light on Kennedy shooting conspiracy – but not the one you think - In the persistent, probably eternal whirlwind of conspiracy theories about the November 1963 assassination of President John F Kennedy, there is one conspiracy theory that is no longer just a theory – and hasn’t been for years. That wide-ranging conspiracy was for real. And proof of its existence will almost certainly grow more solid on Thursday with the imminent release of tens of thousands of pages of long-classified, assassination-related documents from the National Archives – supposedly the last of the government’s secret files on Kennedy’s murder. What conspiracy? Not one involving a second assassin in Dealey Plaza. (All of the most credible evidence continues to point to Lee Harvey Oswald as the lone gunman in Dallas.) Not some sort of mafia plot that resulted in the silencing of Oswald two days later by ... Leer
  • ECB - Luminale 2016 Euro Tower , MB End of an era: ECB expected to phase out bond buying - Leading banks expect Mario Draghi, the European Central Bank (ECB) chief, to announce a tapering-off in the bond-buying programme that saved the EU’s single currency. The ECB decision, due on Thursday (26 October) morning in Frankfurt, would mark the end of the financial crisis that began in 2008 and that threatened to bankrupt several EU states, including Greece, Ireland, and Portugal, possibly sending them out of the euro. The ECB began buying sovereign and corporate bonds in 2015 using newly-created electronic money in a scheme called “quantitative easing” or QE. It has continued to amass debt at the rate of €60 billion a month, building up a pile worth €2.3 trillion today. That, in turn, lowered the borrowing costs for governments and major companies, allowing them to invest cash into ... Leer
  • alj Iraq’s Abadi heads to Iran for regional security talks - Iraqi Prime Minister Haider al-Abadi is set to meet Iran’s leaders for talks on regional security, including the future of Iraq’s Kurdistan and the role of the Tehran-backed Shia militias in his country. Abadi’s meeting on Thursday with Iran’s President Hassan Rouhani marks his second visit to Tehran in four months, highlighting his effort to rally support behind the central government in Baghdad.  There was no confirmation if Abadi will also meet with Iran’s Supreme Leader Ayatollah Ali Khamenei, although analyst said it would be likely. The trip follows his visit on Wednesday to Turkey, where he met with President Recep Tayyip Erdogan and Prime Minister Binali Yildirim, and reaffirmed their stance against the Kurdish independence vote… Read more : Aljazeera, 26.10.2017
  • cnbc Saudi Arabia is opening up its IPO market to foreign investors - Foreign investors are now able to participate in initial public offerings (IPO) within Saudi Arabia and will be given access to a stock market aimed at small and medium-sized businesses. Mohammed El Kuwaiz, chairman of the country’s Capital Market Authority (CMA), said Thursday that foreign investors can take part in company flotations when asked about the IPO of oil giant Saudi Aramco, according to Reuters. The Kingdom aims to raise about $100 billion by taking a portion of its state oil giant public next year. The funds will underwrite an effort led by Crown Prince Mohammed bin Salman to diversify the nation’s economy through a plan called Vision 2030. Amin Nasser, chief executive of Saudi Aramco, has repeatedly said that there will be a dual-listing — one in Saudi Arabia ... Leer
  • db Deutsche Bank to Pay $220 Million to U.S. States Over Libor - Deutsche Bank AG agreed to pay 45 U.S. states a combined $220 million to resolve a probe into interest-rate manipulation, more than twice the amount of Barclays Plc’s settlement last year. The states’ investigation found that the German bank’s false rate submissions inflated borrowing costs linked to the London and U.S. dollar interbank offered rates, which are used to value trillions of dollars of securities and loans, New York Attorney General Eric Schneiderman said Wednesday in a statement. “We will not tolerate fraudulent, manipulative or collusive conduct that interferes with or undermines confidence in our financial markets,” Schneiderman, who led the probe with California Attorney General Xavier Becerra, said in the statement… Read more : Bloomberg, 25.10.2017
  • euobs China’s ‘new era’ means balance with EU - Chinese leader Xi Jinping won a second term on Wednesday (25 October) as leader of the country’s ruling communist party, with a promise of a “new era” for China. While Xi said that he would continue to develop a “socialism with Chinese characteristics” at home, China under his rule will pursue a foreign policy guided by the so-called “five principles of peaceful coexistence” that should not fundamentally change its relations with the EU. “We have every reason to strengthen our cooperation with our EU friends,” said Yang Xiaoguang, political counsellor at the Chinese mission to the EU. Yang, who was speaking at an event at the Brussels Press Club, insisted that “China’s development will contribute to China-EU strategic partnership.” In the coming years, China “will actively promote international cooperation” and ... Leer
  • gu The liberal-left divide reshaping American politics - It has been almost a year since the catastrophic election of Donald Trump. In his first year in office, the president has governed as cruelly and ineptly as his critics predicted. But while anti-Trump sentiment has never been more fierce and widespread, his political opponents are more divided than ever. And this faultline – which has parallels in Britain with divisions among the Labour party – could, if left unaddressed, compromise efforts to resist and defeat Trumpism. Roughly speaking, these two sides could be characterised as the “populist wing” and the “establishment wing” of the Democratic party, but even this terminology is a point of controversy between the feuding sides. The party’s left wing, for example, wants to call the conflict the “left-liberal divide”. Loyalist Democrats want to play down the divide, ... Leer
  • ekathi Safeguarding vital interests - Certain European officials have been annoyed by Greece’s intention to spend a little more than a billion euros to upgrade its fleet of F-16 fighter jets. Part of their annoyance obviously arises from the fact that Greece will be paying the Americans carrying out the project with money borrowed from Europe. But some countries haven’t understood that Greece is not planning to buy new aircraft, just upgrade some of the old ones, obviously because it doesn’t have the funds to make a major purchase. Nevertheless, the main reaction has been one of intense irritation. To begin with, though, even if a country is under supervision from creditors, it will still take certain decisions that are dictated by its national interest. Sure, there is fat that can be trimmed from the ... Leer
  • hsbc HSBC Trader’s Conviction Will Echo in $5 Trillion FX Market - Global currency traders and compliance officers who monitor them were put on high alert after a New York jury convicted a former HSBC Holdings Plc executive of fraud for front-running a large client order. The verdict is a victory for U.S. prosecutors in their first attempt to hold individuals accountable since a global currency-rigging probe that led to banks paying more than $10 billion in penalties. Mark Johnson faces a maximum sentence of 20 years in prison, although he’s likely to get much less. Traders will almost certainly come under pressure to avoid conduct that could be seen as harming their clients and profiting unfairly at their expense, said Mayra Rodriguez Valladares, a former foreign-exchange analyst for the Federal Reserve Bank of New York. “Front-running is a crime,” she said. “This should be a ... Leer
  • euobs Austria and Czech elections will change Visegrad dynamics - The victory of the Czech oligarch Andrej Babis in Prague is likely to further undermine the Visegrad alliance. The success of Sebastian Kurz in Vienna and a future coalition with the far-right, with their new ambition to lead in the region, will only speed up this process. Anticipating that, Poland should present a constructive position in the debate on the future of the EU and start making intensive efforts to take its full place at the EU decision-makers’ table. The current Christian Democrat leader, Sebastian Kurz, is in favour of delaying further integration of central and eastern European countries. He opposes the adoption of the euro currency by new EU members due to the level of economic development and advocates limiting the competitiveness of the EU labour market. The few ... Leer
  • latribune Extraterritorialité des lois américaines : la France veut un système similaire à celui des Etats-Unis - Le ministre de l’Economie et des Finances, Bruno Le Maire, a appelé mardi à une “réciprocité des règles” dans le commerce mondial, estimant que l’Union européenne (UE) devait se doter d’un “dispositif de riposte” à l’extraterritorialité des lois américaines, qui sanctionne de nombreuses entreprises européennes et françaises. Interrogé par La Tribune sur ce dossier très sensible après les amendes américaines sur Alstom, Technip, Total, BNP Paribas et Crédit Agricole, le ministre s’est dit “favorable” à ce que l’UE se dote “d’un dispositif de riposte similaire, et que nous ouvrions, nous Français, avec nos partenaires européens, la réflexion sur ce type d’outils”. “Le commerce mondial doit être fondé sur un principe d’équité et de stricte réciprocité des règles. Ce n’est pas le cas aujourd’hui”, a regretté Bruno Le Maire en marge d’un déplacement à la “Digital factory”, inaugurée ... Leer
  • bloom Betrayed by Banks, 40,000 Businesses Are in Limbo - The Most Serene Republic, as the area around Venice was known for a millennium, is now the troubled epicenter of a banking meltdown that’s threatening to derail one of globalization’s great success stories. The base of brands like Benetton, De’Longhi, Geox and Luxottica, Veneto has also become home to as many as 40,000 small businesses suddenly stranded without access to financing since a pair of regional banks collapsed in June. The implosions of Popolare di Vicenza and Veneto Banca, which also wiped out the life savings of many of their 200,000 shareholders, set off economic and political tremors felt from Rome to Frankfurt. Anger over what many view as lax oversight by national authorities is animating a movement for more autonomy that’s already emboldened by Catalonia’s efforts to split from Spain. “The pain for ... Leer
  • Russian President Vladimir Putin looks on as he attends a ceremony for Russia's Navy Day in Saint Petersburg on July 30, 2017. President Vladimir Putin oversaw a pomp-filled display of Russia's naval might as the Kremlin paraded its sea power from the Baltic Sea to the shores of Syria.  Some 50 warships and submarines were on show along the Neva River and in the Gulf of Finland off the country's second city of Saint Petersburg after Putin ordered the navy to hold its first ever parade on such a grand scale.  / AFP PHOTO / POOL / Alexander Zemlianichenko        (Photo credit should read ALEXANDER ZEMLIANICHENKO/AFP/Getty Images) Putin accuses EU of ‘double standards’ on Catalonia and Kosovo - Russian President Vladimir Putin accused the European Union of having “double standards” by rejecting Catalan independence but supporting independence for Kosovo. “You should have thought about that before,” Putin said, speaking to the EU, in a speech at the Valdai Discussion Club event in Sochi Thursday. He also suggested that European support for Kosovo’s declaration of independence from Serbia in 2008 had bolstered separatist movements elsewhere. Of the EU’s 28 member countries, five do not recognize Kosovo’s declaration of independence: Spain, Greece, Cyprus, Slovakia and Romania — and neither does Russia. “You even welcomed the collapse of a number of states in Europe … Read more : Politico, 19.10.2017
  • euobs Populist victory puts Czech EU policy in doubt - The Czech elections, where anti-establishment parties just won an overall majority, was the biggest victory for populists in the EU since the Brexit referendum. It happened in a country where economic growth was solid, unemployment and inequality were among the lowest in the Europe, and wages were rising. “The Czechs have rejected traditional politics based on ideas, which they associate with clientelism,” Petr Honzejk, a commentator for Czech business daily Hospodarske Noviny, said. “They want strong authority. This is the fundamental meaning of this election,” he added. The vote, held on Friday and Saturday (20 and 21 October), was a personal triumph for Andrej Babis, the country’s second richest man His Ano movement (Action of Dissatisfied Citizens, an acronym which also means “Yes” in Czech) received 29.64 percent of the ... Leer