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17 сентября, 20:15

How Three Speeches Could Influence Europe's Future

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European Commission President Jean-Claude Juncker’s annual state of the union has put the spotlight on coming speeches from France’s Emmanuel Macron and the U.K.’s Theresa May. Mr. Juncker’s speech was as interesting for what it didn’t contain as much as what it did, writes Simon Nixon.

17 сентября, 09:19

Квасневский огорчает. Перспектив вступления Украины в Евросоюз нет

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В ближайшие годы всю энергию Европейского союза займет более глубокая интеграция стран-членов, это будет очень трудно совместить с каким-то серьезным расширением, заявил экс-президент Польши Александр Квасьневский. Об этом политик рассказал в ходе 14-й ежегодной встречи Ялтинской европейской стратегии (YES) 16 сентября в Киеве. "Изменить ситуацию в ближайшие годы будет очень трудно. В первую очередь из-за Европы, из-за европейских проблем", – отметил он.

16 сентября, 18:00

The eurozone strikes back – why Europe is booming again

Structural reforms since financial crisis are slowly but surely starting to bear fruit, with the lowest unemployment since 2009 and production ratcheted upIt was a story few predicted: the eurozone is growing faster than the United States. When Jean-Claude Juncker gave his annual state of the union speech on Wednesday last week, Europe’s booming economy was near the top of his list. Ten years since the crisis struck, “Europe’s economy is finally bouncing back,” the European commission president told MEPs. Detailing the economic resurgence, but also referring to the EU’s newfound unity after Britain’s vote to leave, Juncker declared: “the wind is back in Europe’s sails”.In fact, growth in the 19-country eurozone has quietly outshone the US for the last two years. The latest annualised growth numbers show the single currency bloc growing at 2.3%, compared with 2.2% for the world’s largest economy. Eurozone unemployment has fallen to the lowest level since 2009, while factories are humming again, with production up 3.2% on last year. Continue reading...

15 сентября, 21:06

Euro zone enlargement call sparks backlash in Germany

After years of bailing out Greece, the idea of letting more poorer states into the euro zone has sparked controversy, particularly in Germany, where Chancellor Angela Merkel is seeking re-election in two weeks time. The backlash came after European Commission President Jean-Claude Juncker called on Wednesday for non-euro zone countries to quickly adopt the single currency so that the European Union can find new unity in the euro after Britain leaves in 2019. Juncker promised to propose technical and financial help for the willing, quickly triggering concern from influential German members of the European Parliament, like the deputy chairman of the economic committee Markus Ferber.

15 сентября, 19:04

Жан-Клод Юнкер: приходится работать с тем, что есть

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Миграционный кризис стал одной из тем программной речи председателя Еврокомиссии Жана-Клода Юнкера. Несколько дней назад Верховный комиссар ООН по правам человека представил новый доклад об ужасающем положении нелегалов в Ливии. Правозащитники подвергают Евросоюз критике за договор с Ливией о пресечении нелегальной миграции — в то время как по данным ООН ливийцы не только не способствуют улучшению участи беженцев, а часто пользуются их беззащитностью. Джеймс Фрейни, Евроньюс: — Господин Юн… ЧИТАТЬ ДАЛЕЕ: http://ru.euronews.com/2017/09/13/juncker-defends-eu-libya-deal euronews: самый популярный новостной канал в Европе. Подписывайтесь! http://www.youtube.com/subscription_center?add_user=euronewsru euronews доступен на 13 языках: https://www.youtube.com/user/euronewsnetwork/channels На русском: Сайт: http://ru.euronews.com Facebook: https://www.facebook.com/euronews Twitter: http://twitter.com/euronewsru Google+: https://plus.google.com/u/0/b/101036888397116664208/100240575545901894719/posts?pageId=101036888397116664208 VKontakte: http://vk.com/ru.euronews

15 сентября, 18:16

15.09.2017 18:16 : Глава Еврокомиссии Жан-Клод Юнкер не исключил возможность членства Каталонии в Евросоюзе

Ранее власти этой территории назначили референдум о независимости от Испании. Как пишет сразу ряд зарубежных изданий, в этой истории может быть замешана Россия. Лидеры Каталониии уже заявили, что они объявят независимость этой территории в течение 48 часов после победы на референдуме. Об этом сообщает агентство Bloomberg. При этом, идею независимости, по данным издания, поддерживают только 35 процентов. Впрочем, журналисты не исключают, что в этот раз может повториться история с Брекзит — когда до последнего было неизвестно результатов голосования. Испанская онлайн-газета Publico обрушилась с критикой на правительство страны. Паралич сковал правительственный дворец, — пишет она. Его обитатели — высокопоставленные чиновники — напрочь лишены понимания механизмов государственного устройства. Испанская конституция признает Каталонию, Страну Басков и Галисию национальными территориями. Отсутствие у этих народов государственности не лишает их права на суверенитет. Впрочем, есть также и новый поворот. Российский президент Владимир Путин вот уже несколько лет пытается вмешаться в процесс отделения Каталонии, — утверждает испанская El Confidencial. Издание пишет, что эти попытки, по большей части, оказались безуспешными, потому что само автономное правительство Каталонии отказывается от такой поддержки. Но, как отмечается в публикации, на этой неделе в игру вступил основатель Wikileaks Джулиан Ассанж. Это является последней попыткой России вмешаться в каталонский вопрос, что вполне вписывается в русло внешнеполитического курса этой страны, который, начиная с украинского кризиса, направлен на дестабилизацию Европы всеми возможными способами. К.ц. Источники авторов статьи признают, что «русские ищут контакта, но не находят». Окружение правительства указывает, что любая связь процесса обретения независимости с Владимиром Путиным оказывается контрпродуктивной. Каталония слишком заинтересована остаться членом Евросоюза, чтобы даже заигрывать с режимом Путина, конец цитаты по порталу Inosmi.ru. The Washington Post выходит со статьёй, в которой говорится, что ещё месяц назад правительство Каталонии заплатило американской лоббистской компании Sпочти 50 тысяч евро за «международную коммуникационную поддержку обретения независимости».Её появление, как пишет издание, напоминает историю с делом Russiagate — в его рамках расследуют контакты между членами администрации Трампа и Кремлем. Так называемый референдум о независимости Каталонии назначен на 1 октября. Испанские власти его не признают.

15 сентября, 17:45

Экофин: переход всех в ЕС на евро - спорный вопрос

Министры финансов стран еврозоны в большинстве своем скептически отнеслись к идее председателя Европейской комиссии Жан-Клода Юнкера о переводе всех стран ЕС на евро. Руководитель Еврогруппы Йерун Дейсселблум считает, что не стоит спешить в таких вопросах.

15 сентября, 17:45

Экофин: переход всех в ЕС на евро - спорный вопрос

Министры финансов стран еврозоны в большинстве своем скептически отнеслись к идее председателя Европейской комиссии Жан-Клода Юнкера о переводе всех стран ЕС на евро. Руководитель Еврогруппы Йерун Дейсселблум считает, что не стоит спешить в таких вопросах.

15 сентября, 14:39

СМИ узнали о намерении Германии и Франции отменить Шенген

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Как стало известно Times из конфиденциальны дипломатических документов, из которых следует, что Франция и Германия хотят иметь возможность приостанавливать свободное передвижение в рамках шенгенской зоны на срок до четырех лет. Об этом сообщает BBC.Это требование самые влиятельные страны ЕС выдвигают на фоне сохраняющихся тревожных настроений в связи с террористическими атаками и из-за проблем с нелегальной миграцией.Из документов следует, что Франция и Германия считают, что между странами, входящими в шенгенскую зону, нужно восстановить паспортный контроль, для прохождения которого нужен будет именно паспорт, а не только карточку, удостоверяющую личность, которую многие жители ЕС сейчас используют в том числе и для путешествий в другие страны.Это требования появилось на фоне настойчивых указаний Еврокомиссии в последние недели ликвидировать чрезвычайные пограничные меры, введенные в некоторых странах на фоне миграционного кризиса и терактов. Правительства Франции и Германии считают, что "исключительные обстоятельства" еще не закончились и отменять контроль опасно.Желания Франции и Германии, поддержанные, как стало известно Times, также Австрией, Данией и не входящей в ЕС, но входящей в шенгенскую зону Норвегией, идут вразрез с заявлениями председателя Еврокомиссии Жан-Клода Юнкера, который заявил в среду, что безвизовый режим наряду с евро служит фундаментом для будущей федеральной Европы. После этого заявления критики обвинили Юнкера в разработке плана по учреждению "Соединенных Штатов Европы" с еще более широкими полномочиями Брюсселя.Франция и Германия же, наоборот, считают необходимым разрешить правительствам отдельных стран вводить пограничный контроль не только на месяцы, но и на годы, и при этом сохранять причины введения этих мер в секрете. (http://expert.ru/2017/09/...)

15 сентября, 14:39

СМИ узнали о намерении Германии и Франции отменить Шенген

Как стало известно Times из конфиденциальны дипломатических документов, из которых следует, что Франция и Германия хотят иметь возможность приостанавливать свободное передвижение в рамках шенгенской зоны на срок до четырех лет. Об этом сообщает BBC.Это требование самые влиятельные страны ЕС выдвигают на фоне сохраняющихся тревожных настроений в связи с террористическими атаками и из-за проблем с нелегальной миграцией.Из документов следует, что Франция и Германия считают, что между странами, входящими в шенгенскую зону, нужно восстановить паспортный контроль, для прохождения которого нужен будет именно паспорт, а не только карточку, удостоверяющую личность, которую многие жители ЕС сейчас используют в том числе и для путешествий в другие страны.Это требования появилось на фоне настойчивых указаний Еврокомиссии в последние недели ликвидировать чрезвычайные пограничные меры, введенные в некоторых странах на фоне миграционного кризиса и терактов. Правительства Франции и Германии считают, что "исключительные обстоятельства" еще не закончились и отменять контроль опасно.Желания Франции и Германии, поддержанные, как стало известно Times, также Австрией, Данией и не входящей в ЕС, но входящей в шенгенскую зону Норвегией, идут вразрез с заявлениями председателя Еврокомиссии Жан-Клода Юнкера, который заявил в среду, что безвизовый режим наряду с евро служит фундаментом для будущей федеральной Европы. После этого заявления критики обвинили Юнкера в разработке плана по учреждению "Соединенных Штатов Европы" с еще более широкими полномочиями Брюсселя.Франция и Германия же, наоборот, считают необходимым разрешить правительствам отдельных стран вводить пограничный контроль не только на месяцы, но и на годы, и при этом сохранять причины введения этих мер в секрете. (http://expert.ru/2017/09/...)

15 сентября, 13:32

El Economista: Обретая независимость, Каталония выпадает из ЕС

Ситуация для мятежной испанской автономии складывается по пословице «куда ни кинь — всюду клин».  «Жан-Клод Юнкер выступил с заявлением, предупреждающим Каталонию о том, что объявление ею собственной независимости автоматически оставит новое государство за пределами ЕС», — сообщает...

15 сентября, 12:58

Порошенко заявил, что он – «президент мира»

Украинский глава Петр Порошенко в рамках форума «Ялтинская европейская стратегия» назвал себя «президентом мира».

15 сентября, 12:05

Pound soars to highest post-EU referendum level against the dollar as dovish Bank of England policymaker backs rate hike hopes

Pound soars higher on currency markets; trading 1.4pc higher to above $1.3570 against the dollar as speech from dovish Bank of England policymaker Dr Gertjan Vlieghe backs interest rate hike hopes Pound at its highest post-EU referendum level against the dollar following the speech Markets largely shake off latest North Korea worries; safe havens gold, Japanese yen and Swiss franc put in a mixed performance JD Wetherspoon jumps nearly 10pc after reporting a 28pc rise in pre-tax profit FTSE 100 lurches into the red for fourth consecutive day, dropping to its lowest level in over four months Market report Bitcoin fought back on the markets yesterday after cryptocurrency exchanges under threat of closure in China were given a stay of execution by authorities in a rollercoaster week for the digital currency. The volatile cryptocurrency crashed 29pc in the space of less than three days after JP Morgan boss Jamie Dimmon described Bitcoin as “worse than tulip bulbs” and one of China’s largest bitcoin exchanges BTCChina said that it would stop trading at the end of the month as the Asian powerhouse’s authorities step-up their crackdown on digital currencies. After recording an all-time high at just below $4,900 per bitcoin earlier this month and spiralling as low as $2,975 yesterday, the cryptocurrency rallied to pare $400 of its losses in under an hour after two of the largest platforms, Huobi and Okcoin, were given an extra month before being shut down. Increased regulation of digital currencies could stem the wild volatility of the currency exemplified this week, according to Dr Catherine Mulligan, co-director of Imperial College’s Centre for Cryptocurrency Research and Engineering. She said: “Like any assets, the price is really associated with sentiment towards its future prospects. “As more governments implement regulations in this area, I believe that the price volatility will settle down.” The changes will “take some of the heat out of the market” and is a “sensible step by the Chinese authorities who no doubt want greater control”, argued bitcoin expert and partner at Mangrove Capital Partners Michael Jackson. Bitcoin finished the week only 11pc lower at $3789 after rallying 12pc into positive territory yesterday. The FTSE 100 slumped to its lowest level in over four months, retreating 79.92 points to 7215.47, as a rampant pound continued to dominate on forex markets. Sterling jumped another 1.4pc against the dollar to $1.3580, its highest post-EU referendum level, after a speech backing the Bank of England’s hawkish turn by Dr Gertjan Vlieghe, a policymaker at the dovish extremities of the central bank’s Monetary Policy Committee, added credence to hiking plans. Blue-chip companies with large international exposures suffered from the pound’s surge slashing the values of overseas earnings. The UK’s biggest bank HSBC, weighed heaviest, dipping 12.8p to 708p while the continuing strength of crude prices could not support BP and Royal Dutch Shell ‘B’, which slid 3.5p to 448.3p and 39p to £21.43, respectively. Reckitt Benckiserstumbled 162p to £67.75 after broker Jefferies cast doubt over whether the consumer goods giant can hit its 2pc growth target for the year. Slashing the firm’s target price from £81.50 to £75, analyst Martin Deboo said that the consumer healthcare backdrop remains difficult and that a pessimist would say that the deceleration caused by the cyber attack in June is a distraction from a “broader and deeper growth slowdown”. Finally, cruise ship operator Carnival slipped to the bottom of the FTSE 100 leaderboard, diving 317p to £47.83, after being downgraded to “neutral” by Credit Suisse, citing the P&O Cruises owner’s uncertain outlook. 4:52PM Markets wrap: Pound surges as Bank of England policymaker speech bolsters hike hopes Bank of England MPC member Dr Gertjan Vlieghe lifted the pound today The pound has surged to its highest post-EU referendum level against the dollar after dovish Bank of England policymaker Dr Gertjan Vlieghe bolstered interest rate hike hopes by backing the central bank's plan to raise rates in the coming months to curb inflation. Sterling surged 1.5pc against the dollar to just under $1.36 as Dr Vlieghe reaffirmed the central bank's position set out yesterday despite his natural inclination to be more cautious on raising rates. The pound's jump has extended the FTSE 100's losing streak to a fourth day with the index's giants, including HSBC, Shell and BP, all retreating as the value of overseas earnings are slashing by the currency's rise. Cruise ship owner Carnival dived over 6pc to finish bottom of the index on a broker downgrade from Credit Suisse while consumer goods giant Reckitt Benckiser also weighed heavily after falling on a bearish note from an analyst. 4:06PM Bank of England policymaker Dr Gertjan Vlieghe's speech sets up a November hike Dr Gertjan Vlieghe (far left) with three other members of the Bank of England's Monetary Policy Committee As we approach the end of trading in Europe for the week, let's get a final round of expert reaction to today's big market mover, dovish Bank of England policymaker Dr Gertjan Vlieghe backing the central bank's interest rate hike plans. Just a quick reminder on why that's significant. Dr Vlieghe is considered to be at the dovish end of the Bank of England's Monetary Policy Committee and more inclined to oppose hiking rates, so his approval signals a shift in thinking among the central bank's policymakers. The speech sets up a November hike, according to EY ITEM Club chief economic advisor Howard Archer. He said: "This seems particularly significant given that Vlieghe has been seen as perhaps the most dovish MPC member. Indeed, in July, Vlieghe warned that a premature interest rate hike would be a bigger mistake for the UK economy than one that turned out to be slightly late. These latest comments will increase speculation that the Bank of England could well raise interest rates before the end of 2017, with a move as soon as November very much in play. "Having said that, an interest rate hike before the end of 2017 remains far from inevitable and much will clearly depend on inflation, growth and labour market developments." RationalFX chief executive Paresh Davdra said on the pound's movement: "The prospect of a rise as soon as November has been welcomed by investors, who have long been seeking a driver for the pound. The news has propelled sterling out of the weakened state it has been in over the summer after the BoE previously dismissed a rate rise. Investors will be looking to see how the pound reacts to further hints as November approaches."  3:58PM Dow Jones hits intraday record high; US stocks ignore North Korea escalation Apple is leading the charge in New York with the Dow Jones recording another all-time high US markets have been open over an hour now and the Dow Jones has hit another record intraday all-time high with huge aircraft manufacturer Boeing and tech giant Apple leading the charge in New York. The S&P 500 has started the day flat while the tech-heavy Nasdaq has gained 0.5pc as stocks shake off the latest escalation on the Korean Peninsula.  3:24PM GSK fightback in lung drugs boosted by three-in-one inhaler endorsement GSK is on track to win approval for a new treatment for chronic obstructive pulmonary disease GSK’s fightback in respiratory drugs has been given a boost after its novel three-in-one inhaler was recommended for approval in Europe. The medicine combines a trio of drugs to open the airways of patients with severe chronic obstructive pulmonary disease (COPD). Scientists at regulator the European Medicines Agency (EMA) have endorsed the product, with full approval expected to follow within weeks. The FTSE 100 drugmaker’s sales in the crowded lung drugs market are under pressure, with its biggest-selling medicine Advair losing ground to generic rivals. Read Iain Withers' full report here 2:54PM Bitcoin rebounds $400 in half an hour Bitcoin prices rallied into flat territory for the day Crikey, that Bitcoin is not half volatile. Since updating you earlier in the day on its 27pc crash as Chinese authorities prepared to shut down trading exchanges, the cryptocurrency rebounded $400 in just half an hour after two platforms with a large number of users were given a stay of execution. The price is close to flat territory for the day but still down 20pc for the week, trading at $3377.75 per Bitcoin. Here's what Bitcoin expert and partner at Mangrove Capital Partners Michael Jackson said on the cryptocurrency's crash: "The market has been caught up in a highly speculative bubble, particularly over the last few weeks. Meanwhile all kinds of scam artists have been raising significant amounts of money from Initial Coin Offerings. Clearly there is a need for greater consumer protection. It is is sensible step by the Chinese authorities who no doubt want greater control. It will take some of the heat out of the market. Other regulators will have to follow suit - this is after all what regulators are for." 2:38PM Ofgem to cut £200m from power network revenues   The operators have spent less than they expected to in the plans they submitted to Ofgem before 2010 in large part due to declining demand for electricity The energy regulator is making good on its threat to toughen up on electricity network operators by cutting £200m from their revenues after a review of their investments. Ofgem has warned network companies that it plans to crack down on the regulated revenue they claim from energy bills to fund grid upgrades and new projects. The network companies - which include UK Power Networks, SSE, Scottish Power and Western Power Distribution - spent less than planned between 2010 and 2015, giving Ofgem the grounds to cut their allowed revenues from customer bills to help ease the upward pressure on energy tariffs. “We have already told network companies that they should prepare for tougher price controls from 2021, with lower returns,” said Jonathan Brearley, Ofgem’s networks boss. Read Jillian Ambrose's full report here 2:22PM US economics data disappoints; dollar nudges down further While August sales were soft, monthly number are erratic, said Pantheon Macro US retail sales growth and industrial production unexpectedly fell in August, a disappointing batch of economics figures showed this afternoon. Retail sales fell by 0.2pc in August, far weaker than July's 0.6pc growth, while industrial production also disappointed, falling 0.9pc compared to expectations of 0.2pc growth. While the pound's gains against the dollar have stabilised, the poor figures have knocked the dollar's performance against a basket of the leading currencies, leaving it 0.4pc weaker for the day. Commenting on the poor retail figures, Pantheon Macro chief economist Ian Shepherdson said: "The net revision was a hefty -0.6%, so this is a much softer report than expected. It's also puzzling, given the surge in chain store sales reported as Harvey approached Texas. But the   data show outright declines in sales of building materials, clothing, electronics and online. "We would not be at all surprised to see these numbers revised up in due course, and over the next couple of months we'd expect decent gains, not least because sales of building materials and cars are about to  rocket. In the meantime, though, these data are consistent with  the idea that Q3 growth will likely be nearer 2% than 3%." 1:49PM Indivior sues rivals in battle to defend best-selling opioid addiction drug  America is currently gripped by an opioid crisis, including heroin abuse Drugmaker Indivior has gone to court to try to defend the US patent for its best-seller opioid addiction treatment Suboxone, after a ruling earlier this month paving the way for rival products wiped £1bn from its market cap. The FTSE 250 firm has filed lawsuits against competitors Dr Reddy’s, Actavis, Par, Alvogen, Tava and Mylan, who are all planning copycat versions of Suboxone. Suboxone is a dissolvable film placed under the tongue that tricks the brain into thinking it is still receiving an opioid. It is used to treat addiction to both illegal opioids such as heroin and prescription opioid-based painkillers. Suboxone had been forecast to grow strongly amid America’s opioid addiction crisis, which has been declared a national emergency by President Donald Trump. Read Ian Withers' full report here 1:31PM Dollar weakness helps pound to highest post-EU referendum level Dwindling interest rate hike hopes and Donald Trump's chaotic administration have knocked the dollar It's worth mentioning that, in addition to the Bank of England cranking up its hawkish rhetoric, the pound's climb against the dollar this summer has also been underpinned by the dollar's weakness. Concerns that weak inflation will stop the Federal Reserve from raising interest rates for the third time in its cycle and the chaotic regime at the White House have weakened the dollar by just under 10pc against a basket of leading currencies. Meanwhile, against the euro, which has had a strong summer, the pound has only hit at a two-month high.  Lukman Otunuga, research analyst at FXTM, said this on the sulking dollar: "It is becoming increasingly clear that the growing disappointment over Trump’s failure to enact tax reforms and move forward with the proposed fiscal spending has damaged buying sentiment towards the Greenback. With concerns over low inflation in the U.S still clouding the prospects of higher interest rates and adding to the Dollar’s woes, further downside is on the cards. "Investors will direct their attention towards the pending Retail Sales Report, which could offer investors a rough idea on consumption and GDP in the US economy." 1:10PM JD Sports shrugs off nuclear fears to strike South Korean deal JD Sports will rebrand the 23 Hot-T stores and has a call option to buy a further 35pc stake in the chain after the South Korean business files its accounts at the end of the year JD Sports has bought a stake in a South Korean shoe retailer in a joint venture to expand into the region, despite heightened diplomatic tensions in the regions and the threat of a nuclear attack from across the border. The British sportswear retailer announced that it had bought a 15pc stake for £5.5m in South Korean chain Hot-T on the same day that North Korea fired another missile that flew over Japan. Retail expert Nick Bubb said: "It’s a brave man who would go to South Korea at the moment, given the threat of conflict with North Korea, but it’s still a big market of over 50m people and hopefully Peter Cowgill of JD Sports has been able to negotiate a good entry point." Read Ashley Armstrong's full report here 12:43PM Lunchtime update: Pound soars to highest post-EU referendum level after BoE policymaker comments Dr Gertjan Vlieghe has sent the pound soaring on currency markets The pound has surged to its highest post-EU referendum level against the dollar after a speech from Bank of England policymaker Dr Gertjan Vlieghe reaffirmed the central bank's plans to raise interest rates in the coming months. The comments from a policymaker at the dovish end of the MPC added credence to the plans set out by the Bank of England yesterday to hike rates to curb inflation. Against the dollar, the pound built on yesterday's gains, jumping 1.5pc to $1.3585 and moved up to a five-month high against a basket of the leading currencies. The soaring pound has wounded an already stumbling FTSE 100, which has sunk to a four-month low. Mining stocks are retreating for a third consecutive day while bearish broker notes has pulled down Carnival and Reckitt Benckiser towards the bottom of the blue-chip leaderboard. Spreadex analyst Connor Campbell said this on movement in markets abroad:  "Interestingly, despite the substantial losses for the euro and dollar, neither the Eurozone indices nor Dow Jones are up to much this morning, with a pinch of North Korea anxiety perhaps muting the international markets. "The DAX and CAC are down 0.2% and 0.3% respectively while the Dow is set to start flat, just below 22000 (admittedly all the US index needs to do is pop its head above the parapet and it’s at a new record high). " 12:23PM Bitcoin continues to plummet; loses 27pc of its value in three days The price of Bitcoin has plummeted since China began its crackdown on the currency The price of cryptocurrency Bitcoin has continued to crash this morning, extending a losing streak which has seen it shed 27pc of its value in just three days. Despite stabilising overnight, news that one of China's biggest Bitcoin exchanges will stop trading has sent the price spiralling a further 11pc to just over  $3000 per Bitcoin. Since its value peaked at around $5000 at the beginning of September, Bitcoin has plummeted as Chinese authorities begin a crackdown on the controversial digital currency, declaring initial coin offerings illegal and aiming to stop exchange trading of cryptocurrencies by the end of the month. 12:08PM Vlieghe speech reaction: Bank of England on the brink of action The pound has soared against a basket of the leading currencies this week, jumping 3.5pc The pound has jumped to a five-month high against a basket of the leading currencies but doubts over whether the Bank of England will actually hike interest rate still remain. Today's speech supporting the hawkish rhetoric from a BoE policymaker who would normally be inclined to be against raising rates too soon has allayed some niggling doubts on the markets but still some analysts believe that the pound's push higher and the subsequent downward pressure on inflation, which could reduce the need for a rate hike, will mean the central bank holds off until next year. Some analysts believe that Dr Vlieghe being persuaded by rising wage growth, when the official headline figures paint a muddier picture, casts doubt on that claim. Controversial. Vlieghe sticking to #BoE party line means Nov hike odds on. Conditional on 2 things: wage growth & less political uncertainty https://t.co/zuNB449q9T— Viraj Patel (@VPatelFX) September 15, 2017 Nomura analyst Jordan Rochester, however, believes that we are now on the "brink of action". He said: "To this we say nay sir, the BOE have had a continually evolving narrative towards hiking all year and now are at the brink of action (from a previous stance of “more easing could follow”). This likely is the last remaining moves they have until lift off is finally warranted. Unless of course the data takes a terrible turn, something that looks like a low probability at this stage." 11:38AM EU chiefs need to 'take a wise-up pill' to avoid economic harm, warns Wetherspoon's Tim Martin   Outspoken JD Wetherspoon chairman Tim Martin has hit out at the EU's top brass The leaders of the EU need to “take a wise-up pill” to avoid economic damage to the bloc and to prevent British companies deserting their European suppliers, according to JD Wetherspoon founder Tim Martin. The outspoken chairman hit out at European Commission president Jean-Claude Juncker, Europe’s chief Brexit negotiator Michel Barnier and MEP Guy Verhofstadt for purposefully obfuscating over a trade deal with the UK. Mr Martin warned that such a move would cause “further economic damage to struggling economies like Greece, Portugal, Spain and Italy”. "There seems to be little genuine appetite for a free-trade deal from the Brussels bureaucracy, so EU companies are, paradoxically, reliant on the goodwill of UK consumers, who are likely to prefer tariff-free goods in the future from non-EU countries, which are generally in favour of free trade, rather than deals with companies which are subject to the diktat of those who wish to punish the UK,” Mr Martin said. Read Bradley Gerrard's full report here 11:18AM Vlieghe turns hawkish on rising wage growth and stronger consumption BoE's Vlieghe:.. says appropraite time for hiking may be in coming months..hawkish talk for a dove..!!!— Arjun K Lakhanpal (@Arjun_lakhanpal) September 15, 2017 BoE brings out dovish Vlieghe to back yesterday's hawkish statement - comms strategy designed to show that they really mean it— Tim Wallace (@Tim_Wallace) September 15, 2017 What changed for uber-dovish Bank of England policymaker Dr Gertjan Vlieghe to believe that an interest rate hike is now necessary? Here are the key parts of the speech from the British-Belgian economist on why he now believes that the UK economy is strong enough to withstand a hike: Employment growth has re-accelerated after slowing late last year, and the unemployment rate keeps making new lows, reaching 4.3% on the most recent data, down from 4.9% a year ago. Wage growth is not as weak as it was earlier in the year: over the past 5 months, annualised growth in private sector pay has averaged just over 3%.  Consumption growth generally held up better than I expected over the past year. Consumption did slow earlier this year, partly in response to weaker real income growth, as wage growth has not kept up with the exchange-rate-driven, temporary, rise in inflation. Consumption growth in Q2 was particularly weak. But there are some early signs of stronger consumption growth in Q3.  Essentially, he changed his mind because wage growth is picking up and consumption has shown signs of rising again. 10:56AM Vlieghe speech reaction: Raising rates would be a correction not the start of a hiking cycle Why did Vlieghe "turn": survey evidence of wage growth & recovering UK consumer. Speech feels like a 'one or two and done' #BoE hiking cycle pic.twitter.com/oDQ8Nnc44Q— Viraj Patel (@VPatelFX) September 15, 2017 The Bank of England said yesterday that the majority of Monetary Policy Committee members wanted to raise rates in the coming months to curb inflation but, with uber-dove Dr Gertjan Vlieghe coming out in favour of the hawkish rhetoric this morning, it begs the question, who was in that minority? Did either of the two recent additions to the MPC, Sir David Ramsden and Silvana Tenreyro, rock the boat at the latest meeting or was deputy governor Ben Broadbent, who came out against a hike earlier this summer, a dissident? Dr Vlieghe's metamorphosis from arch-dove to hawk highlights how the internal MPC pressures are building rapidly towards a hike in interest rates, according to ETX Capital analyst Neil Wilson. He added that this might not be the beginning of a traditional hiking cycle but a correction from last year's emergency cut following the EU referendum. He said on the continuation of sterling's rally this morning: "Now that £1.35 has been breached momentum traders could take it further upwards. However with the Fed ready to reduce its balance sheet and US inflation once again indicating another rates there may rise again, gravitational forces will start to work on the cable soon again. Meanwhile Brexit remains the great unknown." 10:31AM FTSE 100 sinks to four-month low Here's a chart of annualised m/m% growth in priv. sec. pay that Vlieghe uses to support his hawkish turn. Anyone see a strengthening trend? pic.twitter.com/jWzvD0Fv9K— Samuel Tombs (@samueltombs) September 15, 2017 That speech has sunk an already wounded FTSE 100 this morning and the blue-chip index is now at its lowest level in over four months. With little corporate action this morning, broker notes are moving stocks most with Carnival and Reckitt Benckiser sinking on downgrades. Not many stocks remain in positive territory but Next has continued to move higher after seemingly turning the tide in its favour in its update to the markets yesterday. IG market analyst Joshua Mahony said this on the market's indifferent reaction to the North Korea missile: "A mixed session overnight highlighted the ambivalence markets are showing towards action from North Korea, with the widespread selling of late notably missing on this occasion. Following a new set of sanctions, it seemed almost a foregone conclusion that we would see North Korea emerge with another test before long. "Yet the fact that markets have chosen to brush aside this latest test is testament to how far market opinion has come  after the hysteria of recent weeks." 10:18AM Pound soars to highest post-EU referendum level against the dollar The pound has jumped 2.6pc against the dollar this week A policymaker at the dovish extremities of the Bank of England's MPC backing the central bank's hawkish rhetoric on interest rates seems to have woken the markets up to the reality that rates may rise before the end of the year. The pound is soaring on the currency markets and illuminated in bright green on traders' computer screens for a second day running following Dr Gertjan Vlieghe's speech in London. Against the dollar, the pound has gained another 1pc, taking it up to $1.3525, its highest post-EU referendum level. While not entirely convinced yesterday by the Bank of England's hawkish turn, the markets are now pricing in a 73pc chance of a hike before the end of the year. That's quite a turnaround from the start of the week, when the markets were putting the probability of a hike at just 27pc. BOE Vlieghe sticks with view it's a low interest rate environment, due demographics, distribution but data show may need hike coming months— David Robinson (@DavidRobinson2K) September 15, 2017 Hawkish comments by #BOE#MPC member Vlieghe reinforces #sterling buoyancy: rises above US$1.35 for 1st time in 14 months. Also up vs #euro— Howard Archer (@HowardArcherUK) September 15, 2017 9:53AM Dovish Bank of England policymaker backs MPC’s hawkish turn  Bank of England policymaker Dr Gertjan Vlieghe Dr Gertjan Vlieghe, one of the most dovish members of the Bank of England’s Monetary Policy Committee, has backed the central bank’s hawkish rhetoric on raising interest rates in a speech this morning, providing a boost to hike hopes. Sterling is soaring yet again against the dollar, jumping 0.8pc to just under $1.35 following the speech, which will raise eyebrows among those skeptical that the MPC is committed to hiking rates. While Dr Vlieghe warned that the uncertainty around the Brexit process could have a larger impact on the economy than has been seen so far, he reinforced the point that if the economic trends continue then a hike will be needed in the coming months. Here's  the conclusion to the speech, which is moving the pound in the last few moments: If these data trends of reducing slack, rising pay pressure, strengthening household spending and robust global growth continue, the appropriate time for a rise in Bank Rate might be as early as in the coming months. 9:33AM Burberry's Christopher Bailey says there is 'enormous' potential for post-Brexit Britain  Burberry has been helped by the weakness of the pound The chief creative officer of Burberry has said the potential for post-Brexit Britain is “enormous” as he insisted the British fashion house is “absolutely committed” to keeping its manufacturing in the UK. Christopher Bailey said there is great potential for the company to grow with Britain outside of the European Union, adding that “Britishness resonates globally”. Burberry, which is known as a quintessentially British brand, has taken advantage of the weakness of the pound since the vote to leave the EU as tourists have flocked to buy its products more cheaply in the UK. In July it beat analyst expectations by posting a 3pc rise in retail revenues for the three months to the end of June, while like-for-like sales in its shops rose by 4pc. Read Sam Dean's full report here 9:25AM Dr Gertjan Vlieghe speech a test of the Bank of England's commitment to hiking rates Vlieghe unlikely to have swapped camps as MPC say only maj see scope for stim reduction in coming months. But ALL think over forecast period— stewart hampton (@stewhampton) September 15, 2017 Vlieghe talking at 0950 prob the most dovish MPC member, so if no push back then 25bps hike by Xmas good to go— Monty Law (@MontyLaw) September 15, 2017 A very light look to the economics calendar means a speech due at 9.50am from dovish BoE policymaker Dr Gertjan Vlieghe is the macro highlight this morning. The markets will be looking to see how committed the Bank of England is over hiking rates. The central bank said yesterday that it is targeting a rate hike in the coming month to combat inflation, which hit a peak of 2.9pc on Tuesday.  Many analysts were pointing out that Mark Carney has teased the markets before with hike talk and today's speech coming from one of the most dovish members of the MPC will be the first test of how serious the committee is to raising raises. The assumption is that he is "one of the minority who do not expect to tighten in the coming months", said Nomura rates strategy analyst Andy Chaytor. He added: "If he does sound hawkish then frankly my first reaction will be puzzlement as to who is in this minority.  Anyway, under the base case he might be reasonably expected to express some caution about hiking rates (without being outright super-dovish, because as Jordan says he is more pragmatic than that). "So basically, he might well be dovish but seeing as we already knew that not all MPC members agreed that a hike should happen in coming months, we should not see any market reaction to finding out that the most dovishly-perceived member of the committee is one of them.  If markets DO react to any dovishness, I think that would rather tell us people are happy to take some profits after some outsized moves in recent days." 9:01AM Usual safe havens fail to advance in wake of latest North Korea escalation North Korea showing off its military muscle North Korea firing its second missile over Japan in three weeks has garnered a muted reaction on the markets thus far. The usual safe haven appeal of the Japanese yen and Swiss franc hasn't been able to lift the two currencies and gold has only nudged up this morning. The latest from the rogue state coming so soon after the previous has elicited the the The FTSE 100 has pared some of its early losses and the other European indices remain stagnant in flat territory. Analysts are saying that the latest muscle flexing from the rogue state has a very 'boy who cried wolf' feel to it and that has prompted the rather indifferent response from investors. Accendo Markets head of research Mike Van Dulken said: "Although the market response has been thus far rather muted. Either because we’ve got used to the threats, expected it after recent sanctions led to more aggressive rhetoric, or because Pyongyang kept it local (another intermediate range rather than intercontinental), annoying Japan but not quite goading the West." 8:31AM Agenda: Muted response on markets to North Korea worries Dr Gertjan Vlieghe's speech later today could provide more clues on the Bank of England's hawkish turn The markets have largely shaken off a fresh batch of geopolitical jitters on the Korean Peninsula but equities have lurched into the red this morning. A mixed performance from the usual safe havens, Japanese yen, Swiss franc and gold, shows investors not overreacting to the latest escalation but the FTSE 100 has retreated into the red for a fourth consecutive day. Bar the Bank of England's Quarterly Bulletin, the economics diary is looking a touch uninspiring for traders in Europe this morning. Comments due later this morning from dovish BoE policymaker Dr Gertjan Vlieghe could provide more clues over how committed the central bank is to hiking interest rates in the coming months, however. Asia stocks edging lower after N Korea’s latest missile test. Losses mild, as what matters is US reaction, and so far this has remained calm pic.twitter.com/qqHMBN9lTB— Holger Zschaepitz (@Schuldensuehner) September 15, 2017 US retail sales and industrial production figures perk proceedings up in the afternoon with attention on the markets beginning to turn to the Federal Reserve's policy meeting next week. The Fed could announce the winding down of its huge $4.5tn balance sheet, capping off this month's mini-central banking season, which has seen the BoE and ECB both take a step towards normalising monetary policy. Yesterday's stronger-than-expected inflation figure across the pond and today's figures could reinforce the idea that the US is ready for the third hike in its cycle. Ahead of the US's big week, sterling has built on yesterday's highs against the dollar, trading 0.3pc at $1.3425. Full-year results: JD Wetherspoon AGM: Aberdeen Private Equity Fund, Sterling Part Shares, Invesco Income Growth Trust, PetroNeft Resources, Tungsten Corporation, SVM UK Emerging Fund, Blenheim Natural Resources Economics: BOE Quarterly Bulletin (UK), CB Leading Index m/m (UK), Retail Sales m/m (US), Industrial Production m/m (US), Business Inventories m/m (US), Prelim UoM Consumer Sentiment (US), Trade Balance (EU)

15 сентября, 12:00

The Only 'Real Europe' Is Greece

Authored by Raul Ilargi Meijer via The Automatic Earth blog, European Commission president Jean-Claude Juncker, famous for his imbibition capacity and uttering -not necessarily in that order- the legendary words “when it becomes serious, you have to lie”, presented his State of the Union today. Which is of pretty much limited interest because, as Yanis Varoufakis’ book ‘Adults in the Room’ once again confirmed, Juncker is nothing but ventriloquist Angela Merkel’s sock puppet. But of course he had lofty words galore, about how great Europe is doing, and how that provides a window for more Europe, in multiple dimensions. Juncker envisions a European Minister of Finance (Dutch PM Rutte immediately scorned the idea), and he wants to enlarge the EU by inviting more countries in, like Albania, Montenegro and Serbia (but not Turkey!). Juncker had negative things to say about Britain and Brexit, about Poland, Prague and Hungary who don’t want to obey the decree about letting in migrants and refugees, and obviously about Donald Trump: Brussels apparently wants ‘to make our planet great again’. What the likes of Jean-Claude don’t seem to be willing to contemplate, let alone understand or acknowledge, is that the EU is a union of sovereign countries. The meaning of ‘sovereignty’ fully escapes much of the pro-EU crowd. And if they keep that up, it will break the union into pieces. The European Court of Justice has ruled that Poland, the Czech Republic and Hungary must accept their migrant ‘quota’, as decided in Brussels, and that, too, constitutes an infringement on these countries’ sovereignty. And don’t forget, sovereignty is not something that can be divided into separate parts, some of which can be upheld while others are discarded. A country is either sovereign or it is not. The single euro currency is already shirking awfully close to violating sovereignty, if not passing over an invisible line, and a European Finance Minister would certainly constitute such a violation. At some point, the politicians in all these countries will have to tell their voters that they’re about to surrender -more of- their sovereignty and become citizens of Merkel Land. But they don’t want to do that, because as soon as people would realize this, the pitchforks would come out and the union would be history. The EU will be able to muddle on for a while longer, but Europe is not at all doing great economically (however, to maintain the illusion ECB head Draghi buys €60 billion a month in ‘assets’), and when the next crisis comes people will demand their sovereignty back. It really is that simple. And what will the negotiations look like to make that happen? 27 times Brexit? *  *  * The real Europe is not the one Juncker paints a portrait of. The real Europe is Greece. That’s where you can see the economic reality as well as the political one. Greece has no sovereignty left to speak of, despite the fact that it is guaranteed it in EU law. Europe’s political reality is about raw power. About the rich waterboarding the poor, to the point that they are turned from sovereign citizens of their countries into lost souls in debt prisons. This week, another chapter has been added to the dismal annals of the Greek adventures in the European Union. It’s like the Odyssee, I kid you not. Like the previous chapters, this one will not solve the Greek crisis, or even alleviate it, but instead it will deepen it further, and not a little bit. This chapter concerns the forced auctioning of -real estate- properties. Not to Greeks, 90% of whom can’t afford to buy anything at all, let alone property, but to foreigners, often institutional investors. At the same time, bad loans, including mortgage loans, will be offloaded for pennies on the dollar to that same class of ‘investors’. Once the Troika is done with this chapter, Greece will have seen capital destruction the likes of which the world has seldom if ever witnessed. People in the country have a hard time understanding the impact: Greece Property Auctions Certain To Drive Market Prices Even Lower Ilias Ziogas, head of property consultancy company NAI Hellas and one of the founding members of the Chartered Surveyors Association, said that the property market is certain to suffer further as a result of the auctions: “The impact on prices will be clearly negative, not because the price of a property will be far lower at the auction than a nearby property, but because it will diminish demand for the neighboring property.”   [..]Giorgos Litsas, head of the GLP Values chartered surveyor company, which cooperates with PQH [..] told Kathimerini that the only way is down for market rates. “I believe that unless there is an unlikely coordination among the parties involved – i.e. the state (tax authorities, social security funds etc.), the banks and the clearing firms – in order to prevent too many properties coming onto the market at the same time, rates will go down by at least 10%.”   He noted that “we estimate the stock of unsold properties of all types comes to 270,000-280,000, in a market with no more than 15,000 transactions per year. Therefore the rise in supply will send prices tumbling.” Yiannis Xylas, founder of Geoaxis surveyors, added, “I fear the auctions will create an oversupply of properties without the corresponding demand, which translates into an immediate drop in rates that may be rapid if one adds the portfolios of bad loans secured on properties that will be sold to foreign funds at a fraction of their price.” A 10% drop? Excuse me? Even in the center of Athens, rental prices for apartments that are not yet absorbed by Airbnb have plummeted. With so many people making just a few hundred euro a month that is inevitable. You can rent a decent place for €200 a month, and if you keep looking I’m sure you can find one for €100. An 80% drop?! But property prices would only go down by 10% in a market that has 20 times more unsold properties than it sells in a year? The Troika creditors found they had to deal with attempts to prevent the wholesale fire sale of Greek properties. They now think they’ve found the solution. First, they will force the government to lower official valuations concerning the so-called “primary residence protection”, which protected homes valued at below €300,000 from foreclosure. Second, they will bypass the associations of notaries who refused to cooperate in ‘physical’ auctions, as well as protesters, by doing the fire sale electronically: E-Auctions Of Foreclosed Property For First Time This Month In Greece Environment and Energy Minister Giorgos Stathakis confirmed the development in statements to a local television station, announcing the relevant justice ministry is ready to begin electronic auctions in the middle of next week.At the same time, Stathakis noted that a law protecting a debtor’s primary residence from creditors will be expanded until the end of 2018. According to reports, the e-auctions will take place every Wednesday, Thursday and Friday over a four-hour period, i.e. from 10 a.m. to 2 p.m. or 2 p.m. to 6 p.m. Some 5,000 foreclosed commercial properties will be up for sale by the end of the year, which translates into 1,250 properties per month, on average.   Currently, the primary residence protection against foreclosure extends to properties valued (by the State tax bureau) at under €300,000, a very high threshold that shields the “lion’s share” of mortgaged residential real estate in the country, if judged by current commercial property values in Greece. Creditors and local lenders have called for a decrease in the protection threshold, a prospect that is very likely.   The development is also expected to generate another round of acrimonious political skirmishing, given that both leftist SYRIZA, and its junior coalition partner, the rightist-populist Independent Greeks party, rode to power in January 2015 on a election campaign platform that included an almost universal protection of residential property from bank foreclosures and auctions.   Associations representing notaries – professionals who in Greece are law school graduates specializing in drawing up contracts and maintaining registries of deeds, property transactions, wills etc. – had also blocked old-style auctions from taking place in district courts by ordering their members not to take part. The e-auction process aims to bypass this opposition, as well as disruptions and occupations of courtrooms by anti-austerity protesters. The claim is that Greek banks must be made healthy again by removing bad loans from their books. The question is if selling both properties and bad loans to foreign institutional investors for pennies on the buck is a healthy way to achieve that. But yeah, if 50% of your outstanding loans are bad, you have a problem. Still, at the same time, the problem with that is that many if not most of those loans have turned sour because of the neverending carrousel of austerity measures unleashed upon the country. It’s a proverbial chicken and egg issue. If Brussels were serious about Greek sovereignty, it would make sure that Greek homes were to remain in Greek hands. You can’t be sovereign if foreigners own most of your real estate. By bleeding the country dry, and forcing the sale of Greek property to Germans, Americans, Russians and Arabs, the Troika infringes upon Greek sovereignty in ways that will scare the heebees out of other EU nations. It’s not for nothing that the entire Italian opposition is talking about a parallel currency next to the euro. That is about sovereignty. 5,000 Greek Properties Under the Electronic Auction System by End of 2017 Auctions of foreclosed properties to settle bad debts are seen as key to returning Greek banks to health by helping reduce the burden of non-performing loans. These currently stand at roughly €110 billion, or 50% of the banks’ total loans. Under pressure from its lenders, in the summer of 2016 the Greek government passed measures allowing the sale of delinquent mortgages and small business loans to international funds, a move seen by many as yet another betrayal by the SYRIZA-led government. Greek banks won’t return to health, they’ll simply shrink the same way the people do who can’t afford to rent a home or eat decent food. Austerity kills entire societies, including banks. If Mario Draghi would decide tomorrow morning to include Greece in his €60 billion a month QE bond-buying program, and Greece could use that money to stop squeezing pensions and wages, and no longer raise taxes and unemployment, both the people AND the banks could return to health. It would take a number of years, but still. Attica! Attica! Whatever you call what happens to Greece, and what’s been happening for nearly 10 years now, whether you call it fiscal waterboarding or Shock Doctrine, it is definitely not something that has a place in a union of sovereign nations bound together in mutual respect and dignity. And that will ensure the demise of that union. *  *  * Another aspect of the fire sale is the valuation of the properties austerity has caused to crumble (so many buildings in Athens are empty and falling apart, it’s deeply tragic, at times it feels like the entire city is dying). The press calls it a hard task, but that doesn’t quite cover it. It’s not just about mortgages, many Greeks simply give up their properties because they can’t afford the taxes on them. People that inherit property refuse to accept their inheritance, even if it’s been in their families for generations, and it’s where they grew up. In that sense, it may be good to lower valuations to more realistic levels. But tax revenues will plunge along with the valuations, and the government is already stretched silly. Add a new tax, then? Greece Property Value Review A Hard Task The government is facing a daunting task in adjusting the so-called objective values (the property rates used for tax purposes) to market levels by the end of the year, as its bailout agreement dictates. The huge slump in transactions and the forced sales of properties due to their owners’ debts do not lead to any safe conclusions for the values per area. One in four sales are conducted with prices that lag the objective value by 60-70%, and the prices of 2008 by 70-80%. The Finance Ministry must overcome all the obstacles to bring to Parliament all the necessary adjustments and regulations.   Moreover, once the objective values are brought in line with market rates, the government will have to maintain the same amount of revenues from the Single Property Tax (ENFIA) either by raising the tax’s rates or by introducing a new tax in the form of the old Large Property Tax.   Furthermore, once the objective values are reduced by 40-50% to match the going prices, banks may see problems with their capital adequacy, as lenders will incur losses by having to revise the collateral they get. Mortgage loans in Greece amount to €59.44 billion, of which 42%, or €25.4 billion are nonperforming. Yeah, there’s the health of the banks again. And the government. And the people. A wholesale fire sale is the worst possible thing that could happen at this point in time. Greece needs help, stimulus, hope, not more austerity and fire sales. Juncker and his Berlin ventriloquist have this all upside down and backwards, squared. The one thing the EU cannot afford itself to do, is the one thing it engages in. They may as well pack in the whole thing today, and go home. Actually, that would be by far the best option, because more of this will inevitably lead to the very thing Europe prides itself in preventing for the past 70 years: battle, struggle, war, fighting in the streets, and worse. If the EU cannot show it exists for the good and benefit of its people, it no longer has a reason to exist. Saving the banks in the richer countries by waterboarding an entire other country is not just the worst thing they could have thought of, it’s entirely unnecessary too. The EU and ECB could easily have saved Greece from 90% of what it has gone through, and will go through going forward, at virtually no cost at all. But yes, German, French, Dutch banks would likely have had to cut the bonuses of their bankers, and their vulture funds couldn’t have snapped up the real estate quite that cheaply. Summarized: the EU is a disgrace, morally, politically, economically. I know that French President Macron on the one side, and Yanis Varoufakis’ DiEM25 movement on the other, talk about reforming the EU. But the EU is the mob, and you don’t reform the mob. You dismantle their organization and then you lock them up.

15 сентября, 11:55

EU chiefs need to 'take a wise-up pill' to avoid economic harm, warns Wetherspoon's Tim Martin

The leaders of the EU need to “take a wise-up pill” to avoid economic damage to the bloc and to prevent British companies deserting their European suppliers, according to JD Wetherspoon founder Tim Martin. The outspoken chairman hit out at European Commission president Jean-Claude Juncker, Europe’s chief Brexit negotiator Michel Barnier and MEP Guy Verhofstadt for purposefully obfuscating over a trade deal with the UK. Mr Martin warned that such a move would cause “further economic damage to struggling economies like Greece, Portugal, Spain and Italy”. "There seems to be little genuine appetite for a free-trade deal from the Brussels bureaucracy, so EU companies are, paradoxically, reliant on the goodwill of UK consumers, who are likely to prefer tariff-free goods in the future from non-EU countries, which are generally in favour of free trade, rather than deals with companies which are subject to the diktat of those who wish to punish the UK,” Mr Martin said, as he revealed the company's better-than-expected full year adjusted profits of £102m on the back of a strong 4pc rise in like-for-like sales. While he warned such posturing by the EU would “inevitably encourage importers like Wetherspoon to look elsewhere for supplies”, Mr Martin said he had not sought out potential substitutes for businesses in Europe which it buys products from. Wetherspoon shares The chairman claimed the perception of the dangers of Brexit to the UK economy were "misconstrued". "When you boil it down to brass tacks, we are the biggest customer for Kopparberg cider and we were selling more than in the whole of Sweden at one point," he said. "There has been a strong perception that the massive European gorilla can stretch its arm out and smack the UK but it is inaccurate if you look at individual circumstances." Mr Martin also pointed out the biggest selling product at the pub chain was Lavazza coffee, made in Italy, and that the European side in Brexit negotiations needed to be aware of the importance of UK consumers to European companies. Nearly all of Wetherspoon's wine comes from outside the EU too and Mr Martin said while this meant paying a tariff on it, the level didn't make it that much more expensive than European wine. Brexit supporters Boris Johnson, Michael Gove and Priti Patel behind the bar at a Wetherspoon pub during the EU referendum campaign The comments come as the pub company outperformed analyst expectations by delivering a 15pc rise in pre-tax profits to £76.3m in adjusted pre-tax profits on the back of revenues of £1.66bn for the 53 weeks to July 30. This was helped by like-for-like sales rising 4pc in the period. Shares in the company rose as much as 9pc to £11.35 on the back of the announcement. The company saw like-for-like bar sales rise by 3.1pc - slightly below the 3.3pc rate seen in 2016 but food sales jumped 5.7pc (2016: 3.5pc) as its breakfast offering continued to help attract customers. It's small hotel business also performed well and the company is likely to continue expanding this side of the business incrementally. Current trading has also been strong with like-for-like sales in the past six weeks up 6.1pc - a performance dubbed “hugely impressive” by Cenkos analyst Simon French given the 0.3pc drop for the wider market, according to Coffer Peach Tracker data on pubs. The company has been aggressively reducing the size of its estate though with 127 pubs closed or sold in the past two years and only 10 opened in the past 12 months, leaving it with 895 pubs. It expects to open between 10 and 15 pubs between now and next July. Elsewhere, debt rose by £45.5m to £696.3m on the back of spending on new pubs and expanding existing sites as well as the acquisition of freeholds and share buybacks. How to connect with us | Telegraph Business on social media

15 сентября, 09:02

Заголовки утра. 15 сентября

«Коммерсантъ» в статье «В посылки подкладывают НДС» пишет, что правительство обсудит «налог на AliExpress». «Безлимитное пиво»: для онлайн-продаж алкогольного напитка может не потребоваться лицензия. «Контроль и надзор оснащают пряниками»: для безупречных проверяемых компаний готовятся поощрения. «Союзное государство защитит себя само»: в России и Белоруссии начались совместные военные маневры. РБК: «Еще два года маяться». В правительстве готовы пролонгировать президентские указы 2012 года. «Гуманитарный отбой»: Минфину поручили отказаться от поддержки Донбасса. Зачем американскому президенту поддержка оппозиции объясняется в статье «Дональд Трамп накормил демократов обещаниями». «Известия»: «Банкиры ответят имуществом». В Госдуме готовят законопроект, ужесточающий требования к владельцам кредитных организаций. «Некондицию уничтожат своими руками»: некачественные продукты хотят утилизировать за счет владельцев. «Инфляция в регионах на рекордном минимуме»: рост цен оказался ниже ожиданий Центробанка почти по всей стране. Объявлены лауреаты Шнобелевской премии 2017 года. Прочитать о них можно в статье «Шнобель-2017: жидкие коты и дудка от храпа». Прогноз погоды в Москве на выходные и следующую неделю, с 18 по 24 сентября, помещен под заголовком «Москва бурерожденная». «Неотвратимое наказание: банкиры ответят рублем». Депутаты накажут банкиров за недобросовестную деятельность. The Economist: «Бабье лето г-на Юнкера» (Mr Juncker’s Indian summer). Председатель Еврокомиссии Жан-Клод Юнкер спустя несколько лет уныния взял уверенный тон. «The Economist объясняет: почему пострадавшая итальянская экономика приходит в себя» (The Economist explains: Why Italy’s troubled economy is returning to form). Италии становится лучше за счет общего улучшения ситуации в ЕС. Но на горизонте маячат политические проблемы. Bloomberg: «Банк Англии может повысить ставки в пределах нескольких месяцев» (Bank of England May Hike Rates Within Months). Британский центробанк собирается в обозримом будущем повысить ставку впервые за более чем десять лет. «Почему Макрон не боится французских профсоюзов» (Why Macron Doesn't Fear France's Unions). Среди французских профсоюзов нет единодушия, и это облегчает президенту Франции Эммануэлю Макрону проведение трудовых реформ. The Wall Street Journal: «Банк Англии говорит, что процентные ставки могут подняться в пределах нескольких месяцев» (BOE Says Interest Rates Could Rise Within Months). Банк Англии дал понять, что готовится к повышению ставок в скором времени, чтобы сдержать инфляцию. «В Узбекистане признаки оттепели после десятилетий репрессий» (In Uzbekistan, Signs of a Thaw After Decades of Repression). Узбекистан долгое время был одним из самых закрытых обществ. Но теперь там начали освобождать политзаключенных и налаживать связи с США.

15 сентября, 06:43

Джон Палмер: Брексит по сценарию тори — обречен

Известный политический эксперт и редактор The Guardian считает, что у Корбина есть шанс построить такую Европу, которую он хочет.

15 сентября, 06:23

Германия: «Нам не нужно больше Европы… Нам не нужен Шенген для всех»

Пресса Европейского союза оживлённо обсуждает ежегодный отчёт главы Еврокомиссии перед депутатами Европарламента, и главным образом высказанные Жан-Клодом Юнкером предложения по реформе ЕС. Реакция на эту речь двоякая: одни расценили идеи Юнкера как многообещающие для будущего Евросоюза после Брексита, другие считают их несвоевременными и оторванными от реальности.

14 сентября, 21:43

Юнкер готов признать референдум о независимости Каталонии

Но даже если это произойдет, "Каталония не станет членом ЕС на следующий же день после голосования"

14 сентября, 21:02

Турецкий министр «евроинтегратор» обвинил ЕС в предательстве Турции

Как и в любой другой стране Европы, куда дотянулась рука демократии, в Турции есть свой министр по делам ЕС. Зовут  министра Омер Челик и занимает свое кресло он уже давно, а по современным меркам даже очень — с мая 2016 года. Таким образом он уже плотно вошел во вкус всей этой евроинтеграции и ему сытно,

12 апреля 2013, 02:33

Люксембург заставили сдать клиентов с поторохами. Австрия готова «биться, как львица» - на основании

Люксембург заставили сдать клиентов с поторохами. Австрия готова «биться, как львица» - на основании Конституции Власти Люксембурга заявили, что отмена банковской тайны не угрожает экономике страны. Австрию пока защищает Конституция страны Премьер-министр Люксембурга Жан-Клод Юнкер заявил, что власти страны решили с 2015 года отменить банковскую тайну для вкладов граждан Европейского союза и присоединиться к обмену банковской информацией среди стран ЕС, поставив таким образом точку в многолетнем режиме сохранения банковской тайны в Люксембурге, который помог государству стать одним из крупнейших в Европе финансовых центров.«Мы можем без существенного вреда (для экономики Люксембурга) с 1 января 2015 года ввести автоматический обмен информацией. ... Мы присоединяемся к общемировой тенденции. ... Финансовый сектор Люксембурга не так сильно зависит от банковской тайны».Еврокомиссия «поприветствовала решение Люксембурга» и усилила давление на Австрию, которая долгие годы блокируют реформу ЕС о взимании налогов с процентов по вкладам. Если Австрия будет и далее противиться «неизбежному прогрессу, ведущему к большей прозрачности в банковском секторе, она окажется в шатком положении», цитирует агентство Reuters еврокомиссара по налогообложению Альгирдаса Семету, выступившего 8 апреля в Брюсселе. В ответ министр финансов Австрии Мария Фектер пообещала и впредь, «как львица, сражаться за сохранение банковской тайны». «Евросоюз хочет добиться автоматического обмена информацией о банковских счетах. Мы его отвергаем. Подобный обмен приведет к созданию в Европе кладбища данных, но никак не увеличит доход от налогов. Наша система более эффективна», - заявила Фектер в интервью газете Österreich.Между тем, положение начал сдавать Вернер Файман, канцлер Австрии: «Мы согласны на переговоры, потому что убеждены в необходимости борьбы против так называемых “налоговых гаваней” и ухода от налогов. Это назревшая мера и всем нам нужно действовать быстро, и чем быстрее, тем лучше». Но его заявлени никак не согласуется с Конституцией страны, которая гарантирует банковскую тайну всем клиентам финансовых учреждений . Две партии правящей коалиции – социал-демократы и христианские демократы – пока не могут достичь единой позиции о мере уступок, на которые можно было бы пойти под давлением Брюсселя.Сложно сказать, как еще долго австрийцы будут сопротивляться глобальной диктатре капитала, когда общеевропейский обмен банковскими данными предусматривает передачу информации о доходах от банковских вкладов зарубежным налоговым службам. Австрия защищает политику сохранения банковской тайны, при этом самостоятельно взимая налог на дивиденды иностранных вкладчиков и переводя часть суммы в страну, гражданами которой являются владельцы депозитов.