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Saturday, June 30, 2018

Ukraine - Russia: EU leaders extend Russian sanctions over Ukraine for six more months

US sanctions against Russia are likely to figure large when US President Donald Trump meets,,his Russian counterpart Vladimir Putin in Helsinki on July 16.

Evidence of Russian meddling in the US 2016 election led the US to impose sanctions on Russia in April, but Trump and some European leaders have questioned if sanctions against Russia have the desired effect.

A spokeswoman from the German economy ministry said on Friday that the ministry had received a commitment from the US that any new US sanctions would not affect Russian pipelines, a reference to the controversial Nordstream II pipeline linking Russia and Germany.

Read more: EU leaders extend Russian sanctions over Ukraine for six more months | News | DW | 29.06.2018

Friday, June 29, 2018

US Economy: Is a recession on the way?

This economic indicator has predicted recessions in the past — but is it different this time?

For the complete report go to
https://www.cbc.ca/news/business/yield-curve-inversion-1.4724637

Shared via the CBC News Android App

Thursday, June 28, 2018

The Netherlands: Opposition Lawmaker Demands Probe into Netherlands-Shell Tax Deal - by Linda A.Thompson

A Dutch opposition lawmaker is pushing the government to launch a parliamentary inquiry into Shell, calls that follow criticism of the oil giant’s past deals with the tax authority.

Jesse Klaver, the leader of the Dutch Greens, is specifically focused on a 2004 tax ruling the tax authority issued to Royal Dutch Shell Plc. A parliamentary inquiry would be lawmakers’ only shot to question Shell executives about the deal, and would be the latest development in scrutiny of the company’s tax planning

“Given all the confidentiality there is, we only have one method left and that’s the method of the parliamentary inquiry. If it reveals that money indeed unjustly went to Shell, I think we should get it back,” Klaver said.

Read more: Opposition Lawmaker Demands Probe into Netherlands-Shell Tax Deal | Bloomberg Tax

Wednesday, June 27, 2018

EU-US Relations: EU President Donald Tusk warns EU leaders to ″prepare for the worst″ in EU-US relations

European Council President Donald Tusk warned European Union leaders that they should "prepare for the worst" in EU-US relations in a letter to EU leaders who will be gathering in Brussels for a summit on Thursday and Friday.

He laid out the agenda for discussions at the important meeting, with migration topping the list.

Transatlantic relations

Writing on the issue of transatlantic relations, Tusk said the EU must be prepared for "worst-case scenarios" as US President Donald Trump's policies have been increasingly at loggerheads with the bloc's values.

"It is my belief that, while hoping for the best, we must be ready to prepare our union for worst-case scenarios," Tusk wrote. "Despite our tireless efforts to keep the unity of the West, transatlantic relations are under immense pressure due to the policies of President Trump."

Trump has decided to withdraw his country from the Paris climate deal and the Iran nuclear deal, despite repeated pleas by the EU to stick with them.

One EU official, who spoke on the condition of anonymity, told DPA news agency that such "negative" decisions were starting to "look like a pattern" where the US has "no friends, no enemies" and where preserving the international rules-based structure was not a focus.

NATO Secretary General Jens Stoltenberg will share his views on EU-NATO cooperation at the meeting.

Read more: Donald Tusk warns EU leaders to ″prepare for the worst″ in EU-US relations | News | DW | 27.06.2018

Tuesday, June 26, 2018

USA - Chemical Industry: Monsanto's Glyphosate "Roundup weed-killer" goes on trial in US with billions at stake - by Aimee Picchi

After it was introduced in the 1970s, Roundup was promoted as an "herbicide that gets to the root of the problem."

Now, four decades later, manufacturer Monsanto will face a lawsuit that seeks to get to the root of another problem: whether the active ingredient in the weed-killer is to blame for a California man's terminal cancer. If Monsanto fails to persuade the court that its product isn't to blame, the agricultural company's flagship product could take a hefty hit.

Billions in revenue could be at stake for Monsanto and its new corporate parent, German chemical giant Bayer, which closed its $60 billion acquisition earlier this month. While Monsanto doesn't break out sales of glyphosate -- the active ingredient in Roundup -- the product delivered $4.8 billion in revenue in 2015. In its latest fiscal year, Monsanto cited higher global sales of glyphosate for helping lift total revenue by 8 percent.

Monsanto declined to comment on the potential sales impact, citing the trial proceedings. In a statement earlier this month, it told CBS News it denied the allegations.

"We have empathy for anyone suffering from cancer, but the scientific evidence clearly shows that glyphosate was not the cause. We look forward to presenting this evidence to the court," it said.

Note EU-Digest: Unfortunately the EU recently cleared the use of  this weed killer for the next five years, after a heated debate over whether it causes cancer or not. 

Regardless of this decision, given the legal battle Monsanto is now facing in the US, the EU Parliament, despite the obvious intense lobby by the chemical industry, should immediately halt the use of  the weed-killer glyphosate in Europe, and take another close look at the dangers this weed killer poses for European consumers. Better late than sorry.

Read more: Monsanto's Roundup weed-killer goes on trial with billions at stake - CBS News

Monday, June 25, 2018

EU and China meet and discuss ways of dealing with Trump’s tough trade tariffs

China and the European Union are seeking ways to confront US President Donald Trump’s belligerence on trade during a high-level dialogue today Monday, June 24th, in addition to settling their differences on investment restrictions.

“The elephant in the room is Trump and his view on the global trade order. This issue will eclipse everything else,” said Jan Weidenfeld, analyst of Europe-China relations at the Mercator Institute for China Studies. “Both sides are under pressure to avoid a public spat, which would dilute their ability to signal to the Americans that they’re not happy.

“We are there – we are having a very frank conversation now, and we would be having a much franker discussion if we didn’t have all the trouble with the US administration.”

“China and Europe are facing the common challenge of US actions in trade and multilateral institutions, which gives them more room to cooperate,” said Cui Hongjian, director of the Department for European Studies at the China Institute of International Studies.

Read more: EU and China to meet and discuss ways of dealing with Trump’s tough trade tariffs | South China Morning Post

Sunday, June 24, 2018

EU-US Relations: Trump Tariffs: EU to respond to any U.S. auto tariff move: by Mathieu Rosemain

The European Union will respond to any U.S. move to raise tariffs on cars made in the bloc, a senior European Commission official said, the latest comments in an escalating trade row.

U.S. President Donald Trump on Friday threatened to impose a 20 percent tariff on all imports of EU-assembled cars, a month after his administration launched an investigation into whether auto imports posed a national security threat.

“If they decide to raise their import tariffs, we’ll have no choice, again, but to react,” EU Commission Vice President Jyrki Katainen told French newspaper Le Monde.

“We don’t want to fight (over trade) in public via Twitter. We should end the escalation,” he said in the comments published on Saturday.

Trump told carmakers at a meeting in the White House on May 11 that he was planning to impose tariffs of 20 or 25 percent on some imported vehicles and sharply criticized Germany’s automotive trade surplus with the United States.

Note EU-Digest: Come on EU Commission, take your gloves off, and hit Trump where it hurts: medical equipment and supplies, weapons industry, NATO.

Read more: EU to respond to any U.S. auto tariff move: report | Reuters

Friday, June 22, 2018

EU-US Relations: Trump Tariffs: Europe hits back at Trump's tariffs as global tensions mount

The European Union's retaliatory tariffs on US products came into force on Friday, the latest shots fired in what increasingly looks like a global trade war.

The EU, the world's largest trading bloc, imposed levies on 2.8 billion euros (S$4.4 billion) of American products in response to US duties on its steel and aluminum exports that were justified on national security grounds.

"We did everything we could to avoid this situation, but now we have no choice but to respond,'' said EU Trade Commissioner Cecilia Malmstrom. "It is frankly ridiculous that EU steel is considered a threat to US national security. As longstanding allies of the US, we were disappointed, but not surprised.''

The European reaction opens up another front in Washington's battle to reshape its commercial relationship with the world. President Donald Trump has levies on US$250 billion of Chinese goods in the pipeline and already placed duties on products from allies including Canada, Mexico and Japan..

Note EU-Digest: Maybe the time has come for Europe to start playing some "hardball" with Trump, and suggest to him it will stop buying military equipment from the US, that it wants to review NATO antiquated policies, its global strategies, and the need for European nations to participate, and pay for controversial US controlled missions around the world.  Most of which have resulted in failure, and a large influx of refugees into the EU and Turkey. 

Read more: Europe hits back at Trump's tariffs as global tensions mount, Government & Economy - THE BUSINESS TIMES

Wednesday, June 20, 2018

Turkey: The Man: Muharrem Ince - Who Could Topple Erdogan - by Safak Pavey

Turkish Presidential Candidate 
Muharrem Ince, rattling Erdogan's base
The New York Times reports that something is changing in Turkey.

After 16 years of electoral dominance by President Recep Tayyip Erdogan, the secularist opposition Republican People’s Party, known as the C.H.P., has found a leader and presidential candidate who is rattling Mr. Erdogan, invigorating opposition voters and reaching out to Turks beyond the traditional base of his party.

The murmurs are increasingly audible that Mr. Erdogan may not be invincible when Turkey votes on June 24. The politician who achieved this transformation in the national mood is Muharrem Ince, a 54-year-old legislator from the C.H.P., who was chosen as the presidential candidate by his party in May. Mr. Ince has represented Yalova, a province about 50 miles from Istanbul, in the Turkish parliament since 2002. His father was a small farmer. Mr. Ince taught physics at a school before entering politics.

I got to know Mr. Ince while serving as a member of parliament for the C.H.P. from Istanbul. His speeches in the parliament went viral on Turkish social media; his humor inspired caricatures and memes, skewering the opponents. In the past month of campaigning, Mr. Ince’s witty and pugnacious speeches challenging Mr. Erdogan at public meetings have inspired the Turks.

I recently attended a public meeting Mr. Ince was having in Duzce, a city on the Black Sea coast, which has elected Justice and Development Party candidates in every parliamentary election since Mr. Erdogan founded the party in 2002. Politicians from the secularist C.H.P. would face active hostility — even assault, once — when visiting Duzce. I was surprised to see about 5,000 people waiting to hear Mr. Ince. It was a signifier that he was not preaching to the converted.

A young man I met described himself as a supporter of Mr. Erdogan’s party, but he was curious about Mr. Ince. He spoke about how the people of his city were losing their once-ardent faith in Mr. Erdogan’s party. “Nobody believes them any longer,” he said. “Even at the meetings where they distribute alms, they seal off their seating area to separate themselves from the poor.”

Yet not voting for Mr. Erdogan and his party wasn’t a choice. “Last month, the imam of our village asked all of us to put our hands on the Quran and take an oath to vote for our party,” the young man said. He wouldn’t break his oath but came to agree with the opposition leader’s message.

Mr. Ince is asking the people of Turkey to choose between freedom and fear, between national prestige and national solitude, between imposition of religious practice and freedom to choose, between openness and xenophobia.

Mr. Ince has been challenging President Erdogan for a public debate. “Let us debate on any television network you choose,” he says. The loquacious Mr. Erdogan, who is omnipresent on Turkish television, stayed quiet until Saturday, when he responded with characteristic haughtiness. “He has no shame, inviting me on television,” Mr. Erdogan said, adding that Mr. Ince would try to “ get ratings thanks to us.” Mr. Ince retorted, “He says I want to get ratings, but even the weather forecasts are watched more than his interviews.”

In May, in a speech in the parliament, Mr. Erdogan tried to dismiss Mr. Ince as “a poor person.” The opposition leader responded by asking an important question: “We got the same salary at the same time. How come you became so rich and I am poor?” (Mr. Erdogan’s salary as prime minister between 2003 and 2014 wasn’t a lot more than what members of parliament received. As president he gets paid three times more, but Mr. Ince was referring to the corruption charges against his inner circle.)

Under Mr. Erdogan, polarization between social and ethnic groups has increased in the past several years. His challenger is offering the vision of reconciliation and an end to discriminatory hiring practices by the Turkish state. “The state will have no business if a candidate is Alevi or Sunni, Turkish or Kurdish,” Mr. Ince said at a public meeting last week. “There will be no discrimination whether one is wearing head scarf or not, whether one is a woman or a man.”

Mr. Ince is also changing the misconception that his secularist party’s base is anti-religious by appearing at public rallies with his sister who wears a head scarf. He stood up against the relentless propaganda by the A.K.P. against the pro-Kurdish Peoples’ Democratic Party, and visited its leader and presidential candidate Selahattin Demirtas in prison.

The recent fall in the value of the lira exacerbated economic anxieties in the country. Mr. Ince has offered the vision of strengthening a production-based economy, developing agriculture and offering better conditions for local and foreign investors, apart from educating Turkish youth in both their mother tongue and global languages to compete with the world.

Mr. Ince provided examples of moral leadership long before he was in the fray. In the summer of 2016, the Turkish parliament approved a constitutional amendment stripping its members of immunity from prosecution. The bill was pushed by the governing A.K.P. and its ultranationalist allies to target the members from the Peoples’ Democratic Party.

Mr. Ince argued vociferously against the bill and voted against it despite our party being divided on the subject. Earlier, he stood up against the framing and arrest of Turkish military officers by using false evidence and the hollowing out of the judiciary. He spoke out against the indiscriminate purges after the failed coup of July 2016.

During the parliamentary debates on the regressive changes in education pushed by the A.K.P., Mr. Ince called out the party’s hypocrisy by disclosing that A.K.P. elites were not sending their children to the Imam Hatip (religious) public schools, which they deem appropriate for the rest of society. He also pointed out that although the A.K.P. embroiled the country in wars and whipped up hysteric nationalism, its leaders were not enlisting their sons in military service.

Turks seem to be embracing his slogan of “Making Peace, Growing and Sharing Together.” In late April, the C.H.P. vote share, according to independent polls, was about 20 percent. Within a few weeks of Mr. Ince’s presidential campaign, the C.H.P. vote share has increased to 30 percent.

And with the opposition parties coming together, Mr. Erdogan’s time might finally be running out. But nobody knows which rabbit Mr. Erdogan and his team will pull out of their hats before the polling day.

But the shift in the national mood is evident on the streets, on the usually obsequious television networks, in the tea shops across the country. For the first time in almost two decades, Mr. Erdogan no longer seems invincible. A Turkey where every citizen may live without fear finally seems possible.

Note EU-Digest: A Turkish American citizen who was asked what he thought about the possibility of Muharrem Ince  toppling Erdogan answered: "well better the devil you know than the devil you don't.know". 

If everyone had that similar opinion about dictators in power, many would never have been toppled.

Hopefully this fresh wind, which is presently blowing through Turkey in the form of Muharrem Ince candicacy in the Turkish Presidential elections will give the Turks the courage to vote in large numbers for the next President of Turkey: Muharrem Ince  

Read more: Opinion | The Man Who Could Topple Erdogan - The New York Times
Turkish Presidential Candidate 
Muharrem Ince, rattling Erdogan's base

Sunday, June 17, 2018

The Global Order: Trump aims for the total destruction of the established order, including all alliance partnerships the US ever entered into - by Stephan Richter

Trump: The Most Disruptive Global Start-Up Ever By Stephan Richter Trump aims for the total destruction of the established order, including all alliance partnerships the United States ever entered into. Trump aims for the total destruction of the established order, including all alliance partnerships the United States ever entered into. The post Trump: The Most Disruptive Global Start-Up Ever appeared first on The Globalist
 .
For the complete report click here;

Saturday, June 16, 2018

Turkey - Presidential Elections: Can Erdogan's economic record help him keep seat amid challenges? - by Umut Uras

Sitting by his small telephone sale and repair shop in the buzzing Istanbul district of Besiktas, Hasan Kus is pessimistic about the future of Turkey's economy.

A little over a week before the country's key elections, the 44-year-old believes the financial situation will worsen regardless the outcome of the June 24 polls. "People are merely trying to pick the better scenario, compared to the other ones," says Kus, before trying to sell a phone charger to a customer.

The economy is going to be a decisive factor in the upcoming vote that will transition Turkey from a parliamentary system to an executive one, in line with constitutional changes approved in a referendum last year.

The presidential and parliamentary polls will be held under a state of emergency, in place since July 2016 following a failed deadly coup blamed by the government on the movement of Fethullah Gulen, a US-based self-exiled religious leader.

On the economic front, the polls come against a conflicting backdrop of skyrocketing growth rate - up 7.4 percent last year - and a depreciating currency.

The Turkish lira dropped more than 20 percent against the US dollar this year, prompting the Central Bank to raise interest rates multiple times to shore up one of the world's worst-performing currencies. Meanwhile, both inflation and current account deficit are on the rise.

Under these circumstances, the Turkish electorate appears divided about who is best equipped to deal with the ongoing economic uncertainties.

Voters who blame the uncertainty on President Recep Tayyip Erdogan and his ruling Justice and Development Party (AK Party) believe change is needed after 15 years to correct the policies that spawned the current problems. 

Note EU-Digest: It is time for a change in Turkey after 15 years of Erdogan. President Erdogan has brought Turkey close to total economic ruin, and based on latest polls can only win the upcoming Presidential elections if he succeeds, once again, to have his associates fiddle with the ballot boxes and votes to change the outcome......?

Friday, June 15, 2018

China-US relations: Escalating U.S.-China trade spat comes at a bad time for global growth, economist says - by William Watts

The escalating trade spat between the U.S. and China comes at an inconvenient time for the global economy.

The resilience of China’s economy in early 2018 has been an important buffer for global growth in the face of mounting headwinds, noted Louis Kujis, head of Asia economics for Oxford Economics, in a Friday note.

But the economy is showing signs of a broad slowdown after downbeat May economic data, which Kujis expects to continue, braking growth from a pace of 6.8% year-over-year in the first quarter to 6.2% by the fourth quarter.

China’s economy was set to slow without the trade dispute and policy makers were already less likely to respond with the type of stimulus they have implemented in the past to the benefit of the domestic and global economy. The rising trade tensions only amplify the prospects of a slowdown, albeit at the margins.

“While the economic impact of the U.S. tariffs and ensuing retaliation by China will be modest, it does matter,” Kujis wrote. Assuming broadly one-for-one retaliation, Oxford Economics’s economic model suggests the trade actions will shave 0.1 to 0.2 percentage point off growth in 2018 and 2019 for both countries, he said, noting that the impact has already been incorporated into the firm’s forecasts.

Read more: Escalating U.S.-China trade spat comes at a bad time for global growth, economist says - MarketWatch

Thursday, June 14, 2018

Wednesday, June 13, 2018

EU-US Relations - Trade Tariffs: Maine will be among hardest-hit states if EU retaliates against Trump's tariffs - by Steve Collins

Augusta,  ME's State capital, also ranked by WalletHub as one of America's saddest cities



The Portland Press in Maine recently reported that a new Brookings Institution report found that Maine would be one of the hardest-hit states if the European Union takes retaliatory measures in response to President Trump’s new tariffs on aluminum and steel imports.

The report found that 9.5 percent of Maine’s exports to Europe would be slapped with retaliatory tariffs if the Trump administration declines to grant an exemption to EU countries exporting metal to the U.S. The state average was roughly 3 percent of exports.

The proposed new tariffs against American products would affect about $39 million worth of Maine exports to the EU, Brookings found, out of a total of $405 million last year
.
The Europeans are considering possible tariffs on everything from cranberries to T-shirts. It’s not clear from the report exactly what Maine industries might take a hit.

It also isn’t certain whether the administration will offer exemptions for European steel and aluminum. If it refuses, the EU has said it will impose new tariffs on American products in response, a first step in what could become a trade war.

The impact of higher prices on American products might be fewer export sales of targeted U.S. goods such as rear-view mirrors, sweet corn and whiskey. U.S. Sen. Susan Collins, a Maine Republican, is skeptical about the tariffs sought by Trump.

“I share the president’s belief that there have been many poorly negotiated trade agreements that have harmed manufacturing jobs in Maine and across our country,” she said in a prepared statement recently. “In the northern half of our state in particular, we have seen many pulp and paper mills close within the last five years, putting thousands of Mainers out of work through no fault of their own.”

“Addressing unfair trade practices, however, requires a careful approach in order to avoid triggering retaliation from other countries,” Collins said. “These tariffs could very well produce the opposite effect of what the president is trying to achieve, inadvertently causing further harm to American jobs and increasing the prices of consumer goods.”

She urged Trump “to work with Congress and our allies to address anti-competitive behaviors in order to protect our manufacturing industry and promote economic growth.”

Brookings is a century-old policy research think tank in the nation’s capital that issues studies on many issues facing the nation.

Tuesday, June 12, 2018

US Economy: US inflation hits six-year high

Prices in the US are rising at their fastest pace since 2012.
US inflation rate The US consumer prices index rose to 2.8% per annum in May, up from 2.5% in April.

That’s a little higher than expected, and the highest inflation rate since February 2012.

An indication that the US economy is starting to overheat and not doing as well as the Trump Administration is saying it is.
                                                                     
EU-Digest

Monday, June 11, 2018

EU in the danger zone: The United States and Russia Target Germany - by Judy Dempsey

Europe is not in good shape.

Italy now has a government of leftist and rightist populists in power. Hungarian Prime Minister Viktor Orbán is telling the opposition party in Macedonia to reject a proposed deal between Skopje and Athens to resolve the dispute over Macedonia’s name.

Forget the fact that an end to this conflict would fill one of the security vacuums in this part of the Western Balkans, which should enhance European security. Macedonia could join NATO which Greece, until now, had vetoed because of the name issue.

More worrying, is that what is taking place in Europe today is, unwittingly, a collusion of interests between the Trump administration and the Kremlin.

These interests are about dividing the EU. In the case of the United States, these policies undermine the transatlantic alliance and weaken the West’s projection of its values. But above all, these interests are about undermining Germany, and in particular Angela Merkel, who has been chancellor of Europe’s biggest economy since 2005.

So why are Russia and the Trump administration targeting Merkel?

Let’s take Russia.

Once she became chancellor in late 2005, Merkel slowly chiseled away at the policies of her Social Democrat predecessor Gerhard Schröder. The former German chancellor had established very close links with Putin, even referring to him as “an impeccable democrat.” 

Merkel was having none of that. She reached out to Russia’s civil society activists. She spoke her mind with Putin. By the time the Russian president had illegally annexed Crimea in March 2014, Merkel knew where she stood with him.

Putin underestimated Merkel’s ability to get all EU member states on board to impose sanctions on Russia. Yet she did it. That weakened, to a big degree, the pro-Russia wings in Germany’s Social Democratic Party. The party’s “Ostpolitik”—or eastern policy that was based on rapprochement with Russia—was put on hold. So far, that Merkel line has held.

It hasn’t been easy. Both Germany’s pro-Russian Alternative for Germany (AfD) party and Italy’s new government want to end the sanctions on Russia. There were similar calls to lift the sanctions during Putin’s fulsome welcome by Austrian Chancellor Sebastian Kurz in Vienna on June 5.

Putin is intent on dividing the EU, which means undermining Merkel’s authority. Needless to say, he denied that during an interview with Austria’s public TV channel ORF: “We do not pursue the objective of dividing anything or anyone in the EU,” he said.

As for Trump, his policies are far more dangerous because, for the first time since World War II, the leader of the West is trying to isolate and undermine Germany. That means weakening Europe and the alliance.

This goes against the strategic policies of every, successive American administration since 1945. Policies that have been unflinchingly committed to building a Western, and later united, Europe anchored on the Franco-German alliance and “embedded” in what is today’s European Union.

Yes, there were big differences and quarrels over the deployment of U.S. Pershing missiles in West Germany in the 1980s and later the American invasion of Iraq in 2003. The point is that the alliance and the EU managed to hold together. So why are Trump and his emissaries now trying to do the opposite?

One reason is that Trump sees allies not based on values but based on short-term American interests in which allies are chosen at random. Yet slapping protectionist trade measures on key allies such as Mexico, Canada, and Europe on the spurious grounds of national security begs the question why the United States should be doing business with non-democratic or authoritarian countries such as Egypt or China. Do they enhance America’s security?

Second, Trump’s attack on Europe is not just about trade and spending more on defense—issues that the U.S. president will no doubt raise at next month’s NATO summit in Brussels. It is about Germany. Or rather it is about Angela Merkel.

Merkel has refused to pander to Trump since the day he was elected. She stood up to him on trade and climate change issues during the 2017 G20 and G7 meetings. She endured humiliation when he gave her limited time during her recent visit to Washington in April. And all the while, Trump’s new ambassador to Berlin, Richard Grenell, has spoken about “empowering anti-establishment European leaders.”

Merkel, for the moment, has wisely shrugged off Grenell’s statements and interviews by leaving it to others to respond. But what Merkel cannot shrug off is how the American administration is singling out Germany for its trade surplus, for its car exports to the United States (forget the fact that the German car industry combined has created 110,000 jobs in America), for its refugee policy, and for its policy toward Russia. In short, for its status in Europe.

It’s as if the United States was trying to set other EU countries against Germany, especially given Berlin’s anti-austerity policies in dealing with indebted eurozone countries. All the more reason for EU heads of state and government to rally behind a leader that has shown some spunk when it comes to dealing with Putin, refugees, and Trump. And for keeping the EU together.

Read more: The United States and Russia Target Germany - Carnegie Europe - Carnegie Endowment for International Peace

Sunday, June 10, 2018

EU Economy: GDP and main aggregates estimate for the first quarter of 201 8 GDP up by 0.4% in both euro area and EU28 +2.5% and + 2.4% respectively compared with the first quarter of 2017

Seasonally adjusted GDP rose by 0.4% in both the Euro area (EA19) and the EU28 during the first quarter of 2018, compared with the previous quarter,according to an estimate published by Eurostat.

In the fourth quarter of 2017, GDP had grown by 0.7% in both zones

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by by 2.4% in the EU28 in the first quarter of 2018, after +2.8% and +2.7% respectively in the previous quarter..

For the complete report go to Eurostat

Saturday, June 9, 2018

G7-Trump creates Chaos at G7 - as he calls for total barrier-free trade within the G7 and a return of Russia to the group

G7 Chaos: Merkel and Trump staring each other down
Despite imposing tariffs on major US allies, the anti-globalist president has called for free trade within the G7. He also insisted US allies would be forced to concede to US trade terms because the US "can't lose."

Trump, who railed against globalization in his election campaign, said he wanted all G7 nations to remove any tariffs, subsidies and other trade barriers.\

"You go tariff-free, you go barrier-free, you go subsidy-free," Trump opined, calling it "the ultimate thing." He said other world leaders reacted positively to the idea.

His economic adviser Larry Kudlow backed up the call, saying, "We’re going to clean up the international trade system."

But Trump's claims that he is in favor of global free trade would appear contradictory to his recent imposition of tariffs on US allies, much to their collective discontent.

Trump insisted US allies would yield to his demands of a trade rebalance, warning that the US would crush any opposition in a potential trade war.

"If they retaliate they're making a mistake …We win that war 1,000 times out of 1,000."

"They do so much more business with us than we do with them that we can't lose … When you’re down $375 billion you can't lose," he said, likely referring to the trade imbalance with China.

He said he could tell from the smiles of European leaders at the G7 that they knew that "the gig is up" and that they would negotiate terms with Washington.

Trump repeated his call for Russia to be allowed back into the alliance of world powers. It was kicked out of the G8 in 2014 for annexing Crimea from Ukraine.

"We're looking for peace in the world. We're not looking to play games."

"I think it would be good for Russia, I think it would be good for the US, I think it would be good for all of the countries of the current G7."

But when asked about returning to the G7 Russian Foreign Minister Sergei Lavrov said on Saturday that Moscow "never asked anyone to return" to the G7 and that Russia was happy working with the G20.
 
EU-Digest

Friday, June 8, 2018

G7 meeting Canada: Trump calls for Russia to be reinstated to G-7, threatens allies on trade - by Damian Paletta, Anne Gearan and John Wagner

President Trump on Friday said Russia should be readmitted to the Group of Seven leading economies, breaking with other world leaders who have insisted that Moscow remain ostracized following its 2014 annexation of Crimea.

“Now, I love our country. I have been Russia’s worst nightmare … But withthat being said, Russia should be in this meeting,” Trump said Friday as he left the White House. “It may not be politically correct, but we have a world to run. … They should let Russia back in.”

Trump’s comments, made as he was departing for the annual G-7 summit in Canada, have the potential to further upend talks with other leaders here. U.S. intelligence officials believe Russia interfered in the 2016 election, and part of this year’s G-7 summit was supposed to focus on protecting democracies from foreign meddling.

Trump has sought to improve relations between the United States and Russia since taking office. The U.S. government and other nations have imposed strict sanctions on Russia related to its annexation of Crimea from Ukraine, and those penalties remain in effect.

Read more: Trump calls for Russia to be reinstated to G-7, threatens allies on trade - The Washington Post

Thursday, June 7, 2018

Britain - Brexit: UK plans to stay in customs union until December 2021 under new ‘backstop’ – by Benjamin Fox

The UK plans to remain in the EU’s customs union until December 2021, according to a new ‘backstop’ proposal unveiled by Teresa May, aimed at avoiding a hard border between Northern Ireland and the Republic.

After a dramatic Thursday morning (7 June)  in Westminster, during which Brexit Secretary David Davis held two crisis meetings with May and is widely believed to have threatened to resign, the government published a five-page paper setting out a ‘temporary customs arrangement’.

The proposal would mean a one-year extension to the 21-month transition period running from the moment it formally leaves the bloc next March until the end of 2020, which the UK has already agreed with the EU.

Under the proposal, UK- EU trade would be free of any tariffs, quotas, rules of origin and customs.

However, the UK would be outside the scope of the EU’s Common Commercial Policy, apart from applying the bloc’s common external tariff, and would be able to agree free trade deals with third
countries.

In a bid to pacify Brexiteers, the proposal makes clear that it should be “time-limited” until a new EU-UK trade deal is in place.

Note EU-Digest: obviously it is not sure the EU will buy into that?

Read more: UK plans to stay in customs union until December 2021 under new ‘backstop’ – EURACTIV.com






Wednesday, June 6, 2018

Insurance Industry: China hits insurance industry with nearly $10m fines - By: Gary Robinson |

Chinese insurance regulators has issued more almost $10m in fines a gainst intermediaries and insurance firms in the first four months of 2018.

China’s promise of getting tough on financial services companies that do not follow guidelines in 2018 has seen around 60 insurance companies – a mix of intermediaries and companies –  hit with more than 63 million yuan (about $9.8m) in penalties in the January-April period, according a report in specialist local news outlet Securities Daily.

Insurance firms and intermediary agencies were fined for irregularities, including misguiding sales pitches and fake materials, according to the report.

Read more: China hits insurance industry with nearly $10m fines - International Investment

EU: Europe's curse of wealth

Tuesday, June 5, 2018

EU Personal Privacy: high court takes decision

Europe’s top court takes a broad view on privacy responsibilities around platforms

Read more at:

http://flip.it/QaXZq2

Monday, June 4, 2018

Social Media: Apple jams Facebook's web tracking tools

I saw this on the BBC and thought you should see it: Apple jams Facebook's web-tracking tools -

For the complete report go to:
http://www.bbc.co.uk/news/technology-44360273

Sunday, June 3, 2018

Saturday, June 2, 2018

USA Energy Spending: Trump Administration spending Billions to keep unprofitable Coal and Nuclear plants alive

Leaked document shows Trump officials planning to force Americans to spend $311m-$1.8b/year to keep unprofitable coal and nuclear energy plants from shutting

For more info go to :

http://flip.it/aYLlaR

Friday, June 1, 2018

Credit Card Services: Visa suffers major service disruptions across Europe

Visa suffers ‘service disruption’ across Europe

For the complete report go to:
https://www.rt.com/news/428483-visa-payments-problem-europe/