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Thursday, February 28, 2019

Hanoi Summit: Trump and Kim abruptly cut short summit after failing to reach nuclear deal - by Philip Rucker, Simon Denyer, David Nakamura

President Trump and North Korean leader Kim Jong Un abruptly cut short their two-day summit Thursday after they were unable to reach an agreement to dismantle Pyongyang’s nuclear weapons.

Talks collapsed unexpectedly amid a disagreement about economic sanctions, with the two leaders and their delegations departing their meeting site in Vietnam’s capital without sitting for a planned lunch or participating in a scheduled signing ceremony.

Read more: Trump and Kim abruptly cut short summit after failing to reach nuclear deal

Wednesday, February 27, 2019

Tuesday, February 26, 2019

The Netherlands - California Relations: 100,000 tulips headed to San Francisco — and they're free for the picking - by Michelle Robertson

San Francisco will get a pop of color and a taste of Dutch culture next week with the deposit of 100,000 tulips in Union Square.

March 1 is American Tulip Day, a celebration of American tulips grown from Dutch-raised bulbs. To celebrate, Dutch flower bulb trader Royal Anthos, iBulb.org and the Consulate of General of San Francisco are transporting thousands of multicolor tulips to the bustling tourist center.

Visitors are invited to pick their own bunch of tulips to take home between 1 p.m. and 4:30 p.m., the three-and-a-half-hour stretch that the garden is open to the public. Access to the garden — and the tulips — is free.

The Netherlands has a long history of tulip cultivation and exportation. Originally cultivated in the Ottoman Empire, the tulip — Latin for "flower that looks like a turban" — arrived in Holland during the 16th century.

Frequently depicted in the artwork and literature of the Dutch Golden Age, the tulip went on to become one of the most prized objects of the period. Between 1634 and 1637, a speculative frenzy for tulips led to a period known as "tulip mania." Prizes for bulbs skyrocketed, triggering one of the country's first economic bubbles.

The Dutch went on to become the world's premier tulip exporters, with the U.S. its most avid customer. Each year, the Netherlands ships around 450 million tulip bulbs to the country, which are planted, grown and sold stateside. 

American Tulip Day, Union Square, March 2, 1 p.m. to 4:30 p.m., americantulipday.com. 

Read more: 100,000 tulips headed to San Francisco — and they're free for the picking

Sunday, February 24, 2019

British PM May considers plan to delay Brexit by two months

British Prime Minister Theresa May is considering a plan under which Britain's exit from the European Union would be delayed for up to two months, the Telegraph reported on Sunday.

The British  government officials have drawn up a series of options, which were circulated at the weekend, in a bid to avoid resignations by ministers determined to support a backbench bid to take a "no deal" Brexit off the table this week, according to the Telegraph.

Those options include making a formal request to Brussels to delay Brexit if May cannot secure a deal by March 12, the newspaper reported, without citing sources.

Read more at: UK PM May considers plan to delay Brexit by two months: The Telegraph

Sunday, February 17, 2019

Saturday, February 16, 2019

USA - Deficit spending: Financial experts debunk Trump’s tax cut mythology as the national debt explodes

With the national debt hitting record-breaking highs, Axios chief financial correspondent Felix Salmon had bad news for MSNBC on Wednesday: President Donald Trump’s tax cuts would never pay for themselves.

Host Stephanie Ruhle brought up the president’s insistence that his tax cut will generate enough economic growth to pay for itself. “We know it takes time for that to happen,” she said. “But why aren’t we seeing it yet?”

“Because it’s not going to happen,” replied Salmon as Ruhle groaned audibly. “No one believed that when they insisted it. No one believes it now.”

“That’s not true,” she shot back sarcastically. “Republicans did.”

“We have seen actually that national debt increasing much faster than even the pessimists thought it would when the tax cut was passed,” Salmon continued, pointing to “massively” slower corporate earnings.

“All of this amazing new growth we were promised from the tax cuts isn’t happening. It’s like a single one-shot sugar high which increases the debt in perpetuity without really giving us anything sustainable.”

Note EU-Digest :
  • The US national debt topped $22 trillion in February, and it's the first time the debt has ever hit that threshold.
  • The record follows a year in which the budget deficit was $779 billion, the highest since 2012, and the amount of debt issued topped $1.3 trillion, the most since 2010.
  • A debate is growing around how much the nominal amount of government debt really matters to the economy. 
  • Spreading out the debt over each US tax payer would put every US taxpayer in debt by $ 134, 838;000

Read more: Financial experts debunk Trump’s tax cut mythology as the national debt explodes | Salon.com

Friday, February 15, 2019

Trade agreements: what the EU is working on

The EU negotiates various trade deals all over the world, but they depend on approval by the European Parliament. Read our overview of the negotiations in progress.

On 13 February, MEPs voted in favour of EU-Singapore trade and investment protection deals, which will eliminate nearly all tariffs within five years. This comes only two months after MEPs approved a major trade agreement and a strategic partnership with Japan.

Trade agreements are very important to the EU as they are a key driver of economic growth. In 2015 the EU was the world's biggest exporter and importer of goods and services, covering 32.15% of the global trade, ahead of the US (12.01%) and China (10.68%). New trade agreements create new business opportunities for European companies, leading to more jobs being created, while consumers can look forward to more choice and lower prices.

There are concerns that trade agreements can lead to job losses in some sectors due to the increased competition, but these deals always create more jobs than they destroy. Another concern is that they could lead to high quality standards for products such as food being watered down. However, as the EU represents such a large market, it is in a good position to impose its standards on foreign companies. For MEPs, quality standards are always a red line in trade agreements and any attempt to lower them could be a reason for them to reject them. In addition EU negotiators often include clauses regarding human rights and labour rights in trade agreements to help improve the situation in the country we are trading with.

Read more: Trade agreements: what the EU is working on | News | European Parliament

Thursday, February 14, 2019

European Aircraft Industry: Airbus to scrap production of A380 superjumbo around 2021 - by Tim Hepher

Europe's Airbus announced plans to scrap production of the A380 superjumbo on Thursday, abandoning its dream of dominating the skies with a cruiseliner for the 21st century after years of lacklustre sales.

The world's largest airliner, with two decks of spacious cabins and room for 544 people in standard layout, was designed to challenge Boeing's legendary 747 but failed to take hold as airlines backed a new generation of smaller, more nimble jets.

Read more at: Airbus to scrap production of A380 superjumbo

Wednesday, February 13, 2019

Britain - Brexit: Britain admits it will fail to roll over EU trade deals – by Benjamin Fox

The UK government has admitted that it will fail to roll over all trade treaties involving the European Union and third countries by 29 March, with international trade secretary Liam Fox confirming that negotiations with some countries have now been prioritised over others.

Fox’s department made the admission in the minutes of a meeting with senior business figures from companies including Burberry, Mulberry and Hornby, which were released on Monday (11 February).

The UK is seeking to roll over around 40 trade agreements between the EU and third countries which account for around 12% of its total international trade.

Government ministers have consistently stated that all countries had agreed in principle to roll over their deals with the EU to the UK after it leaves the bloc.

Read more at: Britain  admits it will fail to roll over EU trade deals – EURACTIV.com

Tuesday, February 12, 2019

Britain - Brexit: Britain admits it will fail to roll over EU trade deals – by Benjamin Fox

That soft, shuffling sound you hear is Congressional Republicans stepping away from President Trump.

It's hard to hear above the din from the Oval Office. But through their new spending compromise, GOP leaders signaled clearly that they, like Congressional Democrats, will no longer play border-wall make-believe with President Trump.

Trump sought the White House promising to build a "great wall" along the U.S. border with Mexico. Assailing previous presidents as ineffectual, he vowed to make Mexico pay for it.

GOP leaders always understood that pledge as fanciful, even as they cautiously avoided saying so out loud. Last December, when Trump changed his mind and chose a government shutdown over a bipartisan spending compromise, they reluctantly went along.

But 35 days of political pain, ending with Trump's initial surrender last month, changed their calculations.

Read more: Republican leaders are breaking with Trump on border wall

Sunday, February 10, 2019

The Netherlands and Brexit: Netherlands wins Brexit spoils amid corporate relocation talks

Brexit is driving companies out of the UK, and the Netherlands is raking in the corporate refugees.

About 250 companies are in talks with the Netherlands Foreign Investment Agency to potentially relocate activities to the country, according to a statement published on Saturday. The candidates would join 42 companies that made the move last year, and the 18 early birds in 2017.

“I wouldn’t be surprised if the largest Brexit wave is yet to come,” Jeroen Nijland, who heads NFIA, said in a telephone interview. “It normally takes about six months to two years from the first conversation we have with a company before it makes a decision, and our pipeline is now bigger than in earlier years.”

The Netherlands has emerged as one of the winners in securing businesses that seek to leave the UK because of Brexit, vying with countries like Germany, France and Ireland. The country, which bagged the European Medicines Agency — an EU agency moving from London to Amsterdam — is initially luring corporate entities in the financial and media sectors, both of which require permits to operate in the bloc, Nijland said.

The growth of Amsterdam as a trading hub will boost the Dutch share of European equity trading to around a third from five% currently, the financial markets regulator AFM estimates. The watchdog also expects the country to capture nearly 90% of European bond trading.
 
The media industry is another area where the Netherlands has picked up wins. Discovery Inc said in January it’s applying for broadcast licenses in the Netherlands to ensure its pay-TV channels will continue to show across the European Union in the event of a no-deal Brexit when the UK leaves the bloc on March 29. 


Read more: Netherlands wins Brexit spoils amid corporate relocation talks

Saturday, February 9, 2019

USA - PHARMACEUTICAL INDUSTRY: MAFIA PRACTICES BY US PHARMACEUTICAL INDUSTRY IN CANADA AND EUROPE

A U.S. lobby group's fight to prevent the lowering of  Canadian drug prices.

Similar complaints were also reported from Government sources in the EU. Most recently from the Netherlands.

Read more at:

Friday, February 8, 2019

China-USA Tariffs: Trade war headlines could get much worse before they get better - by Patti Domm


With little apparent progress in U.S.-China trade talks, the Trump administration could be about to open up a new front in the trade wars by taking on the European auto industry — and that could spook markets.

U.S. negotiators head to China next week, and while there are few signs any kind of deal is near, many strategists expect to see some signs that talks will continue and an eventual agreement will be reached, even if a March 1 deadline on new tariffs is pushed back.

But while the market has focused on those talks, another battle is brewing. The Commerce Department by Feb. 17 is expected to release a broad report on auto imports and national security, and experts say a part of that report could recommend tariffs on European autos.

The White House would then have 90 days to respond.

Dan Clifton, head of policy research at Strategas, said Trump could be using the threat of auto tariffs as a way to get the EU to cooperate on other matters. The EU has been resisting efforts to include U.S. agriculture in a trade deal. "Just because there's a report does not mean tariffs will go into effect," he notes.

But some economists expect the administration to move on the auto tariffs, specifically on European cars. For instance, UBS economists said they expect 25 percent tariffs to be placed on finished vehicles, not parts. The administration then could grant exemptions to other countries that have cooperated, like Korea, Canada and Mexico, but the European Union would not be exempted.

"It just seems like if people had been worried about the tariff war with China, this would be another reason for people to worry. In our view, this is not a macro event for the U.S. because the auto industry seems to be pretty tariff savvy and can get around them," said Seth Carpenter, chief U.S. economist at UBS.

Some strategists fear investors are keenly focused on China, and expect a resolution, but could be surprised by ramped-up trade friction with Europe.

"The market would tank," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. "The market has spoken loud and clear that it's had enough of these tariffs. ... The market is fed up with this. Global growth is slowing dramatically because of trade. You want to put another bullet in it's head?"

Read more: Trade war headlines could get much worse before they get better

Thursday, February 7, 2019

EU Alternative Clean Energy - Windpower: Europe adds 2.6 GW of offshore wind in 2018

Irish Windpark
The European offshore wind industry added 2,649 MW of net capacity in 2018, the bulk of which in the UK and Germany, but saw installations drop 15.8% from the record 2017, show statistics by WindEurope, released today.

The capacity additions bring Europe’s total offshore wind capacity to 18,499 MW, coming from 105 plants in 11 countries. A total of 409 wind turbines across 18 wind farms started generating power in 2018. Most of the machines were installed in the UK and Germany -- 1,312 MW and 969 MW, respectively. The two countries accounted for 85% of Europe’s fresh offshore wind capacity and were followed by Belgium with 309 MW and Denmark with 61 MW.

“The technology keeps developing. The turbines keep getting bigger. And the costs keep falling. It’s now no more expensive to build offshore wind than it is to build coal or gas plants,” WindEurope’s CEO Giles Dickson said.

In the past year, EUR 10.3 billion (USD 11.7bn) of projects, representing 4.2 GW of capacity, reached final investment decisions (FIDs). The investment amount is 37% higher in annual terms compared to 2017, while the capacity covered rose by 91% due to the quickly falling costs. This amount has supported the 4.2 GW of projects, that are expected to come online in the next couple of years.

A Danish offshore Windpark
WindEurope highlighted in the statistics that turbines and wind farms are getting larger, with the average turbine size reaching 6.8 MW last year, or 15% greater than it was in 2017. The biggest offshore wind turbine, MHI Vestas Offshore Wind's machine with a capacity of 8.8 MW, was switched on at the 657-MW Walney 3 Extension offshore wind farm in the UK. In terms of manufacturers, Siemens Gamesa Renewable Energy (BME:SGRE) and MHI Vestas were responsible for 95% of all connected turbines in 2018, with shares of 62% and 33% respectively.

According to WindEurope’s data, six offshore wind parks are currently being built in Europe, among which is the 1,218-MW Hornsea 1 in the North Sea, the first offshore complex globally with a capacity exceeding 1 GW.

WindEurope’s CEO pointed out that more governments are “recognising the merits of offshore wind,” giving Poland as an example and its plans to add 10 GW by 2040, while there are still some that are not taking advantage of offshore wind’s potential, including Sweden and France.

Read more: Europe adds 2.6 GW of offshore wind in 2018

Wednesday, February 6, 2019

The Netherlands and US Big Pharma Clash: US "Big Pharma" lashes out at Dutch Government for wanting to control pricing

Note EU-Digest: It looks like the US Pharmaceutical Industry is also trying to use the same heavy handed political tactics and arguments in the Netherlands like they are used to doing in America. In the Netherlands they are doing their lobbying through their membership in the local chapter of the American Chamber of Commerce, which even has a specific Pharmaceutical Committee within that organization. US Big Pharma and Chemical Industry Lobbyists are also swarming all over the EU parliament to promote their products and influence the European decision makers.Hopefully the Dutch Government and the EU Commission will continue to resist these devious attempts to influence the government decision makers

Read more at: 
https://www.statnews.com/pharmalot/2019/02/06/netherlands-novartis-vertex-drug-prices/

Monday, February 4, 2019

EU-US Relations: Europeans fear Trump may threaten not just the transatlantic bond, but the state of their union - by Dan Balz and Griff Witte

As President Trump prepares to deliver his second State of the Union address, the leaders of the United States’ closest allies in Europe are filled with anxiety
.
They are unsure of whom to talk to in Washington. They can’t tell whether Trump considers them friends or foes. They dig through his Twitter feed for indications of whether the president intends to wreck the European Union and NATO or merely hobble the continent’s core institutions.

Officials say Trump, by design or indifference, has already badly weakened the foundation of the transatlantic relationship that American presidents have nurtured for seven decades. As Sigmar Gabriel, a former German foreign minister, put it: “He has done damage that the Soviets would have dreamt of.” 

European leaders worry that the next two years could bring even more instability, as Trump feels emboldened, and they are filled with fear at the prospect that Trump could be reelected. The situation has left the continent facing a strategic paradox no one has managed to crack.

“We can’t live with Trump,” Gabriel said. “And we can’t live without the United States.”

In more than two dozen interviews in London, Paris and Berlin — the three European capitals at the heart of the Western alliance — government officials, former officials and independent analysts described a partnership with Washington that, while still working smoothly at some levels, has become deeply dysfunctional at others.

German Chancellor Angela Merkel, British Prime Minister Theresa May and French President Emmanuel Macron have tried different strategies, but all have struggled to develop consistent and reliable relationships with Trump. Lacking a better alternative, the dominant European approach has been to wait him out and hope the damage can be contained.

In all three capitals, there is talk about somehow trying to go it alone, if necessary — to chart Europe’s course. Merkel stated it as bluntly as anyone when she said in a Munich beer hall that Europe must “take our destiny into our own hands.”

That was two years ago this spring, and since then, Europe has taken only cautious steps in that direction — proposals for a European army being one example. Despite modest increases in European defense spending, the United States continues to account for over two-thirds of military spending among NATO members. Europe struggles to keep big, multilateral initiatives alive without American support. 

European officials continue to work as hard as ever to preserve relationships with the president and the administration, despite fears and frustrations.

“We manage,” said a senior European politician, who like others in government spoke on the condition of anonymity to freely discuss a sensitive relationship. “Governing by tweets is not the same as governing by diplomatic engagement. It’s a different process. But it’s something we accept and adapt to. I don’t think that our surprise on a daily basis is any greater than that of his own administration.” 

Others, often those who are no longer in government, express a less sanguine view. They see a president ticking through his campaign promises and notice uncomfortably that Europe is on the wrong end of many of them. 

Littered among the wreckage, as seen by the Europeans: an all-but-ruined Iran nuclear deal, tit-for-tat tariffs, a global climate accord that is missing the world’s largest economy, a possible arms race triggered by the cancellation of a key nuclear treaty, and a unilateral retreat from Syria without even a courtesy call to allies that work alongside U.S. forces. 

More than any one issue, however, there is the sense that Trump and Europe are fundamentally at odds.

Note EU-Digest: Hopefully the EU will be able to defend itself over the coming two years or less against this loud-mouth, uncouth ego-maniac, spoiled bully, before he is either locked-up, or impeached. 

Read more: Europeans fear Trump may threaten not just the transatlantic bond, but the state of their union - The Washington Post