Saudis and their lobbyists risk losing access to EU Parliament - by Nikolaj Nielsen

Earlier this year, the former defence minister of France, Michele Alliot-Marie, chaired a backroom meeting with a half dozen Saudi ambassadors at the European Parliament.

That meeting was part of a so-called training programme organised by the College of Europe, an academic institution part-funded by the European Union and based out of Bruges in Belgium.

The college received Saudi money for the effort and then attacked the media for reporting the behind closed door meeting between the ambassadors and MEPs as lobbying.

France is also the world's third-largest weapons exporter with Riyadh as one of its biggest clients. The regime late last year murdered critical journalist Jamal Khashoggi inside the Saudi consulate in Istanbul.

Now pressure is mounting to ban all Saudi diplomats, as well as any organisation that represents them, from entering the European Parliament again.

Read more at: Saudis and their lobbyists risk losing access to EU Parliament

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G20: Crunch time at G20 as US-China trade showdown looms

After a first day dominated by public shows of bonhomie, all eyes at the G20 Saturday turn to a pivotal trade showdown between economic rivals China and the United States
.
US President Donald Trump and China's Xi Jinping meet at around 11:30 am (0230 GMT) in a bid to thrash out a truce in a long-running trade war that has seen hundreds of billions of dollars in tit-for-tat tariffs.

Read more at: Crunch time at G20 as US-China trade showdown looms | AFP.com

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G-20 Summit: US and China Pre-Meeting Negotiation E$ffgorts

The sides were seeking to “consolidate the important consensus reached between the two leaders” in a telephone call last week, Wang Shouwen, a Commerce Ministry vice minister, told reporters.

Wang gave no details about specific issues under discussion. Kevin Rudd: Where will it end? The US-China trade war and the threat to the global economy. Trump and Xi may strike trade deal at G-20 but a deeper decoupling has barely begun. https://t.co/BrOM0DjdSy pic.twitter.com/SYr2hQqcaW

Read more at: G-20 Summit: US and China Pre-Meeting Negotiation Efforts

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USA,: Trumps economic plan for Mideast met widespread rejection

Trump's economic plan for Mideast peace met with widespread rejection

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https://www.nbcnews.com/news/world/cut-out-process-palestinians-reject-trump-s-economic-plan-mideast-n1020706

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Britain: suspends new arms sales to Saudi Arabia

UK government suspends new arms sales to Saudi Arabia after court ruling

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https://www.euronews.com/2019/06/20/uk-government-suspends-new-arms-sales-to-saudi-arabia-after-court-ruling

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US Economy: US Fed says large banks prepared to withstand economic crisis

Major banks operating in the United States would be able to withstand a severe global economic crisis with funds to spare, the Federal Reserve said on Friday (Jun 21).

The Fed announced the results of its annual bank stress tests, showing the 18 largest financial institutions would suffer losses but still have enough of a capital buffer to continue operating.

Read more: US Fed says large banks prepared to withstand economic crisis - CNA

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Global Tourism: while some cities around the world want more tourist, many don't

Tourist overload: Some world destinations want more visitors - and some really, really don't.

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https://www.cbc.ca/news/thenational/national-today-newsletter-tourism-solar-power-1.5178099

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Turkey-EU Relations: EU may suspend Turkey customs union talks

EU states will threaten to freeze talks on an upgraded customs union with Turkey if it does not stop drilling for gas in disputed waters near Cyprus, according to draft conclusions of a General Affairs Council on Tuesday seen by the Bloomberg news agency.

The EU "stands ready to respond appropriately and in full solidarity with Cyprus," the draft text said, following defiant Turkish statements over the weekend.

Read - Report: EU may suspend Turkey customs union talks

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EU Pension Legislation: Older and wiser?—when governments get it wrong on pensions reform - by Steve Coulter

Europe is turning grey. By 2060 over a quarter of the EU’s population will be over 65. Ageing is accelerating as the baby-boom generation retires and average life-spans continue to increase.

But while most of us are celebrating the fact that people are living longer, healthier lives, demogaphers and officials in finance ministries fret that, on current trends, more of us could be eking out our longer retirements in poverty. The problem is that we are not saving enough. Aviva, an insurance company, estimates that Europeans needs to save an extra €2 trillion each year to close the ‘pensions gap’—the difference between what people need to save to ensure an adequate retirement and what they are actually saving.

With most people still reliant on state pensions to make ends meet in later life, ageing populations will have profound consequences for the fiscal positions of member states, as working taxpayers shift into retirement and begin claiming old-age pensions in increasing numbers. Action is therefore needed to ensure that a decent retirement is affordable and available to all.

Read more: Older and wiser?—when governments get it wrong on pensions reform • Social Europe

 

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European Airforce: Germany, France and Spain sign European Jet fighter deal

Germany, France and Spain sign deal on European fighter jet

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USA Economy: Morgan Stanley says business conditions are at their worst level since the 2008 financial crisis

Business conditions are at their worst level since the 2008 financial crisis, says Morgan Stanley -

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https://on.mktw.net/2RgwWoa

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Aircraft Industry : Pilots reveal safety fears over Boeings fleet of 787 Dreamlinere

Pilots reveal safety fears over Boeing’s fleet of Dreamliners

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EU Economy: In 2018, employment in the EU service sector accounted for 74 % of total employment

he shift towards a service economy is a long-term trend already observed in the EU in the second half of the 20th century. 

In 2018, employment in services accounted for 74 % of total employment in the EU compared with 66 % in 2000, while employment in industry decreased from 26 % in 2000 to 22 % in 2018 and agriculture halved from 8 % to 4 %. 

As regards value added, services generated 73 % of total value added in 2018, industry 25 % and agriculture 2 %.

Among the Member States, the share of agricultural employment in 2018 was the highest in Romania (23 % of total employment), Bulgaria (18 %), Greece (11 %) and Poland (10 %), while the highest shares for industrial employment were observed in Czechia (37 %), Slovakia (32 %), Poland (31 %), Romania and Slovenia (both 30 %). 

Service activities represented 80 % of total employment or just over in the Netherlands, the United Kingdom, Belgium, Malta, France, Luxembourg and Denmark.

For more EU statistics go to: EUROSTAT  

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Iran-US relations: Experts dispute video which US says shows Iranian military removing mine from tanker, because picture clearly show rocket holes in upper part of hull

US says video shows Iranian military removing mine from tanker

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https://www.theguardian.com/us-news/2019/jun/13/mike-pompeo-iran-gulf-oil-tanker-attacks?CMP=Share_AndroidApp_Blogger

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PERSIAN GULF: Oil tankers attacks in Persian Gulf drive crude prices up almost 5 %

More oil tanker attacks in Persian Gulf drive crude prices up almost 5%

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https://www.cbc.ca/news/business/tankers-gulf-oman-hormuz-1.5173404

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The Netherlands - Cyber attacks: Digitization leaves the Netherlands vulnerable to cyber attacks: NCTV report says

The Netherlands is particularly vulnerable to IT failures and attacks because almost all vital processes and systems have been completely digitized with no analogue back-ups, the Dutch counter terrorism unit NCTV said on Wednesday.

‘The Netherlands is dependent on a limited number of providers and countries. This makes us vulnerable to changed intentions,’ the report said.

‘For example, a large part of the hard and software is designed and produced in China and the US.’ In addition, little expertise is needed to launch a cyber attack which could, for example, knock out gas, electricity and water supplies.

The best way to reduce the risks is to improve security systems. And while companies and government are taking action, they sometimes think the cost of the improvements are not worth it ‘until things go wrong,’ the NCTV said.

The biggest threats presently come from China, Russia and Iran, and a variety of hackersthe NCTV said, in a restatement of earlier reports.

Read more at: Digitization leaves the Netherlands vulnerable to cyber attacks: NCTV - DutchNews.nl - Live

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Gold market:Trump's policies add luster to gold at at expense of dollar

Trump's policies add luster to gold at dollar's expense

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https://p.dw.com/p/3KAPn

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EU Employment Figures: In 2018, about 30.2 million people in the EU aged 20-64 were self-employed

In 2018, about 30.2 million people in the EU aged 20-64 were self-employed. Of these, around 26.7 million were native-born, while 3.5 million were born in a foreign country (of which 2.2 million were born outside the EU and 1.3 million were born in a different EU Member State).

In relative terms, the share of self-employed persons among the native-born population in 2018 (14%) was higher than the share recorded for foreign-born persons (13% for persons born in a different EU Member State and 12% for persons born outside the EU).

For more EU Economic information : EUROSTAT 

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Britain - Brexit: Boris Johnson threatens to withold Brexit divorce payments to EU

Boris Johnson threatens to withhold Brexit divorce payment

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https://p.dw.com/p/3K5YW

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Big Pharma in the EU : Dutch healthcare institute "Zorginstituut Nederland" says drugs companies are effectively blackmailing officials by refusing to be transparent about their prices

The Dutch healthcare institute "Zorginstituut Nederland" said recently insurers should stop paying for expensive drugs if pharmaceutical companies continue to refuse to say how they arrive at their pricing.

The institute, which assesses the efficacy of new drugs and advises the government on whether they should be included in the basic healthcare policy, says the drugs companies are effectively blackmailing officials by refusing to be transparent about their prices.

Last years June announcement that Ireland is joining the Beneluxa Initiative on Pharmaceutical Policy might suggest renewed vigour for the drive to equip national governments with more clout in their pricing negotiations with international drug firms.

The likelihood is that better-informed health authorities will be better equipped to confront drug firms. Similarly, drug firms will be obliged to present more cogent justifications for their pricing ambitions/

 As has been proven in the US, Pharmaceutical companies. also known there as "Big Pharma, can not be left operating with little or no strict Governmental controls.

In the US this has led to a steady rise in the cost of pharmaceutical products for  consumers.

 It is more than obvious the Pharmaceutical industry must be closely monitored in two major areas: a) Their pricing structures and practices, and b) Providing far more transparency in their marketing and sales activities, specifically as it relates to the insurance and medical industry.

In Europe the initiatives of the Beneluxa Initiative on Pharmaceutical Policy certainly are a step in the right direction, but unfortunately Government support and action has been extremely slow, while the Pharmaceutical lobby in the EU Parliament, however, like it has been in the US Congress and Senate, has been vigorous and very effective.

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Euro expanding its global Reach: Possible Draghi successor wants to increase the euro’s global use

The Governor of the Banque de France, François Villeroy de Galhau, told a conference in Paris on 4 June that increasing the global use of the euro would bolster “European financial sovereignty”.

Villeroy de Galhau, who is to succeed Mario Draghias the head of the European Central Bank in October. argued that since the2008 financial crisis and the 2012 Eurozone crisis. the international use of the euro as a major reserve currency has sharply declined.

More than 60% of global official reserves are held in US dollars. A key for the euro to emerge as a global currency that is on par with the power of the greenback hinges on the creation of a safe asset similar to US Treasuries, an objective that provides a new impetus to the discussion for Eurobonds.

European Commission President Jean-Claude Juncker has repeatedly vowed to turn the euro into a global reserve currency by replacing the dollar with the single currency when concluding deals tiedmto energy imports.

Read more at: Possible Draghi successor wants to increase the euro’s global use

The Netherlands - Amsterdam: The inventors of true Corporate Capitalism - To the postcapitalist city … via Amsterdam circa 1619 - by Paul Mason

Imagine yourself in Amsterdam exactly 400 years ago. What word would you use to describe the extraordinary economic and social system around you?

There are a stock exchange, a currency market and a central bank. The most important social institution is something called a ‘company’—not just any old company but the VOC (the Dutch East Indian Company), the most powerful in the world.

There are other clues. The trade fleet of the United Provinces is bigger than all the trade fleets of Europe combined. Amsterdam is the ‘bookshop of the world’. And this is a republic.

So what, using the language available to you as a citizen of the Dutch Republic, do you call this kind of society?

Today it’s obvious. This is the first flourishing of mercantile capitalism. And the transition had been under way for at least 100 years. While London possessed some of the working parts of the new system, only Amsterdam had all of them.

The English ambassador, Sir William Temple, summed up the puzzlement of the rest of the world: "They have no native commodities towards the building or rigging of the smallest vessel … for havens they have not any good upon their whole coast … nor has Holland grown rich by any native commodities, but by force of industry; by improvement and manufacture of all foreign growths; by being the general magazine of Europe, and furnishing all parts with whatever the market wants or invites …"

 Read more at: To the postcapitalist city … via Amsterdam circa 1619 • Social Europe

EU Budget for 2020: Climate becomes top priority in EU’s 2020 budget – by Antoine Germain

The European Commission proposed on Wednesday (5 June) a budget worth €168.3 billion for the bloc in 2020, aimed at promoting a more competitive European economy and solidarity and security in the EU.

This is the last budget under the 2014-2020 fiscal period and put climate change at the top of the agenda.

As much as 21% of the proposed budget will be devoted to climate change issues.

Read more at: Climate becomes top priority in EU’s 2020 budget – EURACTIV.com

EU-US relations : US's Pompeo says current US-EU trade deal is not fair

Pompeo says current US-Europe trade deal is 'not fair'

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https://www.euronews.com/2019/06/03/pompeo-says-current-us-europe-trade-deal-is-not-fair

British - US Relations: An abusive relationship with a now vulnerable Britain

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https://www.politics.co.uk/comment-analysis/2019/06/03/trump-s-uk-trade-deal-an-abusive-relationship-with-a-now-vul

China - US Relations: Tariffs China: Blame U.S. for escalation of trade war, China says - by Christopher Bodeen

China issued a report Sunday blaming the United States for the countries’ trade dispute and said it won’t back down on “major issues of principle,” but offered no clarification about what additional steps it might take to up the ante.

The report from the Cabinet spokesman’s office said that China has kept its word throughout 11 rounds of talks and will honor its commitments if a trade agreement is reached. It accused the U.S. of backtracking three times over the course of the talks by introducing new tariffs and other conditions beyond what was agreed on. “But the more the U.S. government is offered, the more it wants,” it said, accusing America’s negotiators of “resorting to intimidation and coercion.”

Read more: Tariffs China: Blame U.S. for escalation of trade war, China says

EU-China Relations: No Huawei ban, but relations with China 'complex': EU foreign policy chief: by Lin Xueling

The European Union (EU) is not currently planning to ban the Chinese technology giant Huawei, which has become an acrimonious subject of dispute between the US and China in recent weeks, its foreign policy chief, Frederica Mogherini, said on Saturday (Jun 1).

The US Trump administration has accused the Chinese technology giant of industrial espionage, receiving unfair subsidies, and having too close ties with the Chinese government.

Read more at: No Huawei ban, but relations with China 'complex': EU foreign policy chief - CNA