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Tuesday, December 31, 2019

EU-US Trade Relations: EU seeks to reset US trade relationship

EU trade commissioner Phil Hogan told the Irish Times newspaper that he was seeking to reset trade relations with the United States during a planned visit in Washington in January. "I will be seeking a reset of the EU/US trade relationship on issues like tariffs on steel and aluminium and the threat of US tariffs in response to a digital tax in Europe, " he said.

Read more at: EU seeks to reset US trade relationsh

Monday, December 30, 2019

The Netherlands: Two-thirds of Dutch households own tablets

Around 5.0 million households in the Netherlands own tablets; that’s equal to two-thirds of all households according to Telecompaper’s Dutch Tablet Users 2015 Q2 report. Dutch consumers use their tablets most often for browsing the internet and gaming; those with an iPad are the most active tablet users, while Acer tablet owners use their tablet less than the market average. The most important factors when choosing a tablet are the brand and the price

Read more at:Two-thirds of Dutch households own tablets

Social Media:‘Facebook is the new cigarettes for our society,’ Marc Benioff says, calling for regulation

Salesforce founder rips Facebook and again calls for the social-network giant — which has been wracked by scandals in recent years — to be regulated or split..

Read more at:
https://www.marketwatch.com/story/facebook-is-the-new-cigarettes-for-our-society-marc-benioff-says-calling-for-regulation-2019-12-29

Saturday, December 28, 2019

California mulls electric-car requirement for ride shares

Uber may be on the brink of another clash with California lawmakers.

Los Angeles Mayor Eric Garcetti on Friday said that he was considering instituting a requirement that would force ride-share services to use electric vehicles.

“We have the power to regulate car share,” Garcetti told the Financial Times. “We can mandate, and are looking closely at mandating, that any of those vehicles in the future be electric.”

The measure would be a part of LA’s effort to slash its greenhouse gas emissions and reach carbon neutral status by 2050.

Read more at: California mulls electric-car requirement for ride shares

Friday, December 27, 2019

Iran: Rouhani calls on Muslim states to end US dollar domination

Iranian President Hassan Rouhani pointed to the potentials of Islamic countries in different economic fields, noting that measures should be adopted to put an end to the domination of the US dollar.

“The Islamic world should adopt measures to set itself free from the domination of America’s financial system and US dollar,” Rouhani told the Kuala Lumpur summit on Thursday in Malaysia.

He went on to say that Islamic countries complement each other and that signing banking cooperation and creating various financial mechanisms can lead to the mentioned aim.

Read more at: Rouhani calls on Muslim states to end US dollar domination - Mehr News Agency

Thursday, December 26, 2019

China: As Trump shuns US multilateralism, China ups diplomatic ante - by J. Keaten and M. Lee

Chinese leaders have long been sensitive about their communist country's international image. Now, they are battling back — investing in diplomacy and a courtship of hearts and minds, just as the United States digs in on the Trump administration's "America First" mindset.

A trade war and other frictions between the world's top economic power and the fast-growing No. 2 have exposed Washington's fears about technology, security and influence. U.S. political leaders have derided China's government over policies in protest-riddled Hong Kong, at detention centers in the majority Muslim Xinjiang region, and over allegedly underhanded business tactics by tech titan Huawei.

Read more at: s Trump shuns US multilateralism, China ups diplomatic ante - StarTribune.com

Wednesday, December 25, 2019

China-EU relations: What kind of Europe does China want to deal with: friend, business partner or strategic rival?

China is slowly losing Europe. This is happening even though transatlantic relations are at a low point and right when the European Union is finally aiming to become a global geopolitical player.

Ursula von der Leyen, the new president of the European Commission, has made it clear over the past months that she wants to lead a “geopolitical commission” and one of its priorities will be to “define our relations with a more self-assertive China”.

This means that the next few years will be decisive for China. Over the past three years, even in the context of EU-US disagreements and tensions,

China’s ties to Europe have frayed, with the EU branding it ” and “a systemic rival”, while numerous voices on the European continent are calling for a more confrontational attitude against what they perceive as a rising illiberal adversary.

Read more at: What kind of Europe does China want to deal with: friend, business partner or strategic rival? | South China Morning Post

Monday, December 23, 2019

EU-British Relations after Brexit: Toward a Privileged EU-UK Partnership - by Joschka Fischer

Following Boris Johnson’s landslide victory in the United Kingdom’s
general election this month, Britain is now on track to leave the
European Union on January 31, 2020. Johnson has a clear parliamentary
majority with which to secure a deal for an orderly exit from the bloc.
Although the UK and the EU now face long and difficult negotiations to
establish a mutually beneficial trade arrangement, Brexit itself is now a
certainty.

What will this mean for Europe? The UK is the EU’s second-largest
national economy, one of only two European nuclear powers, and a
permanent, veto-wielding member of the United Nations Security Council
(alongside France). The country has always been vitally important to
Europe, both culturally and historically. Whenever Europe’s liberty and
security have been at stake, Britain has reliably come to its defense.

After a great deal of pain and confusion, the Brexit decision is now
effectively behind us. Looking ahead, both sides will have to find ways
to cooperate more closely, particularly when it comes to shaping a joint
security and foreign policy. China and Russia’s geopolitical positions
have not changed because of Brexit, nor has the threat of terrorism
diminished. The collective challenges posed by migration, climate
change, and many other issues will remain, and it will be up to both the
EU and the UK to manage them effectively.

Read more: Toward a Privileged EU-UK Partnership by Joschka Fischer - Project Syndicate

Sunday, December 22, 2019

Nord Stream: Germany, EU decry US Nord Stream sanctions

Berlin and Brussels have criticized White House sanctions against companies involved in building a Russian natural gas pipeline to Germany. They accused President Trump of interfering in national and bloc sovereignty.

Note EU- Digest: who made the US the master of all living things ?

Read more at:
https://www.dw.com/en/germany-eu-decry-us-nord-stream-sanctions/a-51759319

Saturday, December 21, 2019

European liquor off the menu in Indonesia as trade row escalates - Reuters

What started as a spat with the European Union over Indonesian palm oil has escalated into a far broader trade dispute with imported European spirits and now dairy products caught in the crossfire.

Read more at :

https://uk.reuters.com/article/us-indonesia-palm-eu/european-liquor-off-the-menu-in-indonesia-as-trade-row-escalates-idUKKBN1YQ00I

Friday, December 20, 2019

Poland: Why Poland couldn't sign up to Green New Deal - by Piotr Arak

In her stirring speech to the European Parliament last week the president of
the European Commission, Ursula von der Leyen, presented the European Green Deal she confirmed the earlier announcements about substantial upscaling of the EU climate targets for 2030 and 2050.
 
In a later press conference, she justified it as the "man-on-the-moon moment".

She underlined that we don't know yet all the answers on how to do it.

This month EU leaders have reached an agreement on achieving climate-neutrality by 2050 but with Poland opting-out of the target. For one member state, it is necessary to take more time to implement this objective.

What does this mean for Poland and the EU?
 
Read more at: Why Poland couldn't sign up to Green New Deal

Wednesday, December 18, 2019

Russia-Germany relations: Kremlin: US sanctions won′t stop Nord Stream 2 gas pipeline to Germany

Russia has slammed US sanctions over the mammoth gas pipeline to Germany as illegal and an example of "unfair competition." The measures, which still need Donald Trump's approval, target firms involved in the project.

Read more at:

https://www.dw.com/en/kremlin-us-sanctions-wont-stop-nord-stream-2-gas-pipeline-to-germany/a-51720728

Monday, December 16, 2019

Finland: ICMIF Meeting of Reinsurance Officials 10-12 June 2020

All sessions of the MORO 2020 will take place in the offices of our host company,
ICMIF member LocalTapiola. Their modern and spacious headquarters are situated
in the province of Espoo which is located around 20 minutes’ drive outside of Helsinki
city centre where the conference hotel is located. ICMIF has arranged
transportation by bus for each of the conference days and also for the evening
events, from the hotel to the conference or dinner venues and return.

The full address of the conference venue is:

LocalTapiola General Mutual Insurance Company
Revontulenkuja 1
02010 LähiTapiola
Finland

Read more at: ICMIF Meeting of Reinsurance Officials 2020

Sunday, December 15, 2019

China-USA Relations: You call this a trade deal? Not Really

The phase one trade deal with China cannot possibly serve U.S. interests.

Read more at:
https://www.marketwatch.com/story/you-call-this-a-trade-deal-2019-12-13

Saturday, December 14, 2019

German Economy: German balanced budget policy should not be a fetish - Bundesbank chief

Germany does not need an economic stimulus package and its 'black zero' balanced budget policy is useful for achieving sound finances but should not become a fetish, the head of the national central bank told the Sueddeutsche Zeitung.

Read more at:
https://uk.reuters.com/article/uk-germany-economy-weidmann/german-balanced-budget-policy-should-not-be-a-fetish-bundesbank-chief-idUKKBN1YH2DA




Friday, December 13, 2019

China, US agree on text of phase one trade deal

Contrary to President Trump's bullish, self congratulating statements on a new China US Trade Deal, the official China News Agency posted a more sober worded report noting "China and the United States have agreed on the text of a phase one economic and trade agreement based on the principle of equality and mutual respect".

The text includes nine chapters: the preface, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, trade expansion, bilateral assessment and dispute settlement, and the final terms, according to a statement issued by the Chinese side Friday night.

Both sides have reached consensus that the U.S. side will fulfill its commitments to phase out its additional tariffs on Chinese products, so as to achieve a switch from hiking to cutting additional tariffs.

"The Chinese side believes that China and the United States, the world's two largest economies, must deal with bilateral economic and trade relations with the big picture in mind. Reaching the agreement will serve the fundamental interests of the people of the two countries and the world, and is expected to bring positive influences on areas including economy, trade, investment and the financial market.

The agreement is generally in line with the main direction of China's deepening reform and opening up as well as the internal needs for advancing the high-quality economic development".

Read more at: China, US agree on text of phase one trade deal - Chinadaily.com.cn

Thursday, December 12, 2019

WTO: EU to give themselves new powers after WTO deadlock

Brussels might soon be able to bypass the US-crippled WTO to impose punitive tariffs on trade partners. The EU cannot afford to be "defenseless", said the bloc's trade commissioner Phil Hogan.

Read more at: 
https://www.dw.com/en/eu-to-give-themselves-new-powers-after-wto-deadlock/a-51646530

Wednesday, December 11, 2019

China-US Trade Relations: Washington's disruptive trade practice knows no bounds - Opinion - by Chen Weihua

The punitive tariffs announced by the United States against importsfrom Brazil, Argentina and France on Monday are nothing but the latestdisplay of its unilateral, protectionist and bullying trade policy and practice.

US President Donald Trump tweeted on Monday morning that he would slap tariffs on steel and aluminum from Brazil and Argentina because the two countries "have been presiding over a massive devaluation of their currencies". The two largest South American economies had been exempted
from US tariffs last year.

Just like the US' false accusation in August that China manipulates its currency, its allegation against Brazil and Argentina has not been supported by facts. The two currencies have been depreciating due to the poor economic performance of the two countries. In fact, both governments have tried to prop up their currencies.

Read more at: Washington's disruptive trade practice knows no bounds - Opinion - Chinadaily.com.cn

Tuesday, December 10, 2019

Monday, December 9, 2019

USA - the economy and the nation will face a "perfect storm" politically and economically:the 2020s will see 'real turmoil' as US debt woes come home to roost, says Gundlach - by Julia La Roche

Influential bond investor Jeffrey Gundlach, the CEO of $150 billion DoubleLine Capital, sees trouble brewing in the debt market, despite interest rates hovering near historic lows.

In a recent discussion with Yahoo Finance, Gundlach compared the current expansion to the boom that took place nearly 100 years ago. But the next decade will be the opposite of the roaring 1920s, he said, as the debt bomb the U.S. is sitting on becomes untenable in the next economic downturn.

"It's pretty interesting because the 20s in the 20th century, the 20s were super boom times. And weirdly, I think the 20s this time will be very much different than that, with real turmoil," the 60-year-old billionaire said in a recent wide-ranging interview with Yahoo Finance.

In Gundlach's view, the 2020s will see "the crescendo" of many unattractive trends that have been talked about for years, but finally come home to roost. 

"[We're] going to have to face Social Security, health care, all of these things, deficit-based spending — all of that is going to have to be resolved during the 2020s because the compounding curve is just so bad," the billionaire added.

According to the Congressional Budget Office, the federal deficit will top $1 trillion every year beginning in 2022. Yet Gundlach said the agency’s forecast may be too rosy, given that it assumes a "pretty benign future" with no recession and interest rates that are not very high. 

Interest costs to the government, as a percentage of gross domestic product are expected rise from 1.25% to at least 3% by 2027. “That's a big, big increase. And that's coming,” the investor told Yahoo Finance.

“And when you do that, it kind of says, ‘Hey, GDP is going to be knocked by 2%-2.5% because we have to pay interest,’” he added.

Note EU-Digest: these economic problems will be compounded by a totally inept Trump Administration, which has turned the Republican party of Lincoln, Eisenhower and Reagan into a Trump loyalist party which is now based on State Planning and Crony Capitalism

Read more at: Gundlach: The 2020s will see 'real turmoil' as US debt woes come home to roost

Sunday, December 8, 2019

China-US relations: U.S. bill on China's Xinjiang violates international law, regional official says

Recent U.S. legislation on Xinjiang is a severe violation of international law and gross interference in China's internal affairs, the governor of the far western region said on Monday, accusing the United States of launching a smear campaign.

Read more at:
https://uk.reuters.com/article/uk-china-xinjiang/u-s-bill-on-chinas-xinjiang-violates-international-law-regional-official-says-idUKKBN1YD05C

Saturday, December 7, 2019

British Elections - Voodoo Economics: Sterling soars against dollar as traders bet on Johnson election win

The Pound raced to a seven-month high against the dollar on Wednesday as City traders bet that Boris Johnson was on course for victory in the general election.

Sterling jumped above $1.30 to hit 1.311, its highest level since May, while the euro rate moved above €1.18 from close to parity in the ummer when the Conservative leadership contest triggered a fresh round of Brexit uncertainty.

Read more at: Sterling soars against dollar as traders bet on Johnson election win | Business | The Guardian

EU Poll: Most Italians want to remain part of the European Union, poll finds

The majority of Italians would like to keep their EU membership, but half are also yearning for a "strongman" leader, according to the latest national Censis poll.

Read more at:
https://www.thelocal.it/20191206/most-italians-want-to-be-part-of-the-european-union-poll-finds

Tuesday, December 3, 2019

Global Warming: Europe Set to Overhaul Its Entire Economy in Green Deal Push - by Ewa Krukowska and Nikos Chrysoloras

The European Union is gearing up for the world’s most ambitious push against climate change with a radical overhaul of its economy.

At a summit in Brussels next week, EU leaders will commit to cutting net greenhouse-gas emissions to zero by 2050, according to a draft of their joint statement for the Dec. 12-13 meeting. To meet this target, the EU will promise more green investment and adjust all of its policy making accordingly.

Read more at: Europe Set to Overhaul Its Entire Economy in Green Deal Push - Bloomberg

Monday, December 2, 2019

France-US relations: US mulls retaliation to French tech tax

The list of items that could be hit with tariffs includes cheese, sparkling wine, make-up and handbags.

Read more at:
https://www.bbc.com/news/business-50636521

Sunday, December 1, 2019

EU Insurance Industry: Capco launches Insurance practice in France and Switzerland

Globally, Capco specialises in consulting and technology services mainly to the financial services industry. 

The firm helps among others banks, insurance companies, wealth & asset  managers, capital market players and fintechs with transformation and  delivery services to drive growth and increase efficiency.

In two of the European markets the firm serves, Capco has now extended its service portfolio to include insurance services.  Commenting on the expansion, Marc Pfeifer, a Managing Principal at Capco in Switzerland, said, “The insurance industry faces unprecedented  challenges and changes. By bringing Capco's capabilities to market, we will help our customers shape a successful future.”

In a recent study of executives in the insurance industry, it was found that digitisation and regulation are the two main top topics on the agenda of leaders. Other areas sparking major change include the growing impact of InsurTechs, market openness, the threat ofthe BigTechs and the evolving demands of customers expecting more  user-friendly and personal offerings.

Read more at:
Capco launches Insurance practice in France and Switzerland