EU: Free transport in Luxembourg, but what's the cost?

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Free transport in Luxembourg, but what's the cost? - BBC News

EU blacklists two Turkish nationals over illegal gas exploration offshore Cyprus

The European Union on Thursday blacklisted two Turkish nationals as retaliation over Ankara’s oil and natural-gas exploration in waters that are part of the exclusive economic zone of member country Cyprus.

The EU asset freezes and travel bans on the two people, whom the bloc plans to identify later on Thursday, Bloomberg reports.

The sanctions are the first of their kind in response to the actions of a nation seeking to join the EU.

However, the decision by EU governments in Brussels stops short of targeting any Turkish companies.

This reflects a desire to avoid antagonising a key ally in the fight to prevent Middle East migration, particularly from war-torn Syria.

Relations between the EU and Turkey have been deteriorating since Turkish President Recep Tayyip Erdogan responded to a failed coup attempt in mid-2016 by unleashing a widespread crackdown on political opponents.

Ties soured further in 2018 when the Turkish navy prevented drilling by Italy-based Eni SpA in Cypriot waters.

And again late last year, when Turkey carried out a military operation in northern Syria to carve out a buffer zone and struck a controversial accord with Libya on their maritime boundary.

The energy-exploration tensions are a reminder of the most basic European disagreement with Turkey: its occupation of the northern part of Cyprus since a 1974 invasion.

Read more at: EU blacklists two Turkish nationals over illegal gas exploration offshore Cyprus – In-Cyprus.com

France: Thank God for France’s Sense of European Realism

French President Emmanuel Macron's restrictive stance on EU membership for the Western Balkans injects a much-needed dose of realism into EU affairs.

Read more at:
https://www.theglobalist.com/france-emmanuel-macron-germany-eu-expansion-western-balkans/

Corona Virus hits Northern Europe: Norway announces first case of coronavirus as Sweden treats citizen returning from Italy

Norwegian health authorities on Wednesday announced the first case of coronavirus in the Nordic nation in someone who returned from China last week, but said the patient was not "in danger".

In Sweden a man in his 30s is being treated in hospital for the new coronavirus after visiting Italy, Swedish health authorities confirm.

The patient fell ill after returning from Italy.

Read more at:
https://www.thelocal.no/20200226/breaking-norway-announces-first-case-of-coronavirus and
https://www.thelocal.se/20200226/new-coronavirus-case-confirmed-in-gothenburg-sweden

US Economy: America′s massive debt load a no-show on the campaign trail

Public health care, education and gun laws are the hottest issues in the US election campaign. But neither Democratic nor Republican hopefuls are eager to discuss the burning question of the country's financial future.

US President Donald Trump is not exactly known for being humble when it comes to describing his leadership credentials. Already in the run-up to the 2016 elections that swept him to power, the then Republican candidate pledged to "eliminate" the $19 trillion (€17.4 trillion) of US debts within a period of eight years.

Now, almost four years later, a look at Trump's debt reduction record is sobering by all counts. Instead of lowering America's debt load, figures recently released by the Congressional Budget Office (CBO) show the upward trajectory of the country's financial problems.

Since assuming office, the Trump administration has added a net total of $2.5 trillion in fresh debt, with the US budget deficit in the first four months of 2020 alone rising by 25%. This means that Trump has already spent close to 40% of the entire deficit last year.

The primary reason for the budget gap is Trump's 2017 package of tax cuts, which he once described as a "great Christmas gift to the middle class."

With overall US debts spiraling to $22.5 trillion, the CBO now has warned that such a high and rising debt load could pose a severe financial risk to the United States. The nonpartisan agency has estimated that state spending could surpass revenue by $1 trillion in 2020.

Surprisingly though, neither the Democrats nor the Republicans have made this an issue in their campaigns for the US presidency.

The US "Trump dollar" is totally overvalued

Trump also didn't waste a word on the debt problem in his latest State of the Union address and failed to chart out a clear reduction strategy. All he came up with was the lofty promise of trimming state expenditure by $4.4 trillion over the next decade. At the same time, however, Trump plans to increase spending for the military, the space industry and for the wall he wants to building along the border with Mexico.

Among the Democratic hopefuls, too, the US's dire financial straits seem to be on the backburner of their campaigns. In their first televised debate, all of the candidates conspicuously ignored the debt issue, with the ugly "deficit" word not being mentioned once in the 4-hour road show. Public debts were only once briefly touched upon.

Political observers believe the Democrats have many reasons to keep America's miserable finances flying under the radar during the presidential primaries.

"The average American has no interest in US debt at all," says G. William Hoagland, senior vice president at the Washington-based think tank Bipartisan Policy Center. He told DW that the booming US economy of the past years, including low interest rates and unemployment, had Americans feeling less worried about the mounting deficit.

"So why should Democrats address such a sensitive topic and stick their neck out for it," he says, and notes that most of the voters are satisfied overall with their current financial situation.

Read more: America′s massive debt load a no-show on the campaign trail | Business| Economy and finance news from a German perspective | DW | 25.02.2020

Wall Street: The Dow tumbled more than 1,000 points and marked its third-worst point drop in history — here’s how the stock market tends to perform after big drops - by Mark Decambre

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 The Dow tumbled more than 1,000 points and marked its third-worst point drop in history — here’s how the stock market tends to perform after big drops - MarketWatch

India-US Relations - Love fest in India between Authocrat Trump and Nationalist Modi - by Shant Shahrigian

Love Fest in India: Nationalist 
Modi and Authocrat Trump

The pomp and circumstance is scheduled to start from the moment Trump lands in the western state of Gujarat. Carefully selected supporters of India’s prime minister were to cheer and hold signs along all 14 miles of the presidential motorcade’s route to a stadium rally.

Following the lovefest, the president and First Lady Melania Trump are scheduled to make an evening visit to the Taj Mahal — the model for one of Trump’s infamous failed Atlantic City casinos.

In the capital New Delhi on Tuesday, Trump and Modi are expected to talk trade, though the president tried to keep expectations low.

Trump’s form of belligerent patriotism jibes with the hosting leader’s own desire to turn India, the world’s biggest democracy, into a Hindu nationalist state.

Read more at: Trump heads to India for meet with Prime Minister Modi - New York Daily News

Sweden: Why electricity prices are set for record lows throughout 2020 in Sweden

More wind power and windy weather, along with a lot of water in reservoirs, are two of the factors behind the forecasts.

On the Nordpool power exchange, a kilowatt-hour currently costs around 15 öre, which is extremely low for mid-winter.

The so-called futures, or prices for the second and third quarter, are
currently set at around ten öre, and likely to rise to around 24 öre in
the fourth quarter of 2020.

Read more at: Why electricity prices are set for record lows throughout 2020 in Sweden - The Local

US ECONOMY: Can stocks keep soaring as the U.S. dollar surges? What investors need to know

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Can stocks keep soaring as the U.S. dollar surges? What investors need to know - MarketWatch

US Aircraft Industry: Boeing finds debris in 737 MAX jetliner fuel tanks

Boeing Co found debris that could pose potential safety risks in the fuel tanks of several 737 MAX aircraft that are in storage and waiting to be delivered to airlines, according to an internal memo…

Read more at:

https://www.france24.com/en/20200219-boeing-finds-debris-in-737-max-jetliner-fuel-tanks

British-US relations sour: Boris Johnson postpones White House visit after nasty phone spat with Trump over Huawei

Boris Johnson postponed a White House visit planned for next week after a furious phone call during which President Trump accused the British prime minister of betraying him over Huawei.

Read more at:
https://www.msn.com/en-us/news/world/boris-johnson-postpones-white-house-visit-after-nasty-phone-spat-with-trump-over-huawei/ar-BB100MAG?ocid=spartandhp

China Huawei; US defence secretary warns Huawei 5G will put alliances at risk

Mark Esper says countries using Chinese technology will put intelligence cooperation at risk

Read more at:
https://www.theguardian.com/us-news/2020/feb/15/us-defence-secretary-warns-us-alliances-at-risk-from-huawei-5g?CMP=Share_AndroidApp_Add_to_Firefox

EU-US relations U.S. raises tariffs on European aircraft in ongoing dispute over subsidies

The U.S. government on Friday said it would increase tariffs on aircraft imported from the European Union to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year transatlantic dispute over aircraft subsidies.

Read more at
https://uk.reuters.com/article/us-usa-trade-eu/u-s-raises-tariffs-on-european-aircraft-in-ongoing-dispute-over-subsidies-idUKKBN20900L

Aircraft Industry: Bombardier exits the commercial plane business, sells remaining A220 stake to Airbus

Quebec's Bombardier has reported a oss of $1.6 billion US for 2019, and also announced it's leaving the commercial aviation business.

Read more at:
https://www.cbc.ca/news/business/bombardier-financial-results-airbus-c-series-1.5462182

EU or non-EU? Which passport queue should Brits use after Brexit?

Brexit might have become reality, but Brits shouldn't experience any changes to travel within the EU until the end of the year. Although don't be surprised if officials, perhaps unwittingly try to usher you into the wrong passport queue.

At midnight on January 31st, the UK entered the so-called "transition period", during which negotiations on post-Brexit deals are set to take place.

Read more at;
https://feeds.thelocal.com/app/android/article.php?e=which-passport-queues-should-brits-use-now-that-brexit-has-happened

USA: Big Tech keeps getting bigger, as antitrust inquiries continue to multiply - MarketWatch

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69Big Tech keeps getting bigger, as antitrust inquiries continue to multiply - MarketWatch 

The US Economy: How good is the Trump economy? Americans say it’s the best since the late 1990s - by Heather Long

Americans increasingly rate this as the best economy since the late 1990s, with a recent surge in optimism, even though many economic metrics show striking similarities to the final years of the Obama administration.

Fifty-nine percent of Americans say they are better off financially today than they were a year ago, the highest since 1999, according to a Gallup survey released last week. And nearly three-quarters predict they will do better a year from now, the most optimistic reading that Gallup’s annual “Mood of the Nation” survey has ever recorded.

Other polls and surveys aren’t quite as ebullient, but nearly all show that Americans are far less worried about the economy and their personal financial situations than they were during the last presidential election.

In interviews with six small-business owners across the country, all acknowledged that the economy had turned around under President Barack Obama, but they pointed out that three more years of steady growth, solid job gains and additional stock market records under Trump had turned “cautious optimism” into full-blown optimism.

Read more at: How good is the Trump economy? Americans say it’s the best since the late 1990s - The Washington Post

Global Economy: Oil prices fall on oversupply worries as virus hits China demand

Oil prices on Monday extended their decline from an early January peak above $70 as the spectre of excess supplies loomed over the market after the spreading coronavirus outbreak hit demand in China, the world's largest oil importer.

Read more at:
https://uk.reuters.com/article/uk-global-oil/oil-prices-fall-on-oversupply-worries-as-virus-hits-china-demand-idUKKBN20408O

USA: Trump Administration Currency Rule Seeks Tariffs Against Undervalued Currencies

This week, the U.S. Commerce Department finalized a new rule that will allow Washington to levy tariffs on countries that it believes are undervaluing their currency, which theoretically makes their exports cheaper and gives them an edge in competition with American-made goods.

U.S. countervailing duties, normally reserved for use against certain imports that are proved to be dumped at below-market prices, could now be slapped on imports from any country that the Commerce Department decides has cheap money.

Read more: Trump Administration Currency Rule Seeks Tariffs Against Undervalued Currencies

USA: Trump is winning, and Wall Street is cheering - by Howard Gold

Readers of this column know I’m no fan of President Donald J. Trump. But it looks increasingly likely he’s going to get re-elected, and Wall Street is responding by pushing the S&P 500 SPX, +0.33%   and Nasdaq Composite COMP, +0.67%  indexes to all-time highs, while the Dow Jones Industrial Average DJIA, +0.30%  isn’t far behind

That comes as the coronavirus has driven Chinese and emerging market stocks down, and when forecasters have cut their projections for global GDP growth. Also, there’s a slowdown in manufacturing and the industrial economy, critical to key swing states like Michigan, Wisconsin, and Pennsylvania, although so far few economists expect a U.S. recession in 2020.

Read more at: Trump is winning, and Wall Street is cheering - MarketWatch

Weapons Industry: India seeks shift from buying weapons to exporting them

India's arms imports account for nearly 10% of the global total, with Russia being the country's main supplier. However, New Delhi is now seeking to become a big exporter of weapons to the rest of the world.

Read more at:
https://www.dw.com/en/india-seeks-shift-from-buying-weapons-to-exporting-them/a-52270331

USA: State of the Union 2020: Trump addresses the nation - propaganda on steroids

This speech will be remembered for the bitter partisanship underlying it. From the snubbed handshake of Pelosi by the Trump, to the awarding of the presidential Medal of Freedom to a man who has professionally insulted people, especially women, for decades; to the instantly viral clip of Pelosi ripping up Trump’s partisanship underlying it. Trump’s speech, we learned more tonight about the state of America’s disunion than anything else.

Read more: State of the Union 2020 live updates: Trump addresses the nation

EU (average) unemployment at 20-year low

Eurostat, the EU's statistical office, has released figures showing that unemployment in the EU is at its lowest since 2000.

The average unemployment rate in the 28 EU states was 6.2 percent in December 2019, the lowest in almost 20 years. The Czech Republic (2.0 percent) as well as Germany and the Netherlands (both 3.2 percent) had the lowest while Greece (16.6 percent) and Spain (13.7 percent) had the highest.

Read more: EU unemployment at 20-year low

Britain: We need to stay close to the EU – for the good of the economy and the cultural ties that bind us

So it is done. On Friday night, 47 years of British membership of the European Union and its forebears came to an end. It was a moment that will irrevocably shape the course of our nation’s history, but in quite what direction it is impossible to tell. The paradox of Brexit lives on.

Britain has taken a monumental decision from which there is no retreat in the foreseeable future. And yet, three and a half years on from the referendum that heralded our departure, nothing of substance about what it means for our future has been resolved. Brexit continues to be defined by its champions’ hostility to the EU, rather than a realistic vision of what we could become.

Brexit will also fundamentally alter our role in the world. Britain’s most pressing diplomatic challenge will be how to deal with the US at a time when there has never been a more hostile president. Trump lobbied for Brexit because he regarded it as in America’s interests.

He saw in it the potential to weaken Europe, while rendering Britain more compliant with American demands. Trump has already demonstrated that he expects high fidelity, if not subservience, from Britain in his approach to Iran and Palestine. Which side will Britain choose if Trump decides to ramp up US tariffs and sanctions with the EU?

In the coming months, Britain will have to pick a careful path in the shadow of an increasingly for-or-against-us president. US bullying over the Huawei “security risk” and digital taxes on the technology giants is a sure sign of things to come. The other big challenge concerns Britain’s future dealings with China and other authoritarian regimes such as Russia, Brazil, Israel, Turkey and some of the Gulf states.

The government covets a trade deal with China and investment from Beijing, but how will it trade off China’s bulging chequebook with its deplorable record on human rights and free speech? And how would greater cooperation sit with a US that is increasingly hostile to China? If Johnson creates a diplomatic gulf with Europe through the course of the Brexit negotiations, it would be to our peril. Britain could find itself caught between two superpowers without the protective shield of European solidarity to fall back upon.

Read more at: We need to stay close to the EU – for the good of the economy and the cultural ties that bind us | Opinion | The Guardian

USA: Wall Street Meltdown : ‘Godfather’ of technical analysis says stock-market downturn is going to get worse: ‘I am looking at a 10% drop maybe a little bit more’

It is going to get worse before it gets better for the stock market, says prominent technical analyst Ralph Acampora.

Read more at:
https://www.marketwatch.com/story/godfather-of-technical-analysis-says-stock-market-downturn-is-going-to-get-worse-i-am-looking-at-a-10-drop-maybe-a-little-but-more-2020-01-31