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Tuesday, June 30, 2020

USA: Social Security is under pressure, senior citizens are battling a health crisis — it’s not easy aging in America - by Alessandre Malito

Many Americans rely on Social Security for a majority of theirretirement income, yet the future of the program is riddled with uncertainties. And right now, senior citizens are disproportionately affected by the health risks posed by COVID-19.

And there are numerous ways to improve the lives of olderAmericans, said Max Richtman, president and chief executive officer ofthe National Committee to Preserve Social Security and Medicare.

Read more at :
Social Security is under pressure, senior citizens are battling a health crisis — it’s not easy aging in America - MarketWatch

Monday, June 29, 2020

The Netherlands: What the Dutch can teach the world about remote work - by Katie Bishop

If you’ve been balancing your laptop on a precarious stack of cookbooks, or lamented VPN speed from your kitchen table, you’re not alone. Ever since restrictions were put in place to slow the spread of Covid-19, companies have been scrambling to enable colleagues to work from home.

As we adapt to the much-cited ‘new normal’, some experts are predicting that remote work might be here to stay. This is leaving many nervously eyeing up our makeshift home desk set-ups, and wondering how on earth we can handle the backache.

But for some, remote working is just another day at the office .Thousands of workers in the Netherlands benefit from the country’s astonishingly flexible work culture. While the percentage of employed persons usually working remotely before the coronavirus outbreaklingered at around 4.7% in the UK, and 3.6% in the US, 14.1% of the Netherland’s workforce reports usually working away from the office. The Netherlands has long led the global shift toward remote work, with only Finland
catching up in recent years while other countries lag behind.

“When the pandemic started, I suddenly found myself playing the part of a remote-work coach for my wife and our neighbours,” says Yvo van Doorn, an Amsterdam-based engineer. “I was suddenly answering questions about home networks and video conferencing. It was eye-opening because I’d taken these things for granted.”

Read more at: 
What the Dutch can teach the world about remote work - BBC Worklife

Sunday, June 28, 2020

China: Chinese firm says coronavirus vaccine candidate shows promise in human test

China National Biotec Group (CNBG) said on Sunday that early human test results for a coronavirus vaccine candidate suggested it could be safe and effective, the second vaccine candidate from the firm to show encouraging results in a clinical trial.

The experimental shot, developed by a Beijing-based unit of CNBG, has induced high-level antibodies in all the inoculated participants in a Phase 1/2 clinical trial involving 1,120 healthy people, according to preliminary data of the trial, CNBG said in a posting on the social media platform WeChat, without disclosing specific readings.

Chinese companies and researchers have been allowed to test eight vaccine candidates in humans at home and abroad, making China a major front-runner in the race to develop a shot against the virus that has killed nearly 500,000 people globally.

Read more at: 
Chinese firm says coronavirus vaccine candidate shows promise in human test

Saturday, June 27, 2020

EU-Coronavirus:Travel Lists: Revealed: Draft list of countries that will be allowed to enter EU when borders open

Locked away in a meeting room in Brussels, officials are debating who will be allowed to enter the EU on July 1 when the bloc's international borders are scheduled to be opened - and who will be forbidden.

Read more at:
Revealed: Draft list of countries that will be allowed to enter EU when borders open | Euronews

Friday, June 26, 2020

US Economy: Pressure builds on Senate Republicans to move in direction of $3 trillion coronavirus relief measure favored by Democrats

Sen. Roy Blunt, headed into a weekly a party lunch with fellowRepublicans and appeared to grin a bit behind his mask when asked if the price tag of the next coronavirus aid package would rise as the President Donald Trump’s polling worsened.

Read more at: 
Pressure builds on Senate Republicans to move in direction of $3 trillion coronavirus relief measure favored by Democrats - MarketWatch

Thursday, June 25, 2020

EU-US relations: This chart shows just how badly the U.S. coronavirus response has damaged America’s reputation in Europe

The European Council on Foreign Relations surveyed 10,000 Europeans in nine countries, which make up about two-thirds of the European Union, to get their opinions on how governments have responded to the COVID-19 outbreak that has infected 9.5 million and killed more than 484,000 and counting around the world.

And the report found what it called a“shocking” collapse of the image of the U.S. in the eyes of many Europeans. China suffered a drop in public opinion, as well.

Read more at:
This chart shows just how badly the U.S. coronavirus response has damaged America’s reputation in Europe - MarketWatch

Wednesday, June 24, 2020

Tuesday, June 23, 2020

USA: The American empire is falling apart - But things can always get worse: by Oscar Rickett

The American empire is in decay, but that doesn’t mean things can’t get worse. Protests that erupted over the police killing of George Floyd, a 46-year-old black man, continue to rage across the United States.

Each new day sees another chunk of flesh torn from the face the nation shows the world, revealing the bone and blood underneath. The inequalities and injustices of the world’s richest country are being brutally exposed.

Monday, June 22, 2020

Dow futures briefly sink 400 points as Trump trade adviser declares China trade deal ‘over,’ then walks it back

U.S. stock-index futures Monday night briefly skidded by more than 400points, after White House trade adviser Peter Navarro implied to FoxNews in a late-Monday interview that a hard-fought trade agreement thatwas signed with China in January had been terminated by President Donald Trump.

Later, Navarro said his comments were taken out of context andthe phase-one pact remained in force. Trump also tweeted that the agreement was intact.

Read more at:
Dow futures briefly sink 400 points as Trump trade adviser declares China trade deal ‘over,’ then walks it back - MarketWatch

Sunday, June 21, 2020

Corruption: COVID 19: Assessing the Global Corruption Fallout

Corruption is bad today, but bound to get worse. Governments’ response to the COVID 19 pandemic amplifies the opportunities for abuse.

Read more at:
https://www.theglobalist.com/coronavirus-pandemic-covid19-corruption-transparency-international-populism-china-russia/

Saturday, June 20, 2020

USA - Wholesale - Costco: The Enduring Enigma of Costco's $1.50 Hot Dog and Soda Combo

When Costco president W. Craig Jelinek once complained to Costco co-founder and former CEO Jim Sinegal that their monolithic warehouse business was losing money on their famously cheap $1.50 hot dog and soda package, Sinegal listened, nodded, and then did his best to make his take on the situation perfectly clear.

"If you raise [the price of] the effing hot dog, I will kill you," Sinegal said. "Figure it out."

Read more at: The Enduring Enigma of Costco's $1.50 Hot Dog and Soda Combo

Thursday, June 18, 2020

Italy's tourism industry braces for 'worst revenue slump in over 20 years'

The country, which welcomed over 60 million foreign tourists in 2018, according to the World Tourism Organization, is now expecting 56 million fewer overnight stays, according to a new survey from Florence's Centrefor Tourism Studies.

Read more at:
Italy's tourism industry braces for 'worst revenue slump in over 20 years' - The Local

Tuesday, June 16, 2020

Sweden: Volvo axes more than 4,000 jobs as corona crisis hits demand

 Swedish truckmaker Volvo said the coronavirus pandemic had forced it tocut 4,100 white collar jobs worldwide, including around 1,250 in Sweden.

Read more at:
Volvo axes more than 4,000 jobs as corona crisis hits demand - The Local

Monday, June 15, 2020

USA - Eonomy: Morgan Stanley doubles down on forecast for a V-shaped economic recovery by 4th quarter

Morgan Stanley is more convinced than ever that the coronavirus recession will be a “sharp but short” blight on the global economy.

The bank doubled down on its call for a V-shaped recovery Sunday, telling clients in a mid-year review note that the cycle is “more ‘normal’ than appreciated.”

Despite equities largely erasing year-to-date losses, valuations continue to underprice the chance of a swift turn higher, the team led by Chetan Ahya wrote.

Read more at: 
Morgan Stanley doubles down on forecast for a V-shaped economic recovery by 4th quarter

Sunday, June 14, 2020

U.S. stock futures drop sharply after Wall Street's worst week since March

U.S. stock index futures dropped sharply late Sunday, suggestincontinued choppy trading Monday following Thursday's deep selloff andFriday's partial rebound. As of 10 p.m.Eastern, Dow Jones IndustrialAverage futuresYM00,  -1.40% were down more than 300 points, or 1.3%, while S&P 500 futuresES00, -1.27%and Nasdaq-100 futures NQ00, -0.73%fell as well. Dallas Fed President Robert Kaplan said Sunday that the U.S. economic recovery hinged on effective public health measures to contain the coronavirus pandemic. "The extent we do that well will determine how quickly we recover. We'll grow faster if we dothose things well," Kaplan told CBS News' "Face the Nation." "And rightnow, it's relatively uneven." Lasteek,Wall Street posted its worst week since March,with all three major indexes on Thursday seeing their sharpest one-daydrops since March 16. On Friday, The Dow Jones Industrial Average JIA, +1.90% gained 477.37 points, or 1.9%, to close at 25,605.54, while the S+1.30% added 39.21 points, or 1.3%, at 3.041.31, and the Nasdaq Composite IndexCOMP, +1.01%climbed 96.08 points, or 1%, to 9,588.81.

Read more at:
U.S. stock futures drop sharply after Wall Street's worst week since March - MarketWatch

Saturday, June 13, 2020

Corona Virus Vaccine: EU nations sign deal for coronavirus vaccine

Germany, France, Italy and the Netherlands signed an initial deal with pharmaceutical company AstraZeneca for over 300 million doses of a promising coronavirus vaccine currently still in the experimental phase, Germany's health ministry confirmed Saturday.

Doses of the vaccine would be distributed to countries relative to their population as soon as it is ready, the ministry said, adding that all EU members can participate in the program.

The vaccine is expected to be finished by the end of 2020. 
 

Friday, June 12, 2020

USA: Government’s cure for the coronavirus recession is worse for the global economy than the disease

A major legacy of the COVID-19 pandemic will be a significantincrease in already high global debt levels. In the U.S., government debt is expected to rise to $27 trillion by September 2020 from $23 trillion a year ago — a debt-to-GDP ratio of 135%. In OECD countries, debt levelsare expected to increase by $17 trillion, rising from 109% to more than 137% of GDP.

Public sector debt increases reflecthigher healthcare spending, actions to alleviate the economic effects of the COVID-19 crisis, emergency loans and the loss of tax revenues
revenues.

Households and businesses have also substantially increased borrowingsto cover income shortfalls. If the recovery is slower than expected,then the rise in borrowings will be greater.

Read more at;
Government’s cure for the coronavirus recession is worse for the global economy than the disease - MarketWatch

Thursday, June 11, 2020

USA: Will the Banks Collapse? - by Frank Portnoy

After months of living with the coronavirus pandemic, American citizens are well aware of the toll it has taken on the economy: broken supply chains, record unemployment, failing small businesses. All of these factors are serious and could mire the United States in a deep, prolonged recession. But there’s another threat to the economy, too. It lurks on the balance sheets of the big banks, and it could be cataclysmic. Imagine if, in addition to all the uncertainty surrounding the pandemic, you woke up one morning to find that the financial sector had collapsed.

 Read more:
Will the Banks Collapse? - The Atlantic

Wednesday, June 10, 2020

U.S. central bank keeps rate steady at 0.25% but warns COVID-19 impact will last for years

The U.S. Federal Reserve on Wednesday signaled it would provideyears of extraordinary support for an economy facing a torturous slogback from the coronavirus pandemic, with policymakers projecting a 6.5per cent decline in gross domestic product this year and a 9.3 percent unemployment rate at year's end.

In the first economic projections of the pandemic era, U.S. central bank policymakers put into numbers what has been an emerging narrative: that the measures put inplace to battle a health crisis will echo through the economy for yearsto come rather than be quickly reversed as commerce reopens.

Read more at:
U.S. central bank keeps rate steady at 0.25% but warns COVID-19 impact will last for years | CBC News

Tuesday, June 9, 2020

USA - a thoroughly corrupt political process: Billionaires got $565 billion richer during the coronavirus pandemic

American billionaires are now nearly 20% richer — by $565 billion,to be exact — than they were at the start of the coronavirus pandemic,according to a new report by the Institute for Policy Studies

Six billionaires, including Amazon's Jeff Bezos, Tesla's Elon Musk, and Zoom's Eric Yuan, have seen their net worths grow by more than $2billion each since March, according to the think tank's analysis of Forbes' Billionaires List.

The coronavirus crisis has been an economic disaster for the rest of America, as an end unprecedented 42.6 million Americans filed for unemployment benefits in the past 11 weeks.

Note EU-Digest: This is another major problem facing America, and has resulted in the overwhelming influence Corporate America has on the political environment of the US and beyound. What's been happening with White House and Congressional politics could only be described as a thoroughly corrupt process, with the blessings of a Supreme Court dominated by justices hand-picked to protect the same process.

Read more at:
Billionaires got $565 billion richer during the coronavirus pandemic - Business Insider

Monday, June 8, 2020

Capitalism has gone out of control: Private equity firms should be abolished

In his latest BIG newsletter, Matt Stoller (previously) relates the key moments in the history of private equity, from its roots in the notorious "leveraged buyouts" of the 1980s, and explains exactly how the PE con works: successful, productive business are acquired through debt financing, drained of their cash and assets, and then killed, leaving workers unemployed and with their pension funds looted, and with the business's creditors out in the cold.

Read more at:
Private equity firms should be abolished / Boing Boing

Sunday, June 7, 2020

USA in Dire Straits: Coronavirus pandemic, dire economy and social unrest upend US presidential race, despite Trump's positive outlook

 Three concurrent crises scarring the United States - a deadly health pandemic, economic despair and widespread social unrest - have reframed this year's presidential contest and prompted national reflection over racial inequality in America.

Is the country on the cusp of a transformation, or will systemic inequalities exacerbated by the coronavirus crisis persist, allowing alienation and marginalisation to fester?

In weeks, the unprecedented strain has become the focal point of the ferocious White House campaign between US President Donald Trump and Democrat Joe Biden, two politicians approaching the disasters with very different strategies.

Read more: Coronavirus pandemic, dire economy and social unrest upend US presidential race, United States News & Top Stories - The Straits Times

Saturday, June 6, 2020

US Economy: Another drain on the U.S. economy: The long, painful road toward deglobalization

With political leaders and publics rejecting openness in a mannerunlike anything seen since the tariff wars and competitive devaluations of the 1930s.

The byproduct will be not just slower growth, but a significantfall in national incomes for all but perhaps the largest and most diversified economies.

Read more at: 
Another drain on the U.S. economy: The long, painful road toward deglobalization - MarketWatch:

Friday, June 5, 2020

EastMed Gas Pipeline: EU reiterates support for EastMed pipe, urges Turkey to respect international law - by Kostis Geropoulos

The European Union supports the EastMed gas pipeline project as one option of tapping gas supplies from the East Mediterranean for the EU, Peter Stano, lead EU spokesperson for Foreign Affairs and Security Policy, told New Europe on June 5.

“The EU supports the EastMed pipeline project,” Stano said, adding that this pipeline is a Project of Common Interest under the 4th Union List and the related feasibility study receives EU funds. It should be seen as one option of tapping EastMed gas supplies for the EU alongside shipping it to the EU by tankers in the form of Liquefied Natural Gas (LNG), he added.

On June 2, during a webinar, the energy ministers of Israel, Cyprus and Greece as well as US Assistant Secretary of State for Energy Resources Frank Fannon also reiterated their support for the EastMed pipeline.

However, on June 4, Turkey’s President Recep Tayyip Erdogan, meeting Libya’s internationally recognised leader Fayez Sarraj in Ankara, said Turkey would step-up its cooperation with Sarraj’s government,  to drill for natural resources in the East Med based on an agreement on sea borders signed by Turkey and Libya last November.

The EU spokesman reminded that European leaders adopted at the European Council in December EU conclusions clearly stating that a memorandum of understanding signed by Turkey and Libya on the delimitation of maritime jurisdictions in the Mediterranean Sea infringes upon the sovereign rights of third States, does not comply with the Law of the Sea and cannot produce any legal consequences for third States. “The European Council also unequivocally reaffirmed its solidarity with Greece and also Cyprus regarding these actions by Turkey,” Stano said.

The EU spokesperson reminded that on May 15, the EU Foreign Ministers also approved a statement about the situation in the Eastern Mediterranean, “which demonstrates the EU’s unity in supporting Greece and Cyprus and sends a clear signal and a firm message to Turkey that we uphold our principles and interests.” The delimitation of EEZs and continental shelf should be addressed through dialogue and negotiation in good faith, in full respect of international law and in pursuit of the principle of good neighbourly relations, he said. “The most recent escalating actions by Turkey regrettably go in the opposite direction,” he added.

Stano called on all international community members to abide by these principles and refrain from any actions undermining regional stability and security. “The EU and Turkey have a strong interest in an improvement of their relations through a dialogue which is intended to create an environment of trust. We will continue our diplomatic engagement with Turkey to try to steer our relationship towards a cooperative and constructive approach,” the EU spokesperson said.

Greece’s Prime Minister Kyriakos Mitsotakis sent letters on June 3 to the EU Council and Commission presidents protesting over Turkey’s activities in the Eastern Med. “We have seen reports about a letter sent by Prime Minister of Greece Mitsotakis to President of the European Commission (Ursula) von der Leyen,” Stano said. “We will check if the letter has already been received and reply in due time.”

Fannon told the webinar the Turkey-Libya MoU is “provocative” and could cause “instability” in the region. Charles Ellinas, a senior fellow at the Global Energy Center at the Atlantic Council, told New Europe on June 5 it helps that the US State Department has confirmed that islands are entitled to EEZs. This is the obvious outcome of applying the UN law of the seas, UNCLOS, he said. “But this support – by the US and the EU – and cooperation between Israel, Cyprus and Greece will not deter Turkey,” Ellinas said, adding that Ankara is determined to proceed with exploration and drilling in the EEZs of Cyprus and Greece taking advantage of the cessation of drilling activities by the international oil companies due to coronavirus and the crisis that has hit the oil and gas industry. “Turkey is still drilling in Cyprus EEZ, persisting with its East Med dominance plans – despite the crisis – clearly showing that there is no economic basis to its actions,” he said.

“Turkey is capitalising on its maritime ‘agreement’ with Libya, that it entered into specifically for this purpose,” Ellinas said, adding, “This, of course, impacts the rights of Cyprus or Greece to their EEZs and to a certain extent Egypt, but not Israel directly. Turkey is using the Libya deal, drilling in the EEZs of Cyprus and Greece, in order to create facts in support of its claims, perhaps in preparation for eventual negotiations”.

Read more at: EU reiterates support for EastMed pipe, urges Turkey to respect international law | New Europe

Thursday, June 4, 2020

EU - BREXIT: Does the coronavirus crisis make a no-deal Brexit more likely?

On June 23, four years will have passed since the momentous Brexit vote. For more than three of those years, a "no-deal Brexit" perpetually loomed as a distinct and disastrous possibility.

The sting was seemingly taken out of that doomsday scenario last October when British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar struck a deal of sorts on arrangements regarding the British border on the island of Ireland.

That paved the way to the Withdrawal Agreement and on January 31, the UK finally left the European Union.

A one-year transition period up until December 31 meant that 2020 was to be the year in which the truly hard yards were finally walked. The EU and the UK would thrash out the bones of their future relationship and edge towards some kind of normality.

Read more at:
Does the coronavirus crisis make a no-deal Brexit more likely? | Business| Economy and finance news from a German perspective | DW | 04.06.2020

Wednesday, June 3, 2020

US Economy; Complete disconnect between Wall Street and Main Street - by RM

Question, who or what is behind the major disconnect between Wall Street and reality, with stocks going up on the Dow for the past 4 days.Today by even more than 500 points, and this while economies are tanking all around the world, and while as many as 30% of the US workforce remains 
unemployed ?

Some companies obviously are making excessive profits as a result of the present emergency situation, but in no way is Wall Street a reflection of the state of the US economy, as President Trump likes to brag about.

The above is, however another clear indication of the great disparity between "the have and have nots" in the US and has to be remedied by an aggressive and progressive new Democratic government, before it destroys the USA from within.

EU-Digest

Tuesday, June 2, 2020

The Netherlands: Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast

 In this blog written for IMF Country Focus, the IMF’s mission  brief for the Netherlands, Alfredo Cuevas, explains that this economic integration could signal a slower recovery for the country from the crisis.

The GDP growth forecasts for the Netherlands issued by the IMF in its April 2020 World Economic Outlook (WEO) surprised many, not only for the large negative 2020 number itself, but for it being weaker than some other leading European economies. Let me make some general considerations about orecasting amid today’s immense uncertainties, and then look at the Dutch
economy.

Economists often conceptualize macroeconomic variables, such as real GDP growth, as the sum of a predictable or systematic component and an unpredictable shock. We develop and estimate statistical models of the predictable part and use them to make forecasts.

Read more at: 
Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast

Monday, June 1, 2020

EU: Lobbyist register to be tightened after Monsanto case - by Nikolaj Nielsen

Updated EU transparency rules set for the end of this year means lobbyists will have to declare much more accurate - and thus likely larger - figures on what they spend to influence EU decision-making.

The figures currently cited in the EU's joint transparency register are widely suspected of being under-reported.

The register is shared between the European Commission and the European Parliament, and lists thousands of companies, consultancies and NGOs that work to influence EU legislation.

The authority that oversees the register recently announced in a letter it would impose clearer rules to make sure lobbyists do not skirt their reporting obligations.

The issue came to a head when pro-transparency group Corporate Europe Observatory complained that the US giant Monsanto had failed to truly declare how much it spent in a campaign to steer the debate around its controversial weedkiller glyphosate.

Read more: Lobbyist register to be tightened after Monsanto case