Tuesday, January 20, 2015
Thursday, September 19, 2013
What will the Federal Reserve do?
Is that good news?
Why are they doing it now?
How will the markets react?
What will investors be looking for?
What does it mean for the UK?
How will the eurozone be affected?
What about emerging markets?
Thursday, May 23, 2013
UK EUROPEAN MEMBERSHIP - We don't want to be part of a United Europe governed by a socialist unelected junta from Brussels. Put the business case to one side, this is about democracy, liberty and self governance. I would rather be a little bit poorer now but in charge of my own destiny, than ruled by a socialist political elite which will in time become even more corrupt than now and make me much poorer in the long run. If the rest of Europe want to unite under a Brussels government then let them, but we don't want it. I suspect if other countries were ever given a vote, they would not want it either. But surprise, surprise, the unelected elites don't like elections because they get the wrong answer to their ever closer union. The business leaders quoted should know better than to neglect democracy for the sake of profits....
Whilst the economic benefits of membership may, or may not be, overwhelming, (and Lord Lawson, Denis Healey and others have already questioned whether the economic benefits are as great as made out), that is not the issue. The issue is that there are a number of fundamental problems with the eurozone and the EU itself which are precipitating the continent into potential conflict. Firstly, as is apparent from Greece, Cyprus, Spain, Italy and Portugal, not a single person in those countries has a vote to change let alone influence policy being directed by Brussels. This democratic deficit in a time when the Euro-"elite" are pushing a solitary austerity agenda, without regard to the consequences of those policies not just on families and communities but half the continent, is fanning the flames of extreme nationalism in those countries. Until such time as the people of Europe get a vote to get rid of the idiots in charge in Brussels, we should have nothing to do with it. Secondly, even if the policy of "internal devaluation" is successful, that will mean a worker in those countries will have to work harder and longer for a Euro than a worker, say, in Germany. So the exodus of the youth from those countries will accelerate and some will go within the Union to areas where there is work. This will drive down wages in the destination countries and will ignite talk of "jonny foreigner taking our jobs" that we've heard incessantly here. How well that will play in Germany is anyone's guess. Thirdly, the accounts of the EU haven't been signed off by their auditors for, I believe, something like 10 years due to fraud and misappropriation of funds. Finally, and most importantly, if the eurozone members are successful in driving through a Federal State (without obtaining specific consent for this from the individual national electorates), what impact is that going to have upon the operation of the EU? Currently, we have 27 nations, some with greater weight than others. With a Federal State of 17 nations, that bloc will outvote and outweigh all the other members. Policy (as the SNP seems to argue) will be set to the agenda of the bigger constituent. Ergo, the UK and all the other non-eurozone members will be outvoted on every measure, and what guarantees are there going to be to protect those countries from such policy focus? Given the EU's declaration of economic war against the City of London with the FTT (stealing money that would otherwise go to the UK Exchequer from the City), capping bonuses (bureaucracy gone mad and aimed directly at the City), with seemingly precious little the UK can do about it, it does not augur well for future protection. I remain unconvinced about the economic benefits of membership. The EU will want access to our market. But is the EU necessarily the dynamic growth zone for the future? It doesn't look like it. However, the risk of extreme nationalism arising from the current policies and the utter devastation being wrought across half a continent to "save" the Euro is not a price worth paying to secure economic benefits. We should be leading Europe away from the precipice towards which its bureaucrats appear determined to push it. Clearly this isn't happening at present, so its time to leave. Not, as some would suggest, to a Norwegian or Swiss style semi-detached model, but complete detachment. And the sooner the better.
Thursday, May 2, 2013
The Spanish government requires that any resident with an overseas asset worth more than €50,000 and who lives in Spain at least six months (183 days) of the year is affected – and must declare what they own abroad.
Thursday, November 22, 2012
Sunday, November 11, 2012
Thursday, October 4, 2012
MEANWHILE - a dengerous development :
Turkey's military have struck targets inside Syria in response to a mortar bomb fired from Syrian territory which killed five Turkish civilians, Prime Minister Recep Tayyip Erdogan's office said in a statement.
The mortar fired from the Syrian side into the region of Akçakale sparked an urgent round of meetings with military chiefs and led the Turkish foreign minister, Ahmed Davagotlu, to formally complain to UN secretary general Ban Ki-moon.
"Our armed forces in the border region responded immediately to this abominable attack in line with their rules of engagement; targets were struck through artillery fire against places in Syria identified by radar," the statement from Erdogan said. "Turkey will never leave unanswered such kinds of provocation by the Syrian regime against our national security."
Nato said it was following developments and senior officials would meet urgently to discuss the issue. Turkey is a member state of the powerful body and earlier this year invoked a clause in the Nato treaty which called on it to respond to an earlier clash in which a Turkish jet was shot down from inside Syria.
The escalating border tensions came amid a day of grave violence inside Syria, with central Aleppo ravaged by three large explosions that killed at least 41 people and the capital Damascus again the scene of fierce clashes between loyalists and rebels and security sweeps by regime forces.
The Aleppo bombings were among the biggest seen in Syria in 18 months of uprising. Attackers, believed to have been dressed in military fatigues, are thought to have convinced regime soldiers stationed in Saadallah al-Jabiri Square to let them enter the secure zone. They are then thought to have detonated the bombs believed to have been packed into cars
Thursday, April 19, 2012
Thursday, February 2, 2012
Thursday, January 26, 2012
Wednesday, November 23, 2011
Friday, November 18, 2011
Friday, May 13, 2011
Wednesday, February 23, 2011
Sunday, February 20, 2011
FRANKFURT - Emergency borrowing from the European Central Bank remained exceptionally elevated for a second straight day on Friday, intensifying speculation that one or more euro zone bank might be facing new funding problems. ECB figures showed banks borrowed more than 16 billion euros in high-cost emergency overnight funding, the highest amount since June 2009 and well above the 1.2 billion euros which banks were taking before the figure first jumped on Thursday. The ECB gives no breakdown of the borrowing figures and declined to comment on Friday when asked for an explanation for the jump. Traders remained unsure whether the spike was due to a serious funding issue or whether a bank had simply made an error earlier in the week by not borrowing enough at the ECB's regular weekly funding handout. If a bank, or number of banks, did not get enough funding, and were unable to make up the difference in open markets, they would be forced to use the ECB's emergency facility until the next ECB tender came around. The next ECB offering is on Tuesday, banks get the money on Wednesday, meaning any change would evident in figures published early on Thursday. "As no bank or banking group from any euro zone country is aggressively seeking money in the interbank market at the moment, it is likely that something went wrong at the main refinancing operation," said one euro zone money market trader. "The bank or banking group needs to tap the ECB for the money whether they like it or not, or they are doing that so as not to appear active on the money market and to thereby be stigmatized," he added
European bank shares were down 1 percent by 1100 GMT while the euro fell against the dollar and other major currencies for much of the morning. Money markets showed little reaction, however. Key euro bank-to-bank lending prices remained on a downward trajectory, a direction traditionally at odds with rising tensions. The theory that the spike was due to human error appeared to be supported by data from the ECB's latest weekly funding operation. Banks borrowed the lowest amount since June at the tender, 19 billion euros less than the previous week and well below expected demand of around 160 billion euros.
However, a monetary source in Italy, speaking on condition of anonymity, told Reuters that the increase in borrowing was not a technical problem and was a sign that money markets were still not functioning correctly and geographically split in the wake of the global financial crisis. The source said the Italian banking system continued to have good access to money markets, while high-level Spanish financial source said the jump was not down to Spanish banks. The borrowing jump added extra complexity to the question of whether the ECB will scale back, or extend, its money market support measures at its next meeting on March 3.
ECB President Jean-Claude Trichet said in a recent interview that the health of money markets had improved, although Belgium's Guy Quaden said this week liquidity support remained necessary. "If the increased use of the marginal borrowing facility is due to new problems in the banking system this would call for an extension of the ECB's liquidity support," said UniCredit analyst Luca Cazzulani. "The ECB knows exactly who is borrowing the money and why they are doing it. If it is due to a mistake then it should not influence their thinking at all." The extra 0.75 percent which banks have to pay for overnight funding from the ECB normally means it is used only as a last resort. The last time before this week that overnight borrowing exceeded 10 billion euros was on June 24, 2009, when it was 28.7 billion euros, the highest ever. This year, emergency overnight borrowing has been above 1 billion euros only twice. Traders said while mistyping the required amount or missing the ECB's tender altogether would be an unlikely mistake, it could happen. "It would be a huge oversight and pretty unlikely but it is possible if a lot of things conspired against you," said one London-based money market trader. "If it is a mistake then someone's boss is not going to be very happy." A number of banks, mainly from the euro zone's most debt-strained countries but also troubled banks in core countries, remain barred from open money markets and almost completely dependent on the ECB for funding.
Monday, February 7, 2011
The main risks now have to do with the international trend of making food and fuels more expensive, which has already been felt on the Romanian market. Last year consumer prices climbed nearly 8%, although the official inflation target was 3.5%. The shock of the VAT hike from 19% to 24% in the summer, as well as the food price increases that occurred in autumn overturned the downward trend of inflation.
Friday, January 28, 2011
"We have been eyeing Romania over the past five or six years, but it is now that we decided to open a local office. This is a decision that proves the domestic market has reached a certain maturity. We are in the right place at the right moment. Romania is the most promising country in Eastern Europe," says Hans Jorn Rieks, chairman for Central Europe with Vestas.
The best-known wind farms due to be equipped by Vestas are the ones being built by Energias de Portugal in two towns of Dobrogea, Pe[tera and Cernavod`.
According to Rieks, the big concern as regards the Romanian market is legislation. "The existence of clear legislation will open the market to several players as banks are always looking at something tangible and are not willing to take on risks," he says. (Z.F)
Thursday, January 27, 2011
Earlier this month, the European Commission also raised 5 billion euros for Ireland through its first bond issuance under the European Financial Stabilization Mechanism (EFSM), which is guaranteed by the EU's budget. Markets snapped up the bond within one hour.
Tuesday, January 25, 2011
Sunday, January 23, 2011
euro, criza datoriilor de stat, euroscepticismul, monede nationale, renuntarea la euro, salvare euro, zona euro