"It is essential that when we deal with a euro area country there is a European lead and a European responsibility," EU economy commissioner Olli Rehn said at a conference in Brussels on Friday (19 March). "It is important that the EU in the course of next week comes to a more specific conclusion, specific political conclusion about the European framework for co-ordinated and conditional action, if needed and required," he told journalists afterwards. European Commission President Jose Manuel Barroso appears set to go further on Saturday, indicating the EU is ready to provide financial aid to Greece if it is requested, according to a leaked transcript of an interview with French radio, seen by Dow Jones Newswires.
"It is essential that when we deal with a euro area country there is a European lead and a European responsibility," EU economy commissioner Olli Rehn said at a conference in Brussels on Friday (19 March).
"It is important that the EU in the course of next week comes to a more specific conclusion, specific political conclusion about the European framework for co-ordinated and conditional action, if needed and required," he told journalists afterwards.
European Commission President Jose Manuel Barroso appears set to go further on Saturday, indicating the EU is ready to provide financial aid to Greece if it is requested, according to a leaked transcript of an interview with French radio, seen by Dow Jones Newswires.
In an interview with FRANCE 24, European Commission President, José Manuel Barroso, spoke about the possibility of IMF assistance for Greece - and roundly rejected the idea mooted by Angela Merkel of kicking out a member of the eurozone.But in his interview with FRANCE 24, Barroso dismissed the idea of kicking out eurozone members. "I do not comment on other's comments," he stressed. "What I can tell you is the position of the Commission...currently, excluding a member state from the eurozone is not possible. It's absurd." He also said the euro area was "ready to take all the necessary measures" to guarantee Greece's financial stability.
But in his interview with FRANCE 24, Barroso dismissed the idea of kicking out eurozone members. "I do not comment on other's comments," he stressed. "What I can tell you is the position of the Commission...currently, excluding a member state from the eurozone is not possible. It's absurd."
He also said the euro area was "ready to take all the necessary measures" to guarantee Greece's financial stability.
Never before in the history of post-war Germany has a finance minister taken on more debt. Due to the impact from the global economic crisis, the German parliament on Friday approved Finance Minister Wolfgang Schaeuble's record new borrowing figure of 80.2 billion euros ($109 billion) for 2010. This is double the amount borrowed in 2009, but the government insists there is no other way to deal with the fallout from one of the biggest global economic crises in history. "None of us have any experience with such a dramatic economic meltdown," Chancellor Angela Merkel told parliament earlier in the week.
Never before in the history of post-war Germany has a finance minister taken on more debt. Due to the impact from the global economic crisis, the German parliament on Friday approved Finance Minister Wolfgang Schaeuble's record new borrowing figure of 80.2 billion euros ($109 billion) for 2010.
This is double the amount borrowed in 2009, but the government insists there is no other way to deal with the fallout from one of the biggest global economic crises in history.
"None of us have any experience with such a dramatic economic meltdown," Chancellor Angela Merkel told parliament earlier in the week.
"Barroso has given me a mandate to clean up the internal market and close its missing links," Barnier told a 400-strong crowd from European businesses, federations, NGOs and the media on Wednesday (17 March). Though the commissioner at times evaded offering concrete details of upcoming policies, he insisted he was a strong advocate of more stringent financial supervision in the EU. The Frenchman also reiterated that EU regulation would follow the same roadmap adopted by world leaders at last year's G20 summit on international financial regulation in Pittsburgh (EurActiv 07/09/09)
"Barroso has given me a mandate to clean up the internal market and close its missing links," Barnier told a 400-strong crowd from European businesses, federations, NGOs and the media on Wednesday (17 March).
Though the commissioner at times evaded offering concrete details of upcoming policies, he insisted he was a strong advocate of more stringent financial supervision in the EU.
The Frenchman also reiterated that EU regulation would follow the same roadmap adopted by world leaders at last year's G20 summit on international financial regulation in Pittsburgh (EurActiv 07/09/09)
In Germany, there are few national bus services with the exception of those operating to and from Berlin. Anyone who wants to travel by public transportation from Stuttgart to Munich, for example, can only do so by plane or train. That's in keeping with Paragraph 13 of the Public Transport Act of 1931. The clause permits national bus routes only in exceptional cases - and only if the national railway company, Deutsche Bahn, has no objections. This privilege is set to come to an end by 2011 at the latest, in accordance with an agreement between the members of the ruling coalition. New countrywide bus services could be launched soon, adding to the few routes that already exist, like the Hamburg-Berlin route, which is a relic of pre-unification days.
In Germany, there are few national bus services with the exception of those operating to and from Berlin. Anyone who wants to travel by public transportation from Stuttgart to Munich, for example, can only do so by plane or train. That's in keeping with Paragraph 13 of the Public Transport Act of 1931. The clause permits national bus routes only in exceptional cases - and only if the national railway company, Deutsche Bahn, has no objections.
This privilege is set to come to an end by 2011 at the latest, in accordance with an agreement between the members of the ruling coalition. New countrywide bus services could be launched soon, adding to the few routes that already exist, like the Hamburg-Berlin route, which is a relic of pre-unification days.
The wonderful new liberal 'transport' 'policy'. <tears hair out> *Lunatic*, n. One whose delusions are out of fashion.
Long-distance buses can compete with rail on price, so they will take away some of DB's income. Especially as a few years ago, DB infamously terminated its cheap long-distance services (the InterRegio brand) despite being successful and popular -- in the hopes that passengers will pay up for the more expensive IC, EC, ICE services, or go with the slower limited-stop local services (a result of splitting the company into operational branches, with the IR falling between two stools), rather than abandon trains. In addition, due to Germany's half-assed development of a high-speed network, those more expensive services don't have a significant enough speed advantage (and have capacity problems on some relations). It is also worth to note that that policy of higher ticket prices for higher-quality services is not a necessity, Austria for example holds to the same-price approach.
So there would be a lot of issues to attack to improve long-distance public transport in Germany. But, tough the new transport minister is said to be pro-rail, and promised to boost rail spending, so far his record is the stop and re-start of one high-speed line project, and this. *Lunatic*, n. One whose delusions are out of fashion.
Of course, it all depends on how full the trains and buses are, but bus services will typically go to and from the train station and act as useful feeder services for other public tranport. Wind power
Talks aimed at averting strikes by British Airways cabin crew collapsed today and the action will go ahead from midnight. Officials from the Unite union have been locked in talks with the airline's chief executive, Willie Walsh, this week in a bid to find a breakthrough in a bitter row over cost-cutting.
Talks aimed at averting strikes by British Airways cabin crew collapsed today and the action will go ahead from midnight.
Officials from the Unite union have been locked in talks with the airline's chief executive, Willie Walsh, this week in a bid to find a breakthrough in a bitter row over cost-cutting.
"The yuan is under-priced," he told the Financial Times in an article printed on Thursday (18 March). "It certainly has an impact on their [US] export and trade patterns. The complaint is legitimate and there is awareness of that in Europe."...The Belgian politician also took aim at US protectionism, blaming Washington for holding up the currently stalled Doha round of multilateral free-trade talks. "One of the problems is that we don't know exactly what the United States wants. They don't want to go forward for now, that much is clear," he said of the decade-old negotiations, in an interview with Belgian business daily De Tijd. US congressional elections in November were partly to blame, he added, but singled out a commitment from President Barack Obama to double US exports over five years. "I don't see how anyone can double exports if there's no movement towards free trade," he said. "Protectionism will not lead to a doubling of exports."
...The Belgian politician also took aim at US protectionism, blaming Washington for holding up the currently stalled Doha round of multilateral free-trade talks.
"One of the problems is that we don't know exactly what the United States wants. They don't want to go forward for now, that much is clear," he said of the decade-old negotiations, in an interview with Belgian business daily De Tijd.
US congressional elections in November were partly to blame, he added, but singled out a commitment from President Barack Obama to double US exports over five years.
"I don't see how anyone can double exports if there's no movement towards free trade," he said. "Protectionism will not lead to a doubling of exports."
AFP - European aerospace giant EADS may submit a new offer to supply the US air force with tanker jets if revised Pentagon tender rules give it a fair chance of success, the firm said Friday. Last week, EADS angrily pulled out of the race for the 35-billion-dollar (26-billion-euro) contract to supply 179 tanker planes, alleging the Pentagon had skewed its requirements to favour its US rival Boeing. The decision triggered a diplomatic storm, with European officials accusing the United States of protectionism. The Defence Department said Thursday that it might extend the deadline for bids to allow a revised EADS offer.
Last week, EADS angrily pulled out of the race for the 35-billion-dollar (26-billion-euro) contract to supply 179 tanker planes, alleging the Pentagon had skewed its requirements to favour its US rival Boeing.
The decision triggered a diplomatic storm, with European officials accusing the United States of protectionism. The Defence Department said Thursday that it might extend the deadline for bids to allow a revised EADS offer.
Russian Firm to Bid on Air Force Tanker Program In another twist to the ongoing saga to replace the Air Force's aging fleet of aerial refueling tankers, United Aircraft Corp. of Russia is planning to bid on the $40 billion contract, according to a person familiar with its plans. United Aircraft, an aerospace consortium owned by the Russian government, will seek to offer a tanker version of its Ilyushin Il-96 wide-body jetliner, dubbed the Il-98, this person said. The planes would be largely built in Russia, and assembled in the U.S., this person says. United Aircraft will partner with a "small U.S. defense contractor," which will be renamed United Aircraft Corp. America Inc., this person said, declining to name that contractor.
In another twist to the ongoing saga to replace the Air Force's aging fleet of aerial refueling tankers, United Aircraft Corp. of Russia is planning to bid on the $40 billion contract, according to a person familiar with its plans.
United Aircraft, an aerospace consortium owned by the Russian government, will seek to offer a tanker version of its Ilyushin Il-96 wide-body jetliner, dubbed the Il-98, this person said. The planes would be largely built in Russia, and assembled in the U.S., this person says. United Aircraft will partner with a "small U.S. defense contractor," which will be renamed United Aircraft Corp. America Inc., this person said, declining to name that contractor.
This is becoming fascinating... All this proves is that the Boeing planes are really so crap that the foreign alternatives stay in the picture despite being foreign... Wind power
Anglo-Australian mining company Rio Tinto has signed a huge deal with China's state-owned Chinalco to exploit a vast iron ore mine in Guinea, while four of its employees await trial on bribery and industrial espionage charges in Shanghai.
The pharmaceutical industry has become adept at manipulating results and selectively withholding unfavourable data that could expose patients to harm. Now it is accused of skewing the debate over one drug, Avandia, prescribed to millions of people around the world with Type 2 diabetes. Avandia, made by the British multinational GlaxoSmithKline (GSK), which helps diabetics control their blood sugar levels, was linked with an increased risk of heart attacks in research published in 2007....The latest study helps illuminate why the scientific opinions on Avandia are conflicting. Researchers from the Mayo Clinic in Minnesota - one of the few US research organisations that does not rely on commercial sponsorship - analysed more than 200 articles published in scientific journals, including original papers, editorials and letters, which commented on the heart attack risk associated with Avandia after 2007.They found almost half (47 per cent) of the study authors had financial conflicts of interest but almost a quarter (23 per cent) did not disclose it. They were discovered by searching other publications by the same author or on the internet. Three authors declared no conflict of interest but did in fact have one.More than nine out of 10 (94 per cent) of the authors who had positive views about Avandia had financial links with pharmaceutical companies involved in diabetes and 87 per cent had financial links with the drug's manufacturer, GSK. In contrast, less than 30 per cent of those with financial links with the industry "expressed unfavourable views" of Avandia. Those authors who were critical of Avandia safety were "largely free of identifiable conflicts of interest", the study says.
...The latest study helps illuminate why the scientific opinions on Avandia are conflicting. Researchers from the Mayo Clinic in Minnesota - one of the few US research organisations that does not rely on commercial sponsorship - analysed more than 200 articles published in scientific journals, including original papers, editorials and letters, which commented on the heart attack risk associated with Avandia after 2007.
They found almost half (47 per cent) of the study authors had financial conflicts of interest but almost a quarter (23 per cent) did not disclose it. They were discovered by searching other publications by the same author or on the internet. Three authors declared no conflict of interest but did in fact have one.
More than nine out of 10 (94 per cent) of the authors who had positive views about Avandia had financial links with pharmaceutical companies involved in diabetes and 87 per cent had financial links with the drug's manufacturer, GSK. In contrast, less than 30 per cent of those with financial links with the industry "expressed unfavourable views" of Avandia. Those authors who were critical of Avandia safety were "largely free of identifiable conflicts of interest", the study says.
UK: London Underground is considering its options, including 'legal remedies', after PPP Arbiter Chris Bolt directed on March 10 that work to maintain and upgrade the Jubilee, Northern and Piccadilly lines in the seven and half years of Review Period 2 from July 1 2010 should cost £4·46bn. LU contends that it can afford no more than £4bn, but is unwilling to cut back the RP2 work programme including upgrades of the Northern and Piccadilly lines where capacity increases of 20% and 28% respectively are planned under the 30-year PPP contract, with the Piccadilly Line to receive a new train fleet. 'It is essential that Tube Lines and its shareholders, Ferrovial and Bechtel, are now called upon to set out in full their plan to deliver the full scope of works for £4·46bn, fully £1·3bn less than the final cost they claimed. Also, that this plan is put to the test that would be applied by potential lenders', said LU Interim Managing Director Richard Parry. Finance to fill the funding gap should be raised by Tube Lines itself, LU believes, even though the Department for Transport is unlikely to grant approval or increase LU's funding settlement through its parent, Transport for London. In its representations to the Arbiter, Tube Lines had argued that such finance would represent 'poor value for money' and that the benefits of lender scrutiny as sought by LU would be 'very limited'. Tube Lines says it remains 'fully committed to the contract', but the Arbiter's decision could present it with 'a significant challenge' according to Acting Chief Executive Andrew Cleaves.
UK: London Underground is considering its options, including 'legal remedies', after PPP Arbiter Chris Bolt directed on March 10 that work to maintain and upgrade the Jubilee, Northern and Piccadilly lines in the seven and half years of Review Period 2 from July 1 2010 should cost £4·46bn.
LU contends that it can afford no more than £4bn, but is unwilling to cut back the RP2 work programme including upgrades of the Northern and Piccadilly lines where capacity increases of 20% and 28% respectively are planned under the 30-year PPP contract, with the Piccadilly Line to receive a new train fleet.
'It is essential that Tube Lines and its shareholders, Ferrovial and Bechtel, are now called upon to set out in full their plan to deliver the full scope of works for £4·46bn, fully £1·3bn less than the final cost they claimed. Also, that this plan is put to the test that would be applied by potential lenders', said LU Interim Managing Director Richard Parry. Finance to fill the funding gap should be raised by Tube Lines itself, LU believes, even though the Department for Transport is unlikely to grant approval or increase LU's funding settlement through its parent, Transport for London.
In its representations to the Arbiter, Tube Lines had argued that such finance would represent 'poor value for money' and that the benefits of lender scrutiny as sought by LU would be 'very limited'. Tube Lines says it remains 'fully committed to the contract', but the Arbiter's decision could present it with 'a significant challenge' according to Acting Chief Executive Andrew Cleaves.
Germany's central bank - the Deutsche Bundesbank (German for German Federal Bank) - has admitted in writing that banks create credit out of thin air. As the Bundesbank states in a publication entitled "Money and Monetary Policy" (pages 88-93; translation provided by Google translate, but German speaker Festan von Geldern confirmed the basic translation):
Germany's central bank - the Deutsche Bundesbank (German for German Federal Bank) - has admitted in writing that banks create credit out of thin air.
As the Bundesbank states in a publication entitled "Money and Monetary Policy" (pages 88-93; translation provided by Google translate, but German speaker Festan von Geldern confirmed the basic translation):
March 19, 2010 The Honorable Eric H. Holder, Jr. Attorney General of the United States United States Department of Justice 950 Pennsylvania Avenue, NW Washington, D.C. 20530 Dear Attorney General Holder: I am deeply concerned about the facts that have come to light regarding the demise of Lehman Brothers and the accounting manipulation that contributed to it. I respectfully ask you to commission a task force to investigate the Lehman situation as well as other companies that may have engaged in similar accounting manipulation with a view to prosecution of employees or agents who contributed to any violations of the law. According to the Report of the U.S. Trustee-appointed Examiner Anton R. Valukas, Lehman presented a misleading picture of its financial condition to the public by using extensive repurchase agreements known as Repo 105 transactions. The Examiner found that "Lehman did not disclose its use -- or the significant magnitude of its use -- of Repo 105 to the Government, to the rating agencies, to its investors, or to its own Board of Directors." The result was to conceal its holdings of bad assets and to temporarily remove approximately $50 billion of assets from its balance sheet at the end of the first and second quarters of 2008. The Examiner found that Lehman used Repo 105 transactions for no other articulated purpose than to shrink its balance sheet at the quarter-end, in a manner that deceived investors and creditors about its true financial state and misleading others. We must work tirelessly to reduce the incidence of financial fraud in order to restore trust and confidence in the financial markets. A task force investigation and taking appropriate Federal actions in these matters will contribute to these goals. Sincerely Christopher J. Dodd Chairman
The Honorable Eric H. Holder, Jr. Attorney General of the United States United States Department of Justice 950 Pennsylvania Avenue, NW Washington, D.C. 20530
Dear Attorney General Holder:
I am deeply concerned about the facts that have come to light regarding the demise of Lehman Brothers and the accounting manipulation that contributed to it. I respectfully ask you to commission a task force to investigate the Lehman situation as well as other companies that may have engaged in similar accounting manipulation with a view to prosecution of employees or agents who contributed to any violations of the law.
According to the Report of the U.S. Trustee-appointed Examiner Anton R. Valukas, Lehman presented a misleading picture of its financial condition to the public by using extensive repurchase agreements known as Repo 105 transactions. The Examiner found that "Lehman did not disclose its use -- or the significant magnitude of its use -- of Repo 105 to the Government, to the rating agencies, to its investors, or to its own Board of Directors." The result was to conceal its holdings of bad assets and to temporarily remove approximately $50 billion of assets from its balance sheet at the end of the first and second quarters of 2008. The Examiner found that Lehman used Repo 105 transactions for no other articulated purpose than to shrink its balance sheet at the quarter-end, in a manner that deceived investors and creditors about its true financial state and misleading others.
We must work tirelessly to reduce the incidence of financial fraud in order to restore trust and confidence in the financial markets. A task force investigation and taking appropriate Federal actions in these matters will contribute to these goals.
Sincerely Christopher J. Dodd Chairman
I honestly don't know if this means a genuine investigation will begin or if the scale of the cover-up just escalates. Given electoral realities, what member of congress would chair an investigation. How can anyone at this point expect Holder's Justice Department to do a vigorous job. Given the status of the White House as a Hedge Fund Democratic client of Wall Street, someone should demand an independent prosecutor, but who will step up even to make that demand? Bernie Sanders?
The curtain gets pulled back and The Powers That Be are caught in flagrante delicto. Their best hope is that the children will be confused and will look away. But even children will often ask: "What are they doing?" Our national psychosis has erupted into the public space. How many will be able to see just how crazy this all is? How many of those will have the courage to insist on change. Will the ghost of Sam Irving knock three times? As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
Is John Lewis the best company in Britain to work for? It is owned by its employees - or partners - who have a say in how it is run, and receive a share of the profits. Surely this the way every organisation should be run . . .
il mio grassetto You can't be me, I'm taken
