"We've had good talks on this and I'm pretty confident that we can get a very satisfactory outcome in our discussions over the next few days," said Mr Brown in a joint press conference with the French leader after their meeting in London. At the heart of the current debate are so-called 'third country' measures: If the latest Spanish text is agreed by qualified majority on Tuesday, non-EU domiciled funds will need individual member-state permission before they can market their products to investors in that country. ...London is home to roughly 70 percent of the EU's hedge fund and 80 percent of private equity industry. However, a majority of the UK firms are actually domiciled overseas, in particular in the Cayman Islands. "But what happens if a Cayman fund fails," said one French diplomat on Friday, indicating his country's objections to the passport idea. "Its Cayman rules that apply, and Cayman judges." Spanish diplomats say the UK has failed to muster a blocking majority for Tuesday's finance minister discussion, and while their "objective is to find the largest consensus possible," they would not rule out the possibility of a sealing a deal against UK wishes.
"We've had good talks on this and I'm pretty confident that we can get a very satisfactory outcome in our discussions over the next few days," said Mr Brown in a joint press conference with the French leader after their meeting in London.
At the heart of the current debate are so-called 'third country' measures: If the latest Spanish text is agreed by qualified majority on Tuesday, non-EU domiciled funds will need individual member-state permission before they can market their products to investors in that country.
...London is home to roughly 70 percent of the EU's hedge fund and 80 percent of private equity industry. However, a majority of the UK firms are actually domiciled overseas, in particular in the Cayman Islands.
"But what happens if a Cayman fund fails," said one French diplomat on Friday, indicating his country's objections to the passport idea. "Its Cayman rules that apply, and Cayman judges."
Spanish diplomats say the UK has failed to muster a blocking majority for Tuesday's finance minister discussion, and while their "objective is to find the largest consensus possible," they would not rule out the possibility of a sealing a deal against UK wishes.
Michel Barnier, EU Commissioner for the internal market, received a letter from US Treasury Secretary Timothy Geithner on 1 March warning that a draft EU law, the Alternative Investment Fund Managers Directive (AIFMD), not only discriminated against US funds but would lead to an Anglo-American drift from the EU. "The letter expressed some concerns about something that does not exist," a spokesperson for Barnier said on Thursday (11 March), rejecting Geithner's claims that the AIFMD discriminate against US funds. Barnier is reportedly preparing a reply to Geithner's letter, according to sources at the Commission who did not want to disclose the contents of the letter or when it would be sent. Barnier is expected to tell Geithner that plans to regulate alternative investment funds are in line with the goals of increasing market transparency as set out at the G20 talks of world leaders in Pittsburgh, the EU spokesperson told the Brussels media yesterday (11 March).
Michel Barnier, EU Commissioner for the internal market, received a letter from US Treasury Secretary Timothy Geithner on 1 March warning that a draft EU law, the Alternative Investment Fund Managers Directive (AIFMD), not only discriminated against US funds but would lead to an Anglo-American drift from the EU.
"The letter expressed some concerns about something that does not exist," a spokesperson for Barnier said on Thursday (11 March), rejecting Geithner's claims that the AIFMD discriminate against US funds.
Barnier is reportedly preparing a reply to Geithner's letter, according to sources at the Commission who did not want to disclose the contents of the letter or when it would be sent.
Barnier is expected to tell Geithner that plans to regulate alternative investment funds are in line with the goals of increasing market transparency as set out at the G20 talks of world leaders in Pittsburgh, the EU spokesperson told the Brussels media yesterday (11 March).
The trans-Atlantic dispute over a 50-billion US Air Force refuelling tanker contract reached new heights Friday, as French President Nicolas Sarkozy and Britain's Prime Minister Gordon Brown accused Washington of protectionism -- a policy that the USA usually warns other countries against. If the US "wants to be taken seriously in the fight against protectionism, they should be setting a better example," said Sarkozy at the joint press conference with his British counterpart in London.
The trans-Atlantic dispute over a 50-billion US Air Force refuelling tanker contract reached new heights Friday, as French President Nicolas Sarkozy and Britain's Prime Minister Gordon Brown accused Washington of protectionism -- a policy that the USA usually warns other countries against.
If the US "wants to be taken seriously in the fight against protectionism, they should be setting a better example," said Sarkozy at the joint press conference with his British counterpart in London.
Boeing paid for a study which found that an aerial tanker built by the plane maker would create 10 times more new American jobs than a plan from a consortium between Northrop Grumman and the European Aeronautic Defence and Space Company (EADS). ..."The US government, I say, obliged EADS to leave the competition for the US tanker jets," Fillon said. "I think that the attitude of the US government is a serious incompliance to the rules of loyal competition established between our countries," the French prime minister added. French State Secretary for European Affairs Pierre Lellouche was even more critical. The word "scandal" was too weak to describe the offence, he said. "There is no reason why a technology, which by the way is superior to the American one, should be ousted from the market," Lellouche stated. Airbus President and Chief Executive Officer Thomas Enders also criticised the US government's "bias" in awarding the tender.
Boeing paid for a study which found that an aerial tanker built by the plane maker would create 10 times more new American jobs than a plan from a consortium between Northrop Grumman and the European Aeronautic Defence and Space Company (EADS).
..."The US government, I say, obliged EADS to leave the competition for the US tanker jets," Fillon said. "I think that the attitude of the US government is a serious incompliance to the rules of loyal competition established between our countries," the French prime minister added.
French State Secretary for European Affairs Pierre Lellouche was even more critical. The word "scandal" was too weak to describe the offence, he said. "There is no reason why a technology, which by the way is superior to the American one, should be ousted from the market," Lellouche stated.
Airbus President and Chief Executive Officer Thomas Enders also criticised the US government's "bias" in awarding the tender.
Huge. Mendacious.
