EUOBSERVER / BRUSSELS - The European Union has defended its draft hedge fund legislation, following criticism from the US that the rules could discriminate against foreign hedge funds, private equity groups and banks. At a regular news conference in Brussels on Thursday (11 March), European Commission economy spokesperson Amadeu Altafaj said the bloc was entitled to come up with its own plans, and that the proposals were in accordance with G20 commitments.
EUOBSERVER / BRUSSELS - The European Union has defended its draft hedge fund legislation, following criticism from the US that the rules could discriminate against foreign hedge funds, private equity groups and banks.
At a regular news conference in Brussels on Thursday (11 March), European Commission economy spokesperson Amadeu Altafaj said the bloc was entitled to come up with its own plans, and that the proposals were in accordance with G20 commitments.
Public and transport services in Greece will be interrupted on Thursday as workers stage a second general strike against the government's austerity measures. Flights will be grounded and schools and hospitals closed during the 24-hour strike called by Greece's two largest unions.
Violence erupted on the fringes of a Greek protest against government austerity measures Thursday, with riot police firing tear gas at hooded youths who hurled firebombs and vandalised stores. Clashes erupted at the start of a union protest and outside the nation's parliament as Greece was gripped by a second general strike in two weeks. Soon afterwards more youths broke out of a 300-strong anarchist bloc and attacked police outside parliament, vandalising a dozen stores in the surrounding area, police said.
EU diplomats on Wednesday agreed to call for a ban on the international trade in bluefin tuna at a meeting in Doha, the bloc's Spanish presidency announced. They are also to push for more protection of elephants and polar bears at the Convention on the International Trade in Endangered Species.
Portugal raised €990 million Wednesday in a bond auction that had more bids than bonds available, suggesting the government's austerity plan is easing market concerns about its ability to pay off its debts.Portugal is one of the so-called PIIGS countries in the eurozone's financially troubled south.
Credit rating agency Standard and Poor's has decided not to change Iceland's credit rating following Saturday's referendum in which 93.5 percent of voters voted No to plans to re-imburse the Netherlands and the UK for monies lost following the collapse of online bank Icesave.
For the first time since Forbes began publishing its annual list of the world's 100 richest people, the top-ranked person is not from North America. Holding the exalted slot is Mexican businessman Carlos Slim, who with his 53.5-billion-dollar fortune, has surpassed Microsoft founder Bill Gates by half a billion dollars. The head of Telmex didn't just become a member of the super-rich overnight, but he did make a whopping 18 billion dollars in just one year, easing past Gates and investment mogul Warren Buffet, who had traditionally held the top slots.
For the first time since Forbes began publishing its annual list of the world's 100 richest people, the top-ranked person is not from North America. Holding the exalted slot is Mexican businessman Carlos Slim, who with his 53.5-billion-dollar fortune, has surpassed Microsoft founder Bill Gates by half a billion dollars.
The head of Telmex didn't just become a member of the super-rich overnight, but he did make a whopping 18 billion dollars in just one year, easing past Gates and investment mogul Warren Buffet, who had traditionally held the top slots.
the top-ranked person is not from North America"
Hmmm...... most Mexicans would beg to differ with that. Mexico is in North America. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
AFP - Air France said Thursday that it had filed a complaint with the European Commission against Ryanair, accusing the Irish budget airline of unfair trading practices. The airline alleges Ryanair had made the opening of new routes in France conditional on receiving financial incentives from local officials and argued that this "was in direct violation of European regulations." "Air France filed a complaint with the European Commission in late November 2009 concerning the aid measures implemented by regional and local French airports to the benefit of the Ryanair air company," Air France said.
AFP - Claims the Pentagon skewed bidding rules for a tanker jet contract in favour of an American manufacturer will have serious consequences for EU-US relations, senior French officials said Wednesday. US aerospace giant Boeing is set to win a 35 billion dollar (26 billion euro) contract to build an aerial refueling tanker plane for the US air force after Northrop Grumman and its European partner EADS dropped out. Both European officials and EADS, which owns planemaker Airbus, claim that the Pentagon altered bidding rules for the contract in order to favour Boeing's all-American offer over the European bid.
AFP - Claims the Pentagon skewed bidding rules for a tanker jet contract in favour of an American manufacturer will have serious consequences for EU-US relations, senior French officials said Wednesday.
US aerospace giant Boeing is set to win a 35 billion dollar (26 billion euro) contract to build an aerial refueling tanker plane for the US air force after Northrop Grumman and its European partner EADS dropped out.
Both European officials and EADS, which owns planemaker Airbus, claim that the Pentagon altered bidding rules for the contract in order to favour Boeing's all-American offer over the European bid.
Bruederle is scheduled to meet representatives from Germany's top business associations and banks to discuss ways to ease the difficulties companies face funding investments. Bruederle had harsh words for the banks ahead of the meeting on Thursday. He told German state broadcaster ZDF that "it is now for the banks to act," to improve lending conditions in the corporate credit market. "Using taxpayers' money to help companies cannot always be our default option. The state cannot do the banks' job," he said.
Bruederle is scheduled to meet representatives from Germany's top business associations and banks to discuss ways to ease the difficulties companies face funding investments.
Bruederle had harsh words for the banks ahead of the meeting on Thursday. He told German state broadcaster ZDF that "it is now for the banks to act," to improve lending conditions in the corporate credit market.
"Using taxpayers' money to help companies cannot always be our default option. The state cannot do the banks' job," he said.
"Health Minister Roesler shows courage, taking on the powerful pharmaceutical companies," wrote the Berliner Morgenpost newspaper. However, the paper went on to ask whether forced discounts, price limits and forced negotiations between health insurance companies and the pill pushers will bring about the desired results. "The German health-care system is mainly characterized by the tenacity of all involved, including its patients."
In Wales:
"The German health-care system is mainly characterized by the tenacity of all involved, including its patients."
Translation: people don't like cuts in their healthcare.
The Berliner Morgenpost belongs to the notoriously (and sometimes infamously) right-wing Axel Springer newspaper group. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
HSBC's Swiss wealth management unit, which is based in Geneva, is the first Swiss bank to confirm the theft of a CD containing information on 24,000 clients, mainly from France. HSBC did not say whether the disc had data from clients in other countries. When the French authorities got hold of the CD in December, HSBC originally made light of the situation and said the data concerned only a very small number of people.
HSBC's Swiss wealth management unit, which is based in Geneva, is the first Swiss bank to confirm the theft of a CD containing information on 24,000 clients, mainly from France.
HSBC did not say whether the disc had data from clients in other countries. When the French authorities got hold of the CD in December, HSBC originally made light of the situation and said the data concerned only a very small number of people.
The City watchdog has sounded alarm about the prospect of a meltdown in commercial property. Announcing much tougher stress tests for banks, the Financial Services Authority raised concerns that they are not setting aside enough to cover losses on the sector. In its overview of the financial risks facing Britain this year, the FSA said about £160bn of UK commercial property debt would mature over the next five years. During the recession, many commercial property companies were supported by forbearance from banks, which often waived conditions attached to loans, it added
The City watchdog has sounded alarm about the prospect of a meltdown in commercial property. Announcing much tougher stress tests for banks, the Financial Services Authority raised concerns that they are not setting aside enough to cover losses on the sector.
In its overview of the financial risks facing Britain this year, the FSA said about £160bn of UK commercial property debt would mature over the next five years. During the recession, many commercial property companies were supported by forbearance from banks, which often waived conditions attached to loans, it added
"The Senate Parliamentarian's office has informed Senate Republicans that reconciliation instructions require the measure to make changes in law," Don Stewart, a spokesman for Senate Minority Leader Mitch McConnell, said in an e-mail. U.S. stocks rose on the news, reversing earlier losses. The Standard & Poor's 500 Managed Health Care Index climbed 1.6 percent, after earlier dropping as much as 0.7 percent.... House Democrats are seeking assurance [from Senate Democrats] that the reconciliation changes [amendments to Baucus bill] will become law [IF House Democrats pass Baucus bill as referred by not-conference committee]. Lawmakers in the chamber originally sought to have the Senate act first on reconciliation [draft a budget excerpt from Baucus bill for bi-cameral vote]; then they wanted Obama to delay signing the 10-year, $875 billion Senate bill until the changes [House negotiated amendments] were passed. Read more...
House Democrats are seeking assurance [from Senate Democrats] that the reconciliation changes [amendments to Baucus bill] will become law [IF House Democrats pass Baucus bill as referred by not-conference committee]. Lawmakers in the chamber originally sought to have the Senate act first on reconciliation [draft a budget excerpt from Baucus bill for bi-cameral vote]; then they wanted Obama to delay signing the 10-year, $875 billion Senate bill until the changes [House negotiated amendments] were passed.
Read more...
Gregg said Republicans would force votes on a provision in the 1974 bill that says reconciliation can only be used to amend laws, plus another longstanding Senate rule that says reconciliation can only be used for budget-related issues, plus yet another Senate rule that says 60 votes are necessary to waive the budget-only rule. Senate GOP Leader Mitch McConnell (Ky.) sent a letter to Majority Leader Harry Reid (D-Nev.) that insisted he had 41 votes for the last roadblock, thereby denying Democrats the magic 60. Read more...
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Jan 2010 Diversity is the key to economic and political evolution.
"Liberal health reform advocates have encircled Washington's Ritz Carlton Hotel, site of the industry's annual policy conference. Labor organizers and the heads of liberal advocacy groups are now addressing the crowd as they move closer to an attempted 'citizen's arrest'." Read more...
"Former Vermont Gov. Howard Dean addressed the crowd gathered at Dupont Circle, calling on Congress to take a final vote on the proposed health care overhaul. 'We deserve a vote,' he said. 'This is a vote about one thing - are you for the insurance companies or for the American people?'" Read more...
"The demonstration, which drew several thousand protestors from as far away as Illinois and California, was organized by groups that for more than a year have pushed Congress to create a government-run insurance plan to compete with private insurers as part of national healthcare overhaul." Read more...
h-e-double toothpicks Diversity is the key to economic and political evolution.
