Germany's finance minister has called for the creation of a European equivalent to the International Monetary Fund to help eurozone countries like Greece deal with a crippling debt crisis. German Finance Minister Wolfgang Schaeuble told weekly Welt am Sonntag newspaper the eurozone needs a new institution to safeguard the stability of the monetary union. "We are not planning an institution in competition with the International Monetary Fund but for the internal structure of the eurozone we need an institution that commands the experience of the IMF and similar executive powers," Schaeuble said in an interview published on Sunday, March 7. "I will make proposals on this soon." The minister's comments came in direct response to the aftermath of the Greek debt crisis, echoing similar statements this week from Italian President Giorgio Napolitano in Brussels. Schaeuble, however, ruled out any direct help by the IMF for Greece beyond technical assistance.
German Finance Minister Wolfgang Schaeuble told weekly Welt am Sonntag newspaper the eurozone needs a new institution to safeguard the stability of the monetary union.
"We are not planning an institution in competition with the International Monetary Fund but for the internal structure of the eurozone we need an institution that commands the experience of the IMF and similar executive powers," Schaeuble said in an interview published on Sunday, March 7. "I will make proposals on this soon."
The minister's comments came in direct response to the aftermath of the Greek debt crisis, echoing similar statements this week from Italian President Giorgio Napolitano in Brussels.
Schaeuble, however, ruled out any direct help by the IMF for Greece beyond technical assistance.
From Rio Tinto, the multinational miner, to Just Car Clinics, the Aim-quoted vehicle repair group, companies large and small have been bringing forward their dividend pay-out schedules to help their wealthy shareholders keep the taxman at bay.At least 28 companies in the FTSE 350 have announced changes as results season has gathered pace in recent weeks - and brokers expect more to follow over the next fortnight.The total amount of dividend income that has been brought forward by large and mid-cap companies now stands at £1.18bn ($1.79bn), according to Financial Times research. The figure does not include small cap or private companies.In many cases, directors own a substantial chunk of the equity in these companies.
From Rio Tinto, the multinational miner, to Just Car Clinics, the Aim-quoted vehicle repair group, companies large and small have been bringing forward their dividend pay-out schedules to help their wealthy shareholders keep the taxman at bay.
At least 28 companies in the FTSE 350 have announced changes as results season has gathered pace in recent weeks - and brokers expect more to follow over the next fortnight.
The total amount of dividend income that has been brought forward by large and mid-cap companies now stands at £1.18bn ($1.79bn), according to Financial Times research. The figure does not include small cap or private companies.
In many cases, directors own a substantial chunk of the equity in these companies.
he ten companies holding the largest number of surplus emission allowances under the EU's cap-and-trade system stand to make a profit of 3.2 billion euros in the 2008-2012 trading period, according to a new analysis of EU data. Background The EU's emissions trading scheme (EU ETS; see EurActiv LinksDossier) has since 2005 required some 10,000 large industrial plants in the EU to buy and sell permits to release carbon dioxide into the atmosphere. The first trading phase saw a gross over-allocation of permits, sending carbon prices tumbling. The number of permits was slashed by 10% for the second phase between 2008-2012, but the global downturn and its accompanying drop in production has pushed prices down. To correct the problems, a revision of the scheme for the third trading period starting in 2013 was agreed in December 2008, tightening the emission cap to 21% below 2005 levels. Under the revised scheme, electricity producers will need to buy 100% of their CO2 emission permits at auction by 2020. The research, published on 3 March by climate NGO Sandbag, compared the emissions allowances that different companies had received under the EU's emissions trading scheme (EU ETS) with their actual emissions. It found that the overly generous free allocation of permits, compounded by a drop in production following the global downturn, had added significant assets to many companies' books. According to the report, steel giant ArcelorMittal alone could cash over €1 billion from unused EU allowances by 2020. Taken together, the top ten companies, dominated by steel and cement firms, shared 35 million surplus permits in 2008, worth around €500 million at current carbon prices. Sandbag warned that the large profits made by a few companies "raise questions as to whether EU companies are operating within a level playing field". It pointed out that the surplus permits held by steel and cement companies were counterbalanced by the power sector, which is required to deliver the majority of emissions reductions under the trading scheme.
he ten companies holding the largest number of surplus emission allowances under the EU's cap-and-trade system stand to make a profit of 3.2 billion euros in the 2008-2012 trading period, according to a new analysis of EU data. Background
The EU's emissions trading scheme (EU ETS; see EurActiv LinksDossier) has since 2005 required some 10,000 large industrial plants in the EU to buy and sell permits to release carbon dioxide into the atmosphere.
The first trading phase saw a gross over-allocation of permits, sending carbon prices tumbling. The number of permits was slashed by 10% for the second phase between 2008-2012, but the global downturn and its accompanying drop in production has pushed prices down.
To correct the problems, a revision of the scheme for the third trading period starting in 2013 was agreed in December 2008, tightening the emission cap to 21% below 2005 levels. Under the revised scheme, electricity producers will need to buy 100% of their CO2 emission permits at auction by 2020.
The research, published on 3 March by climate NGO Sandbag, compared the emissions allowances that different companies had received under the EU's emissions trading scheme (EU ETS) with their actual emissions. It found that the overly generous free allocation of permits, compounded by a drop in production following the global downturn, had added significant assets to many companies' books.
According to the report, steel giant ArcelorMittal alone could cash over €1 billion from unused EU allowances by 2020. Taken together, the top ten companies, dominated by steel and cement firms, shared 35 million surplus permits in 2008, worth around €500 million at current carbon prices.
Sandbag warned that the large profits made by a few companies "raise questions as to whether EU companies are operating within a level playing field". It pointed out that the surplus permits held by steel and cement companies were counterbalanced by the power sector, which is required to deliver the majority of emissions reductions under the trading scheme.
China's central bank chief laid the groundwork at the weekend for an eventual appreciation of his country's currency when he described the current dollar peg as a temporary measure. His comments striking a more emollient tone after several months of tough opposition in Beijing to a shift in exchange rate policy will be welcomed in Washington.Zhou Xiaochuan, governor of the People's Bank of China, gave the strongest hint yet from a senior official that China will abandon the unofficial dollar peg in place since mid-2008 which he said was a "special" policy designed to weather the financial crisis."This is a part of our package of policies for dealing with the global financial crisis," he said at a press conference on Saturday. "Sooner or later, we will exit the policies." Mr Zhou's comments contrasted with recent Chinese comments on its currency policy as international criticism that the renminbi is undervalued has gathered steam. In late December, Premier Wen Jiabao said "we will not yield to any pressure of any form forcing us to appreciate." Chinese officials have repeatedly emphasized the need for a stable exchange rateHowever, while the recent increase in consumer prices in China has strengthened the hand of those officials who think the currency should now rise, it is not clear that this argument has yet won over the country's senior leaders.
China's central bank chief laid the groundwork at the weekend for an eventual appreciation of his country's currency when he described the current dollar peg as a temporary measure. His comments striking a more emollient tone after several months of tough opposition in Beijing to a shift in exchange rate policy will be welcomed in Washington.
Zhou Xiaochuan, governor of the People's Bank of China, gave the strongest hint yet from a senior official that China will abandon the unofficial dollar peg in place since mid-2008 which he said was a "special" policy designed to weather the financial crisis.
"This is a part of our package of policies for dealing with the global financial crisis," he said at a press conference on Saturday. "Sooner or later, we will exit the policies."
Mr Zhou's comments contrasted with recent Chinese comments on its currency policy as international criticism that the renminbi is undervalued has gathered steam. In late December, Premier Wen Jiabao said "we will not yield to any pressure of any form forcing us to appreciate." Chinese officials have repeatedly emphasized the need for a stable exchange rate
However, while the recent increase in consumer prices in China has strengthened the hand of those officials who think the currency should now rise, it is not clear that this argument has yet won over the country's senior leaders.
If you're unemployed in MA or HI and now collecting fed emergency UE benefits, 52wks @ $425 will gross ya $22,100. That's 100% Federal poverty level for 4-person HH! But @ $300, or $15,600 for 4, not quite Medicaid-eligible territory in WI! Table here, courtesy of WI Budget Project. BadgerCare --200% FPL! (Note that states' means testing for income assistance is based on reported gross, not net; WI proposes adjusted gross income formula for self-employed HH heads to calculate premia.) My bad: Hobo House and Wildlife Conservatory current annual income is 143% not 120% of FPL. wow. I need to rob a bank or something. Diversity is the key to economic and political evolution.
NB: "Non-disabled childless adults are not included in the categories of people states can cover through Medicaid under current federal rules, regardless of their income. As such, states can only provide coverage to low-income childless adults through a Medicaid waiver or a fully state-funded program" or other state coverage strategies such as purchasing pools, reinsurance programs, or changes in insurance market regulations.
House bill creates Medicaid category for nondisabled childless adults 0-150% FPL, 2013
Baucus bill creates Medicaid category for nondisabled childless adults 0-133% FPL, 2014
::
as compared to House bill (Medicaid and commercial "exchange" traded plans) premium cap 0-150% FPL: 3% of HH income; 151-200% FPL: 5.5% of HH income
as compared to Baucus bill premium cap 0-134% FPL: 4% of HH income; 135-200% FPL: 6.3% of HH income
Subsidies or "affordability credits" for co-pays and annual deductible, Essential Benefits plan(s)
as compared to House bill 0-400% FPL eligible OOP limit per annum: $5,000/$10,000
as compared to Baucus bill 0-200% FPL eligible OOP limit per annum: $5,950/$11,900 Diversity is the key to economic and political evolution.
common Chinese expression: "Put a lid on it and it just gets stinkier (慾蓋彌彰 Yùgàimízhāng)"
Toyota Owners Report Problems in Japan to No Avail - NYTimes.com
... Critics say many companies benefit from Japan's weak consumer protections. (The country has only one full-time automobile recall investigator, supported by 15 others on limited contracts.) In a case in the food industry, a meat processor called Meat Hope collapsed in 2008 after revelations that it had mixed pork, mutton and chicken bits into products falsely labeled as pure ground beef, all under the noses of food inspectors. A 2006 police inquiry into gas water heaters made by the manufacturer Paloma found that a defect had resulted in the deaths of 21 people over 10 years from carbon monoxide poisoning. <...> The most active was the Japan Automobile Consumers Union, led by Fumio Matsuda, a former Nissan engineer often referred to as the Ralph Nader of Japan. But the automakers fought back with a campaign discrediting the activists as dangerous agitators. Mr. Matsuda and his lawyer were soon arrested and charged with blackmail. They fought the charges to Japan's highest court, but lost. Now, few people are willing to take on the country's manufacturers at the risk of arrest, Mr. Matsuda said in a recent interview. "The state sided with the automakers, not the consumers," he said. ...
... Critics say many companies benefit from Japan's weak consumer protections. (The country has only one full-time automobile recall investigator, supported by 15 others on limited contracts.)
In a case in the food industry, a meat processor called Meat Hope collapsed in 2008 after revelations that it had mixed pork, mutton and chicken bits into products falsely labeled as pure ground beef, all under the noses of food inspectors.
A 2006 police inquiry into gas water heaters made by the manufacturer Paloma found that a defect had resulted in the deaths of 21 people over 10 years from carbon monoxide poisoning.
<...>
The most active was the Japan Automobile Consumers Union, led by Fumio Matsuda, a former Nissan engineer often referred to as the Ralph Nader of Japan. But the automakers fought back with a campaign discrediting the activists as dangerous agitators. Mr. Matsuda and his lawyer were soon arrested and charged with blackmail. They fought the charges to Japan's highest court, but lost.
Now, few people are willing to take on the country's manufacturers at the risk of arrest, Mr. Matsuda said in a recent interview. "The state sided with the automakers, not the consumers," he said. ...
Whether correctly or not, Americans in urban areas tend to grow up with the impression that raw food is dangerous, and that even something like eggs sunny-side up, or rare steak, can be life-threatening.
In part, I think this is a way to let American food industry off the hook for their lax cleanliness and safety procedures. In part, I think this is part of the deliberate campaign to make Americans scared of basic food stuffs, and to make them forget what real food tastes like. When a whole generation is raised thinking Chef Boyardee tastes good, they're less likely to learn how to cook for themselves.
That's a typical cover-yer-ass disclaimer to fend off lawsuits. En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
It is preferable (but not for agribusiness) to have more stringent food safety regulations et the level of food production and processing so people can eat things without nuking them out of all flavour. En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
China, Japan and Germany are the mercantilist "pushers," the nations which are structurally dependent on exports for their growth and profits. The U.S., the U.K., and the "PIIG" countries (Portugal, Ireland, Italy and Greece) are debt-junkies, endlessly borrowing vast sums to enable their addiction to public "Saviour State" spending and private consumption.
The U.S., the U.K., and the "PIIG" countries (Portugal, Ireland, Italy and Greece) are debt-junkies, endlessly borrowing vast sums to enable their addiction to public "Saviour State" spending and private consumption.
"Almost all the apparent causal factors of the U.S. crisis are missing in the Irish case," and vice versa. Yet the shape of Ireland's crisis was very similar: a huge real estate bubble -- prices rose more in Dublin than in Los Angeles or Miami -- followed by a severe banking bust that was contained only via an expensive bailout. <...> The authors of the new study suggest four "'deep' causal factors." First, there was irrational exuberance... <...> Second, there was a huge inflow of cheap money. <...> Third, key players had an incentive to take big risks, because it was heads they win, tails someone else loses. <...> But the most striking similarity between Ireland and America was "regulatory imprudence": the people charged with keeping banks safe didn't do their jobs. <...> So what can we learn from the way Ireland had a U.S.-type financial crisis with very different institutions? Mainly, that we have to focus as much on the regulators as on the regulations. <...> That's why we need an independent agency protecting financial consumers -- again, something Canada did right -- rather than leaving the job to agencies that have other priorities. ...
The authors of the new study suggest four "'deep' causal factors."
First, there was irrational exuberance... <...>
Second, there was a huge inflow of cheap money. <...>
Third, key players had an incentive to take big risks, because it was heads they win, tails someone else loses. <...>
But the most striking similarity between Ireland and America was "regulatory imprudence": the people charged with keeping banks safe didn't do their jobs. <...>
So what can we learn from the way Ireland had a U.S.-type financial crisis with very different institutions? Mainly, that we have to focus as much on the regulators as on the regulations. <...>
That's why we need an independent agency protecting financial consumers -- again, something Canada did right -- rather than leaving the job to agencies that have other priorities. ...
