Negotiators from the EU's three institutions - the EU Council of Ministers, the European Parliament and the European Commission - reached a political consensus last night on the package. "This is not light-touch regulation. It is comprehensive and intelligent," the chair of the Parliament's economics committee, UK Liberal Democrat MEP Sharon Bowles, told journalists. A European Systemic Risk Board (ESRB) and three new European Supervisory Authorities - a European Banking Authority (EBA), a European Insurance and Occupational Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA) - will form part of the new architecture of financial supervision agreed yesterday.
Negotiators from the EU's three institutions - the EU Council of Ministers, the European Parliament and the European Commission - reached a political consensus last night on the package.
"This is not light-touch regulation. It is comprehensive and intelligent," the chair of the Parliament's economics committee, UK Liberal Democrat MEP Sharon Bowles, told journalists.
A European Systemic Risk Board (ESRB) and three new European Supervisory Authorities - a European Banking Authority (EBA), a European Insurance and Occupational Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA) - will form part of the new architecture of financial supervision agreed yesterday.
The Socialists and Democrats (S&D) in the European Parliament are ready to use the new mechanism in their drive against speculation, German MEP Schulz announced yesterday (2 September). Schulz said the S&D group will use the European Citizens' Initiative (ECI) if the European Commission confirms its opposition to a Europe-wide "financial transaction tax". Last Tuesday, German daily Handelsblatt reported that Taxation Commissioner Algirdas Šemeta was against the idea, saying a financial transaction tax would drive up costs for businesses and governments.
The Socialists and Democrats (S&D) in the European Parliament are ready to use the new mechanism in their drive against speculation, German MEP Schulz announced yesterday (2 September).
Schulz said the S&D group will use the European Citizens' Initiative (ECI) if the European Commission confirms its opposition to a Europe-wide "financial transaction tax".
Last Tuesday, German daily Handelsblatt reported that Taxation Commissioner Algirdas Šemeta was against the idea, saying a financial transaction tax would drive up costs for businesses and governments.
Stimulating innovation and preventing companies from fleeing abroad are the keys to success for a new EU industrial policy, stressed French Industry Minister Christian Estrosi during a visit to Brussels yesterday (2 September). But one of the main potential weapons of the strategy, the controversial "country of origin" labelling, remains blocked at EU Council level....innovation cannot take place while European industries continue to be tempted to move their operations abroad, the French minister stressed. This question has provoked controversy in France, where attempts by President Nicolas Sarkozy to shore up industrial production have led to accusations of state protectionism. Estrosi denied the charge earlier this week (31 August), and hammered home the point in Brussels yesterday, arguing that there is no "protectionism" at play. Rather, he claimed, it is a simple economic fact that the EU must curb outsourcing if it is to remain competitive. One of the cornerstones of Paris's strategy to reverse outsourcing is the drive to ensure all French products are labelled "made in France". This, too, has proved controversial and highly divisive when raised at European level.
...innovation cannot take place while European industries continue to be tempted to move their operations abroad, the French minister stressed.
This question has provoked controversy in France, where attempts by President Nicolas Sarkozy to shore up industrial production have led to accusations of state protectionism.
Estrosi denied the charge earlier this week (31 August), and hammered home the point in Brussels yesterday, arguing that there is no "protectionism" at play. Rather, he claimed, it is a simple economic fact that the EU must curb outsourcing if it is to remain competitive.
One of the cornerstones of Paris's strategy to reverse outsourcing is the drive to ensure all French products are labelled "made in France". This, too, has proved controversial and highly divisive when raised at European level.
The new Slovak government has two key employment aims: pulling jobless citizens out of the 'social trap' - where the economic motivation to work is low - and fighting the serious problem of long-term unemployment. In 2009, the employment rate in Slovakia stood at 66.4%, just below the EU average (69%) and ten percentage points below the EU's 2020 goal of 75%. Currently, more than 400,000 Slovak citizens are out of work.
The new Slovak government has two key employment aims: pulling jobless citizens out of the 'social trap' - where the economic motivation to work is low - and fighting the serious problem of long-term unemployment.
In 2009, the employment rate in Slovakia stood at 66.4%, just below the EU average (69%) and ten percentage points below the EU's 2020 goal of 75%. Currently, more than 400,000 Slovak citizens are out of work.
The ultra-liberals introduce doublespeak with high speed... *Lunatic*, n. One whose delusions are out of fashion.
The board, responsible for conducting the day-to-day business of the IMF, is composed of 24 directors appointed or elected by member countries or by groups of countries. Despite the EU comprising of a monetary union, it is not represented by a single seat. Ahead of a meeting of EU finance ministers next Tuesday, when a senior eurozone source involved in its preparation was asked what result could be expected, he answered: "Nothing. I expect that the single European chair will be identified as a very long-term possible solution." Germany, France and Britain have their own seats on the board, while EU members Belgium, the Netherlands, Spain, Italy and Denmark represent groups of countries. Switzerland, although not part of the EU, also has a chair. The United States' unprecedented move last month to block plans that would have maintained Europe's long-running dominance over the 24-member board will be discussed. The US Senate has also voted to block use of its taxpayers' money for IMF rescues such as the bail-out of Greece.
The board, responsible for conducting the day-to-day business of the IMF, is composed of 24 directors appointed or elected by member countries or by groups of countries. Despite the EU comprising of a monetary union, it is not represented by a single seat.
Ahead of a meeting of EU finance ministers next Tuesday, when a senior eurozone source involved in its preparation was asked what result could be expected, he answered: "Nothing. I expect that the single European chair will be identified as a very long-term possible solution."
Germany, France and Britain have their own seats on the board, while EU members Belgium, the Netherlands, Spain, Italy and Denmark represent groups of countries. Switzerland, although not part of the EU, also has a chair.
The United States' unprecedented move last month to block plans that would have maintained Europe's long-running dominance over the 24-member board will be discussed. The US Senate has also voted to block use of its taxpayers' money for IMF rescues such as the bail-out of Greece.
AFP - US unemployment jumped to 9.6 percent in August, the Labor Department said Friday, showing the recovering economy is still struggling to create jobs. In a keenly awaited unemployment report, the department said the economy lost 54,000 jobs last month, a better figure than the 120,000 loss expected by economists.
In a keenly awaited unemployment report, the department said the economy lost 54,000 jobs last month, a better figure than the 120,000 loss expected by economists.
A Commentary by Thomas StraubhaarThe Obama administration and the Federal Reserve want to fix the United States economy by spending more money. But while that approach might work for Europe, it is risky for the US. The nation would be better off embracing traditional American values like self-reliance and small government.
The Obama administration and the Federal Reserve want to fix the United States economy by spending more money. But while that approach might work for Europe, it is risky for the US. The nation would be better off embracing traditional American values like self-reliance and small government.
I only quote this for a little ad-hominem: Straubhaar means raised hair. This commentary is haarsträubend - hair-raising. He heads HWWI, a neolib economics think-tank which was kicked from the body advising the federal government for lousy evaluation results, but seems to have a column reserved at SPIEGEL -- see diaryfrom 2008. *Lunatic*, n. One whose delusions are out of fashion.
The nation would be better off embracing traditional American values like self-reliance and small government greed and invading helpless, innocent countries, stealing their resources and killing their populations.
Burger King, America's second-largest hamburger chain, has accepted a takeover bid by private equity firm 3G Capital valued at 3.26 billion dollars.
Air France-KLM is considering creating its own domestic low-cost subsidiary called "Air France Express" that could begin flying as early as 2011. The company already operates an international low-cost carrier, Transavia.
domestic low-costwage subsidiary
Fixed! The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
The restructuring has seen the unincorporated tri-national partnership under which Eurostar was created replaced by Eurostar International, a conventional three-way joint venture with its own staff and accounting procedures. Eurostar International is majority-owned by SNCF with a 55% stake, whilst the UK government currently holds 40%. SNCB retains a `sleeper' share of 5%.
SWEDEN: A ceremony in Kramfors on August 28 attended by King Carl-Gustav XVI marked the start of a rolling inauguration of the Botniabanan in northeast Sweden. A royal train then left for Örnsköldsvik and Nordmaling, where further celebrations were held, before it reached Umeå in the evening.
Also see The EU's emerging high-speed networkS *Lunatic*, n. One whose delusions are out of fashion.
IRELAND: On September 3, Iarnród Éireann operated the first scheduled passenger services to Dunboyne since 1947 with the opening of the 7∙5 km double-track line from Clonsilla to M3 Parkway. Representing an investment of €160m under the Transport 21 investment programme, the project marks the first phase of a project to reopen the railway to Navan, which closed in 1963.
Goldman Sachs Group Inc. is shutting its principal-strategies business, a group that makes bets with the firm's own capital, to comply with new U.S. rules aimed at curbing risk, two people with knowledge of the decision said. Wall Street's most profitable investment bank plans to hold off on announcing the wind-down while the 65 to 70 members of the global unit seek new jobs, the people said, speaking anonymously because the internal discussions about the process are confidential. Some traders and support staff may get roles within the New York-based firm, while a team in Asia may raise money for a new hedge fund, the people said. "What's motivating people is that they need to know where they are going, and no one wants to be the last group out the door," Gary Townsend, president of Hill-Townsend Capital LLC, said on Bloomberg Television. "It's really the personnel decisions that are driving this to happen sooner rather than later." Townsend's Chevy Chase, Maryland-based investment firm specializes in financial companies. Goldman Sachs, which says about 10 percent of its revenue comes from proprietary trading, is grappling with a provision of the Dodd-Frank financial reform act that prohibits banks from risking capital by betting for their own accounts. JPMorgan Chase & Co. plans to close its prop-trading units in response to the law, signed by President Barack Obama in July. JPMorgan last month told in-house commodities traders in London that they may lose their jobs, a person briefed on the matter said this week.
Wall Street's most profitable investment bank plans to hold off on announcing the wind-down while the 65 to 70 members of the global unit seek new jobs, the people said, speaking anonymously because the internal discussions about the process are confidential. Some traders and support staff may get roles within the New York-based firm, while a team in Asia may raise money for a new hedge fund, the people said.
"What's motivating people is that they need to know where they are going, and no one wants to be the last group out the door," Gary Townsend, president of Hill-Townsend Capital LLC, said on Bloomberg Television. "It's really the personnel decisions that are driving this to happen sooner rather than later." Townsend's Chevy Chase, Maryland-based investment firm specializes in financial companies.
Goldman Sachs, which says about 10 percent of its revenue comes from proprietary trading, is grappling with a provision of the Dodd-Frank financial reform act that prohibits banks from risking capital by betting for their own accounts. JPMorgan Chase & Co. plans to close its prop-trading units in response to the law, signed by President Barack Obama in July. JPMorgan last month told in-house commodities traders in London that they may lose their jobs, a person briefed on the matter said this week.
This part of the Dodd-Frank Financial Reform bill seems to be for real. The banks have at least four years to wind this down, but no one wants to be the last one out, so it is happening quickly. First JPMorgan and now Goldman. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
