On a trade-weighted basis, the euro has actually risen since quantitative easing started in 2015
The Wall Street Journal
By RICHARD BARLEY
Aug. 30, 2016 7:36 a.m. ET
3 COMMENTS
Once upon a time, signs the Federal Reserve was gearing up to increase rates would have been big news for the euro. Policy divergence was a key focus for foreign-exchange traders. But times have changed.
True, the euro declined against the dollar in the wake of the Jackson Hole conference, but it was far from an extraordinary move. And the bigger picture is that at $1.117, the single currency is in the middle of a relatively narrow range that has held since February.
Wednesday, August 31, 2016
China charges American with espionage ahead of Obama’s Asia trip
The Washington Post
By Emily Rauhala August 30 at 10:37 AM
BEIJING — An American consultant who has been detained in China for more than a year has been formally charged with spying — news that could further complicate U.S.-China ties ahead of President Obama’s trip to Asia.
Sandy Phan-Gillis, 56, of Houston was arrested in March 2015 while traveling in southern China with a trade delegation and has been held without charge since.
“Based on our understanding, Phan-Gillis, because of suspected espionage, has been charged according to law by the relevant Chinese department,” Hua Chunying, a spokeswoman for China’s Foreign Ministry, said in a news conference Tuesday.
By Emily Rauhala August 30 at 10:37 AM
BEIJING — An American consultant who has been detained in China for more than a year has been formally charged with spying — news that could further complicate U.S.-China ties ahead of President Obama’s trip to Asia.
Sandy Phan-Gillis, 56, of Houston was arrested in March 2015 while traveling in southern China with a trade delegation and has been held without charge since.
“Based on our understanding, Phan-Gillis, because of suspected espionage, has been charged according to law by the relevant Chinese department,” Hua Chunying, a spokeswoman for China’s Foreign Ministry, said in a news conference Tuesday.
India and U.S. deepen defense ties with landmark agreement
By Rama Lakshmi August 30 at 4:30 AM
NEW DELHI — After nearly a decade of painstaking discussions, India and the United States signed a landmark defense agreement Tuesday that will increase the military cooperation between two of the world’s largest democracies.
The agreement was finalized during a visit to Washington by Indian Defense Minister Manohar Parrikar, and it was touted as a symbol of deeper defense ties between the two nations in an increasingly tense part of the world.
The Latest: US asks Turkey to focus on fight against IS
The Washington Post
By Associated Press August 29
BEIRUT — The Latest on the developments in the Syrian civil war (all times local):
10:20 p.m.
U.S. Defense Secretary Ash Carter says the United States is trying to “de-conflict” U.S.- backed actions against the Islamic State by Turkey and by the American-backed Syrian Kurdish rebels known as the Syrian Defense Forces.
Carter says some of the SDF fighters are affiliated with the so-called YPG, a Kurdish organization that Turkey considers a terrorist group. Carter says the U.S. works with all SDF fighters “in our common interest to defeat” the Islamic State group.
Wednesday, August 24, 2016
Turkish Military Begins Major Offensive Into Syria in Fight Against ISIS
By TIM ARANGO and CEYLAN YEGINSUAUG. 24, 2016
The New York Times
ISTANBUL — Turkey mounted its largest military effort yet in the Syrian conflict on Wednesday, sending tanks, warplanes and special operations forces over the border in a United States-backed drive to capture an Islamic State stronghold in Syria.
The joint offensive on the city of Jarabulus, one of the last border strongholds of the Islamic State, began hours before Vice President Joseph R. Biden Jr. was to meet with President Recep Tayyip Erdogan in Ankara, the Turkish capital. The timing seemed aimed at easing tensions between the two countries raised by the failed coup in Turkey last month.
The New York Times
ISTANBUL — Turkey mounted its largest military effort yet in the Syrian conflict on Wednesday, sending tanks, warplanes and special operations forces over the border in a United States-backed drive to capture an Islamic State stronghold in Syria.
The joint offensive on the city of Jarabulus, one of the last border strongholds of the Islamic State, began hours before Vice President Joseph R. Biden Jr. was to meet with President Recep Tayyip Erdogan in Ankara, the Turkish capital. The timing seemed aimed at easing tensions between the two countries raised by the failed coup in Turkey last month.
EU warns Greece statistics row 'dangerous' for bailout
Wed Aug 24, 2016 8:35am EDT
Reuters
By Alastair Macdonald and Renee Maltezou | BRUSSELS/ATHENS
The European Union called on Greece on Wednesday to quash what Brussels said were false accusations the Greek statistics agency rigged data to help foreign creditors and warned that the row posed risks to Athens' current bailout programme.
The Greek government quickly replied that it was "surprised" at the call from the European Commission for it to take a stance on a judicial matter and insisted it respected the independence of the Elstat statistics office.
Reuters
By Alastair Macdonald and Renee Maltezou | BRUSSELS/ATHENS
The European Union called on Greece on Wednesday to quash what Brussels said were false accusations the Greek statistics agency rigged data to help foreign creditors and warned that the row posed risks to Athens' current bailout programme.
The Greek government quickly replied that it was "surprised" at the call from the European Commission for it to take a stance on a judicial matter and insisted it respected the independence of the Elstat statistics office.
Monday, August 1, 2016
Refugee inflow into the Aegean Islands after the coup.
Aegean islands alarm as refugee numbers rise after Turkey coup attempt
EU voices fears that deal struck to curb migration is at breaking point as tensions grow between Turkey and Greece
The Guardian
Greek authorities on a number of Aegean islands have called for emergency measures to curtail a growing flow of refugees from Turkey, which Athens attributes to the impact of the attempted coup in that country.
Since the failed 15 July putsch, the number of Europe-bound migrants willing to make the perilous journey across the Aegean has increased noticeably, with the Greek government announcing that as of yesterday some 9,420 men, women and children had been registered on Lesbos and other islands.
EU voices fears that deal struck to curb migration is at breaking point as tensions grow between Turkey and Greece
The Guardian
Greek authorities on a number of Aegean islands have called for emergency measures to curtail a growing flow of refugees from Turkey, which Athens attributes to the impact of the attempted coup in that country.
Since the failed 15 July putsch, the number of Europe-bound migrants willing to make the perilous journey across the Aegean has increased noticeably, with the Greek government announcing that as of yesterday some 9,420 men, women and children had been registered on Lesbos and other islands.
Islamic State Strikes Oil, Gas Facilities in Iraq
Attacks at AB2 gas compressor station, Bai Hassan oil field kill at least five local workers
The Wall Street Journal
By SARAH KENT and GHASSAN ADNAN
Updated July 31, 2016 2:01 p.m. ET
BAGHDAD—Islamic State claimed twin attacks on oil and gas facilities in northern Iraq on Sunday that killed at least five local employees, the latest in northern Iraq by the extremist group, which relies on oil for a significant portion of its revenue.
Four suicide bombers hit the Bai Hassan oil field, prompting an hourslong standoff with local forces, said a colonel with the Kurdish Peshmerga forces that control the area. The field is one of the largest in the region of Kirkuk, producing more than 175,000 barrels a day, according to oil officials.
Three of the attackers were dead, he said, and one remained at large.
The Wall Street Journal
By SARAH KENT and GHASSAN ADNAN
Updated July 31, 2016 2:01 p.m. ET
BAGHDAD—Islamic State claimed twin attacks on oil and gas facilities in northern Iraq on Sunday that killed at least five local employees, the latest in northern Iraq by the extremist group, which relies on oil for a significant portion of its revenue.
Four suicide bombers hit the Bai Hassan oil field, prompting an hourslong standoff with local forces, said a colonel with the Kurdish Peshmerga forces that control the area. The field is one of the largest in the region of Kirkuk, producing more than 175,000 barrels a day, according to oil officials.
Three of the attackers were dead, he said, and one remained at large.
Britain’s scientists are freaking out over Brexit
The Washington Post
By William Booth and Karla Adam July 31 at 3:00 AM
CANTERBURY, England — Britain has been a powerhouse of discovery since the age of science began. Newton, Darwin, Crick? They parted the curtain on gravity, evolution and DNA.
Now comes Brexit, and to use a non-scientific term, the scientists in the country are freaking out.
Since the vote to leave the European Union last month, leaders of Britain’s scientific academies are making dire predictions about what could happen to research and innovation here.
Damage to British research, the scientists warn, could be among the cascade of unintended — and largely unappreciated — consequences of the vote to exit the bloc.
The researchers worry that Britain will not replace funding it loses when it leaves the E.U., which has supplied about $1.2 billion a year to support British science, approximately 10 percent of the total spent by government-funded research councils.
By William Booth and Karla Adam July 31 at 3:00 AM
CANTERBURY, England — Britain has been a powerhouse of discovery since the age of science began. Newton, Darwin, Crick? They parted the curtain on gravity, evolution and DNA.
Now comes Brexit, and to use a non-scientific term, the scientists in the country are freaking out.
Since the vote to leave the European Union last month, leaders of Britain’s scientific academies are making dire predictions about what could happen to research and innovation here.
Damage to British research, the scientists warn, could be among the cascade of unintended — and largely unappreciated — consequences of the vote to exit the bloc.
The researchers worry that Britain will not replace funding it loses when it leaves the E.U., which has supplied about $1.2 billion a year to support British science, approximately 10 percent of the total spent by government-funded research councils.
Decree by Turkey’s Erdogan brings military more under govt
Middle East
The Washingtion Post
(Kayhan Ozer Presidential Press Service, via AP Pool/Associated Press)
By Cinar Kiper and Elena Becatoros | AP July 31 at 12:45 PM
ISTANBUL — Turkish President Recep Tayyip Erdogan issued a new presidential decree Sunday that introduced sweeping changes to Turkey’s military in the wake of a July 15 failed coup, bringing the armed forces further under civilian authority.
The decree, the third issued under a three-month state of emergency declared after the attempted coup, gives the president and prime minister the authority to issue direct orders to the commanders of the army, air force and navy.
The Washingtion Post
(Kayhan Ozer Presidential Press Service, via AP Pool/Associated Press)
By Cinar Kiper and Elena Becatoros | AP July 31 at 12:45 PM
ISTANBUL — Turkish President Recep Tayyip Erdogan issued a new presidential decree Sunday that introduced sweeping changes to Turkey’s military in the wake of a July 15 failed coup, bringing the armed forces further under civilian authority.
The decree, the third issued under a three-month state of emergency declared after the attempted coup, gives the president and prime minister the authority to issue direct orders to the commanders of the army, air force and navy.
Sunday, July 17, 2016
Mitsotakis' mission: Saving Greece from Tsipras
Kyriakos Mitsotakis, the leader of the Greek conservative party Nea Dimokratia, says he wants to "liberate" Greece from left-wing Prime Minister Alexis Tsipras. He tells DW how he intends to accomplish this.
Deutche Welle
If Greece were to hold elections tomorrow, the pro-European conservatives Nea Dimokratia (New Democracy, ND) would clearly win. According to polls, Kyriakos Mitsotakis, who has headed his party since January, has gained popularity. Many believe he would be a better prime minister than Alexis Tsipras.
The pro-European and neoliberal Mitsotakis, a scion of a Greek political dynasty, holds degrees from Harvard and Stanford. He has worked in politics and investment banking. His father, Konstantinos Mitsotakis, is a former Greek prime minister and his older sister, Dora Bakoyannis, former mayor of Athens, also served as Greek foreign minister and culture minister.
Deutche Welle
If Greece were to hold elections tomorrow, the pro-European conservatives Nea Dimokratia (New Democracy, ND) would clearly win. According to polls, Kyriakos Mitsotakis, who has headed his party since January, has gained popularity. Many believe he would be a better prime minister than Alexis Tsipras.
The pro-European and neoliberal Mitsotakis, a scion of a Greek political dynasty, holds degrees from Harvard and Stanford. He has worked in politics and investment banking. His father, Konstantinos Mitsotakis, is a former Greek prime minister and his older sister, Dora Bakoyannis, former mayor of Athens, also served as Greek foreign minister and culture minister.
Eight Aboard Military Helicopter Seek Asylum in Greece
6:20 AM ET
Jul 16, 2016
Sat Jul 16 2016 09:20:46 GMT+0300 (GTB Daylight Time)
Niki Kitsantonis
ATHENS
The New York Times
Greece has arrested eight people aboard a Turkish military helicopter that landed in Alexandroupolis shortly before noon, the country’s Ministry of Public Order and Citizen Protection said.
The eight individuals have requested political asylum, the ministry said in a text message to reporters, and the helicopter has been placed under guard.
Jul 16, 2016
Sat Jul 16 2016 09:20:46 GMT+0300 (GTB Daylight Time)
Niki Kitsantonis
ATHENS
The New York Times
Greece has arrested eight people aboard a Turkish military helicopter that landed in Alexandroupolis shortly before noon, the country’s Ministry of Public Order and Citizen Protection said.
The eight individuals have requested political asylum, the ministry said in a text message to reporters, and the helicopter has been placed under guard.
Monday, July 4, 2016
After the Brexit vote
The first signs of post-Brexit financial stress: property fund suspended
Jul 4th 2016, 16:45 BY BUTTONWOOD
The Economist
AFTER the initial post-Brexit sell-off in sterling and equities, financial markets had quietened down in the wake of the shock referendum result. The FTSE 100 even moved ahead of its pre-Brexit level.
But investor concerns have shown up in another market - property, Today Standard Life, the Scottish insurer, suspended redemptions in its UK Retail property fund, with £2.9 billion of assets under management. Here is the press release.
Jul 4th 2016, 16:45 BY BUTTONWOOD
The Economist
AFTER the initial post-Brexit sell-off in sterling and equities, financial markets had quietened down in the wake of the shock referendum result. The FTSE 100 even moved ahead of its pre-Brexit level.
But investor concerns have shown up in another market - property, Today Standard Life, the Scottish insurer, suspended redemptions in its UK Retail property fund, with £2.9 billion of assets under management. Here is the press release.
Nigel Farage, Who Spurred ‘Brexit,’ Resigns as Head of U.K. Independence Party
By STEPHEN CASTLE and STEVEN ERLANGERJULY 4, 2016
The New York Times
LONDON — He spent nearly 20 years pushing for Britain to leave the European Union, and having succeeded in his aim, he is now taking his leave.
Nigel Farage, the politician who probably did more than any other to force the referendum on British membership in the European Union, resigned on Monday as leader of the right-wing populist U.K. Independence Party, saying “I’ve done my bit.”
Mr. Farage, 52, has quit the post before — twice. But on Monday he sounded as if he meant it this time, telling reporters that “my political ambition has been achieved” and that “I want my life back.”
Friday, July 1, 2016
This economist thinks China is headed for a 1929-style depression
Published: June 30, 2016 2:23 p.m. ET
MarketWatch
Andy Xie is among the loudest voices warning of an inevitable implosion
By SUE CHANG
MARKETS REPORTER
Andy Xie isn’t known for tepid opinions.
The provocative Xie, who was a top economist at the World Bank and Morgan Stanley, found notoriety a decade ago when he left the Wall Street bank after a controversial internal report went public. Today, he is among the loudest voices warning of an inevitable implosion in China, the world’s second-largest economy.
Xie, now working independently and based in Shanghai, says the coming collapse won’t be like the Asian currency crisis of 1997 or the U.S. financial meltdown of 2008.
MarketWatch
Andy Xie is among the loudest voices warning of an inevitable implosion
By SUE CHANG
MARKETS REPORTER
Andy Xie isn’t known for tepid opinions.
The provocative Xie, who was a top economist at the World Bank and Morgan Stanley, found notoriety a decade ago when he left the Wall Street bank after a controversial internal report went public. Today, he is among the loudest voices warning of an inevitable implosion in China, the world’s second-largest economy.
Xie, now working independently and based in Shanghai, says the coming collapse won’t be like the Asian currency crisis of 1997 or the U.S. financial meltdown of 2008.
Thursday, June 30, 2016
Brexit isn’t the most serious threat to the EU — the euro is
Updated by Timothy B. Lee on June 29, 2016, 10:10 a.m. ET
VOX
Central banks like the US Federal Reserve and the European Central Bank play a critical role in modern economies.
Money is an essential fuel for economic activity, and it’s the job of a central bank to supply enough to allow for robust economic growth. If they supply too much, they produce inflation. Producing too little can tip the economy into a recession — or make an existing recession worse than it would otherwise be.
VOX
Central banks like the US Federal Reserve and the European Central Bank play a critical role in modern economies.
Money is an essential fuel for economic activity, and it’s the job of a central bank to supply enough to allow for robust economic growth. If they supply too much, they produce inflation. Producing too little can tip the economy into a recession — or make an existing recession worse than it would otherwise be.
Tuesday, June 28, 2016
Turkey Moves To Restore Relations With Russia And Israel On The Same Day
Closer ties could mean a boost to Turkish tourism, gas prospects for Israel and greater security cooperation.
06/27/2016 03:19 pm ET | Updated 14 hours ago
The Huffington Post
Sophia Jones
Middle East Correspondent, The WorldPost
ISTANBUL — Turkish leaders on Monday announced a series of landmark moves meant to normalize ties with Russia and Israel after years of tumultuous relations with the two leading world powers.
Strengthened relations — a result of a deal with Israel and a letter to the Russian president calling for restored ties — could lead to a boosted economy and tourism sector in Turkey, lucrative Mediterranean gas prospects for Israel and greater security cooperation at a crucial time in the region.
06/27/2016 03:19 pm ET | Updated 14 hours ago
The Huffington Post
Sophia Jones
Middle East Correspondent, The WorldPost
ISTANBUL — Turkish leaders on Monday announced a series of landmark moves meant to normalize ties with Russia and Israel after years of tumultuous relations with the two leading world powers.
Strengthened relations — a result of a deal with Israel and a letter to the Russian president calling for restored ties — could lead to a boosted economy and tourism sector in Turkey, lucrative Mediterranean gas prospects for Israel and greater security cooperation at a crucial time in the region.
Greece’s Fragile Economy Faces New Tests After Brexit
“Our effort to exit the crisis becomes more complicated because this decision disrupts our economy,” says one Greek politician.
06/27/2016 04:14 pm ET
The Huffington Post
The United Kingdom’s decision to leave the European Union in a so-called “Brexit” has sent shocks through Europe, raising questions about the continent’s political and economic future.
Markets around the world plunged in the wake of the unexpected referendum results. The Athens stock exchange fell by 15 percent in the immediate aftermath of British voters’ decision, while bank shares dropped by 30 percent.
Greece’s already-fragile economy faces new challenges in an increasingly unpredictable post-Brexit world. Especially worrisome are the potential effects Britain’s decision could have on two of the country’s essential industries: shipping and tourism.
06/27/2016 04:14 pm ET
The Huffington Post
The United Kingdom’s decision to leave the European Union in a so-called “Brexit” has sent shocks through Europe, raising questions about the continent’s political and economic future.
Markets around the world plunged in the wake of the unexpected referendum results. The Athens stock exchange fell by 15 percent in the immediate aftermath of British voters’ decision, while bank shares dropped by 30 percent.
Greece’s already-fragile economy faces new challenges in an increasingly unpredictable post-Brexit world. Especially worrisome are the potential effects Britain’s decision could have on two of the country’s essential industries: shipping and tourism.
World stocks, sterling fight back after Brexit beating
Tue Jun 28, 2016 5:11am EDT Related: HOUSING MARKET, DAVOS
LONDON | BY MARC JONES
Reuters
World stocks rose for the first time in three days and sterling and the euro climbed on Tuesday, as investors made a rush for Brexit-bashed assets hammered by some of the biggest falls since the 2008 collapse of Lehman Brothers.
Bargain hunting trumped still widespread uncertainty over Britain's vote to leave the European Union, as the bloc's leaders, including soon-to-be-ex UK Prime Minister David Cameron, headed for their first post-vote meeting in Brussels.
European shares .FTEU3 jumped 2.4 percent in early trading having plunged over 10 percent since Friday.
LONDON | BY MARC JONES
Reuters
World stocks rose for the first time in three days and sterling and the euro climbed on Tuesday, as investors made a rush for Brexit-bashed assets hammered by some of the biggest falls since the 2008 collapse of Lehman Brothers.
Bargain hunting trumped still widespread uncertainty over Britain's vote to leave the European Union, as the bloc's leaders, including soon-to-be-ex UK Prime Minister David Cameron, headed for their first post-vote meeting in Brussels.
European shares .FTEU3 jumped 2.4 percent in early trading having plunged over 10 percent since Friday.
How Britain Could Exit ‘Brexit’
The Interpreter
By MAX FISHER JUNE 27, 2016
The New York Times
WASHINGTON — In the days since Britons voted to leave the European Union, the so-called “Brexit” referendum has created such severe turmoil that public attention is increasingly focused on an extreme option: Can they get out of it?
Prime Minister David Cameron said on Monday that he considered the referendum binding and that “the process of implementing the decision in the best possible way must now begin.” But he also said he would leave that process to his successor, after his expected resignation in October. This opens a window of at least four months during which time Britain could decide not to proceed, and avoid consequences from Europe.
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