3-11-2016
BBC
The so-called Islamic State group has released an audiotape which it says is from its leader, Abu Bakr al-Baghdadi.
If true, it would be the first public message from him in about a year and would dispel rumours that he is dead.
The voice on the audio calls on Iraqis to defend the city of Mosul against the Iraqi army, which is attempting to re-take it from the militants.
Baghdadi's whereabouts remain unknown. Some officials have said he may be inside Mosul alongside IS fighters.
It has not been independently verified that the voice in the audio belongs to Baghdadi. There have been repeated rumours of his death through the years, including last year when the Iraqi military said it had hit his convoy.
Mosul, the last IS urban stronghold in Iraq, is where Baghdadi declared a caliphate two years ago.
Thursday, November 3, 2016
Brexit: High Court judges to give legal verdict
03-11-2016
BBC
Senior judges heard a challenge last month from campaigners who argue Prime Minister Theresa May does not have the power to invoke Article 50 of the Lisbon Treaty without MPs' approval.
The PM has promised to trigger Article 50 by the end of March 2017.
Its author, Lord Kerr, has told the BBC he believed it was "not irrevocable".
Judges are set to give their verdict at 10:00 GMT.
BBC
Senior judges heard a challenge last month from campaigners who argue Prime Minister Theresa May does not have the power to invoke Article 50 of the Lisbon Treaty without MPs' approval.
The PM has promised to trigger Article 50 by the end of March 2017.
Its author, Lord Kerr, has told the BBC he believed it was "not irrevocable".
Judges are set to give their verdict at 10:00 GMT.
Wednesday, November 2, 2016
Brexit so complex it could overwhelm politicians, warn senior academics
Independent group says leaving EU will test constitution and legal framework to their limits and ‘possibly beyond’
The Guardian
Managing Britain’s exit from the European Union is such a formidable and complex challenge that it could overwhelm politicians and civil servants for years, senior academics have warned.
Theresa May has announced she will trigger article 50 – the two-year process of negotiating a separation from the EU – by the end of March next year. The government will also publish a great repeal bill, which will transfer all EU-originated laws into British law, so that MPs can decide how much they want to discard.
The Guardian
Managing Britain’s exit from the European Union is such a formidable and complex challenge that it could overwhelm politicians and civil servants for years, senior academics have warned.
Theresa May has announced she will trigger article 50 – the two-year process of negotiating a separation from the EU – by the end of March next year. The government will also publish a great repeal bill, which will transfer all EU-originated laws into British law, so that MPs can decide how much they want to discard.
After another release of documents, FBI finds itself caught in a partisan fray
The Washington Post
By Rosalind S. Helderman, Tom Hamburger and Sari Horwitz
November 1 at 9:04 PM
The surprise tweet from a little-used FBI account came about 1 p.m. Tuesday, announcing that the agency had published on its website 129 pages of internal documents related to a years-old investigation into former president Bill Clinton’s pardon of a fugitive Democratic donor.
The seemingly random reminder of one of the darkest chapters of the Clinton presidency a week before the election drew an immediate rebuke from Hillary Clinton’s campaign — with its spokesman tweeting that the FBI’s move was “odd” and asking whether the agency planned to publish unflattering records about Republican candidate Donald Trump.
An economist who was in the middle of the storm recounts Greece’s financial crisis
The Boston Globe
By Jonathan Schlefer
GLOBE CORRESPONDENT NOVEMBER 01, 2016
When economist George Papaconstantinou returned to Greece after working for a decade at the Organization for Economic Cooperation and Development, he settled into a series of comfortable government and academic jobs. Then, to his surprise, PASOK, the social-democratic party, asked him to run for Parliament. He lost the first time but won in 2007. He also began advising the party leader, George Papandreou, on economic issues. Named PASOK’s press spokesman, he helped give the party a fresh, young image, contributing to its landslide election victory in 2009.
For Greeks, property equals debt
2 Nov 2016
Nikos Konstandaras Contributing Writer
The New York Times
People are turning their backs on what used to be a pillar of the country’s economy and society: real estate.
At law courts throughout Greece, people are lining up to file papers renouncing their inheritance. Not necessarily because some feckless uncle left them with a pile of debt at the end of his revels; they are turning their backs on what used to be a pillar of Greece’s economy and society: real estate. Growing personal debt, declining incomes and ever higher taxes as Greece’s depression grinds on have turned property and the dream of easy money into dread of a catastrophic burden.
Nikos Konstandaras Contributing Writer
The New York Times
People are turning their backs on what used to be a pillar of the country’s economy and society: real estate.
At law courts throughout Greece, people are lining up to file papers renouncing their inheritance. Not necessarily because some feckless uncle left them with a pile of debt at the end of his revels; they are turning their backs on what used to be a pillar of Greece’s economy and society: real estate. Growing personal debt, declining incomes and ever higher taxes as Greece’s depression grinds on have turned property and the dream of easy money into dread of a catastrophic burden.
Greece Defies EU, U.S. on Sanctions for Iran’s Bank Saderat
Athens bucks allies by vetoing renewal of sanctions against bank U.S. accuses of financing terrorism
The Wall Street Journal
By LAURENCE NORMAN in Brussels and NEKTARIA STAMOULI in Athens
Updated Nov. 1, 2016 4:28 p.m. ET
Greece has defied its European allies and Washington by blocking European Union sanctions on an Iranian bank the U.S. accuses of financing terrorism, officials familiar with the move say.
Athens’s action last month marked the first time a European country has picked apart the sanctions regime meant to remain in place following the July 2015 nuclear accord with Tehran. The regime is designed to constrain Iran’s ability to resume illicit activities and pressure it to stick by the agreement.
The Wall Street Journal
By LAURENCE NORMAN in Brussels and NEKTARIA STAMOULI in Athens
Updated Nov. 1, 2016 4:28 p.m. ET
Greece has defied its European allies and Washington by blocking European Union sanctions on an Iranian bank the U.S. accuses of financing terrorism, officials familiar with the move say.
Athens’s action last month marked the first time a European country has picked apart the sanctions regime meant to remain in place following the July 2015 nuclear accord with Tehran. The regime is designed to constrain Iran’s ability to resume illicit activities and pressure it to stick by the agreement.
Thursday, October 27, 2016
Turkey calls for end to NATO's migrant mission in Aegean
Thu Oct 27, 2016 | 8:34am EDT
Reuters
By Robin Emmott and Sabine Siebold | BRUSSELS
Turkey is seeking an end to NATO's counter-migration mission in the Aegean Sea and it is telling the U.S.-led alliance that the sharp drop in refugees trying to get to Greece means there is no longer a need for warships to patrol its coast.
Turkish Defence Minister Fikri Isik told other NATO defense ministers on Wednesday that Ankara no longer saw a need for the mission to continue beyond the end of December, according to two people briefed on the exchanges, despite strong support across the alliance for the mission.
"This was a temporary mission, and the goal has been reached in this temporary mission. There is no need to extend it further," Isik told reporters in Brussels on Thursday.
Reuters
By Robin Emmott and Sabine Siebold | BRUSSELS
Turkey is seeking an end to NATO's counter-migration mission in the Aegean Sea and it is telling the U.S.-led alliance that the sharp drop in refugees trying to get to Greece means there is no longer a need for warships to patrol its coast.
Turkish Defence Minister Fikri Isik told other NATO defense ministers on Wednesday that Ankara no longer saw a need for the mission to continue beyond the end of December, according to two people briefed on the exchanges, despite strong support across the alliance for the mission.
"This was a temporary mission, and the goal has been reached in this temporary mission. There is no need to extend it further," Isik told reporters in Brussels on Thursday.
Why India Is A Better Investment Bet Than China
OCT 26, 2016 @ 08:14 PM 5,942 VIEWS
Forbes
Panos Mourdoukoutas , CONTRIBUTOR,
"I cover global markets, business and investment strategy "
Opinions expressed by Forbes Contributors are their own.
China may be the world’s largest emerging economy, beating India in many economic and financial indicators. But India is beating China in an indicator that matters the most to emerging market investing: financial market development. This means that India is less prone to a financial crisis than China, and therefore, a better investment than China.
Forbes
Panos Mourdoukoutas , CONTRIBUTOR,
"I cover global markets, business and investment strategy "
Opinions expressed by Forbes Contributors are their own.
China may be the world’s largest emerging economy, beating India in many economic and financial indicators. But India is beating China in an indicator that matters the most to emerging market investing: financial market development. This means that India is less prone to a financial crisis than China, and therefore, a better investment than China.
China Gets Desperate About Debt
OCT 26, 2016 5:00 PM EDT
By Christopher Balding
Bloomberg
With its debts surging and growth sluggish, China has hit on a new strategy to revitalize its ailing economy. It’s the same as the old strategy. Only this time, it won’t work.
Earlier this month, China’s State Council released guidelines for a new swap program, in which companies can exchange troubled debt with banks in return for equity. The government hopes this will give the firms a chance to restructure on favorable terms, and avoid the prospect of “zombie companies” propped up indefinitely by state-owned lenders.
By Christopher Balding
Bloomberg
With its debts surging and growth sluggish, China has hit on a new strategy to revitalize its ailing economy. It’s the same as the old strategy. Only this time, it won’t work.
Earlier this month, China’s State Council released guidelines for a new swap program, in which companies can exchange troubled debt with banks in return for equity. The government hopes this will give the firms a chance to restructure on favorable terms, and avoid the prospect of “zombie companies” propped up indefinitely by state-owned lenders.
Euro zone lending growth levels off, keeps ECB on toes
Thu Oct 27, 2016 | 4:46am EDT
Reuters
Growth in loans to euro zone companies and households is leveling off, European Central bank data showed on Thursday, keeping the pressure on the ECB to maintain its aggressive stimulus policy for months to come.
Lending to companies grew by 1.9 percent year-on-year in September while household loans rose by 1.8 percent, keeping the steady but slow pace seen since the start of the summer
Reuters
Growth in loans to euro zone companies and households is leveling off, European Central bank data showed on Thursday, keeping the pressure on the ECB to maintain its aggressive stimulus policy for months to come.
Lending to companies grew by 1.9 percent year-on-year in September while household loans rose by 1.8 percent, keeping the steady but slow pace seen since the start of the summer
UPDATE 1-Greece names Total-led consortium preferred bidder for offshore gas drilling
Wed Oct 26, 2016 | 1:05pm BST
Reuters
Oct 26 Greece named on Wednesday a consortium of France's Total, its biggest oil refiner Hellenic Petroleum and Italy's Edison as the preferred bidder for an offshore gas drilling block in the west of the country.
Greece, which signed up to a third bailout last summer, has made several fruitless attempts over the last 50 years to find big oil and gas reserves. Its debt crisis and important findings in neighbouring countries has prompted the country to step up those efforts.
Reuters
Oct 26 Greece named on Wednesday a consortium of France's Total, its biggest oil refiner Hellenic Petroleum and Italy's Edison as the preferred bidder for an offshore gas drilling block in the west of the country.
Greece, which signed up to a third bailout last summer, has made several fruitless attempts over the last 50 years to find big oil and gas reserves. Its debt crisis and important findings in neighbouring countries has prompted the country to step up those efforts.
Greece’s Syriza Defiant After Judges Annul Key Policy
Country’s supreme administrative court rules government acted unconstitutionally by licensing TV broadcasters itself
The Wall Street Journal
By MARCUS WALKER and NEKTARIA STAMOULI
Updated Oct. 27, 2016 4:27 a.m. ET
ATHENS—Greece’s ruling Syriza party vowed on Thursday to continue fighting for its radical agenda after judges struck down its plan to revamp Greece’s media sector, the culmination of a weekslong power struggle that produced allegations of blackmail and “fascist” methods.
Greece’s supreme administrative court, the Council of State, ruled late Wednesday that the government, led by the left-wing Syriza party, acted unconstitutionally by licensing TV broadcasters itself, a power that the constitution reserves for an independent media regulator.
The Wall Street Journal
By MARCUS WALKER and NEKTARIA STAMOULI
Updated Oct. 27, 2016 4:27 a.m. ET
ATHENS—Greece’s ruling Syriza party vowed on Thursday to continue fighting for its radical agenda after judges struck down its plan to revamp Greece’s media sector, the culmination of a weekslong power struggle that produced allegations of blackmail and “fascist” methods.
Greece’s supreme administrative court, the Council of State, ruled late Wednesday that the government, led by the left-wing Syriza party, acted unconstitutionally by licensing TV broadcasters itself, a power that the constitution reserves for an independent media regulator.
Wednesday, October 26, 2016
Greece awaits Obama trip amid tough bailout talks
The Washington Post
By Derek Gatopoulos | AP October 25 at 12:08 PM
ATHENS, Greece — Greece’s government says it was facing pressure from the International Monetary Fund to aggressively scale back union powers and employment rights, as the White House confirmed Tuesday that U.S. President Barack Obama will pay a post-election visit to Athens.
Obama’s Nov. 15 trip could boost efforts by the left-wing government in Athens to press for debt relief from European bailout lenders, as the country’s national debt approaches 180 percent of Greece’s stagnant gross domestic product. Obama will travel on to Germany after his Greek visit.
Tuesday, October 25, 2016
Euro Gripes Threaten Economic Recovery as Populism Advances
Alessandro Speciale
October 25, 2016 — 7:00 AM EEST
Bloomberg
Anti-establishment parties are gaining ground in the heart of the European Union, and they may pose a bigger challenge to the region’s economy than any of those that have drawn support in the periphery over the past years.
While populists in Spain or Italy are revolting against restrictive fiscal policies and a weakening of social safety nets, the backlash in France and Germany focuses on monetary union itself. Parties openly advocating a break from the euro are building momentum ahead of a year of election across the region and politicians skeptical about EU integration are already twisting policy decisions. Belgium’s Wallonia region blocked a trade deal with Canada just last week.
October 25, 2016 — 7:00 AM EEST
Bloomberg
Anti-establishment parties are gaining ground in the heart of the European Union, and they may pose a bigger challenge to the region’s economy than any of those that have drawn support in the periphery over the past years.
While populists in Spain or Italy are revolting against restrictive fiscal policies and a weakening of social safety nets, the backlash in France and Germany focuses on monetary union itself. Parties openly advocating a break from the euro are building momentum ahead of a year of election across the region and politicians skeptical about EU integration are already twisting policy decisions. Belgium’s Wallonia region blocked a trade deal with Canada just last week.
Greece Set to Receive Fresh Loans Under Bailout Agreement
Eurozone bailout fund officials expected to sign off on disbursement Tuesday
The Wall Street Journal
By VIKTORIA DENDRINOU
Oct. 24, 2016 2:45 p.m. ET
1 COMMENTS
BRUSSELS—Greece’s creditors are expected to approve €2.8 billion in fresh loans for the debt-ridden country after it completed a set of key economic overhauls, three eurozone officials said Monday.
The disbursement of the next slice of financial aid, to be officially signed off by the eurozone bailout fund on Tuesday, marks the formal end of the first review of Greece’s up-to-€86 billion bailout, which was agreed to in August last year.
The loans will comprise of €1.1 billion to be used for debt servicing and €1.7 billion to repay arrears owed to domestic contractors.
The Wall Street Journal
By VIKTORIA DENDRINOU
Oct. 24, 2016 2:45 p.m. ET
1 COMMENTS
BRUSSELS—Greece’s creditors are expected to approve €2.8 billion in fresh loans for the debt-ridden country after it completed a set of key economic overhauls, three eurozone officials said Monday.
The disbursement of the next slice of financial aid, to be officially signed off by the eurozone bailout fund on Tuesday, marks the formal end of the first review of Greece’s up-to-€86 billion bailout, which was agreed to in August last year.
The loans will comprise of €1.1 billion to be used for debt servicing and €1.7 billion to repay arrears owed to domestic contractors.
Monday, October 24, 2016
The threat from Russia
How to contain Vladimir Putin’s deadly, dysfunctional empire
Oct 22nd 2016
The Economist
FOUR years ago Mitt Romney, then a Republican candidate, said that Russia was America’s “number-one geopolitical foe”. Barack Obama, among others, mocked this hilarious gaffe: “The 1980s are now calling to ask for their foreign policy back, because the cold war’s been over for 20 years,” scoffed the president. How times change. With Russia hacking the American election, presiding over mass slaughter in Syria, annexing Crimea and talking casually about using nuclear weapons, Mr Romney’s view has become conventional wisdom. Almost the only American to dissent from it is today’s Republican nominee, Donald Trump.
What is China’s plenum and why does it matter?
Oct 23rd 2016, 23:27 BY J.P. | BEIJING
The Economist
THE 200-odd highest-ranking members of China’s Communist Party—its central committee—meet only once a year. The closed-door gathering is called a plenum. This year’s starts today, October 24th, in Beijing and runs until the 27th. The agenda does not sound consequential. It will discuss, in the unlovely words of the official announcement, “the norms of political life within the party…and a revision to an intra-party supervision regulation.” So why does it matter?
The Economist
THE 200-odd highest-ranking members of China’s Communist Party—its central committee—meet only once a year. The closed-door gathering is called a plenum. This year’s starts today, October 24th, in Beijing and runs until the 27th. The agenda does not sound consequential. It will discuss, in the unlovely words of the official announcement, “the norms of political life within the party…and a revision to an intra-party supervision regulation.” So why does it matter?
China Deal Watch
Bloomberg
(for full article with interactive plots see http://www.bloomberg.com/graphics/2016-china-deals/)
Chinese companies are buying up overseas assets at a faster pace than U.S. buyers for the first time on record. This graphic, updated weekly, takes a close look at what China is acquiring, and where. The numbers reveal a lot about the country’s growing global ambitions.
On Oct. 18, China Life Insurance Co Ltd agreed to buy select-service hotel portfolio from Starwood Capital Group LLC for $2 billion. Here’s how this deal compares to China’s other overseas acquisitions:
Rank 17th largest foreign acquisition by a Chinese company this year
2016 Total $206.6B in foreign mergers and acquisitions
Growth 212% increase from the same period in 2015
Brexit Bulletin: Bankers Threaten Exodus
Bankers threaten early exodus, while PM May tries to head off a constitutional crisis
Bloomberg
Emma Ross-Thomas
Banks will start moving operations out of the U.K. late this year and early next as they anticipate a hard Brexit. That's according to Anthony Browne, chief executive officer of the banking lobby group BBA, writing in the Observer newspaper on Sunday.
International banks’ “hands are quivering over the relocate button,” he wrote. “Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”
Without identifying any banks by name, he said lenders can’t wait until the last minute and have to “plan for the worst,” especially because “public and political debate at the moment is taking us in the wrong direction.”
Handily, some real estate companies are already finding them new digs. A property company managed by Schroders Plc is bidding for an office building in Frankfurt, joining CBRE Global Investors LLC and Standard Life Plc, which are seeking to purchase office space in cities from Dublin to Amsterdam.
Bloomberg
Emma Ross-Thomas
Banks will start moving operations out of the U.K. late this year and early next as they anticipate a hard Brexit. That's according to Anthony Browne, chief executive officer of the banking lobby group BBA, writing in the Observer newspaper on Sunday.
International banks’ “hands are quivering over the relocate button,” he wrote. “Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”
Without identifying any banks by name, he said lenders can’t wait until the last minute and have to “plan for the worst,” especially because “public and political debate at the moment is taking us in the wrong direction.”
Handily, some real estate companies are already finding them new digs. A property company managed by Schroders Plc is bidding for an office building in Frankfurt, joining CBRE Global Investors LLC and Standard Life Plc, which are seeking to purchase office space in cities from Dublin to Amsterdam.
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