European Business Express

Medvedev Nears Visa Resolution

2011-12-15T02:06:00.001-08:00

Russian President pushing for a conclusion to a 'short-term visa' waiver agreement with the European Union at today's EU-Russia Summit in Brussels.

- Posted by Brian Maguire, EBX, using iPhone

Dave Slays A Dragon, Gets Eaten By His Horse

2011-12-09T00:48:00.000-08:00

How daring it must have felt, how brave and noble, but this was the work of a Freelance, not a Knight. David Cameron, in a single act of timidity dressed as authority, has decimated the UK's political and financial influence for a generation.

Cameron has focused on the small view of local politics and party unity, failing to grasp the future necessity to perform a volte face. When it comes to it, it will probably not be his face signing up to an inevitable new Treaty, and there is no conceivable way in which the other EU States will exempt the UK from financial services regulation at a later date. The City of London may rejoice today, but it will pay.

The deeper irony is the financial markets are more innovative than hamstrung prime ministers. Had Cameron accepted the unity of Europe and pulled back from a veto, the City would have found a way to innovate and grow. And the price? Already it is being paid, by the City of London. This was no confidence trick, though Cameron's strategy is founded on illusion.

Europe Advances, Slowly, Painfully

2011-12-09T00:35:00.000-08:00

Just in case you didn't stay up all night to catch the results, Herman Van Rompuy, President of the European Council presented a summary of last night's first session of the European Council. Today, Croatia gets a bit more of the action ...read more

Summit

2011-12-08T02:58:00.001-08:00

Summit prep is underway, the trickle of press and officials this morning will become a flood this afternoon. Genteel lounge lamps at the work stations, Martha Stewart must be here...

Bad Russia, Bad, Bad Russia, Stop That Right Now!

2011-12-07T06:24:00.000-08:00

The spokesperson of Catherine Ashton, High Representative of the Union for Foreign Affairs and Security Policy and Vice President of the Commission, issued the following statement today: "The High Representative expresses concern about the detention of hundreds of protesters demonstrating after Sunday's Duma elections, and about reports of police violence against activists, journalists and bystanders. She recalls the need to respect freedom of assembly and expression. The High Representative also reiterates her support for the work of the OSCE / ODIHR election observation mission and its preliminary assessment, and expects Russian authorities to act on their findings."

Well, that's nice. Hopefully the EU won't use the same overwhelming insults it dropped on the Ukranian thugs when they conveniently imprisoned Tymoshenko... yes, the same Tymoshenko the E.Parliament, Council and Commission were all so sure would be released within days of her sentencing. Next time, MEPs might like to keep their Foreign Minister entertained in the Parliament's Mickey Mouse Cafe (this is it's real name...) for a month or two?

'Improve Digital' Wins Deloitte Rising Star Award 2011

2011-10-12T12:35:00.000-07:00

EPC EU-Brazil Post-Summit Briefing

2011-10-06T10:39:00.000-07:00

I’ll start with a confession. I didn’t stayfor the whole event, there was a conference on Catalan SME strategy across thestreet, it needed going to. Had there not been a Catalan SME conference acrossthe street, I would have been tempted to cross the street anyway; I don’t do “can’tdo” capitalism.

The Brussels-based European Policy Centre is a noble enterprise;they bring together great minds and deep experience. The EU-Brazil BusinessSummit, Post-Summit Briefing was as snappy as its title, and there was nocoffee beforehand to keep pulses racing. The panellists were thoughtful, andtheir points were based on experience; but in an age when viable exportopportunities are limited and every open market should be embraced, the paneljust weren’t showing Brazil the love it deserves.

Put simply, the panel weren’tAmerican. They were largely Northern European, and oozing all the enthusiasm forchange that a Saville Row tailor can muster for Mumbai sweat-shop factoryfabrics. “Brazil,” went the sentiment, “if only they would fix everythingfirst, then we could do business.”

The reality check came from Embraer’sPresident for Europe, Luiz Fernando Fuchs. Fuchs took the American approach andused the occasion to showcase his company, his products, and their incredible journeyfrom corporate basket-case to quality-driven, ambitious, aircraft manufacturer.Thanks Luiz, you made my morning!

The complaints from the panel went along thelines of: the tax system, Brazil’s tax system, oh, the tax system…. Enough.Hire smarter people. Work the system. If you don’t, the Brazilians will, theChinese will, the Indians will. They are more American.

Can do? Yes. Can do better Europe. Stretch orstarve.

New EU-Brazil "Strategic Complicity"

2011-10-06T05:51:00.000-07:00

New EU-Brazil "Strategic Complicity"

Addressing Brazil’s President, Dilma Rousseff, at the fifth EU‑Brazil summit, José Manuel Durão Barroso President of the European Commission, said it is: “…time to consider moving from a strategic partnership to a strategic ‘complicity’” ..read more

Merkel Is 'Rock of European Integration'

2011-10-06T05:48:00.000-07:00

Merkel Is 'Rock of European Integration'
“You and your country are a solid rock of European integration. You have not only saved the Lisbon Treaty, but you are also a rock of stability in the storms of the financial crisis," said Jerzy Buzek, President of the European Parliament at a meeting with Angela Merkel ..read more

"Look me in the eye Brad, and say we'll make it through this..." EP President, Jerzy Buzek, meets with German Federal Chancellor, Angela Merkel... with apologies to Roy Lichtenstein

2011-10-05T11:55:00.000-07:00

Catalunya 's Strategy - Grow SMEs Today; Nurture Intellect for Tomorrow

2011-10-05T11:52:00.000-07:00

Trichet Advocates New European Executive

2011-10-04T07:11:00.000-07:00

Speaking at the European Parliament today, Jean Claude Trichet, President of the European Central Bank, said he expects the European Union to establish a new executive.

Asserting democratic legitimacy as the underpinning principle of a future executive, Trichet, describing a future executive, emphasised his belief that it must include a finance ministry with strong fiscal surveillance and guardianship roles.

In one of his last appearances before Parliament, Trichet said the European Parliament is the "heart of the living democracy in Europe. We at the ECB are the guardians of the currency of our fellow citizens"

Read More...

Europontex Launches Social Energy Solutions

2011-10-04T01:01:00.000-07:00

Lisbon, Portugal. Europontex, the global construction supplier, is launching Social Energy Solutions, an innovative enterprise designed to offer off-grid energy production for isolated communities.

Europontex CEO, Fernando Azevedo, stated: “Social Energy Solutions will focus on energy production for isolated communities; in addition we are providing pre-fabricated housing for government social project, especially for disaster relief and refugee emergencies."

US Patent Law - Biggest Shift In A Generation

2011-09-16T02:00:00.000-07:00

The most comprehensive reform of US patent law for a generation is due to take effect today, when the America Invents Act is made law. The changes bring US law into greater conformity with the laws in the rest of the industrialised world, according to Withers & Rogers.

Among the key legislative changes, US patent law is adopting the ‘first-inventor-to-file’ rule, which applies in Europe. Until now, any dispute about the ownership of a patent for an invention was decided in favour of the person able to prove that he or she came up with the invention first.

This approach led to costly litigation to establish the dates of the invention. Instead, US law will mirror the legal position in Europe, with the right of ownership going to the first person to file a patent application. This change will take effect in 18 months’ time.

Top 100 Battle for European Business Awards

2011-09-16T01:35:00.000-07:00

More than 100 companies have been awarded a ‘Ruban d’Honneur’ prize in the penultimate stage of the European Business Awards, sponsored by HSBC.

Successful companies include Software AG, Harrods, THY DO & CO A.Ş, Repsol, Solairedirect, Companeo, Sheffield Forgemasters, Eurocash and Amadeus IT Group, representing nations across Europe.

Some of Europe’s most dynamic businesses have survived intensive and rigorous judging to make it onto the finalists list. With victory in their sights they now have a chance to be crowned as one of eleven overall category winners in the Awards.

Adrian Tripp, Chief Executive of the European Business Awards, said: “Receiving a Ruban d’Honneur is a major success. It promotes the fact that you’re up there with the best businesses across the European community. This year has been tough on the judging panel as we’re seeing businesses emerge from economic difficulties and come out fighting and delivering some great entries. The mood is confident, ebullient and highly competitive.”

Could Europe's Political Project Go the Way of the US Confederacy?

2011-07-12T02:45:00.000-07:00

http://www.huffingtonpost.com/james-k-galbraith/could-europes-political-p_b_894797.html

Inflation's Killing Optimism - Europe When The Dust Settles

2011-07-12T02:42:00.000-07:00

Most of this week's global economic overviews are finally bringing inflation into public view. UK house prices may edge up a little, but the inflationary impact will continue to erode any real gain. The housing market is still subdued because of limited access to finance, especially for first time buyers; the prospect of not making any real gain for 10 years, according to PWC report, is hardly an incentive to invest - even then, the gain is estimated at only a 53% chance. Better to rent and save in a bank if you want to be sure of a return?

In Brazil, consumer demand is pressing inflationary buttons, which risks export capacity and inward foreign investment.

Add a tumultuous European finance system and the risk of hyper-inflation following defaults, and all stoicism takes a tsunami still battering.

When the dust settles, Europe will look more like a nation state, a stronger, more stable federation. The alternative is a constant cycle of doom and bust.

Trichet Advocates A New European Confederation

2011-06-30T06:55:00.000-07:00

Jean-Claude Trichet, President of the European Central Bank, spoke Wednesday of the need for a new European confederation of sovereign states during an open session of the European Parliament’s Monetary Dialogue in Brussels. The outgoing ECB chief was praised by MEPs for his steady tenure and was received gracefully despite his refusal to answer many of their Greece-focused questions.

Trichet repeatedly asserted the ECB’s role is concerned principally with the Euro-Zone’s 17 members, and with clear consideration for the EU’s 27 Member States. It is the role of the ECB to deliver economic stability, but it is not the Bank’s role to interfere with the sovereign decisions of individual Member States.

His confidence in the ECB’s work to date was illustrated with comparisons vis-a-vis the United States. Trichet used the example of the USA as a means to explain some good models to follow, especially in relation to the transparency of Government data. He established that the US model of federation is not appropriate for Europe, but that changes to Europe’s economic and political governance will be needed to ensure future economic stability.

Full Article: Trichet Advocates A New European Confederation

Napolitano Lauds 'Program Global Shield' In Brussels

2011-06-24T01:58:00.000-07:00

Over 33 metric tons of chemicals that could have been used to make thousands of explosive devices have been seized in 'Program Global Shield', an international operation to stop the trade in these bomb-making materials, Department of Homeland Security Secretary Janet Napolitano said June 23 in a speech in Brussels.

Napolitano joined World Customs Organization Secretary General Kunio Mikuriya and European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud Algirdas Šemeta at the WCO to announce the results of this program, which marks the first time that participating WCO members have joined forces to keep bomb-making chemicals out of the hands of organizations involved in terror and other transnational organized crime.

In 2010, approximately 50,000 people were killed or injured by terrorist attacks, and the U.S. National Counterterrorism Center says that more than half of these deaths and injuries were caused by improvised explosive devices (IEDs) that use certain chemicals - such as ammonium nitrate and hydrogen peroxide - as key ingredients.

While in Brussels, Secretary Napolitano also signed a joint statement with European Transport Commissioner Siim Kallas, Commissioner for Home Affairs Cecilia Malmström, and Commissioner Šemeta that aims to boost U.S.-EU cooperation on supply chain security.

Following her remarks to the WCO Council , Secretary Napolitano was joined by U.S. Customs and Border Protection (CBP) Commissioner Alan Bersin, U.S. Immigration and Customs Enforcement (ICE) Director John Morton and National Protection and Programs Directorate (NPPD) Under Secretary Rand Beers to participate in an event hosted by the Transatlantic Policy Network, bringing together industry, policy makers and shapers, and legislators to discuss the importance of a secure and resilient supply chain to transatlantic and global security.

Earlier this week, Secretary Napolitano traveled to London she met with international counterparts to discuss global collaboration to ensure the security and resilience of the global supply chain against possible threats and disruptions, and the Netherlands where she toured operations at Schiphol Airport and the Port of Rotterdam and met with customs, maritime, airline, shipping and security leaders to discuss the importance of a resilient and secure global supply chain.

Parliament and Commission to launch new register for lobbyists

2011-06-23T01:00:00.001-07:00

Parliament and the Commission will launch their joint "transparency register" for lobbyists and other interest groups on Thursday 23 June. This new register, which merges the two institutions' existing ones, will mean that lobbyists need register only once. It will also provide a "one-stop shop" for citizens seeking information on lobbyists.

The transparency register will provide more information than its predecessors, such as how many people are involved in any activities relating to the register, and any EU funding or support received by the registrant. It will also set out procedures for handling complaints and sanctions. Registration in the joint register will not be mandatory, but MEPs have decided that all lobbyists wishing to enter Parliament's premises will have to register.

Vice-President Diana Wallis, who led Parliament's negotiating team on the issue, said: "By launching this joint register for interest representatives between the Commission and the Parliament, I hope that we will help to instill a more solid culture of transparency in Brussels. Up until now, there may have been some confusion. Now there can be none: one register, one place to sign up."

Ms Wallis added: "For all those who want to take part in the EU policy-making process, this register will also demonstrate that our institutions are working together. This is why I am thrilled that the Council has now announced its willingness to take steps in joining us."

A joint press conference of Vice-President Wallis and Commissioner Maroš Šefčovič will take place on Thursday 23 June at 13.00h in the Commission.

Economic governance debate: ideological differences and a need for real change

2011-06-23T00:57:00.000-07:00

MEPs from all parts of the spectrum also called on Member States to not shy away from decision-making systems which would end political back-scratching, this being the only way to achieve a truly revamped governance system.

The six MEPs responsible for shepherding the package through Parliament took the floor at the start of the debate.

According to Corien Wortmann-Kool (EPP, NL), "We need credible decision-making procedures for the new rules to work. If Member States do not undertake effective reforms we need to have measures which will truly kick in."

Diogo Feio (EPP, PT) argued "The new rules will place more attention on indebtedness and not only deficits. We will also be able to have an efficient system to reduce the debt which has piled up. Member States with their finances in shape see their economies grow."

In the view of Elisa Ferreira (S&D, PT), "This package is not the response which the EU needs because it does not alter the excessive focus on austerity. On the other hand we have new tools to correct imbalances before they become real problems and that is to be welcomed."

Sylvie Goulard (ALDE, FR) maintained "We are pushing for discipline not for discipline's sake but to protect the Euro. Markets will not buy an agreement just because it is concluded quickly. They do not want superficial solutions. And the ECB is also backing our ambition."

According to Carl Haglund (ALDE, FI), "We are at a crossroads to change our past. We need automatic procedures because the last years have shown that when decisions were needed, they were not taken."

Vicky Ford (ECR, UK) believed that "Bad budget planning has contributed to the crisis we are in. The new standards we will have for drawing up national budgets will instil the necessary discipline."

Philippe Lamberts (Greens/EFA, BE), shadow rapporteur for his group on all texts of the package, contended that "We do need fiscal discipline but also discipline to invest. The new rules being tabled are only about austerity. Citizens will prove us right in the election booths of France in 2012 and Germany in 2013."

Solar Plane Lands In Brussels

2011-05-13T14:06:00.000-07:00

http://www.solarimpulse.com/

European Solar Flights

In 2008, the European Commission decided to sponsor Bertrand Piccard's and André Borschberg's project even before the solar airplane existed. Now that Solar Impulse has succeeded in flying day and night without fuel, it is only natural that Brussels should be chosen as its first destination. The airplane will be displayed to the European institutions there from 23 to 29 May and will then fly on to the Paris International Air Show in Paris-Le Bourget, where it has been invited as the « Special Guest » from 20 to 26 June 2011.

China Retains Leadership Position, US Slows

2011-05-12T07:53:00.000-07:00

Capgemini Consulting, has announced figures from the latest edition of its Global Trade Flow Index. Its analysis reveals a decline in global trade flow levels, as a direct impact of the earthquake disaster in Japan and the resulting effect on trade with major economies. The analysis also highlights continued growth in China as it retains its position as global leader in overall trade volumes, beating previous forecasts that the US would regain its leadership position.

Captain America

2011-05-10T11:35:00.001-07:00

European Parliament Kicks Off Festival of Europe

2011-05-06T12:47:00.000-07:00

Biodiversity - winners & losers

2011-05-06T12:45:00.000-07:00

MEPs Positive about Bulgaria and Romania's Schengen Bid

2011-05-06T12:44:00.000-07:00

Hotel Verta - Review by Briege Clenaghan - European Business Express

2011-05-06T12:28:00.000-07:00

Hotel Verta - Review by Briege Clenaghan - European Business Express

Tivoli Jardim Hotel, Lisbon, Portugal - European Business Express

2011-05-06T12:27:00.001-07:00

Tivoli Jardim Hotel, Lisbon, Portugal - European Business Express

The Chedi Club, Bali - European Business Express

2011-05-06T12:27:00.000-07:00

The Chedi Club, Bali - European Business Express

European Business Express Recommends

2011-05-06T12:26:00.001-07:00

European Business Express Recommends

Aruna Seth - Shoes, Style - European Business Express

2011-05-06T12:26:00.000-07:00

Aruna Seth - Shoes, Style - European Business Express

Cad and the Dandy - DNA Suit Range - European Business Express

2011-05-06T12:25:00.000-07:00

Cad and the Dandy - DNA Suit Range - European Business Express

Ford's Mulally Preps Innovation Speech

2011-02-09T06:00:00.000-08:00

Ford CEO Alan Mulally To Highlight European Introduction Of Ford SYNC™ With MyFord Touch

European Business Express

MicroBank, Financing The Future Of Spain

2011-02-03T07:24:00.000-08:00

José Francisco de Conrado, Chairman of MicroBank, tells the story of how one day his assistant told him someone was in reception wanting to talk to the Chairman, not a manager, only the Chairman would do, he said. So the assistant invited him in, and he said he wanted to thank the Chairman personally. He had been working in a supermarket, but with the recession he was made redundant. He really didn’t know what to do. He felt at 55 years old he was on the scrapheap. But, he had an idea.

HSBC, Looking East: The Changing Face of World Markets

2011-02-03T07:22:00.002-08:00

According to data from HSBC, China will be the biggest economy in the world by the end of the decade. Indeed, it is thought that by 2030 Asia’s economy could be larger than that of the US and European Union combined. However, for many European companies, Asia is still an unknown territory which can be seen to offer huge opportunities as well as threats.

Capgemini Global Trade Flow Index Reveals United States Regained First Place Ahead of China in Q4 2010

2011-02-03T07:22:00.000-08:00

Capgemini Consulting, the global strategy and transformation consulting brand of the Capgemini Group, has announced figures from the latest edition of its Global Trade Flow Index*. Its analysis shows continued growth in global trade flows in Q4 2010, with an increase of 2.5 percent, although at a slightly slower pace than the 4.67 percent trade growth recorded in Q3 2010, due to the threat of a sovereign debt crisis in the EU and inflation in developing economies.

Brent Crude Oil Hits $100 A Barrel

2011-02-01T03:09:00.000-08:00

The price of Brent crude oil has hit $100 a barrel for the first time since October 2008 on concerns about the political unrest in Egypt.

Analyst David Hunter from M&C Energy Group, one of the largest purchasers of energy in the UK, commented.

"The Brent crude oil price has been inching towards the $100/barrel level for weeks now, and M&C predicted it would breach the target. All traders needed was a specific reason, and the spreading of North African political unrest towards the Middle East has been the catalyst.

"There are concerns over possible disruption to supply from the Gulf states, particularly via Egypt's Suez canal, which sees as much as 4 million barrels pass through each day by tanker or pipeline. Although unlikely, should this vital supply route be cut there would be major implications for European supply of oil, and potentially liquefied natural gas.

"In recent days and weeks, we have seen prices at the pump head towards record levels in the UK, and a scandal in domestic heating oil just before Christmas. While OPEC and Saudi Arabia are moving to reassure Western consumers that supply is plentiful, the effects of the $30 gain in oil prices since the summer are being felt in the wallets of already stretched British consumers."

US Elections - Meg-a-Bucks Gets Beaten By Crazy Jerry

2010-11-03T04:31:00.000-07:00

The California Governor's Race - Meg of eBay spent £800m and lost. Jerry Brown spent his pocket money and won.

Why? They liked crazy Jerry, and didn't connect with Meg.

'The Political Brain' by Drew Westen explains, empirically, why this is - emotional response.

Emotion vs. Reason - emotion wins, and a brain scan shows why.

Marketing, the same.

You don't need Meg's money, you need Jerry's smile and empathy.

Capgemini Q2 Global Trade Index Published

2010-11-01T14:08:00.000-07:00

Capgemini Consulting, the global strategy and transformation consulting brand of the Capgemini Group, has announced figures from the fourth edition of its Global Trade Flow Index*, which tracks trade by quarter based on the latest available official data...

Capgemini Trade Index - European Business Express

C'Mon Cameron, If Only The UK Was As Efficient As The EU

2010-10-28T08:42:00.000-07:00

It's own worst ambassador, as always, the European Union failed to make the case for asking for more money. Instead, it feeds the right-wing intent on demolishing the very many positives the UK gains from the EU.

Not a single spokesperson could be heard advocating the merits of the EU, or the massive achievements enacted from the European civil service, a service which remains tiny, effective and efficient by comparison with the lumbering mammoths found in many of Europe's capitals.

The problem with talking to yourself is that nobody else listens. The European Union must stop talking about democratic deficits and consider the consequences of its own public relations deficiencies.

Score Card: 3 / 10. Could do better Snr Barroso.

Europe's Trade Deficit Widens

2010-10-15T05:08:00.000-07:00

The first estimate for the euro area (EA16) trade balance with the rest of the world in August 2010 gave a 4.3 bn euro deficit, compared with -2.8 bn in August 2009. The July 20102 balance was +6.2 bn, compared with +11.9 bn in July 2009.

In August 2010 compared with July 2010, seasonally adjusted exports rose by 1.0% and imports by 1.8%.

The first estimate for the August 2010 extra-EU271 trade balance was a 17.3 bn euro deficit, compared with -12.4 bn in August 2009. In July 20102 the balance was -6.2 bn, compared with +0.5 bn in July 2009. In August 2010 compared with July 2010, seasonally adjusted exports fell by 0.1%, while imports rose by 1.3%.

Source: Eurostat

US Airways Expands European Routes

2010-09-24T08:32:00.000-07:00

US Airways Expands European Routes

See the new Madrid and Dublin schedules on European Business Express

Lisbon - The Experience

2010-08-23T02:36:00.000-07:00

Just back from Lisbon. Watch out for 'Lisbon, The Experience' a special EBX supplement early next year.

IMF Frowns On Hungarian Monetary Poilcy

2010-07-27T05:01:00.000-07:00

Listen to this week's FT Beyond BRICS podcast: The IMF's thumbs down for Hungary; the surprisingly small rate hike in Brazil; Indonesia's potential bubble; Apple's iPhone 4 exchanging hands in China for inflated rates

Click Here To Listen

The political genius of supply-side economics | Martin Wolf's Exchange | FT.com

2010-07-26T04:47:00.000-07:00

The political genius of supply-side economics | Martin Wolf's Exchange | FT.com#more-506#more-506

With the US trapped in depression, this really is starting to feel like 1932 - Telegraph

2010-07-26T04:46:00.000-07:00

With the US trapped in depression, this really is starting to feel like 1932 - Telegraph

UK Economy Grows Most in Four Years... but

2010-07-23T03:01:00.000-07:00

Here are the reasons why caution is the word today, despite encouraging results - Stephanie Flanders BBC blog: Economy Caution

Mercedes-Benz.tv: Two top motifs - Eva and the GLK

2010-07-22T05:19:00.000-07:00

UK Budget Stealth Tax

2010-06-24T07:54:00.000-07:00

The four-year freeze on Inheritance Tax allowance confirmed in the United Kingdom's June Budget represents a major tax increase in real terms on thousands of families in Northern Ireland.

Describing the move as a ‘stealth tax’, NI independent financial advisor Stephen Hill said that the move would seriously impact on the money passed from family members.

He believes that the freeze on the nil rate band, first mooted in the emergency March budget, has slipped under the radar and that local people here do not fully appreciate the potential impact. “This freeze is tantamount to a huge increase in inheritance tax,” said Mr Hill, of S Hill & Co Investment Advisors.

Read More

DC Seals The Deal

2010-05-12T04:57:00.000-07:00

So, that's that then. David Cameron is the newly, and finally elected, Prime Minister of Great Britain and Northern Ireland. As opposed to his election as one might have been, just might have been, it is time to wish him well. His boldness and determination will be needed to maintain Britain's fragile coaltion with Nick Clegg's Liberal Democrats.

If the coalition lasts, it will be the Liberal Democrats which take the harsh edge off insensitive Tory policies. Unchecked, Cameron and Osborne would likely push too hard, too soon in what they see as the national interest, not noticing the trail of public destruction they would leave in their wake. The brutal excellence of capitalism and market renewal is less easily applied to families, to the young and the old. Losing your job is losing your job.

So, that's that then, David Cameron. We wish you well. Walk steady, walk tall, tread gently.

Near Miss

2010-05-05T03:37:00.000-07:00

There was a crucial moment when Nick Clegg was missing from the political radar, but when he popped up at the debates, the political police, the FBI of policy, nabbed him, and suddenly he just wasn't Mr Popular.

Weeks of scrutiny are putting Clegg's Liberal Democrats back where they belong, in a vaguely relevant position.

With this election too close to call, Labour and the Conservatives are playing the roles of big banker and small business. Dave 'The Banker' Cameron, pretends to be offering the best deal on the High Street, but really, it's only for those with big fat wallets. Gordon 'I'm not sure I agree with Nick anymore' Brown, is the MD of a business which did well in the good times, but just can't catch a break when the squeeze is squeezing.

Dave pretends he really, really understands the plight of the British people, and feels a little sorry they didn't get bailed out, like him, in life's fiscal lottery. Gordon 'gets it', though what every MD will tell you; when your back's against the wall, telling consumers their service levels will improve next year just doesn't cut it.

Gordon has turned a profit into a loss. Dave has one lesson left to lend to Gordon - what every big bank will tell you - some businesses are too big to fail. Labour may be politically insolvent, but they are still in the game, and with a little luck, a little pleading, and stone cold plausability, they may yet win the largest number of seats. If not, Cameron will call in the nation's overdraft, and we will feel a squeeze that will make many squeal.

"I'm sorry, oh, so sorry..."

2010-04-30T15:21:00.000-07:00

The ghost of Major past is lurking.

Former British Prime Minister John Major's monumental ransacking of political polls in the final week of campaigning is keeping alive the hopes of Labour Party diehards.

Major defied the settled political wisdom of the time to squeak home with a narrow majority. A softening of the Liberal Democrat's inflated poll figures would help ensure Labour retains the majority of seats, and if Labour finishes no worse than second, the opportunity to form a coalition government will remain.

By his own admission, he's a bit biased, but worth a read: http://www.alastaircampbell.org/blog.php

EU27 Unemployment Rate Reaches 9.5%

2010-01-08T08:18:00.001-08:00

The euro area (EA16) seasonally-adjusted unemployment rate was 10.0% in November 2009, compared with 9.9% in October. It was 8.0% in November 2008. The EU27 unemployment rate was 9.5% in November 2009, compared with 9.4% in October. It was 7.5% in November 2008. For the euro area this is the highest rate since August 1998 and for the EU27 since the start of the series (January 2000).

Eurostat estimates that 22.899 million men and women in the EU27, of whom 15.712 million were in the euro area, were unemployed in November 2009. Compared with October, the number of persons unemployed increased by 185 000 in the EU27 and by 102 000 in the euro area. Compared with November 2008, unemployment went up by 4.978 million in the EU27 and by 3.041 million in the euro area.

Among the Member States, the lowest unemployment rates were recorded in the Netherlands (3.9%) and Austria (5.5%), and the highest rates in Latvia (22.3%) and Spain (19.4%).

Compared with a year ago, all Member States recorded an increase in their unemployment rate. The smallest increases were observed in Germany (7.1% to 7.6%), Luxemburg (5.2% to 6.0%) and Malta (6.2% to 7.0%). The highest increases were registered in Latvia (10.2% to 22.3%), Estonia (6.5% to 15.2% between the third quarters of 2008 and 2009) and Lithuania (6.4% to 14.6% between the third quarters of 2008 and 2009).

Source: Eurostat

Air Passenger Transport Up by 0.6% in 2008

2009-12-08T03:46:00.000-08:00

Declining Trend Through The Year

The total number of passengers transported by air in the EU27 rose by 0.6% in 2008, compared with 2007, to 798 million. This was the lowest annual growth rate in the EU since 2002.

Data lag does not give a clear indication of the sector today, but points to demand resilience in a very turbulent economy. As Europes' economies recovery, demand for air travel is expected rebound quickly.

Passenger numbers rose by 6.1% in the first quarter of 2008, compared with the same quarter of 2007, and by 3.0% in the second quarter, then they fell by 0.4% in the third quarter and by 5.6% in the fourth quarter.

In the EU27, the number of passengers on extra-EU flights rose by 4.2% in 2008, compared with 2007, to 282 million. The number of passengers decreased by 0.5% to 345 million on intra-EU flights, and by 2.9% to 171 million on national flights.
These figures are published in a report2 from Eurostat, the Statistical Office of the European Communities, on air transport in the EU27 in 2008. This report also looks in detail at national, intra-EU and extra-EU air transport passengers, as well as the most important airport pairs, nationally and internationally.
London/Heathrow, Paris/Charles de Gaulle and Frankfurt/Main busiest passenger airports

In 2008, the highest numbers of passengers were registered in the United Kingdom (214 mn, -1.6% compared with 2007), Germany (166 mn, +1.2%), Spain (161 mn, -1.3%), France (123 mn, +2.2%) and Italy (105 mn, -1.0%). The number of air passengers rose in 21 Member States and fell in six. The highest increases in the number of air passengers were recorded in Latvia (+16.8%), Romania and Slovakia (both +16.3%) and Lithuania (+16.2%), and the largest decreases in Hungary (-1.8%), the United Kingdom (-1.6%) and Spain (-1.3%).

Among the top ten airports in terms of passengers carried in 2008, only three registered increases in the number of passengers: Paris/Charles de Gaulle (+1.6%), Roma/Fiumicino (+7.4%) and München (+1.7%). London/Heathrow was still the EU’s busiest passenger airport, with 67 million passengers handled in 2008, down by 1.4% compared with 2007. Paris/Charles de Gaulle (60 mn, +1.6%) and Frankfurt/Main (53 mn, -1.2%) were the second and third busiest airports, followed by Madrid/Barajas (50 mn, -1.6%) and Amsterdam/Schiphol (47 mn, -0.7%).

London/Heathrow (39 mn) handled the most extra-EU passengers, Amsterdam/Schiphol (27 mn) the most intra-EU passengers and Madrid/Barajas (21 mn) the most national passengers.

Madrid - Barcelona, Roma - Milano, Paris - Toulouse and Paris - Nice busiest national routes. In 2008, the top five extra-EU routes all involved London Heathrow. The corresponding extra-EU airports in these five airport pairs were New York/JFK (2.8 mn, -1.3% compared with 2007), Dubai International (1.7 mn, +5.1%), Hong Kong International (1.5 mn, +2.8%), Los Angeles International (1.5 mn, +3.9%) and Chicago/O'Hare (1.5 mn, -9.0%).

The busiest national routes in 2008 were Madrid/Barajas - Barcelona with 3.5 million passengers, although down by 24.4% compared with 2007, Roma/Fiumicino - Milano/Linate (2.5 mn, -1.1%), Paris/Orly - Toulouse Blagnac (2.3 mn, -0.1%) and Paris/Orly - Nice/Côte d'Azur (2.3 mn, -1.3%). The busiest intra-EU routes were London Heathrow - Dublin (1.8 mn, -8.2%) and London Heathrow - Amsterdam/Schiphol (1.7 mn, -5.0%).

Source: Eurostat

EU17 Industrial Producer Prices Down 0.7%

2009-11-04T04:51:00.000-08:00

Prices Weaken For EU 27, But Bulgaria Climbs As UK Drops Further

In September 2009 compared with August 2009, the industrial producer price index fell by 0.4% in the euro area (EA16) and by 0.7% in the EU272. In August, prices increased by 0.5% in both zones.

In September 2009 compared with September 2008, industrial producer prices dropped by 7.7% in the euro area and by 7.3% in the EU27.

Monthly changes

In September 2009, compared with the previous month, prices in total industry excluding the energy sector remained stable in both the euro area and the EU27. Prices in the energy sector fell by 1.9% and 2.6% respectively. In both zones, durable consumer goods and non-durable consumer goods decreased by 0.1%, while intermediate goods increased by 0.2%. Capital goods declined by 0.1% in the euro area, but remained stable in the EU27.

Among Member States for which data are available, the highest increases in the total index were recorded in Bulgaria (+1.2%), Estonia (+0.4%), Cyprus and Slovenia (both +0.3%). The largest decreases were observed in Greece, Finland and the United Kingdom (all -0.8%) and Lithuania (-0.7%).

Source: Eurostat

Industrial New Orders Up by 2.0% in Euro Area

2009-10-26T10:38:00.000-07:00

Industrial new orders up by 1.2% in EU27

In August 2009 compared with July 2009, the euro area1 (EA16) industrial new orders index2 rose by 2.0%. In July3 the index increased by 3.0%. In the EU271 new orders grew by 1.2% in August 2009, after an increase of 1.6% in July3. Excluding ships, railway & aerospace equipment4, for which changes tend to be more volatile, industrial new orders rose by 2.4% in the euro area and by 2.0% in the EU27.

In August 2009 compared with August 2008, industrial new orders decreased by 23.1% in the euro area and by 22.3% in the EU27. Total industry excluding ships, railway & aerospace equipment4 dropped by 22.7% in the euro area and by 22.2% in the EU27.

These estimates are released by Eurostat

Euro Area Unemployment Reaches 9.6%

2009-10-01T02:10:00.000-07:00

The euro area (EA16) seasonally-adjusted unemployment rate was 9.6% in August 2009, compared with 9.5% in July. It was 7.6% in August 2008. The EU27 unemployment rate was 9.1% in August 2009, compared with 9.0% in July. It was 7.0% in August 2008. For the euro area this is the highest rate since March 1999 and for the EU27 since March 2004.

Eurostat estimates that 21.872 million men and women in the EU27, of which 15.165 million were in the euro area, were unemployed in August 2009. Compared with July, the number of persons unemployed increased by 236 000 in the EU27 and by 165 000 in the euro area. Compared with August 2008, unemployment went up by 5.008 million in the EU27 and by 3.224 million in the euro area.

These figures are published by Eurostat, the Statistical Office of the European Communities.
Among the Member States, the lowest unemployment rates were recorded in the Netherlands (3.5%) and Austria (4.7%), and the highest rates in Spain (18.9%) and Latvia (18.3%).

Compared with a year ago, all Member States recorded an increase in their unemployment rate. The smallest increases were observed in Belgium (7.5% to 7.9%) and Germany (7.2% to 7.7%). The highest increases were registered in Latvia (7.4% to 18.3%) and Estonia (4.1% to 13.3% between the second quarters of 2008 and 2009).

Between August 2008 and August 2009, the unemployment rate for males rose from 7.0% to 9.4% in the euro area and from 6.7% to 9.1% in the EU27. The female unemployment rate increased from 8.3% to 9.8% in the euro area and from 7.5% to 9.0% in the EU27.

In August 2009, the youth unemployment rate (under-25s) was 19.7% in the euro area and 19.8% in the EU27. In August 2008 it was 15.6% and 15.5% respectively. The lowest rate was observed in the Netherlands (6.3%), and the highest rates in Spain (39.2%) and Lithuania (31.2% in the second quarter of 2009).

The unemployment rate was 9.7% in the USA in August 2009. In Japan it was 5.7% in July 2009.

Euro Zone External Trade Surplus Reaches 4.6 bn Euro

2009-08-17T07:08:00.000-07:00

But 4.3 bn Euro Deficit for EU27

The first estimate for the euro area1 (EA16) trade balance with the rest of the world in June 2009 gave a 4.6 bn euro surplus, compared with 0.0 bn in June 2008. The May 20092 balance was +2.1 bn, compared with -3.8 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.1%, while imports remained stable.

The first estimate for the June 2009 extra-EU271 trade balance was -4.3 bn euro, compared with -19.3 bn in June 2008. In May 20092 the balance was -7.2 bn, compared with -20.7 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.3% and imports by 1.4%.

These data3 are released by Eurostat, the Statistical Office of the European Communities.
EU27 January-May 2009 detailed results

The EU27 energy deficit decreased (-92.9 bn euro in January-May 2009 compared with -147.9 bn in January-May 2008), while the surplus fell for machinery and vehicles (+36.3 bn compared with +59.8 bn) and chemicals (+31.1 bn compared with +32.7 bn).

EU27 trade flows with all of its major partners fell. The largest decreases were recorded for exports to Russia (-39% in January-May 2009 compared with January-May 2008), Turkey (-33%), South Korea (-23%) and Norway (-22%), and for imports from Russia (-43%), Japan and Brazil (both -29%), Norway and Turkey (both -28%).

The EU27 trade surplus fell with the USA (+11.5 bn euro in January-May 2009 compared with +27.3 bn in January-May 2008) and Switzerland (+4.8 bn compared with +8.0 bn). The EU27 trade deficit decreased with China (-55.8 bn compared with -60.9 bn), Russia (-16.4 bn compared with -31.1 bn), Norway (-13.3 bn compared with -19.9 bn) and Japan (-9.1 bn compared with -15.0 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+46.3 bn euro in January-May 2009), followed by Ireland (+15.6 bn) and the Netherlands (+13.8 bn). The United Kingdom (-38.0 bn) registered the largest deficit, followed by France (-24.4 bn), Spain (-20.7 bn), Greece (-11.6 bn) and Portugal (-6.8 bn).

Source: Eurostat

EU27 GDP Falls 2.4%

2009-07-09T09:23:00.000-07:00

Among the main partners of the EU, GDP decreased by 1.4% in the US in the first quarter of 2009 (-1.6% in the previous quarter). In Japan GDP fell by 3.8% in the first quarter of 2009 (-3.6% in the previous quarter).

Euro area1 (EA16) GDP fell by 2.5% and EU271 GDP by 2.4% during the first quarter of 2009, compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2008, growth rates were -1.8% in both zones.

In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the first quarter of 2009 by 4.9% in the euro area and by 4.7% in the EU27, after -1.7% and -1.6% respectively in the previous quarter.

In the first quarter of 2009, all Member States for which seasonally adjusted GDP data are available registered a negative growth rate compared with the previous quarter, except Poland (+0.4%) and Cyprus (0.0%).

Variation in components of GDP

In the first quarter of 2009, household2 final consumption expenditure declined by 0.5% in the euro area and by 0.6% in the EU27 (after -0.4% and -0.7% respectively in the previous quarter). Investments fell by 4.1% in the euro area and by 4.5% in the EU27 (after -4.1% and -3.4%). Exports fell by 8.8% in the euro area and by 8.3% in the EU27 (after -7.3% and -6.6%). Imports decreased by 7.6% in the euro area and by 7.8% in the EU27 (after -5.2% and -5.4%).
US GDP down by 1.4%, Japanese GDP down by 3.8%

Among the main partners of the EU, GDP decreased by 1.4% in the US in the first quarter of 2009 (-1.6% in the previous quarter). In Japan GDP fell by 3.8% in the first quarter of 2009 (-3.6% in the previous quarter).

Compared with the first quarter of 2008, GDP declined by 2.5% in the US (-0.8% in the previous quarter) and decreased by 8.4% in Japan (-4.4% in the previous quarter).

Industrial Orders Fall 1.0% in Euro Zone

2009-06-25T08:22:00.000-07:00

Industrial new orders down by 1.0% in euro area. Down by 0.5% in EU27.

In April 2009 compared with March 2009, the euro area1 (EA16) industrial new orders index2 fell by 1.0%. In March3 the index decreased by 0.2%. In the EU271 new orders declined by 0.5% in April 2009, after dropping by 0.5% in March3. Excluding ships, railway & aerospace equipment4, for which changes tend to be more volatile, industrial new orders decreased by 0.9% in the euro area, but increased by 0.3% in the EU27.

In April 2009 compared with April 2008, industrial new orders decreased by 35.5% in the euro area and by 35.0% in the EU27. Total industry excluding ships, railway & aerospace equipment4 dropped by 35.3% in the euro area and by 33.8% in the EU27.

EU27 Tax Ratio at 39.8% of GDP in 2007

2009-06-23T05:44:00.000-07:00

Steady decline in top personal and corporate income tax rates since 2000

The overall tax-to-GDP ratio1 in the EU272 was 39.8% in 2007, a slight increase from 39.7% in 2006. The EU27 tax ratio, which stood at 40.6% in 2000, fell to 38.9% by 2004 and then started to rise.

The overall tax ratio in the euro area2 (EA16) was 40.4% in 2007, and also rose slightly from 40.3% in 2006. Since 2000, taxes in the euro area have followed a similar trend to the EU27, although at a slightly higher level.

In comparison with the rest of the world, the EU27 tax ratio remains generally high, exceeding those of the USA and Japan by some 12 percentage points. However, the tax burden varies significantly between Member States, ranging in 2007 from less than 30% in Romania and Slovakia (both 29.4%) and Lithuania (29.9%), to a little less than 50% in Denmark (48.7%) and Sweden (48.3%).

Since 2000, significant changes in tax-to-GDP ratios have taken place in several Member States. The largest falls were recorded in Slovakia, where the overall tax burden dropped from 34.1% in 2000 to 29.4% in 2007, and Finland (from 47.2% to 43.0%). The highest increases were observed in Cyprus (from 30.0% to 41.6%) and Malta (from 28.2% to 34.7%).

Source: Eurostat

Madrid Region Gets EUR 397m Investment Boost

2009-06-19T08:30:00.000-07:00

EIB lends EUR 397 million to Madrid Region

This morning in Madrid, the European Investment Bank (EIB), represented by its Vice-President Carlos da Silva Costa, and the Madrid Region, represented by its President Esperanza Aguirre, signed two loan contracts totalling EUR 397 million for financing investment in educational facilities and the extension of Madrid’s metro network.

Vice-President Carlos Costa stressed that “the signing of these two loans constitutes another step forward in the cooperation between the EIB and the Madrid Region, which goes back more than 20 years. As in the past, these bankable major projects are backed by a competent and experienced promoter, which is why the Madrid Region is one of the biggest recipients of EIB loans in Spain”.

The first operation is a direct EUR 320 million loan to the Region designed to finance works involving 415 colleges and pre-school, primary, secondary and vocational training establishments spread across the region. The project comprises the construction of new schools and the refurbishment and expansion of existing schools, along with the provision of furniture and equipment. It will meet the need to increase the number of school places in the region, whose population is constantly growing, and to upgrade teaching facilities and adapt them to the new learning environment.

MINTRA, a public entity set up by the Madrid Region, will receive the second EUR 77 million loan to finance the extension of lines 2 and 11 of the Madrid Metro. Line 2 will be extended by 4.6 km and get four new stations. Line 11 will be extended by 3.2 km and get one new station. It is estimated that the project will benefit some 83 000 users.

Both the investment in human capital (the construction of more than 400 colleges) and the improvement of key infrastructure (the metro network) will foster the sustainable development of the Madrid region.

The EIB is the EU’s long-term financing institution promoting European objectives. Founded in 1957, it operates in the 27 EU Member States and over 130 other countries worldwide.
EIB financing operations are mounted in the framework of well-defined EU policies.

Construction Output Up 0.6% in Euro

2009-06-17T05:11:00.000-07:00

Construction output has risen by 0.6% in the euro area, and it's up by 0.7% in the EU27.

In the construction sector, seasonally adjusted production1 increased by 0.6% in the euro area2 (EA16) and by 0.7% in the EU272 in April 2009, compared with the previous month.

In March3, production rose by 0.6% and by 0.1% respectively. Compared with April 2008, output in April 2009 dropped by 4.7% in the euro area and by 5.1% in the EU27.

Source: Eurostat

Euro Area Labour Costs Rose by 3.7%

2009-06-16T15:41:00.000-07:00

Euro area labour costs rose by 3.7% in the first quarter of 2009, compared with first quarter 2008. The EU27 rose by 1.5%. Delfationary risks appear to be easing, but structural weakness persists in the EU's top heavy production costs.

Total hourly labour costs in the euro area (EA16) rose by 3.7% in nominal terms in the year up to the first quarter of 2009, compared with 4.0% for the previous quarter2. In the EU27, the annual rise was 1.5% up to the first quarter of 20093, compared with 4.5% for the previous quarter2.

The two main components of labour costs are wages and salaries and non-wage costs. In the euro area, wages and salaries grew by 3.6% in the year up to the first quarter of 2009, and non-wage costs by 4.5%, compared with 3.9% and 4.4% respectively for the fourth quarter of 2008.

In the EU27, wages & salaries rose by 1.1% and the non-wage component by 3.1%. For the previous quarter the corresponding rates were 4.5% and 4.6%.

The breakdown by economic activity shows that in the euro area hourly labour costs rose at an annual rate of 6.1% in industry, 3.6% in construction and 2.4% in services up to the first quarter of 2009. In the EU27, labour costs grew by 5.2% in industry and 2.8% in construction, but fell by 0.5% in services.

Source: Eurostat, the Statistical Office of the European Communities.

Atonement - All That Glisters Is Not Gold

2009-06-16T07:26:00.000-07:00

European Business Express ran this editorial two years ago, just as we were all learning to say 'sub-prime'. Get ready for a return to high oil prices and a steady climb in housing demand.

Atonement, starring Keira Knightley, opened this year’s Venice Film Festival. A galling tale of perception and deceit, it has at its core Shakespeare’s message from The Merchant of Venice, “All that glisters is not gold.” Gold has passed out of fashion, but with some analysts predicting prices of $1000 an ounce, the Gold Standard is making a return.

Shylock would have scorned Northern Rock, accused and applauded the Bank of England in suitable measure, and suffered greatly with a daughter such as Knightley’s character ‘Cecilia’, ensnared by confusion and an unrelenting tide of events.

Ms Knightley’s publicist would punch out weight-loss denials at mere mention of a pound flesh, but could do little to assuage concerns that financial markets are anorexic. Markets are currently adjusting to ongoing sub-prime turbulence, but it is a play on words.

Innovation and increasingly perfect information have conspired to encourage risk-taking. This will continue. The banking system relies no longer on strolls along elegant Venetian canals to gauge risk and weigh opportunity. In an instant, risk is calculated.

Investors seeking to avoid “moral hazard” will have taken no comfort as the United Kingdom’s Chancellor guaranteed the savings of Northern Rock customers. Politicians can no longer serve a ruling class. Economic growth depends on the perceived wealth of voters, their capacity to borrow and spend, their provision of tax revenue and electoral success.

We believe what we want to, what we need to. Economics is a confidence trick, gold is actually worth nothing. The current “crisis” is little more than an adjustment; perhaps a little painful for a time, but the markets will recover, and move on, for there is much to be gained from confusion and swimming with the unrelenting tide of events. When it comes to the economy, there is no atonement. It is a work of fiction.”