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Archive for 25. August 2018

Tough Times for the Tough Guys

Posted by hkarner - 25. August 2018

Chris Patten, the last British governor of Hong Kong and a former EU commissioner for external affairs, is Chancellor of the University of Oxford.

Authoritarian leaders worldwide are confronting mounting crises of their own making. But while Chinese President Xi Jinping and Russian President Vladimir Putin face slower-brewing challenges, Turkish President Recep Tayyip Erdoğan and US President Donald Trump seem to be bringing matters in their respective countries to a head.

TARN, FRANCE – Shares in strongman leaders seem to be falling. The market has not yet turned bearish, but autocrats have little reason to feel bullish.

Consider China. The internal power games of the Communist Party of China (CPC) are notoriously opaque, and rarely does political infighting reach the level at which it cannot be covered up. And yet rumbles of disquiet can clearly be heard. This month, as President Xi Jinping and his senior advisers retreated to the seaside resort of Beidaihe, rumors were circulating about growing criticism of Xi’s personality cult among the CPC rank and file. Den Rest des Beitrags lesen »

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ECB Determines Eurozone Still Needs ‘Significant’ Stimulus

Posted by hkarner - 25. August 2018

Date: 24-08-2018
Source: The Wall Street Journal

Minutes from the European Central Bank’s last meeting underscore a widening gulf with the Federal Reserve

The eurozone economy still needs “significant” stimulus from monetary policy to ensure inflation continues to climb, according to the minutes of the European Central Bank’s last meeting in late July.

The ECB’s comments underscore a widening gulf with the Federal Reserve, which in its own meeting minutes released Wednesday signaled plans to raise interest rates further in September from the current range of 1.75% to 2%.

“Overall, the uncertainties around the inflation outlook still called for caution and it was widely felt that monetary policy had to remain patient, prudent and persistent,” the ECB’s minutes said. Den Rest des Beitrags lesen »

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Britain Ramps Up Preparations for No-Deal Brexit

Posted by hkarner - 25. August 2018

Date: 24-08-2018
Source: The Wall Street Journal

Government publishes documents highlighting risks of an abrupt departure from the EU

The U.K. government published a series of documents advising businesses how to  prepare for a no-deal Brexit.

LONDON—The U.K. government on Thursday published advice for British businesses on how to prepare for an abrupt and messy break with the European Union, a move aimed at underscoring to Brussels that it is serious about walking away from talks if it doesn’t get a satisfactory deal.

But the documents—25 in all, covering subjects as diverse as how to handle nuclear materials to organic-food labeling—also highlight the risks, costs and complexity of suddenly bringing down the curtain on more than 40 years of economic integration without a deal in place, an outcome neither side says it wants.

The first batch of a planned 80 “technical notices” comes at a time of heightened concern that Britain could leave the EU in March next year without a formal agreement on what happens next—an outcome economists and policy makers say would likely cause severe economic disruption. Den Rest des Beitrags lesen »

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