Articles on this Page
- 01/09/19--23:02: _EUR/USD moves highe...
- 01/09/19--23:04: _Salvini calls for ‘...
- 01/10/19--01:32: _Italy coalition par...
- 01/10/19--01:12: _Italy Retail Sales ...
- 01/10/19--01:12: _Italy Retail Sales ...
- 01/10/19--01:52: _51 migrants rescued...
- 01/10/19--01:59: _Fiat Chrysler to se...
- 01/10/19--02:05: _YIELD GROWTH Manufa...
- 01/10/19--13:09: _Report: Las Vegas p...
- 01/10/19--15:02: _The Latest: Police ...
- 01/10/19--14:51: _The Latest: Police ...
- 01/10/19--17:28: _Paris Hilton Glams ...
- 01/10/19--19:19: _Las Vegas Police Re...
- 01/10/19--20:39: _Will Trump Rule By ...
- 01/10/19--21:57: _Spain’s 20 Years In...
- 01/10/19--23:06: _NB Private Equity: ...
- 01/11/19--00:47: _Chelsea transfer ne...
- 01/11/19--01:04: _Italy Industrial Ou...
- 01/11/19--01:04: _Italy Industrial Ou...
- 01/11/19--02:04: _Frozen Bakery Marke...
- 01/09/19--23:02: EUR/USD moves higher and tests 1.1570 on dovish FOMC
- 01/09/19--23:04: Salvini calls for ‘Italian-Polish axis’ to replace Paris-Berlin
- 01/10/19--01:32: Italy coalition parties resolve migrant spat in late-night talks
- 01/10/19--01:52: 51 migrants rescued from grounded sailboat off Italy
- 01/10/19--01:59: Fiat Chrysler to settle diesel emissions lawsuits worth $650m
- 01/10/19--02:05: YIELD GROWTH Manufactures 3 New High Profit Margin Products
- 01/10/19--15:02: The Latest: Police seek Italy's help in Ronaldo rape case
- 01/10/19--14:51: The Latest: Police seek Italy's help in Ronaldo rape case
- 01/10/19--17:28: Paris Hilton Glams Up for Night with Friend Jordan Barrett in Italy
- 01/10/19--20:39: Will Trump Rule By Decree? – OpEd
- 01/10/19--21:57: Spain’s 20 Years In The Euro: A Beneficial Straitjacket – Analysis
- 01/10/19--23:06: NB Private Equity: Transaction in Own Shares
· *The pair prints fresh 2019 highs around 1.1570 on weaker Dollar.*
· *The greenback comes all the way down to lows near the 95.00 handle.*
· *The ECB will publish its minutes for the December meeting.*
The dovish tone from the FOMC minutes on Wednesday hurt the greenback and sent *EUR/USD* to fresh YTD peaks around 1.1570.
*EUR/USD bid on FOMC, looks to ECB*
The pair is up for the second session in a row today, boosted by yesterday’s dovish message from the FOMC minutes while also supported by the broad-based positive sentiment in the risk-associated sphere.
In fact, the FOMC minutes showed members now appear more flexible on the likeliness of further tightening via rate hikes as long as domestic inflation remains under control.
In the meantime, the probability of higher rate hikes by the Fed in H1 2019 remains around the 10-12% according to CME Group’s FedWatch tool based on Fed Fund futures prices.
Later in the day, the ECB will publish its minutes from the December meeting, in what will be the only release of note in Euroland. Across the pond, a slew of Fed speakers will include Powell, Clarida, Bullard, Barkin, Evans and Kashkari. In the calendar, Initial Claims is only due.
*What to look for around EUR/USD*
In the very near term, today’s ECB minutes should bring in more details on the Council’s view on the risks facing the bank’s forecasts as well as the potential direction of the forward guidance in the next months. On the broader scenario, political effervescence in Italy, upcoming discussion over the French budget along with ongoing social unrest and the probability that German economy could enter a technical recession in Q4 are among the main headwinds facing the single currency in the next months.
*EUR/USD levels to watch*
At the moment, the pair is gaining 0.15% at 1.1558 facing the next hurdle at 1.1570 (2019 high Jan.10) seconded by 1.1621 (high Oct.16 2018) and finally 1.1733 (high Aug.28 2018). On the flip side, a breakdown of 1.1478 (100-day SMA) would target 1.1402 (21-day SMA) en route to 1.1306 (2019 low Jan.3).
Reported by FXstreet.com 4 hours ago.
Italy's far-right Interior Minister Matteo Salvini on Wednesday (9 January) said populists from Italy and Poland should spark a "European spring" to replace the centre-right influence of Germany and France, ahead of key EU elections.
Reported by EurActiv 4 hours ago.
Italy's coalition parties patched up a row over the planned arrival of boat migrants on Thursday, with hardline Interior Minister Matteo Salvini agreeing to let in a small group following late-night government talks.
Reported by Reuters India 1 hour ago.
Reported by FXstreet.com 1 hour ago.
Reported by FXstreet.com 1 hour ago.
MILAN (AP) — Italian news agency ANSA says that 51 Kurdish migrants, including six women and four children, have been rescued on a sailboat off the southern Calabria region.ANSA reported Thursday the sailboat grounded just offshore,...
Reported by New Zealand Herald 43 minutes ago.
Case over use of illegal software will settle with no admission of guilt, while 104,000 cars will be recalled
Fiat Chrysler Automobiles (FCA) has agreed to settle lawsuits worth almost $650 million over charges that diesel vehicles sold in the United States were capable of violating emissions rules, according to reports.
Talks begun back in 2017 between FCA and the Department of Justice, which sued the firm after an Environmental Protection Agency report found it has used illegal software able to turn off emission control systems under certain driving situations.
The system, similar in concept to what Volkswagen admitted to using back in 2015, is alleged to allow the vehicle to pass emissions tests before releasing higher levels of CO2 and particulate emissions in normal driving. Around 104,000 diesel cars and trucks, including the Jeep Grand Cherokee, manufactured since 2014 will be recalled in the US for installation of new software.
An FCA source claims no hardware changes are needed, and the vehicle won’t consume more fuel once it’s been fixed. After the recall, FCA will reportedly pay owners an average of $2,500 in compensation - which could total over $250 million.
Since the Volkswagen Dieselgate scandal first broke cover in late 2015, FCA has been mentioned frequently as having also used cheat devices. It was accused of having dodged the proper emissions tests in Italy, despite the company always maintaining that this wasn’t the case.
Fiat Chrysler Automobiles allowed to skip emissions tests in Italy
Fiat and Opel summoned by German emissions regulators
Jeep Grand Cherokee to be tested by Department for Transport
Why the new diesel tax rules are a farce Reported by Autocar 36 minutes ago.
VANCOUVER, British Columbia, Jan. 10, 2019 (GLOBE NEWSWIRE) -- *The Yield Growth Corp. (CSE:BOSS) (OTC:BOSQF) *is pleased to announce that it will launch three hemp-based skin care products next week under the Urban Juve brand: Vitalize Daily Face Moisturizer, Balance Daily Face Moisturizer and Align Daily Face Moisturizer. Manufacturing of these three products began this week at a GMP compliant manufacturer in accordance with the highest industry standards in Canada. The 3 batches have already finished production and are undergoing final microbial testing, which takes 5-7 days. The product will be filled after all the quality assurance work is finished so it is safe for consumer use and ready for sale.
All of these products are made with proprietary formulations containing hemp oil and are carefully crafted with natural ingredients and made without parabens, mineral oil, sulphates, artificial fragrances, dyes, formaldehyde forming agents and phthalates. The products are not tested on animals and can carry the label “cruelty free”. The product packaging for all three products is fully recyclable. The moisturizers are registered for sale with Health Canada and will soon be available for sale in Canada through the Urban Juve website and other retailers.
“I am extremely proud of our talented team for bringing these beautiful products to the retail market in under two years,” says Yield Growth CEO, Penny Green, “Once the development work is complete, the potential profit margins on these products are high. We also expect to make healthy returns on our future planned cannabis infused topicals.”
The suggested retail price for the Urban Juve moisturizers is $65 per unit, whereas the cost per unit for raw ingredients, packaging and manufacturing is under $8, yielding a potentially lucrative margin for the company. Profit margins for concentrates and infused products in the cannabis sector are estimated at around 32% - significantly higher than those typically realized by alcohol, soft drinks, and cigarettes, according to the 2016 Marijuana Business Factbook.
The steps required to bring these Urban Juve products to market included research and development, bench scaling the product formulations, manufacturing processes and sourcing of the highest grade raw materials. Urban Juve ensures all of the products go through stability testing, preservative challenges, package stability testing and microbial quality assurance. The entirety of the process, from packaging sourcing and design to production, is in compliance with Health Canada product and packaging regulations.
The moisturizers, like many of Urban Juve’s products, have been developed based on ancient Ayurvedic principles to offer a customized experience for different Ayurvedic body types which have been modernized by the Urban Juve brand as Vitalize (Vata), Balance (Pita) and Align (Kapha).
Vitalize Daily Face Moisturizer is created for deep hydration for normal to dry skin. Made with rich and warming spice essential oils, it encourages circulation for a natural glow. Balance Daily Face Moisturizer provides soothing hydration for sensitive skin. Its potent blend of juniper berry, rose water and jasmine counteracts the toxins and irritants that cause redness and flare-ups. Align Daily Face Moisturizer bestows purifying hydration for oily skin. Its herbal essential oils have antibacterial and acne fighting properties. All of the moisturizers are made with hemp oil and hydrate, reduce inflammation and nourish the skin.
*About The Yield Growth Corp.*
The Yield Growth Corp. is dedicated to the rapid, sustainable financial growth of cannabis assets. Its directors and officers have experience working at multi-billion dollar international companies including M.A.C Cosmetics, Aritzia, Skechers, Best Buy, Future Shop, Pepsi and Coca-Cola.
Yield Growth owns 100% of Urban Juve Provisions Inc., which has synthesized ancient Ayurvedic knowledge and modern techniques to create a catalogue of over 50 exceptional personal care and wellness products. Urban Juve has registered with Health Canada 26 products containing cannabis sativa hemp oil. The company has also filed 11 provisional patent applications in the United States. Urban Juve’s skin care products are sold through e-commerce and through retail stores in Canada, with distribution agreements signed for the United States and Italy. Urban Juve has licensed its formulas to Yield Growth 100% owned subsidiary UJ Topicals Inc., which is launching its cannabis topicals line through a distribution network of 400 stores in Oregon, U.S.A.
For more information about Yield Growth, visit www.yieldgrowth.com or follow @yieldgrowth on Instagram. Visit www.urbanjuve.com and #findyourjuve across social platforms to learn, engage and shop.
*Investor Relations Contacts:*
Penny Green, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
*Cautionary Statement Regarding Forward-Looking Statements*This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve and UJ Topicals products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/19706b1d-04f3-452d-a515-35c3b975801e Reported by GlobeNewswire 31 minutes ago.
A warrant issued by investigators in Las Vegas has been forwarded to the courts in Italy where Ronaldo plays, according to the Wall Street Journal.
Reported by USATODAY.com 14 hours ago.
Cristiano Ronaldo's lawyer says U.S. police are seeking DNA from Cristiano Ronaldo in an ongoing investigation of a Nevada woman's allegation the international soccer star raped her in Las Vegas in 2009
Reported by USATODAY.com 12 hours ago.
The Latest: Police seek Italy's help in Ronaldo rape case
Reported by FOX Sports 12 hours ago.
Paris Hilton poses for a photo with model Jordan Barrett at the LuisaViaRoma and Naked Heart Foundation Dinner on Wednesday night (January 9) in Florence, Italy. The 37-year-old media personality glammed up in a red gown for the charity event. “Lovely evening in #Florence supporting the @NakedHeartFoundation with my beautiful friends @NataSupernova & @iBlameJordan. ❤️,” [...]
Reported by Just Jared 10 hours ago.
Watch VideoLas Vegas police have issued a warrant for a DNA sample from professional soccer player Cristiano Ronaldo as part of their investigation into rape allegations against him.
The Wall Street Journal reports local authorities sent the warrant to courts in Italy, where Ronaldo plays soccer. A law enforcement official told the Journal they want to see if Ronaldo's DNA matches a sample found on the dress of Kathryn Mayorga, the woman who has accused him of rape.
Mayorga says she reported the assault to Las Vegas police but that she didn't name Ronaldo or pursue charges out of fear. She says the #MeToo movement inspired her to come forward now.
Las Vegas police confirmed last October that they've reopened her case.
Mayorga filed a lawsuit against Ronaldo last year alleging he attacked her in Las Vegas in 2009. The suit says, in part, that Ronaldo raped her and then later apologized. It also says he and his associates paid her $375,000 and coerced her into signing a settlement and a nondisclosure agreement. She says she wants the settlement and nondisclosure agreement voided.
Ronaldo has repeatedly denied the accusations. His attorney said in a statement Thursday that "what occurred in Las Vegas in 2009" between his client and Mayorga "was consensual in nature, so it is not surprising that DNA would be present, nor that the police would make this very standard request as part of their investigation." Reported by Newsy 8 hours ago.
By John Feffer*
The Republican Party, since its takeover by Reaganauts in the 1980s, has long favored shrinking the federal government to the point at which it can be “drowned in the bathtub,” to use Grover Norquist’s colorful phrase.
Tax cuts reduce the federal budget. Budget cuts weaken social programs. Even cutting remarks have their effect. Reagan got plenty of laughs when he said, “The nine most terrifying words in the English language are: ‘I’m from the federal government and I’m here to help.’”
With the partial shutdown of the federal government entering its third week, Americans are learning that the nine most truly terrifying words in the English language are: “I’m the president and I’m here to help…myself.”
Trump isn’t content to use the executive office to enrich himself and his circle. He’s warping national policy to serve his own interests as well. Trump believes via Fox News that his presidency is doomed (and his second term nipped in the bud) if he doesn’t fulfil his signature promise of building a wall. The government shutdown is all about Trump and his self-serving impulses.
To that end, Trump has threatened to extend the shutdown as long as it takes in order to squeeze funding out of Congress for his cherished wall. And why wouldn’t he? He’s got the bathtub ready and a funeral oration already written.
Shutting down government won’t lose any votes from furloughed federal workers (the vast majority of whom already despise him). Yes, the shutdown is unpopular, but the president’s base of support is delighted to see even a partial draining of the swamp. And shutdowns, as FiveThirtyEight concludes from an admittedly small sample, don’t seem to have long-term impact on public opinion.
But the truly frightening part of this standoff between Trump and the rest of government is his threat to invoke a state of emergency so he can direct the U.S. military to build his wall.
The president admires autocrats who can just get the job done. Rule by decree is the first stepping stone to transforming democracy into dictatorship. Declaring a state of emergency would be Trump’s desperate attempt to hold on to and ultimately expand the power that is slipping through his fingers in the aftermath of the midterm elections.
**Channeling the Fascists**
Rule by decree has an undistinguished, undemocratic parentage. In the Weimar Republic of the 1920s and 1930s, the German constitution contained the controversial article 48, which granted the president the right to rule by decree in the case of a national emergency. German leaders invoked this right several times between 1930 and 1933.
But the most momentous decree came in the wake of the Reichstag fire, six days before German elections in 1933. Hitler, already appointed chancellor at that point, persuaded German President Paul von Hindenburg to pass the Reichstag Fire Decree. No doubt inspired by Benito Mussolini and his use of emergency powers to establish fascism in Italy in the 1920s, the Nazis then took full advantage the authority granted them by Hindenburg’s decree to remake Germany into a dictatorship.
Modern democracies retain a certain echo of this tradition of decrees. In the United States, for instance, presidents can issue executive orders without having to declare a state of emergency.
Trump has already shown a marked preference for this style of governance. During his first two years in office, he issued 91 executive orders — 55 in 2017 and 36 in 2018. By contrast, Obama issued an average of 35 per year, George W. Bush 36. Many of Trump’s executive orders — such as withdrawing from the Iran nuclear agreement, the Paris climate accord, and the Trans-Pacific Partnership trade deal — place Trump in opposition to international and national consensus.
Trump has also used his executive privilege to take bold stands in foreign policy that diverge, in some cases sharply, from the consensus of the policymaking community. He defied the advice of his advisors to sit down one-on-one with North Korea’s Kim Jong Un. Most recently, he announced U.S. military withdrawal from Syria, generating considerable pushback from the foreign policy mandarin class. Like a stopped clock, an erratic commander-in-chief can be right once in a while.
These steps are authoritative but not authoritarian. Executive orders aren’t out-and-out decrees — the courts can say no, as they’ve done several times in the Trump era. Trump’s freewheeling foreign policy moves also face certain constraints. A deal with North Korea would require congressional consent. His decision to remove troops from Syria has already been modified by members of his own administration, with National Security Advisor John Bolton stipulating certain conditions that will delay or even nullify withdrawal.
But Trump’s threat to declare a state of emergency at the border would up the ante considerably. True, presidents frequently declare states of emergency under the National Emergencies Act. Both George W. Bush and Barack Obama declared a dozen or so each (most of them still in effect). But these declarations pertained almost exclusively to war or terrorism.
Trump’s attempt to circumvent the congressional standoff over his wall is a different matter altogether.
**Can He Do It?**
As Bruce Ackerman points out in The New York Times, the president can’t use the military to execute his plan. In the wake of the Katrina disaster, Congress created an exemption to the general rule prohibiting the military from enforcing domestic laws. The Obama administration then rolled back that particular exemption.
Ackerman further predicts that if Trump attempts to go forward with his plan anyway, Congress would block him. Indeed, as Congressman Adam Schiff (D-CA) has said. “If Harry Truman couldn’t nationalize the steel industry during wartime, this president doesn’t have the power to declare an emergency and build a multibillion-dollar wall on the border.”
Moreover, Trump’s “wall” doesn’t qualify as an urgent response to a crisis. There is no state of emergency at the border. There have been a few protests, on each side of the border, most recently around the closing of a shelter in Tijuana. But that hardly qualifies as a clear and present danger. The number of illegal border crossings fell to a historic low in 2017, according to the Department of Homeland Security. Nor did the situation change in 2018.
The Trump administration has claimed that 4,000 known or suspected terrorists were stopped at the border in 2018. Not true: The vast majority of those people on the list of suspected terrorists were stopped at airports around the world. In the first half of 2018, only six non-Americanson the list were stopped at the southern border.
Trump will no doubt repeat some of these lies this week in his first televised Oval Office speech. This is another privilege of his position: to speak directly to the American people. And the networks, despite some misgivings about the president’s indifference to the truth, will air the speech. Trump has already delegitimized the mainstream media as “fake news,” and he is now artfully playing them for his own purposes.
For those who believe that the American system of checks and balances will prevent Trump from getting his way, think again. As Elizabeth Goitien explains in The Atlantic, the American system has its own equivalent of Article 48 of the Weimar constitution:
Unknown to most Americans, a parallel legal regime allows the president to sidestep many of the constraints that normally apply. The moment the president declares a “national emergency” — a decision that is entirely within his discretion — more than 100 special provisions become available to him. While many of these tee up reasonable responses to genuine emergencies, some appear dangerously suited to a leader bent on amassing or retaining power. For instance, the president can, with the flick of his pen, activate laws allowing him to shut down many kinds of electronic communications inside the United States or freeze Americans’ bank accounts.
Goitien worries that Trump could also use the Insurrection Act to deploy U.S. troops on the streets of American cities. So, imagine that protests spring up around the country against Trump’s declaration of a national emergency. That could in turn serve as the justification for Trump sending in troops to suppress a “threat to the public order.”
In this way, the United States could go from a state of emergency at the border to martial law throughout the country.
Trump’s public support remains low and his political influence is on the decline. He’s surrounded almost exclusively now by advisors who favor his most autocratic impulses. It’s not inconceivable that Trump will use his standoff with Congress over the border wall as his Reichstag moment.
Over a decade ago, in another political era altogether, the Los Angeles Times charged in an editorial that ruling by decree was not democratic. This would seem to be a no-brainer. But one prominent reader disagreed. He wrote, “This is not the mark of dictatorial rule but rather a new way of envisioning popular participation and democracy.”
The writer was the Venezuelan ambassador to the United States, trying to defend his boss, Hugo Chavez, from the charge that he was governing like a dictator. This is the playbook that Trump is reading. This is the company that Trump keeps. This is the clear and present danger that America now faces.
* *John Feffer* is the director of Foreign Policy In Focus, where this article originally appeared. Reported by Eurasia Review 6 hours ago.
By William Chislett*
Twenty years ago this month Spain was one of the 11 EU countries that started to use the euro when the common currency was first introduced. Joining the euro and being in the vanguard of a European movement, 13 years after Spain entered the European Economic Community (EEC) and ended a long period of isolation from mainstream Europe, was very much a matter of national pride.
Yet has it been worth it? Euro zone membership deprived Spain of its former capacity to set interest rates and devalue its currency. Interest rates are set by the European Central Bank, not by member state central banks, and euro zone countries cannot devalue. The *loss of independence* in these areas meant that when the Spanish economy entered a long period of recession as of 2008, as part of the meltdown of the North Atlantic financial system and the subsequent Eurozone debt crisis, it could not use some of the most important macroeconomic tools –monetary policy and exchange rates– to restore competitiveness and perhaps emerge from austerity more quickly and less painfully but not necessarily on a sustained basis. The country had to rely on ‘internal devaluation’, cutting production costs, mainly wages, in order to lower unit labour costs and make the economy more international and competitive.
Preparing the country for the euro, which involved a tough wrench, mainly fell to the conservative Popular Party under José María Aznar. When he took office in 1996, Spain met none of the criteria for joining the Economic and Monetary Union (EMU) as of 1999. Inflation, interest rates, the budget deficit and public debt all breached the convergence requirements enshrined in the Maastricht Treaty of 1992 for setting up the euro zone. Many policymakers and pundits thought Spain would never be fit for the purpose.
The Spanish political establishment was determined to prove them wrong. Civil servants agreed to a wage freeze, public spending was reduced, privatisations began on a larger scale than under the Socialists, and various structural measures were taken. By the spring of 1998, Spain had met the conditions: its budget deficit was less than the maximum allowance of 3% of GDP (6.5% in 1995), public debt as a proportion of GDP was on a downward path and inflation was down to 2% from 4.5% in 1995. With it, interest rates fell. The path was also eased by Spain being the largest net recipient of EEC funds.
The macroeconomic stability required for sustained economic growth as a result of meeting the euro criteria ushered in a virtuous circle of high growth, low inflation and job creation. The country’s per capita income increased from 80% of the average of the 15 EU countries in 1996 to 87% in 2004, and thanks to the creation of 1.8 million new jobs the unemployment rate dropped from 23% to 11.5% during this period. The economy was going so well that José Luis Rodríguez Zapatero, the Socialist Prime Minister between 2004 and 2011, adopted a football metaphor and proclaimed in September 2007 that Spain ‘has joined the Champions League’.
The truth is that Spain’s decade-long boom was a false bonanza, as it was mainly propelled by the *debt-fuelled property sector *(construction’s share of GDP grew from 7.5% of GDP in 2000 to 10.8% in 2006), creating a massive bubble that burst as of 2008. But was that the euro’s fault? While building and consumption in general was spurred by the sharp drop in interest rates after Spain joined the euro –average short- and long-term rates fell from 13.3% and 11.7%, respectively, in 1992, to 3.0% and 2.2% in 1999 and to 2.2% and 3.4% in 2005, encouraging borrowers to go on a spending binge–, the euro itself cannot be blamed for banks’ reckless and irresponsible lending practices, particularly those of the politically-influenced cajas de ahorros (savings banks). The Bank of Spain did not do enough to discourage the orgy of borrowing, but it deserves credit for introducing macroprudential provisions. When several banks, including Bankia, the fourth-largest lender, were on the verge of collapse in 2012, euro membership enabled Spain to avail itself of the zone’s bailout fund, the European Stability Mechanism (ESM), without which the whole financial system might have gone awry.
Nor was the building of ‘ghost’ airports and other *white-elephant projects* scattered around the country the euro’s fault. Spain wasted more than €81 billion on ‘unnecessary, abandoned, under used or poorly planned infrastructure’ between 1995 and 2016, according to a damning report published by the Association of Spanish Geographers last year. Likewise, the euro is not to blame for Spain’s consistently high unemployment (it reached 24% in 1994, five years before the introduction of the euro, and it has never got below 8% since the euro was adopted). Today, the jobless rate stands at 15%, down from a peak of 27% in 2013.
The sharp drop in *interest rates* and in Spain’s risk premium (the yield spread with the German bond fell from 500bps in 1993 to below 50bps) enabled companies to borrow funds much more cheaply in order to expand abroad. The creation of a bevy of multinationals has been one of the most significant economic developments in Spain over the last 20 years (the stock of outward direct investment rose from US$129 billion in 2000 to US$597 billion in 2017). A *stable currency* (the peseta was devalued many times) has also been good for attracting inward foreign direct investment (it increased from US$156 billion in 2000 to US$644 billion in 2017) and keep relatively high living standards.
The strong euro did not hinder making Spain’s exports of goods and services more competitive (they rose from 26.4% of GDP in 1999 to around 34% in 2018).
Spain suffered far more than Italy during the euro crisis, but it has also reformed more and, as a result, enjoyed a much stronger recovery. The euro ‘straitjacket’ made Spain reform, to its benefit, while Italy resisted. Unlike Italy, Spain’s economic output has been above its pre-crisis peak since the middle of 2017. Italy’s GDP is still some 5% below its prior peak. There was no shortage of misguided predictions after the Spanish economy crashed that Spain might exit the euro. Whereas the populists in Italy’s government have toyed with leaving the common currency, all of Spain’s main parties support staying in.
*Close to two-thirds (62%) of Spaniards believe the euro has been good for Spain*, slightly down on a year ago, according to the latest Eurobarometer (see Figure 1). More than 20% of the population was not born when the euro came into force and has not known another currency. Figure 1. Having the euro is a good or a bad thing for your country? (%) (1)
A good thing A bad thing Can’t decide Don’t know
Euro area 64 (=) 33 (=) 7 (=) 4
Finland 75 (73) 15 (14) 7 (9) 3
France 59 (64) 29 (25) 6 (5) 6
Germany 70 (76) 21 (16) 7 (5) 2
Netherlands 69 (68) 21 (23) 6 (=) 4
Portugal 64 (60) 24 (26) 7 (10) 5
Italy 57 (45) 30 (40) 11 (12) 2
*Spain* *62 (65)* *27 (23)* *6 (=)* *5*
(1) 2017 figures in brackets. Source: Eurobarometer, December 2018.
Three-quarters of people in the 19 euro zone countries are in favour of the euro, the highest since 2004. But that does not mean that all is well with the single currency, as even its most fervent advocates acknowledge. Its design flaws include the lack of a banking union (recognised but not fully implemented) and a system for making fiscal policy counter-cyclical. When economies are expanding, they need fiscal discipline and when in recession some freedom to borrow. Another omission is the absence of any means to ensure euro countries adopt structural reforms, which only tends to happen in times of crisis and as a last resort. Governance that is better designed for crisis management is also required.
We will never know with certainty whether Spain would have been better off not joining the euro. What we know is that in real GDP growth terms Spain has performed better than Germany, France and Italy since 1999. Were Spain to leave the single currency today and return to the peseta, the move would have huge repercussions, including skyrocketing interest rates and a currency devaluation.
**About the author:* William Chislett, Associate Analyst, Elcano Royal Institute | @WilliamChislet3
*Source:* This article was published by Elcano Royal Institute Reported by Eurasia Review 5 hours ago.
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
*NB Private Equity Partners Announces Transaction in Own Shares *
11 January 2019
NB Private Equity Partners (“NBPE” or the “Company”) today announces details of Class A Shares bought back pursuant to general authority granted by shareholders of the Company on 5 November 2018 and the share buy-back agreement with Jefferies International Limited.
*Transaction on London Stock Exchange*
Date of purchase of Shares
10 January 2019
Number of Shares purchased
50,000 Class A Shares
Highest price/lowest price paid
£10.38 / £10.38
ISIN for the Shares GG00B1ZBD492
All Class A Shares bought back will be cancelled. Following the cancellation, the number of outstanding Class A Shares is 48,740,564. The Company also has 3,150,408 Class A shares held in treasury. For reporting purposes under the FCA's Disclosure Guidance and Transparency Rules the market should use the figure of 48,740,564 voting rights when determining if they are required to notify their interest in, or a change to their interest in the Company.
*For further information, please contact:*
*NBPE Investor Relations +1 214 647 9593*
*Kaso Legg Communications +44 (0)20 3603 2803*
Charles Gorman email@example.com
*ABOUT NB PRIVATE EQUITY PARTNERS LIMITED*
NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on the Premium Segment of the Main Market of the London Stock Exchange. NBPE has 2022 and 2024 ZDP Shares admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. NBPE holds a diversified portfolio of direct equity investments, direct income investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.
LEI number: 213800UJH93NH8IOFQ77
*ABOUT NEUBERGER BERMAN*
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 20 countries, Neuberger Berman’s team is more than 2,000 professionals. For four consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $315 billion in client assets as of September 30, 2018. For more information, please visit our website at www.nb.com.
This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.
NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Reported by GlobeNewswire 4 hours ago.
CHELSEA have been told they will be able to sign Gonzalo Higuain for £32m at the END of his AC Milan loan, according to reports in Italy.
Reported by Daily Star 2 hours ago.
Reported by FXstreet.com 2 hours ago.
Reported by FXstreet.com 2 hours ago.
Frozen Bakery Market growth from ready-to-bake product segment to grow at more than 5% CAGR from 2018 to 2024 owing to its huge demand in the HORECA, bakery chains, supermarkets and hypermarkets end-use industries.
Sellbyville, Delaware, Jan. 11, 2019 (GLOBE NEWSWIRE) --Global Frozen Bakery Market to cross USD 40 billion by 2024, according to a growth statistics report by Global Market Insights, Inc. Growing demand for healthy and convenient baked products will bolster the entire frozen bakery market in the forecast spell. In most of the developing nations, bakery product manufacturers are reformulating their bakery product lines & modifying their product packaging, claiming to address the consumers’ health concerns. The sector continues to see dynamic growth owing to change in consumer preferences towards the healthier food options that have longer shelf life & various nutritional benefits such as high fiber content, less fat & sugar, etc. Above mentioned trends will spur the entire market in forecast period.
Expansion in convenience stores, hypermarkets & supermarkets and other bakery chains are other key driving factors for global market in coming years. For instance, In Mexico, these distribution channels makes over 60% of the entire bakery product retail sales in 2017. Grocery retailers are the most preferred distribution channels in Mexico as the one-stop shops are the consumer preference where they can buy all their household products. This will further boost the market in developing economies by 2024.
*Request for a sample of this research report @ *https://www.gminsights.com/request-sample/detail/1669
A significant level of energy is utilized during activities like freezing process, cold storage and product distribution. Cold chain logistics is a critical aspect of the frozen bakery market as it allows to extend the shelf life of perishable products like dairy, bakery & confectionery, dough etc. and transport them to various locations. Fluctuating electricity cost across the world could significantly deter the growth of global market in future.
Global frozen bakery market is segmented on the basis of product as ready-to-prove, ready-to-bake, and fully baked. Ready-to-bake has the highest market share in terms of volume as well as revenue owing to its huge demand in the HORECA, bakery chains, supermarkets and hypermarkets end-use industries. This segment will show a positive growth with more than 5% CAGR from 2018 to 2024.
Browse key industry insights spread across 268 pages with 265 market data tables & 25 figures & charts from the report, *“Global Frozen Bakery Market Size By Recipe (Bread, Viennoiserie, Patisserie, Savory Snacks), By Product (Ready-To-Prove, Ready-To-Bake, Fully Baked), By End-User (Convenience Stores, Hypermarkets & Supermarkets, Artisans Bakers, Hotels, Restaurants, And Catering [HORECA], Bakery Chains) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Austria, Switzerland, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, Argentina, Chile, Colombia, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024”* in detail along with the table of contents:
Frozen bakery market is segregated into five major end-user which include convenience stores, hyper markets & super markets, artisan bakers, hotels, restaurants and catering (HORECA) and bakery chains. Hyper market & super market will register highest CAGR owing to the shift of retail industry from the unorganized to the organized sector in most emerging countries.
North America frozen bakery market holds a significant share and will register over 5.5% CAGR by 2024. Substantial consumption of bakery products such as breads, bagels, donuts, cookies, pastries, cakes, etc. in catering and quick service restaurants segment will signify the regional demand over the forecast years. Asia Pacific will capture more than a third of the entire market by 2024, driven by the growing regional population coupled with surge in demand for ready to eat products from younger generation.
Grupo Bimbo, Comapan S.A, Vandemoortele, Aryzta AG, BredenMaster S.A., CSM Bakery Solutions, Weston Foods are some of the crucial players in global frozen bakery market.
*Make an Inquiry for purchasing this report @* https://www.gminsights.com/inquiry-before-buying/1669
*Browse More New Reports:*
*Canada Frozen Bakery Market* Size By Recipe (Bread, Viennoiserie, Patisserie, Savory Snacks), By Product (Ready-to-prove, Ready-to-bake, Fully Baked), By End-user (Convenience Stores, Hypermarkets & Supermarkets, Artisan Bakers, Hotels, Restaurants, And Catering [HORECA], Bakery Chains), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Canada Frozen Bakery Market size was estimated over USD 2.8 billion in 2017 and will exhibit growth of over 5.5% up to 2024. Development of retail and multi-chain outlets in Canada is a key driving factor for the market.
*Read more @ *https://www.gminsights.com/industry-analysis/canada-frozen-bakery-market
*About Global Market Insights*
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Browse More News@ http://l2food.com/
CONTACT: Contact Us:
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688
Web: https://www.gminsights.com Reported by GlobeNewswire 57 minutes ago.