Posts belonging to Category ECB



Paris beats London as Europe’s favorite investment destination

BREXIT impact  + “Macron effect”

An Ernst & Young survey shows Paris has overtaken London as Europe’s most attractive destination for foreign investors for the first time since EY began such reports 15 years ago.

The change in the continent’s pecking order is a sign of the impact of both Brexit and the “Macron effect”.

The French capital was ranked No. 1 for foreign direct investment by 37 percent of businesses, based on a survey of 502 companies and data from EY and IBM covering 2017.

Re-run of the Brexit referendum

Cambridge Analytica whistleblower Christopher Wylie : Brexit lacks ‘democratic mandate’

Chris Wylie, a former employee of Cambridge Analytica, shocked Andrew Marr when he called for a second referendum, to make sure the Leave vote was both legal and fair. Speaking earlier this morning, Mr Wylie called for assurances that the vote was made “fairly”.
His remarks came in response to Marr’s questions about the legitimacy of the 2016 Leave victory, which he followed up by asking whether Britain should “do it over again”. Mr Wylie became known as the Cambridge Analytica whistleblower last month after revealed how the company harvested the data of millions of Facebook users without consent.
 http://www.express.co.uk

Britain unveils new fintech plans, including cryptocurrencies

G20:  no consensus for global regulation of cryptocurrencies

Britain announced a task force on Thursday to exploit the technology underpinning cryptoassets, such as bitcoin and other cryptocurrencies, as part of new plans to help fintech companies find more customers.

British finance minister Philip Hammond said he was committed to helping fintech grow and flourish by taking a series of domestic steps and forging links overseas.

“As part of that, a new task force will help the UK to manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology,” Hammond told a fintech conference hosted by the finance ministry.

Investors have flocked to cryptocurrencies like bitcoin despite wild price swings.

Regulators have warned that investors could lose all their money, but see promise in the blockchain technology that underpins cryptoassets.

Britain’s announcement comes after finance ministers from the Group of 20 richest economies (G20) were unable this week to find enough consensus for global regulation of cryptocurrencies.

http://www.reuters.com

Soros: Only the EU can break Facebook and Google’s dominance

Social media giants have left the US government impotent – Europe must lead the way

The current moment in world history is a painful one. Open societies are in crisis, and forms of dictatorships and mafia states, exemplified by Vladimir Putin’s Russia, are on the rise. In the United States, President Donald Trump would like to establish his own mafia-style state but cannot, because the constitution, other institutions, and a vibrant civil society won’t allow it.

Not only is the survival of open society in question; the survival of our entire civilisation is at stake. The rise of leaders such as Kim Jong-un in North Korea and Trump in the US have much to do with this. Both seem willing to risk a nuclear war in order to keep themselves in power. But the root cause goes even deeper. Mankind’s ability to harness the forces of nature, both for constructive and destructive purposes, continues to grow, while our ability to govern ourselves properly fluctuates, and is now at a low ebb.

Facebook and Google effectively control over half of all digital advertising revenue. To maintain their dominance, they need to expand their networks and increase their share of users’ attention. Currently they do this by providing users with a convenient platform. The more time users spend on the platform, the more valuable they become to the companies.

http://www.theguardian.com…  March 16, 2018

Brexit: North Ireland would stay under EU customs union rules

Avoid a hard border post-Brexit if no wider EU-UK trade deal or alternative is agreed

Northern Ireland will in effect remain in the EU’s customs union and single market to avoid a hard border post-Brexit if no wider EU-UK trade deal or alternative is agreed, the draft withdrawal agreement will state.

EU sources said the draft agreement from Brussels covering the UK’s withdrawal from the bloc in March 2019 – to be published in Brussels on Wednesday – will maintain a common regulatory area on the island of Ireland.

This will be triggered should the EU and the UK not agree a future EU-UK free trade deal or if London fails to propose an alternative arrangement for the Border post-Brexit.

http://www.irishtimes.com…  Febuary 28, 2018

Irish government : Brexit talks ‘could collapse at any moment’

Negotiations could break down over the border issue

There is renewed fear within the Irish government that Brexit talks could collapse over the UK government’s refusal to consider staying in a customs union with the European Union. enior figures in the Irish government said privately that they fear that Theresa May’s insistence on leaving the customs union will make a hard border impossible to avoid and lead to a complete break down in negotiations.

A high-ranking member of the Irish government said “talks could collapse at any moment” in a meeting with a prominent British MP this month, a source familiar with the meeting has told Business Insider. The Irish government did not wish to comment when contacted by BI.

The EU’s chief Brexit negotiator, Michel Barnier, said on Friday that border checks between Northern Ireland and the Republic of Ireland are “unavoidable” if Britain decides to leave the customs union and single market.

http://www.businessinsider.com…  Febuary 12, 2018

It’s official now: Brexit would damage UK growth

Leaked cabinet report

Brexit would leave the UK worse off under three possible scenarios: a comprehensive free trade deal, single market access and no deal at all, according to a leaked government analysis of the economic impact of leaving the EU.

The document was meant to be shown confidentially to cabinet ministers this week but was leaked in an embarrassing development for Theresa May and David Davis, the Brexit secretary.

It said national growth would be 8% lower under a no deal scenario, around 5% lower with a free trade agreement with the EU and about 2% lower with a soft Brexit option of single market membership over a 15-year period.

http://www.theguardian.com…  Febuary 01, 2018

Britain can still stop Brexit

A shock poll found Remain would win by 10 points in a re-run of the EU referendum

It’s not too late to stop Brexit because Britain can still change its mind, the President of the European Council has declared. Donald Tusk made the startling comments just days after a shock poll found Remain would win by 10 points in a re-run of the EU referendum.
He told MEPs in Strasbourg: “If the UK Government sticks to its decision to leave, Brexit will become a reality – with all its negative consequences – in March next year unless there is a change of heart among our British friends.”Wasn’t it David Davis himself who said ‘if a democracy cannot change its mind, it ceases to be a democracy’?” He added the EU had not had a “change of heart” over Brexit, telling the British: “Our hearts are still open to you.”

http://www.mirror.co.uk/ … Wed., 17  January 2018

Boris Johnson would ‘rather stay in’ the EU than accept a soft Brexit

Boris Johnson warns allies that Brexit is still far from certain

The ‘establishment’ across Whitehall and the City will step up efforts to stop Britain’s EU exit over the next pivotal 12 months, Boris has insisted.

He has also confided with friends over his concerns that Theresa May will be worn down and eventually forced to accept a bad deal by mandarins and Remain-leaning Cabinet ministers during trade negotiations that start in March.

Boris has told confidantes that still having to accept dictats from Brussels would leave the UK as “just another Norway” and the nationwide vote’s landmark result would have proved “a total waste of time”.

In that soft Brexit scenario, the mop-haired Tory boss has even claimed to pals: “I’d rather us stay in than leave like that”.

http://www.thesun.co.uk/ … Mon., 15  January 2018

Eastman Kodak unveils cryptocurrency

Stock doubles

Shares of Eastman Kodak Co (KODK.N) more than doubled on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon.

The storied Rochester, New York-based company said in a statement it is launching a cryptocurrency called “KODAKCoin” for photographers, part of “KODAKOne,” an image rights management platform in a licensing partnership with WENN Digital.

The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble.

http://reuters.com/ … Wed., 10  January 2018