#AceFinanceNews – October 10 – European shares slumped on Friday – with the German DAX sliding over 2 percent in mid-morning trade – amid concerns over global growth, and another round of disappointing economic data from Germany.
Asian markets set the tone in another roller-coaster day for global equities after U.S. stocks erased all of the previous day’s rally on Thursday.
The S&P 500 fell 2.1 percent Thursday to 1,928 — it has now fallen more than 4 percent from a record closing high struck three weeks ago.
CNBC Data Provider.
#AceFinanceNews – London – October 09 Chancellor George Osborne has warned that the UK economy will be affected by the slowdown in the Euro-Zone economy.
Talking to the BBC, he said this was a “critical moment for the British economy”, which was not “immune” from what was happening on the continent.
The eurozone economy was stagnant between April and June, with the German economy – Europe’s biggest – shrinking by 0.2%.
Mr Osborne said there were steps the UK could take to protect itself.
“The eurozone risks slipping back into crisis, and Britain cannot be immune from that – it’s already having an impact on our manufacturing and exports,” he said.
Official figures published earlier this week showed that growth in the UK manufacturing sector slowed to 0.1% in August.
“We are not immune from what’s going on in the rest of the world, but we can take steps to protect ourselves,” the chancellor said.
“We must stick with our long-term economic plan, so delivering economic stability. We are cutting business taxes, making the UK a place to invest, and that will protect jobs right here.”
#AceFinanceNews – BERLIN – September 26 – Russia wants to resolve the gas pricing dispute with Ukraine and has made a number of constructive proposals to tackle the problem which have been rejected in Kiev, Energy Minister Alexander Novak said in newspaper comments on Friday.
Asked whether there were chances for a compromise, Novak told Germany’s largest business and finance daily, Handelsblatt: “We are interested in it anyway.”
The minister said the parties already had eight rounds of talks on the dispute and Russia made some constructive proposals for pricing and the settlement of Ukraine’s debts.
“But Ukraine rejected them all,” Novak was quoted as saying.
Russia-Ukraine-EU gas talks
Russia, Ukraine and the European Union are scheduled to hold a trilateral gas meeting in Berlin on September 26.
Taking part in the consultations will be the EU outgoing energy commissioner Guenther Oettinger, Russian Energy Minister Alexander Novak and Ukrainian Energy Minister Yuri Prodan.
The focus will be made on Russian gas supplies to Ukraine and issues of energy security, a spokesman for the EU commission representation in Berlin told ITAR-TASS.
The key task of the talks is to ensure uninterrupted gas supplies both to Ukraine and the European Union in the coming winter
#AceFinanceNews – BRUSSELS – September 12 – Mastercard has lost its legal battle with the European Commission over payment fees following a ruling by the European Court of Justice.
The verdict on Thursday (11 September) threw out the firm’s appeal against a commission decision dating back to 2007, in which the EU executive ordered Mastercard to repeal its cross-border card fees.
The fees – known as “multilateral interchange fees (MIFs)” – are paid between the banks of a retailer and customer every time someone pays for items by card. The fee is charged to the retailer’s bank who, in turn, normally factors it into the price paid by consumers.
At present, average fees range from around 0.2 percent in Denmark and the Netherlands, to over 1 percent in Germany, Hungary, and Poland, raking in around €6 billion per year to credit card giants across the bloc.
In its judgement, the EU court found that the fee structure could not be described as being “objectively necessary” as the system was “still capable of functioning without those fees.”
There was also an “absence of … appreciable objective advantages” to either retailers or consumers from the system.
The court ruling comes more than 20 years after the commission originally launched proceedings against Mastercard in 1992.
Antoine Colombini, the Commission competition spokesman, described the ruling as “a big win for European consumers who for too long have been paying unjustifiably hidden fees”.
Javier Perez, the president of Mastercard Europe said it would have “little or no impact on how MasterCard operates,” although he conceded that it was “disappointing”.
But the ruling was welcomed by consumer and retail groups.
#AceFinanceNews – BRUSSELS – July 29 – Germany’s constitutional court is once again to be a testing ground for the eurozone’s reponse to the financial crisis as a group of academics has filed a case arguing that the banking union is illegal reported EUobserver on the July 28 in Brussels.
The five academics argue that the Banking union – a new supervisory and bank resolution system for eurozone banks – breaches German law as it was not agreed with the right treaty changes, reports Die Welt am Sonntag.
Markus Kerber, a finance professor at Berlin Technical University (TUB), told the paper that the banking union had "no legal basis in the EU treaties and so represents a breach of constitutional rights."
The supervisory system – under which the European Central Bank will, from November, oversee the financial health of around 120 banks with the power to shut them down – is the "pinnacle of Brussels power-grabbing to date", says Kerber.
The complainants, who filed their papers last week, also find that a conflict of interest has arisen because the ECB council, which also makes interest rate decisions, has a veto right on banking supervision decisions.
The challenge also calls into question the Single Resolution Mechanism, which sets out to deal with failing banks, as well as the €55bn fund meant to cover the costs of the process.
#AceFinanceNews – MOSCOW – July 17 – Imposing US sanctions on the Russian corporation Kalashnikov, which manufactures the world-famous AK automatic assault rifles, runs counter to the interests of American customers, a spokesman for Kalashnikov told ITAR-TASS.
“For Kalashnikov, which is a subsidiary of the Rostecnologies state corporation, the US is an important market for selling arms,” the spokesman said. “It should be noted that the Kalashnikov products are very popular in the US, and the amount of prepaid orders for arms there is three times as big as the annual supplies volume.”
“This means that the sanctions the US Administration has imposed on Kalashnikov contravene the interests of US consumers,” he said.
Kalashnikov Consortium is the largest producer of automatic and sniper combat arms, guided artillery shells and non-military products. It exports arms and tools to 27 countries, including the US, the United Kingdom, Germany, Norway, Italy, Canada, Kazakhstan and Thailand.
#AceFinanceNews – UNITED STATES – APRIL 08 – (Reuters) – Takeda Pharmaceutical Co Ltd said it would contest $6 billion in punitive damages imposed by a jury in the United States in a case that accused Japan’s largest drug-maker of concealing cancer risks associated with its Actos Diabetes Drug.
Eli Lilly and Co, Takeda’s co-defendant in the case, was ordered to pay $3 billion in punitive damages by the jury in Louisiana on Monday. It also awarded $1.475 million in compensatory damages.
Legal experts said it was unlikely that such a large award would stand after challenges in court by both companies. Eli Lilly and Takeda have said they would dispute the verdict, which could include appeals to a higher court or filing motions asking the trial judge to set aside or reduce the verdict.
“Although there’s no mathematical bright line” to determine how high is too high when it comes to punitive damage awards, federal appeals courts generally scrutinize the ratio of punitive to compensatory damages, preferring those that fall into the single-digit range, according to Professor Catherine Sharkey, a tort law expert at New York University School of Law.
March 06 2012 – Regulators with European Medicines Agency – Break silence today on Safety ……..
Regulators with the European Medicines Agency broke their silence today on the safety of the popular diabetes drug Actos. Although they have decided to keep the drug on the market, warning labels will have to be added about the risk of bladder cancer from long term use.
The move comes more than a month after France and Germany banned all new prescriptions of Actos and the U.S. FDA ordered that warning labels be changed to address the risks of bladder cancer.
Studies into the safety of the drug have been ongoing on both continents for years after initial clinical trials showed lab rats had a slightly increased occurrence of bladder cancer at higher doses.
The most recent data from a French study of more than 150,000 users found that taking higher doses of Actos for more than a year can actually increase the risk of bladder cancer by as much as 40%! http://actosbladdercancerlawyers.net/actos-cancer-risk/actos-cancer-risks/
Read More: http://www.reuters.com/article/2014/04/08/us-takeda-pharm-actos-verdict-idUSBREA3708F20140408
#AceFinanceNews – BERLIN – March 28 – Germany’s chancellor has emphasised the need to develop relations with Russian companies despite the country’s position on Crimea.
“Angela Merkel would like economic contacts to continue in future,” the German government’s spokeswoman, Christiane Wirtz said on Friday- itar-tass.
Investments should be made under reliable framework conditions, she said.
Earlier reports said the head of Germany’s state railway Ruediger Grube was planning to visit Russia in the middle of April.
Grube has regular meetings with the Russian Railways leadership, the German company says.
Russian News and Media Sources
#AceFinanceNews – BERLIN – March 27 – German Chancellor Angela Merkel has said the crisis around Ukraine should be resolved by political means without imposing economic sanctions on Russia.
Merkel said in Berlin on Wednesday after talks with South Korean President Park Geun-hye that the West “has not reached a stage that implies the imposition of economic sanctions” on Moscow.
“And I hope we will be able to avoid it,” she said. “I am not interested in escalation. On the contrary, I am working on de-escalation of the situation.”
German experts say economic sanctions against Russia that Western countries could impose for Russia’s position on the situation in Ukraine and Crimea would negatively affect Germany’s economy.
The German-Russian trade in 2013 totalled 76 billion euros; some 6,000 German companies do business with Russian enterprises; the overall volume of their investment totals 20 billion euros. Some 300,000 jobs in Germany depend on the country’s economic relations with Russia.
Earlier Wednesday, Russian Finance Minister Anton Siluanov commented on ratings agencies’ actions to revise the outlook on Russia’s sovereign rating.
“At present, the investors’ worries are connected with the consequences of sanctions. We see ratings agencies lower the outlook on Russia’s ratings.
It certainly puts us on alert. There are no basic grounds for changing the general stability of Russia’s economy,” Siluanov told the Rossiya 24 TV channel.