Posts belonging to Category Europe



Massive cyber attack

Petya cyber attack: Ransomware spreads across Europe with firms in Ukraine, Britain and Spain shut down

Major firms, airports and government departments in Ukraine have been struck by a massive cyber attack which began to spread across Europe on Tuesday afternoon. In Ukraine, government departments, the central bank, a state-run aircraft manufacturer,  the airport in Kiev and  the metro network have all been paralysed by the hack.

In the UK, the advertising firm WPP said its systems had also been struck down, while in the Netherlands a major shipping firm confirmed its computer terminals were malfunctioning. The virus is believed to be ransomware – a piece of malicious software that shuts down a computer system and then demands an extortionate sum of money to fix the problem.

http://www.telegraph.co.uk…   Wed.,  28  June 2017

The future of Nestle

 U.S. activist presses for ‘bold action’ at Nestle

U.S. activist shareholder Third Point LLC has targeted Nestle (NESN.S) by taking a $3.5 billion stake in the food maker and urging Europe’s most valuable company to boost returns as demand for its products weakens.

Nestle shares jumped as much as 4.8 percent on Monday, touching a record high after Third Point disclosed its position late on Sunday in a letter to the hedge fund’s investors. In the letter, Third Point said it was urging the Swiss group to improve margins, buy back shares and get rid of non-core businesses, including its $27 billion stake in L’Oreal (OREP.PA). Third Point’s 40 million shares – or 1.3 percent of the total – make it Nestle’s eighth-largest shareholder, according to Thomson Reuters data. The $10 billion added to Nestle’s market value on Monday showed that shareholders hoped the investment would spark change at a company which has a reputation for being slow-moving and insular.

http://www.reuters.com…   Tue.,  27  June 2017

AIRBUS versus BOEING

Boeing launches new jet

Boeing unveiled a new version of its best-selling 737 aircraft on Monday, injecting life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the world’s biggest airshow in Paris.
After years of booming orders driven by increased air travel and more fuel-efficient planes, passenger jet manufacturers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets.

 http://www.reuters.com…   Tue.,  20  June 2017

Northern Ireland Peace at risk

Gerry Adams to Theresa May:  you are “in breach” of the Good Friday Agreement — the peace treaty

Speaking in London Thursday after a meeting with May, prominent Northern Irish politician and Sinn Fein leader Gerry Adams said he had told May she was “in breach” of the Good Friday Agreement — the peace treaty which ended 30 years of deadly sectarian violence known as “The Troubles.”
http://www.cnn.com…   Fri.,  16  June 2017

The globalisation counter-reaction

Globalisation is a highly disruptive force

WHEN the Archduke Franz Ferdinand was assassinated in 1914, there were few initial indications that world war would follow. In retrospect, many people have argued that the killing was a freak event that should not have resulted in the folly of war.

But was the subsequent war really an exogenous event? Or was it the near-inevitable consequence of the tensions resulting from the first great era of globalisation? If Franz Ferdinand had survived, maybe something else would have triggered the conflict. If the latter possibility is right, that may be a warning sign for the current era.

http://www.economist.com…   Thu.,  15  June 2017

“Soft Brexit” looks more likely

Britain’s political outlook seems toxic to investors

The combination of a weak Conservative prime minister and the potential for a Corbyn government does not look attractive. Suddenly Britain looks a lot less attractive as a home for international investors. The Conservative party under Theresa May gambled on a snap election to deliver a “mandate for Brexit”. It unveiled a muddled manifesto that alienated voters and was out-campaigned by the veteran left-winger Jeremy Corbyn. The party lost its overall majority and will now be propped up by the very odd ducks in Ulster’s Democratic Unionist party.

The markets reacted less severely than might have been expected. That seems to be based on the view that a “soft Brexit” looks more likely. But it is far from clear that this is the case. David Davis, Britain’s Brexit minister, seems to be ploughing ahead with plans to leave the single market and the and the Labour leadership is unlikely to oppose this.

http://www.economist.com…   Tue.,  13  June 2017

How will the General Election result affect Brexit?

Hung Parliament

The prospect of a hung Parliament would throw serious doubt over Brexit negotiations, due to begin in earnest in just 10 days.

The BBC/Sky/ITV poll put the Conservatives on 314 seats, Labour on 266, the Scottish National Party on 34, Liberal Democrats on 14, Plaid Cymru on three and Greens on one.

The EU’s chief Brexit negotiator Michel Barnier has set June 19 as his favoured date for the start of talks, due to last around 14-18 months.

http://www.thetelegraph.co.uk…  Fri.,  09  June 2017

Trump wants to exit the Climate Change Paris Agreement

New York Mayor to Uphold Paris Agreement on Global Climate Effort

New York Mayor Bill de Blasio promised Wednesday that his city would uphold the Paris climate agreement even if President Trump moves forward with his campaign promise to withdraw from the accord.

In a series of tweets, de Blasio ripped Trump’s reported decision to exit the deal as “horribly destructive” and called climate change “a dagger aimed straight at the heart of New York City.”

http://www.efficientgov.com…  Thu.,  01  June 2017

The Pound weakness

It’s ‘time to get bearish’ on the pound again

Deutsche Bank has turned bearish on the pound once again, saying that any possible upside for the currency from next week’s election has already been priced into the market.
Writing on Tuesday, Deutsche Bank strategists Alan Ruskin and George Saravelos used their latest FX Blueprint note to warn investors it is “time to get bearish on GBP again,” after just over one and a half months of a positive outlook on the UK’s currency.

http://www.businessinsider.com…  Wed.,  31  May 2017

Boeing declares war against Bombardier

In Bombardier fight, Boeing sees ghost of Airbus ascent

Two words underpin Boeing’s (BA.N) decision to launch a U.S. trade complaint against Bombardier (BBDb.TO), which plunged it into a row with Canada last week: “Never again”. Allegations that the Canadian firm dumped newly designed CSeries passenger jets in the United States at a steep loss have threatened a sale of F/A-18 warplanes to Ottawa, sending Boeing scrambling to save the deal.

Some analysts say Boeing carelessly put at risk billions of dollars of defense work or pandered to growing protectionism. But decades after Boeing failed to prevent European upstart Airbus gaining momentum with early victories in the United States, people familiar with the company say the strategic importance of defending its core passenger jet business outweighs the diplomatic storm. U.S. industry experts say Boeing and other jetmakers at the time did not take the European consortium seriously enough and allowed their future nemesis to poach U.S. airlines from 1978.

http://www.reuters.com…  Tue.,  23  May 2017