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GENEVA (Reuters) - The European Union and Britain plan to put forward a joint proposal for reform of the terms of their World Trade Organization (WTO) membership in September or October, an EU source said on Monday, as London negotiates to leave the EU.

The two sides are also discussing sharing liabilities from trade disputes including WTO litigation over Airbus (AIR.PA) subsidies in a long-running case with the United States, the EU source said.

Currently we are in talks with the United Kingdom to come to a joint approach on the matter, on all the aspects of the divorce, with regard to the WTO. And I would think that, come the month of September/October, we will be able to come jointly to the rest of the (WTO) membership, the EU source said, speaking on condition of anonymity.

The joint approach would address aspects of the EU's WTO membership terms, known as its WTO "schedules", that are not easily split between Britain and the other 27 EU members: agricultural tariff quotas, agricultural subsidies and commitments on services trade.

The plan is (that) we would explain together how we would see the disentanglement of the United Kingdom from the EU commitments and schedules, the source said.

The joint approach would also deal with Britain's wish to join the WTO's Government Procurement Agreement, which liberalises access to procurement markets between signatories. The EU is a member of the agreement but Britain is not.

Asked how important it was to finalize revision of the WTO terms of membership before the EU and Britain formally divorce, the source said: I have the impression that the United Kingdom believes that is important.

Britain's Brexit minister, David Davis, pledged to "get down to work" as he kicked off a first full round of negotiations in Brussels on Monday but, a year after Britons voted to leave the EU, their government seemed at war with itself over the divorce terms.

Britain also faces a multi-billion euro bill as it leaves the EU, to cover ongoing commitments.

One of those costs may be a provision to cover damages that could be awarded to the United States in the world's largest trade dispute, the 13-year-old battle over allegedly illegal subsidies to plane giants Airbus and Seattle-based Boeing (BA.N).

"I think that is also part of the discussion," the EU source said, without giving any details. "I'm not sure that will be clarified already. I think we're now working first and foremost on schedules."

Reporting by Tom Miles; writing by Stephanie Nebehay; Editing by Kevin Liffey

See the article here:
EU and Britain to present post-Brexit plan on WTO membership - Reuters

French Prime Minister Edouard Philippe (center) says France will use "all means" to make Paris more attractive for international finance.

AFP/Ian Langsdon

For once, foreign bankers are the most popular people in Europe, as pols in Ireland, France, Germany, and beyond try to recruit financial operations that will likely be disrupted by the United Kingdoms exit from the European Union.

Henry Grabar is a staff writer for Slates Moneybox.

Friday was the deadline for international financial institutions based in the U.K. to submit contingency plans to the Bank of England explaining what they plan to do in a variety of Brexit scenarios, including a hard Brexit, meaning a situation in which the U.K. leaves the European Union without a trade deal in place.

That would make things very complicated for the thousands of bankers who have made London Europes financial capital over the past two decades. The head of the London Stock Exchange predicted in September that the country could lose 100,000 jobs if (or, it now seems, when) the City of London loses passporting rights, which allow companies in London to sell services within the E.U. In April, Sam Woods, the head of the Bank of Englands regulatory arm, asked banks to send in their plans.

Those documents have not been made public, and so far most banks have been happy to play the fieldthe past few weeks have been marked by intense international campaigning, as Dublin, Frankfurt, and Paris compete to seduce bank chiefs.

Barclays head Res Staley and JPMorgan head Jamie Dimon, for example, have both met with Irish Prime Minister Leo Varadkar in the past few weeks. Barclays decided months ago to establish its European base in Dublin;JPMorgan has said it will move jobs from London to Dublin, Frankfurt, and Luxembourg. The Irish capital has long been a hub for back-office banking jobs because of its low taxes and English-speaking culture.Its a beautiful city, with great real estate and an open business climate, Dimon told JPMorgan staff on his visit, according to the Guardian.

Paris has also stepped up its game. In October, the capitals outlying business district and banking center, La Dfense, launched a campaign: Tired of the fog? Try the frogs. Both the region and the national government have also worked to attract firms.

In a memo sent earlier this month and published this weekend by the Mail on Sunday tabloid, the City of Londons special representative to the E.U., Jeremy Browne, said the French were the worst in Europe. They are crystal clear about their underlying objective: the weakening of Britain, the on-going degradation of the City of London What we are witnessing is a whole-of-France collective endeavor, made more giddy and more assertive by the election of Macron. French president Emmanuel Macronworked as an investment banker before serving in the cabinet of his socialist predecessor, Francois Hollande.

It is entirely in line with the tone set by French representatives currently crashing conspicuously around London, making heroic relocation promises and pouring cold water on the propositions of alternative EU financial centers, Brown wrote. One example of this he gave was French officials trashing the more civil-minded Luxembourg, which has also pitched itself as a destination for Londons financial workers.

Two weeks ago, the French prime minister douard Philippea moderate member of the French center-right party before he joined up with Macronpitched a package of bank-friendly reforms to a conference of bankers in Paris last week, including scrapping the top payroll tax bracket and creating an international court to handle cases in English. "The message I want to share with you is clear and it is simple: the French government is committed to boost Paris' attractiveness by all means," Philippe said.

And because France and Germany are both now trying to lure banks, a six-year effort to impose an E.U. tax on financial transactions may be dead, Bloomberg reports:

Frankfurt, a longtime hub for banking on the continent, has recruited the likes of Standard Chartered and Goldman Sachs.

The question for bankers is whether they can trust Paris. Franois Hollande won a landslide election in 2011 by declaring finance his true enemy. Macron may be riding high right now, but it seems unlikely the French are suddenly hot on bankers. Humiliating London and proving its inferiority to Paris, however? a va.

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It's a Steamy Summer for European Leaders Trying to Seduce London's Bankers - Slate Magazine (blog)

The former Prime Minister stuttered through his answer when Sky News Sophy Ridge grilled him on his ambitions for the European Union and Labour Party reforms, which are now both dead in the water.

In their wide-ranging interview, Mr Blair covered his latest plans to thwart Brexit, his views on Jeremy Corbyns hard-left policy and his career as a politician.

But the arch Remoaner was left stumped when the journalist quizzed him on his failed ambition to have the UK at the forefront of the EU project.

Ridge said it had been unpicked, adding: Have you failed?

SKY NEWS

If Britain carries through Brexit, were going to diminish ourselves

Tony Blair

Mr Blair could only produce a nervous laugh in response as he formulated his answer.

I dont know whether so much Ive failed, he said. Has opinion moved against those two positions?

Im not sure about that, one of the things I think is important right now is to be aware enough to say, Look, politics has taken a turn in these last two or three years, and I didnt really anticipate.

For me, Im back almost like a student of politics Im studying and thinking about it, and trying to work it out.

But I think, if Britain carries through Brexit, if we really do this, were going to diminish ourselves.

Mr Blair also used his interview to claim he has held talks with key players in Brussels about how they could thwart Brexit.

He told Ridge he believes it absolutely necessary that Brexit doesnt happen because of the damage the divorce is doing the UK politically and economically

The former Prime Minister said: I think its possible now that Brexit doesnt happen.

AFP/Getty Images

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'It can be stopped, if the British people decide that having seen what it means, the pain-gain analysis doesnt stack up'

I think its absolutely necessary that it doesnt happen because every day is bringing us fresh evidence that its doing us damage economically, certainly doing us damage politically.

He even insisted that Brexiteers in Britain were changing their mind, with some even changing their mind about the split.

Mr Blair added: I think public opinion is moving on it. Look, this time last year we were the fastest growing economy in the G7, were now the slowest, our savings ratio is at the lowest for 50 years, the investment community internationally has gone really negative on us, our currency is down 10-12 per cent.

Investment in the motorcar industry, for example, is down 30 per cent. Living standards are stagnating.

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'Have you failed?' Blair left speechless after Ridge questions his European Union legacy - Express.co.uk

Monrovia - Last week, the Government of Liberia received a grant of EUR 10 million (USD 11.2 million) from the European Union (EU).

The EU disbursed the money directly into the treasury account of the Government to support the budget of the Republic of Liberia.

This is the third payment under the EU's budget support programme after a first payment of EUR 29.2 million (USD 33 million) in 2015 and EUR 16 million (USD 18 million) in 2016.

Disbursement of the third payment comes after the Government of Liberia made satisfactory progress in improving public financial management and toward specific targets relating to security and rule of law in line with the Agenda for Transformation, Liberias medium-term development strategy.

Ambassador Tiina Intelmann, Head of the European Union Delegation to Liberia, said:

"The EU gives this 10 million euro expecting that the Government will use it to provide Liberians with the vital public services they deserve and it has committed to provide: health, education, security and rule of law. I encourage the Government to continue improving the management of public finances and fight against corruption.

In particular, I applaud the operationalisation of four pilot county treasuries, the establishment of a Civilian Complaints Board for the Police and immigration services and improved access to justice through magistrates' courts and county courts for cases related to sexual and gender based violence.

I encourage Government and the Judiciary to continue their efforts to better plan procurement for entities in the security and rule of law sector and to ensure that spending takes place as planned."

The European Union withheld EUR 2 million due to the Government of Liberia's failure or partial failure to meet indicators related to the timely publication of procurement plans for the Ministry of Justice and the Judiciary and spending less money than planned through entities in the security and rule of law sector.

Background Information

The European Union's budget support programme for Liberia, known as a State-building Contract, was signed in May 2015.

It was initially intended to support reforms in the security and rule of law sector in the context of the drawdown of the UNMIL peace-keeping mission.

Due to the Ebola crisis, it was agreed with the Government of Liberia to modify the project so as to frontload much of the funds for the first payment in July 2015.

The State-building Contract has a total value of EUR 65 000 000 (USD 73 million) over three years. The EU contribution is allocated as follows:

EUR 62,000,000 General budget support;

EUR 2,690,000 EU contribution to Integrated Public Financial Management Reforms Programme, implemented through the World Bank;

EUR 300,000 Technical assistance to build capacities within the Ministry of Finance in the implementation of the State Building Contract, implemented by the Overseas Development Institute.

The current disbursement of EUR 10 million is made up of two parts - EUR 5 million is linked to four general conditions:

Payment of an additional EUR 5 million was triggered by the Government meeting the following performance indicators fully:

What is budget support?

Budget support is a way for donors to provide development assistance through a partner country's own budgetary processes.

It involves dialogue, financial transfers to the national treasury account of the partner country, performance assessment and capacity development, based on partnership and mutual accountability. Eligibility criteria have to be met before and during the programme and conditions need to be fulfilled before payments are made.

EU budget support involves the transfer of financial resources to the National Treasury of a partner country, provided the partner government has met the agreed conditions for payment.

Transfers are made in EURO to a Government account held at the Central Bank and then converted into local currency during transfer to the National Treasury Account.

Any transfer is always made after the agreed conditions for payment have been respected. Once this transfer has taken place, budget support funds are used in accordance with the partner countrys own public financial management (PFM) systems, and responsibility for the management of these transferred resources rests with the partner government.

Budget support is focused on development results and offers a platform for dialogue with the partner country (Government, national control bodies and civil society) on policies and their financing, objectives and results.

This is consistent with the aid effectiveness principles of ownership, transparency and accountability.

Originally posted here:
European Union Injects EUR10 Million into Liberia Budget - Front Page Africa

Wall Street Journal (subscription)

EU Set to Sanction Syria Scientists, Military Officers Over Chemical Attacks Wall Street Journal (subscription) BRUSSELSThe European Union is set to target 16 Syrian scientists and military officers in a new round of sanctions against the Assad regime on Monday, seeking to punish those responsible for chemical weapons attacks against civilians. The move is a ...

Originally posted here:
EU Set to Sanction Syria Scientists, Military Officers Over Chemical Attacks - Wall Street Journal (subscription)