Is there a risk of Ebola spreading in Europe?
Don #39;t mistake the flu or a common cold for Ebola. In this short video, the European Union and WHO want to reassure citizens who fear an Ebola outbreak in the EU. The risk of the virus spreading...
By: WHO Regional Office for Europe
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Is there a risk of Ebola spreading in Europe? - Video
European Union carbon allowances rose to the highest in more than two years as Christmas holidays and a halt of almost-daily auctions damped supply.
The benchmark front-December contract advanced 2.4 percent to the highest since Dec. 20, 2012 on the ICE Futures Europe exchange in London. The volume traded was 30 percent of the three-month average.
Allowances increased 48 percent this year as the bloc began withholding about half a years supply to help deal with a glut that built up as renewable-energy subsidies encouraged a surge in clean generation with priority access to power grids. Lawmakers are considering additional measures including a permanent reserve to further erode the accumulated oversupply.
Higher German power contracts and the missing supply from auctions helped make carbon more expensive, Bernadett Papp, an analyst at Vertis Environmental Finance Ltd. in Budapest, said today in an e-mailed response to questions. The high volatility due to the Christmas holidays can have the result of reaching new highs.
The December 2015 benchmark rose as high as 7.36 euros ($8.97) before settling at 7.34 euros with 4.6 million tons trading. Volume of prompt contracts advanced 39 percent to 1.5 million tons, or 33 percent of front-December trading. For all of last week, the figure was 3.1 percent.
The high portion of spot trading indicates demand for compliance may be stronger than supply, said Louis Redshaw, founder of Redshaw Advisors Ltd. in London, which trades on behalf of factories.
There are few sellers and not all utilities bought everything they needed before auctions stopped on Dec. 16, Redshaw said today in an e-mailed response to questions. Auctions on the European Energy Exchange AG in Leipzig, Germany, resume on Jan. 8, which could push carbon contracts lower, Bloomberg New Energy Finance said yesterday.
To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net
To contact the editors responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net Stephen Cunningham, Charlotte Porter
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EU Carbon Rises to 8-Month High as Holidays Cut Supply
MOSCOW
The Eurasian Economic Union is headed for a rough start.
Officials from members of the economic alliance, which was modeled on the European Union and officially comes into effect January 1, met Tuesday in Moscow under the pain of Russia's collapsing economy and the absence of Ukraine.
Western sanctions over Ukraine and a drop in the price of oil are pushing Russia's economy into a recession that is also hurting its neighbors in the trade group.
But speaking after a meeting of the Supreme Eurasian Economic Council, Russia's President Vladimir Putin voiced optimism that the trade bloc was making headway for its members.
Putin said a joint market was being created to act on the basis of the general rules of the World Trade Organization with more than 170 million consumers and a joint GDP of more than $4.5 trillion. Many customs and administrative barriers, he said, have been eliminated and business opportunities for realization of joint investment projects have expanded significantly.
The leaders of Belarus, Russia and Kazakhstan will launch the union in January, while Armenia is in the process of joining and Kyrgyzstan plans to join next year.
Russian response
Former Ukrainian President Viktor Yanukovych was ousted from power this year in a popular uprising after he backed out of a European deal in favor of the Russian economic plan. Russia responded to Ukraine's revolution with a flood of propaganda, annexation of Crimea, and support for armed rebellions in eastern Ukraine in fighting that has claimed 5,000 lives.
Kyiv's Western-leaning leaders signed an association agreement with the European Union.
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Eurasian Economic Union on Shaky Ground at Outset
Hamas vs European Council (Case T-400/10) - Judgment Of December 17, 2014 JUDGMENT OF THE COURT (Second Chamber)
December 17, 2014 ( * )
"Common Foreign and Security Policy - Restrictive measures against certain persons and entities in the context of the fight against terrorism - Freezing of funds - Evidence base of freezing funds - Reference to acts of terrorism - need for a competent authority decision within the meaning of Common Position 2001/931 - Obligation to state reasons - Modulation in time the effects of a cancellation "
In Case T-400/10,
Hamas, based in Doha (Qatar), represented by E L. Glock, lawyer,
applicant,
against
Council of the European Union, represented initially by Messrs. B. Driessen and R. Szostak, and subsequently by. Driessen and G. tienne, acting as Agents,
defendant,
supported by
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Hamas vs European Council (Case T-400/10) Judgment 17/12/14
Fund managers in the European Union must disclose more information about how they pass on the costs of investment research to consumers, as part of an overhaul of investor protection rules.
Clients should be informed about the budgeted amount for research and the amount of the expected research charge, the European Securities and Markets Authority said in technical guidance provided to the European Commission Dec. 19 by the Paris-based group. A firm may increase its research budget only with the clients written agreement, the regulator said.
ESMAs proposed approach would raise standards and reduce conflicts of interest across Europe and ensure that payments for research are clearly distinguished from payments for trading, Daniel Godfrey, head of the Investment Management Association, said in an e-mailed statement.
The 28-nation EUs top markets regulator made public more than 1,000 pages of proposed rules that cover everything from high-frequency trading curbs to transparency requirements for bond markets and position limits for commodity derivatives, with the aim of boosting confidence in the financial system.
Research is included in trading commissions paid to investment banks by fund managers, with the cost passed on to the customer. The U.K.s Financial Conduct Authority regulator has estimated that broker commissions totaled about 3 billion pounds ($4.7 billion) in 2012, with about half coming from research fees.
Japans corporate income tax may be cut by more than 2 percentage points next year and reduced to less than 30 percent within five, Economy Minister Akira Amari said.
Amari, speaking in Tokyo Dec. 19, said he wants to accomplish the tax cuts in as few years as possible.
After a landslide election win last week, Prime Minister Shinzo Abes government is looking to pull the economy out of a mid-year recession. Company tax cuts are the centerpiece of efforts aimed at revitalizing growth and making the nation more appealing to investors.
Japans tax rate is about 35 percent, the second-highest among Group of Seven nations, according to the finance ministry.
Princess Cristina, the sister of Spains King Felipe VI, was ordered to face trial over claims she was an accessory to tax charges linked to her husband.
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Research Fee Clarity, Japan Tax Cut, T-Mobile: Compliance