Econintersect: It may be a holiday weekend in the U.S. but just business as usual in the rest of the world. We have collected some of the top stories from the Eurozone for the past week.
Lindsay Sandiford loses new execution appeal for Bali drug smuggling – http://edition.cnn.com/
Time is running out for a British grandmother facing execution for drug trafficking in Indonesia, after her second appeal was rejected.
French oppose military intervention in Syria and don’t trust Francois Hollande to carry it out – http://www.telegraph.co.uk/
Results of today’s BVA poll published in Le Parisien, the French capital’s daily newspaper shows that 64 per cent of the country are “hostile” to taking part in military intervention in Syria and 58 per cent did not trust Hollande to conduct any operation.
The poll follows President Francois Hollande’s insistence that he was ready to launch strikes on President Bashar al-Assad’s regime in retaliation for the use of chemical weapons.
U.S. Outlines Penalties for Swiss Banks in Tax Probe – http://www.bloomberg.com/
Swiss banks that seek to avoid prosecution for fostering tax evasion through secret accounts held by U.S. clients face penalties of as much as 50 percent of the value of those assets, the U.S. government said.
Dollar mixed as Syria worries ease – Business Recorder – news.google.com
Sky News Australia
Dollar mixed as Syria worries
NEW YORK CITY: The dollar traded mixed against other major currencies Friday amid easing concerns about a US-led military strike against Syria. The euro bought $1.3218 at around 2100 GMT, down from $1.3241 at the same time Thursday…
Analysis: Carlos Slim’s Dutch woes test appetite for European expansion – http://www.reuters.com/
MEXICO CITY (Reuters) – Billionaire Mexican businessman Carlos Slim is facing an unfamiliar challenge as he seeks to steer his flagship phone company America Movil into Europe – dissent.
Ireland mourns “keeper of language” poet Seamus Heaney – http://news.yahoo.com
By Sam Cage
DUBLIN (Reuters) – Seamus Heaney, one of the world’s best-known poets and winner of the 1995 Nobel Prize for literature, died on Friday after a short illness at the age of 74, his family said. The Northern Ireland-born Heaney’s poems evoke an Irish country childhood, with images of potato diggers and peat bog cutters, and echo the deep political splits that have divided the island…
Beneath Greenland’s ice, a grand canyon – http://edition.cnn.com/
British and American scientists watching Greenland’s massive ice sheet have found what appears to be a 460-mile “megacanyon” far beneath the frozen surface of the world’s largest island.
Low Inflation Complicates Fed’s Decision – http://online.wsj.com/
Fed officials face a conundrum at their next policy meeting: Inflation remains far below target as the central bank considers scaling back its bond-buying program.
European bank funding: A long, dry summer – http://www.economist.com/
Consolidation process nears conclusion
IN TIMES of drought the great migrating herds on Africa’s plains splinter, the strong pulling ahead and the weak falling behind. So it is for Europe’s banking system. Over the past few years a cross-border banking market has unravelled into a collection of national ones…
Week Ahead Economic Overview [2-6 Sep]: August PMI data and monetary policy – http://www.markit.com/Manufacturing and services PMIs are published in a crowded week of economic releases that also includes second quarter GDP data for Australia and the eurozone (second estimate), plus US non-farm payroll numbers. Monetary policy decisions in the UK, euro area, Canada, Australia and Japan are also expected.
‘Private Money’: Bitcoins Gain Ground in Germany – http://www.spiegel.de/
Bitcoins have rapidly gained popularity, but what is the currency’s legal status? This week Germany revealed that it sees the virtual payment method as “private money,” but its tax status remains unclear.
Women central bankers: The unsteady march of diversity – http://www.economist.com/
More countries are available on our expanded infographic of women on central-bank committees
In the 1970s women started getting appointed to central-bank policy committees, which set interest rates and in some cases supervise the banking system. Since then their numbers have remained low. The European Central Bank (ECB) currently has no women on its governing council…
Eurozone retail sales rise marginally in August – http://www.markit.com/
Retail sales in the eurozone rose for the first time in nearly two years in August, Markit’s retail PMI data showed. The value of retail sales increased since July, albeit only marginally. Employment at retailers also rose slightly following a 16-month sequence of decline. National differences in sales trends remained, however, as Germany registered further strong growth, France achieved a back-to-back modest rise and Italy posted an ongoing sharp decline.
Fed Says Staff Violated Rules – http://online.wsj.com/
Federal Reserve staff violated the central bank’s rules for handling the minutes from policy meetings prior to their public release, the Fed’s inspector general said in a report.
Private equity: Tax attack – http://www.economist.com/
TAX planners at private-equity firms are having an unusually busy summer. A fiscal ruling in Sweden and a court case in America are threatening to upend the arrangements that buy-out firms use to minimise their tax bills.Both cases relate to a tax loophole used by private-equity firms in America and much of Europe…
UK economic growth revised higher in second quarter – http://www.markit.com/
The UK economy grew faster than previously thought in the second quarter. GDP is now estimated to have grown 0.7% compared with an initial estimate of 0.6%, according to the Office for National Statistics.
On the Upswing: Is Europe Finally Coming Out of Recession? – http://www.spiegel.de/
It’s the moment many have been waiting for. After a year and a half of stagnation, there is once again economic growth in the euro zone. Other indicators also point to upswing. Could this be the end of the long winter?
UK property up, are deals in Russia? – http://cnn.com/
As Europe inches toward its recovery from crisis, a home retailer boss says there are “more positive” signs in the UK market — but growth will come from elsewhere.
‘Liconomics’: China’s Green Revolution Arrives – http://www.spiegel.de/
China has changed course and announced an ambitious new plan to push sustainable energy. The initiative by Li Keqiang’s government signals a turning point in the country’s approach to the environment — and could mean big business for Germany.
Spain’s brain drain problem – http://cnn.com/
Economic woes and research budget cuts push many of Spain’s best scientists to look for work abroad. Al Goodman reports.
Eurozone recovery gains momentum with fastest growth for over two years – http://www.markit.com/
The Markit Eurozone PMI Composite Output Index signalled the largest monthly increase in business activity for over two years in August, according to the flash estimate. The PMI rose for the fifth successive month, up from 50.5 in July to 51.7, the highest since June 2011. The above-50 readings signal two consecutive months of rising output, in contrast to declining business levels over the prior 17 months.
Number of Jobless People Declines Slightly in Europe – http://www.nytimes.com/
The employment figures, along with declining inflation and improved confidence in the economy, was taken as evidence that the worst of the downturn was probably over.
Smoking Ban: Shipping Shifts to Cleaner Fuel – http://www.spiegel.de/
Starting next year, ships fueled only with heavy oil will no longer be allowed to sail Europe’s North and Baltic seas. But cleaner alternatives are costly. Liquid natural gas could be the solution.
Europe still a big draw for architects, says man behind City landmarks – http://www.standard.co.uk/business/
Europe has been more “welcoming” to London’s star architects than the capital has been to their Continental rivals, according to the man behind the Gherkin and City Hall.
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