Eurofighter Typhoon targets 300 additional orders in next 20 years

The four-nation Eurofighter consortium foresees substantial growth opportunities on the world market, with India playing a crucial role, it said Friday.

'We evaluate the global demand for combat aircraft in the next 20 years at around 800 units. For Eurofighter Typhoon, we target 300 additional export contracts, with Asia representing a substantial part of these orders,' Enzo Casolini, CEO of Eurofighter GmbH, said.

'Given the developments already planned and the further upgrades we are studying, Eurofighter Typhoon will remain the most modern combat aircraft available on the global market for a long time,'

For more: Eurofighter Typhoon targets 300 additional orders in next 20 years

Airbus: China Orders 20 A320 Passenger Planes

Air China, one of the 3 biggest carriers in China according to fleet size, says that they plan to buy 20 passenger planes from Airbus in order to expand capacity by 5%. Alhough worldwide passenger demand fell by 3.5% last year – the worst year in history – aviation in China grew due to domestic demand. The national flag airline has now ordered 20 A320 planes to meet this growing demand.

In a statement on Wednesday, the company said that they are buying them at a significant discount of US$1.63 billion combined. The aircraft are to be delivered between 2011 and 2014 and will help boost Air China’s southwestern and eastern capacity. They will mainly be used on new routes from their Chengdu, Sichuan province regional hub. The carrier says that they will use bank loans and their own working capital to finance the order, which will raise their available ton kilometers 5% from the level at the end of last year.

For more: Air China Orders 20 Passenger Planes from Airbus

Financial regulation in America: Another fine mess - with Republicans blocking every proposal to protect consumers

With health-care reform stalled, the White House would dearly love to see Congress approve an overhaul of financial regulation. But as Washington, DC, struggles with snowstorms, a chill has descended on relations between Democrats and Republicans on the Senate Banking Committee, which has the job of shepherding through a mega-bill on financial reform, a version of which passed the House of Representatives in December. On February 5th Christopher Dodd (pictured left), the committee’s Democratic chairman, said he was giving up on two-month-old bilateral talks with its top Republican, Richard Shelby (pictured right), after reaching an “impasse”. Mr Dodd apparently called it a day after making several concessions but receiving little in return.

The window for reaching a cross-party consensus is closing fast. As winter turns to spring, senators will begin to focus more on the November mid-term elections than on outstanding legislation. Mr Dodd may have little more than a month to get a deal before attention turns elsewhere. There is a “real chance” of the bill still being stuck in the Senate this time next year, thinks Tom Pax at Clifford Chance, a law firm. If it is, Mr Dodd’s successor on the committee—he retires this year—may try to break it into more digestible pieces.

The main sticking-point is a new consumer-protection agency, which would write rules for products such as credit cards and mortgages. A key part of Barack Obama’s reform agenda (and of the House bill), this is opposed by banks and many Republicans.

For more go to: Financial regulation in America: Another fine mess | The Economist

Businessweek: EU Leaders Deploy ‘Bazooka’ to Repel Attack on Greece - by Simon Kennedy and James G. Neuger

European leaders closed ranks to defend Greece from the punishment of investors in a pledge of support that may soon be tested.

German Chancellor Angela Merkel and her counterparts yesterday pledged “determined and coordinated action” to support Greece’s efforts to regain control of its finances. They stopped short of providing taxpayers’ money or diluting their own demands for the country to cut the European Union’s biggest budget deficit.

While bonds gained, the euro slipped for a third day today and pressure is now on the governments to show how they would back up their words with action. Investors’ attention now turns to a meeting of finance ministers in Brussels on Feb. 15-16.

For more: EU Leaders Deploy ‘Bazooka’ to Repel Attack on Greece (Update2) - BusinessWeek

Valentine's day, the big rip-off of the flower Industry

If you study hidden fees and price distortions for a living, Valentine's Day is your Super Bowl. Can you name another industry where the true price of an item is routinely more than double the advertised price? Yet that's precisely what you'll encounter this week, when you realize that Valentine's Day is Sunday and you'd better get your order in fast. 

In fact, really fast.  Before we get to the nitty-gritty of the free market mess that is Valentine’s flower shopping, let me tell you procrastinating lovers out there this important news: Because Valentine's falls at the end of weekend this year, price distortions are even worse than usual. To get a good deal, you're going to have to accept shipment on this Thursday , Feb. 11, a full three days early.  Most sites are applying weekend shipping rates to Friday, Saturday and Sunday.  So as we click through the thorny world of flower shopping online, know that you should really place your order immediately to avoid paying a serious procrastinator's premium.

Note EU-Digest: Or don't purchase those Valentine  flowers, which really only last for a few days anyway. Instead give that money to a worthy cause and tell your loved ones you did it in her or his name.

For more: Online flower prices still grow and grow... - The Red Tape Chronicles - msnbc.com

Gilts Drop as EU Reaches Agreement on Greece’s Deficit Crisis - by Keith Jenkins and Lukanyo Mnyanda

U.K. bonds fell for the third day in four after European Union officials reached an accord to deal with Greece’s deficit crisis, sapping demand for the safety of government debt.

The losses pushed the 10-year yield near the highest level in three weeks as the FTSE 100 index of stocks rallied 0.6 percent. Euro region leaders stopped short of offering specific measures to help Greece reduce its budget deficit, the largest in the 16-nation euro area. Gilts also fell as the U.K. sold inflation-linked securities maturing in 2022.

“We’re extending declines,” said John Wraith, a fixed- income strategist at Bank of America Corp. in London. “It’s an EU announcement and an EU support program, and there is some speculation that the U.K. may participate.”

For the complete report: Gilts Drop as EU Reaches Agreement on Greece’s Deficit Crisis - BusinessWeek

Valentine's day: Discover Love Through Art on Europeana

Lovers embracing. Romantic poems. Couples walking hand in hand. These are a few of the symbols associated with Valentine's Day, a festival of love celebrated for hundreds of years, and they can all be explored through the paintings, images, sounds and texts of Europe’s cultural heritage, available on Europeana.

For more: campaigns : Campaign Archive

Nord Stream (also known as the Baltic Pipeline) stirs emotions in Europe - by Selene Rebane

The plans to build the politically and environmentally controversial Nord Stream pipeline have been in the air since 1997. With Finland and Sweden finally saying “yes” to the pipeline in their waters, the wheels of construction are now in full speed with the first line to be opened in the 2011. This will bring relief to Europe that is struggling with energy supply--yet not everyone is a winner.

The European Union accounts for 16% of the World's energy consumption but has only 6 % of the world's population. Natural gas comprises 24% of EU energy consumption. EU27 in 2007 consumed 505 bcm of natural gas per year according to Eurogas. This is expected to increase to 578 bcm by 2020 (estimations vary, some analysts claim that the gas consumption will decrease drastically). 40 % (128 bcm) of the natural gas is imported from Russia. The EU is also estimated to import 70% - 80 % of its energy supplies by 2030 as the North Sea gas supplies are diminishing; over 60 % of natural gas imports are expected to come from Russia. 10 % of the total EU gas demand would be covered by the Nord Stream. Natural gas will remain the fuel of preference for the EU because of its greener properties. In addition to that, phasing out nuclear power stations puts more strain on alternative energy sources. The pipelines that are running through Ukraine are aging and it is debatable at what capacity they would be running at by 2020: The EU offered Ukraine a loan of $2.5bn to revamp its pipeline infrastructure in March 2009, but it is debatable if this money went to pipeline upgrade projects as a proportion of that loan would have gone to repay existing gas debts to Russia; according to prime minister Tymoshenko, Ukraine would need an extra $3.5bn for the revamp of current pipelines.

The EU’s decision to lend $2.5bn was not welcomed by Russia, who said that it was “unprofessional” to make deals like this without consulting the main supplier (80 % of Russian gas exports currently go through Ukraine).

For more: The Oil Drum: Europe | What difference would Nord Stream mean to European energy supply?

Iran to Permanently Suspend Google's Gmail - by Christopher Rhoads, Chip Cummins and Jessica E. Vascellaro

Iran's telecommunications agency announced what it described as a permanent suspension of Google Inc.'s email services, saying a national email service for Iranian citizens would soon be rolled out.

It wasn't clear late Wednesday what effect the order had on Gmail services in Iran, or even if Iran had implemented its new policy. Iranian officials have claimed technological advances in the past that they haven't been able to execute. An Iranian official said the move was meant to boost local development of Internet technology and to build trust between people and the government.

A Google spokesman said in a statement, "We have heard from users in Iran that they are having trouble accessing Gmail. We can confirm a sharp drop in traffic, and we have looked at our own networks and found that they are working properly. Whenever we encounter blocks in our services we try to resolve them as quickly as possibly because we strongly believe that people everywhere should have the ability to communicate freely online."

For more: Iran to Permanently Suspend Google's Gmail - WSJ.com

Iceland aims to become an offshore haven for journalists and leakers -by Jonathan Stray

On Tuesday, the Icelandic parliament is expected to introduce a measure aimed at making the country an international center for investigative journalism publishing, by passing the strongest combination of source protection, freedom of speech, and libel-tourism prevention laws in the world.

Supporters of the proposal say the move would make Iceland an “offshore publishing center” for free speech, analogous to the offshore financial havens that allow corporations to hide capital from authorities. Could global news organizations with a home office in Reykjavík soon be as common as Delaware corporations or Cayman Islands assets?

“This is a legislative package to create a haven for freedom of expression,” Icelandic member of parliament Birgitta Jónsdóttir confirmed to me, saying that a proposal for comprehensive media law reform will be filed in parliament on Tuesday, and that whistle-blowing specialists Wikileaks has been involved in drafting it. There have been persistent hints of an Icelandic media move in recent weeks, including tweets from Wikileaks and a cryptic message from the newly created @icelandmedia Twitter account.

For more: Iceland aims to become an offshore haven for journalists and leakers » Nieman Journalism Lab

Dutch Car lease group launches online bank

Dutch car lease firm LeasePlan, which is owned by Volkswagen and two Middle East state funds, has launched its own internet savings bank.

LeasePlan has had a banking licence since the beginning of the 1990s, and was one of the first companies to ask for help through the government's loan guarantee scheme.

'We will be very prudent... and only invest in activities which we have 45 years-worth of experience in, namely car lease contracts,' said CFO Guus Stoelinga in a statement. 'An advantage to LeasePlan is that we can use the savings market resources to expand our financial base.'

For more: DutchNews.nl - Car lease group launches online bank

The Netherlands: Ruud Gullit named head of the Belgo-Dutch bid for World Cup soccer event

Former Dutch world player of the year Ruud Gullit has been named president of the bid committee seeking to stage the football World Cup in Belgium and the Netherlands.

Gullit will head bid delegations throughout the world as the prospective joint-hosts seek to drum up support ahead of FIFA's decision on the 2018 and 2022 World Cup host late this year.

For the complete report: The Canadian Press: Ruud Gullit named head of the Belgo-Dutch bid for World Cup soccer event

France agrees to arm Russia with assault ships / The Christian Science Monitor - CSMonitor.com

France is defending its approval of warship sales to Russia, amid concerns from the US and former Soviet republics. If completed, the deal would be the first major military sale by a NATO member to Russia, and would significantly boost the Russian Navy's capabilities.

Reuters reported that other NATO members and former Soviet republics, such as Lithuania and Georgia, have expressed concern about the deal. The assault ships are able to carry helicopters, troops, armored vehicles, and tanks. This advanced technology could potentially be used against NATO members or small, non-NATO Russian neighbors such as Georgia.

Note EU-Digest: The concerns by former Soviet Republics on this issue certainly do not outweigh Russia's long term relationship with the EU.

For more: France agrees to arm Russia with assault ships / The Christian Science Monitor - CSMonitor.com

Europe Should Burn the Speculators says Stiglitz

Countries like Greece are being "attacked by financial markets" and the European Union should intervene in the stock market to "teach speculators a lesson," according to Nobel Prize winning economist Joseph Stiglitz. Speaking at the London School of Economics Monday, Stiglitz said that the notion of a European Union default is “absurd” but that the EU should show solidarity for its weaker members to stop what he has branded “irrationality” by financial markets.

Talks of a possible bailout for Greece intensified following news that ECB President Jean-Claude Trichet would be cutting short a trip to Australia in order to attend the forthcoming EU Council summit in Brussels on Thursday. A spokesman later said the change was purely logistical.

But Stiglitz, who is advising the Greek government, believes no bailout will be required and downplayed fears of contagion throughout the euro zone.

Note EU-Digest: Mr. Joseph Stiglitz is absolutely right. Speculators, Euro Sceptics and others must be thought a lesson by Governments, because they will always look for the weakest link."

For more: EU Debt Crisis: Europe Should Burn the Speculators: Stiglitz - CNBC

Europe needs an 'economic government',says EU President Herman Van Rompuy

The European Union's new president, Herman Van Rompuy, is calling for an "economic government" for the bloc, with closer policy coordination and financial incentives for good performers.

"The crisis has revealed our weaknesses," the former Belgian prime minister says in a statement entitled "A European strategy for growth and jobs" prepared for an EU summit in Brussels on Thursday. At present individual European nations "are responsible for the economic strategy of their government. They should do the same at EU level," Van Rompuy argues in his statement, obtained by AFP on Monday.

"Whether it is called coordination of policies or economic government," only the European nations working are "capable of delivering and sustaining a common European strategy for more growth and more jobs," he underlined.

For more: Europe needs an 'economic government': EU president — EU Business News - EUbusiness.com

The Crooked Judges of Amsterdam

Geert Wilders’s “hate speech” trial in the Netherlands began just a few weeks ago, but the outcome already seems determined. As Robert Spencer discusses in our lead story today, the Amsterdam District Court has refused to allow Wilders to call fifteen of the eighteen witnesses he had hoped to bring forward in his defense. It is also highly unlikely that the three remaining witnesses will be able to defend Wilders in the manner he desired, because the court has decided that the three witnesses will only be heard behind closed doors. With Wilders denied the opportunity to mount a forceful defense against charges that he has incited discrimination against Muslims, the Dutch court’s proceedings increasingly resemble the kind of justice-mocking show trials one has come to expect from third-world dictatorships. Political and social commentator Pat Condell has produced a powerful video in which he comments on these dire circumstances surrounding the Wilders trial and their implications for free speech – and Western civilization as we know it.

Note EU-Digest: Frontpage Magazine ("the mouthpiece of the American neocons") obviously loves Geert Wilders, a Dutch populist fascist, who is able to spout all his nonsense and racial hatred (like Hitler did) precisely because of the tolerant Dutch democratic society. ....let us hope the judge bans Wilders from politics ....which probably won't happen. But maybe Wilders and the editor of Frontpage Magazine could be shipped ( flown) to Saudi Arabia (a close ally among Republican Presidents) where they would immediately be beheaded.

For more: The Crooked Judges of Amsterdam | FrontPage Magazine

Wall Street's Killer Instinct Spells Death Knell for Jobs -by Pam Martens

Wall Street is so steeped in destruction that the symbols of death are everywhere. Wall Street calls the big newspaper ads they take out to herald the launch of their market offerings a “tombstone.” (To understand how appropriate that is, consider the billions in bond and stock offerings they raise for Big Tobacco.) What does Wall Street call the completion of a buy or sell order: an “execution.” (Think of how many derivative trades they “executed” for the now crippled, life support patients Fannie Mae, Freddie Mac and AIG; or the off balance sheet vehicles they created for Enron, WorldCom, and dozens of now bankrupt companies.)

Wall Street calls an order to complete a trade without any reduction in quantity a “fill or kill.” This could just as reasonably be called a “fill or cancel” order but it’s so much more fun for the thundering herd to race around a trading floor screaming “kill it, kill it!”

What is the benefit to Wall Street in killing things or bringing the share price of companies to near worthless? Tails they win; heads you lose. Wall Street can and does make enormous profits on bets that share prices will decline (shorting), that companies will disappear (credit default swaps), that the economy will crater (interest rate swaps). And there’s a slogan on Wall Street: the trend is your friend. When it’s clear the bull is lying in the center of the ring (think Lehman’s death and the Merrill Lynch shotgun wedding on September 15, 2008), Wall Street moves its bets to the downside.

For more: Pam Martens: Wall Street's Killer Instinct Spells Death Knell for Jobs

US Economy: Turn Wall Street Bonuses into One Million Green Job - by Les Leopold

President Obama may be joining the populist crusade against Wall Street. In the span of one week he opened up a three front war: a tax on big banks, full support for a new Consumer Financial Protection Agency, and the embrace of Paul Volcker’s plan to break up the big banks.

Let’s keep in mind how we got here. For thirty years the financial lobbyists and their willing partners in Congress and the White House engaged in an orgy of deregulation and tax reform, resulting in wealth accumulation in the hands of a few. So much money accumulated with the wealthy, that they literally ran out of investments in tangible assets in the real economy. Wall Street solved that problem by creating a menagerie of deregulated fantasy finance instruments that sucked up the surplus wealth and earned Wall UStreet more profits that ever before. (Summers and Geithner were avid cheerleaders for this process.) The process of securitization and derivatives was creating an upside down pyramid of synthetic instruments leveraged on top of risky assets like subprime loans, which in turn created an enormous housing bubble. (And before that the dot.com bubble, the savings and loan crisis, and so on–it should be clear by now that we’re dealing with a distended financial sector that inherently builds bubbles.)

Turn Wall Street Bonuses into One Million Green Jobs « SoapBox

Greece Not Named as New EU President Sets Tone for Summit - by Kevin Costelloe

A European Union summit this week will focus on long-term economic strategy, President Herman Van Rompuy said, making no direct reference to Greece’s fiscal crisis.

The Feb. 11 summit, the first since Van Rompuy became the bloc’s full-time president in January, will also discuss “some aspects of the present economic situation,” according to a letter sent to EU leaders today.

Note EU-Digest: Wall Street and the financial community better understand that they are not the ones who are going toset the agenda for the EU.

For more: Greece Not Named as New EU President Sets Tone for Summit - BusinessWeek

Euro rebounds as debt fears ease slightly Currencies - by William L. Watts & Myra P. Saefong

Fears of a sovereign default in southern Europe eased somewhat Monday, allowing the euro to reclaim a little lost ground versus the U.S. dollar.

European Union officials attending the weekend meeting of finance ministers and central bankers from the Group of Seven industrialized nations offered a united front on Greece, saying they were confident Athens would be able to cut its deficit and vowing to closely monitor the Greek government's efforts.

For more: Euro rebounds as debt fears ease slightly Currencies - MarketWatch