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France 24 Original article ›
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In France 67% of young people 15-17 years in a Acadomia survey support ban on under 15 years children for social media. A bill is being introduced in French parliament to restrict children under 15 year from social media platforms supported by the governing party. A French parliamentary inquiry into “the psychological effects of TikTok on minors”, was set up in Spring 2025, and the results have set off an alarm about the negative effects on children. The new law would apply to children in high school lycee 15 years to 18 years, as it is already in place for children 11-15 years in college French middle school. The bill will be debated in parliament on Jan 19, 2026 and has support of EPR Ensemble Macron's party and of 121 members of parliament. It also restricts use from 10 pm to 8am to support better sleep patterns for young people and for studies.

Le Monde.fr Original article ›
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France's Social Security bill passes in parliament under PM LeCornu with support of Socialists and Greens December 2025. Previous PM's faile to compromise. LeCornu changes his style and wins support of Socialists and Greens (who abstain) with removal of reforms to the Social Security system and by increasing spending on healthcare. This also separates socialists from more intransigent elements on the socialist side led by Melanchon (Insoumise). 

BBC News Original article ›
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Peter Magyar says-  "You performed a miracle today, Hungary made history today." Magyar's party needed 133 seats in the 199 seat Hungarian parliament to reverse some of Orban's more controversial policies on the judiciary and on government. Magyar's party Tisza won 138 seats and 57% of the vote compared to about 38% for Viktor Orban's Fidesz that has ruled Hungary from 1998-2002 and 2010 to 2026. Magyar likens the win to the Hungarian Revolution of 1956, a spontaneous uprising against Soviet rule, and an earlier revolution in 1848. Voter tunout was the highest it has ever been at 78%. The city on the Danube river Budapest was lit up, parliament was lit up as Hungary celebrated a win for reintegration into Europe. For 400 years since 1600 the Hapsburg dynasty helped push back the Ottoman Turks invasion of Hungary and Vienna, and was one of the major Empires of Europe, with Britain, France, Russia, Prussia competing for influence. The Hapsburg  base was in both Vienna and Budapest and reflects the history of Central Europe from the Renaissance to the Scientific and Industrial Revolution. Magyar's first visit is to Poland. He will join European leaders from France, Britain and Germany, Italy, as they formulate policy on Ukraine and the future of the European Union. Under Orban Hungary was the lone dissent or combined this with Poland's Law and Justice Party government in the European Union. In 1923 the Law and Justice Party was defeated, in 2026 Fidesz is defeated, and the European Union is now able to speak with one voice in its opposition to Russia. As the US moves away from NATO the new European Union is in a better position to take on responsibilities for its defense. ...
The Wall Street Journal Original article ›
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After the failure of 3 prime ministers selected by president Macron to form a functioning government and pass the Budget in 2025, it looks increasingly apparent that Macron has failed as president in 2025. He has hung on to power through one protest after another, yet has failed to bring together people with a plan to improve the living standards of the French people from all sectors and parts of society, including the lower income groups and rural parts of the country. France has become more fractured politically than ever under Macron, with the result that no one or two parties can form a viable government with enough support in parliament. Macron started out as Minister for the Economy under Socialist president Hollande, but never really supported the Socialist party, preferring to branch out on his own seizing a political opportunity to call all other parties part of the old system with a hastily put together Movement of his own. It has managed to win and hold power for nearly a decade for lack of better alternatives, yet today it is clear that this Movement did not have the power that comes from a genuine effort for the improvement of the lives of the people of France from all parts of society and all income groups, and both urban and rural parts of France. It is a missed opportunity for France and a failure of a president who failed to grasp the needs of France and of the French people. It has pitted different sectors and ideas, rural and urban, parts from neglected industrial development and thriving regions, against each other instead of pulling together the country into a coherent whole for improving the lives of the people. Tactical moves replaced a larger sense of strategy and purpose, and personal power replacing the interest of the nation as a whole for all parts of the country. ...
Le Monde.fr Original article ›
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French parliament passes 2025 PM Bayrou Budget. Two no confidence motions are defeated from Insoumise party of Melenchon. Parti Socialiste and National Rally RN support the budget to get it passed. France passes through uncertainty as the Bayrou government is in it's first year and the National Assembly is divided.

The Guardian Original article ›
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The Guardian gives this story of Khamanei's rule in Iran after 1989. He was made president in 1981 in a landslide win at that time just 2 years after the revolution in 1979 that toppled the Shah of Iran's monarchial regime. Khamanei comes from a the family of a modest cleric in the town of Mashaad who was immersed in the anticolonial writings coming out of Arab North Africa's liberation movements. His policy towards Israel and the US, difficult relations with Arab countries in the neighborhood, and pursuit of nuclear weapons technologies, led Iran to become isolated and face sanctions that hurt its economy and its oil industry for three decades. It created its own version of governing and in setting up proxy militias but this resulted in huge investments diverted from the economy of Iran, neglect of its oil industry and production under western sanctions, that led to economy collapsing and student protests every decade. This expanded in 2025 to broad sections of the population calling for a new direction. Protests were suppressed leading to a disconnect with the people by 2026. To truly understand Iran one has to step back to the 1900's ( as one must also do to understand China or India), as Iran was ruled by the Qajar dynasty at the time. The first Majlis parliament was set up in Iran in 1906 -with the help of "good" Britishers like the British agent in Rajkot who helped send Gandhi to London to study law- wished to see a constitutional setup similar to Britain and limit the powers of the monarchy so that reforms in agriculture and in the civil service could be made. It lasted until 1908. At the time other Britishers in the British Empire both in India and in London sought to maintain British influence and keep out Russian influence. It was not a coincidence that the Majlis lasted only till 1908. That year in 1908 the first discovery of oil in West Asia was made in Khozestan province by George Reynolds, with investor backing of William D'Arcy. The following year 1909 the Anglo-Persian Oil Company( later Anglo Iranian Oil Company and later British Petroleum) was formed. The oil concession was given by the Shah from Qajar dynasty. From that time on Iran became the scene of oil company interests, monarchial interests first under Qajar dynaasty and then under Pahlavis dynasty (which set itself up like Napoleon II in France from humble origins, after 1925 to replace the Qajar dynasty), and the emerging middle class lawyer and civil service, agricultural landowners class, all competing for power and influence in a Asian region with Shihite Islamic embedded in the fabric of the society. Power swung to different groups from 1925 onwards for 5 decades to the 1979 revolution that overthrew the Pahlavi temporary replacement monarchy that worked with British oil interests. West Asia became a meeting point for anticolonial writings emerging from Arab North Africa and other places that took the form of and led to a socialist style anticolonial Baathist influnce that overthrew a monarchy in Baghdad Iraq in the "Free Officers" coup of June 14, 1958 led by Karim Kassem. Out of that Pan Arabic Iraqi mood emerged S. Hussein who with weapons systems imported from the US and Europe initiated the war with Iran in 1980. The Iranian counterrevolutionary movement to Iraq began from that time with the leadership of Khomeni and Khameni from 1981. This is what one has seen swing back and forth in the West Asian region for about 5 decades to 2026, the regional Arab states mostly Sunni monarchies ranged against Iran with its Shiite and also modernizing population. US oil interests in Arab monarchies of the West Asian region from the time of FDR's meeting with Saudi's Faisal in the WWII period clashed with Iranian public interests competing with oil interests (US and British) allied to monarchial interests, and the emergence of Shiite Islamic authority in Iran in these clashes. Iranian public interests that started out with the Majlis and parliaments set up by the "good Britishers" never got a chance in Iran just as the modernizing effort of Sun Yat Sen in China in the 1900's never got a chance in the middle of the surviving monarchy in China by 1910, and the Japanese colonial interests in China from that time competing with the Nationalists Koumintang and the Communist Chinese workers movements emerging in the 1930's, all competing for influence during the Chinese civil war and in its aftermath the emergence of Mao and the CCP of China. This is the situation we in the world face today. ...
WSJ Original article ›
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Edouard Philippe resigns as prime minister as he begins a new phase for the 2022 presidential elections. His popularity increased to 50% for his handling of the coronavirus pandemic in France, exceeding Macron's 38% in June. Mr. Philippe won the race for New Havre in recent municipal elections in which Mr. Macron's party failed to win a single large city, making its future uncertain. The Ecology party recently split from Mr. Macron's party in parliament. In 3 years in office Mr. Philippe maintained his independence and did not join the Macron party. Mr. Philippe followed a conservative path in government. His replacement is Mr Castex, mayor of a small town Prades in southern France.

Le Monde.fr Original article ›
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There are now 2 Lefts in France after the failure of a no confidence motion in parliament on premier Francis Bayrou. Le Monde says the Socialist Party under Faure made a responsible choice to work with "reconciliation" in mind at a difficult time for the slowing European economy, changes in government in US and Germany in 2025, and no settlement in Ukraine. The Socialist party made certain of key changes in the government's policies for the remainder of Macron's term as president as the price of it's support and for ongoing discussions.

Le Monde.fr Original article ›
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France's new premier Francis Bayrou says in a policy speech to parliament yellow vest protests need to be heard and the pension reform of 2023 with large protests can also be debated and renegotiated. It is an effort to bring together all parties after the alienation of the last 2 years. Macron raised the pension age from 62 years to 64 but did not first get the support nationwide that was needed. 

Bayrou raises the deficit target to 5.4% from 5% under the Barnier government that lasted only 3 months and failed to win parliamentary support.

BBC News Original article ›
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Raphael Glucksmann is emerging as a surprise for the Socialists just as Macron emerged out of the cabinet of Francois Hollande as leader of En Marche. Socialists and Democrats Alliance is the party group in the EU parliament that represents social democratic parties in Europe that govern in Germany, Denmark, Spain and are prominent in Sweden and France. Melenchon leads an alliance of socialist parties in France but has not done as well with moderates. Raphael Glucksmann is seen as a new voice for Socialists in France in upcoming elections. Migration has shaken up parties in Europe but this may be receding in importance as most of the socialist parties have shifted to strict policies to keep out migrants. This is happening in the US as Mr. Biden has closed the border with Mexico. Climate Change was an issue in elections helping the Greens in the last chancery election. As socialist parties and conservative parties adopt the Greens policies on climate this has reduced support for Greens from the peak in 2020. ...
WSJ Original article ›
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The UK decision makes purchases of Huawei equipment for UK 5G networks illegal from the end of 2020 and gives carriers till the end of 2027 to strip out existing Huawei gear from 5G networks. The move Mr. Dowden, British minister in charge of digital issues, says will cost $2.5 billion and delay the development of 5G by 2 to 3 years. He said the whole sector suffers from a "global market failure" and is "dangerously reliant on too few vendors." The UK and Australia, U.S. decision will accelerate the development of more vendors in international alliance to come up with alternatives. Other European governments face pressure from legislators in Germany, Italy, and France  to reconsider decisions on 5G. In the UK some members of parliament are critical of the long time given to phase out Huawei gear in 5G networks. 

 

The Guardian Original article ›
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Mr. Macron is beginning to listen to young voters says this report in The Guardian, yet after this election is over it says he has to do some profound rethinking. The abstention rate of 40% for young voters under 35 should be deeply disturbing. Too much power is concentrated in the presidency and little in parliament, it is true, with Macron's aloof style making things worse. Yet for young voter to say they are indifferent to a vote for Macron or Le Pen shows that Macron has much to do to win the trust of younger voters. The Guardian cites a Cambridge University study that shows the current disillusionment outstrips ones of previous generations, and has more substance than the one that shook De Gaulle in 1968 as opportunity was growing in France for all parts of society in 1968 compared to 2022.  The frustrations at work are common to US, Britain, Germany, France and all of western Europe- precarious and unfulfilling work, low pay, and asset based inequality, that is creating a slow burn generational crisis, says The Guardian. ...
WSJ Original article ›
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Emmanuel Macron graduated from Sciences Po University in 2004 with a degree in public affairs. He joins the Finance Ministry as an inspector and then buys himself out of government service contract by 2008 to join a private bank. He arranges an acquisition from Nestle and other business deals during this period. In 2012 he is appointed as deputy secretary general for the president's office after Francois Hollande a socialist is elected to the presidency. In 2014 he is offered the position of Minister of Industry and Digital Affairs in the second Manuel Valls government. He makes some changes to French government but opposes the wealth tax or tax on business, and is generally pro-business, though he acts as a member of the Socialist party.  He uses this period to build momentum for his own run for the presidency as support for Hollande falters having lost support from his working class base with Macron and Valls inspired changes.  Macron finally announces he will run for the presidency forming his own En Marche movement which he finances with his own fund raising. Throughout this period right up to the election in 2017 Macron has not run for public office. When he wins the presidency in that year he lacks the experience needed as the youngest president in French history at the age of 39. Like another young president Obama he handles his public image with the media for his En Marche movement promising to unblock France. This public image and his lack of experience makes him impervious to the social changes going on in France that lead to the yellow vest protests in 2018. This is a period when there are changes in the midwest as workers in Michigan and other midwestern states turn away from Hillary Clinton and Obama.  French workers are in the position of workers in the US with the decline of manufacturing, much of it shifted with the supply chain to China and Japan, and the gap opening between rural and urban tech educated areas. Macron follows Obama's quick rise from Senator to run for president yet lacks experience, and lacks sufficient grasp of the social changes with loss of manufacturing, the wide gaps between rural and urban tech educated people, conditions in the rural and farming areas. Macron survives this period, is reelected in 2022 with the help of socialist Melenchon voters. He says he will govern differently, less distant from average Frenchmen, but his instincts are to push for pension reform. At a time of cost of living crisis, and when the French budget office says the change in pension from 62 to 64 was not critical at the present time when inflation was hitting the public after the pandemic. Macron does this by Article 49 in the way he has done under the Manuel Valls government, by executive action alone. This time he faces a no confidence motion in parliament in March 2023 following some of the largest protests France has seen in years, with two thirds of the French according to FR24 opposing the change in pension law. Women see this as coming at a time when age discrimination hurts their chances of earning a living after 50 years of age.  Age discrimination is widespread in France, in a way it is not in Germany, say reports in the NYT. And with the cost of living crisis acts as a major hurdle for the average French person, if pensions are delayed without addressing these cultural issues in France. The result is that the protests have substance and Macron is seen as not sensitive to this at a time when he lacks a majority in parliament. ...
Wall Street Journal Original article ›
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Italian prime minister, Mario Monti, told the European Parliament in Strasbourg, that he wanted to see more power reside in the European Parliament, that democracy was consistent with integration. German chancellor Merkel says the European Commission should "act more like a government with all the powers," and the European Parliament should become more important than national parliaments. This is the vision of Europe that leaders are supporting in 2012. Monti gave as one major reason for a European governing entity- national governments with their own local interests had created the economic trouble Europe faces today, with Greece being a textbook example of how everything can go wrong. Germany and France, he says relaxed the fiscal discipline rules of the Stability and Growth Pact, and this could happen again.
The Hindu Original article ›
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Critical to move forward in making investments for growth in the Indian economy are the government debt to GDP ratio and GST revenue collections. FInance minister Sitharaman tells parliament that the government debt to GDP ratio is 56.2 % and considerably less than many countries of the leading economies in Europe and the US, less than France and the US, Canada which are in triple digits. GST collections are at 1.49 lakh crores for July 2022, the second highest in history. Inflation is at 7% or below that.  Non performing assets of commercial banks are at 5.9%. She said about 4000 banks in China were reportedly on verge of being bankrupt by comparison and China has huge debt problem for local government. Much of the hard work of the government is makingit possible to set the conditions such as these for basic macroeconomic factors to be put in place for the next stage in India's journey to fulfill the aspirations of its people for a modern and technologically advanced economy with opportunity for all. ...
NYTimes.com Original article ›
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The expected EU turnout in 2024 is at a high of 68 percent. Over the years since its formation the early enthusiasm and vision was replaced by dry directives issued by bureaucrats in Brussels leading to lethargy. 1979's 62 percent voter turnout contrasts with 2014's 48% voter turnout. Boris Johnson, Donald Trump and Vladimir Putin have each in their way created new surge of interest in EU and the parliament in Strasbourg, says Caroline Gruyter from her conversations in France, Switzerland, Netherlands, Czech Republic. Today 74% of EU citizens polled say they support the European Union. Similar numbers even in the UK as Labor party is about to come back in a big way.  What happened? The war in Ukraine, Russia and NATO, US and NATO, the UK drift back to EU in sentiment, Italy's conservative parties called Right wing are supporting the EU under Meloni. Another reason for the sense of EU coming back to life comes from my visit to Germany, where after decades of disinvestment in infrastructure the rail station in Frankfurt is being rebuilt and new infrastructure is being built all over the city. Posters all over Frankfurt for EU parliament elections show a new spirit for Respect for workers, working families, and a sense that the FDP, SPD, CDU and Greens can take the decisions to give new vigor to the German democratic process.    ...
Le Monde.fr Original article ›
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For the first time in 45 years France has no Budget for the following year. It has no Budget for 2025 as Bayrou replaces Barnier who lost a no confidence vote in parliament. The mood is not for cutting public spending by Melenchon on the Left party Unbowed and Marie Le Pen of National Rally on the right as Barnier and Bayrou seek to do.

Buy Side from WSJ Original article ›
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With Labour leading in polls Mr. Johnson faces a no confidence motion in parliament after 53 Tory members called for the motion. No elections are planned before Jan 2025. There are no choices for the Tories other than Mr. Johnson who could hold his broad coalition of working class districts in the north of England and affluent districts in London. Mr. Johnson has also taken England through the pandemic, vaccination drive, and pandemic aid programs to help the UK recover, which he reminded Tory members of parliament.  The partygate scandal refers to parties that Mr. Johnson says never happened but took place during the worst part of the pandemic which have created an impression of callous behaviour and disregard of rules. The Conservatives face another problem in that the US and the EU including countries such as Denmark, Germany and France are moving in a direction that favors leaders who are promoting a revival of manufacturing locally, creating local jobs instead of job shifting overseas, increasing minimum wage, and promoting interests of workers and families. Labor had lost credibility during the Blair years similar to SPD losing credibility during the Schroder years, France's Socialists losing credibility under Hollande, and the Democrats under Clinton-Obama, and a general loss of credibility of socialist leaders who failed to work for the interests of workers and families. Biden, Scholz, the German Greens under Habeck, and French under Melenchon are changing this today wtih a new and genuine commitment of respect for the dignity of workers and families, and women. There may be a sense of unease among Tories about how long the working class districts in the north of England will vote Tory when no investments are being made to fulfill the promises Boris Johnson has made. Yet Tories have no alternate leader and may be stumbling their way into the remaining part of their period in office as Britons look for a new future where the massive investments needed in manufacturing locally and in infrastructure take place to benefit workers and families. ...
Wall Street Journal Original article ›
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The new administration of Francois Hollande in France includes Pierre Moscovici, as Finance Minister. Moscovici was European Affairs minister in 1997-2002 during the formative period of the European Union, served in the European parliament and wrote a book on economics with Hollande. This brings someone with deep EU experience in a critical role of shaping EU policies. Laurent Fabius, is Foreign Minister. Fabius was prime minister in the 1980's. Michel Sapin, a former finance minister is minister for Employment, Labor, and Social Dialogue. The credibility, talent and experience of this team will be critical as the EU enters a difficult phase in 2012-2013.
WSJ Original article ›
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Russians vote in 2021 parliamentary elections. With 30% of votes cast the United Russia party of Mr. Putin wins 45% of votes cast, followed by the Communist party of the Russian Federation with 22%, and the Liberal Democratic party getting 8%. Russia has mixed voting system with half the seats directly elected from party lists, and the other half assigned to individual candidates. United Russia had 334 seats out of total 450 seats in the outgoing parliament. Putin will need over 300 seats in the new parliament to get the two thirds majority to enact changes to the constitution. Putin needs this to extend his current term which ends in 2024.  Putin draws most of his support from the older part of the population that has seen the hardships imposed following the collapse of Communism around 1990. This led to collapse of the ruble currency, increase in poverty, an effort by oligarchs to capture state enterprises, and a chaotic period for law and order. Shockingly during that period even life spans of Russians declined as reported in the WSJ. Liberals who supported the shift to democracy had not anticipated all the ill effects of introducing capitalist free market systems in such a sudden and free fall way. Such sudden shifts to free markets are now better understood and seen as the wrong way, as western capital markets fail without inbuilt protections, safety net for workers and retired people, and are subject to serious distortions if no vigilant authority exists. This is in reality not a free market but a market captured by the few, in the interests of the few. Once this was clear retired people, pensioners, military, law enforcement, and liberals realizing what had happened shifted support to United Russia founded by Mr. Putin. Mr. Putin faces the typical situation faced by incumbents over long periods where there is a sense of the need for change. Yet the pandemic and other economic crises that could happen in the event of mismanaged economy are never really too distant for countries such as Russia, China, India that are developed but yet have not the strong industrial base of US, Germany, France. Such economic crises including the ruble currency and Russian energy companies were better managed under Putin than under the chaotic period following the collapse of communism and the introduction of so called "free markets" that were anything but. During the recentfree fall in oil prices Putin was able to manage a transition period with the help of president Trump who negotiated a price for oil with the Saudis to protect US shale oil workers and companies, as well as Russian workers and oil companies. As a result Russians particularly young people look for alternative places to vote for opposition parties such as Liberals, Communist party, and other parties. But the majority of Russians including those working for state energy and other state companies tend to stay with Putin's choices for state, regional and federal administration and for parliament. Nationalist spirit also provides additional support as Putin has restored Russia's status as one of the important nations in the world. Some missteps such as interference in US elections have led to a loss of some of this international influence, yet even president Biden understands the situation in Russia and is willing to work with Putin with new rules of conduct Under the Russian system about 70% of the laws are not made by parliament but are done by the government and the administration of the president and then go through parliament. In addition to parliamentary vote there are 6 governor races and three races for heads of regional republics. ...
dw.com Original article ›
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Refugees in Germany are 3.48 million in 2024 at 4 percent of the population, government data shows. This is 60,000 more than in 2023. One third of them are from Ukraine and many of them seek a return to their home country. Clara Bunger a member of the German parliament requested the information from the government. Bunger says- "It's in clear contradiction to the misleading portrayal of an alleged 'national emergency. Such scaremongering deliberately distracts from actual social problems and uses fear to make refugees a scapegoat." This distraction from the problems of cost of living is why immigration hurts workers and families, why PM Mette Frederiksen, Denmark, PM Michel Barnier, France, US president Biden/Harris who negotiated the legislation with Republicans in Congress to close the Border are taking this important step to refocus on the future of America and Europe, and the world at large. ...
The Guardian Original article ›
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Britain's prime minister Boris Johnson and his negotiating team meet EU president Ursula Leyen for dinner in Brussels on December 8, 2020, to get over fundamental differences for a Brexit deal. This report in The Guardian describes the details of that dinner meeting.  Boris Johnson told parliament that the European Union was asking Britain to be the only country in the world not to have sovereign control over its own fishing waters. He said the EU was also asking that if the EU were to pass a new law that Britain does not comply with they would have the right to  automatically punish Britain or retaliate. On the issue of environmental and other laws that relate to the EU and Britain they are both at the same level today. The EU is worried that in future competition between Britain and the EU in trade and business Britain could relax environmental or other laws to gain an unfair advantage. Boris Johnson and his Conservative party back benchers insist that Britain should have sole right to make its own laws. France's Macron introduced the idea of automatic retaliation as a way to get Britain to keep a level playing field. Both sides see this as a negotiating tactic, hence the dinner meeting as a way to let top negotiators including the leaders to set an informal tone to the final stage of tough negotiating. Merkel made her own remarks to the German parliament saying she was willing to let the negotiations collapse if Britain rejected the EU approach. Merkel stated that if Britain insisted on certain conditions EU could not accept she was willing to let Britain leave without an exit agreement. This way if something went wrong Merkel would not take the blame.   ...
The New York Times Original article ›
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Martin Caparros describes the deadlock in Spain with no two parties on the right Ciudadanos and Partido Popular, and on the left, Podemos and the Socialist party, able to have enough seats i parliament to form a government. An agreement between Ciudadanos and Partido Popular of prime minister Mariano Rajoy, has brought the 2 parties close to 170, 6 short of a majority in the 350 member parliament. New elections will have to be held for the third time in December 2016 as a result of this impasse. The two main parties in Spain the Partido Popular and the Socialist party, alternated in forming a government during the period since the restoration of democrati government after Franco's dictatorship. Following the deep recession in Spain since 2012 two new parties have been formed Podemos on the left, and Ciudadanos a centre right party. Both parties are critical of corruption, and the cuts in spending for education and healthcare following the financial crisis in Spain and bailouts by the European Union. Caparros describes the cynicism that voters express about not just the two main parties, but also for Podemos and Ciudadanos, as voters voice their rejection of politicians and parties on the left and the right. A similiar process is taking place in other countries, in Britain most recently with Brexit and the departure of prime minister Cameron. In the U.S. with the Sanders and Trump movements, and the Beppe Grillo movement in Italy.  ...
Wall Street Journal Original article ›
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Portugal's parliament gave preliminary approval to a new budget bill with 4.3 billion euros in tax increases on income, captal gains, property and car ownership, and 1 billion euros in spending cuts compared to the 2012 budget. Banco Espirito Santo was able to sell 750 million euros in 3 year bonds with an interest rate of 5.875%. Over 200 investors from France, UK, Germany made buying offers of more than 2.7 billion euros. The rate is lower than expected and reflects ECB policy support for bond markets of countries requesting aid.
WSJ Original article ›
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After the U.S. withdrawal from the Paris Climate Change Agreement, China and the European Union sought to fill the leadership on this issue. Yet the reality now looks to be different. China decreased coal consumption between 2014-2016. Now China is ramping up coal generation as it needs to provide stimulus to a slowing economy as trade relations with the U.S. worsening.  In 2017 the trend reversed with state backed loans to help economic growth and surge in provincial permits.  China is now moving forward with plans to add coal fired power equal to almost the total U.S. capacity, according to Coalswarm, which tracks power plants worldwide for coal use. This would push coal fired production to above the cap of 1,100 gigawatts China has set and its current cap. Its current production is already about half of the world's total coal fired generation and quadruple that of the U.S. In 2017 China made up one fourth of total CO2 productions.  Canada is missing its emissions targets and is not likely to meet 2020 targets say experts. In the EU members reliant on coal power energy oppose EU parliament efforts to end subsidies to the most polluting plants by 2025, seeking delay of one decade. At the climate change talks in Katowice, Poland, these changes are facing opposition. As a sign of how the situation is changing since the 2015 Paris Accords, the protests in France by yellow vest protestors started in opposition to a carbon tax intended to meet France's climate change targets. That tax increase is being withdrawn by president Macron. Families struggling financially had a different perception of the increase in the fuel tax and even young people who support meeting emissions reduction joined the protests, as reported in the New York Times and The Times. This tells a lot about how the issue of climate change has changed in the public perception in three years. ...

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