That includes proportionate health checks
It is a painful historic day. The friendship with Great Britain is now being further developed in other ways.
Great Britain is scheduled to leave the European Union at midnight (CET). After Brexit, negotiations are pending on the EU’s future relationship with London, which must be concluded by the end of the transition phase on December 31, 2020.
According to new guidelines of the EU Commission, tens of thousands of harvest workers and geriatric carers should have as free a ride as possible on the inner-European borders. They should be classified as “systemically important” like doctors, firefighters, police officers, truck drivers, workers in the food industry and some other professions, the Brussels authority said on Monday. Special fast-track procedures are to be introduced for all of them at the border. That includes proportionate health checks.
Commission head Ursula von der Leyen pointed out that 1.5 million people in the EU live in one state and work in another. Because of the introduction of border controls and travel restrictions in the Corona crisis, various industries had sounded the alarm, including farmers who usually employ seasonal workers from Eastern Europe. Hundreds of thousands of nurses from the eastern EU countries also work in western member states.
Von der Leyen referred to employees who are now acutely needed in the fight against the virus. She cited the example of hospital staff in Luxembourg, who mostly live in France and Belgium and cannot be late because of border controls. The head of the commission also emphasized: “We need food in the shops and on our table.” Those who produce them should be able to move freely across borders.
For seasonal workers, the Commission recommends that the EU states exchange information on requirements in specialist committees and introduce procedures so that workers can smoothly get across borders. Employees who would be needed for important planting and harvesting work should be treated like systemically important workers, it said. Health protection must be guaranteed.
Freedom of movement applies in the EU internal market, and border controls are actually not provided for in the Schengen area. In the coronavirus crisis, many EU countries had unilaterally introduced controls. The truck traffic jams, which were initially kilometers long, have now become significantly shorter, according to the Commission. In many places the waiting times are now less than ten minutes, said a spokesman.
NEW YORK (dpa-AFX) – The chain of ever new stock exchange records in the USA has not broken off on the last trading day of the week. The prospect of falling interest rates and a solid economy at the same time drove investors back into stocks on Friday. Both the Dow Jones Industrial and the broad SP 500 and the technology-heavy Nasdaq 100 climbed highs.
From January 2021: These health insurances increase the additional contribution New resolution: Costs for courts and lawyers rise Judgment: Tennis instructor with a broken wrist is unable to work Due to sales ban: Manufacturers collect fireworks and firecrackers again Care for 10,000 children: Ikea opens second furniture store in India
The Dow advanced 0.90 percent to 27,332.03 points. On a weekly basis, the Dow posted an increase of 1.5 percent. Since the beginning of the year it is already a good 17 percent. The Dow had already passed the hurdle of 27,000 points, which had proved too high in October last year, on Thursday.
Stockbrokers also attributed the pre-weekend gains to recent statements by Fed chairman Jerome Powell to MPs. The latter had emphasized the economic risks and at the same time referred to subdued inflation – and thus left the door open for interest rate cuts. “From an investor’s point of view, he passed the performance with flying colors,” said analyst Craig Erlam from broker Oanda.politics topic essay With his assessments Powell gave the investors “exactly what they wanted”.
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The SP 500 climbed 0.46 percent to 3013.77 points on Friday, closing above the 3000 mark for the first time. The Nasdaq 100 rose 0.59 percent to 7,943.24 points.
The latest records do not have to be the end of the flagpole: “For a bear market after a new all-time high, it took either a recession within the next year or a significant overvaluation of stocks over bonds in the last fifty years,” said investment strategist Maximilian Kunkel from der Bank UBS. However, real interest rates and the state of the US consumer did not point to an imminent recession. And stocks are still valued cheaply compared to bonds.
The renewed price losses in the pharmaceutical sector were noticeable. Papers from industry giants like Merck Co, Pfizer, Abbott Laboratories and Eli Lilly lost between 1.4 and 2.1 percent. The industry had already suffered from selling pressure the day before. According to experts, the political dispute over drug prices in the US could intensify in the second half of the year after the White House dropped a plan to end drug discounts the day before. Now Congress could push for lower barriers to entry of generic products, observers said. These would compete with the established, profitable drugs of large pharmaceutical companies.
Johnson shares Johnson slipped 4.2 percent. The trigger for the losses was a report by the Bloomberg news agency, according to which the US Department of Justice is investigating the pharmaceutical and consumer goods manufacturer for contaminated baby powder.
Investors at the world’s largest brewer AB Inbev reacted disappointed. This canceled the planned IPO of the Asia-Pacific business. The share price lost 3 percent. AB Inbev referred, among other things, to the prevailing market environment. Analysts had favored an IPO, since the Budweiser and Beck ?? s brewer could have used the proceeds to pay off the enormous mountain of debt.
Facebook shares rose 1.8 percent in late trading. According to the Bloomberg news agency, the FTC has fined the company around $ 5 billion for serious data protection violations. Facebook had already made provisions for a fine. The FTC’s investigation into Facebook was triggered by the scandal surrounding the misuse of Facebook user data by the data analysis company Cambridge Analytica.
Shares in genetic engineering specialist Illumina plunged more than 16 percent. The company had more than halved its forecast for sales growth this year.
The euro rate rose slightly in late US currency trading, with the common currency quoted at 1.1270 US dollars. The European Central Bank had previously set the reference rate at 1.1253 (Thursday: 1.1285) dollars. The dollar had thus cost 0.8887 (0.8861) euros. On the bond market, prices made up the previous day’s losses. Trendy 10-year US Treasury bonds rose 6/32 points to 102 9/32 points. They yielded 2.11 percent./bek/he
— By Benjamin Krieger, dpa-AFX —
According to a proposal by the EU Commission, fishing in the Atlantic and the North Sea is to be partially reduced. For hake, for example, the permitted catch quota should be reduced by 20 percent, the Brussels authority announced on Thursday. Overall, the catches should be reduced for 40 of 72 stocks, with the rest they should be higher or at least remain unchanged. A stock is always a species of fish in a particular marine area.
For Germany, the North Sea fishing is particularly important. On the other hand, the catches in the Atlantic, which are crucial for large fishing nations such as Spain and France, are often highly competitive.
The proposals of the EU Commission are primarily based on recommendations of the International Council for the Exploration of the Sea (ICES). On this basis, the EU states determine the so-called total allowable catches for the North Sea and the Northeast Atlantic every year. On this basis, the respective national catches are allocated to the individual countries using fixed distribution keys.
The EU fisheries ministers are expected to decide on fishing opportunities for 2020 on December 16-17.
The Greens in Lower Saxony see the situation of NordLB as critical, even after the approval from Brussels for the urgently needed financial injection for the Landesbank. “The fact that the EU Commission is granting NordLB the third billion-dollar cash injection within 15 years after months of examination is no reason to celebrate. A good business model is still not in sight,” warned Stefan Wenzel, budgetary spokesman for the Greens in the state parliament. on Friday. In view of the size of the sums, he demanded that the causes and perpetrators of the bank’s crisis should be identified “imperatively”.
The EU Commission had announced the day before that the planned capital measure of around 3.6 billion euros was compatible with competition law. NordLB, based in Hanover, is to receive support from the states of Lower Saxony and Saxony-Anhalt as well as the savings bank group. However, the state parliaments in Hanover and Magdeburg still have to agree to this. The state government of Lower Saxony had already initiated the relevant legislation in November.
It is planned that Lower Saxony, as the main owner, will take over a large part of the financial injection with a total of around 2.3 billion euros. Saxony-Anhalt wants to take out a loan of 198 million euros for its share of almost six percent. The savings bank group, which is also involved, is expected to shoulder around 1.1 billion euros. The Landesbank is in trouble because it had lost billions of euros, especially with the financing of ships.
Wenzel emphasized that the EU Commission expressly points out that NordLB can only survive if the entire Landesbank sector is consolidated.
NordLB boss Thomas Bürkle sees the approval from Brussels for the financial injection for the ailing Landesbank as an important milestone on the way to realignment. The restructuring that has started at NordLB should be continued consistently in order to “establish ourselves on the market as a profitable and crisis-resistant bank,” said Bürkle in Hanover on Friday.
The EU Commission had announced the day before that the planned capital measure of around 3.6 billion euros was compatible with competition law. NordLB is to receive support from the states of Lower Saxony and Saxony-Anhalt as well as the savings bank group.
The core capital ratio should be 14 percent after the planned financial injection, said the Landesbank boss. At the end of September it was only 6.53 percent. According to supervisors, a core capital ratio of 5.5 percent is the minimum that banks should show under stress as a buffer against crises.
A comprehensive downsizing of NordLB is currently underway. The bank expects a loss for 2019 as a whole, and the restructuring should also weigh on the coming financial year. For this purpose, outsourcing is planned. In April, for example, the bank sold a portfolio of ship loans totaling 2.6 billion euros to the financial investor Cerberus Capital. Jobs are also being cut: by 2024 the number of employees is to be halved. From January to September the number of employees fell from 5850 to just under 5450.
After the EU Commission gave its permission to take over the RWE subsidiary Innogy by its competitor Eon, the energy company was relieved. It was a historic day for Eon, said CEO Johannes Teyssen on Tuesday in Essen. One is “relieved, proud, but also a little humble” that it worked out with the takeover.
The Brussels authority had previously announced the release under certain conditions, so the Czech Republic business and the German electricity business for heating must be submitted, i.e. for night storage heaters and heat pumps. According to the information, about two million contracts are lost as a result.
Teyssen said the conditions were “very manageable concessions” for his company. “We would all have liked to continue doing business,” said Teyssen. But: “We accept that.” The manager underpinned the already known plan to cut up to 5000 jobs. The dismantling will mainly take place where Eon and Innogy have major overlaps. This is particularly the case at three locations: “Munich, Dortmund and Essen will certainly be somewhat affected.”
After the long-awaited green light from the EU Commission to rescue the Norddeutsche Landesbank, the course is now being set for the planned restructuring at full speed. The state treaty between Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania should be signed on Friday evening. After that, the parliaments of the three countries involved should approve the State Treaty, as Lower Saxony’s Finance Minister Reinhold Hilbers (CDU) said in Hanover on Friday. In Saxony-Anhalt, the black-red-green cabinet must also give its okay on Tuesday.
Previously, after months of waiting on Thursday evening, the EU Commission approved the billion-dollar rescue plans. NordLB is to receive a cash injection of 3.6 billion euros from the main owner of Lower Saxony together with the co-owners of Saxony-Anhalt and the savings bank group.
“I am very happy with the result of the commission,” said Hilbers. Now it is time to tackle the planned restructuring, which should make the bank, which is important for the country, profitable again in a leaner form. “I am pleased that the decision from Brussels went so quickly,” said Saxony-Anhalt’s Finance Minister Michael Richter (CDU).