Reuters, By Noah Barkin, April 18
Berlin – Thousands of people marched in Berlin, Munich and other German cities on Saturday in protest against a planned free trade deal between Europe and the United States that they fear will erode food, labor and environmental standards.
Opposition to the Transatlantic Trade and Investment Partnership (TTIP) is particularly high in Germany, in part due to rising anti-American sentiment linked to revelations of U.S. spying and fears of digital domination by firms like Google.
A recent YouGov poll showed that 43 percent of Germans believe TTIP would be bad for the country, compared to 26 percent who see it as positive.
The level of resistance has taken Chancellor Angela Merkel’s government and German industry by surprise, and they are now scrambling to reverse the tide and save a deal which proponents say could add $100 billion in annual economic output on both sides of the Atlantic.
The Nation, By George Zornick, April 14
As legislation to fast-track congressional approval of the Trans-Pacific Partnership gets ready to finally make its debut in Congress this week, a top Democratic member of the House announced he would oppose the bill.
Representative Chris Van Hollen, the ranking member of the House Budget Committee, wrote in a letter to Representative Sandy Levin, the ranking member of the House Ways & Means Committee, that he would oppose fast-track authority, also known as Trade Promotion Authority or TPA. The letter was obtained by The Nation and its authenticity was confirmed by an aide to Van Hollen.
Van Hollen opposed a previous iteration of fast-track legislation last year, as did most other top Democrats, including Minority Leader Nancy Pelosi. But so far, many of those Democrats (including Van Hollen) had not yet announced a position on the new TPA legislation being hammered out by Senators Ron Wyden, Orrin Hatch, and Representative Paul Ryan. (Levin opted out of those talks, and believes Congress should see at least the outline of a trade deal before taking up legislation to fast-track its approval.) Pelosi still remains publicly undecided.
If Van Hollen—a visible member of the Democratic caucus and ranking member of a major committee—ultimately supported the Wyden-Hatch-Ryan bill, it would have been a signal that House Democrats were ready to go along with the Obama administration’s trade agenda. But in his letter, Van Hollen wrote “it is clear that many [of my concerns] will not be included in a revised TPA.”
Hullabaloo: “Fast Track” For TPP To Be Introduced This Week
Down With Tyranny!: A Vote in April on Fast Track & TPP?
Counterpunch, By William D. Hartung, April 3-5
With the end of the Obama presidency just around the corner, discussions of his administration’s foreign policy legacy are already well under way. But one central element of that policy has received little attention: the Obama administration’s dramatic acceleration of U.S. weapons exports.
The numbers are astonishing. In President Obama’s first five years in office, new agreements under the Pentagon’s Foreign Military Sales (FMS) program—the largest channel for U.S. arms exports—totaled over $169 billion. After adjusting for inflation, the volume of major deals concluded by the Obama administration in its first five years exceeds the amount approved by the Bush administration in its full eight years in office by nearly $30 billion. That also means that the Obama administration has approved more arms sales than any U.S. administration since World War II.
Bloomberg Business, By Joe Carroll, Javier Blas, & Rakteem Katakey, April 8
Royal Dutch Shell Plc agreed to buy BG Group Plc for about 47 billion pounds ($70 billion) in cash and shares, the oil and gas industry’s biggest deal in at least a decade.
The acquisition is the most significant response yet to the slump in oil prices and could set in motion a series of mergers as the largest energy companies look to cut costs and restore profits.
The merged company, led by Shell Chief Executive Officer Ben van Beurden, will boast a market value twice the size of BP Plc and surpass Chevron Corp. Shell, struggling to rebound from its worst production performance in 17 years, will swell its oil and natural gas reserves by 28 percent with the combination and inherit a management team that carved out a unique niche in liquefied natural gas, or LNG.
Shell, which helped pioneer the process of liquefying gas for shipment aboard tankers decades ago, and rivals such as Chevron are betting LNG will play an increasing role in emerging economies seeking alternatives to dirtier energy sources such as coal.
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Wired, By Vince Beiser, March 26
The killers rolled slowly down the narrow alley, three men jammed onto a single motorcycle. It was a little after 11 am on July 31, 2013, the sun beating down on the low, modest residential buildings lining a back street in the Indian farming village of Raipur. Faint smells of cooking spices, dust, and sewage seasoned the air. The men stopped the bike in front of the orange door of a two-story brick-and-plaster house. Two of them dismounted, eased open the unlocked door, and slipped into the darkened bedroom on the other side. White kerchiefs covered their lower faces. One of them carried a pistol.
Inside the bedroom Paleram Chauhan, a 52-year-old farmer, was napping after an early lunch. In the next room, his wife and daughter-in-law were cleaning up while Paleram’s son played with his own 3-year-old boy.
Gunshots thundered through the house. Preeti Chauhan, Paleram’s daughter-in-law, rushed into Paleram’s room, her husband, Ravindra, right behind her. Through the open door, they saw the killers jump back on their bike and roar away.
Gallic nation threatens to blow Europe’s Franco-German axis apart, warns former Italian prime minister.
The Telegraph, By Szu Ping Chan, March 21
France has become Europe’s “big problem”, according to the former prime minister of Italy, who warned that anti-Brussels sentiment and the rise of populist parties in the Gallic nation threatened to blow the bloc’s Franco-German axis apart.
Mario Monti – who was dubbed “Super Mario” for saving the country from collapse at the height of the eurozone debt crisis – said France’s “unease” with the single currency had already created tensions between Europe’s two largest economies.
“In the last few years we have seen France receding in terms of actual economic performance, in terms of complying with all the European rules, and above all in terms of its domestic public opinion – which is turning more and more against Europe,” he told The Telegraph.
A judge has thrown out large sections of T-Mobile’s employee handbook for having a chilling effect on union organizing.
Washington Post, By Lydia DePillis, March 19
Carolina Figueroa works at a T-Mobile call center in Albuquerque, N.M., in the bilingual retention section, trying to talk Spanish-speaking customers out of canceling their accounts. She likes her job, and the pay is decent — $18.50 an hour after eight years working there, plus health coverage, which covers the bills for her and her young daughter.
There’s only one problem: the employee handbook, which covers some 40,000 employees across the country. As long as she’s worked there, workers at the call center have been discouraged from discussing wages and working conditions, through provisions that bar things like disclosure of employee information, making disparaging statements about the company and pursuing wage complaints through anyone other than human resources. Employees can be disciplined or fired for violating any of the rules.
US statement says of UK membership that it is ‘worried about a trend of constant accommodation’ of China, in a rare public breach in the special relationship.
The Guardian, By Nicholas Watt, Paul Lewis & Tania Branigan, March 12
The White House has issued a pointed statement declaring it hopes and expects the UK will use its influence to ensure that high standards of governance are upheld in a new Chinese-led investment bank that Britain is to join.
In a rare public breach in the special relationship, the White House signalled its unease at Britain’s decision to become a founder member of the Asian Infrastructure Investment Bank (AIIB) by raising concerns about whether the new body would meet the standards of the World Bank.
The $50bn (£33.5bn) bank, which is designed to provide infrastructure funds to the Asia-Pacific region, is viewed with great suspicion by Washington officials, who see it as a rival to the World Bank. They believe Beijing will use the bank to extend its soft power in the region.
The White House statement reads: “This is the UK’s sovereign decision. We hope and expect that the UK will use its voice to push for adoption of high standards.”
Reuters, By Krista Hughes, March 4
Washington – The United States expects a global deal to cut customs red tape and streamline import procedures to come into force this year, a senior trade official said on Wednesday.
Mark Linscott, Assistant U.S. Trade Representative for World Trade Organization and Multilateral Affairs, said Washington was “pretty confident” the deal agreed in Bali in 2013 would be up and running by year-end.
“It’s quite realistic to expect that the trade facilitation agreement [wikipedia: The “Bali Package”, WTO: Trade Facilitation] can come into force by the end of the year,” he told a Washington International Trade Association event.
Virginia Brown, director of trade and regulatory reforms at USAID, said the aid agency was ready to work with countries on implementation steps, which in many cases require lawmakers’ approval. “Our bread and butter is drafting that legislation and getting it through the legislative process,” she said.
The Canadian Press, By Alexander Panetta, February 24
Washington – U.S. President Barack Obama made good Tuesday on a threat to veto a bill to approve the Keystone XL pipeline, bringing the two sides in the long-running controversy to a rare point of agreement: their battle is far from over.
”The president’s veto of the Keystone jobs bill is a national embarrassment,” said the top Republican in the House of Representatives, John Boehner.
”We are not going to give up in our efforts to get this pipeline built — not even close.”
Even the White House concurred that the issue is far from settled. It pointed out that Tuesday’s announcement was a step in a long, winding process — not a final destination.
The president cast the veto as a matter of procedural principle. In his letter to Congress, Obama said the bill he was scrapping had improperly tried to usurp presidential authority.
Reports suggest JP Morgan will initiate charges on certain deposits
Bidness, Etc., By Larry Darrell, February 24
The largest bank in the US in terms of assets, JP Morgan Chase & Co., is likely to start charging large customers on deposits and is making holding money costly for clients, reports the Wall Street Journal.
The move is an attempt to reduce the effect on deposits that are affected by billions of dollars and is said to bring the number down in 2015. It is the recent in a series of discussions by big banks to discourage certain deposits by corporate clients that are attracted by the low interest rates and new regulations.
Sources privy to the matter said that the memo in place cites new rules that will not affect retail clients. However, some financial firms and corporate clients might be charged higher fees. It is reported that JP Morgan will unveil the bank’s strategy with investors on Tuesday.
“We are adapting to a changing regulatory environment across our company,” Wall Street Journal quotes the JP Morgan memo sent on Monday.
Wall Street Journal [paywalled]: J.P. Morgan to Start Charging Big Clients Fees on Some Deposits
US union leaders have launched a large-scale strike at nine refineries after failing to agree on a new national contract with major oil companies.
BBC, February 1
It marks the first nationwide walkout since 1980 and impacts plants that together account for more than 10% of US refining capacity.
The United Steelworkers Union (USW) began the strike on Sunday, after their current contract expired and no deal was reached despite five proposals.
The USW said it “had no choice”.
“This industry is the richest in the world and can afford to make the changes we offered in bargaining,” USW International Vice President of Administration Tom Conway said in a statement.
Reuters: Workers strike for second day at nine U.S. oil, chemical plants
Al Jazeera investigates ties between Louisiana and the Chinese government in a proposed $1.85 billion methanol plant.
Al Jazeera, By Massoud Hayoun, January 26
This article is part one of a three-part series on China’s role in redeveloping southern Louisiana called China’s Louisiana Purchase.
St. James Parish, LA — A prominent Chinese tycoon and politician — whose natural gas company has a dubious environmental and labor rights record that recently started coming under fire in the Chinese press — is parking assets in a multibillion dollar methanol plant in a Louisiana town. And he appears to be doing it with help from the administration of likely GOP 2016 presidential ticket contender Louisiana Gov. Bobby Jindal.
Not many locals in a predominantly black neighborhood of St. James Parish — halfway between New Orleans and Baton Rouge — know that Wang Jinshu, the Communist Party Secretary for the northeastern Chinese village of Yuhuang and a former delegate to the National People’s Congress, is the man at the helm of a $1.85 billion methanol plant to be built in their town over the next two years with a $9.5 million incentive package from the state. The details of the project are unclear, residents say, largely because they were not told about the project until local officials, amid discussions with state officials and Chinese diplomats, decided to move forward with the project in July 2014.
“We never had a town hall meeting pretending to get our opinion prior to them doing it,” said Lawrence “Palo” Ambrose, a 74-year-old black Vietnam War veteran who works at a nearby church. “They didn’t make us part of the discussion.”
Al Jazeera, by Tom Kutsch, January 14
“Banks are under assault.”
That was the resounding message from Jamie Dimon, CEO and President of JPMorgan Chase, in a conference call with reporters on Wednesday, announcing a fourth quarter decline in profits for the nation’s largest bank.
“We have five or six regulators coming at us on every issue,” he said, adding that this spoke of a general wrong directed at his industry: “You all should ask the question, ‘How American that is? How fair that is?”
Zero Hedge: Bank Of America Misses Revenue By $2 Billion As Trading Revenue Collapses; Fires Thousands
Zero Hedge: “It’s Carnage” – Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor; Macro Hedge Funds Crushed
Zero Hedge: UBS’ Take On The Swiss Shocker: “The SNB’s Standing Is Undermined… There Could Be A Significant Deflationary Shock”
Zero Hedge: Market Wrap: “It’s Turmoil” – Overnight Gains Wiped Out, Futures Trade Below 2000 On SNB “Shock And Awe”
Bloomberg, By Liam Vaughan, December 29
Halfway down a muddy, secluded road on marshland in suburban Essex sits Wharf Pool, a lake stocked with some of the biggest freshwater fish you will ever see.
A white sign with red lettering reads: “Private Syndicate: Strictly Members Only.” A metal gate, a barbed-wire fence and two CCTV cameras bar the way. Anglers hoping to spend time on the lake’s carefully tended banks must join a waiting list. Those who make it to the top pay a membership fee that buys them the chance to catch a carp that weighs more than a Jack Russell. There are hundreds of them swimming beneath the surface. It’s close to shooting fish in a barrel.
An hour away by train, in London’s financial district, the lake’s owners ply their trade. Wharf Pool was purchased for about 250,000 pounds ($388,000) in 2012 by Richard Usher, the former JPMorgan Chase & Co. (JPM) trader at the center of a global investigation into corruption in the foreign-exchange market, and Andrew White, a currency trader at oil company BP Plc. (BP/)
With revenue of almost $400 billion last year and operations in about 80 countries, BP trades large quantities of currency each day. Traders at the company regularly received valuable information from counterparts at some of the world’s biggest banks — including tips about forthcoming trades, details of confidential client business and discussions of stop-losses, the trigger points for a flurry of buying or selling — according to four traders with direct knowledge of the practice.
Zero Hedge picks up the story: The Rigging Triangle Exposed: The JPMorgan-British Petroleum-Bank Of England Cartel Full Frontal