Tag Archives: European Commission

Small watchmakers had complained about restrictions to the supply of spare parts by major watch firms (Keystone) The Swiss Competition Commission (COMCO) has decided not to open a formal investigation into watchmakers including Swatch, LVMH and Richemont over the supply of spare parts for independent watch repair shops. Citing a separate European Commission decision about the same firms, COMCO said in a statement on...

Asian stocks rose lifted by commodity names; European equities trade mostly lower but with little in the way of conviction or firm direction while the Italian banking index is at the highest level in a year following domestic earnings; S&P index futures are modestly in the red after the cash market closed at a record high Wednesday and investors prepared for earnings from retailers; we expect the now general vol selling program to promptly lift the S&P into new all time highs minutes...

Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos’ elites discussed why the world needs to “get rid of currency,” the European Commission has introduced a proposal enforcing “restrictions on payments in cash.” With Rogoff, Stiglitz, Summers et al. all calling for the end of cash – because only terrorists and...

Trump wins Electoral College vote; a few electors break ranks (Reuters) European Stocks Head for a One-Year High (BBG) Japan's Central Bank Keeps Policy Unchanged, Upgrades Economic Outlook (BBG) Russia and Turkey vow to keep detente on track after murder (FT) The Political Implications of Events in Ankara and Berlin (BBG) Trump condemns Berlin attack, says things 'only getting worse' (Reuters) Merkel: "No Doubt Berlin Crash Was a Terror Attack" (BBG) Gunman in Zurich mosque shooting is dead...

In the FT, Rachel Sanderson and Martin Arnold report that the board of Monte dei Paschi is about to approve a recapitalization led by JPMorgan in order to avoid the alternative, a bailin according to European rules. Other news sources reported that the European Commission had made it clear that it rejected the proposal by Italy’s prime minister (supported by the ECB president) to change the rules and let the Italian government finance the recapitalization. EU finance ministers and Angela...

In the FT, Martin Arnold reports about estimates by Fitch according to which European banks would have to raise up to €170bn of extra capital or sell almost €500bn of sovereign debt if regulators push ahead with plans to break the “doom loop” tying lenders to their governments … The European Commission and the European Central Bank support steps in that direction while some European governments oppose them.

In the FT, Jim Brunsden reports that the European Commission’s 2013 proposal to install a financial transaction tax has not made much progress. At least nine countries have to sign up. The report highlights that key differences remain on how to craft exemptions from the tax, including the problem of how to shield transactions in other non-participating EU countries such as Britain. Other splits concern how to protect market-making activities by banks, and also what carveouts should apply...