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US Headlines Special 3: The Outcome
Headlines – 24/10/2016 - US Headlines Special
Headlines - 10/10/2016
There is a lot of talk and little action on the immigration front with greater attention being given to statements rather than actions across the headlines this week. Francois Hollande has pledged to bring an end to the Jungle camp in Calais after visiting the area this week. In a statement released he explains that he wants to bring immigrants a dignified life within France. His speech follows much criticism and increasing demand from charities as well as countries worldwide to address the ongoing crisis which has split political opinion. Meanwhile, Theresa May is having to defend her stance on immigration and Europe to the Brexit voters as reports this week reveal her support of an emergency brake on migration. Whilst the emergency brake is not an unreasonable request, May’s support suggests that she was willing to please Europe and in particular the French and Germans in order to find an alternative to Brexit. In turn, this now places May in a difficult position when negotiating Brexit as her previous perspective is considered a sign of weakness, reports the BBC.
In the meantime, a recent report focusing on Canada reveals the threats immigrants can bring to society. The Guardian reveals in particular that ‘between 2010 and 2014, an average of 242 children were detained across Canada over immigration violations, according to the International Human Rights Program at the University of Toronto.’ The situation in Canada reflects the high costs and pressure that Europe is under as it attempts to bring the best opportunities to migrants and asylum seekers in order to help prevent friction and integrate individuals into life. Does Europe have the organisation, will power and money?
There have been continuous and further warnings this week that Brexit will have a greater effect on Europe compared with the UK. The Telegraph in particular highlights an unusual source who shares this opinion. Leading German businessman Mathias Dopfner spoke with the Financial Times in an interview and explained his perspective on Brexit. Whilst he does acknowledge that the UK will endure some short term problems, in the mid to long term he believes that the country will be better off. The Telegraph explains, ‘Mr Dopfner said he thought Britain would move towards a “more free market-oriented model, while Europe is step by step transforming into a transfer union” where financially successful countries prop up struggling ones.’ This report comes following increasingly speculation that Europe is on the verge of collapse. In attempt to address rumours and restore stability in Europe, Mario Draghi, the head of the ECB, has released a statement which clearly outlines that the UK will not receive any special treatment as that would hinder the future of the EU. Forbes highlights that Draghi wants to build a new Europe in which focuses on the lives of the people and improving these. This strive is no doubt aimed to keep both confidence and support of the EU; realistically the same question regarding immigration needs to be asked more generally about Europe; does it have the money, will power and organisation? The answer would appear to be ‘no’ in particular as Deutsche Bank, one of the largest Europe banks, is on the verge of crisis. Bloomberg explains that ‘equities wiped out their monthly advance as Deutsche Bank AG tumbled to a record low on speculation Germany’s largest lender will need to raise capital.’ Consequently there remains increasing speculation that Angela Merkel is going to have to bail out the German bank. Will there be another financial crisis in Europe?
Attracting attention in the UK headlines this week is the Labour Party Conference which resulted in Jeremy Corbyn being re-elected as leader. However, the re-election of Corbyn together with the recent rifts have weakened the appeal of the Labour party with many believing that the Labour party is doomed in the next British election. Meanwhile, the Labour Party attempts to restore its image through policies such as increasing taxes and giving more power to the unions, explains Bloomberg. It will remain to be seen whether Corbyn can regain support amongst his party and extend his appeal to more British citizens; currently, this appears a difficult if not impossible job.
In other news, the UK has been branded unacceptable and barbaric alongside the US by Russia for its rhetoric over the Syrian crisis, reports the BBC. Russia is blaming the US and the UK from preventing a cease fire in Syria and providing ammunition for the civil war to continue. Nonetheless, the US was quick to defend itself with Ms Power, the US representative stating, "Instead of pursuing peace, Russia and Assad make war. Instead of helping get life-saving aid to civilians, Russia and Assad are bombing the humanitarian convoys, hospitals, and first responders who are trying desperately to keep people alive." Whilst Russia raises a fair point in so far that rhetoric is not going to prevent or help a war, more efforts from not only the US and UK but also Russia, need to be made now in order to determine how to conclude and bring peace in Syria.
Meanwhile, economically there remains concerns about the future of Britain in particular as the sterling took a sharp drop in comparison to its peers. Whilst this drop is not unexpected considering recent reports which suggest that the ‘UK would surrender access to the European Union’s single market in return for securing control over immigration and being exempt from paying into the bloc’s budget’, reports Bloomberg, the continuous fluctuations bring the UK economy at threat in the short term as it causes uncertainty. It is hoped that stability may be brought when further indication and meetings are organised with regard to the Brexit vote in particular as a many businesses in a recent survey indicated that they would look to move from Britain depending on the negotiations.
On a business front this week two infamous names have reappeared; BHS and Volkswagen. BHS over the summer was plastered across the headlines alongside Sir Philip Green’s name. Hence, Green has faced intense criticism for his role in the purchase of BHS, the company which he allowed to go bankrupt, in turn leaving approximately 11,000 people unemployed. However, whilst some might assume that Green is attempting to mend his ways through launching online, it will not be a surprise to many that the new BHS website is actually owned by Qatari conglomerate Al Mana Group, informs the BBC. Al Mana Group ‘already works with a number of high-street brands, such as Zara, Mango, United Colours of Benetton and Reebok’ so hopefully they will be able to revive BHS.
On the other hand, Volkswagen continues to hit the headlines with regard to its emissions. Reuters explains that these requests come following ‘requests from European investors and vehicle owners to access more than 20 million pages of records turned over in VW's "Dieselgate" scandal.’ Nonetheless, Volkswagen has rejected the requests for further papers considering it has already handed the necessary and required papers over which haven numbered close to 2 million. It remains to be seen who the US courts will side with however; this scandal appears to be never-ending for Volkswagen.
On a more positive note, Aldi is going to invest a further £300m into the UK following record sales reports Sky News. This news comes despite recent reports and concerns over future investment in the UK. However, Aldi experienced in 2015 an increase of 12% in sales which equalled to £7.7bn.
The US elections are heating up with a debate between Clinton and Trump taking place this evening at the Hofstra University in New York. Bloomberg explains that ‘The Republican and Democratic nominees each get 46 percent of likely voters in a head-to-head contest in the latest Bloomberg Politics national poll, while Trump gets 43 percent to Clinton’s 41 percent when third-party candidates are included.’ The election which will be held in November has attracted attention worldwide with many fearing that Trump will gain Presidency. Look out for more details regarding the outcome and impact of the debate next week.
Meanwhile, Bloomberg has reported that OPEC may begin to limit supplies of oil. It explains that, ‘Saudi Arabia has offered to reduce production to January levels, according to Algeria’s Energy Minister. While Iran was said to have rejected the Saudi offer, the chance of the group eventually taking action is growing, said consultant JBC Energy GmbH.’ Does this mean that oil prices are going to sharply increase? The impact would suggest that a reduced supply would increase costs however; it will depend on the market and the demand.