EUROPE - Don't be overly optimistic about the euro area's longer-term chances of survival. The initial hardline posturing on both sides of the Greek debt stand-off is already moderating. This latest European crisis can be resolved and, as I recently explained, most likely will be. Yet don't be overly optimistic about the euro area's longer-term chances of survival. The hash that the European Union has made of this latest Greek emergency, a small and relatively tractable issue, tells you those chances aren't good. Unless this failing union is reshaped in far-reaching ways, the optimistic scenario is protracted stagnation. The pessimistic scenario is political collapse, followed by who knows what. Where are the European leaders willing to rise to this challenge? Name me any who've even begun to think about it.
UKRAINE - Following yesterday's summary of the utter farce that the Minsk Summit/Ukraine "peace" deal talks have become, the various parties involved appear to be fracturing even faster today. The headlines are coming thick and fast but most prescient appears to be: Despite John Kerry's denial of any split between Germany and US over arms deliveries to Ukraine, German Foreign Minister Steinmeier slammed Washington's strategy for being "not just risky but counterproductive."
UK - Uncertainty over the UK’s general election this May will manifest as “significant volatility” in the second quarter of the year, Swiss wealth manager UBS has warned. “Just as they did with Scotland, the markets are saying ‘fine, fine, fine’, but then as the date approaches they will start to panic a little bit,” Bill O’Neill, head of UBS’ investment office, told reporters in London.
UK - In a stark warning to the Government over the future of the North Sea, one of the oil industry’s leading figures, has warned that 6 billion barrels of oil reserves – a third of what remains under the seabed – worth £200 billion may be abandoned unless radical steps are taken to reform the tax regime for offshore drilling. In an exclusive interview with The Sunday Telegraph in Aberdeen, Sir Ian Wood, a billionaire Scottish oil expert, said: “The danger is that if we lose momentum now and lose recourses and assets, and don’t get the fiscal regime fit for a quite highly mature area, we will come down to 10-11 billion (oil reserves). That’s a huge economic loss and jobs loss for the UK.”
USA - As the number of connected devices — aka the Internet of Things, aka the sensornet — proliferates so too does the number of devices leaning on voice recognition technology as an interface to allow for hands free control. The potential privacy intrusion of voice-activated services is massive. Samsung, which makes a series of Internet connected TVs, has a supplementary privacy policy covering its Smart TVs which includes the following section on voice recognition:
UK - Jeremy Hunt has vowed to change the NHS culture, with a national review to prevent needless deaths and new safeguards for staff who blow the whistle on poor care. 1,000 patients a month are dying needlessly in NHS hospitals because of staff blunders, the Health Secretary has warned as he announces sweeping reforms to bring an end to a “cover-up culture” which is risking lives. In an interview with The Telegraph, Jeremy Hunt unveiled plans to drive down mortality rates, by annually reviewing a sample of 2,000 deaths at hospitals across the country. He said latest data from a smaller study suggests around 12,000 deaths a year in NHS hospitals are being caused by medical errors and failures to monitor patients properly.
UK - Lord Williams of Oystermouth, the former Archbishop of Canterbury, is leading a drive to have Humanism included in the new Religious Studies Curriculum alongside Christianity and Islam. He is among almost 30 clerics and academics from four faiths who have written to the schools minister Nick Gibb pressing for Humanist ideas, which teach that there is no “discernible purpose to the universe”, to be offered as an option in new GCSE and A-level courses. The signatories – who also include the former Bishop of Oxford, Lord Harries, Rabbi Dr Jonathan Roman of Reform Judaism and Muslim and Sikh representatives – argue that including non-religious ideas would be a more accurate representation of modern Britain.
UK - When future generations look back on the global-warming scare of the past 30 years, nothing will shock them more than the extent to which the official temperature records – on which the entire panic ultimately rested – were systematically “adjusted” to show the Earth as having warmed much more than the actual data justified.
GREECE - As Berlin and Athens lock horns over debt relief, Greece’s claim that Germany has never compensated it for all the damage wrought by the Nazis during World War II is again straining ties. Greece’s new Prime Minister Alexis Tsipras, whose radical left party swept to power last month promising to reverse spending cuts imposed under the indebted country’s rescue package, has vowed to tackle the long-simmering dispute.
UK - The NHS is creating three “compensation millionaires” each week through payouts to patients who have suffered life-changing injuries from blunders in their treatment. In the last five years, 783 payouts of more than £1million each were made to patients with injuries for which a hospital or ambulance operator was deemed responsible, official figures revealed yesterday. The total bill to the NHS dating back to 1997 is a colossal £5 billion and the rate at which these payouts are being made is increasing. John O’Connell, director of the TaxPayers’ Alliance, said: “It’s tragic for the victims and their families when treatments go wrong, causing even more distress than when they entered hospital. Healthcare staff have to take more care and ensure that accidents are kept to a minimum, as the compensation bill continues to spiral out of control.”
UK - For Public Health England, there are mounting questions over the admission – slipped out late on Thursday – that the flu jab will protect only three per cent of patients this winter. As we reveal today, officials suspected the £100 million vaccination programme may be ineffective seven months ago but failed to alert anybody.
EUROPE - The leaders of France and Germany sat down with Vladimir Putin today to try and hammer out a peaceful solution to the Ukraine crisis, as fears grew that their approach to solving the conflict is threatening Europe's relationship with the US. Francois Hollande and Angela Merkel were pictured seated around a table with the Russian president this afternoon, but no UK or US officials were at the meeting in Moscow.
USA - For those who have been following the recent ISM reports, one of the recurring concerns of respondents in both the manufacturing and service sector has been the congestion at West Coast Ports -which handled 43.5% of containerized cargo in the US and where transiting cargo accounted for 12.5% of US GDP - as a result of reduced work output by the local unions who have been more focused in recent weeks on ongoing wage hike negotiations.
EUROPE - Having spent years in Germany I have some understanding of their collective secret nightmare, hardly ever mentioned or understood this side of the Rhine. It is hyperinflation. They had it once, back in the 1920s. There are few left alive who were around back then but the horror is dye-stamped into the mass psyche. A German needed to take a suitcase full of big-denomination Reichsmark notes down to the bread shop to buy a loaf and on the way the price might have doubled.
USA - Global debt has soared by $57 trillion since the outbreak of the financial crisis in 2007, with the debt to GDP ratio jumping to 400 percent in Japan. This raises questions about financial stability and poses a threat of another crisis. “After the 2008 financial crisis and the longest and deepest global recession since World War II, it was widely expected that the world’s economies would deleverage. It has not happened.