EUROPE - This is the month when the future of the eurozone will be decided. This week, Greek leaders will meet with European officials to discuss what comes next for Greece. The new prime minister of Greece, Alexis Tsipras, has already stated that he will not accept an extension of the current bailout. Officials from other eurozone countries have already said that they expect Greece to fully honor the terms of the current agreement. So basically we are watching a giant game of financial “chicken” play out over in Europe, and a showdown is looming.
RUSSIA - Russia and Egypt might soon exclude the US dollar and use their national currencies in the settlement of accounts in bilateral trade, Russian President Vladimir Putin said in an interview to Egyptian media ahead of his Monday visit to the country. The issue of abandoning the dollar in trade is “being actively discussed,” Putin told Al-Ahram daily newspaper ahead of his two-day trip to Egypt.
IRAN - Iran is stopping mutual settlements in dollars with foreign countries and agreements on bilateral swaps in new currencies will be signed in the near future, the Central Bank of Iran (CBI) has said. “In trade exchanges with foreign countries, Iran uses other currencies, including Chinese yuan, euro, Turkish lira, Russian ruble and South Korean won,” Gholamali Kamyab, CBI deputy head, told the Tasnim state news agency. He added that Iran is considering the possibility of signing bilateral monetary agreements with several countries on the use of other currencies. Iran is not the first country to move away from the US dollar. In 2014, Russia and China agreed on swaps and forwards in foreign currencies, a move aimed at reducing the influence of the US dollar and foreign exchange risks.
UK - Hardline Muslims protesting against the depiction of the Prophet Mohammed in cartoons swarmed around a statue of Field Marshal Bernard Montgomery yesterday. The show of disrespect to one of Britain’s greatest heroes in the war against Nazi suppression of freedom came as more than 1,000 Muslims demonstrated in London against ‘offensive’ caricatures of the prophet.
MIDDLE EAST - Kofi Annan, the former UN secretary general, said the US-led invasion of Iraq was a mistake and helped to create the Islamist State militant group. He also blamed regional powers for making the conflict worse. “I was against this invasion and my fears have been founded. The break-up of the Iraqi forces poured hundreds if not thousands of disgruntled soldiers and police officers onto the streets,” Kofi Annan told the Munich Security Conference on Sunday. He added that some of these former security force members went on to join the Islamic State. “The aim of creating democracy without the existing institutions ushered in corrupt sectarian governments,” Annan said. He added that the country has been unstable ever since and this has proved the perfect breeding ground for Sunni radical Muslims, who have become affiliated with the Islamic State.
USA - Either accounts were recently presented to US District Judge Abdul Kallon in a lawsuit whose outcome is expected in a decision Monday. However the judge rules, it may end up determining whether police that work within schools as “School Resource Officers” are allowed to pepper-spray students for being “unruly.” The suit explains that schools should “have the tools to help calm down a conflict,” but that should “not involve spraying chemicals in kids’ faces.” According to the Congressional Research Service (CRS) there were nearly 12,000 school cops or “SROs” (School Resource Officers) in 1997, but by 2003, that number had jumped to nearly 20,000.
UK - Guidelines that told millions of people to avoid butter and full-fat milk should never have been introduced, say experts. The startling assertion challenges advice that has been followed by the medical profession for 30 years. The experts say the advice from 1983, aimed at reducing deaths from heart disease, lacked any solid trial evidence to back it up.
UK - One in five lamb take-aways contains other types of meat – and some have no lamb at all. The disturbing findings come a year after two investigations raised concerns about the ingredients in many curries and kebabs. Many dishes also contain undeclared allergens and some have high levels of artificial colourings known to adversely affect health. Of the 307 tested, 65 – just over one in five – failed food legislation rules because of the presence of other types of meat that were not declared on the label.
GREECE - Greece will be forced to leave the Eurozone because the rest of Europe will be unwilling to put up more loans to bolster its struggling economy, the former head of the US Federal Reserve has warned. Alan Greenspan, chairman of the Federal Reserve between 1987 and 2006, said that it is "just a matter of time" before "everyone" recognises that it is time for Greece to leave the Eurozone.
GREECE - The new Greek political party, known as Syriza, the Coalition of the Radical Left, has done the unthinkable: they’ve dared to speak the truth. In this case, the truth is perfectly captured by the blunt assessment by the new Greek finance minister, Yanis Varoufakis, who recently declared, “I’m the finance minister of a bankrupt country.”
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: