It's not all bad news for U.S. soybean farmers when it comes to the trade spat with China. While looming tariffs are likely to curb American exports of the commodity to China, opportunities are opening up in the European Union, the world's second-largest importer. The dispute has boosted prices in Brazil, forcing EU processors to look elsewhere for supplies. That's likely to put the U.S. on track to overtake Brazil as the biggest seller to the 28-nation bloc next season, according to Rabobank International Ltd. "If China implements tariffs, we believe the EU will import more U.S. beans than Brazilian origin," said Michael Magdovitz, a London-based oilseeds analyst at Rabobank, a lender to agricultural commodity traders. "The discounted price of U.S. beans compared to Brazilian origin will cause that to happen." Trade tensions between the U.S. and China have intensified in recent weeks, with China vowing to retaliate against President Donald Trump's threatened tariffs on another $200 … [Read more...] about EU emerges as key buyer of soybeans
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Greece: another serving of EU fudge
By: Andrew Van Sickle 29/06/2018 “It has been too long coming,” says the Financial Times. After suffering the equivalent of America’s Great Depression – a 25% fall in GDP – since its debt crisis began eight years ago, and three emergency bailouts, Greece is now finally emerging from its financial rescue programme. It exits the European Union and International Monetary Fund’s bailout package in August.Last week’s deal with the EU stretched deadlines on €100bn of bailout loans. The repayment period has been extended to 2033; the grace period for interest payments has also been pushed back by ten years, so the average loan maturity is now 40 years. Some of the last tranche of bailout cash will be allocated to servicing debt. The upshot is that Greece “has very little to repay in the near term and enough reserves to run the country for nearly two years”, says Lex in the FT. But the good news ends there. Greece … [Read more...] about Greece: another serving of EU fudge
The EU will reject Theresa May’s single market for goods Brexit proposal
The European Union will not let the UK keep single market privileges for goods. Theresa May is considering a Brexit proposal based on keeping the UK in the single market for goods but nothing else, according to multiple recent reports. However, the EU will not accept that arrangement, a source close to chief negotiator Michel Barnier told Business Insider. “As soon as give the UK the single market for goods, the market begins to unravel,” they said. Prime Minister May is in Brussels for the European Council summit, with Brexit on the agenda. BRUSSELS – The European Union will reject any Brexit deal which allows the UK to remain in the single market for goods, a source close to the bloc’s negotiating team has told Business Insider. The UK government is reportedly considering a Brexit policy which would see Britain retain single market membership for goods in order to minimise disruption to UK-EU trade, and go some way to preserving the invisible Irish … [Read more...] about The EU will reject Theresa May’s single market for goods Brexit proposal
China assures EU of good intent at Eastern Europe summits
BEIJING (Reuters) – China recognises that there are worries about its cooperation with Central and Eastern European countries, but is not seeking to undermine the European Union, a senior Chinese diplomat said on Friday ahead of a leaders’ summit in Bulgaria. China has courted central and eastern European states, including with annual summits, which has fed concern in Western European capitals that Beijing is seeking to divide the continent and complaints about Beijing’s push for control of joint investment projects. Speaking as Chinese Premier Li Keqiang gets ready to go to this year’s “16+1” summit between China and Central and Eastern European countries in Sofia next week, Vice Foreign Minister Wang Chao said he was aware of the concerns, and gave assurances of China’s support for European integration. “Certainly, there has been some worry recently in some European countries about the 16+1 cooperation,” Wang told a news briefing, … [Read more...] about China assures EU of good intent at Eastern Europe summits
EU leaders to deal Macron eurozone reform setback
BRUSSELS -- EU leaders will tackle watered-down proposals to reform the euro single currency on Friday, with an ambitious plan for a eurozone budget wanted by French President Emmanuel Macron left on the sidelines. The discussion falls on the second day of a two-day summit that was largely dominated by Italy's ire on migration, which overshadowed all other topics, including the eurozone and Brexit. EU President Donald Tusk, who organizes summits, invited non-euro members to the Friday talks, in a show of support for smaller countries worried about Franco-German dominance. The bloc's 27 leaders, meeting without Britain, will largely work off proposals set down with great pomp by France and Germany, known as the Meseberg Declaration after the site of a recent meeting between Chancellor Angela Merkel and President Emmanuel Macron. Europe's twin engines of EU unity, France and Germany make up nearly half of the eurozone economy, and a compromise by them usually leads to a deal among … [Read more...] about EU leaders to deal Macron eurozone reform setback