Latest news with #BlackWednesday
Local Germany
17-07-2025
- Business
- Local Germany
Germany says it's 'unable to accept' EU mega budget
Germany said it was "unable to accept" the $2.3-trillion budget for 2028-2034, which EU chief Ursula von der Leyen called "the most ambitious ever proposed". Farm unions also quickly came out against proposed reforms to the blocs huge agriculture subsidies. The plan seeks to bolster Europe's security and ramp up competitiveness, against a backdrop of soaring trade tensions with the United States, while paying off debts from a massive Covid-era loan. The European Commission put 451 billion euros on the table under a broad "competitiveness" tag that encompasses defence and space -- together allocated 131 billion euros, a five-fold increase. The budget earmarks up to 100 billion euros for the reconstruction of war-torn Ukraine -- as well as substantial new "flexibility" funds kept available in event of crises. But German government spokesman Stefan Kornelius said in a statement that "a comprehensive increase in the EU budget is not acceptable at a time when all member states are making considerable efforts to consolidate their national budgets." Germany also opposed the commission call to make companies with a turnover of more than 100 million euros pay more tax. While Germany says the budget is too large, many EU lawmakers accuse it of not leaving sufficient funds for priorities such as climate adaptation and the agriculture subsidies that make up the biggest share of the budget. Budget commissioner Piotr Serafin said under the commission's plans, 300 billion euros would remain to support farmers -- against around 387 billion euros, of which 270 billion in direct payouts, under the current seven-year budget. READ ALSO: EU lawmakers vote to ban airlines from charging fees for hand luggage 'Black Wednesday for farmers' Brussels says there would be an overhaul of the Common Agricultural Policy (CAP) subsidies -- with some funding moved to other budget columns. But the future of the CAP is headed for a fight, with farmers warning against cuts to their slice of the EU pie -- and marching Wednesday in Brussels to show their resolve. Hundreds of European farmers joined a protest outside the commission building in Brussels organised by a pan-European agriculture lobby group, Copa-Cogeca. The group described it as a "Black Wednesday" for farmers, accusing Brussels of seeking to "dismantle the 'common' nature of the CAP through concealed budget cuts". Advertisement The warning raised the spectre of another confrontation after last year's protests across Europe by farmers upset at cheap imports, low margins and the burden of environmental rules. Hungary, a staunch critic of Brussels and Russia's closest ally in Europe, meanwhile tapped into the rural anger ahead of the plan's release -- while slamming the money for Kyiv. "Ukraine would get a massive funding boost, while European farmers lose out," Hungarian Prime Minister Viktor Orban said. Battle lines drawn The announcement sets the stage for two years of fraught negotiations between the European Parliament and 27 member states. Already stretched thin, some states, such as Germany, are unwilling to contribute more to the common pot. Unlike in the previous budget, the EU has debts due from the Covid pandemic, when states teamed up to borrow 800 billion euros to support the bloc's economy. These are estimated to cost 25-30 billion euros a year from 2028. The previous 2021-2027 budget was worth around 1.2 trillion euros and made up from national contributions and money collected by the EU such as customs duties. National contributions will grow slightly, from 1.13 percent of member states' gross national income to 1.15 percent plus 0.11 percent devoted to repaying the Covid loan. The commission will also seek to raise about 58 billion euros a year collecting money directly through five instruments, including its carbon border tax and a levy on electronic waste. Advertisement Member states gave a sneak peek at the fights to come. France's Europe minister Benjamin Haddad hailed the commission's "ambition" but Dutch finance minister Eelco Heinen -- representing one of the frugal states -- said the proposed budget was "too high". Members of the EU parliament, however, made it clear the budget was not enough in their view. "However you try to package this, what we have is a real-terms investment and spending freeze," said a joint statement from the EU lawmakers tasked with steering the budget through parliament. READ ALSO: EU still seeking trade deal after new Trump tariff threat
Bangkok Post
17-07-2025
- Business
- Bangkok Post
EU mega-budget draws immediate German opposition
BRUSSELS - The European Union executive on Wednesday proposed a 2-trillion-euro long-term budget focused on tackling overseas competition and Russian aggression, but it was quickly shot down by Germany, the bloc's largest member. Germany said it was 'unable to accept' the $2.3-trillion budget for 2028-34, which EU chief Ursula von der Leyen called 'the most ambitious ever proposed'. Farm unions also quickly came out against proposed reforms to the bloc's huge agriculture subsidies. The plan seeks to bolster Europe's security and ramp up competitiveness, against a backdrop of soaring trade tensions with the United States, while paying off debts from a massive Covid-era loan. The European Commission put 451 billion euros on the table under a broad 'competitiveness' tag that encompasses defence and space — together allocated 131 billion euros, a five-fold increase. The budget earmarks up to 100 billion euros for the reconstruction of war-torn Ukraine — as well as substantial new 'flexibility' funds kept available in event of crises. But German government spokesman Stefan Kornelius said in a statement that 'a comprehensive increase in the EU budget is not acceptable at a time when all member states are making considerable efforts to consolidate their national budgets.' Germany also opposed the commission call to make companies with a turnover of more than 100 million euros pay more tax. While Germany says the budget is too large, many EU lawmakers accuse it of not leaving sufficient funds for priorities such as climate adaptation and the agriculture subsidies that make up the biggest share of the budget. Budget commissioner Piotr Serafin said under the commission's plans, 300 billion euros would remain to support farmers — against around 387 billion euros, of which 270 billion in direct payouts, under the current seven-year budget. 'Black Wednesday for farmers' Brussels says there would be an overhaul of the Common Agricultural Policy (CAP) subsidies — with some funding moved to other budget columns. But the future of the CAP is headed for a fight, with farmers warning against cuts to their slice of the EU pie — and marching Wednesday in Brussels to show their resolve. Hundreds of European farmers joined a protest outside the commission building in Brussels organised by a pan-European agriculture lobby group, Copa-Cogeca. The group described it as a 'Black Wednesday' for farmers, accusing Brussels of seeking to 'dismantle the 'common' nature of the CAP through concealed budget cuts'. The warning raised the spectre of another confrontation after last year's protests across Europe by farmers upset at cheap imports, low margins and the burden of environmental rules. Hungary, a staunch critic of Brussels and Russia's closest ally in Europe, meanwhile tapped into the rural anger ahead of the plan's release — while slamming the money for Kyiv. 'Ukraine would get a massive funding boost, while European farmers lose out,' Hungarian Prime Minister Viktor Orban said. Battle lines drawn The announcement sets the stage for two years of fraught negotiations between the European Parliament and 27 member states. Already stretched thin, some states, such as Germany, are unwilling to contribute more to the common pot. Unlike in the previous budget, the EU has debts due from the Covid pandemic, when states teamed up to borrow 800 billion euros to support the bloc's economy. These are estimated to cost 25-30 billion euros a year from 2028. The previous 2021-27 budget was worth around 1.2 trillion euros and made up from national contributions and money collected by the EU such as customs duties. National contributions will grow slightly, from 1.13% of member states' gross national income to 1.15% plus 0.11% devoted to repaying the Covid loan. The commission will also seek to raise about 58 billion euros a year collecting money directly through five instruments, including its carbon border tax and a levy on electronic waste. Member states gave a sneak peek at the fights to come. France's Europe minister Benjamin Haddad hailed the commission's 'ambition' but Dutch finance minister Eelco Heinen — representing one of the frugal states — said the proposed budget was 'too high'. Members of the EU parliament, however, made it clear the budget was not enough in their view. 'However you try to package this, what we have is a real-terms investment and spending freeze,' said a joint statement from the EU lawmakers tasked with steering the budget through parliament.
eNCA
17-07-2025
- Business
- eNCA
EU unveils bigger long-term budget but risks fight with farmers
The EU executive proposed on Wednesday a two-trillion-euro long-term budget bazooka focused on tackling overseas competition and Russian aggression at Europe's borders -- at the risk of a new showdown with farmers. Presenting the $2.3-trillion 2028-2034 budget blueprint to reporters in Brussels, EU chief Ursula von der Leyen said it "will be the most ambitious ever proposed". The plans seek to bolster Europe's security and ramp up its competitiveness, while paying off debts from a massive Covid-era loan as of 2028 -- against a backdrop of soaring trade tensions with the bloc's biggest commercial partner, the United States. The European Commission put 451 billion euros on the table under a broad "competitiveness" tag that encompasses defence and space -- together allocated 131 billion euros, a five-fold increase. The budget plan earmarks up to 100 billion euros for the reconstruction of war-torn Ukraine -- as well as substantial new "flexibility" funds kept available in event of crises. But Brussels came under heavy criticism by EU lawmakers who accused it of not leaving sufficient funds for priorities including climate adaptation and the agriculture subsidies that currently make up the biggest share of the EU's budget. Budget commissioner Piotr Serafin said under the commission's plans, 300 billion euros would remain ring-fenced to support farmers -- against around 387 billion euros, of which 270 billion in direct payouts, under the current seven-year budget. - 'Black Wednesday for farmers' - Brussels says the difference reflects an overhaul of the massive subsidies known as the common agricultural policy (CAP) -- with some funding moved to other budget columns. But the future of the CAP is headed for a fight, with farmers warning against cuts to their slice of the EU pie -- and marching Wednesday in Brussels to show their resolve. Hundreds of European farmers joined a protest outside the commission building in Brussels organised by a pan-European agriculture lobby group, Copa-Cogeca. The group described it as a "Black Wednesday" for farmers, accusing Brussels of having "effectively decided to dismantle the 'common' nature of the CAP through concealed budget cuts". The warning raised the spectre of another confrontation after last year's protests across Europe by farmers upset at cheap imports, low margins and the burden of environmental rules. Hungary, a staunch critic of Brussels and Russia's closest ally in Europe, meanwhile tapped into their anger ahead of the plan's release -- while slamming the money for Kyiv. "Ukraine would get a massive funding boost, while European farmers lose out," Hungarian Prime Minister Viktor Orban said. - Battle lines drawn - The announcement sets the stage for two years of fraught negotiations between the European Parliament and 27 member states. Already stretched thin, some states are unwilling to contribute more to the common pot. Unlike in the previous budget, the EU has debts due from the Covid pandemic, when states teamed up to borrow 800 billion euros to support the bloc's economy. These are estimated to cost 25-30 billion euros a year from 2028. The previous 2021-2027 budget was worth around 1.2 trillion euros and made up from national contributions and money collected by the EU such as customs duties. National contributions will grow slightly, from 1.13 percent of member states' gross national income to 1.15 percent plus 0.11 percent devoted to repaying the Covid loan. The commission will also seek to raise about 58 billion euros a year collecting money directly through five instruments, including its carbon border tax and a levy on electronic waste. Member states gave a sneak peek at the fights to come. France's Europe minister Benjamin Haddad hailed the commission's "ambition" but Dutch finance minister Eelco Heinen -- representing one of the frugal states -- said the proposed budget was "too high". Members of the EU parliament, however, made it clear the budget was not enough in their view. "However you try to package this, what we have is a real-terms investment and spending freeze," said a joint statement from the EU lawmakers tasked with steering the budget through parliament.
New York Post
11-07-2025
- Business
- New York Post
Trump and George Soros have this character trait in common, Treasury Secretary Scott Bessent says
President Trump and left-wing billionaire financier George Soros have more in common than previous thought, according to someone who has worked for both men. Treasury Secretary Scott Bessent told an exclusive audience of billionaires at the annual Allen & Co. conference in Sun Valley, Idaho, this week that both men share a common personality trait: impatience when navigating high-stakes negotiations. People in the room told Bloomberg News on condition of anonymity due to the closed-door nature of the event that Bessent made the comparison after being asked by the moderator to reflect on his time working for both Soros and Trump. 4 Treasury Secretary Scott Bessent was asked to reflect about his time working for left-wing billionaire financier George Soros. REUTERS The conference, often referred to as the 'summer camp for billionaires,' is off-limits to journalists and the public. Bessent told the crowd that Trump and Soros are alike in their temperament, demands and impatience, particularly when implementing decisions after identifying problems and solutions. The secretary, who began his association with Soros in 1991 when he joined Soros Fund Management shortly after graduating from Yale University, noted that he often advises the president to be patient as they navigate the rollout of trade announcements. Despite Trump's impatience, Bessent credited the president with a sharp instinct for identifying problems and devising effective responses. He also downplayed concerns that the administration's aggressive tariff policy was contributing to inflation and predicted two interest rate cuts by the end of the year. Bessent told the group that long-term borrowing costs would likely return to pre-pandemic levels. He noted that investors are currently pricing in one and a half cuts this year due to strong economic data, according to one attendee. 4 Bessent drew a provocative comparison between his current boss, President Trump (above), and his former mentor, the Hungarian-born Soros. Getty Images A spokesperson for the Treasury Department and the White House were not immediately available to comment. The Post has sought comment from Soros. Before being appointed Treasury secretary under Trump, Bessent worked twice at Soros Fund Management, eventually rising to the role of chief investment officer before launching his own hedge fund. He quickly advanced within the firm, eventually becoming the head of SFM's London office. In that role, Bessent played a pivotal part in executing one of the firm's most famous trades: the 1992 'Black Wednesday' bet against the British pound. This trade netted Soros's fund more than $1 billion and helped establish Bessent's reputation as a talented macro investor. He is frequently described as a protégé of Soros, having learned directly from the financier and made significant contributions to SFM's investment strategies. 4 Trump and Soros exhibit an impatience when navigating high-stakes negotiations, according to Bessent. AFP via Getty Images In 2015, after leaving Soros Fund Management, Bessent founded his own hedge fund, Key Square Group. He launched the fund with a substantial $2 billion anchor investment from Soros. The financial backing underscored the continued strength of their relationship. Although Soros's capital remained in the fund for several years, it was eventually withdrawn in 2018 as Key Square diversified its investor base. Soros, through his Open Society Foundations, has spent over $32 billion advancing left-wing causes around the world. In the US, he's backed radical criminal justice reforms, including soft-on-crime prosecutors, bail elimination and drug decriminalization. Soros, who at age 94 has largely receded from public life and has handed the reins of his empire to his son, Alex, is one of the Democratic Party's biggest donors, funneling hundreds of millions into liberal Super PACs and candidates like Barack Obama, Hillary Clinton and Joe Biden. He also funded efforts to oppose Trump and other conservatives. In the 2022 midterms alone, Soros was the single largest political donor, contributing over $125 million to left-wing political groups and campaigns. Bessent has taken on an unusually prominent role for a Treasury chief, serving as the lead negotiator in ongoing trade talks with China, Japan and other Asian countries. 4 Soros, 94, has stepped back from public life. He has handed the reins over to his son, Alex Soros (left). alexsoros/Instagram He is scheduled to visit Japan next week, although the Treasury Department has stated that trade will not be a topic of discussion. Meetings with Chinese officials and Indonesia's coordinating minister for economic affairs are also expected to take place soon. During his remarks in Sun Valley, Bessent pushed back against critics who claim Trump often escalates trade conflicts only to back down. He dismissed the label 'TACO trade,' a term coined by a Financial Times columnist meaning 'Trump Always Chickens Out.' Instead, Bessent characterized Trump's approach as more aggressive and likened it to the acronym 'FAFO,' which stands for 'F— Around and Find Out,' a phrase popular on social media.
Yahoo
10-06-2025
- Yahoo
My friend Frederick Forsyth was the most patriotic man I've ever met
A preposterous inversion of the natural order of things caused me to meet Freddie Forsyth more than 30 years ago. He wrote me a fan letter. Had I been a fan-letter writing type, I ought by then to have sent him several – notably about The Day of the Jackal and The Odessa File, two of the best thrillers of the 20th century that I had relished as a teenager in the 1970s. Yet it was he who wrote to me about an article of mine in The Spectator: I can't remember exactly what it was about, but I think it was an assault on the Major administration that was lurching towards the debacle of Black Wednesday in the autumn of 1992. That was Freddie all over. Although one of the world's greatest thriller writers, he was at heart always a journalist, and loved the society of hacks. For years he wrote a column for a national newspaper, and was brilliant at it; and he was brilliant precisely because he teemed with ideas, and expressed them with supreme articulacy. Freddie always had plenty to say because there was so much that motivated him, and annoyed him. He was one of the most patriotic men I ever knew. He believed intensely in our country, abhorred its apparent decline, and wanted to hold to account those he believed were responsible for it. Those feelings imbued almost every piece of journalism he wrote. We corresponded – letters in those days, in the age before email, his under the commanding header 'From The Desk of Frederick Forsyth' – for some months before we met. The letters and the writing paper seemed so fluent and so grand that I became even more in awe of Freddie than I had already been, and I viewed our eventual meeting with both excitement and apprehension. The summer after the fan letter, on a roasting hot day, he and his wife, Sandy, came over to our old farmhouse and sat in the garden and ate a long and boozy lunch. In those days they lived not far away, in their own much more upholstered farmhouse in rural Hertfordshire, and we started to see quite a lot of each other. It was not merely that he and I had a shared world view, and our wives got on famously: the Forsyths were the best imaginable company. Freddie had no side whatsoever, and his modesty was as conspicuous as his massive achievements. He was almost embarrassed when I asked him whether he would autograph my copies of his novels. Yet he inevitably exuded glamour however hard he tried not to. This was not least down to Sandy, who had been Elizabeth Taylor's assistant. One met all sorts of remarkable people when asked over to their house for Sunday lunches, all of which managed to last until dinner time. Celebrated actors were thick on the ground there – Nigel Hawthorne, Robert Powell and Barry Humphries were all close friends, as was Sally Burton, widow of the great actor Richard. I recall a long and revelatory conversation at the Forsyths' table with George Carman, the leading QC and libel lawyer, that was a definite education for me as a journalist. Two things were certain about a visit to the Forsyths: that you would come away having been spectacularly fed and watered, and richly entertained by the company. Yet Freddie, with his easy charm and complete lack of self-obsession, had had his setbacks. He was always devoid of self-pity, but told me ruefully about how he had been fleeced out of a fortune by Roger 'the Ferret' Levett, the notorious fraudster to whom he had entrusted his considerable earnings from his literary successes. The plan had been that Freddie would give up writing; but the Ferret ensured he had to carry on. I always felt, though the pain the Ferret had caused him was undeniably genuine, that in some way he was glad of the necessity to keep writing. That, again, was the old hack in him: once you have written for a living it is simply impossible to stop. Such was the demand for his work that he soon ensured his and Sandy's lives would not be damaged by the crime inflicted on them. With the calmness and determination typical of the heroes and anti-heroes of his fiction, he simply restored order. To his friends, the way he handled the outrage done to him was just another reason to admire him. And in time we realised there was even more to Freddie than met the eye. One of the most memorable episodes in our friendship was when I persuaded him to come up to Cambridge, about a decade ago, to speak to the University Intelligence Seminar about his association with MI6 in the mid-1960s, at the height of the Cold War. Freddie was on a journalistic assignment to Prague; and allowed himself to become, to put it mildly, extremely friendly with a beautiful Czechoslovak woman working for the country's secret service. It didn't seem that Freddie got much out of her, though he ignored the finest journalistic tradition, and did not make his excuses and leave. The audience of immensely serious intelligence experts loved every second. Freddie's last years were overshadowed by Sandy's deteriorating health; although almost a decade his junior, she spent several years in a care home before her death last autumn, by which he was stricken. It was a genuine love match between the two of them, and although Freddie visited her regularly he was manifestly distressed by their forced separation. They had by then moved from Hertfordshire to Buckinghamshire; and he got into the habit of going to his village pub at lunchtimes; his favourite lunch was a drink and a pork pie. At Sandy's funeral he was heroically brave, and chatted animatedly to his friends in the pub after the service; we all knew what a blow he had suffered, but he appeared to be bearing it stoically. The rapid decline in his health was alarming, and it is almost as though after Sandy's death he lost the will to live. I only heard on Saturday that he was seriously ill; he could not, I was told, see anybody. Nonetheless his death was an inordinate shock. He was a great friend: but more than that, he was a great man and a landmark of our culture. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
