Jan 212019
 


Martin Luther King, Jr. following his 1963 arrest in Birmingham

 

 

Rebranding MLK (Fikre)
A Call to Reinvestigate American Assassinations of the 1960s (CN)
The Number Of Births In China Hit Its Lowest Level Since 1961 (CNBC)
China Economic Growth Lowest In 28 Years (MW)
China Real Estate Sales Growth Slows Down (R.)
Theresa May ‘Considers Amending Good Friday Agreement’ To Break Deadlock (Ind.)
May Tries To Break Brexit Deadlock By Winning More EU Concessions (R.)
No Solutions To Irish Backstop In May’s Brexit Call With Cabinet (G.)
Bizarre Turn Of Events Could Push May’s Brexit Deal Through After All (Ind.)
Clashes in Athens Over Neighbour’s Name Change (BBC)
World’s 26 Richest People Own As Much As Poorest 3.8 Billion (G.)

 

 

Martin Luther King Jr. Day. He’s been dead long enough that everyone feels safe, if not entitled to, appropriating his name and celebration. But who in America today truly lives up to his legacy and message? Not many. The screwed up scenes at a high school, and the way media and individuals react to it, make that abundantly clear. There are many voices calling for serious harm to, if not murder of, a group of schoolchildren, voices who will in their very next breath seek to take possession of Dr. King’s name.

It’s time for all Americans, and not just Americans either, to find a nice bright mirror and face the beams in their own eyes. All sides focus on promoting hate of the others, and really, that is the opposite of what Dr. King said. How could you forget? You don’t solve anything be demanding other people change, you solve things only by changing yourself. You have no more right to hate Trump and his supporters than they have of hating you, or anyone else.

MLK: “a slogan ‘Power for Poor People’ would be much more appropriate than the slogan ‘Black Power.’”

Rebranding MLK (Fikre)

Lost in the chorus of politicians, pundits and media personalities who are praising MLK is the core message that he was pushing before he was felled on the balcony of the Lorraine Motel. King evolved in his thinking; instead of seeking Civil Rights for “African-Americans”, he made the fatal decision to fight for economic justice for all. King realized that the infringements against “black” folks in America were interconnected to the injustices felt by marginalized people throughout the world. That awakening is the reason he traveled to Memphis, by standing up for striking sanitation workers, he was hoping to form a bridge between poor folks irrespective of their skin color.

The establishment love people who lead sectional movements—those who seek exclusive justice are doing the work of the status quo—what they will not abide are those who try to unify the oppressed and inspire collective actions. King paid with his life for having the courage to pursue inclusive justice. After he was murdered, institutions of power—from government, academia to mainstream media and beyond—kicked in, stealthy erased King’s legacy and replaced it with disinformation. What has taken place over the past fifty years is a systematic and coordinated effort to blacken his narrative and dilute the power of his message. What MLK fought for, and ultimately died on behalf of, was for equality and fairness for all. By narrowing the scope of his cause and containing his sacrifice to only as a struggle for “black” people, opinion leaders successfully ghettoized him in an effort to lessen his appeal to a broader constituency.

[..] “One unfortunate thing about [the slogan] Black Power is that it gives priority to race precisely at a time when the impact of automation and other forces have made the economic question fundamental for blacks and whites alike. In this context a slogan ‘Power for Poor People’ would be much more appropriate than the slogan ‘Black Power.’” This was a quote from King in August of 1967, eight months before he was executed.

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All for it. But who’s impartial and strong enough to do it?

A Call to Reinvestigate American Assassinations of the 1960s (CN)

To mark Martin Luther King Jr. Day a group of academics, journalists, lawyers, Hollywood artists, activists, researchers and intellectuals, including two of Robert F. Kennedy’s children, are calling for new investigations into four assassinations of the 1960s. On the occasion of Martin Luther King Jr. Day, a group of over 60 prominent American citizens is calling upon Congress to reopen the investigations into the assassinations of President John F. Kennedy, Malcolm X, Martin Luther King Jr., and Senator Robert F. Kennedy.

* We call upon Congress to establish continuing oversight on the release of government documents related to the presidency and assassination of President John F. Kennedy, to ensure public transparency as mandated by the JFK Records Collection Act of 1992. The House Committee on Oversight and Government Reform should hold hearings on the Trump administration’s failure to enforce the JFK Records Act.

* We call for a major public inquest on the four major assassinations of the 1960s that together had a disastrous impact on the course of American history: the murders of John F. Kennedy, Malcolm X, Martin Luther King Jr. and Robert F. Kennedy. This public tribunal, shining a light on this dark chapter of our history, will be modeled on the Truth and Reconciliation process in post-apartheid South Africa. The inquest — which will hear testimony from living witnesses, legal experts, investigative journalists, historians and family members of the victims — is intended to show the need for Congress or the Justice Department to reopen investigations into all four assassinations.

* On Martin Luther King Jr. Day, we call for a full investigation of Reverend King’s assassination. The conviction of James Earl Ray for the crime has steadily lost credibility over the years, with a 1999 civil trial brought by Reverend King’s family placing blame on government agencies and organized crime elements. Following the verdict, Coretta Scott King, the slain leader’s widow, stated: “There is abundant evidence of a major, high-level conspiracy in the assassination of my husband.” The jury in the Memphis trial determined that various federal, state and local agencies “were deeply involved in the assassination … Mr. Ray was set up to take the blame.” Reverend King’s assassination was the culmination of years of mounting surveillance and harassment directed at the human rights leader by J. Edgar Hoover’s FBI and other agencies.

* We call for a full investigation of the Robert F. Kennedy assassination case, the prosecution of which was a mockery of a trial that has been demolished by numerous eyewitnesses, investigators and experts — including former Los Angeles County Coroner Dr. Thomas Noguchi, who performed the official autopsy on Senator Kennedy. The forensic evidence alone establishes that the shots fired by Sirhan Sirhan from in front of Senator Kennedy did not kill him; the fatal shot that struck RFK in the head was fired at point–blank range from the rear. Consequently, the case should be reopened for a new comprehensive investigation while there are still living witnesses — as there are in all four assassination cases.

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I looked this one up: Chinese population in 1961 was about 670 million. Today it’s more than twice that. That would seem to say birth rates have halved.

The Number Of Births In China Hit Its Lowest Level Since 1961 (CNBC)

The number of babies born in China in 2018 was the lowest the country has seen in nearly 60 years, according to Chinese financial services firm Wind Information. China on Monday reported that there were 15.23 million births last year — the lowest since 1961 when 11.87 million births were reported, data on Wind showed. Last year’s birth figure was 11.6 percent lower than 17.23 million in 2017, according to Wind. The release of China’s latest birth data puts the country’s population at 1.395 billion in 2018, the Associated Press reported, citing data by the National Bureau of Statistics. That means the population grew 3.81 percent compared to a year earlier, according to the news wire. AP also reported that the Chinese government estimated that its population will peak in 2029 at 1.442 billion, and then start to decline in the year after that.

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And that’s just official numbers. Economics professor Xiang Songzuo put it as low as 1.67% in December.

China Economic Growth Lowest In 28 Years (MW)

China’s economic expansion languished to its slowest pace in nearly three decades last year, as a bruising trade fight with the U.S. exacerbated weakness in the world’s second-largest economy. The 6.6% growth rate for 2018 reported Monday is the slowest annual pace that China has recorded since 1990. The economic downturn, which has been sharper than Beijing expected, deepened in the final months of 2018, with fourth quarter growth rising 6.4% from a year earlier. Adding to the gloom was the trade conflict with Washington. The uncertain outlook for Chinese exporters caused companies to delay investing and hiring and in some cases even to resort to layoffs–a practice that is often discouraged by China’s stability-obsessed Communist Party rulers. The official jobless rate ticked up to 4.9% last month from 4.8% in November.

In the southern technology and export-manufacturing center of Shenzhen, for instance, many private makers of electronics, textiles and auto parts furloughed workers more than two months before the Lunar New Year holiday, which begins in February, according to business owners and local officials. The neighboring city of Guangzhou saw growth slump to 6.5% last year–well short of the 7.5% annual target set by the city government–as trade tensions hit the city’s manufacturing sector hard. Some economists and investors have said China’s economy is far more anemic than the government’s 6.6% rate of expansion for 2018. They note the government’s move on Friday, just ahead of Monday’s data release, to cut the 2017 growth rate to 6.8% from 6.9%, which they said provides a slightly lower base, giving a slight boost to the fresh 2018 data.

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Consumer spending in general is slowing in China. That’s the biggest danger for its economy.

China Real Estate Sales Growth Slows Down (R.)

Growth in property investment in China cooled to the second slowest pace in 2018 in December, adding to signs of a further slackening in the real estate market in a blow to a key driver economic growth. Real estate investment, which mainly focuses on the residential sector but includes commercial and office space, rose 8.2 percent in December from a year earlier, down from 9.3 percent in November, according to Reuters calculations based on data released by National Bureau of Statistics (NBS) on Monday. That was just ahead of the slowest pace of growth last year at 7.7 percent recorded for October. For the full year, property investment increased 9.5 percent from the year-earlier period, down from 9.7 percent in January-November.

In December, property sales by floor area, a major indicator of demand, rose a touch by 0.9 percent from a year earlier, the first gain in four months and compared with November’s 5.1 percent drop. For 2018, property sales by area rose a modest 1.3 percent from a year earlier, official data showed. Analysts say a continued downturn in sales on the back of tight government controls to curb speculation could add to the growing pressure on the world’s second-largest economy. The real estate sector is a key pillar of the economy, so any further weakness in sales could influence the pace and scope of fresh stimulus measures expected from Beijing this year.

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It took decades to negotiate the Good Friday Agreement, after 1000s of lives were lost. May should not be allowed to touch it.

Theresa May ‘Considers Amending Good Friday Agreement’ To Break Deadlock (Ind.)

Theresa May is considering an attempt to amend the Good Friday Agreement in a bid to break the Brexit deadlock and win support for a negotiated exit deal, it has been reported. Ministers believe the move could avoid the UK having to commit to a backstop as part of the prime minister’s “plan B”, The Daily Telegraph reported on Sunday. The EU has insisted on a backstop measure to ensure an open border remains between Northern Ireland and the Republic after the UK leaves the bloc. Ms May has been forced to find alternatives to her original Brexit deal after it was crushed in the Commons on Tuesday.

Under the PM’s plan, it is reported, London and Dublin would either agree a new set of principles or add words to the Good Friday Agreement in order to guarantee an open border. The 1998 peace deal effectively brought an end to the Troubles after years of failed talks, and established a power-sharing structure to accommodate unionist and nationalist politicians. It follows separate reports that Ms May planned to pitch to the Irish government a bilateral treaty that would remove the need for the backstop so hated by many Conservative MPs; the arrangement would see the UK enter into a temporary customs union with the EU, and Northern Ireland agree to abide by European rules on goods until a subsequent deal was reached.

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Parliament demanded a Plan B today. May has none. She speaks 1530 GMT.

May Tries To Break Brexit Deadlock By Winning More EU Concessions (R.)

British Prime Minister Theresa May on Monday will try to crack the deadlock over Brexit by setting out proposals in parliament that are expected to focus on winning more concessions from the European Union. With just over two months left until the United Kingdom is due to leave the European Union on March 29 there is no agreement in London on how and even whether it should leave the world’s biggest trading bloc. After her Brexit divorce deal was rejected by 402 lawmakers in the 650-seat parliament last week, May has been searching for a way to get a deal through parliament.

Attempts to forge a consensus with the opposition Labour Party failed so May is expected to focus on winning over 118 rebels in her own party and the small Northern Irish party which props up her government with concessions from the EU. In a sign of just how grave the political crisis in London has become, the Daily Telegraph reported that May was even considering amending the 1998 Good Friday Agreement which ended 30 years of violence in Northern Ireland. The Daily Telegraph said EU sources cast May’s plan a non-starter as a renegotiation of such a significant international treaty would require the consent of all the parties involved in Northern Ireland. May told British ministers she would focus on securing changes from Brussels designed to win over rebel Conservatives and the Northern Irish DUP, The Times said.

May will make a statement in parliament at about 1530 GMT and put forward a motion in parliament on her proposed next steps on Brexit, though some lawmakers are planning to wrest control of Britain’s exit from the government. After May’s motion is published, lawmakers will be able to propose amendments to it, setting out alternatives to the prime minister’s deal.

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Time to send her away. She’s a dead end.

No Solutions To Irish Backstop In May’s Brexit Call With Cabinet (G.)

Theresa May is expected to reject calls to forge a cross-party consensus on Brexit when she lays out her plan B to parliament on Monday, choosing instead to back new diplomatic efforts in Brussels to renegotiate the Irish backstop. The prime minister held a conference call with her bitterly divided cabinet from the country retreat of Chequers on Sunday evening. Cabinet sources said the consensus on the 90-minute call was to renew efforts to find acceptable changes to the backstop arrangement but that the conversation was light on specifics. One said there were “no actual solutions” proposed during the call. “It is difficult to know – as ever – what she will do,” another said. “But the broad agreement is on the need to bring DUP and Tory rebels on board.”

Despite her claim in the wake of last week’s significant defeat in parliament that she would speak to “senior parliamentarians” from all parties to seek a compromise, government sources insisted her overriding priority was to prevent a historic split in the Tory party. Several senior Conservative MPs have suggested they could form a breakaway party if May opted to support a customs union – one of Labour’s central demands, which is also backed by Tory supporters of a Norway-style soft Brexit. Whitehall sources said the prime minister’s chief of staff, Gavin Barwell, had counselled her to consider a customs union after last week’s catastrophic defeat, when her deal was rejected by an overwhelming majority of 230 votes. But when the government tables a formal statement on Monday, setting out its next steps, it is instead expected to focus on seeking changes to the Irish backstop in order to win over Jacob Rees-Mogg’s European Research Group and the DUP.

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Party before country.

Bizarre Turn Of Events Could Push May’s Brexit Deal Through After All (Ind.)

Yvette Cooper is in many ways the alternative leader of the opposition. The Labour MP who chairs the home affairs select committee will table a bill in the House of Commons on Monday, under the catchy title of the European Union (Withdrawal) (No 3) Bill, which could be decisive in breaking the Brexit deadlock. It could lead to parliament being forced to make a straight choice between Theresa May’s deal and postponing Brexit in order to hold a new referendum. If that is what happens, I think there would be a small majority for the prime minister’s deal. The importance of Cooper’s bill is that it changes the default setting in law. At the moment, if parliament fails to act, the UK will leave the EU on 29 March.

Cooper’s bill says that, if a deal has not been approved by 7 March, the government would be required to seek an extension of the Article 50 deadline. That would mean asking the EU to postpone the UK’s departure until the end of this year – and EU leaders have said they would agree to an extension if it were to hold another referendum. This would transform the situation in the House of Commons. Jacob Rees-Mogg and the rest of the cohort of Conservative MPs who want to leave without a deal would have to think again. At the moment they are happy to vote everything down, knowing that this gets them what they want. But Cooper’s bill would take what they want off the table. They would then have to choose between the prime minister’s deal and putting off Brexit for at least nine months.

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They would still get to call themselves Macedonians. Insult and injury. Tsipras should be very careful.

Clashes in Athens Over Neighbour’s Name Change (BBC)

Protesters have clashed with police in the Greek capital Athens at a big rally to oppose the government’s deal with Macedonia on changing its name. Police fired tear gas at some of those attending a protest which attracted tens of thousands to the city. The deal, which is yet to be approved, designates Greece’s northern neighbour as Republic of North Macedonia. The name Macedonia is sensitive for many Greeks who say it implies a claim on the Greek province of the same name. Years of wrangling finally brought an agreement last June between Greece’s left-wing Prime Minister Alexis Tsipras and his Macedonian counterpart. A vote on the deal, which aims to end a 28-year row between the nations, is set to take place in the Greek parliament this week.

The dispute dates back to 1991 and the break-up of Yugoslavia. Macedonia was a Yugoslav republic and adopted the name Macedonia when it became an independent nation. Greece has long argued the use of the name implied a territorial claim and cultural appropriation. At the UN the country was formally known as the Former Yugoslav Republic of Macedonia (Fyrom). [..] Greek nationalists argue that the name Macedonia can only refer to the Greek province of the same name. The dispute has led to Greece to blocking Macedonia’s hopes of joining Nato and the EU. Under the deal, the country’s language would be Macedonian and its people known as Macedonians (citizens of the Republic of North Macedonia). The move has met with sharp resistance in both countries because nationalists believe it erodes their identity.


EPA

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They’re not going to solve the issue by themselves, they can’t help it.

World’s 26 Richest People Own As Much As Poorest 3.8 Billion (G.)

The growing concentration of the world’s wealth has been highlighted by a report showing that the 26 richest billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population. In an annual wealth check released to mark the start of the World Economic Forum in Davos, the development charity Oxfam said 2018 had been a year in which the rich had grown richer and the poor poorer. It said the widening gap was hindering the fight against poverty, adding that a 1% wealth tax would raise an estimated $418bn (£325bn) a year – enough to educate every child not in school and provide healthcare that would prevent 3 million deaths. Oxfam said the wealth of more than 2,200 billionaires across the globe had increased by $900bn in 2018 – or $2.5bn a day.

The 12% increase in the wealth of the very richest contrasted with a fall of 11% in the wealth of the poorest half of the world’s population. As a result, the report concluded, the number of billionaires owning as much wealth as half the world’s population fell from 43 in 2017 to 26 last year. In 2016 the number was 61. Among the findings of the report were: • In the 10 years since the financial crisis, the number of billionaires has nearly doubled. • Between 2017 and 2018 a new billionaire was created every two days. • The world’s richest man, Jeff Bezos, the owner of Amazon, saw his fortune increase to $112bn. Just 1% of his fortune is equivalent to the whole health budget for Ethiopia, a country of 105 million people. • The poorest 10% of Britons are paying a higher effective tax rate than the richest 10% (49% compared with 34%) once taxes on consumption such as VAT are taken into account.

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Nov 042018
 
 November 4, 2018  Posted by at 10:53 am Finance Tagged with: , , , , , , , , , ,  


Francisco Goya The straw mannequin 1791-92

 

Where the Heck are Share Buybacks in This Rotten Market? (WS)
Corporate Buybacks Return, Supporting Market (WSJ)
US Mortgage Rates Rise Sharply to Fresh 7-Year Highs (MND)
Theresa May’s ‘Secret’ Brexit Deal (Ind.)
Brexit Puts Good Friday Agreement At Risk – Irish PM (Ind.)
UK Business Leaders Call For Second Brexit Vote (BBC)
Brexit Is Just A Sideshow For An EU Beset By Problems On All Sides (G.)
“Posh Ghost Towers”: Gloom Spreads Over London Housing Market (DQ)
33 Trillion More Reasons Why New York Times Gets Russiagate Wrong (CN)
Break-in Attempted at Assange’s Residence in Ecuador Embassy (CN)

 

 

No blackout, no market. Only deceit.

Where the Heck are Share Buybacks in This Rotten Market? (WS)

Shares fell today in part because Apple, the giant in the indices, gave iffy guidance for the holidays Thursday evening; and with product sales not going anywhere, and only price increases boosting revenues, it said it would no longer disclose unit sales. This combo worked like a charm, and shares dropped 6.6%. So where are the corporate share buybacks when you need them? This is when companies buy back their own shares in order to prop up their price and thereby the overall market. Where is this panacea that was considered securities fraud until 1982? Throughout October, Wall Street gurus promised that shares would rise as soon as companies emerged from their “blackout” period that prevents them from buying back their shares. Alas, there is no federally mandated “blackout” period.

[..] Let’s take a gander at International Business Machines [IBM], one of the biggest share buyback queens. Since 2000, it blew $146 billion on share buybacks. The chart below shows the cumulative amounts since 2013 that IBM wasted on share buybacks: $43 billion (data via YCharts):

Wall Street gurus keep hyping that share buybacks “unlock shareholder value,” or “return cash to shareholders,” or some such thing. But here’s what IBM’s share buybacks did to shareholder value, as measured by the stock price:

[..] IBM has been buying back the shares it issued its own executives as part of their stock compensation plans, and the shares it issued to buy other companies, including minuscule privately-owned startups for billions of dollars. Buybacks covered up the dilutive effects from those actions. IBM could have spent this money on research and invented something cool. But that would have been too hard. Far better to farm out much of the work to cheap countries like India, shut down US operations, waste money on share buybacks in a vain effort to manipulate up its shares, and instead watch them go to heck.

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There are no functioning markets without price discovery, so what exactly is supported here? Deceit?

Corporate Buybacks Return, Supporting Market (WSJ)

U.S. companies are ramping up share buybacks again, offering potential support to volatile markets. Share buybacks fell ahead of earnings season, when regulations bar such repurchases. As that so-called blackout period ends, there has been a resurgence, with companies making the most of last month’s selloff. That has eased analysts’ concerns that the year’s buyback boom is over. Net buybacks in the month totaled just $12 billion by Oct. 19, but jumped to $39 billion by Oct. 29, according to estimates from JPMorgan Chase & Co. That is more than the $30 billion recorded in September and just under the $48 billion recorded in August.

The bank’s estimates are based on the average drop in share count across the S&P 500, FTSE Russell1000, Datastream U.S. and MSCI U.S. indexes. Some analysts hope a resurgence in buybacks could help support share prices during a period of geopolitical and economic uncertainty. Others are skeptical that companies can continue purchasing their own shares at the current pace, particularly as the stream of repatriated cash that helped drive the year’s buybacks slows down. “It is possible that some companies saw the equity correction as an opportunity to buy back their stock” in October, said Nikolaos Panigirtzoglou, global-markets strategist at JPMorgan. “But this raises the hurdle for November.”

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Great jobs numbers equals higher rates.

US Mortgage Rates Rise Sharply to Fresh 7-Year Highs (MND)

Mortgage rates had a bad week and an especially bad day following a much stronger-than-expected jobs report. The Employment Situation (the most important piece of labor market data and arguably the most important economic report as far as interest rates are concerned) showed the highest pace of wage growth since before the recession and a surprisingly robust addition of new jobs in October. Strong jobs data is the nemesis of low interest rates and today was no exception. Mortgage rates were already operating fairly close to long-term highs, but today’s move easily took them to new highs. The average lender is now quoting conventional 30yr fixed rates of 5% for relatively ideal scenarios.

Those without a big down payment or without perfect credit/income can expect to see even higher rates. Most lenders ended up recalling the morning’s initial rate sheets and reissuing higher rates at least once today. There’s really no silver lining apart from the fact that the higher rates go, and the quicker they get there, the closer we get to the point that the economy slows down as a result. When that happens, rates will begin to fall before just about anything else. Unfortunately, the expected time frame for such things is incredibly wide (not the sort of thing you hope for if you need to buy/refi). And yes… it’s also unfortunate that our one source of solace at the moment involves an economic downturn, but if you want low interest rates, that tends to come with the territory.

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The wool over your eyes.

Theresa May’s ‘Secret’ Brexit Deal (Ind.)

Theresa May has reportedly secured concessions from Brussels to keep the whole of the UK in a customs union in the wake of Britain’s withdrawal from the European Union. The agreement reached would prevent the need for Northern Ireland to be treated differently from the rest of the UK, a main stumbling block during Brexit negotiations. The “secret” deal would avoid the need for an Irish backstop and will be written into the legally-binding deal, according to The Sunday Times. However, Downing Street has poured cold water on the report, calling it speculation. The EU has reportedly suggested a backstop post-Brexit customs arrangement covering all of the UK could give mainland Britain some scope to set trade rules.

Preparations for a final deal were far more advanced than previously disclosed, the report said, and would lead to a document of 50 pages or more being published. The agreement would include an “exit clause” designed to convince Brexit-supporting MPs that remaining in the customs union was only temporary, The Sunday Times said. Ms May’s cabinet would meet on Tuesday to discuss her plan, and she hoped there would be enough progress by Friday for the EU to announce a special summit, the newspaper reported. The prime minister’s office has described the report as speculation, but claimed the majority of a deal on Britain’s exit from the bloc in March 2019 had been agreed.

“This is all speculation,” a spokesman for Ms May said. “The prime minister has been clear that we are making good progress on the future relationship and 95 percent of the withdrawal agreement is now settled and negotiations are ongoing.”

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Peace in Ireland is the no.1 concern.

Brexit Puts Good Friday Agreement At Risk – Irish PM (Ind.)

Brexit is “fraying” the relationship between the UK and Ireland and putting peace in Northern Ireland at risk, Irish premier Leo Varadkar has said. The Taoiseach said the Good Friday Agreement was being “undermined” by fractious relations between the two countries over how the Northern Irish border should be managed once Britain leaves the EU. It comes just a day after Theresa May’s de facto deputy, David Lidington, travelled to Dublin to hold talks with his Irish counterpart, Simon Coveney, in a bid to improve relations between the two governments.

But speaking within hours of the visit, Mr Varadkar described the relationship between the two countries as “fraying”. He told Irish broadcaster RTE: “Brexit has undermined the Good Friday Agreement and is fraying the relationship between Britain and Ireland. “Anything that pulls the communities apart in Northern Ireland undermines the Good Friday Agreement, and anything that pulls Britain and Ireland apart undermines that relationship.” The warning comes despite Mr Coveney having claimed a deal between the UK and the EU was “very close”.

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Many sides will call for this.

UK Business Leaders Call For Second Brexit Vote (BBC)

More than 70 business leaders have signed a letter to the Sunday Times calling for a public vote on the UK’s Brexit deal. The chief executive of Waterstones and former Sainsbury’s boss Justin King are among those saying a “destructive hard Brexit” will damage the UK economy. A group called Business for a People’s Vote will launch on Thursday. A Downing Street source told the BBC the Prime Minister was clear that there would be no new referendum. The letter was coordinated by The People’s Vote campaign, which wants a ballot on whether to accept the terms of the UK’s departure from the EU. Richard Reed, co-founder of Innocent Drinks, Lord Myners, the former chairman of Marks and Spencer and Martha Lane Fox, the founder of Lastminute.com, also signed the letter.

It reads: “The business community was promised that, if the country voted to leave, there would continue to be frictionless trade with the EU and the certainty about future relations that we need to invest for the long term. “Despite the Prime Minister’s best efforts, the proposals being discussed by the government and the European Commission fall far short of this. “The uncertainty over the past two years has already led to a slump in investment.” The letter concludes: “We are now facing either a blindfold or a destructive hard Brexit. “Given that neither was on the ballot in 2016, we believe the ultimate choice should be handed back to the public with a People’s Vote.”

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The only true Brezit reality. Merkel’s departure is a far bigger issue for Europe.

Brexit Is Just A Sideshow For An EU Beset By Problems On All Sides (G.)

There is a weariness to the coterie of diplomats and officials based in Brussels intimately involved in the negotiations over the United Kingdom’s withdrawal from the European union. Privately they describe it as “Brexit fatigue”, the result of second-guessing a chaotic situation in Westminster for two years, and working through the summer in response to the demand from the Brexit secretary, Dominic Raab, for continuous negotiations. These officials from the 27 other EU member states were picked as the brightest and the best for the existential crisis of the time, but the hard truth for these ambitious men and women is that the crisis in question is no longer Brexit.

“You go to the capitals, you can see that, because no one talks about it any more,” said Fabian Zuleeg, chief executive of the leading EU thinktank, the European Policy Centre. Speaking to his parliament on his return to Madrid from the recent leaders’ summit in Brussels, Spain’s prime minister, Pedro Sánchez, put it succinctly: “The British spend 24 hours a day thinking about Brexit and the Europeans think about it for four minutes every trimester.” While the UK’s chaotic withdrawal has become a dreary process to be managed, the EU is being dealt hammer blows from elsewhere – from crises that really could make or break the bloc, along with many diplomatic careers.

Foremost on the list of problem zones right now is Italy. “Nothing and nobody, no big or small letter will make us backtrack,” the country’s deputy prime minister, Matteo Salvini, and leader of the far-right League, told his followers in a Facebook video made in his office in Rome on Friday. “Italy will no longer be a slave and will no longer kneel down.”

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Let’s build a few highways to nowhere too.

“Posh Ghost Towers”: Gloom Spreads Over London Housing Market (DQ)

After decades of mind-boggling growth, home prices in metropolitan London, according to official numbers, started to fall this year, if barely. Between March and September, they slid 2.3%. But it’s a lot worse in the most expensive parts of the city: Prices in central London have already dropped 15% since 2014, according to James Hyman, head of the residential agency division at Cluttons. He expects another 7% drop over the next year and a half. And the total volume of transactions has fallen by a fifth, according to Residential Analysts. In 2014, a change in the stamp duty made buying high-end homes in the UK more costly. In London, the city that hosts the highest number of super-rich individuals per capita in the world, high-end homes are the staple product.

And it’s getting harder and harder to offload them: The Guardian reported that over half of the 1,900 ultra-luxury apartments built in London last year failed to sell. This freeze at the high end is fueling concerns that the city would be left with dozens of “posh ghost towers.” The newest phantom skyscraper is London’s Centre Point Tower, a 33-story office building from the 1960s that was recently converted into multi-million-pound luxury apartments. But demand is anemic and the developer behind the project, Almacantar, has all but given up trying to sell the flats after receiving too many “detached from reality” lowball offers. Until conditions improve, half of the tower’s 82 flats will lie empty.

Yet even as demand for upscale real estate in London fades, there’s little sign of any slow down in the construction of luxury apartments, meaning there will be an even greater glut of upscale real estate in the near future. That’s likely to further exacerbate the fall in prices. It’s the latest in a long line of reality checks for London. Clearly, those at the thin upper crust of the global wealth and income scale — just about the only people left who can afford to buy residential property in London these days — either have less money to spend on over-priced high-end London real estate or are splashing it elsewhere, including in other parts of the UK.

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Russiagate is a non-story kept alive by papers and TV stations.

33 Trillion More Reasons Why New York Times Gets Russiagate Wrong (CN)

Even more damning evidence has come to light undermining The New York Times‘ assertion in September that Russia used social media to steal the 2016 election for Donald Trump. The Times‘ claim last month that Russian Facebook posts reached nearly as many Americans as actually voted in the 2016 election exaggerated the significance of those numbers by a factor of hundreds of millions, as revealed by further evidence from Facebook’s own Congressional testimony. Further research into an earlier Consortium News article shows that a relatively paltry 80,000 posts from the private Russian company Internet Research Agency (IRA) were engulfed in literally trillions of posts on Facebook over a two-year period before and after the 2016 vote.

That was supposed to have thrown the election, according to the paper of record. In its 10,000-word article on Sept. 20, the Times reported that 126 million out of 137 million American voters were exposed to social media posts on Facebook from IRA that somehow had a hand in delivering Trump the presidency. The newspaper said: “Even by the vertiginous standards of social media, the reach of their effort was impressive: 2,700 fake Facebook accounts, 80,000 posts, many of them elaborate images with catchy slogans, and an eventual audience of 126 million Americans on Facebook alone.” The paper argued that 126 million was “not far short of the 137 million people who would vote in the 2016 presidential election.”

But Consortium News, on Oct. 10, debunked that story, pointing out that reporters Scott Shane and Mark Mazzetti failed to report several significant caveats and disclaimers from Facebook officers themselves, whose statements make the Times’ claim that Russian election propaganda “reached” 126 million Americans an exercise in misinformation. [..] only an estimated 29 million FB users may have gotten at least one story in their feed in two years. The 126 million figure is based only on an assumption that they shared it with others, according to Stretch. Facebook didn’t even claim most of those 80,000 IRA posts were election–related. It offered no data on what proportion of the feeds to those 29 million people were.

In addition, Facebook’s Vice President for News Feed, Adam Moseri, acknowledged in 2016 that FB subscribers actually read only about 10 percent of the stories Facebook puts in their News Feed every day. The means that very few of the IRA stories that actually make it into a subscriber’s news feed on any given day are actually read.

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Completely insane. Next time it might be police, military, mercenaries. Julian’s supporters need to stand watch 24/7 now.

Break-in Attempted at Assange’s Residence in Ecuador Embassy (CN)

An attempted break-in at Julian Assange’s residence inside the Ecuadorian Embassy in London on Oct. 29, and the absence of a security detail, have increased fears about the safety of the WikiLeak’s publisher. Lawyers for Assange have confirmed to activist and journalist Suzie Dawson that Assange was awoken in the early morning hours by the break-in attempt. They confirmed to Dawson that the attempt was to enter a front window of the embassy. A booby-trap Assange had set up woke him, the lawyers said. Scaffolding has appeared against the embassy building in the Knightsbridge section in London which “obscures the embassy’s security cameras,” the lawyers said.


Scaffolding near balcony where Assange has appeared. (Sean O’Brien)

On the scaffolding electronic devices, presumably to conduct surveillance, can be seen, just feet from the embassy windows. Later on the day of the break-in, Sean O’Brien, a lecturer at Yale University Law School and a cyber-security expert, was able to enter the embassy through the front door, which was left open. Inside he found no security present. Someone from the embassy emerged to tell him to send an email to set up an appointment with Assange. After emailing the embassy, personnel inside refused to check whether it had been received or not. O’Brien then noticed more scaffolding being erected and observed the devices, which he photographed. Though a cyber-security expert, O’Brien said he could not identify what the devices are.


One of the apparent surveillance devices. (Sean O’Brien.)

“I’ve never seen devices quite like this, and I take photos of surveillance equipment often,” O’Brien said. “There were curious plastic tubes with yellow-orange caps, zip-tied to the front. I have no idea what these are but they seem to have equipment inside them.” The devices are pointed towards the embassy, where all the blinds were open, and not the street, he said. “The surveillance devices in the photos reveals no manufacturer branding, serial numbers or visible device information,” Dawson said. “The combination of the obscuring of the street-facing surveillance cameras and the installation of surveillance equipment pointed into instead of away from the Embassy, is alarming.”

[..] On Thursday the government suddenly barred all access to Assange visitors, including his legal team until next Monday, raising fears that no witnesses could be present should there be an attempt to abduct Assange over the weekend.

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