| Venezuela's Maduro says he won't attend UN annual meeting Posted: 12 Sep 2019 06:04 PM PDT ![Venezuela's Maduro says he won't attend UN annual meeting]( "Venezuela's Maduro says he won't attend UN annual meeting") Venezuelan President Nicolás Maduro says he is skipping the United Nations' General Assembly meeting later this month in New York. Maduro told a cheering crowd of young socialist party members Thursday that his vice president and foreign minister will go in his place. The meeting comes near the end of a tumultuous year for Venezuela that has seen Maduro's power tested.
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| Training surgeons like dogs, icky money win 2019 Ig Nobels Posted: 12 Sep 2019 04:05 PM PDT ![Training surgeons like dogs, icky money win 2019 Ig Nobels]( "Training surgeons like dogs, icky money win 2019 Ig Nobels") Training surgeons is as easy as training dolphins or dogs. At least according to a study that Thursday earned a 2019 Ig Nobel, the annual Nobel Prize spoof that rewards weird, odd and sometimes head-scratching scientific discoveries. This year's winners included: Dutch and Turkish researchers who figured out which nation has the yuckiest money, an Italian scientist who urges consumption of pizza for its health benefits, and an Iranian engineer who obtained a U.S patent for a diaper-changing machine.
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| Boris Johnson Denies Lying to Queen as Brexit Legal Challenges Mount Posted: 12 Sep 2019 04:00 PM PDT  (Bloomberg) -- Boris Johnson's Brexit troubles deepened as he denied lying to Queen Elizabeth II and the speaker of the House of Commons warned him against illegally forcing Britain out of the European Union.Faced with a Scottish court ruling that he acted unlawfully when he advised the queen to suspend Parliament, the prime minister said Thursday he "absolutely" didn't lie about the reasons.Johnson repeated that the five-week suspension was needed to work on the government's domestic agenda, though the court ruled that his purpose was to "stymie" Parliament.While Johnson has said he'd rather die than ask the EU for a delay to Brexit, members of Parliament passed a law last week saying he must ask for an extension if he doesn't get a divorce deal by Oct. 19.Government lawyers have been asked to find ways around the law, but John Bercow, the outgoing Speaker of the House of Commons, said Johnson would be acting like a "bank robber" if he refused to delay Brexit. He suggested the U.K. may need a U.S.-style written constitution to keep the government from trying to skirt laws passed by Parliament.Bercow has been a thorn in the side of the government by allowing Parliament time to pass laws on the future of Brexit. On Thursday, he suggested he'd continue to help MPs who want to stop a no-deal Brexit, until he leaves his post on Oct 31."I would imagine that Parliament would want to cut off such a possibility and to do so forcefully," Bercow said in a lecture at the Bingham Center for the Rule of Law in London. "If that demands additional procedural creativity to come to pass, it is a racing certainty that this will happen and that neither the limitations of the existing rulebook nor the ticking of the clock will stop it doing so."Legal challenges are piling up as Johnson seeks to pry Britain out of the EU on Oct. 31 "come what may."While he won a Belfast court case related to the Irish border on Thursday, his opponents mounted another. Labour Party donor Dale Vince is filing papers seeking an immediate order that Johnson comply with the Brexit delay law.Johnson said he's hopeful of striking a deal with fellow leaders at an EU summit on Oct. 17-18."We can see the rough area of landing space of how you could do it," he said in a television interview. "It will be tough, it will be hard, but I think we can get there."Yet Michel Barnier, the European Commission's Brexit negotiator, told European Parliament members that there are insufficient grounds for reopening official negotiations, the Guardian reported.EU lawmakers on Thursday signaled willingness to change the Irish border arrangement proposed in the draft Brexit deal, known as the backstop, to make it apply solely to Northern Ireland, rather than to the U.K. as a whole. Johnson said Wednesday he wasn't ready to accept that option.One intriguing way out for Johnson would be a veto by an EU government against granting the U.K. another Brexit delay. That could allow him to comply with the law passed by Parliament while also ensuring the U.K. leaves EU within the timeline he has promised.Hungarian Foreign Minister Peter Szijjarto on Thursday left the door open to potentially vetoing any U.K. request for an extension and said the EU must take Boris Johnson seriously.Shortages, Public DisorderGovernment ministers spent Thursday defending their Brexit strategy after the Operation Yellowhammer planning papers revealed the full scale of the damage a no-deal Brexit could cause, including possible shortages of food, fuel and water, public disorder and severe border disruption.The paper undermines Johnson's argument that the U.K. can cope with leaving the EU without an agreement in place. But Defence Secretary Ben Wallace described it as "a living document," saying the government is working to minimize risks and will publish a progress report."We're spending the money on doing lots of things to mitigate those assumptions," Wallace told BBC Radio 4. "We should consider it as 'This is what would happen if we didn't do anything about it."'\--With assistance from Alex Morales, Marton Eder and Thomas Penny.To contact the reporter on this story: Jessica Shankleman in London at jshankleman@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Tony Czuczka, Robert JamesonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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| DUP leader Foster will not support Brexit deal that divides internal UK market Posted: 12 Sep 2019 03:49 PM PDT ![DUP leader Foster will not support Brexit deal that divides internal UK market]( "DUP leader Foster will not support Brexit deal that divides internal UK market") The leader of the Northern Irish party which backs British Prime Minister Boris Johnson's government said late on Thursday the Democratic Unionist Party will not support a Brexit deal that "divides the internal market of the UK". "UK must leave as one nation.
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| Trump says Iranian leadership 'wants to meet' Posted: 12 Sep 2019 03:45 PM PDT  President Donald Trump on Thursday said he believes that Iran's leadership wants a meeting, adding to expectations that he is trying to arrange a summit with his Iranian counterpart at the upcoming UN assembly. "I can tell you that Iran wants to meet," he told reporters at the White House. Trump has repeatedly indicated he is ready to meet with President Hassan Rouhani, who is expected to attend the UN General Assembly in New York this month.
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| UN votes to ease arms embargo on Central African Republic Posted: 12 Sep 2019 03:33 PM PDT ![UN votes to ease arms embargo on Central African Republic]( "UN votes to ease arms embargo on Central African Republic") The U.N. Security Council voted unanimously Thursday to ease the arms embargo on the Central African Republic's government following its signing of a peace agreement with 14 armed groups in February and progress in reforming its security sector. Central African Republic has been wracked by interreligious and intercommunal fighting since 2013, but council members cited positive developments since the peace agreement was signed. In January, the Security Council voted unanimously to extend the arms embargo for a year but said it would review the measures in light of government progress toward achieving key U.N. benchmarks by Sept. 30.
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| UPDATE 2-DUP leader: Won't support Brexit deal dividing internal UK market Posted: 12 Sep 2019 03:28 PM PDT ![UPDATE 2-DUP leader: Won't support Brexit deal dividing internal UK market]( "UPDATE 2-DUP leader: Won't support Brexit deal dividing internal UK market") The leader of the Democratic Unionist Party (DUP), the Northern Irish party which backs British Prime Minister Boris Johnson's government, said the party will not support a Brexit deal that "divides the internal market of the UK". Arlene Foster's response came as the Times newspaper reported the DUP has agreed to accept Northern Ireland abiding by some European Union rules after Brexit as part of a deal to replace the Irish backstop, potentially opening the door to a withdrawal agreement.
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| German CDU leader: Debt rules only allow limited fiscal leeway Posted: 12 Sep 2019 03:00 PM PDT ![German CDU leader: Debt rules only allow limited fiscal leeway]( "German CDU leader: Debt rules only allow limited fiscal leeway") The leader of Chancellor Angela Merkel's Christian Democrats (CDU) has poured cold water on hopes that Berlin could soften its fiscal stance and consider taking on new debt to finance a costly climate protection package. "The debt brake allows the federal government a certain amount of leeway, but it is limited constitutionally. The scope is narrow," CDU chairwoman Annegret Kramp-Karrenbauer told Focus magazine.
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| Your Evening Briefing Posted: 12 Sep 2019 02:21 PM PDT  (Bloomberg) -- Want to receive this post in your inbox every afternoon? Sign up hereThe Food and Drug Administration's approval process is supposed to be built on testing. The regulatory system for generic medicines is supposed to be built on trust. Both may not be enough: Carcinogens have infiltrated America's supply of generic drugs. Here are today's top storiesThe 2020 Democratic presidential contenders have lots of ideas on climate change, the student debt crisis, income equality and more. Take this short quiz and see if you can tell the difference among the campaign proposals from former Vice President Joe Biden, Senators Bernie Sanders, Elizabeth Warren, Kamala Harris and the rest of the narrowing field. They debate again tonight.In an unprecedented revolt, governors of the European Central Bank resisted President Mario Draghi's bid to restart quantitative easing. Draghi emerged victorious.Vaping products have been linked to a lung disease that so far has killed six people in the U.S. Health officials have threatened to remove some of the products from the market. But reining in vaping won't be easy.The U.S. and China are taking baby steps toward easing tensions in the trade war launched by U.S. President Donald Trump.Thomas Piketty's last blockbuster book helped put inequality at the center of global economic debate. Now he's back with an even longer treatise that explains how governments should upend capitalism.Saud al-Qahtani, a trusted enforcer for Saudi Crown Prince Mohammed bin Salman, disappeared in the wake of the murder and dismemberment of journalist and U.S. resident Jamal Khashoggi. But after months of chatter about whether he was still working behind the scenes, his name resurfaced amid speculation on whether he was dead.What's Joe Weisenthal thinking? The Bloomberg news director is mulling Trump's insult-filled tweet excoriating the Fed and telling Chair Jerome Powell to cut interest rates to zero (or lower). In Trump's defense, Joe says, his complaint is a logical extension of how mainstream folks tend to think about government finances.What you'll need to know tomorrowAl-Qaeda issued a rare apology after a landmine killed bus riders. Big Carl, the world's biggest crane, has a big new job. Elizabeth Warren has a plan to boost social security: Tax the rich. The EU fears Boris Johnson will get Hungary to veto a Brexit delay. The Porsche 911 is the most profitable car of the year. Ex-FBI Deputy Director Andrew McCabe will likely be indicted. Jeffrey Gundlach says the possibility of a U.S. recession has grown.What you'll want to read in Bloomberg PursuitsThe Airbus Connected Experience is the company's bid to raise the Internet of Things—that buzz-phrase for connected household gadgets—to cruising altitude. Sensors will gather such critical data as when bathroom soap is running low and how much toilet paper remains in each bathroom. But the rethinking of the passenger environment doesn't just stop with the lavatory. It's really about making the airlines money.To contact the author of this story: Josh Petri in Portland at jpetri4@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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| US to disclose name of Saudi sought by 9/11 victims Posted: 12 Sep 2019 02:17 PM PDT  The U.S. said Thursday that it will disclose the name of a Saudi citizen sought by lawyers for victims of the Sept. 11 attacks who want to link the kingdom to the terrorist plot. Attorney General William Barr had the option of invoking a "state secrets" privilege to withhold the release of the name, which lawyers for survivors and victims' relatives believe belongs to a Saudi government official who they say assigned two men in California to assist two of the hijackers. Instead, Justice Department lawyers said in a court filing that the FBI will make the name available to a limited circle of people that includes lawyers for survivors and victims' relatives as well as to attorneys for the Saudi government.
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| Europeans warn Netanyahu over West Bank annexation vow Posted: 12 Sep 2019 01:52 PM PDT ![Europeans warn Netanyahu over West Bank annexation vow]( "Europeans warn Netanyahu over West Bank annexation vow") Israeli Prime Minister Benjamin Netanyahu recently vowed to annex the heart of the West Bank if he wins re-election. The five European countries urge Israel and the Palestinians to avoid taking steps that "would imperil the viability of a two-state solution" and make it harder to achieve peace.
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| Trump to host Bahrain's crown prince at White House Posted: 12 Sep 2019 01:30 PM PDT ![Trump to host Bahrain's crown prince at White House]( "Trump to host Bahrain's crown prince at White House") Iran and security in the Persian Gulf will be key topics of discussion when President Donald Trump hosts Bahrain's Crown Prince Salman bin Hamad Al Khalifa next week at the White House. The White House is announcing that Trump and the crown prince also will discuss counterterrorism and stability in the region on Monday. The U.S. is leading a maritime security initiative in the Persian Gulf, which has become a flashpoint for tensions between Iran and the West.
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| Russia asks Interpol for help over alleged CIA mole's whereabouts Posted: 12 Sep 2019 01:10 PM PDT  * Oleg Smolenkov reportedly taken to safety by US agents in 2017 * 'Interpol was presented with questions about his disappearance'The house in Stafford, Virginia, where the alleged spy, named as Oleg Smolenkov, is said to have lived. Smolenkov is reported to have worked at the Russian embassy under ambassador Yury Ushakov in Washington. Photograph: Eric Baradat/AFP/Getty ImagesRussia has asked the United States via Interpol to provide information on the whereabouts of a former member of Vladimir Putin's administration who is believed to have been a CIA informant.The alleged CIA mole, named this week by Russian media as Oleg Smolenkov, was whisked to safety by US intelligence agents during a family holiday in Montenegro in June 2017, CNN reported earlier this week."A citizen of Russia disappeared on the territory of a foreign state along with his family," a Russian foreign ministry spokeswoman, Maria Zakharova, said. "Two years later, American media throws up a story about how he is in the United States … Interpol was presented with questions regarding the disappearance of a foreign citizen and his presence on the territory of the United States."Smolenkov is reported to have worked at the Russian embassy under ambassador Yury Ushakov in Washington. He then followed the ambassador back to Moscow in 2008, when Ushakov was appointed foreign policy adviser to Putin. Ushakov declined to comment when asked on Thursday if he knew Smolenkov.CNN said that the alleged CIA spy had been feeding information to the United States for decades, and had direct contact with Putin. It also said he had confirmed to US intelligence that Russia's president oversaw the Kremlin's alleged interference in the 2016 American presidential elections that brought Trump to power.Zakharova said the US media reports were linked to American domestic politics before next year's presidential vote. "This is classic propaganda," she said.The Kremlin confirmed this week that Smolenkov had worked in the presidential administration, but said he had been fired several years ago and did not have access to Putin. Dmitry Peskov, Putin's spokesman, called the CNN report "pulp fiction".Franz Klintsevich, a member of the Russian upper house's defense and security committee, said CNN's story was "a fake" aimed at discrediting Trump by portraying him as incompetent and "capable of ruining almost the entire US intelligence network with his awkward actions".On Friday, RTVi, a New York-based Russian-language media outlet, published a photograph of a man it said was Smolenkov.It also published an interview with a man named Yevgeny Agafonov, who said he was the former husband of Smolenkov's wife, Antonina, and the father of her eldest child, Ivan. Agafonov accused the Smolenkovs of taking the boy to the United States without his permission. He said he had not spoken to his son since June 2017.
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| Skepticism Surrounds Proposed Hong Kong-London Stock Exchange Deal Posted: 12 Sep 2019 01:07 PM PDT ![Skepticism Surrounds Proposed Hong Kong-London Stock Exchange Deal]( "Skepticism Surrounds Proposed Hong Kong-London Stock Exchange Deal") The London Stock Exchange appears to be set on rejecting the unsolicited offer, which was confusing in the first place, Bloomberg's Jan-Henrik Foerster said on "Bloomberg Surveillance" Thursday. The offer comes at a time when the streets of Hong Kong are filled with protesters, while London is in political turmoil related to Brexit.
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| US finds N.Korean readiness for talks 'encouraging' Posted: 12 Sep 2019 01:07 PM PDT  The United States said Wednesday it was encouraged by North Korea's stated willingness to resume negotiations but criticized its latest firing of projectiles as counterproductive. "It was an encouraging sign that they would like to return to negotiations and that's something we welcome," State Department spokeswoman Morgan Ortagus told reporters. "We're committed to talking and negotiating with the North Koreans," she said.
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| Boris Johnson Denies Lying to Queen Over Suspension: Brexit Update Posted: 12 Sep 2019 12:46 PM PDT ![Boris Johnson Denies Lying to Queen Over Suspension: Brexit Update]( "Boris Johnson Denies Lying to Queen Over Suspension: Brexit Update") (Bloomberg) -- Follow @Brexit, sign up to our Brexit Bulletin, and tell us your Brexit story. Boris Johnson denied lying to the Queen over his suspension of Parliament after it was ruled unlawful by a Scottish court, just one of a series of recent political and legal setbacks to his "do or die" plan to leave the European Union on Oct. 31. EU negotiator Michel Barnier also warned there would be no point reopening formal talks, it was reported.But there was some respite from Belfast, where a court ruled on Thursday that leaving the EU without a divorce agreement, which Johnson has not ruled out doing, wouldn't violate the peace accord in Northern Ireland. In Hungary, Foreign Minister Peter Szijjarto urged the bloc to take Johnson more seriously.Key Developments:Johnson denied lying to the Queen over Parliament suspensionA Belfast court ruled that a no-deal Brexit would not break the Good Friday peace accordGovernment published no-deal Brexit planning documents late Wednesday ahead of Parliament-imposed deadline: U.K. Warns of Protests, Chaotic Border Scenes in No-Deal BrexitDefence Secretary Ben Wallace said the government is working to mitigate no-deal Brexit risksHungarian Foreign Minister Peter Szijjarto told Bloomberg he wants the EU to take Johnson more seriouslySpeaker Bercow Calls for U.K. Constitution (20:22 p.m)John Bercow, who has been a thorn in the side of the government as Speaker of the House of Commons, suggested he would allow MPs to use parliamentary proceedings to ensure Prime Minister Boris Johnson upholds the anti-no deal law passed last week by MPs.Speaking publicly for the first time since announcing he'd step down Oct. 31, Bercow also said the U.K. might need a U.S.-style constitution to prevent future governments seeking to override laws passed by Parliament.A "Parliamentary Powers Act might be introduced to entrench the authority of the House of Commons and ensure that the rule of law is never distorted or perverted by executive malpractice," he said at the annual Bingham Lecture.Barnier Says no Grounds to Restart Talks (4:50 p.m.)The European Commission's Brexit negotiator, Michel Barnier, told Members of the European Parliament that there are insufficient grounds for reopening official negotiations, the Guardian reported.Barnier told leaders of the Parliament that Johnson hasn't yet offered any legally and credible proposals for alternatives to the Northern Ireland backstop, the newspaper cited him as saying in a private briefing.Another Day, Another Court Challenge (4 p.m.)The legal challenges to Johnson are piling up. After the Scottish Court of Sessions ruled on Wednesday that his suspension of Parliament is unlawful, the prime minister faces a new challenge in the same court.Ecotricity Group Ltd. founder Dale Vince – a donor to the opposition Labour Party – is filing papers seeking an immediate order that the premier should comply with the law passed last week by Parliament, compelling him to seek a Brexit delay if he hasn't secured a deal by Oct. 19.Vince has teamed up with Jolyon Maugham, the lawyer who spearheaded Wednesday's case, and has been a legal thorn in the government's side throughout the Brexit process. If the injunction is granted, and Johnson doesn't write the letter seeking to extend negotiations, Vince said he'll ask the court to sign and send the letter to the EU itself.Letwin: MPs Want Brexit Resolved Before Election (3:45 p.m.)In an interview with the Evening Standard, Oliver Letwin -- who was expelled from the parliamentary Conservative Party for rebelling over a no-deal Brexit -- said the majority of MPs want Brexit resolved before a general election, even if it means calling a referendum."That means either you get a deal and get it in place, which is relatively quick, or you have a deal followed by a referendum, which is relatively long," Letwin said. "Elections are decided on the basis of all sorts of concerns that people have about whom they want to have govern them. The Brexit issue is a different kind of issue."Hungary Urges EU to Take Johnson Seriously (1 p.m.)Hungarian Foreign Minister Peter Szijjarto said the European Union must take Boris Johnson seriously, telling Bloomberg several key member states want Brexit "to end, one way or another." He left the door open to potentially vetoing any U.K. request for an extension."We don't want the EU institutions to approach this question in a condescending way, but as a fair negotiating partner," Szijjarto said in an interview. "If the British decided that they want to leave, then the result should be the closest co-operation when they do so."The possibility of Hungary choosing to veto an extension has been mooted since Parliament voted last week to force Johnson to apply to the EU for a delay until Jan. 31 if he is unable to secure a new divorce deal by Oct. 19. A veto from an EU nation could allow him to comply with the new law, while also ensuring the U.K. leaves the EU on Oct. 31 as he has promised."If there is such a request, we'll make our own decision," Szijjarto said. "A few large Western European member states really want to put an end to this, and want it to be decided one way or another," he added, "so probably it won't be our decision that will be key."Significant Gaps Remain on Brexit, Ireland Says (12:30 p.m.)Irish Foreign Minister Simon Coveney said the European Union would react positively to a change to the U.K.'s approach on Brexit as "significant gaps" remain between the two sides."I think the EU will respond positively if it's realistic, to try and find a middle ground position that can work for the U.K., but certainly meets the reasonable and honest demands of the EU and of Ireland," Coveney told reporters in Cork on Thursday.Johnson 'Hopeful' of Deal With EU (11:20 a.m.)In his TV interview, Boris Johnson said he's "very hopeful" of securing a deal with his European counterparts at an Oct. 17-18 summit in Brussels and that he's "working very hard" to secure one."We can see the rough area of landing space of how you could do it," Johnson said. "It will be tough, it will be hard, but I think we can get there."Crucially, Johnson said, if the U.K. can't secure a deal, then "we will be ready to come out on Oct. 31, deal or no deal."Johnson Wins in Belfast Court (11:15 a.m.)A Northern Irish court ruled that a no-deal Brexit wouldn't violate the Good Friday peace accord, handing Johnson a legal victory in one of a string of cases related to his plans to leave the European Union.Judge Bernard McCloskey issued a ruling Thursday in Belfast. The case is set to be immediately appealed to a higher court in Northern Ireland before moving to the U.K. Supreme Court next week.Johnson Denies Lying to Queen (11:10 a.m.)Boris Johnson said he "absolutely" didn't lie to the Queen when he asked her to suspend or prorogue Parliament, because the government needs a new session to put forward its agenda."There's a huge number of things that we want to get on with and do," Johnson said in pooled television interview. "We need a Queen's speech, we need to get on with these."Commenting on the release of the Operation Yellowhammer document setting out projected outcomes of a no-deal Brexit, he stressed it's "a worst-case scenario."The document was "written by planners to make sure that we do everything we need to do to make sure that doesn't happen," he said. "If we have to come out on Oct. 31 with no deal, we will be ready. The ports will be ready and the farming communities will be ready."EU Parliament Open to N. Ireland-Only Backstop (10:30 a.m.)The European Parliament has signaled the European Union's willingness to change the contentious Irish border backstop in the Brexit deal to make it apply solely to Northern Ireland rather than the whole U.K.According to the text of a resolution that EU lawmakers will vote on next week seen by Bloomberg, the parliament "expresses its readiness to revert to a Northern Ireland-only backstop but stresses that it will not give consent to a withdrawal agreement without a backstop."While the parliament doesn't have any formal role in the negotiations with the U.K., it does have a full veto over the final deal. In the resolution, it says it won't hold a vote until after the U.K. Parliament has approved the agreement.The EU has, in recent days, signaled that British negotiators seem to be moving toward accepting a Northern Ireland-only backstop. This would keep the province aligned to the EU's customs union and single-market rules to prevent a hard border with the Irish Republic. In the current deal, rejected three times by British MPs, the whole U.K. would remain in a customs union.Prime Minister Boris Johnson on Wednesday denied he was ready to accept a Northern Ireland-only backstop, saying it wouldn't work for the U.K.Rudd Wants All 21 Tory Rebels Readmitted (8:50 a.m.)Former Work and Pensions Secretary Amber Rudd, who quit Johnson's government and the Parliamentary Conservative Party at the weekend, said she would wait to see how the 21 Tory MPs expelled from the party last week are treated before deciding if she would rejoin.Rudd was responding to reports that some of the rebels have been offered a way back into the party. She said she'd been struck at the effective organization of the group of MPs, who were expelled for voting for legislation to block a no-deal Brexit, and said they should all be allowed back."The group needs to be considered as a whole to be brought back," she told BBC Radio. "I will wait and see on what terms other people choose to stay out."Rudd described the expulsion of the lawmakers as an "act of political vandalism" in her resignation letter and said on Thursday that their vote against the government was no more "egregious" than the repeated votes of hard-line Brexiteers against Theresa May's Brexit agreement.Wallace: Yellowhammer is a 'Living Document' (8:20 a.m.)Defence Secretary Ben Wallace said the government is working to mitigate the risks exposed in the Yellowhammer planning document released on Wednesday, and will publish an updated version showing progress soon."We're spending the money on doing lots of things to mitigate those assumptions," Wallace told BBC Radio 4. "We should consider it as 'this is what would happen if we didn't do anything about it."'Describing it as a "living document," he said there would be further versions. "Our job as a government is to say to people what could happen and then say what we're doing about it," he said.Labour: Yellowhammer Shows 'Catastrophe' for U.K. (Earlier)Andy McDonald, transport spokesman for the opposition Labour Party, said the government's Yellowhammer planning documents show that a no-deal split from the EU would be "a catastrophe for our country.""This is more like emergency planning for a war or a natural disaster," McDonald told BBC Radio 4 on Thursday. Boris Johnson is "driving the ship onto the rocks," he said, "and he'll have a lifeboat but working people will not."People on low incomes would be "disproportionately affected" by higher food and fuel prices after a no-deal Brexit, the government warned in the paper.Grieve: Court Will Tell More on Parliament Suspension (Earlier)Former Attorney General Dominic Grieve, who led Parliament's efforts to force the government to publish its decision-making process behind Boris Johnson's suspension of Parliament, expects more details to be revealed when the Court of Session in Scotland publishes its full judgment on Friday.The court ruled on Wednesday that Johnson had acted unlawfully when he advised the Queen to prorogue Parliament.No-Deal Brexit minister Michael Gove refused to release documents relating to the decision on Wednesday evening. Publishing communications between Johnson's advisers would be "unreasonable and disproportionate," he said in a letter to Grieve."The government's reasons for proroguing Parliament have turned out to be entirely bogus," Grieve told BBC Radio 4. "It's very serious when a government comes out and deliberately sets out to mislead the public about its motives."Earlier:U.K. Warns of Protests, Chaotic Border Scenes in No-Deal BrexitBrexit Is Making English Civil War Comparisons Hard to DismissU.K.'s Leadsom to Meet Businesses to Assess Brexit PreparednessYellowhammer Details Reveal Worst-Case Scenario: Brexit Bulletin\--With assistance from Ian Wishart, Zoltan Simon, Peter Flanagan and Dara Doyle.To contact the reporters on this story: Thomas Penny in London at tpenny@bloomberg.net;Alex Morales in London at amorales2@bloomberg.net;Marton Eder in Budapest at meder4@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Stuart Biggs, Thomas PennyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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| Russia targets opposition leader Navalny with mass raids Posted: 12 Sep 2019 12:03 PM PDT  Russian investigators on Thursday raided dozens of regional offices of top protest leader Alexei Navalny, as well as the homes of his supporters, after mass opposition rallies this summer. Navalny said the raids were the result of Kremlin "hysteria" after allies of President Vladimir Putin suffered major losses in local elections in Moscow on Sunday.
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| UN chief: The world can't live with major Gulf confrontation Posted: 12 Sep 2019 11:26 AM PDT ![UN chief: The world can't live with major Gulf confrontation]( "UN chief: The world can't live with major Gulf confrontation") Guterres was referring Thursday to the escalating crisis between the U.S. and Iran in the wake of the collapsing nuclear deal with world powers. Guterres said he has "no particular insight" into the possibility of a meeting between U.S. President Donald Trump and Iran's President Hassan Rouhani during the annual meeting of world leaders at the General Assembly starting Sept. 23.
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| Nearly twice as many people displaced by weather than conflict in first half of 2019 Posted: 12 Sep 2019 11:21 AM PDT  A record seven million people were displaced by disasters in the first half of 2019, suggesting that mass displacement due to extreme weather events is "becoming the norm," according to a new report.The Internal Displacement Monitoring Centre, which uses data from governments, United Nations humanitarian agencies, and media coverage to create its reports, concluded that nearly twice as many people were displaced in the first half of the year by weather events than by conflict and violence. The report was compiled before Hurricane Dorian struck the Bahamas - the numbers affected by that storm are still unclear.
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| Explosion on a road in southeast Turkey kills 4, wounds 13 Posted: 12 Sep 2019 11:06 AM PDT ![Explosion on a road in southeast Turkey kills 4, wounds 13]( "Explosion on a road in southeast Turkey kills 4, wounds 13") Turkish officials say Kurdish rebels have detonated an improvised explosive device on a road in southeast Turkey, killing four people and wounding 13 others. The local governor's office said the explosion Thursday on a road near the town of Kulp hit a vehicle carrying villagers who were returning home after gathering wood. The Kurdistan Workers' Party, or PKK, has waged a more than three-decade old insurgency in Turkey's mostly Kurdish southeast region.
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| New data shows Israeli settlement surge in east Jerusalem Posted: 12 Sep 2019 11:03 AM PDT  Jewish settlement construction in Israeli-annexed east Jerusalem has spiked since President Donald Trump took office in 2017, according to official data obtained by The Associated Press. The data also showed strong evidence of decades of systematic discrimination, illustrated by a huge gap in the number of construction permits granted to Jewish and Palestinian residents. The expansion of the settlements in east Jerusalem, which Israel seized along with the West Bank and Gaza in the 1967 Mideast war, threatens to further complicate one of the thorniest issues in the conflict.
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| Some world hot spots see possible openings in Bolton firing Posted: 12 Sep 2019 11:01 AM PDT  The hawkish Bolton repeatedly pushed Trump toward using military force and sanctions to accomplish the administration's foreign policy goals. Perhaps no country drew Bolton's ire more than Iran and its Shiite theocracy.
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| Irish PM eyes May 2020 general election Posted: 12 Sep 2019 10:56 AM PDT  Irish Prime Minister Leo Varadkar revealed Thursday that he wants to hold an early general election in May 2020. Varadkar, 40, said it would be the "right moment" as the Brexit situation with the United Kingdom, Ireland's only land neighbour, should have been resolved by then. "We should... by then, have secured a Brexit deal or have guided the country through the worst of no-deal," he said, according to national broadcaster RTE.
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| Netanyahu meets Putin as he makes desperate bid for Russian speaking voters ahead of knife-edge election Posted: 12 Sep 2019 10:24 AM PDT  Benjamin Netanyahu dashed to Sochi yesterday to meet Vladimir Putin as part of an all-out campaign to win over key Russian-speaking Israeli voters ahead of next week's election. With the Israeli prime minister running neck and neck with his centrist rival ahead of Tuesday's vote, his Likud party is pouring resources into winning over 800,000 Israeli voters from the former Soviet Union. Likud believes these voters - referred to in Israel as "the Russians" even though they come from a number of ex-Communist states - could make the difference in the closely-fought race. Mr Netanyahu's decision to fly to Russia on one of the final days of the campaign is widely seen as an attempt to lure older Russian-Israelis, many of whom admire Mr Putin. The trip also burnishes Mr Netanyahu's effort to present himself as a global statesman on par with the world's top leaders. Giant posters showing Mr Netanyahu shaking hands with Mr Putin and Donald Trump have gone up across Israel with the slogan "Netanyahu: a different league". Political posters showing Netanyahu with Putin, right hang from the Likud Center in Tel Aviv Credit: Kobi Wolf/ Bloomberg Likud has also dramatically stepped up its Russian-language advertising in Russian areas as well as on social media. In cities like Rishon LeZion, which is around 20 per cent Russian, buses and billboards are plastered with ads in Cyrillic script. "Everywhere there's more advertising, on the street, on Facebook, on Instagram. You see posters of Bibi in Russian everywhere," said Vladislav Serov, a 22-year-old who moved to Israel from St Petersburg four years ago. The intense campaign is aimed at prying away votes from Avigdor Lieberman, Mr Netanyahu's former defence minister who heads a political party that depends on Russian-Israelis for its base. Mr Lieberman joined Mr Netanyahu's coalition several times in the past but the two men fell out dramatically this spring, sending Israel plunging into an unprecedented second election this year. Although Mr Lieberman is on the Right, he has indicated he could support Mr Netanyahu's centrist rivals, the Blue & White coalition led by a former general. That gives a fresh urgency to Likud's effort to take votes from Mr Lieberman and swing them to Mr Netanyahu. "We are running an aggressive Russian campaign and Lieberman is feeling the heat," said a senior Likud official. Current polling shows Mr Lieberman on course to win 10 parliamentary seats. Likud says it hopes to take at least two of them away from him. While that may seem a modest electoral goal, it could make the difference in a close election. Both Likud and Blue & White won 35 seats in the April election but Mr Netanyahu was unable to form a government and called fresh elections. Michael Raif, a Likud city councillor originally from Siberia, said his party had established a specific unit at its election headquarters to focus on Russian voters for the first time. "We realised that the Likud needs Russian voters and the only way to get them is by talking directly to the Russian community," he said. Most the roughly 1.3 million Russian Jews in Israel arrived in a large wave after the collapse of the Soviet Union. While many have assimilated easily into Israeli society, hundreds of thousands have struggled to learn Hebrew and integrate. One problem is that many Russians arrived as older people and did not work in Israel long enough to build up pensions. Others face suspicion from the state's Orthodox religious authorities about whether they are truly Jewish because family records were lost in the Soviet Union. They are sometimes made to take DNA tests to prove their Judaism before state rabbis will agree to marry them. On the streets of Rishon LeZion, Russian voters were divided between Mr Lieberman and Mr Netanyahu. Jana Prisant, a 50-year-old office administrator, said supported Likud and that her community had given its votes to Mr Lieberman for too long. "For 20 years we've listened to Lieberman. I don't want to listen to him anymore," she said. In the Gan Hai'r park, elderly Russian men gathered at long tables to play chess and debate politics. Many smelled heavily of alcohol in the midday sun. Meir Ba'al Nes, a 63-year-old originally from Belarus, said he was backing Mr Lieberman. "I only believe in Lieberman. He's a real man." Mr Ba'al Nes said he was a Putin admirer but did not believe the Israeli prime minister's claim to have close ties with the Russian leader. "I don't buy that they have some special relationship. 80 per cent of us don't buy it."
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| Johnson denies lying to Queen in Brexit crisis Posted: 12 Sep 2019 10:24 AM PDT  British Prime Minister Boris Johnson denied Thursday that he had lied to Queen Elizabeth II when requesting the suspension of parliament this month in the run-up to Brexit. The unusually long suspension -- known as prorogation -- was widely seen as a bid to thwart opposition to a no-deal departure on the October 31 Brexit date, and provoked uproar across the political spectrum as well as legal challenges. Asked if he had misled Queen Elizabeth over his motives for the suspension, which will see the House of Commons closed until October 14, Johnson said: "Absolutely not".
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| Hundreds of raids on Russian opposition activists across 41 cities Posted: 12 Sep 2019 10:20 AM PDT  Law enforcement agents across Russia have raided more than 200 homes and offices of opposition leader Alexei Navalny's supporters days after his tactical voting campaign embarrassed the ruling party in regional elections. At 6am Moscow time on Thursday, FSB agents, investigators, police and national guardsmen searched Navalny campaign headquarters in 41 cities, confiscating computers, mobile phones and other electronics in the most wide-ranging law enforcement operation in recent history, the activist said. Mr Navalny opened offices in 45 cities before he was barred from running against Vladimir Putin for president last year. Agents also raided the homes of more than 150 of Mr Navalny's employees and supporters, he said, as well as a few activists with no connection to him, and banks have begun blocking many of their bank accounts. These were only the latest searches in a money laundering case opened against Mr Navalny's anti-corruption foundation during an August 3 protest in Moscow, one of several huge demonstrations against the refusal to register nearly two dozen liberal opposition candidates for the Moscow city council race. Investigators suspect the foundation, which publicly investigates top officials' wealth, of laundering almost £1 million but have not specified what criminal activities the money came from, according to case documents posted by Mr Navalny. The activist called the raids an intimidation attack over his "smart voting" campaign, which called on people to cast their ballot on Sunday for communists and other registered candidates that had the best chance of beating United Russia. The ruling party kept its majority but nonetheless lost 13 seats on the Moscow city council, as well as seats on lawmaking bodies in a dozen regions. "If we stop whining and doubting our strength and work hard registering people for smart voting, in a few electoral cycles there won't be any United Russia," Mr Navalny wrote. "That's what today's searches are directed at, to frighten, demoralise, and force us to give up collective actions." Law enforcement also raided the flats of Golos independent electoral observers in two cities. The authorities arrested more than 2,700 people at this summer's protests and have been cracking down on dissent. Last week, four protesters were given multiyear prison sentences for paltry offences like trying to pull down a riot policeman's visor, and a fifth was imprisoned for writing a threatening tweet about police officer's families. During Thursday's searches, agents reportedly overturned many offices. Mr Navalny's Perm headquarters said masked men had climbed into its deserted office through the window and broken down the steel door from inside, then confiscated two laptops, a tablet PC and a desktop computer. The office had previously been searched just two days before. Law enforcement searched the home of the office director's mother, confiscating a new phone he had given her for her birthday yesterday, it said.
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| Brexit may disrupt medicine, food and Irish border: 'Operation Yellowhammer' Posted: 12 Sep 2019 10:17 AM PDT ![Brexit may disrupt medicine, food and Irish border: 'Operation Yellowhammer']( "Brexit may disrupt medicine, food and Irish border: 'Operation Yellowhammer'") Brexit could mean hard times for Britain: "Operation Yellowhammer".
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| Merkel’s Party Aims to Protect Budget Legacy From Climate Plan Posted: 12 Sep 2019 10:11 AM PDT ![Merkel's Party Aims to Protect Budget Legacy From Climate Plan]( "Merkel's Party Aims to Protect Budget Legacy From Climate Plan") (Bloomberg) -- Chancellor Angela Merkel's Christian Democratic-led bloc is proposing a climate fund held by private investors and regional governments to issue new debt while sparing Berlin from having to abandon its zero-deficit spending policy.Under the proposal seen by Bloomberg, the CDU and CSU parties foresee a public-private fund that would raise money by issuing bonds to private retailers in order to finance a series of climate measures in the making. Previous CDU proposals had aimed at raising up to 50 billion euros ($55 billion). The proposal will be discussed on Friday by all three coalition partners.If accepted by the Social Democrats, the junior coalition partner, the proposal could lead to new liabilities for local and state governments, but not the federal government, which would maintain its balanced-budget policy intact. Investors are closely watching the debate amid growing pressure on Merkel's administration to increase spending, particularly on climate measures.Nearly a decade of rigorous fiscal discipline is a key plank of her legacy as she approaches the end of her chancellorship.The government aims to decide in a Sept. 20 cabinet meeting on a series of measures to reduce carbon emissions, so that it comes closer to meeting its 2030 EU climate target.Several leaders in the Social Democratic SPD demanded the federal government to put up more money and act more decisively to curb greenhouse gas emissions. While the SPD favors a carbon tax, Merkel said on Wednesday that she prefers an emission trading system for cars and heating, first nationally and later EU-wide.German Finance Minister Olaf Scholz has opposed previous CDU-proposed financing schemes, and plans instead to expand and restructure existing climate and energy funds so that these could issue green bonds or be equipped as a credit facility if needed.The finance ministry expects these funds to have rising surpluses as the prices of CO2 emission certificates increase, people familiar with the finance ministry's planning say. Additional financing could come from lower interest-rate savings and earmarked but unused public works funds.To contact the reporters on this story: Birgit Jennen in Berlin at bjennen1@bloomberg.net;Arne Delfs in Berlin at adelfs@bloomberg.net;Brian Parkin in Berlin at bparkin@bloomberg.netTo contact the editors responsible for this story: Ben Sills at bsills@bloomberg.net, Raymond ColittFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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| US envoy rejects claim of 'war crime' by key UN Syria panel Posted: 12 Sep 2019 10:04 AM PDT ![US envoy rejects claim of 'war crime' by key UN Syria panel]( "US envoy rejects claim of 'war crime' by key UN Syria panel") The United States' top envoy for Syria rejected Thursday findings by U.N.-backed investigators that deadly airstrikes by the U.S.-led coalition early this year may amount to a war crime. "Launching indiscriminate attacks that result in death or injury to civilians amounts to a war crime in cases in which such attacks are conducted recklessly," the Commission of Inquiry said in its latest report.
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| EU's Barnier warns not optimistic of finding Brexit deal Posted: 12 Sep 2019 09:58 AM PDT  Europe's chief Brexit negotiator warned European lawmakers Thursday that he has no reason to be optimistic that Brussels and London will agree an orderly divorce. Michel Barnier's stark assessment came as MEPs said there can be no Brexit deal without the "Irish backstop" clause that Britain's Prime Minister Boris Johnson has demanded be stripped from any accord. "I can't objectively tell you whether the contacts we have undertaken with Mr. Johnson's government will lead to an agreement between now and mid-October," Barnier told parliamentary group leaders.
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| New US ambassador takes up post at United Nations Posted: 12 Sep 2019 09:32 AM PDT  US Ambassador Kelly Craft took up her post at the United Nations on Thursday, vowing to defend America's values and interests nine months after the departure of her high-profile predecessor Nikki Haley. Craft, 57, served previously as US ambassador to Canada where she was involved in negotiations on a new US Mexico Canada free trade agreement.
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| Will Israel Go to War Over Hezbollah's Precision-Guided Missiles? Posted: 12 Sep 2019 09:05 AM PDT  Israel's Syria campaign has demonstrated that, despite their best efforts, Iran and its proxies "have no deterrence whatsoever" against Israel. But this may not last.
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| UN renews Libya mission, pledges to support a ceasefire Posted: 12 Sep 2019 09:04 AM PDT  The UN Security Council on Thursday unanimously adopted a resolution renewing its mission in Libya for another year and pledging to support struggling efforts to build a ceasefire in the war-torn country. Libya has been mired in chaos since an uprising toppled and killed dictator Moamer Kadhafi in 2011, when the United Nations mission in Libya (UNSMIL) was established.
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| Attention Travel Companies: Brexit Contingency Reveals Potential for Data Disruption Posted: 12 Sep 2019 09:00 AM PDT  Amid the warnings of public disorder, food shortages, and transport delays in the event of a no-deal Brexit, data flow disruptions might seem like a trivial thing to worry about. But given the interconnectedness of the European online world, it is worth considering just what kind of impact this might have, especially on the travel […]
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| IAA 2019: Angela Merkel Calls For Close Cooperation Between Auto Industry And Government Posted: 12 Sep 2019 08:48 AM PDT ![IAA 2019: Angela Merkel Calls For Close Cooperation Between Auto Industry And Government]( "IAA 2019: Angela Merkel Calls For Close Cooperation Between Auto Industry And Government") German Chancellor Angela Merkel spoke at IAA 2019 today amidst heavy criticism of the event by environmental activists who had called for boycotting the international auto show, in an attempt to raise awareness of the rise in transport-related carbon emissions. "If climate protection is a task for mankind – which I believe – then we have to pay this price, because otherwise, we pay completely different prices," said Merkel.
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| Leaked resolution reveals the EU is preparing to grant the UK another Brexit extension Posted: 12 Sep 2019 08:18 AM PDT  The European Union is likely to offer the UK a third Brexit extension, according to a leaked resolution by the European Parliament.
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| Facebook Suspends Netanyahu’s Likud Party Bot for Hate Speech Posted: 12 Sep 2019 08:14 AM PDT ![Facebook Suspends Netanyahu's Likud Party Bot for Hate Speech]( "Facebook Suspends Netanyahu's Likud Party Bot for Hate Speech") (Bloomberg) -- Facebook has suspended Prime Minister Benjamin Netanyahu's Likud party chatbot for 24 hours for claiming Arabs are out to annihilate Jews.The Hebrew-language message that appeared on Netanyahu's official Facebook page on Wednesday called on voters to block the formation of a left-wing government that will rest on "Arabs who want to destroy us all -- women, children and men -- and allow a nuclearized Iran that will annihilate us," the Haaretz newspaper said.The post was later removed. Netanyahu told Israel Radio he wasn't involved in the message, and that it was posted "mistakenly" by a campaign employee.Netanyahu's political messaging ahead of Israel's Sept. 17 revote has included frequent warnings that his right-wing government is in danger of being toppled by a supposed left-wing coalition relying on the support of an Israeli Arab party. Such invective has figured prominently in his past three campaigns."After careful review of the Likud campaign's bot activities, we found a violation of our hate speech policy," Facebook said in a statement, media reported. The bot -- an automated chat function -- was suspended as of Thursday morning, it said. To contact the reporter on this story: Amy Teibel in Jerusalem at ateibel@bloomberg.netTo contact the editors responsible for this story: Lin Noueihed at lnoueihed@bloomberg.net, Mark Williams, Amy TeibelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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| Sudanese on the streets, call for new judicial appointments Posted: 12 Sep 2019 07:57 AM PDT ![Sudanese on the streets, call for new judicial appointments]( "Sudanese on the streets, call for new judicial appointments") Thousands of Sudanese rallied in the capital Khartoum on Thursday in the largest protest since the country's transitional government was announced, demanding the chief of the judiciary and general prosecutor be removed because of alleged ties to ousted autocratic former president Omar al-Bashir. Sudan's Forces for the Declaration of Freedom and Change, the umbrella coalition representing different pro-democracy parties and groups, called for a "million-man march" to pressure the joint civilian-military Sovereign Council — formed last month as part of a power-sharing deal between protesters and the generals — to appoint judges known for their competence as well as political impartiality. The generals had previously dismissed nominations put forward by pro-democracy protesters for Sudan's two top judicial posts.
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| `Climate killer' protester rushes Merkel's stage at Frankfurt car show Posted: 12 Sep 2019 07:26 AM PDT ![`Climate killer' protester rushes Merkel's stage at Frankfurt car show]( "`Climate killer' protester rushes Merkel's stage at Frankfurt car show") A climate change protester was bundled away by security staff on Thursday after he tried to rush across a stage where German Chancellor Angela Merkel was inspecting a new electric vehicle at Frankfurt's IAA car show. The exhibition, a staple of the global automotive calendar, has been the target of protests by environmentalist groups like Greenpeace and Sand in the Works because of the contribution Germany's vast car industry makes to climate change. A man in a T-shirt bearing Greenpeace's logo and the slogan "Climate Killer" was tackled to the floor by security guards as he attempted to cross the stage where Merkel stood listening to BMW chief Oliver Zipse present a new car.
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| Paris court finds Saudi princess guilty in beating case Posted: 12 Sep 2019 07:25 AM PDT  A French court found the only daughter of Saudi Arabia's King Salman guilty of complicity in violence Thursday for ordering her bodyguard to detain and strike a plumber for taking photos at the Saudi royal family's apartment in Paris. The prosecution alleged the princess became enraged when she saw the plumber capturing her image at the royal residence near the Champs-Elysees, fearing the pictures could be used to harm her as the Saudi monarch's daughter and the older half-sister of Crown Prince Mohammed bin Salman.
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| UPDATE 2-Mnuchin says U.S. still pursuing 'maximum pressure' against Iran Posted: 12 Sep 2019 07:04 AM PDT ![UPDATE 2-Mnuchin says U.S. still pursuing 'maximum pressure' against Iran]( "UPDATE 2-Mnuchin says U.S. still pursuing 'maximum pressure' against Iran") The United States is still pursuing its campaign of "maximum pressure" against Iran, U.S. Treasury Secretary Steven Mnuchin said on Thursday, even after President Donald Trump parted ways with his hard-line national security adviser John Bolton. Mnuchin, in an interview with CNBC, also said that there is no current plan for Trump to meet with Iranian President Hassan Rouhani at the United Nations General Assembly in New York later this month, although he reiterated that Trump is open to meeting with Rouhani with no preconditions.
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| Thomas Piketty Jumps the Shark Posted: 12 Sep 2019 06:56 AM PDT  (Bloomberg Opinion) -- French political economist Thomas Piketty's last book, "Capital in the 21st Century," wasn't just a publishing phenomenon: It drew the world's attention to the problem of growing inequality. In his latest work, the 1,200-page-long "Capital and Ideology," he proposes a solution — in a word, expropriation.If the first work was largely an economic treatise, the second (so far only available in French) is essentially a political one. It tracks how different political ideologies have justified and promoted inequality since the Middle Ages. To Piketty, the years between 1950 and 1980 were the most successful for "egalitarian coalitions," by which he means parties of the left, but these have since faltered. To address that failure, he attempts to set out a manifesto for the modern left.To Piketty, 1980 marked a regrettable turning point as leaders such as Ronald Reagan and Margaret Thatcher turned their backs on progressive taxation. He writes:Both American and European growth were stronger in the egalitarian 1950-1980 period than in the subsequent period, characterized by rising inequality, raising serious questions about the social utility of the latter. The greater increase in inequality observed since 1980 in the U.S., compared to Europe, has also generated little additional growth, and in any case has not benefited the poorest 50%, who have experienced total stagnation in their absolute standard of living in the U.S. and a collapse in their relative level.According to Piketty, today's top 10% are way too wealthy throughout the world. Meanwhile, the working and middle classes have been abandoned. That, he argues, is a better explanation for the rise of populism, Donald Trump and Brexit than globalization (itself a mechanism for increasing inequality) or the instinctive xenophobia at the bottom of the social ladder. In Piketty's view, parties of the left could have prevented it — but had lost their way. Instead of representing workers and the middle class, they came to stand for the most educated part of society, the intellectual elite. That has resulted in a throwback to medieval government, with the center-right playing the role of landowners and the center-left that of the educated clergy. This, according to Piketty, explains the decline in turnout at elections among working-class and lower-middle-class voters.The economist argues that new "egalitarian coalitions" must be formed, but these are unlikely to happen without a radical reconstruction of their ideological foundations. The idea that the left needs new, more ambitious goals to reverse its electoral decline is in itself not new, but Piketty's contribution to its development redefines the word "radical."The final part of the book revolves around two tables that contain his tax proposals. Even without his pages of explanation, they speak volumes.The confiscatory taxes on wealth should, under Piketty's plan, do away with the concept of permanent property or accumulated wealth. He writes:The only argument that really opposes this logic is that of the Pandora's box, according to which questioning private property rights would inevitably lead to widespread chaos, and that it would therefore be better never to open this box. But this conservative argument has been definitively undermined by the experience of the 20th century, which has shown that very high tax progressiveness can go hand-in-hand with rapid growth and that it is a constituent element of a development strategy based on relative social equality.Piketty doesn't believe in meritocratic explanations of large wealth: In his view, U.S. tech titans are no better than Russian oligarchs because, like them, they have only exploited society's resources — from public investment in science to the tax and legal systems created to favor them.His idea, however, isn't to nationalize all wealth like a Soviet-style communist; the collapse of that system has, in Piketty's view, contributed to the current rudderlessness of leftist parties. Instead, he would redistribute assets by giving every adult a lump sum at the age of 25. In industrialized countries, he calculates, the grant would amount to about 120,000 euros ($132,000) per person.The progressive income taxes he proposes would be allow governments to give everyone a basic income equivalent to 60% of the average wage in wealthy nations and cover the costs of decarbonizing the economy.But what if the rich don't want to pay these confiscatory tax rates and decide to emigrate? First, hit them with an exit tax, Piketty says, and then work to establish a global justice system that makes it impossible to hide from expropriation anywhere. To that end, he proposes a supranational parliament comprised of members drawn from national legislatures. The latter would be elected under different campaign finance laws to those of today: Citizens would get vouchers of, say, five euros a year to give to their party of choice.Once you reach that utopian level of world reinvention, the myriad specific questions that occur to most people considering this vast project tend to recede into the background. Piketty's book doesn't do a good job of explaining how an inevitable collapse in property prices will affect the tax base and investment — or, indeed, in what form assets will be parceled out if the rich can't sell 90% of their assets immediately.That, perhaps, is all for the best: When you want to set a super-ambitious goal, it won't do to get bogged down in details. Nitpicking questions haven't defeated the populists, so why should they hinder new "egalitarian coalitions"? Ideology isn't about the nuts and bolts, it's about bold vision.For my part, I hope Piketty's book shocks Europe's listless center-left parties into moving beyond boring incrementalism. Focusing on subsidizing kindergarten costs, or making it slightly harder to fire workers, means political death by a thousand cuts, something Germany's Social Democrats have found to their cost. Leftists should have the courage to propose major tax changes to fund big ideas like universal income and more effective environmental policies.That, perhaps, will embolden the center-right, too, to make a case for more market-based inclusiveness and a more meritocratic society, as well as a stronger link between achievement and reward.Both sides, however, would still have to debate those political forces that want to focus on identity and tradition rather than any economic vision; I'm pretty sure Piketty overestimates the role inequality has played in the recent rise of such forces.If you can get through all of this book, you could believe that anything is possible — even "participatory socialism." But it isn't, and its very impracticality only detracts from Piketty's economic analysis.To contact the author of this story: Leonid Bershidsky at lbershidsky@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
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| Thomas Piketty Jumps the Shark Posted: 12 Sep 2019 06:56 AM PDT  (Bloomberg Opinion) -- French political economist Thomas Piketty's last book, "Capital in the 21st Century," wasn't just a publishing phenomenon: It drew the world's attention to the problem of growing inequality. In his latest work, the 1,200-page-long "Capital and Ideology," he proposes a solution — in a word, expropriation.If the first work was largely an economic treatise, the second (so far only available in French) is essentially a political one. It tracks how different political ideologies have justified and promoted inequality since the Middle Ages. To Piketty, the years between 1950 and 1980 were the most successful for "egalitarian coalitions," by which he means parties of the left, but these have since faltered. To address that failure, he attempts to set out a manifesto for the modern left.To Piketty, 1980 marked a regrettable turning point as leaders such as Ronald Reagan and Margaret Thatcher turned their backs on progressive taxation. He writes:Both American and European growth were stronger in the egalitarian 1950-1980 period than in the subsequent period, characterized by rising inequality, raising serious questions about the social utility of the latter. The greater increase in inequality observed since 1980 in the U.S., compared to Europe, has also generated little additional growth, and in any case has not benefited the poorest 50%, who have experienced total stagnation in their absolute standard of living in the U.S. and a collapse in their relative level.According to Piketty, today's top 10% are way too wealthy throughout the world. Meanwhile, the working and middle classes have been abandoned. That, he argues, is a better explanation for the rise of populism, Donald Trump and Brexit than globalization (itself a mechanism for increasing inequality) or the instinctive xenophobia at the bottom of the social ladder. In Piketty's view, parties of the left could have prevented it — but had lost their way. Instead of representing workers and the middle class, they came to stand for the most educated part of society, the intellectual elite. That has resulted in a throwback to medieval government, with the center-right playing the role of landowners and the center-left that of the educated clergy. This, according to Piketty, explains the decline in turnout at elections among working-class and lower-middle-class voters.The economist argues that new "egalitarian coalitions" must be formed, but these are unlikely to happen without a radical reconstruction of their ideological foundations. The idea that the left needs new, more ambitious goals to reverse its electoral decline is in itself not new, but Piketty's contribution to its development redefines the word "radical."The final part of the book revolves around two tables that contain his tax proposals. Even without his pages of explanation, they speak volumes.The confiscatory taxes on wealth should, under Piketty's plan, do away with the concept of permanent property or accumulated wealth. He writes:The only argument that really opposes this logic is that of the Pandora's box, according to which questioning private property rights would inevitably lead to widespread chaos, and that it would therefore be better never to open this box. But this conservative argument has been definitively undermined by the experience of the 20th century, which has shown that very high tax progressiveness can go hand-in-hand with rapid growth and that it is a constituent element of a development strategy based on relative social equality.Piketty doesn't believe in meritocratic explanations of large wealth: In his view, U.S. tech titans are no better than Russian oligarchs because, like them, they have only exploited society's resources — from public investment in science to the tax and legal systems created to favor them.His idea, however, isn't to nationalize all wealth like a Soviet-style communist; the collapse of that system has, in Piketty's view, contributed to the current rudderlessness of leftist parties. Instead, he would redistribute assets by giving every adult a lump sum at the age of 25. In industrialized countries, he calculates, the grant would amount to about 120,000 euros ($132,000) per person.The progressive income taxes he proposes would be allow governments to give everyone a basic income equivalent to 60% of the average wage in wealthy nations and cover the costs of decarbonizing the economy.But what if the rich don't want to pay these confiscatory tax rates and decide to emigrate? First, hit them with an exit tax, Piketty says, and then work to establish a global justice system that makes it impossible to hide from expropriation anywhere. To that end, he proposes a supranational parliament comprised of members drawn from national legislatures. The latter would be elected under different campaign finance laws to those of today: Citizens would get vouchers of, say, five euros a year to give to their party of choice.Once you reach that utopian level of world reinvention, the myriad specific questions that occur to most people considering this vast project tend to recede into the background. Piketty's book doesn't do a good job of explaining how an inevitable collapse in property prices will affect the tax base and investment — or, indeed, in what form assets will be parceled out if the rich can't sell 90% of their assets immediately.That, perhaps, is all for the best: When you want to set a super-ambitious goal, it won't do to get bogged down in details. Nitpicking questions haven't defeated the populists, so why should they hinder new "egalitarian coalitions"? Ideology isn't about the nuts and bolts, it's about bold vision.For my part, I hope Piketty's book shocks Europe's listless center-left parties into moving beyond boring incrementalism. Focusing on subsidizing kindergarten costs, or making it slightly harder to fire workers, means political death by a thousand cuts, something Germany's Social Democrats have found to their cost. Leftists should have the courage to propose major tax changes to fund big ideas like universal income and more effective environmental policies.That, perhaps, will embolden the center-right, too, to make a case for more market-based inclusiveness and a more meritocratic society, as well as a stronger link between achievement and reward.Both sides, however, would still have to debate those political forces that want to focus on identity and tradition rather than any economic vision; I'm pretty sure Piketty overestimates the role inequality has played in the recent rise of such forces.If you can get through all of this book, you could believe that anything is possible — even "participatory socialism." But it isn't, and its very impracticality only detracts from Piketty's economic analysis.To contact the author of this story: Leonid Bershidsky at lbershidsky@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
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| Merkel Offers to Help Germany’s Carmakers With ‘Herculean Task’ Posted: 12 Sep 2019 06:49 AM PDT  (Bloomberg) -- Chancellor Angela Merkel wants to help offset the higher costs of cleaner vehicles by putting a price on carbon-dioxide emissions, potentially offering a lift to Germany's vital auto industry as it grapples with the high-risk transition away from the combustion engine.Germany and its automakers are facing a "Herculean task," Merkel said Thursday at a ceremony opening the Frankfurt car show to the public. While short on specifics, the German leader backed efforts to encourage consumers to buy more environmentally friendly products such as battery-powered cars fueled by renewable power."We want to direct the behavior of people in a certain direction," she said. "The pricing of CO2 is the right way to make clear that all innovations should follow the goal of emitting less CO2. If we do this in a long-term and accountable way, there will be the incentives to move innovation in the right direction."Volkswagen AG, Daimler AG and BMW AG are facing tough times. Pollution concerns -- intensified by VW's 2015 diesel-cheating scandal -- have tarnished the industry's image and triggered massive investment in electric vehicles. Those costs had already started squeezing earnings when almost a decade of uninterrupted industry growth led by China came to a halt. The consequence is Germany's car production slumping to the lowest level since at least 2010.The looming end of the combustion-engine era and the dramatically-increasing importance of digital technologies in cars, pose an unprecedented threat to the industry's traditional business model. A slew of profit warnings from manufacturers like Mercedes-Benz maker Daimler to parts makers like Continental AG provided fresh evidence that times have become rough.Merkel spoke after John Krafcik, the chief executive officer of Waymo. The Alphabet Inc. unit is widely regarded as the global leader in self-driving technology and represents a risk to the country's car brands, which are largely focused on motoring thrills. Krafcik offered a cooperative tone, even though German manufacturers are wary of allowing the Google parent access to sensitive customer data."It's not about competing with car companies. It's to enable, not disrupt companies in the automotive space," said Krafcik. "Developing self-driving technology takes a lot of time. There are no shortcuts. We can't do this on our own."Germany is teetering on the brink of recession, and the auto industry is pivotal to the economy's health. Carmakers such as Volkswagen, Daimler and BMW as well as parts suppliers like Robert Bosch GmbH and Continental employ about 830,000 people in the country and support everything from machine makers to advertising agencies and cleaning services.Germany's auto industry is trying to respond. Electric cars, such as the flashy Porsche Taycan and more affordable VW ID.3, dominated media presentations this week at the Frankfurt trade fair and more models are in the pipeline.Daimler CEO Ola Kallenius backed Merkel's CO2 pricing plan, saying at panel discussion in Frankfurt that there are costs related to fossil-fuels and it would make sense for a global plan to help fight climate change.For the auto industry, any signs of support would be welcome. Demand for electric cars has been sluggish, and Merkel had to surrender her goal to have 1 million electric cars on German roads by 2020. Sales of hybrid and electric cars in the country last year totaled a mere 55,000 vehicles, or 1.6% of the market.In addition to boosting efficient technologies, the country needs to accelerate the roll-out of charging stations to ease consumer concerns, she said."If one believes that climate protection is a task for mankind, and I believe it is, then we must pay this price because otherwise we will have to pay a totally different price," Merkel said.(Adds comment from Daimler CEO in 10th paragraph)To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net;Arne Delfs in Berlin at adelfs@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Chris Reiter, Raymond ColittFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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| Israeli PM: Rocket attacks make new war in Gaza inevitable Posted: 12 Sep 2019 06:47 AM PDT  Israeli Prime Minister Benjamin Netanyahu said Thursday that continued rocket fire from Gaza is making another war against Palestinian militants in the coastal strip inevitable, his latest headline-grabbing announcement just days before he seeks re-election. Netanyahu said advanced plans were in place to strike Gaza and that he would decide the optimal timing of the offensive, given the unwillingness of Gaza's Hamas rulers to stop the daily barrages. The Israeli military has responded with limited strikes against Hamas installations that have caused no casualties and little damage, and has refrained from risking a larger conflagration as Israelis prepare to head to the polls.
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| Luxembourg PM sees no grounds for Brexit extension for now Posted: 12 Sep 2019 06:38 AM PDT ![Luxembourg PM sees no grounds for Brexit extension for now]( "Luxembourg PM sees no grounds for Brexit extension for now") Luxembourg Prime Minister Xavier Bettel said on Thursday that there were currently no grounds for the bloc to agree to delay Brexit again should Britain request an extension. Bettel's comments put him together with France's Emmanuel Macron among the more hawkish EU leaders who will debate conditions and length of any extension to Britain's current departure date of Oct.31 when they meet for a summit in Brussels on Oct.17-18. "We see no extension for Brexit, when there is no reason to," Bettel said.
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| Brexit deal is possible, says Centre for European Reform's Grant Posted: 12 Sep 2019 06:37 AM PDT ![Brexit deal is possible, says Centre for European Reform's Grant]( "Brexit deal is possible, says Centre for European Reform's Grant") A Brexit deal between the European Union and the United Kingdom is possible, the head of the Centre for European Reform think tank, Charles Grant, said on Thursday. "A deal between EU and UK is more likely than I had thought - my conclusion," Grant said on Twitter. The essence of any deal would replicate the effects of the Northern Ireland-only backstop idea, Grant said.
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| German Green politician calls for balloons to be banned Posted: 12 Sep 2019 06:25 AM PDT  A senior Green Party politician in Germany has called for helium-filled balloons to be banned — on the grounds they are dangerous to birdlife. Anne Kura, leader for the Greens in the state of Lower Saxony, has stood by the proposal despite ridicule from the regional government. "On the one hand we have the brief and colourful image of balloons in the air, on the other we have pictures of dead birds," she told Neue Osnabrücker Zeitung newspaper. "In the vast majority of cases the balloons land in open spaces. Birds and other animals eat the soft balloon remains and then starve to death with a full stomach." The German Greens have shaken off their reputation for ideological extremism to emerge as a mainstream political party in recent years. They are currently second in the national polls to Angela Merkel's Christian Democrats (CDU) and are threatening to usurp the Social Democrats (SPD) as the main party of the centre-Left. But Ms Kura's proposals appear to hark back to the German Greens' traditional image as a "party of bans". Anne Kura said balloons are dangerous for wildlife Credit: PETER STEFFEN/DPA They were swiftly rejected by the regional environment ministry for Lower Saxony. "A ban on balloons isn't going to save the world," a spokesman said. "People have always connected balloons rising into the sky with hopes and dreams and hopes. Why should we take away these feelings?" Ms Kura was at pains to stress she was not calling for a general ban on balloons. "Balloons in the living room at children's birthday parties are fine and fun," she said. "The point is when you let helium-filled balloons rise, they'll end up in the wild and then be eaten by birds that will die painfully." Ms Kura is not the first to float the idea of a ban. The city of Gütersloh in the nieghbouring state of North Rhine-Westphalia declared itself a "balloon-free zone" earlier this month and banned the use of helium-filled balloons at events on publicly owned land.
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| Guardian Crossword Writer Blasts Brexit With A Hidden Message Posted: 12 Sep 2019 06:22 AM PDT  The British newspaper's cryptic puzzle had a decidedly anti-Brexit tone.
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| Influencers Transcript: Samantha Power, September 12, 2019 Posted: 12 Sep 2019 05:05 AM PDT  Yahoo Finance Editor-in-Chief Andy Serwer sits down former United States Ambassador to the United Nations, Samantha Power.
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