LONDON | By Barclays analysts | We discuss the Italian economic and financial situation based on data and analysis contained in the November 2013 Bank of Italy Financial Stability Report. Following almost two years of recession in Italy, positive growth should resume in Q4 this year. After a likely 1.8% GDP contraction this year, we forecast a 0.8% expansion in 2014.
MADRID | The Corner Team | The balance of non-performing loans of the Spanish banking sector rose in September to reach a new record of 12.68 percent, since the 12.12 per cent in August, according to provisional figures that the Bank of Spain reported on Monday. The volume of non-performing loans rose 6.888 billion euros, up to 187.830 million euros.
AMSTERDAM | By Stéphane Alonso at NRC Handelsblad via Presseurop | Negotiations on a free-trade agreement between Europe and the US will include discussions on an arbitration mechanism for the resolution conflicts between states and companies. However, in Brussels, there is growing criticism of systems that are already in operation, which too often find in favour of the companies.
By Tomás López Fernebrand* | The recent landmark agreement reached at the International Civil Aviation Organisation (ICAO) to address aviation CO2 emissions proves that the industry remains at the forefront of initiatives addressing climate change. This is just one of the many projects to improve operations’ efficiencies for the benefit of travellers, airlines, airports, industry stakeholders and the environment. The development of aviation carbon calculators that provide trip related CO2 estimations to travellers stands out as one of the earliest initiatives to raise awareness of airline emissions.
BEIJING | By Pu Jun via Caixin | Party’s intention to let market set certain prices seen as creating room for progress to be made in areas like electricity reform. References in a document released after a major meeting of Communist Party leaders to letting market forces set certain prices have given experts hope that progress on electricity-industry reforms can be made.
By Ray Kwong | China’s embarrassingly ineffective anti-corruption campaign re-enters the spotlight as a damning New York Times investigative report reveals that JPMorgan secretly employed the daughter of former Chinese Premier Wen Jiabao, the leading figure behind Beijing’s economic policy. Chinese government officials have long been “praised” for their skills to ensure their family’s futures, with some saying their collective efforts equal at least 3 percent of China’s GDP.
BRUSSELS | By Gian Paolo Accardo at Presseurop | Whistleblowers are essential to democracy. They should therefore be granted protection, not least by the government. However, most European countries do not protect those, like former NSA agent Edward Snowden, willing to reveal corruption or illegal practices.
BERLIN | By Alberto Lozano | Housing prices in Germany have skyrocketed since 2010 -in big cities prices up to 25%, according to the Bundesbank, which points out overvaluation could reach 20%, giving “ise to fears of a broad-based property price boom.” Germans are already pointing to the ECB as the main culprit.
MADRID | By Julia Pastor | The Fed and the ECB launched their unconventional monetary policies starting from different positions as their economies’ financial structures are not the same. Also their forward guidance diverged, but both central banks tried to boost the real economy and were effective. The uncertainties about the future would revisit those similarities and contrasts.
SHANGHAI | By Hu Shuli at Caixin | In an interview, Shanghai party leader Han Zheng describes the painstaking steps that preceded the Shanghai FTZ’s recent launch.