Europe
UK economy: officially in a double dip recession
The day after the Chancellor of the Exchequer, George Osborne, announced another fiscal U-turn – this time on fuel – official statistics have today confirmed a double dip recession in the UK economy. The Office for National statistics also published data today showing how, in the final quarter of 2011, the UK economy contracted faster than previously thought. Westminster’s Conservative led government was relying on the private sector to lead growth. It’s austerity measures are still met with the budget deficit at 8 percent of GDP. The statistics today highlight the scope of weakness in Britain’s economy, which has been held by tensions over austerity measures and the diminishing confidence in the Euro-zone. The Bank of England has announced it will revive its stimulus programme next week.
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Euro-zone crisis saps confidence on day of the EU summit
On the day of the EU summit, confidence in the Euro zone has fallen more than expected, as business practitioners across the currency showed more skepticism as the region’s economy stalls, even in the wealthier nations. German investors’ sentiment fell to the lowest point in over two years. This is the latest evidence that Europe’s economic powerhouse isn’t immune from the single currency’s debt crisis. This no doubt heightens the tensions between the Euro-skeptic Bundesbank and the advocates of a German led euro-bond recovery. These sentiments have been echoed today in the UK Parliament, as a Conservative MP announced a letter addressed to David Cameron, with 100 signatories, is set to prepare Parliament for an EU referendum.
North America
Decision Day: US healthcare and the race for the Whitehouse
With the US Presidential elections gaining momentum, today will signal a significant juncture, as The Supreme Court is to deliver its ruling on the constitutionality of Obama’s 2010 healthcare overhaul. With Obama and Romney neck-and-neck in three key states, this evidently holds ramifications on both campaigns to win the Whitehouse in November. The Court’s decision could endorse the entire law, adjust certain provisions or strike it down entirety. The result would potentially reshape federal powers versus the states. The Decision is due after 10:00 am ET.
Africa and Middle East
Turkey seeks ‘Diplomacy’ not ‘War’ with Syria
The Turkish government has sent anti-air-craft guns to the Syrian border in a bid to find ‘diplomacy’ and not ‘war’. The move comes as a reaction to the shooting down of a Turkish plane by Syrian government forces. There have also been related reports of a car bombing and protests in the state’s capital, Damascus. It has been reported that an estimated 22 people have been killed. The UN claims that at least 10,000 people have been killed since Syrian unrest began early last year.
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Public office for private gain: Ex-Egyptian oil minister jailed
An Ex-Egyptian minister has been jailed for 15 years for the sale of cheap gas to Israel after exploiting public funds. The minister, Sameh Fahmy, who is a major shareholder in the East Mediterranean Gas Company, fled to Spain after the 2011 uprising. Fahmy was one of eleven oil ministry officials who have received between three and fifteen years in prison, with fines totaling over $400 Million. The ruling comes as a significant judicial step since the uprising that removed Mubarak from office last year. Much of the impetus for which came out of suspicions over public office corruption.
Latin America
End of a campaign: A return for the Institutional Revolution Party (PRI)?
The Mexican Presidential campaigns have ended today with Pena Nieto, the PRI candidate, ahead in the polls. Mexicans are due to vote this coming Sunday. The PRI’s return would revive a legacy of the party ruling over most of the 20th Century, where its success derived from a pragmatic approach to creating stability after the Mexican revolution. In contrast, the campaign this time has largely been based on resolving Mexico’s poverty “at its routes”. In addition to the presidential election, Mexicans are also given the opportunity to vote for new governors and a new mayor for citizens of the capital.
Russia
Russian Minister supports Syrian round-table negotiations
In a statement today the Russian Foreign Minister, Sergei Lavrov, has said that the people of Syria should decide on the mode of transition for their future stability. The statement came from Geneva at UN talks looking at the democratizion of the country. He claims that International discourse should be seeking a resolution that doesn’t rule out Syrian President, Bashar al-Assad, being able to form a national unity government. Conditionally, Lavrov argued that this would only be acceptable if all sides were brought to the negotiating table, reiterating that Libyan style intervention would prove “catastrophic”.
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