Sweden won’t support a €500 billion (Dh2 trillion / $545bn) European Union recovery plan as it was proposed by France and Germany last week but signalled a willingness to discuss a way forward with the bloc’s other members.
Swedish Finance Minister Magdalena Andersson said on Tuesday that her country supports a united response by the EU, but would not back the proposal from Berlin and Paris that would see the bloc tap the bond market for an unprecedented amount of money and distribute that as grants to countries that have suffered economically from the global pandemic.
“We also will support some kind of recovery fund but we will have to discuss exactly how it will look like and from our perspective we think it has to be realistic both when it comes to size but also the conditions,” Ms Andersson said in an interview with Bloomberg TV.
Ms Andersson’s comments come just a day before the European Commission, the EU’s executive arm, unveils its proposal for a recovery package. Her remarks highlight the difficult negotiations the EU’s 27 governments will have over the coming weeks. Some of Sweden’s fiscally conservative allies in recent days have already shown an openness to compromise that may lay the groundwork for an eventual accord.
The commission’s proposal will form the basis for discussions between EU governments, though dividing lines have already been drawn. France and Germany want the fund to make grants to countries and sectors most in need, while also saying that their plan wouldn’t lead to the mutualisation of debt. Austria, Denmark, the Netherlands and Sweden – dubbed the 'frugal four' by media – released their own blueprint over the weekend that would offer loans to countries rather than grants, and would expire after two years.
While EU leaders have agreed on the need for a fund to assist with the recovery, disagreements include its size, whether allocated money would need to be repaid and any conditions tied to the disbursements. While they’ve broadly accepted that some of the money will come from jointly-issued EU debt, how much the bloc will raise remains in dispute.
France and Germany threw their weight behind a plan to allow the commission to issue €500bn of bonds, a significant shift for German Chancellor Angela Merkel who has previously resisted French calls to shoulder more of the burden of the European recovery. The proposal would require approval by all 27 EU countries and the European Parliament.
Despite their scepticism, at least some of the four countries most averse to the Franco-German plan have already softened their positions, signaling a compromise may be in the offing.
Still, leaders in the euro area need to make its widely-touted recovery fund a reality to revive the fortunes of its battered currency.
“The euro’s road to recovery will likely be bumpy as markets assess the scope for the commission to come up with a plan acceptable to all member-states,” Gaétan Peroux, a strategist at UBS Global Wealth Management said in a client note. “Continuing signs of a global and European recovery should eventually open the window to euro-dollar levels above $1.10.”
The lack of region-wide fiscal framework has long been seen as a thorn in the ambitions of EU leaders to make the euro a stronger rival to the US dollar. The currency weakened to its lowest level in three years in March, when Europe became the epicentre for the coronavirus, with the bloc’s most-indebted nations, including Italy and Spain, suffering severe outbreaks.
That same month, five-year Italian credit default swaps – a gauge of EU breakup risk – spiked to the highest since 2013, spurred by worries of a another sovereign debt crisis in the bloc. That measure fell to the lowest level in over a month after the Franco-German proposal.
Bearishness on the euro was the strongest since 2018, according to Citigroup’s FX Pain Index for the currency, an indicator of active trader positions. It’s a sign to some analysts that a so-called short squeeze is looming.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Killing of Qassem Suleimani
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
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Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
UAE currency: the story behind the money in your pockets
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
1 L Westwood (Eng), J Spieth (US)
3 R McIlroy (NI)
4 D Johnson (US)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
MORE ON THE US DEMOCRATIC PRIMARIES
