Brussels Will Strengthen Its Defenses Against Chinese Subsidies

The EU and China are becoming increasingly separated. The sanctions imposed by both trading partners complicate the processing of the investment agreement that the European Commission and Beijing closed last December, after more than seven years of negotiation. The list of European grievances on the problems of the bilateral relationship is long. And the increased harmony on trade issues with the US administration of Joe Biden has also strengthened cooperation with Washington to address the challenges posed by China's authoritarian might.

Europe is trying to get China to conform to multilateral economic and trade rules through joint pressure with the US and other countries with similar priority like Japan, and also through the World Trade Organization.

But at the same time, the EU has been strengthening its trade defense instruments for five years and creating new tools to protect itself from China's growing power and abusive practices.

Next week, the Commission will continue to shore up its arsenal with a legislative proposal to avoid the disruptive impact of companies backed by public subsidies in the European market.

Among other objectives, the community initiative aims to avoid the risk that foreign firms, subsidized by their governments, may take over European companies whose valuation has sunk as a result of the impact of the crisis caused by covid-19.

Dombrovskis hopes to strengthen relations with China, which can give the world economic 'sorpasso' Foreign companies that acquire more than 35% of a European company with revenues of more than 100 million euros must report whether they have received State aid in excess of 10 million euros. For those that are already present in the EU, they must inform if they have received more than 200,000 euros over at least three years, according to a first draft of the proposal to which Reuters had access, and that it has been able to undergo changes during its processing. Foreign companies that do not report aid could be penalized with fines or banned for their purchase operations, or they could be forced to sell assets if they have gained a competitive advantage illegally.
"It is clear that we need to relate to China" and "find a way to manage the relationship" because in a few years it will be the largest economy on the planet, the Vice President of the Commission and head of Trade, Valdis Dombrovskis, recalled yesterday at a seminar. The Latvian announced that they will also present another instrument at the end of the year to address coercive practices in third countries.
Unbalanced relationship Dombrovskis insisted that the commercial relationship with China is "unbalanced", for example in the opening of the market. In addition, the EU and the US have long pressured China for the industrial subsidies it grants to their firms, or the forced transfer of technology that it imposes on foreign firms on its territory. During the same seminar, the managing director of the WTO, Ngozi Okonjo-Iweala, stressed that, to solve the problems with Beijing, "it is important that China does not feel the goal" or then there will be "a lot of resistance". But she was confident with making "some progress" if the negative impact of subsidies is proven with data. Of course, he raised a broader debate by recalling that, for some developing countries, it is very important that the issue of agricultural subsidies is also addressed, such as the European Common Agricultural Policy. He wants this matter to be addressed at the annual WTO meeting at the end of the year. Okonjo-Iweala explained that his intention is to tackle the challenge of subsidies as a whole, for which the WTO is cooperating with the World Bank and the OECD to have a clear x-ray of its impact.

Spain and Israel Detect Cases of Myocarditis in Vaccinated With Pfizer

The European Medicines Agency (EMA) and the World Health Organization (WHO) maintain their position on the safety of the AstraZeneca and Janssen vaccines. Despite this, the European Commission has fixed its immunization strategy on messenger RNA vaccines. A type of drug that, like all drugs, has side effects. In this regard, the Israeli Ministry of Health has begun to study cases of heart inflammation in young men vaccinated with Pfizer.

Myocarditis and pericarditis in those vaccinated with Pfizer in Israel
The Ministry of Health of Israel announced on Sunday that it is examining a number of cases of heart inflammation in people who had received the vaccine Covdi-19 Pfizer. The coordinator of response to the Israeli pandemic, Nachman Ash, explained that there have been "dozens of incidents" of myocarditis, reports the Reuters news agency , in vaccinated with Pfizer after receiving, above all, the second dose. To date, Israel has already vaccinated more than 5 million with two doses.

"The Ministry of Health is currently examining whether there is excess morbidity (disease rate) and whether it can be attributed to vaccines," Ash said. Determining a link, he said, would be difficult because myocarditis, a condition that often goes away without complications, can be caused by a variety of viruses and a similar number of cases have been reported in previous years.

Myocarditis in Spain in vaccinated with Pfizer
These cases of myocarditis have also been registered in Spain. Specifically, the Spanish Journal of Cardiology published this April a clinical case of myocarditis in a 39-year-old doctor six hours after receiving the second dose of Pfizer. The patient was treated with anti-inflammatory drugs and was admitted as a precaution.

The prognosis was good and it was not possible to conclude that the vaccine was the cause of myocarditis. However, the published article states that there are numerous cases of myocarditis and pericarditis described in relation to the administration of different vaccines, as reflected in the US Vaccine Adverse Effects Reporting System (VAERS) 1. Thus, of 620,195 reported adverse effects, 708 (0.1%) were described as myopericarditis.

However, this condition is not covered in the Pfizer vaccine safety study, and the adverse reactions described are from the cardiovascular sphere: isolated cases of acute coronary syndrome, atrial fibrillation, ventricular extrasystole, and cardiac arrest.

Pfizer, consulted by Reuter s about the Israeli Health Ministry review, said it is in regular contact with the Ministry to review data on its vaccine. The company said it "is aware of Israeli observations of myocarditis that occurred predominantly in a population of young men who received the Pfizer-BioNTech vaccine."

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Company Mutuals Are Expected to Start Vaccinating Workers in May

Spain has received 1.7 million doses of the Pfizer vaccine. An amount that will be repeated during all the weeks of the month of May. In addition, this Monday, 188,000 were received from Moderna and 103,000 from AstraZeneca. In other words, the expected massive arrival of vaccines is taking place. Thus, the Government hopes that the health personnel of the work mutuals will begin to participate in the vaccination.

The labor mutuals and the CEO Foundation will participate in the vaccination strategy
Last week the Minister of Inclusion and Social Security, Jose Luis Escrivá, announced that he planned to sign an agreement with the labor mutuals and the CEOE Foundation for the former to help speed up the vaccination process in Spain.

In this way, some 6,797 nurses would be put at the service of the vaccination plan (according to data from the Escrivá Portfolio). However, for mutuals to start helping, the approval of each autonomous community is necessary.

In addition, the minister explained that the mutuals will scrupulously follow the vaccination schedule established by the Ministry of Health and companies will not be able to vaccinate their workers on their own, although it is true that all those who are vaccinated in this way will be insured of the mutual, as confirmed by sources close to the agreement to this medium.

Vaccination by companies' mutuals could take place in May
This claim of the Ministry of Inclusion and Social Security advances and, according to the newspaper La Razón , it is expected that this May this plan will be given the green light so that companies can participate in the immunization of their workers. In addition, the newspaper points out that companies will also be allowed to carry out a SARS-CoV-2 detection test.

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Economy versus demagoguery

It is as shameful and disgusting to see how more than forty years after the triumph of the Transition, the recovery of democratic freedoms and reconciliation, the totalitarian populisms of both signs are determined to muddy politics , society and coexistence to hide their lack of ideas, of project, of solutions and of disguising with demagoguery, with effect and with lies that the only objective they pursue is to end the institutions and the rule of law to establish the tyranny of the single thought.

What is at stake on the next 4-M in Madrid and with Madrid throughout Spain is not fascism or democracy as the outdated propaganda of the demagogues says, what the Madrilenians are at stake in these regional elections is the freedom of education and free choice educational or medical center, respect for institutions and the rule of law and, above all, freedom of business and support for private initiative and entrepreneurship policies. In other words, everything that has led Madrid to become the first community in Spain in terms of GDP and employment growth, the one that contributes the most to the Common Fund of the State with the lowest taxes and to be awarded as the best Region in Europe 2021-2022 by the European Committee of the Regions or praised in Italy as a model of health and economic management.

All this are verifiable realities in the face of the demagoguery of a Pablo Iglesias who conjures up the danger of being left out of the Madrid Assembly with masquerades such as the abandonment of the SER debate, with the invaluable collaboration of VOX and Rocío Monasterio, or with lies that They have found the following of a PSOE and Ángel Gabilondo in desperation.

Lies like when he says that the order to the UME to intervene in the residences came from his vice presidency of Social Affairs when in fact he left the Ministry of Defense as Minister Margarita Robles has clarified. It is also a lie to say that Madrid is the Spanish community with the highest number of evictions when official statistics certify that it is twelve. And those who turn to Europe to recover the Wealth Tax also lie when Spain is the only European country that still maintains it.

What is at stake on 4-M in Madrid is free competition and support for private initiative

But the biggest falsehood used in this campaign is to accuse Madrid of tax dumping to defend a so-called harmonization that, as a recent report by the Institute of Economic Studies recalls, is nothing more than "a subterfuge for forced tax increases", whose Instrumentation would only "increase the deficiencies of our tax system."

"We are talking - explains the Institute - of increasing the cost of capital and reducing the level of business investment, which will lead to a reduction in employment and productivity that will end up generating a loss of both economic and social welfare." Because if the regulatory tax pressure is equalized at high levels, "the inequalities in tax collection pressure and in collection per inhabitant will increase, unjustifiable from a perspective of tax equality and personal equity." So clear and so true.

By the way, speaking of blows of effect and without wanting to prejudge anything, if it is strange at least that the absolutely reprehensible and democratically intolerable letter packages with bullets and threats to Pablo Iglesias, Minister Marlaska or the director of the Civil Guard, were not detected by the Post Office , but not by the protection and surveillance services of the Ministry of the Interior. Someone is lying or someone has not fulfilled their responsibilities and their security obligations. And that requires both conclusive explanations and the assumption of responsibilities with resignations or dismissals included.

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Unemployment can be saved by doing 5 steps

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Want to be rich do these 3 things

New to the stock market

Change the attitude of saving with 3 steps

Home loan Not difficult anymore

Start investing is not difficult

Come check the finance health

Live 3 items for solving the poor

5 wrong financial views Risking destruction

4 things that should not be overlooked for Save money

Wise financial planning techniques for the family

5 mistakes checklist when buying insurance

5 reduce the risk of doing business

3 risk levels that must be known before investing

Advantages and disadvantages of Requesting a loan

Saving The US Economy

What price loyalty at Vodafone

Alphabet soup and economic recovery

Our growing nostalgia for commuting

Financial alchemy

Personal credit

4 principles of financial success

Buying housing is not a big deal anymore

Essential insurance

How to teach your child to be wise With the use of money

6 Collection techniques That a salary man needs to do

How to choose a credit card that best suits your needs

Beware The Scammers out to empty your bank account

Avoid The Traps Set By Estate Agents

10 Ways To Cut Your Health Care Costs

What is the stock market

Adjust the idea of adding value to your business

How ready are you for down

10 techniques to use money

10 Ideas To Conquer Stocks

10 Year Retirement Plan

Factors That Make Your Finances Worse

Eliminate 5 Weaknesses to Create Success in SME

Retirement Investment Plan Longevity Simpler

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Bin Salmán Keeps the 'tank' Half Empty for His Great Reform

The Covid-19 pandemic has accelerated Saudi Arabia's need to reduce its dependence on oil. Mohamed Bin Salmán, heir prince to the kingdom's crown, the man who runs the world's leading oil producer, devised a plan that he announced in 2016, Vision 2030, to stop living off crude by 2030, a long-term project that has been affected by the outbreak of the virus and has forced the leader to press his foot on the accelerator.

Before the pandemic, Saudi Arabia had already decided that oil was not its great source of income for the future, given the fall in demand that the country was projecting and its replacement by other, cleaner sources of energy. The arrival of Covid has led to a 55% drop between 2018 and 2020 in the net profit of Aramco , the Saudi public company dedicated to the production of oil, which has seen the global demand for black gold plummet due to confinements in all the world.

Aramco cuts dividend
With this panorama on the table, Bin Salmán is being forced to act. The latest news about the new plans of the Saudi prince have been known during this month of April. One of the measures that the leader has adopted is to cut the dividend distributed by the state companies of Arabia. Aramco is an example, as is Sabic, a chemical company that is located in the most important strategic assets for the country. The idea of ​​Bin Salmán is that these large Arab corporations use the payout that they are going to cut to invest the money locally, as explained by Bloomberg, an expense that will be allocated to new infrastructure and investment in technology.

This change in the project, however, has associated risks that some analysts are already highlighting. The first of them is that the income of the Saudi state will be reduced due to the fall in payout; after all, it is a trading card between the same owner. Only spending on salaries and pensions accounts for more than 130,000 million dollars, half of the public spending of the entire country, and was greatly offset by the dividend of Aramco, owned by 98% of the State, and which distributes a dividend of 75,000 million dollars, the largest on the planet.

The dividend cut is not the only project Bin Salmán is currently valuing for Aramco and the Saudi economy. Last week, Bloomberg published that the oil company is carrying out an analysis of its assets, with the intention of being able to put something on the market, giving entry to foreign investors in the country's oil and gas assets. It should be remembered that, although Aramco already went public in December 2019, only 1.5% of the capital was placed in the Saudi stock market, and of that portion only 23% ended up in the hands of foreign investors, as highlighted in 2019 Wassim al-Khatib, Head of Investments at the Saudi National Commercial Bank.

Now, Aramco would be contacting potential investors, according to internal company sources leaked to the agency, to try to sell some of these assets and have these funds available in the short term. Any agreement is yet to be closed, and these sales are not the only possibilities that are being handled: the oil giant would also be studying selling stakes in the operations of some specific fields, or other alternatives such as creating a joint venture with other companies in the sector.

Bin Salmán's project
Bin Salmán is a figure who represents, for some, a necessary and positive change for Saudi Arabia, having undertaken some important social reforms in the kingdom, such as the restriction of the powers of the country's religious police, or the end of the ban that prevented driving women, or an acceleration of their incorporation into the world of work. However, his mandate has also had a very dark part, such as the murder of journalist Jamal Khasoggi in 2018 at the Saudi consulate in Istanbul, which led to an international diplomatic crisis.

Bin Salmán is the eldest son of the current king, Salmán bin Abdulaziz, with his third wife. Known in Saudi Arabia as MBS, he is a millennial, having been born in 1985 in Jeddah, the second largest city in Arabia. He studied law at the King Saud University in the country, unlike other members of the royal house, who studied at Western universities.

After working for a time in the private sector, he became involved in politics at the age of 24, as an advisor to his father, who then ruled the province of Riyadh. Over time he grew politically until in 2014 he was appointed Minister of State. After going through various positions, in 2017 he was officially appointed crown prince.

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