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Greece’s welcome debt upgrade fails to end concerns over its long-term economic health

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A protestor holds a banner outside the Greek parliament during in a demonstration by municipal contract workers in Athens, Greece, on Thursday, June 29, 2017.

Kostas Tsironis | Bloomberg | Getty Images

A protestor holds a banner outside the Greek parliament during in a demonstration by municipal contract workers in Athens, Greece, on Thursday, June 29, 2017.

Analysts remain unconvinced that Greece is over its troubled economic past, despite a warmly received upgrade on Monday by the ratings agency Fitch.

The yield on the five-year Greek sovereign bond dipped by 5 basis points Monday following the upgrade, with Fitch citing improved economic conditions in the southern European country. The country’s 10-year bond yield had also dropped more than 14 points basis last Friday, showing that investors are turning more confident on the embattled economy.

However, some market participants are still cautious about the medium to long-term prospects of Greece and are watching out for plans from the euro zone to make Greece’s debt more sustainable in the long term.

“Greece is definitely turning a corner, as it will exit its economic program successfully unlike the two other programs. On top of that, after growing by 1.3 percent in 2017, the Greek economy is likely to outperform the euro area this year,” Yvan Mamalet, senior euro economist at Societe Generale, told CNBC via email.

“However, the medium-term fundamental situation remains problematic,” he said, “without significant debt relief measures, such as the ones recommended by the IMF (International Monetary Fund), the Greek debt level would most likely remain at (an) unsustainable level.”

European creditors have agreed to grant some relief to Greece by making its debt more sustainable. However, the final details of such debt restructuring are still being prepared. Nonetheless, they are expected to be implemented only after the program has come to an end, which is scheduled to take place in August, and only if market conditions require such measures to be triggered.

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Rudy Giuliani suspended from practicing law due to Trump statements

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A New York court on Thursday suspended Rudy Giuliani from practicing law in New York state due to making “false and misleading statements” about the election loss of former President Donald Trump, his client.

The suspension, which takes effect immediately, is a stunning blow to Giuliani, the former New York City mayor who previously served as a top Justice Department official and as the U.S. Attorney in Manhattan.

It also comes as Giuliani is under criminal investigation by that same federal prosecutor’s office in Manhattan in connection with his work in Ukraine.

Giuliani and Trump since last November have made false claims about the legitimacy of the election of President Joe Biden, claiming that Trump was swindled out of a victory only by widespread ballot fraud in key swing states.

Giuliani’s suspension, which was ordered a day short of his 52nd anniversary as a licensed lawyer in New York, was sought by the Attorney Grievance Committee for the First Judicial Department, which encompasses Manhattan. The suspension was granted by the Appellate Division for that same department of state Supreme Court.

The court, in its 33-page suspension order, noted that “interim suspension is a serious remedy, available only in situations where it is immediately necessary to protect the public from” an attorney’s violations of the Rules of Professional Conduct.

“We conclude that there is uncontroverted evidence that respondent communicated demonstrably false and misleading statements to courts, lawmakers and the public at large in his capacity as lawyer for former President Donald J. Trump and the Trump campaign in connection with Trump’s failed effort at reelection in 2020,” the order said.

The court also said Giuliani’s “false statements were made to improperly bolster respondent’s narrative that due to widespread voter fraud, victory in the 2020 United States presidential election was stolen from his client.”

“We conclude that respondent’s conduct immediately threatens the public interest and warrants interim suspension from the practice of law, pending further proceedings before the Attorney Grievance Committee.”

One of the examples cited by the order was Giuliani’s repeated claim in an effort to discredit election results that “dead people ‘voted’ in Philadelphia.”

Giuliani at various times claimed that 8,021 dead people’s ballots were cast, “while also reporting the number as 30,000.”

“As the anecdotal poster child to prove this point, he repeatedly stated that famous heavyweight boxer Joe Frazier continued to vote years after he was dead and stated on November 7, 2020 ‘he is still voting here,’ ” the order noted.

In fact, the order added, “The public records submitted on this motion unequivocally show that respondent’s statement is false. Public records show that Pennsylvania formally cancelled Mr. Frazier’s eligibility to vote on February 8, 2012, three months after he died.”
Giuliani’s suspension is temporary, pending the outcome of a full formal disciplinary hearing.

Giuliani’s lawyers John Leventhal and Barry Kamins said in a statement, “We are disappointed with the Appellate Division, First Department’s decision suspending Mayor Giuliani prior to being afforded a hearing on the issues that are alleged.”

“This is unprecedented as we believe that our client does not pose a present danger to the public interest,” the statement said. “We believe that once the issues are fully explored at a hearing Mr. Giuliani will be reinstated as a valued member of the legal profession that he has served so well in his many capacities for so many years.”

New York state Sen. Brad Hoylman, (D-Manhattan, who had filed the formal complaint with the Attorney Grievance Committee, said, “I’m glad” about the suspension.

“The profession of law is a sacred and noble one,” Hoylman said in a statement. “And there can be no room in the profession for those who seek to undermine and undo the rule of law as Rudy Giuliani has so flagrantly done.”

This is breaking news. Check back for updates.

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China plans to send its first crewed mission to Mars in 2033

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A Long March-7 Y3 carrier rocket carrying the Tianzhou-2 cargo spacecraft blasts off from the Wenchang Spacecraft Launch Site on May 29, 2021 in Wenchang, Hainan Province of China.

Yuan Chen | VCG | Getty Images

GUANGZHOU, China — China plans to send its first crewed mission to Mars in 2033 as it continues to boost its space ambitions in a battle with the U.S.

The world’s second-largest economy is planning regular crewed missions to the Red Planet.

Wang Xiaojun, head of the state-owned China Academy of Launch Vehicle Technology, outlined the country’s Mars plans for the first time this month at a space conference in Russia, according to the academy.

It comes just weeks after China landed a remote-controlled rover called Zhurong on Mars, making it the only country after the U.S. to do so.

Wang said the first step in China’s plans is to use robots to explore Mars to sample its surface and help select a place to build a base. The next stage would be to send astronauts up to Mars to build a base station there. Then China wants large-scale Earth-to-Mars cargo missions.

China has earmarked 2033, 2035, 2037, 2041 and 2043 for such missions and said it will explore technology to fly astronauts back to Earth.

A roundtrip to Mars would have a flight time of “hundreds of days,” the academy said.

The revelation of China’s Mars goals come after a string of successful space missions. China has begun construction of its own space station and earlier this month sent the first astronauts up there. It was the first time China sent a crewed mission to space since 2016.

Earlier this week, Chinese President Xi Jinping spoke to the astronauts, congratulating them and highlighting how the country’s space ambitions are supported from the top. Space is an area China wants to lead as part of a broader technology battle with the U.S.

NASA says it plans to send humans to Mars in the 2030s.

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JPMorgan Chase ‘strongly’ urges all U.S. employees to get vaccinated ahead of office return

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JPMorgan Chase is `strongly’ urging all its U.S. employees get the Covid-19 vaccine, warning that the jab may eventually be mandatory for workers, according to a memo sent late Wednesday.

The bank is now requiring all U.S. workers to log their vaccination status in a software portal by June 30. Those who are vaccinated don’t need to wear masks, socially distance or log their health status on a daily basis when they return to office life; those who aren’t vaccinated need to wear masks and are encouraged to take weekly Covid tests, JPMorgan said.

“We strongly urge all of our employees to be vaccinated because we think it protects you, your friends and family, your fellow employees, and the community at large,” the bank said in the memo, signed by its entire operating committee led by CEO Jamie Dimon.

“We also believe that the more employees who are vaccinated, the safer our offices will be for everyone,” JPMorgan said. “In the future, we may mandate that all employees receive a COVID-19 vaccination consistent with legal requirements and medical or religious accommodations.”

JPMorgan, the biggest U.S. bank by assets with almost 260,000 employees globally, is taking a more gradual approach to vaccine enforcement than smaller rival Morgan Stanley. Earlier this week, Morgan Stanley announced that only vaccinated employees and clients could enter offices starting July 12.

At JPMorgan, while employees can choose to keep their vaccination status private, it means they must continue all the precautions, including social distancing, of the pre-vaccine era.

And the unvaccinated are still expected to return to assigned office locations, along with all other U.S. employees, by July 6. Bloomberg reported the memo earlier.

Here is the memo:

Dear colleagues,

In our country today, we all should feel extremely grateful and fortunate that we are starting to see the pandemic in the rear-view mirror. Given the availability and effectiveness of COVID-19 vaccines and other improved health indicators in the U.S., we are now taking steps to properly prepare for returning to the office in a safe and productive way. We are doing this because we believe that human interaction, spontaneous learning and creativity are so important to the way we run our company and serve our clients.

We want to be very specific about what we expect and what the requirements are related to working in the office.

I.        We need all U.S. employees — it is now mandatory — to log into and enter responses in the JPMC COVID-19 Vaccine Record Tool by June 30. If you don’t, your manager will follow-up with you individually until a response is received. We need you to enter this information so that we can properly prepare for and manage returning to the office in a very detailed way, and by location.

There are three possible answers to the question we will ask you:

a.       I am vaccinated

b.       I am not vaccinated

c.       I choose not to share my vaccination status with JPMorgan Chase (it is fine not to tell us, but you must respond)

   II.        If you have been vaccinated, have entered your data into the Tool, and have uploaded your COVID-19 vaccination card, you will no longer need to wear a mask or social distance in most locations in accordance with our current practices, and you will no longer be required to complete the Daily Health Check beginning July 6. (Note: U.S. Branch employees should continue to follow State-by-State Face Covering Guidance.)

  III.        If you indicate that you are unvaccinated or select the “I choose not to share my vaccination status with JPMorgan Chase” option, we still expect you to return to the office. You will be strongly encouraged to test for COVID-19 weekly and will also have to continue to wear a mask, complete the Daily Health Check and practice social distancing when in the office in accordance with our current practices.

  IV.        We strongly urge all of our employees to be vaccinated because we think it protects you, your friends and family, your fellow employees, and the community at large. We also believe that the more employees who are vaccinated, the safer our offices will be for everyone. In the future, we may mandate that all employees receive a COVID-19 vaccination consistent with legal requirements and medical or religious accommodations.

V.        Finally, beginning July 6, we expect all U.S. employees to move to a regular schedule, in your assigned office location, subject to occupancy limits and as directed by your manager. In many cases this may be five days each and every week, and for others it will mean a minimum of 50% of your workdays will be in the office, due to occupancy limits. We are aware that some teams are piloting a hybrid approach that varies by job, such as three days in the office or 50% rotations, but we want each of you back regularly so that we can test the effectiveness of these models as quickly as possible.

Over the past month it has been terrific to see more of you safely returning to our U.S. offices, and we have been pleased to hear from many of you that our workspaces are better than ever. You’ve commented on the health and safety protocols we’ve put in place, the new technology we’ve rolled out and, most importantly, how good it feels to see your colleagues in person.

We look forward to seeing more of you very soon.

This story is developing. Please check back for updates.

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