Eastern Europe Can Contain Impact Of Yield Surge: Croat Governor

Merkel’s party was within two seats of obtaining a super majority, which will mean it doesn’t need to build a coalition with another party to govern. The results appeared to validate Merkel’s policies and leadership style. Merkel is only the third post-war chancellor to win three successive elections. “Give or take a few details, Germany’s euro policies are based on strong public support and a virtual consensus of all mainstream parties. The strong support for Merkel herself and her [party] today underscores that point,” said Holger Schmieding, chief economist at Berenberg bank. Her previous coalition partner, the liberal Free Democratic Party (FDP), was by far the biggest loser Sunday and appeared to have fallen short of the 5% threshold needed to enter parliament. A new anti-euro party AfD may have won enough support to win its first seats but didn’t make the big breakthrough it wanted. Google+ Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer .


Croatia said it was temporarily reducing supplies to industrial customers while Bulgaria said it had enough gas for only ‘for a few days’ and was in a ‘crisis situation’. Russian Prime Minister Vladimir Putin, left, speaks to Gazprom chairman Alexei Miller during a meeting yesterday The European Union in Brussels called the sudden cut-off to some of its member countries ‘completely unacceptable’. SAM FLEMING: The Government has got us in a dangerous mess over gas The EU demanded the two sides reopen talks as the row immediately sparked fears of gas supply shortages and rising energy prices in the UK. The UK is suffering one of its coldest nights this century with temperatures plunging to as low as -10C. Though Britain is one of Gazprom’s largest importers – relying on the company for some 16 per cent of consumption in 2007, according to The Times, the gas is supplied through a complicated swap scheme that means supplies themselves may not be affected. Prices, on the other hand, rose during trading in London today. Dmitry Medvedev and Vladimir Putin on the slopes last week. Putin ordered Gazprom to cut supplies to and through Ukraine by around three-fifths The dispute, coupled with Israel’s military operation in Gaza, also pushed oil up to a three-week high of $49.91 in New York yesterday. Russia, whose main export is oil, stands to benefit from a recovery in prices. ‘Without prior warning and in clear contradiction with the reassurances given by the highest Russian and Ukrainian authorities to the European Union, gas supplies to some EU member states have been substantially cut,’ the EU said in a statement. ‘The Czech EU Presidency and the European Commission demand that gas supplies be restored immediately to the EU and that the two parties resume negotiations at once with a view to a definitive settlement of their bilateral commercial dispute,’ the presidency and the Commission said in a joint statement. They added that the EU would ‘intensify the dialogue with both parties so that they can reach an agreement swiftly’. Overnight the Russian Prime Minister Vladimir Putin ordered the state energy giant Gazprom to cut supplies to and through Ukraine by around three-fifths amid accusations its neighbour has been siphoning off and stealing Russian gas.

NATO chief urges Europe to fill drone, aircraft gaps

A turning point in the current trend of loose policy was “not around the corner”, he said, addressing the monetary policy outlook, and major central banks were likely to continue with forward guidance policies. Exchange rate swings of major currencies caused by the ECB and FED policy shifts were not a major concern for large and relatively close monetary areas, he said. Many smaller countries – as varied as Switzerland and Croatia – with explicit rate targeting were more vulnerable because, “though for different reasons, excessive exchange rate volatility is clearly damaging for accomplishing the central bank’s mandate and for the wider economy.” LAGGARDS Croatia and Slovenia, once the most prosperous economies in the former eastern bloc before Socialist Yugoslavia fell apart, were still stuck in recession, Vujcic said, adding they should “continue structural reforms, embark on more bold government expenditure cuts and boost foreign direct investments.” Croatia’s economy was driven for years by state investments and personal consumption, both financed by foreign loans. Slovenia, which is struggling to avoid a bailout, has seen a serious deterioration of its mostly state-owned banking sector, now choked by at least 7.5 billion euros ($10 billion) of bad loans. Despite recent steps to improve the business environment, much more was needed in Croatia to ignite growth after five years of recession, including a growth model based on exports and investments, Vujcic said. “The government has identified and addressed some of the key issues, but bold reforms are still needed, especially in improving the public sector efficiency and lowering barriers to investments,” Vujcic said. Croatia, which has lost more than 10 percent of its national output since 2008, is likely to be placed in the Excessive Deficit Procedure (EDP) soon, an EU mechanism designed to make sure the budget gap returns below three percent of gross domestic product (GDP) and public debt below 60 percent of GDP. “We believe that shortly after next month’s Eurostat report Croatia will enter the EDP. This means that significant fiscal consolidation will probably start from 2014,” Vujcic said. Banks in Croatia, more than 90 percent of them in foreign hands, were the best capitalized lenders in the EU and had enough means to extend loans to businesses and households, though both were still wary of taking on new loans, he said. Although bad loans in Croatia have reached a relatively high level of 15 percent of all loans, they should start tapering off from mid-2014 and the banking system would remain stable.

Europe’s love-hate affair with cloud computing; the week in cloud

officials, and Rasmussen himself, have expressed growing concern that defence cuts pushed through by cash-strapped European governments have created a big gulf between U.S. and European military capabilities and risk weakening NATO. The European Union has also launched a debate, set to culminate in a summit of European leaders in December, on how Europe can strengthen its arms industry and bolster a common defence policy. In a speech to the Carnegie Europe think tank in Brussels on Thursday, Rasmussen will argue that a strong NATO needs “a strong Europe – with strong capabilities, strong defence industries, and strong political commitment,” NATO officials said. He is expected to urge European allies to strengthen their capabilities in key areas, saying they should acquire more surveillance drones, more large transport and air-to-air refuelling aircraft and more upgraded ship radars so they can be integrated into NATO’s planned missile defence system. As the United States turns its strategic focus increasingly towards Asia, it is banking on Europe to take more military responsibility in its backyard. But during the 2011 Libya conflict, European states had to rely heavily on the United States for air-to-air refuelling, intelligence and surveillance. Rasmussen will also say that Europe needs a strong defence industrial base, arguing that the continent’s defence industry remains too national and fragmented, NATO officials said. He will welcome proposals put forward by the European Union’s executive Commission in July to make the industry more efficient and competitive. The Commission proposed helping Europe’s defence industry cope with falling military budgets by funding research and aiding the development of new technologies with military uses. British Defence Secretary Philip Hammond voiced scepticism over the Commission’s proposals last week and said London would oppose any moves to enforce new rules on the region’s defence industry that damaged British companies’ competitiveness. Drones are an area where Europe lags the United States and Israel.

Europe plunged into energy crisis as Russia cuts off gas supply via Ukraine


That perception was borne out by panelists and attendees at last weeks Structure:Europe event and other reports that show cloud adoption growing despite PRISM-generated concerns over data privacy, which have yet to be sorted out. Last week, Viviane Reding, VP of the European Commission and the EUs Commissioner for Justice, called for a single data privacy law to cover the entire European Union. Currently, some European countries Germany and Switzerland, for example have more iron-clad data sovereignty rules than others. According to a statement outlining the proposal , the proposed regulation is: [T]he Unions response to fear of surveillance. By adopting the Data Protection Regulation, the Union will equip it itself with a set of rules fit for the 21st century. Rules that will empower the very people whose data fuels the digital economy. Rules that will ensure the digital economys growth can be sustained. The value of E.U. citizens data in aggregate was 315 billion ($426 billion) in 2011 and could hit the I 1 trillion ($1.35 billion) annually in 2020, provided that trust issues that have arisen can be addressed, according to the European Union. A whopping 92 percent of Europeans worry about mobile apps collecting their data without their consent and 89 percent say they want to know when the data on their smartphone is being shared with third parties. If you think cloud tech sales are healthy now, just wait The market for foundational cloud technologies from basic virtualization to top-of-the-stack security will be booming over the next few years, according to new research from the 451 groups Market Monitor service (password required) but Louis Columbus has a good summary here on Forbes.com. The total market for cloud enabling technologies or CETwill grow at a brisk 21 percent compound annual growth rate of 21 percent to 22.6 billion in 2016 from $10.6B in 2012. All of our Structure:Europe cloud coverage is here and check out last weeks Structure Show featuring New Relic founder Lew Sweet Lew Cirnes tips for startups. More cloud news from the interwebs:

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