Monday 26th January 2015
NEWS TICKER: MONDAY JANUARY 26TH 2015: According to Luc Luyet, CIIA – senior market analyst at Swissquote: “The 4Q Australian inflation release on 28 January will likely be critical in the decision of the RBA to cut rates or not. Indeed, given the weakening commodity outlook and the relative attractiveness of Australian yields, a lower inflation reading would favour a rate cut from the RAB during its next monetary policy meeting on 3 February to support the recovery. Given the strong disinflationary forces at play due to lower oil prices, the short-term path of AUD/USD is likely on the downside.” Today traders are watching: Spanish December PPI m/m & y/y, IFO Business Climate, Current Assessment and Expectations in Germany in January, UK December BBA Loans for House Purchase and Dallas Fed’s January Manufacturing Activity Index. - Markitt in its review of how short sellers are positioning themselves in companies due to announce results in the coming week.points out Carbo Ceramics’ stock price falls 28% while short interest jumps by 78%. Short sellers have also covered 17% of positions as Kone’s stock continues to rise while Casio and Wacom face competition despite weakening yen’s improving prospects - The Financial Services Compensation Scheme (FSCS) has declared 10 financial advice firms in default. The FSCS has started paying compensation in respect of 13 firms, including seven investment advice firms and three life and pension advice firms that have gone into default. The financial advice firms which have entered default, according to the scheme are: Barry Norris & Associates, Premier Financial Advice, The Financial Consultancy (UK), True Financial Management (formerly HNL Financial Services), Unleash Advice Partnership, and AJ Buckley Financial Management formerly AJ Buckley Overseas, City Insurance Consultants. Last week, the FSCS published its plan and budget for the coming year, which revealed investment advisers would be paying £125m towards the FSCS annual levy for 2015/16. Life and pension intermediaries are paying a £57m levy, an increase of £24m compared to the £33m the FSCS levied against the funding sub-class for 2014/15. Since it was set up in 2001, the FSCS has paid out more than£975 million in compensation to customers of defaulted advice firms. In November 2014, the FSCS said it had dealt with the default of 2,391 independent advice firms since it was set up. - Retail Sales in the United Kingdom unexpectedly increased in December, as the drop in oil prices boosted the country’s spending power. The increase came from a 5.2% gain in computers, telecoms, toys, and sporting goods sales, while food sales alone contributed 1.3%. There was a decline in sales of some items, such as clothing and household goods, reflecting a boost from Black Friday discounts the previous month - The Source Goldman Sachs Equity Factor Index Europe UCITS ETF has been launched, the second Source ETF to be launched that provides access to Goldman Sachs’ multi-factor indices. “Smart beta funds have proven successful in certain markets, providing investors with the potential to generate better returns than the more common market-cap weighted benchmarks, particularly on a risk-adjusted basis,” says Michael John Lytle, chief development officer at Source. “The Goldman Sachs series of factor-based indices offer exposure to multiple factors, rather than just the one or two that are applied to many other funds on the market.” – Mixed news from the US over the weekend. Housing starts in the US surged, as builders broke ground in December on the most houses in almost seven years. Work began on 728,000 houses at an annual rate, a 7.2% increase from November and the most since March 2008. On the other hand, building permits, a representation for future construction declined 1.9% in December to a 1.03m pace, however more Americans filed applications for unemployment benefits last week, signaling that the holiday employment turnover is taking its toll on the jobs market. Jobless claims dropped by 10,000 to 307,000 in the week ending January 17th down from a revised rate of 317,000 in the prior week, a Labor department report shows. Applications for jobless benefits were expected to decline to 300,000, according to market surveys by economists - German ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, climbed for a third consecutive month in January to 48.4 from 34.9 in December. Economists forecast an increase to 40, according to the median of 37 estimates in a Bloomberg News survey. The sentiment index jumped to the highest level in 11 months - Singapore Exchange is partnering Clearbridge Accelerator to address financing gaps small and medium-sized enterprises (SMEs) and entrepreneurs face by providing the investing community with greater transparency. SGX said on Monday (Jan 26) it signed a Memorandum of Understanding (MoU) with CBA, a Singapore venture capital and incubation firm specialising in early-stage investments. Under the agreement, both parties will form a joint-venture (JV) company to develop the fund-raising platform, which aims to address financing gaps SMEs and entrepreneurs face by providing the investing community with greater transparency. The JV will identify and form a strategic equity partnership with an experienced platform operator and industry stakeholders such as financial institutions to operate the new capital-raising platform. It will also identify other partners and collaborators to create demand among investors for the offerings on the platform, according to the press release. The move to help smaller firms raise funding marks the entry of SGX into a new business area. Besides operating the stock market, which caters to the equity needs of more to established firms, SGX also offers a platform for bonds as well as derivatives and commodities. Enterprise development agency SPRING Singapore will play a supporting role in the formation of the JV, as part of its ongoing efforts to make the financing environment more conducive to SMEs and entrepreneurs, the statement added. - Hedge funds swung to betting on price falls in cotton, soybeans and wheat, amid ideas of easier supplies, as they cut bullish positioning in agricultural commodities to the weakest in three months Managed money, a proxy for speculators, cut its net long position in futures and options in the top 13 US-traded agricultural commodities, from coffee to cattle, by more than 43,000 contracts in the week to last Tuesday, according to data from the Commodity Futures Trading Commission regulator - Richard Bruton TD, Minister for Jobs, Enterprise and Innovation, today announced that the Viagogo Group, which operates www.viagogo.com, the ticket marketplace, intends to double its workforce in Ireland over the next three years, taking it from 100 to over 200 employees. The jobs are supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland -

ACTA: MEPs seek clarity on enforcement

Thursday, 01 March 2012
ACTA: MEPs seek clarity on enforcement International Trade Committee MEPs from all political groups want to know more about how the Anti-Counterfeiting Trade Agreement (ACTA) will be enforced before advising the European Parliament as a whole on whether or not to approve it, it emerged from the committee's first debate on it on Thursday. David Martin (UK), who will draft the committee's recommendation, asked it to back his plan to refer ACTA to the European Court of Justice, for a ruling on questions to be prepared by the Parliament. http://www.ftseglobalmarkets.com/

International Trade Committee MEPs from all political groups want to know more about how the Anti-Counterfeiting Trade Agreement (ACTA) will be enforced before advising the European Parliament as a whole on whether or not to approve it, it emerged from the committee's first debate on it on Thursday. David Martin (UK), who will draft the committee's recommendation, asked it to back his plan to refer ACTA to the European Court of Justice, for a ruling on questions to be prepared by the Parliament.

Martin has suggested that while the Court of Justice referral is being prepared, the time set aside for Parliament's assent to ACTA should instead be used to prepare an interim report setting out questions to the European Commission and EU Member States on how it is to be enforced. He stresses that Parliament should prepare its own questions, rather than simply associating itself with the European Commission's parallel referral of ACTA to the court.

Examples could include questions about how border control agencies would be expected to deal with counterfeit imports, or whether internet service providers would have to enforce ACTA against users, and if so what legislation would require them to do so.



Protecting intellectual property rights

"We have critical interest in defending EU intellectual property and we need to act in this regard", said Mr Martin, stressing that "it is not the intentions of ACTA that raise concerns but its possible unintentional consequences. ACTA lacks detail. The main concern is how the text might be read".

For example, "There is no 'three strikes' rule in ACTA, but we do not know how internet service providers will interpret the tasks given to them and if they will feel that they have the duty to cut people off the internet," he says.

"What I plan to do is bring about clarity on ACTA in the next year, to provide the facts for this Parliament to vote", Martin says, adding that in the coming weeks he planned to meet as many civil society representatives as possible to discuss citizens' concerns while drafting his interim report.

Not just a trade deal

The EPP group's shadow rapporteur on ACTA, Christofer Fjellner (SE) agreed that Parliament must now scrutinize the ACTA text in detail. "It's not the trade deal that changes citizens' everyday lives but the legislation that enforces it", he told Trade Commissioner Karel De Gucht, adding "I've heard from the Commission and Member States that there will not be a big change in legislation. I will not take your word for it. We need to scrutinize it".

Martin's position was also welcomed also by Parliament's former rapporteur on ACTA, Kader Arif, who had resigned while accusing Parliament of orchestrating a "masquerade" on the ACTA case. "Today I am very happy to see my colleagues thinking differently, Parliament's transparency, openness to public and the direction the ACTA case is taking in Parliament", he said."

Robert Sturdy (ECR, UK) backed the European Commission's decision to refer ACTA to the European Court of Justice.

ACTA lacks transparency

Mr Martin and other speakers objected to the "lack of transparency" in the ACTA negotiations to date and reiterated Parliament's many requests to be more closely involved, and not merely left with the option of accepting or rejecting the existing text.

French Green Yannick Jadot complained that "procedural excuses" had been used to avoid involving Parliament, and noted that MEPs had learned of the Commission decision to refer ACTA to the Court of Justice from the press. "I'm not sure that this is in line with our inter-institutional agreement with the Commission", he said.

Swedish Green Carl Schlyter complained that emerging economies were not involved in ACTA negotiations, noting that 95% of all counterfeiting takes place in countries that will not be affected by ACTA. He also observed that if the aim now was to spread ACTA via bilateral agreements with countries not yet party to it, this would not be a democratic way to influence other countries.

Helmut Scholz (GUE/NGL, DE), also noted that the countries where most piracy takes place are outside ACTA and insisted that it should be tackled through existing international structures instead. "Gobalization raises different challenges and ACTA is the wrong way to handle things", he said.

Civil society protests

Several MEPs said the Commission must accept its share of responsibility for civil society protests against ACT, since it had not kept people properly informed of the progress of negotiations. "The lack of transparency has created a lot of mistrust. This might be a lesson to the future. We need to change things", said Mr Fjellner.

Metin Kazak (ALDE, BG), said that in many Member States, these protests had prompted governments to "give up". "Both in the ACTA text and also in communication about it there are many cumbersome words and phrases - that something will perhaps happen or may happen. In such circumstances you have to expect citizens to be afraid from the possible consequences", he said.

Inese Vaidere (EPP, LV), said the Commission had done too little to explain ACTA's benefits, even though there was much to be explained, such as the definitions of terms "counterfeiting" or "commercial scale". "Now it may already be too late. I fear that we don't have much chance of reviving ACTA. The Commission has not done its job", she said.

Committee chair Vital Moreira (S&D, PT), defended ACT on the grounds that intellectual property rights are vital to Europe's ability to innovate and compete. He was sure that properly interpreted, ACTA would not threaten fundamental freedoms.

No ACTA enforcement without Parliament's consent

Commissioner De Gucht replied that any substantive laws passed to enforce ACTA would be the responsibility of Parliament and Member States.

"ACTA cannot be changed into substantive law without Parliament's consent. You are also responsible for that" he said, suggesting that Parliament should pay more attention to Member States' laws that threaten fundamental freedoms.

"The so called 'three strikes' rule is effective in French law and that is a law that was passed to implement EU directives. On the contrary, ACTA explicitly states that you can not impose anything similar to three-strikes rule on the international level", he said.

Commissioner De Gucht reiterated his view that referring ACTA to the European Court of Justice would be the right decision, as "our responsibility as politicians is to establish the facts and not follow the crowd" and the "Court will provide much needed clarity on our concerns".

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