french economy – Chateau De Villesavin 41 http://chateau-de-villesavin-41.com/ Fri, 10 Sep 2021 14:57:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://chateau-de-villesavin-41.com/wp-content/uploads/2021/06/icon-43.png french economy – Chateau De Villesavin 41 http://chateau-de-villesavin-41.com/ 32 32 Government winces as ‘tax haven’ charge begins to stick https://chateau-de-villesavin-41.com/government-winces-as-tax-haven-charge-begins-to-stick/ https://chateau-de-villesavin-41.com/government-winces-as-tax-haven-charge-begins-to-stick/#respond Fri, 10 Sep 2021 14:47:13 +0000 https://chateau-de-villesavin-41.com/?p=645 About three years before Ireland was decried as a “tax haven” at a 2013 US Senate hearing about Apple, the technology giant’s exotic tax structures were first picked apart by Marty Sullivan, a Harvard-educated former US treasury economist-turned lecturer and commentator. He is the respected chief economist of Tax Analysts, which publishes US industry bible […]]]>


About three years before Ireland was decried as a “tax haven” at a 2013 US Senate hearing about Apple, the technology giant’s exotic tax structures were first picked apart by Marty Sullivan, a Harvard-educated former US treasury economist-turned lecturer and commentator.

He is the respected chief economist of Tax Analysts, which publishes US industry bible Tax Notes, and an acknowledged authority on the corporate tax gymnastics in which Apple and other multinationals have engaged in this State. Sullivan, as his name suggests, is also part Irish through his father’s ancestors.

“I was visiting Cork once and I met a guy on the street. He asked me my name and I told him Sullivan. He said your whole family lives down the street. I love Ireland, I love its people. But. . .” He trails off. Despite his affection for his ancestral homeland, Sullivan is adamant that it really is a tax haven.

The label is seen as pejorative, inaccurate and damaging by the Government and its supporters in the multinational sector, as the Republic fights to keep its 12.5 per cent corporate rate under enormous international political pressure. But Ireland was this week yet again accused of being a tax haven, this time in a banking report by the European Union Tax Observatory think tank in Paris.

“My definition of a tax haven is a jurisdiction with low rates and extra-large amounts of corporate profit that are disproportionate with regard to the jurisdiction’s economic activity,” says Sullivan.

He recalls the first time he looked at Irish data, with the huge profitability of US companies here so much larger than in other countries such as Germany and France. It helped to convince him that Ireland is a haven.

“You can see it in every data set. Ireland says its workers are just very productive, but the statistics are bloated with all the profits of US companies. We love you guys, but you can’t possibly be that productive. That is my view.”

Ireland is clearly a tax haven and it has to be said, according to Sullivan, even if the Government doesn’t want to hear it: “The intellectual in me bristles at the necessity to not call a spade a spade.”

The Government and big accounting firms such as Deloitte and PricewaterhouseCoopers may reject the notion that Ireland is a tax haven, based on a 23-year-old definition used by the Organisation for Economic Co-Operation and Development (OECD). It uses four criteria to determine tax haven status: nominal or zero taxes (and offering non-residents tax-avoidance opportunities); lack of transparency; an unwillingness to exchange information with OECD states’ tax authorities; and no requirement for substantial business activity.

But the tax-haven label has stuck and its incessant use to describe this State abroad is increasingly turning the screw on the Government as the world’s biggest nations prepare to finalise a deal to curb global tax avoidance at a G20 meeting in Rome next month.

Harsh critic

The EU Tax Observatory said this week that the main European banks book €20 billion of profits each year in 17 tax havens, including Ireland. None of the Irish banks is named but the European banks make almost four times as much profit per employee in Ireland – about €250,000 – as they do in non-havens. This, along with the fact the Irish tax rate is less than 15 per cent, makes Ireland a haven, it said.

The director of the observatory is French economist Gabriel Zucman, a globally-renowned academic expert on corporate tax avoidance and a harsh critic of the Irish regime. If his fellow Gallic academic Thomas Piketty is seen as the global rock star of economics, then Zucman, who did his PhD under Piketty and frequently collaborates with him, is one of his backing singers.

Zucman’s academic output is rarely music to Irish government ears. Three years ago he co-produced a landmark report that concluded the State was the “biggest tax haven in the world”. It estimated that multinationals shifted $106 billion (€89.7 billion) of profits here in 2015, more than all the Caribbean island tax havens combined.

The Government rejected the report as “misleading” and trotted out its OECD definition defence mantra. It said many loopholes have been closed. More, such as the infamous Double Irish tax structure, have been shut since.

Definition

In correspondence with The Irish Times this week following the release of the observatory’s report, Zucman acknowledged that there are “many” definitions of a tax haven but he insisted that the one in the banking report – a tax rate less than 15 per cent and abnormally high profits per employee – “has the merit of being data-based, clear and objective”.

Pointedly, the Department of Finance this week responded: “Measured by any objective international criterion, Ireland cannot be defined as a tax haven.”

The observatory is funded by the EU, which has crossed swords for years with Ireland on tax. But the think tank operates independently.

The tax haven “cat call”, as one Irish tax sector executive put it this week, was also fired at Ireland in July by the New York Times in an article about the refusal of the Government and Minister for Finance Paschal Donohoe to sign up to the US-driven OECD agreement that sets new tax rules and imposes a global minimum corporate rate of 15 per cent, the sticking point for the State.

To the consternation of State officials, the newspaper described the Government’s attitude to queries on the issue as “grudging” and said “the optics are not good” on its refusal to sign up to the deal. Donohoe argues the OECD deal would cost Ireland more than €2 billion per year and erodes sovereignty.

The New York Times concluded “Ireland’s days as a tax haven may be ending”.

Some Irish observers report that the Government is waiting for US congressional approval of the OECD deal, which is not a given, before inevitably committing to change.

Growing pressure

The pressure has been growing steadily on the State since those US Senate hearings on Apple eight years ago, when senator Carl Levin stunned Ireland by calling it a haven in front of the entire world. But the label as applied to Ireland goes back much further.

The New York Times often called Ireland a tax haven as far back as the 1970s, but only in relation to the regime for artists. The term appears to have been publicly applied to Ireland in a corporate context for the first time by the US house ways and means committee in 1974. The label appeared subsequently in a landmark report by US tax authorities in 1981.

By the following year, the Wall Street Journal was regularly describing Ireland as a haven, soon followed by the Washington Post. In 1988, highbrow UK magazine the Economist called plans for the International Financial Services Centre (IFSC) in Dublin “a tax haven for foreigners”, with its proposed 10 per cent rate.

It also sneered that the IFSC probably wouldn’t “bring any tangible benefits” to Ireland.

By the 1990s, US fiscal academics were taking serious note of Irish attempts to woo foreign investment with tax competition they said was depriving the US treasury of funds. Prominent US tax experts James Hines and Eric Rice compiled one of the first exhaustive academic lists of tax havens in 1994. Ireland was among the 41 countries named on the seminal list that is still a benchmark today.

It was also tagged as one of only seven “major” tax havens. The State now regularly features on such academic lists.

European opposition

European opposition to the Irish corporate tax rate began to surface during the Celtic Tiger years and opposition to mass corporate profit-shifting here peaked after the crash, but the European Commission has never formally accused the State of being a “tax haven”.

However, Pierre Moscovici, a former French finance minister and then the EU’s economic affairs commissioner, in 2018 called Ireland a “tax black hole”, which somehow sounded even worse.

Even Brazil formally listed Ireland as a tax haven in 2016, adding extra levies to Irish funds that made returns from Brazilian assets. The move caused chaos in Brazil’s aviation industry, which leased 60 per cent of its aircraft from entities registered in Ireland for tax purposes.

The Irish defence to the charge of being a tax haven appears to be wearing thin abroad, as consensus congeals around a perception of this State’s practices.

On the OECD criteria, Ireland is clearly not considered a tax haven and it is behind this definition the Government habitually retreats whenever the debate arises. All the major accounting firms that work for multinationals also use the OECD definition, set down in 1998, as cover.

Apple case

Karen Frawley is an international tax partner with Deloitte. On Thursday, she was elected to the role of president of the Irish Tax Institute. She backs the Government’s rejection of the “tax haven label” and suggested the definition used in the EU Tax Observatory report is too “wide”. She says the “most broadly used” definition is the more benign OECD one.

“A lot of the sentiment towards Ireland goes back to the Apple tax case,” she says. In 2016, the European Commission accused the State of giving the US company a sweetheart deal and ordered Apple to cough up more than €13 billion in back taxes. Ireland and the tech firm both rejected this, and Apple won an appeal against the commission in Europe’s second-highest court last year.

The case may go all the way to the bloc’s highest court. In the meantime, in the minds of many people, the saga confirmed that Ireland does act like a tax haven.

“There was reputational damage to Ireland in the reporting of the Apple case and the perceptions that flowed from that. It caused more pressure on Ireland from certain non-governmental organisations, and it also increased pressure from a political standpoint,” says Frawley.

The impact has, so far, been much less damaging to Irish foreign direct investment, Frawley argues. Irish corporation tax receipts were €800 million ahead of profile last month, she notes, as tech giants cashed in some of their lockdown- and pandemic-driven gains.

She accepts that once the perception arises that Ireland does special corporate tax deals, it is “hard to remove”. In her acceptance speech to the institute yesterday, she argued that Ireland needs to reduce its tax reliance on multinationals as the global landscape changes with the proposed OECD deal.

Jim Stewart, a finance professor with Trinity College and a noted domestic expert on corporate tax, says the IFSC alone “would be put on any list of tax havens” while the State, overall, “has many features” of a haven.

“The numbers employed in the IFSC are small relative to the size of the assets, and the tax take from it is also small relative to asset size. Something like 50 per cent of all the world’s aircraft are leased from there. A lot of the goings on in the IFSC tick all the boxes for a tax haven,” he says.

The Department of Finance argues that many tax loopholes continue to be closed. Stewart says most of the tightening of rules has come outside the financial sector. The tech sector has perhaps been most affected. In its Double Irish swansong before that device was banned at the end of 2019, Google shifted $75.4 billion out of Ireland to Bermuda.

But Stewart says new corporate tax loopholes have opened up, such as huge intellectual property tax write-offs.

Still, he argues the OECD deal has changed the game, especially if the new tax deal is approved by US politicians. “I think he game is up for Ireland,” he says.

He accepts, however, that the accusation of being a “tax haven” is also a political charge as much as a financial one. “Not a single government would ever put its hand up and say it is a tax haven. In that sense, it is a political term,” he says.

Profit-shifting

Marty Sullivan also says that, if he was a member of the Irish Government, he would continue to deny the haven label. The State’s OECD defence “is exactly what I’d do too”, he says.

“Ireland is on a spectrum of what I’d call tax havens. By far, it is not the worst offender. The problem is the US tax code can’t stop the profit-shifting. That isn’t Ireland’s fault,” he says. “But the reality is that there is a tremendous shift of profits to Ireland at the expense of the US treasury. The numbers are disproportionate.

“Ireland can make arguments about its sovereignty [over the OECD deal] but the hard politics is that, if Ireland does not co-operate, it might be officially labelled a haven.

“Ireland has everything to lose. Other countries have tried everything else to get it to change and now they will act in their own interests,” Sullivan warns.

The OECD deal looks set to be finalised in Rome at Halloween. If the US congress subsequently backs all of President Joe Biden’s plans for change, Ireland’s “tax haven” perception might turn into a horror show for this State, unless it eventually comes to heel.


Business Today

Get the latest business news and commentarySIGN UP HERE



Source link

]]>
https://chateau-de-villesavin-41.com/government-winces-as-tax-haven-charge-begins-to-stick/feed/ 0
Brussels is paving the way for nuclear power’s green revival – EURACTIV.com https://chateau-de-villesavin-41.com/brussels-is-paving-the-way-for-nuclear-powers-green-revival-euractiv-com/ https://chateau-de-villesavin-41.com/brussels-is-paving-the-way-for-nuclear-powers-green-revival-euractiv-com/#respond Fri, 10 Sep 2021 14:46:44 +0000 https://chateau-de-villesavin-41.com/?p=639 In all likelihood, the European Commission will table a proposal in the coming months to include nuclear energy in the EU’s green finance taxonomy, said Thomas Pellerin-Carlin, a researcher at the Jacques Delors Institute. But it is probably waiting for the outcome of the German elections before making a move, he suggested. Thomas Pellerin-Carlin is […]]]>


In all likelihood, the European Commission will table a proposal in the coming months to include nuclear energy in the EU’s green finance taxonomy, said Thomas Pellerin-Carlin, a researcher at the Jacques Delors Institute. But it is probably waiting for the outcome of the German elections before making a move, he suggested.

Thomas Pellerin-Carlin is a researcher at the Jacques Delors Institute where he is director of the Energy Centre. He spoke to EURACTIV’s Frédéric Simon.

INTERVIEW SUMMARY:

  • The inclusion of nuclear power in the EU’s green finance taxonomy is “the most likely” outcome in view of the latest expert reports, which concluded that nuclear does not pose a “significant harm” to the environment.
  • A negative decision, on the other hand, would unleash a spate of anti-Brussels attacks in France and put Emmanuel Macron in a difficult position ahead of the 2022 presidential elections.
  • A green label for nuclear, however, would also undermine the credibility of the taxonomy in the eyes of German, Austrian or Italian investors.
  • Assuming the Commission already knows it is going to propose including nuclear in the taxonomy, it would be in its own interest to wait for the outcome of the German elections.

////

French Economy Minister Bruno Le Maire has underlined the importance of including nuclear power in the EU’s green finance taxonomy. What are the stakes for France?

There are two main issues, one economic and the other political.

From an economic point of view, nuclear power in France is closely linked to the EDF company, which is more than 80% state-owned. And EDF has big cash problems, with net debt of more than €40 billion and massive investments that must be made, partly in renewable energies and partly in nuclear.

On the nuclear side, there are two types of investment: first, the modernisation of historic power plants built in the 1980s, which must observe the requirements imposed by France’s Nuclear Safety Agency (ASN).

The other type of investment – and this is a choice EDF has made – is new nuclear build and the flagship Flamanville EPR project, which is a complete fiasco, an industrial debacle such as we have rarely seen in the history of energy.

To give you an order of magnitude, the Flamanville EPR was initially supposed to cost €3.5 billion, while today we have an estimate of between €12 billion according to EDF, and €19 billion according to the Court of Auditors.

And the construction is still not complete …

The project was born around 2001-2003, the plant was to be completed in 2012, so they are already at least ten years late! Beyond the delay, there is an enormous financial cost for EDF. And despite this, EDF wants to build six new plants of the same model in France.

Doing all that takes a lot of money. And EDF does not have enough, the company has missed the renewables turn and it is not generating enough cash there although it is trying to catch up.

On the nuclear side, EDF must therefore seek funding, public or private. And this is where the taxonomy comes in. If nuclear is considered green as part of the EU taxonomy, that will facilitate both private and public funding.

Now let’s be clear: nuclear power has a harmful impact on the environment. A nuclear power plant – like a wind farm for that matter – requires cement, steel, and artificialisation of soil. In addition, nuclear power plants can pose a problem for biodiversity and pollute the waters, for example in the event of nuclear incidents or poor management of nuclear waste.

For the taxonomy, the issue is to determine whether this damage to the environment is “significant” or not – this is the “Do No Significant Harm” principle.

The European Commission has requested three expert studies on the matter, all of which concluded that the radioactive waste problem was manageable. On this basis, the Commission must now make a proposal to include nuclear in the taxonomy, but it seems to hesitate. What would be the consequences at the industrial level if nuclear power were to be excluded? Would this be the beginning of the end for nuclear power in France?

No, I think it would rather throw some sand into the wheels, which would make nuclear financing more difficult and expensive. For an industry like nuclear where investment costs are extremely high, the interest rates at which companies can borrow is a fundamental factor of profitability.

A possible exclusion from the taxonomy would also make public funding more complicated, as nuclear would be recognised in European law as a technology that causes significant harm to the environment. This would make it harder to justify using taxpayer money to fund something that is recognised as being harmful to the environment.

One way out would be to seek funding outside Europe, especially in China. EDF already has a partnership with China, there is a first EPR in operation in Taishan. And there is the Hinkley Point C project in the United Kingdom that EDF is building with a Chinese partner.

Economically, it would be logical to continue on this path. But from a geopolitical and diplomatic point of view, it would pose a major problem in terms of sovereignty and potentially of security if the French nuclear power sector was to move under Chinese flag.

With the presidential elections in April, what would be the political impact in France if nuclear power were to be excluded from the green taxonomy?

First, it would fuel French political attacks on “Brussels”. It would also be a boost for the Greens, which is the only French party that has always had a very clear anti-nuclear position. There would probably be attacks from the historic left, especially from the Communist Party, which is very pro-nuclear and intertwined with the unions in this industry.

But the most virulent attacks would certainly come from the far-right and the conservative right – the Rassemblement National (RN) and Les Républicains (LR). With the exception of Michel Barnier, LR is today more ambiguous about Europe, while remaining very pro-nuclear. The candidates of this political family, for example, would probably denounce a technocratic and opaque decision by Europe which does not take into account French interests, etc.

This anti-Brussels criticism would put Emmanuel Macron in an awkward position because the French president has always positioned himself as a convinced pro-European, banging on Brussels has never been his business.

So a negative decision on nuclear at EU level could undermine his campaign by being interpreted as an example of France’s lack of political influence in Brussels. From January 2022, he intends to use the French presidency of the Council of the EU to show how much he has been able to move Europe, in line with the discourse “a strong France in a strong Europe”. And that message would suddenly become more difficult to convey.

Public opinion in France seems rather pro-nuclear to me. Is there not also a risk of stirring up anti-European sentiments among the wider population?

This risk is limited. For the vast majority of French people, the nuclear issue is not salient enough to spark protests or a change of vote.

What is at stake is rather the emotions that can be stirred by EDF’s fate as a public company symbolising the French public service. EDF is strongly associated with the power of the state, which is fundamental in the political vision of the French.

So unless there is a scenario around EDF’s bankruptcy, I don’t think the nuclear issue will be important enough to cause a real political problem among the French people.

It is also for this reason that Emmanuel Macron has decided to postpone discussions on EDF’s reform until after the election, as the issue was so eminently political.

The inclusion of nuclear power in the taxonomy and the future of EDF – are these two issues not related?

Yes, they are related. But, I don’t believe a negative decision by the Commission on nuclear power could have massive impacts on EDF in the months to come. The impact would of course be significant, but it will be deferred over time, with access to financing that will become more difficult.

For now, with high electricity prices, EDF has less of a cash flow problem. They don’t have short-term financial problems. And by April 2022, I don’t think there would be a big impact on EDF.

From a political point of view, however, the debate on nuclear power and the taxonomy risks raising questions about Emmanuel Macron’s European record and Europe’s place in France.

After the 2022 election, any new government will have to tackle the issue of EDF’s future. And there is a real political risk there if EDF were to be split or privatised.

For a large part of public opinion and the French political class, this would be interpreted as a symbol of what is perceived as a decline of the state, a “decline of France”.

Germany is among the countries most strongly opposed to the inclusion of nuclear in the taxonomy. In your opinion, have the German and French positions become irreconcilable?

I think you have to differentiate between political rhetoric and the actual agreements that are found behind closed doors.

In Germany, the anti-nuclear movement is deeply rooted and radical. The demonstrations of the 1970s and 1980s were sometimes violent, with hundreds of people injured, demonstrators armed with Molotov cocktails. It is a level of violence that is more reminiscent of the Yellow Vests than the peaceful demonstrations of the Fridays for Future movement. For the German government, the anti-nuclear position is therefore deeply rooted in society.

Now, there are compromises that are found between diplomats on this subject as well as others. And the key role here is played by the European Commission, which has exclusive powers at EU level to make a legislative proposal. And from this point of view, there is an important role played by Thierry Breton, the EU’s Internal Market Commissioner.

The Commission proposal, whatever it may be, has a good chance of being adopted in the end because it is difficult to constitute a majority to overturn its proposal.

There are rumours of a possible compromise between Paris and Berlin, where France would back Germany on gas in exchange for German support on nuclear. Does such a compromise seem possible to you?

The inclusion of gas would be the end of the taxonomy. For investors, the taxonomy must be credible and the scientific debate on gas is settled: fossil gas is not green, it cannot enter the taxonomy because of the related polluting emissions of CO2 and methane. It would be the end of the taxonomy and a blow to the Green Deal because it would send the message that this is all one big greenwashing exercise.

A green label for nuclear power, on the other hand, would harm the credibility of the taxonomy in the eyes of German, Austrian or Italian investors.

Conversely, from the point of view of an American investor, there is no debate: nuclear is green. And it would be the same in the eyes of Chinese, Indian, Australian or Canadian investors. in fact outside of Europe, I don’t know of any country that has decided to quit nuclear power.

From this point of view, there is no good choice on nuclear – whether the Commission decides to include it or not in the taxonomy, there are only bad options. But at some point, it will have to decide.

You just said it, there is no good choice on nuclear. How can the European Commission break the impasse?

I don’t see how it could do it. With the taxonomy, either you’re in or you’re out.

Well, the taxonomy recognises so-called “transition” technologies. And on gas, the Commission found a creative solution by saying it would make a separate legislative proposal on the role of gas in the energy transition. Could a similar solution be considered for nuclear?

Yes, but that would distort the taxonomy. The objective of the taxonomy is to define thresholds beyond which an investment is considered green or not.

In fact, a credible taxonomy can only cover 1, 2 or 3% of current GDP. Other than wind turbines, batteries, or a few other investments, the vast majority of the economy today is completely out of line with the goals of the taxonomy, or the Paris Agreement. That’s the added value of the taxonomy: identifying those few sectors that are really green in order to help investors, companies and project promoters understand what goals they must achieve in order to become green. Including sectors in the taxonomy which, like fossil gas, are not compatible with climate neutrality, would be greenwashing.

All the lobbying that has been done over the past two years, both on nuclear and gas or “transition activities”, tends to discredit the taxonomy in the eyes of investors. There is a breaking point at some stage.

The Commission was due to make a proposal by the end of the summer to include nuclear in the taxonomy, but it seems to be playing for time. Do you think the German elections in September have an influence on this delay?

I don’t know for sure. But the current dynamics lead me to think that the Commission will make a proposal in this direction by recognising nuclear power as a “green” technology under the taxonomy. According to expert reports that have been issued, there is not enough evidence that waste is a problem that causes “significant” harm to the environment.

Assuming that the Commission already knows it is going to propose including nuclear in the taxonomy, it would indeed be in its own interest to wait for the outcome of the German elections.

Following the expert reports, the Commission should therefore logically propose including nuclear in the taxonomy and recognise it as a “green” technology?

Yes, that would be consistent with the dynamics of the past few months. It is very complicated today to scientifically demonstrate that nuclear waste poses a “significant” environmental problem that cannot be overcome.

It may also be one of the novelties of European policymaking these days: comparing the current Commission with previous ones, there is now a clear priority given to climate in the hierarchy of environmental and energy objectives. The climate is clearly the number one priority.

In the short term, shutting down a one-gigawatt nuclear reactor – the average size of a reactor – almost automatically adds two to three million tonnes of CO2 emissions per year, depending on whether the replacement electricity comes from renewable sources or existing coal and gas power plants.

From that perspective, there is a necessary role for nuclear power in Europe in the 2020s and probably beyond. And in countries where nuclear power stations are being closed – in Germany, Belgium, and even France with Fessenheim – it is above all the reflection of a legitimate political choice, which in Germany is the result of deep democratic support for phasing out nuclear power.

Moreover, within the Commission, President Ursula von der Leyen is not known for taking anti-nuclear positions, unlike many German politicians. As for Frans Timmermans, the Executive Vice-President, he is cautious and is not fiercely opposed to nuclear power, a subject that his chief of staff, Diederik Samsom, knows very well – he has a degree in nuclear physics.

More widely, there are also shifting positions among the environmental movement in France. In the Green EELV party, there is an emerging split between a young generation for whom climate change is the top priority, and for whom the nuclear exit is a laudable but secondary objective, and a generation which became politicised in the 80s and 90s, who have experienced Chernobyl, and who are very attached to a rapid nuclear exit.

For those who have joined the Green movement more recently – the Fridays for Future for example – clearly the climate is the number one priority. There are people today at EELV who tell you privately that they don’t want to shut down nuclear plants until 2035. And that’s new, even though it’s still a minority position.

And then within the Commission there is Thierry Breton, who is a key figure on this subject, and who somewhat exceeds his prerogatives as Internal Market Commissioner by campaigning publicly in favour of nuclear power.

In fact, looking at the College of Commissioners, I don’t see anyone who is fiercely anti-nuclear. While you have a majority of Commissioners who are clearly pro-climate and who have accepted nuclear power as a transitional energy source, and in any case as a necessary evil while waiting for the end of coal. And you also have a few Commissioners, including Thierry Breton, who are fiercely pro-nuclear.

So in view of all this, what seems to me the most likely indeed is that the Commission will make a proposal in favour of the integration of nuclear energy within the framework of the taxonomy.

[Edited by Zoran Radosavljevic]



Source link

]]>
https://chateau-de-villesavin-41.com/brussels-is-paving-the-way-for-nuclear-powers-green-revival-euractiv-com/feed/ 0
Lebanon accepts new government to fight economic collapse https://chateau-de-villesavin-41.com/lebanon-accepts-new-government-to-fight-economic-collapse/ https://chateau-de-villesavin-41.com/lebanon-accepts-new-government-to-fight-economic-collapse/#respond Fri, 10 Sep 2021 12:57:00 +0000 https://chateau-de-villesavin-41.com/lebanon-accepts-new-government-to-fight-economic-collapse/ Mikati said he would seek further talks with the IMF A new government after a year of political stalemate Economist sees difficult path for Mikati The crisis is worse since the civil war in Lebanon C. responsible for the bank to take the finance portfolio BEIRUT, Sept. 10 (Reuters) – Lebanese leaders on Friday agreed […]]]>


  • Mikati said he would seek further talks with the IMF
  • A new government after a year of political stalemate
  • Economist sees difficult path for Mikati
  • The crisis is worse since the civil war in Lebanon
  • C. responsible for the bank to take the finance portfolio

BEIRUT, Sept. 10 (Reuters) – Lebanese leaders on Friday agreed on a new government headed by Sunni Muslim tycoon Najib Mikati after a year of wrangling over government seats that exacerbated a devastating economic collapse, paving the way for a resumption of talks with the IMF.

The breakthrough follows a wave of contacts from France that has spearheaded efforts to get Lebanon’s unruly leaders to agree on a cabinet and begin reforms since the catastrophic explosion of the port of Beirut the year last, senior Lebanese political sources said.

The French foreign ministry made no immediate comment.

In televised comments, Mikati’s eyes filled with tears and his voice broke as he described the hardships and emigration inflicted by the crisis, which has plunged three-quarters of the population into poverty.

The biggest threat to Lebanon’s stability since the 1975-90 civil war, the crisis reached a critical point last month when fuel shortages crippled much of the country, triggering numerous security incidents, adding to Western worry and warnings of the worst to come unless something is done.

To get foreign aid, the government must succeed where its predecessors failed to adopt reforms to tackle the root causes of the crisis, including state corruption.

This might not last long: parliamentary elections are scheduled for next spring and Mikati has said they should take place on time.

Mikati and President Michel Aoun, a Maronite Christian, signed the decree establishing the government in the presence of Nabih Berri, speaker of the Shiite Muslim parliament.

Mikati said the politics of division must be put aside and that he cannot enter talks with the International Monetary Fund just to meet opposition at home.

He pledged to seek the support of Arab countries, a number of which have avoided Lebanon due to the considerable influence exerted in Beirut by Hezbollah, a heavily armed and Iranian-backed Shiite Islamist group, which is allied with Aoun.

Addressing daily challenges, he described how mothers were forced to cut back on milk production for their children.

“If a mother’s oldest son leaves the country and she has tears in her eyes, she cannot buy the Panadol pill,” he said, referring to the drug shortages.

But Lebanon could no longer afford to subsidize goods such as imported fuel because the country did not have enough hard currency reserves, he said.

Aoun said the government was the best that could be accepted and able to act.

DIFFICULT TASK

Like the outgoing cabinet of Prime Minister Hassan Diab, the new cabinet includes ministers with technical expertise who are not political figures but have been appointed by the main parties.

The Diab government has not implemented any of the major reforms sought by foreign donors, a task complicated by resistance from key players in Lebanon’s sectarian and factional politics.

“I think (Mikati) has a 50-50 chance of accomplishing anything. Whether you look at it in terms of a program with the IMF or aid from Arab countries,” said economist Toufic Gaspard, who has advised the IMF and the Lebanon Ministry of Finance.

Obtaining the support of Arab states such as Saudi Arabia would depend on confronting the influence of Hezbollah, while securing an IMF program would require reforms that previous governments have failed to achieve. enforce.

“It is a very delicate political game. It is not going to be easy,” he said.

Youssef Khalil, senior central bank official and assistant to Governor Riad Salameh, has been appointed Minister of Finance.

Hezbollah, which is designated as a terrorist group by the United States, has appointed two of the 24 ministers.

The crisis, which peaked at the end of 2019, stems from decades of state corruption and unsustainable funding.

Mikati was the third prime minister designate to attempt to form the government since Diab resigned after the port explosion.

Mikati was appointed after Saad al-Hariri, a former prime minister, abandoned his efforts.

Hariri traded responsibility for the failure with Aoun, whose political opponents accused Aoun and his political party of seeking an effective veto in the new government by demanding a third of the seats. Aoun has repeatedly denied this.

Mikati told Lebanese media on Friday that the government did not have a blocking third party.

Writing by Tom Perry; Edited by Andrew Heavens, William Maclean

Our standards: Thomson Reuters Trust Principles.



Source link

]]>
https://chateau-de-villesavin-41.com/lebanon-accepts-new-government-to-fight-economic-collapse/feed/ 0
French container line CMA CGM halts global spot rate hike to merchants’ relief https://chateau-de-villesavin-41.com/french-container-line-cma-cgm-halts-global-spot-rate-hike-to-merchants-relief/ https://chateau-de-villesavin-41.com/french-container-line-cma-cgm-halts-global-spot-rate-hike-to-merchants-relief/#respond Fri, 10 Sep 2021 12:45:14 +0000 https://chateau-de-villesavin-41.com/french-container-line-cma-cgm-halts-global-spot-rate-hike-to-merchants-relief/ CMA CGM SA, one of the world’s largest container companies, has frozen spot rate hikes until February next year as several countries set fire to unprecedented spike in shipping costs global containers since January, upsetting exporters and importers. French container line CMA CGM said it had halted spot rate increases from September 9 to February […]]]>


CMA CGM SA, one of the world’s largest container companies, has frozen spot rate hikes until February next year as several countries set fire to unprecedented spike in shipping costs global containers since January, upsetting exporters and importers.

French container line CMA CGM said it had halted spot rate increases from September 9 to February 1, 2022.

Pressure on shipping companies

The Group prioritizes its long-term relationship with its customers in the face of an unprecedented situation in the shipping industry, said the third largest container line in the world.

“Since the start of 2021, container shipping spot freight rates have continued to increase due to port congestion and the major imbalance between demand and effective sea container shipping capacity,” CMA said. CGM.

“Although these market-induced tariff increases should continue in the coming months, the Group has decided to suspend any further increase in spot freight tariffs for all services operated under its brands (CMA CGM, CNC, Containerships, Mercosul, ANL, APL), ”the line said.

CMA CGM seeks to provide some “price visibility during the peak Christmas season” to its customers, a source from the container shipping industry said.

Other global container companies such as Hapag-Lloyd AG, Maersk Line and Mediterranean Shipping Company SA are expected to join CMA CGM in detention rates.

“The kind of pressure that the Indian government, Federation of Indian Export Organizations, export promotion boards and shippers have put on shipping companies, other companies could also stop tariff increases,” TS believes. Ahluwalia, President of the Northern India Shippers Association (NISA).

“There is a lot of pressure on the shipping lines to stop rate increases. Every country is watching them closely, ”Ahluwalia said.

Sea freight charges have risen sharply from India since the start of the year. For example, the fare to the Port of Felixstowe, which was $ 1,000 in February, now hovers at $ 7,000, while the fare to New York is currently $ 12,000 from $ 2,000 in February.

The freight rate to Australia has increased from $ 1,500 to $ 8,000, while the rate of container shipping to Toronto has increased from $ 2,500 to $ 17,000.

The rate to South Africa rose to $ 6,000 from $ 1,500 in February.

Soaring freight rates helped container lines achieve windfall profits in the first half of calendar year 2021.

If freight rates continue to rise, container lines could collectively generate $ 100 billion in operating revenue in 2021, according to Drewry Maritime Research.

The German Hapag-Lloyd AG has earned more in the last six months than in the previous ten years combined.

Danish shipping giant Maersk Line is expected to earn around $ 14.5 billion this year, analysts say.

“Looking at the market environment today, however, we don’t think the situation will return to normal anytime soon – despite all the efforts and the additional container capacity being injected. We currently expect the market situation to improve only in the first quarter of 2022 at the earliest, ”said Rolf Habben Jansen, CEO of Hapag-Lloyd, on August 12, announcing the company’s half-year results.

“Rates are expected to stabilize at current levels,” Ahluwalia said, noting that rates must “stop somewhere”.

“The other shipping companies will not be able to freely increase their prices. They need to review the dynamics of the market. Thus, on current rates, there will be no significant jumps and rates could stabilize at current levels, ”he added.

However, the rate cuts will not be visible until major ports in the United States, Europe and China return to normal in their operations, he added.



Source link

]]>
https://chateau-de-villesavin-41.com/french-container-line-cma-cgm-halts-global-spot-rate-hike-to-merchants-relief/feed/ 0
Germany investigates Russia for pre-election hack https://chateau-de-villesavin-41.com/germany-investigates-russia-for-pre-election-hack/ https://chateau-de-villesavin-41.com/germany-investigates-russia-for-pre-election-hack/#respond Fri, 10 Sep 2021 12:26:54 +0000 https://chateau-de-villesavin-41.com/germany-investigates-russia-for-pre-election-hack/ BERLIN – The German Federal Prosecutor’s Office said on Friday it was investigating those responsible for a series of hacking attempts targeting lawmakers, as Russia grew concerned about disrupting the September 26 vote for a new government . The prosecutor’s office’s decision comes after Germany’s Foreign Ministry said this week it had protested to Russia, […]]]>


BERLIN – The German Federal Prosecutor’s Office said on Friday it was investigating those responsible for a series of hacking attempts targeting lawmakers, as Russia grew concerned about disrupting the September 26 vote for a new government .

The prosecutor’s office’s decision comes after Germany’s Foreign Ministry said this week it had protested to Russia, complaining that several state lawmakers and members of the federal parliament had been the target of th – phishing emails and other attempts to obtain passwords and other personal information.

These accusations prompted the federal prosecutor to open a preliminary investigation against what has been called a “foreign power”. Prosecutors did not identify the country, but cited the Foreign Ministry’s statement, leaving little doubt that their efforts were focused on Russia.

In their statement, prosecutors said they opened an investigation “in connection with the so-called Ghostwriter campaign”, a reference to a hacking campaign which German intelligence claims can be attributed to the Russian state and in particular to the Russian Federation. Russian military intelligence service known as the GRU

It was discovered that Russia had hacked into the computer systems of the German Parliament in 2015 and three years later it had penetrated the main data network of the German government. Chancellor Angela Merkel protested the two attacks, but her government struggled to come up with an appropriate response, and the issue of Russian hacking is now particularly sensitive, coming weeks before the Germans go to the polls to choose a successor after his nearly 16 years in power. .

“The German government considers this unacceptable action as a threat to the security of the Federal Republic of Germany and to the democratic decision-making process, and as a heavy burden for bilateral relations,” said Andrea Sasse, spokesperson for the Ministry of Foreign Affairs. Foreign Affairs. Wednesday. “The federal government strongly urges the Russian government to put an end to these illegal cyber activities with immediate effect. “

Ms Merkel is not running for re-election and will step down after a new government is formed, meaning the elections will be crucial in determining Germany’s future and shaping its relationship with Russia.

Of the three candidates most likely to replace Merkel, the Greens’ Annalena Baerbock, who has pledged to take the toughest stance against Moscow, has been the target of the most aggressive disinformation campaign.

The other two candidates – Armin Laschet of Merkel’s Christian Democratic Union and Olaf Scholz of the Social Democrats, currently Merkel’s vice-chancellor and finance minister – have served in three of Merkel’s four governments, and neither are expected switch. Berlin’s relations with Moscow.

Merkel enacted tough economic sanctions against Moscow after the invasion of Ukraine in 2014 despite some setbacks in other capitals and at home, but she also worked hard to keep lines of communication with Moscow open.

The two countries have important economic ties, especially in the energy market, where they recently cooperated in the construction of a direct gas pipeline, which the Russian energy company Gazprom announcement had been completed on Friday.

U.S. intelligence agencies believe that “Ghostwriter,” a Russian program that received its nickname from a cybersecurity company, was active in spreading false information about the coronavirus ahead of the 2020 U.S. presidential election, efforts that were seen as a refinement of what Russia tried to do in the 2016 campaign.

But attempts to interfere in previous German election campaigns have been limited, partly because of respect for Merkel, but also because the far-right and populist parties that have emerged in France and Italy have failed. managed to gain so much ground in Germany.

German intelligence officials nevertheless remain concerned that their country, Europe’s largest economy and a leader of the European Union, is not immune to outside forces seeking to disrupt its democratic standards.

Russian state-funded external broadcaster RT runs a German-only online service that for years has focused on dividing social issues, including public health precautions to stem the spread of the disease. coronavirus and migration.

During a visit to Moscow last month, Merkel denied accusations that her government pressured neighboring Luxembourg to block a license application from the station, which allowed it to broadcast its programs to German viewers by satellite.





Source link

]]>
https://chateau-de-villesavin-41.com/germany-investigates-russia-for-pre-election-hack/feed/ 0
Analysis: Costly winter ahead as electricity prices in Europe rise https://chateau-de-villesavin-41.com/analysis-costly-winter-ahead-as-electricity-prices-in-europe-rise/ https://chateau-de-villesavin-41.com/analysis-costly-winter-ahead-as-electricity-prices-in-europe-rise/#respond Fri, 10 Sep 2021 12:25:00 +0000 https://chateau-de-villesavin-41.com/analysis-costly-winter-ahead-as-electricity-prices-in-europe-rise/ FRANKFURT / LONDON / PARIS September 10 (Reuters) – Record hike in energy prices that pushed electricity costs in Europe to multi-year highs is unlikely to ease before year-end , which portends an expensive winter heating season for consumers. The main benchmark electricity contracts of the EU and France have both doubled so far this […]]]>


FRANKFURT / LONDON / PARIS September 10 (Reuters) – Record hike in energy prices that pushed electricity costs in Europe to multi-year highs is unlikely to ease before year-end , which portends an expensive winter heating season for consumers.

The main benchmark electricity contracts of the EU and France have both doubled so far this year due to a confluence of factors ranging from the economic recovery in Asia – which has spiked coal prices and gas – to the political will to increase European carbon emission permits, rising oil prices and low local production of renewable energy.

The EU’s benchmark electricity contract, German base power Cal 2022, on Friday set a new contract record of 97.25 euros ($ 115.09) per megawatt hour (MWh), while its French equivalent was right next to a record 100.4 euros / MWh.

Wholesale electricity prices in Germany at the start of the year

Even though wind power supply patterns and Russian gas deliveries are seen as wild cards in the market, the current environment means a significant tightening in electricity supply is likely, traders and analysts say.

Going into the fourth quarter and the onset of winter, prompt and forward prices are gaining strength from tight supply fundamentals, while the forecast for cool and dry weather points to sustained demand and growth. ‘a limited hydroelectric supply.

“All of our metrics on the weather and the fuel market are bullish,” said Georgi Slavov, head of fundamental research at brokerage Marex Spectron.

The biggest unknown is the Nord Stream 2 (NS 2) gas link between Russia and Germany, which could be operational in 2021 and increase Europe’s tight gas stocks.

At around 70%, gas stocks are below normal after a year of weak imports in which Asian buyers grabbed liquefied natural gas (LNG) and European industry recovered faster than normal. expected decline in demand due to the COVID-19 crisis.

At the same time last year, inventory levels were 93%, according to data from industry group GIE.

Construction of the 55 billion cubic meter per year NS 2 pipeline is complete, poised to double Russia’s gas export capacity via the Baltic Sea, but the German regulator has yet to give the green light. that could take months. Read more

“As soon as the market realizes that there is a real flow going through it, the gas market will go down,” Slavov said.

Demand for gas from power plants has been high due to below average wind speeds in Europe, limiting electricity production from wind farms.

CIHI Energy analysts said wind generation in Germany over the next two weeks is expected to average just 5 gigawatts (GW) per day, compared to an average of over 10 GW for the previous September three.

This is only a tenth of the possible total.

“If there are times again when wind power is declining, which is always the nature of wind, prices will be high again,” said Roy Manuell, analyst at ICIS Energy.

Other costs impacting electricity prices, such as carbon permits, are also unlikely to budge.

The EU’s European carbon benchmark contract, currently at 62.4 euros per tonne, remains close to a historic record set this week, supported by more ambitious climate targets which increase the cost of pollution, but also because high power generation activity means buyers need more permits.

In the complex interactions between fuels and carbon, demand for coal has increased as power producers seek to avoid sky-high gas prices.

With coal-fired power plants emitting double the amount of carbon dioxide as gas-fired power plants, this in turn has led to increased demand and higher prices for carbon permits.

European prices for steam coal for power generation are reaching 12-year highs and 13-year highs in Asia.

At least one factor, nuclear availability in the main electricity exporter, France, should bring peace of mind as engineers have worked hard to improve the fleet – although across Europe the situation for nuclear is mixed, as power plants in large markets like Britain and near Germany.

Current French daily nuclear availability is between 45 GW and 47 GW for September, or around 73 to 75% of the total installed and between 6 and 7 GW above the five-year average, according to ICIS and data from the network company. RTE. .

Availability in November and December is expected to be close to 90%.

($ 1 = 0.8450 euros)

Reporting by Vera Eckert, Susanna Twidale and Forrest Crellin; Editing by Veronica Brown and Jan Harvey

Our standards: Thomson Reuters Trust Principles.



Source link

]]>
https://chateau-de-villesavin-41.com/analysis-costly-winter-ahead-as-electricity-prices-in-europe-rise/feed/ 0
Can businesses in France refuse cash payments because of the Covid? https://chateau-de-villesavin-41.com/can-businesses-in-france-refuse-cash-payments-because-of-the-covid/ https://chateau-de-villesavin-41.com/can-businesses-in-france-refuse-cash-payments-because-of-the-covid/#respond Fri, 10 Sep 2021 12:04:58 +0000 https://chateau-de-villesavin-41.com/can-businesses-in-france-refuse-cash-payments-because-of-the-covid/ Reader’s Question: I have seen a lot of places requesting card payments purely because of Covid. Can businesses in France refuse cash payments? The Covid-19 pandemic has led to an increase in card payments in France, but customers should be aware that French merchants are not legally allowed to refuse cash payments. In early 2020, […]]]>


Reader’s Question: I have seen a lot of places requesting card payments purely because of Covid. Can businesses in France refuse cash payments?

The Covid-19 pandemic has led to an increase in card payments in France, but customers should be aware that French merchants are not legally allowed to refuse cash payments.

In early 2020, growing fears that Covid – which would be able to survive on certain surfaces for several hours – could potentially spread via banknotes and coins only served to accelerate a growing trend in card payment.

Many merchants have encouraged the use of contactless card payments, with signs indicating “cash refused” or “payment by bank card only” (card payment only) appearing in store windows.

In a June 2020 European Central Bank survey on the impact of the pandemic on liquidity trends in EU countries, a quarter of French respondents said they had been refused a cash payment for the Covid crisis.

However, this is not legally enforceable. Article 642-3 of the French penal code stipulates that traders cannot “refuse cash payments for the settlement of accounts”, and they can be fined up to € 150.

Cashiers may, however, express a preference for card payments, and may limit cash payments at certain cash registers or vending machines.

In general, stores are not required to accept cash payments if:

  • The banknotes are in very bad condition
  • Customer attempts to make a one-time payment using more than 50 coins
  • The cash register does not contain enough coins to give change (in which case the customer must give the exact amount)
  • Banknotes or coins are no longer in circulation
  • The cashier suspects that the money is fake
  • This is the payment of an invoice in a tax office, where – with some exceptions – cash is no longer accepted since September 1.

The rise of contactless

A gradual movement towards card payments had already been observed for several years, with contactless payments having almost doubled each year since 2016, according to the Bank of France.

In 2019, cash was still the most common means of payment in France, accounting for 59% of transactions, but the pandemic has accelerated the growth of contactless card payments.

The European Central Bank’s June 2020 survey found that 44% of French people surveyed – above the euro area average – believed euro banknotes were a vector of Covid transmission, and 38% feared getting sick if they got too close to a store. the cashier.

In April 2020, the French Ministry of the Economy and Finance announced that the limit on contactless card payments would be raised to € 50, in order to allow people to avoid exchanging physical money or touching a card dispenser.

The European Central Bank study showed that in June, 49% of French participants opted for contactless payment more regularly, while 39% used cash less often.

Two-thirds of French people surveyed had made their last transaction by card – 39% using contactless – against only 26% who chose to use cash.

As they eagerly awaited the end of the pandemic, 86% of French participants predicted that they would continue to favor card payments over cash.

In October 2020, the Banque de France recorded a 21% reduction in the number of banknotes withdrawn from ATMs compared to the same period in 2019.

However, as the pandemic slowly loosened its grip in June 2021, a YouGov poll showed that while 72% of French people plan to use a debit card after the end of the Covid crisis, 55% also plan to use it regularly. cash in the future, more than the global average of 51%.

Only 15% saw themselves using mobile payments using a device like Apple Pay, compared to a global average of 37%.

The study interviewed nearly 19,000 people from 17 countries around the world.



Source link

]]>
https://chateau-de-villesavin-41.com/can-businesses-in-france-refuse-cash-payments-because-of-the-covid/feed/ 0
France bans entry to unvaccinated Americans https://chateau-de-villesavin-41.com/france-bans-entry-to-unvaccinated-americans/ https://chateau-de-villesavin-41.com/france-bans-entry-to-unvaccinated-americans/#respond Fri, 10 Sep 2021 11:06:14 +0000 https://chateau-de-villesavin-41.com/france-bans-entry-to-unvaccinated-americans/ (CNN) – France has become the last European country – and the most important tourist destination – to remove the United States from its list of safe travel, following EU recommendations following a peak in Covid in the United States . A French government decree issued On Thursday, the United States and Israel were removed […]]]>


(CNN) – France has become the last European country – and the most important tourist destination – to remove the United States from its list of safe travel, following EU recommendations following a peak in Covid in the United States .

A French government decree issued On Thursday, the United States and Israel were removed from the country’s “green” list, down to “orange”, effectively banning non-essential travel to France for unvaccinated visitors.

Under France’s rules, unvaccinated travelers from either country will still be allowed entry provided they have a basic reason for traveling, but they will need a negative Covid-19 test beforehand. travel and will need to quarantine for seven days upon arrival.

France’s move follows restrictions on American travelers from several other European destinations. Earlier this week, Spain changed its entry policy for arrivals from the United States, requiring them to have a certificate proving double vaccination.

Savings battered by the Covid

Last week, Italy started requiring all visitors, including those from the United States, to show proof of a PCR test or Covid antigen test performed within 72 hours of travel, whether or not they are vaccinated.

Many European travel destinations reopened their borders to Americans earlier in the summer in hopes of attracting much-needed tourism dollars to boost economies battered by Covid.

With the spread of the Delta variant of Covid in the United States, some countries, including Germany, had already started restricting access to Americans before the EU recommendation. Others, like Greece, insist they will remain open regardless of the immunization status of travelers.



Source link

]]>
https://chateau-de-villesavin-41.com/france-bans-entry-to-unvaccinated-americans/feed/ 0
Would you have a COVID-19 booster shot if offered to you? https://chateau-de-villesavin-41.com/would-you-have-a-covid-19-booster-shot-if-offered-to-you/ https://chateau-de-villesavin-41.com/would-you-have-a-covid-19-booster-shot-if-offered-to-you/#respond Fri, 10 Sep 2021 10:03:21 +0000 https://chateau-de-villesavin-41.com/would-you-have-a-covid-19-booster-shot-if-offered-to-you/ A new Ipsos survey reveals that a majority of fully vaccinated adults in 13 countries would get a COVID-19 vaccine booster if offered to them. However, a majority also believe that priority should be given to people who have not yet received a full dose. A majority also believe that a booster will likely be […]]]>


  • A new Ipsos survey reveals that a majority of fully vaccinated adults in 13 countries would get a COVID-19 vaccine booster if offered to them.
  • However, a majority also believe that priority should be given to people who have not yet received a full dose.
  • A majority also believe that a booster will likely be needed at least once a year.

A new Ipsos survey in 13 countries around the world reveals that a majority of fully vaccinated adults would get a COVID-19 vaccine booster if offered to them.

However, a majority of adults in all countries also believe that priority should be given to people who have not yet received a first dose.

The survey, a collaboration with the World Economic Forum, was conducted at the end of August and involved 9,521 adults under the age of 75, of whom 5,977 had already received two doses of a COVID-19 vaccine.

Boosters will likely be needed, according to most people

The survey shows a widespread belief that booster shots of the COVID-19 vaccine will be needed at least once a year to maintain protection against the disease.

The expectation was highest in Mexico, Brazil and the UK, but lowest in Russia.

REMINDER VACCINES WILL BE NEEDED AT LEAST EACH YEAR TO MAINTAIN PROTECTION AGAINST COVID-19

Majorities in 12 out of 13 countries believed that boosters would be needed at least annually.

Image: Ipsos

Each of our 50 last mile social enterprise and multi-stakeholder first responders works in four priority areas of need: prevention and protection; Treatment and relief of COVID-19; inclusive access to vaccines; and securing livelihoods. The list was curated jointly with regional hosts Catalyst 2030 NASE and Aavishkaar Group. Their profiles are available on www.wef.ch/lastmiletop50india.

Top Last Mile Partnership Initiatives to Work With:

And most fully vaccinated adults would get one.

The survey also showed that a majority of adults who have already received two doses of the COVID-19 vaccine would get a booster if offered.

Intention to be vaccinated was highest in Brazil (96%), Mexico (93%) and China (90%) and lowest in Russia (62%) and Italy (66%).

Support for boosters exists among those who have been requested.

Image: Ipsos


But, priority should be given to those who have not yet had a jab

Despite the strong intention to get booster shots, a majority in all of the countries studied agree that the priority should be to get the first doses to those who need them before making booster shots available.

Support for prioritizing first doses is highest in China (83%) and lowest in France (56%). No more than a quarter disagreed in any one country, and in some countries as few as one in ten did.

PRIORITY TO VACCINES SHOULD BE FIRST DOSES FOR THOSE WHO WANT THEM BEFORE RECALLS ARE AVAILABLE

There was broad support for prioritizing the first doses.

Image: Ipsos

What are COVID-19 vaccine recalls?

“The simplest answer is that this is just another dose of a vaccine that you received,” said infectious disease specialist Dr Albert Shaw. Yale Medicine in August. “The concept is to extend protective immunity, especially if there is evidence that protection wanes after a period of time.”

Boosters are used to counteract the drop in efficiency over time. For example, data for July shows that the Pfizer / BioNTech’s COVID-19 vaccine efficacy dropped to 84% after six months after peaking at 96% with two months of vaccination.

Booster doses can also be modified to target specific variants of a virus. “Current vaccines are still effective against the variants we are seeing today, especially to protect against serious illnesses that would require hospitalization or result in death. But if the virus evolves further and there is a worse variant, the vaccine could be changed, ”Dr Shaw said.

Has anyone started using them?

Some countries have already started rolling out third doses, including Israel, France and Germany. Others, including the UK and we, plan to do the same in September.

The World Health Organization had previously called for a pause on COVID-19 vaccine booster shots until the end of September. Chief Executive Officer Dr Adhanom Ghebreyesus on Wednesday called for this to be extended at least until the end of the year to narrow the immunization gap between countries.

And, as Genya Dana, Acting Head, Health and Healthcare at the World Economic Forum, explains, it’s critical that we work to close the gap between those who have access to vaccines and those who don’t. :

“COVID-19 has highlighted how vaccination is by far the most effective public health intervention to protect populations against disease and it is crucial that a robust vaccination infrastructure be deployed in every country in the world. Dana said.

“At least 60% of the world’s population must be vaccinated by 2022 to bring the current pandemic under control – but the issue of equity and access must be at the center of this effort. With only 0.4% of current doses administered in low-income countries, this crisis will continue to multiply. We must redouble our efforts to get everyone who has not yet had one vaccinated.



Source link

]]>
https://chateau-de-villesavin-41.com/would-you-have-a-covid-19-booster-shot-if-offered-to-you/feed/ 0
Which products are affected and why? https://chateau-de-villesavin-41.com/which-products-are-affected-and-why/ https://chateau-de-villesavin-41.com/which-products-are-affected-and-why/#respond Fri, 10 Sep 2021 09:56:02 +0000 https://chateau-de-villesavin-41.com/which-products-are-affected-and-why/ Reports of drug shortages in France have increased sixfold since 2016, with more than a hundred different drugs affected. Some of the most commonly reported shortages are in drugs used to treat high blood pressure, cardiovascular disease and neurological problems. Last year, one in four people reported difficulty getting the medicine they needed because of […]]]>


Reports of drug shortages in France have increased sixfold since 2016, with more than a hundred different drugs affected.

Some of the most commonly reported shortages are in drugs used to treat high blood pressure, cardiovascular disease and neurological problems.

Last year, one in four people reported difficulty getting the medicine they needed because of its scarcity.

Earlier this month, it was announced that pharmaceutical companies should now stockpile for at least two months of “products of major therapeutic interest” to avoid breakages.

We are looking at the drugs with the most frequently reported supply and the potential reasons for this shortage.

Which drugs are affected?

Drug shortages have increased year on year since 2016, when 405 reports cited a lab warning saying they may be out of stock. By 2020, this figure had risen to 2,446, according to the National Medicines Agency, the National Medicines and Health Products Safety Agency (ANSM).

The spread of Covid-19 has also caused a shortage of muscle relaxant curare, which was widely used to treat intensive care patients.

ANSM reports also show that the antihypertensive drugs irbesartan and ramipril, as well as other drugs affecting the cardiovascular and nervous systems are often subject to shortages.

Risperidone, which is used to treat schizophrenia, and lansoprazole, which relieves inflammation and stomach ulcers, are also among the most frequently reported shortages.

When certain drugs are scarce, healthcare workers are left with no alternative treatment.

A November 2020 * study carried out by the consumer association UFC-Que Choisir indicated that in 18% of cases, “the laboratories do not offer any substitute, leaving patients in a terrible impasse”.

For other drugs, manufacturers could suggest a “mediocre” alternative that could lead to dangerous side effects, the group said.

* The UFC-Que Choisir study concerned the 140 drugs reported out of stock or out of stock by the ANSM in July 2020.

What caused the problem?

This increase in shortage declarations is partly due to the introduction of a 2016 law that lowered the threshold from which laboratories were required to report a lack of supply to the ANSM.

The 2020 social security financing law has also strengthened the penalties that laboratories could be faced with if they do not declare a possible out of stock as soon as possible.

The figures also show that the drug supply has been heavily impacted by the Covid-19 pandemic, with 700 shortages reported in March and April 2020 alone, when countries closed their borders to combat the spread of the virus.

At that time, 80 to 85% of French drugs and active ingredients were produced in China, according to the Minister of Economy and Finance Bruno Le Maire, who described this situation as “irresponsible and unreasonable”.

Even before the start of the pandemic, this addiction had posed problems. In 2017, to reduce its emissions, China limited the electricity supply to some industrial zones, which housed several pharmaceutical factories. This has led to a worldwide shortage of the antibiotic amoxicillin and clavulanic acid.

Several experts in the pharmaceutical field have also suggested that the shortage of many cheap and commonly used drugs may be due to the economic strategy of the manufacturing company.

Philippe Lamoureux, managing director of the association of pharmaceutical companies LEEM told Le Monde that “when drugs enter the public domain and the market is full of competitors, their prices drop very quickly.

“Sometimes the price drops below the cost of production, so the drug is no longer produced.”

An ANSM study of the 3,530 shortage observations made between 2012 and 2018 showed that 63.4% of the drugs in question had first been made available more than 10 years ago, that is to say -to say that they were no longer profitable for the manufacturers.

If production stops and supply decreases, demand – and therefore profitability – will increase.

Decisions to stop the manufacture of certain drugs have direct effects on patients. On September 7, Franceinfo reported the story of ‘Marc’, who was forced to have his bladder removed following repeated shortages of the drugs he needed for his cancer treatment.

Related Articles

French study: 20% of severe Covid patients have a genetic or immune problem

Paracetamol again made in France



Source link

]]>
https://chateau-de-villesavin-41.com/which-products-are-affected-and-why/feed/ 0