Monday, July 3, 2017

Europe has 'lost its way' warns Emmanuel Macron in 'state of the union' address at Versailles palace





Europe has 'lost its way' warns Emmanuel Macron in 'state of the union' address at Versailles palace



French President Emmanuel Macron walks through the Galerie des Bustes (Busts Gallery) to access the Versailles Palace's hemicycle
French President Emmanuel Macron walks through the Galerie des Bustes (Busts Gallery) to access the Versailles Palace's hemicycle CREDIT:  REUTERS
Europe has "lost its way" and requires a "new generation of leaders" to revive the bloc, warned French President Emmanuel Macron in an extraordinary state of the union-style address at the Palace of Versailles.
In a lofty 90-minute address to both houses of parliament, the fervently pro-EU 39-year-old nevertheless warned: "The last 10 years have been cruel for Europe. We have managed crises but we have lost our way."
Critics slammed the regal and costly gathering at the Palace of the Sun King Louis XIV - said to cost up to €600,000 - as "ridiculous" and proof of his "pharaonic" drift towards a "republican monarchy". A group of far-Left and centrist MPs boycotted the address.

But aides responded that the French have made it clear they want a "vertical" power structure with a powerful "Jupiterian" chief like Charles de Gaulle who steers clear of day-to-day politics but makes it clear he calls the shots.



Une loi ne suffit pas à rétablir la confiance. C’est un comportement de chaque jour.
In a speech which he said would become an annual affair, Mr Macron said: "The building of Europe has been weakened by the spread of bureaucracy and by the growing scepticism that comes from it."
"I believe firmly in Europe," he told the assembled 925 lawmakers. "But I don't find the scepticism unjustified."
Britain's vote last year to leave the European Union was a "symptom" of a "failure... that we must have the courage to face head-on," he insisted. France and Germany would launch "democratic conventions" across Europe by the end of 2017, he said, without providing more details.
Focusing mainly on domestic politics, France's youngest leader since Napoleon  warned that he would seek direct approval from voters in a referendum if parliament failed to approve his "deep reforms" quickly enough.
"The French people are not driven by patient curiosity, but by an uncompromising demand. It is a profound transformation that they expect," said Mr Macron.

French President Emmanuel Macron spars with a boxing partner in Paris, France
French President Emmanuel Macron spars with a boxing partner in Paris, France
He pledged to end France's state of emergency this autumn - in place since the 2015 Paris attacks.
The move was in order to "guarantee full respect for individual liberties" which rights groups say have been violated by the draconian measures.
Instead, Mr Macron promised to inscribe much of the emergency measures into permanent law in order to fight Islamic extremism and other threats "without pity ... without weakness." The difference is that they would be overseen by judges, he said.
The president also proposed to cut the number of lawmakers by a third in both houses of parliament who will "legislate less" but "act faster". Other measures included limiting the number of MP's mandates and adding a dose of proportional representation into parliament.
Mr Macron swept to power in May on a "neither Left nor Right" platform that has uprooted French politics and his République en Marche (Republic on the Move, or REM) party won an absolute majority in legislative elections last month, bringing a slew of political novices to parliament.
The pro-business ex-banker, who has pledged to rush through labour reforms by decree and to cut the number of civil servants, took a swipe at the French nanny state, saying: "It's not the French who need to break their addiction to public interventionism, it's the state".
Mr Macron is not the first French leader to hold a so-called Congress, but recent predecessors have only done so in times of crisis or constitutional reforms.

Emmanuel Macron at Versailles
Emmanuel Macron at Versailles CREDIT: ERIC FEFERBERG/AFP
Opponents said that the timing of the speech disrespectfully upstaged his prime minister, Right-winger Edouard Philippe, who is due to outline his government's roadmap on Tuesday.
Mr Macron dismissed this, saying: "It is up to the president to outline the meaning of the five-year term…it's up to the prime minister to flesh it out."
In comments that will further irk the French media, who in recent days he claimed was unable to cover his "complex" thoughts, Mr Macron told journalists to stop their "incessant hunt for scandal". 
Since his election, his campaign director Richard Ferrand has come under fire for alleged nepotism. Mr Macron, who has pledged to clean up French politics with a new law, claimed the media buried politicians before the facts were properly verified.
Political opponents lambasted the speech as an endless ramble.
Far-Right Front National leader Marine Le Pen said that Mr Macron's vision got lost in a "lyrical haze".
Jean-Luc Mélenchon, firebrand leader of France Unbowed dismissed it as a "interminable shower of truisms" that left him "bored to death".
Commentators warned that setting the stage for his term in such a palatial setting was a daring bet that could backfire in a country notorious for chopping off king's heads.
"The French perhaps love presidential power, Versailles, the pomp, but they want action. Great power comes with great demands," noted les Echos. "Disappointment forbidden," chimed Le Figaro.
History has shown that republican monarchs "lose their lustre fast" unless they achieve results, it warned.

Japan PM Abe set for huge loss in Tokyo assembly vote: exit polls

Japan PM Abe set for huge loss in Tokyo assembly vote: exit polls

Tokyo residents went to the polls Sunday in a big test for embattled Prime Minister Shinzo Abe, whose ruling Liberal Democratic Party is facing a powerful challenge from the megacity's popular governor for control of the assembly.Tokyo residents went to the polls Sunday in a big test for embattled Prime Minister Shinzo Abe, whose ruling Liberal Democratic Party is facing a powerful challenge from the megacity's popular governor for control of the assembly.© AFP KAZUHIRO NOGI
Tokyo (AFP) - Embattled Japanese Prime Minister Shinzo Abe's conservative party was set for a major defeat in the Tokyo assembly election Sunday, exit polls showed, as he struggles with a series of setbacks and scandals that have driven down his popularity at the national level.
Former TV anchorwoman Yuriko Koike, who was elected the city's governor in a landslide last year, was expected to seize a comfortable majority of the 127-seat Tokyo assembly, which the ruling Liberal Democratic Party previously controlled but is now bracing for a historic defeat.
While the vote is local, it serves as an important indicator of national political sentiment.
"Forces supporting Koike projected to take majority" of the chamber, national broadcaster NHK said immediately after voting ended at 8:00 pm (1100 GMT).
"The LDP set for serious defeat," and may reduce its seats to a historic low, NHK said.
The broadcaster projected that a coalition under Koike would win 73 to 85 seats in the chamber.
The LDP was projected to drop from 57 to less than 38 seats -- the lowest number of seats the conservative party had held in the capital since 2009.
Koike, who has also served as defence and environment minister, has approval ratings topping 60 percent and is already been spoken of by analysts as a potential future prime minister, as Abe battles a cronyism scandal.
The energetic 64-year-old quit the LDP last month to lead the newly-formed Tomin First no Kai (Tokyo Residents First). 
Koike has pledged to rein in overspending on the Tokyo 2020 Olympics and has upended political convention by allowing television cameras into what were traditionally closed-door city government meeting.
She managed to forge an alliance with the Komeito party, a Buddhist-backed moderate group that has long sided with Abe in national politics.
"I am grateful that people of Tokyo have affirmed our achievements so far," Koike said in televised remarks as media began forecasting her massive win.
"This is the moment when we reinstate reasonable, common-sense politics in Tokyo," she said.
A total of 259 candidates ran for seats in the male-dominated chamber that administers the city of nearly 14 million people.
The vote came as Abe, who was elected prime minister in late 2012, suffers a series of setbacks and faces loud criticism for ramming controversial and unpopular legislation through parliament.
In the last week, his defence minister Tomomi Inada was in hot water over remarks she made at a local LDP rally. She asked for voters' support and said it was a request from her ministry and the Self-Defense Forces, Japan's military.
The SDF is supposed to be politically neutral, and Inada retracted the remark.
Abe, 62, is also under fire over allegations he showed favouritism to a friend in a business deal. 
The claims come a few months after the conservative premier was forced to deny he had connections to the controversial director of a school which had purchased government land at a huge discount -- and counted Abe's wife as its honorary principal.
LDP's Tokyo chief Hakubun Shimomura, a national lawmaker, admitted "misspoken words" and other mistakes cost the party the election.
"This is very tough. Beyond what we expected," Shimomura told NHK.
"We will reflect on this and we will make efforts at national politics to regain trust of the Japanese public and Tokyo public," he said.
It provided a sharp contrast with the last Tokyo election in 2013, when all of the LDP's 57 candidates won seats as Abe rode high in the polls and pushed a plan to kickstart Japan's long-slumbering economy.
A recent poll by public broadcaster NHK showed Abe's government had a 48 percent support rating, down three percentage points from a month earlier. His disapproval rating rose six percentage points to 36 percent, the survey showed.
Many Tokyo residents have applauded her approach to shaking up the conservative local political establishment.
"From what I see, the Tokyo assembly (dominated by the LDP) is seriously old fashioned and needs to change," said voter Yoshikazu Niwa, 67, who voiced his support for Koike.
More: AFP

Qatar has been given another 48 hours to comply with a list of 13 demands

Qatar has been given another 48 hours to comply with a list of 13 demands

Diplomatic crisis in the GulfDiplomatic crisis in the Gulf © AFP Gillian HANDYSIDE, Sophie RAMIS
Riyadh (AFP) - Saudi Arabia and its allies said early Monday they had decided to extend by 48 hours the deadline for Qatar to accept their list of demands to lift a de facto blockade.
With the deadline expiring at midnight Sunday, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt agreed to give Doha an extension to respond positively to their demands.
The move came after a request by the Kuwaiti emir who is acting as mediator in the Gulf crisis, according to a joint statement issued by the official Saudi SPA news agency.
The Kuwaiti government had requested the extension following Qatar's announcement that it was due to hand over its response to the emir, Sheikh Sabah al-Ahmad Al-Sabah, on Monday.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt announced on June 5 they were severing ties with their Gulf neighbour, sparking the worst diplomatic crisis to hit the region in decades.
They accused Doha of supporting extremism and of being too close to regional arch-rival Iran, which Qatar has strongly denied.
On June 22 they presented a list of 13 demands and gave Doha 10 days to comply.
Riyadh's demands include ending Doha's support for the Muslim Brotherhood, the closure of Al-Jazeera television, a downgrade of diplomatic ties with Iran and the shutdown of a Turkish military base in the emirate.
The four countries indicated in their statement that they would study and evaluate Qatar's response before delivering their own reply to Kuwait.
Doha has so far indicated that it rejects the demands.
"The list of demands is made to be rejected," Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani said Saturday in Rome.
"The state of Qatar... is rejecting it as a principle," he said, adding: "We are willing to engage in providing the proper conditions for further dialogue." 

GUNDLACH: Here's the 'critical level' I'm watching for the 10-year

GUNDLACH: Here's the 'critical level' I'm watching for the 10-year

Bond guru Jeffrey Gundlach has his sights set on a new "critical level" for the 10-year Treasury yield. In a Friday afternoon tweet, Gundlach said, "US 10-year yield above 200-day moving average, broke downtrendline from March. Critical level now 2.32%, probably coincides with 0.50% Bund."
Gundlach 10-yearInvesting.com
US Treasurys have come under pressure in the weeks following the Federal Reserve's second rate hike of 2017. The central bank lifted its benchmark interest rate to a post-crisis high of a range between 1% and 1.25% at its June meeting. The rate hike was just the third since the onset of the financial crisis. 
The 10-year hit a record low near 1.36% last July and rallied to 1.80% ahead of the election. Yields continued to race higher in the wake of the election as it was thought Donald Trump's protectionist trade agenda and plans for tax cuts would bring back inflation to the United States. 
While Gundlach did not tweet his call, going into the second quarter, Wall Street was looking for the benchmark yield to rise to 2.90% over the next 12 months. 
As Deutsche Bank's Torsten Sløk noted, Wall Street hasn't been too good with its predictions for the 10-year. In a recent note to clients, he said "the problem is that Wall Street economists have been consistently too optimistic for the past 15 years."
10Y forecastsDeutsche Bank


Elon Musk just revealed when Tesla will deliver its first Model 3 cars

Elon Musk just revealed when Tesla will deliver its first Model 3 cars

Tesla Model 3Tesla unveiled the lower-priced Model 3 sedan at the Tesla design studio in Hawthorne, California, on March 31, 2016.AP Photo/Justin Pritchard
TSLA Tesla
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DisclaimerGet real-time TSLA charts here »
Tesla will deliver 30 Model 3 vehicles on July 28, CEO Elon Musk said via Twitter on Monday.
Musk said the Model 3 passed all of the regulatory requirements two weeks ahead of schedule, so the company is ready to ramp up production.
Notably, the company is on schedule to produce some 1,500 Model 3 vehicles by September and 20,000 Model 3 cars a month by December, Musk said.
Considering Tesla's history of production delays, that launch schedule for the Model 3 would be impressive.
The Model 3 will be Tesla's first mass-market car, and it is arguably the company's most important car yet. The vehicle, which was first revealed in March of last year, will be priced at $35,000 before incentives and is said to have a range of at least 215 miles a charge.
Tesla aims to produce 500,000 a year by 2018 and 1 million a year by 2020. The Model 3 is expected to make up a significant portion of those new vehicles.
After the company revealed the Model 3 last year, Tesla said it received about 400,000 preorders for the vehicle. But it's likely that the number has since increased.
Here are Musk's tweets:

Model 3 passed all regulatory requirements for production two weeks ahead of schedule. Expecting to complete SN1 on Friday

Handover party for first 30 customer Model 3's on the 28th! Production grows exponentially, so Aug should be 100 cars and Sept above 1500.
Looks like we can reach 20,000 Model 3 cars per month in Dec
Get the latest Tesla stock price here.

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