World
EU leaders insist eurozone is ‘resilient’ as Deutsche Bank plunges
Banks throughout the eurozone are resilient, secure and powerful, European Union leaders insisted on Friday on the finish of a two-day summit in Brussels.
However their phrases stood in stark distinction with the tough actuality of the monetary markets, the place Deutsche Financial institution, Germany’s largest lender, was struggling a precipitous decline in worth, with its shares plunging by nearly 15% throughout Friday’s buying and selling.
The autumn was credited to an increase in credit score default swaps (CDSs), which mirror the insurance coverage prices towards a doable default on a financial institution’s debt.
Different European banks, together with UBS, Commerzbank, Société Générale and BNP Paribas, have been additionally affected by the turbulence, though to a lesser extent.
Monetary markets have been rocked by persistent turmoil because the collapse of Silicon Valley Financial institution, the most important American financial institution to fall since 2008, and the government-brokered takeover of Credit score Suisse earlier this month.
Regardless of repeated assurances from policymakers, buyers proceed to point out evident indicators of hysteria and unease, pushing shares into unpredictable ups and downs.
Deutsche Financial institution’s shares have been hit laborious, dropping greater than a fifth of their worth in lower than one month.
“Deutsche Financial institution has essentially modernised and reorganised its enterprise mannequin and is a really worthwhile financial institution,” German Chancellor Olaf Scholz stated on Friday.
“There is no such thing as a want to fret about something.”
Dutch Prime Minister Mark Rutte struck a constructive notice and praised the safeguards put in place because the 2008 monetary disaster, which later triggered a devastating debt disaster throughout the eurozone.
The cataclysm prompted the creation of the banking union to harmonise guidelines, enhance supervision over European banks and stop the usage of taxpayers’ cash in occasions of misery.
“There was a whole lot of criticism, additionally from the enterprise group and from the banking group, that most likely we have been a bit too harsh. However now you see how vital it’s that we’ve got these buffers, that we’ve got taken these measures,” Rutte stated, responding to a Euronews query.
“Usually, I feel we’re in a fine condition.”
The banking union, nevertheless, stays incomplete.
The third pillar, generally known as the European deposit insurance coverage scheme (EDIS), has been caught in negotiations since 2015, with no breakthrough in sight. Coincidently, EDIS is meant to stop determined financial institution runs just like the one which introduced down Silicon Valley Financial institution.
Rutte urged EU nations to wrap up discussions on the banking union “however not as a response to what’s occurred within the US or to Credit score Suisse.”
“We do suppose the current oversight is powerful sufficient, however we nonetheless need to take the ultimate steps,” Rutte stated.
Paschal Donohoe, president of the Eurogroup, who additionally participated in Friday’s financial debate, additionally appeared optimistic in regards to the well being of European banks, calling them “resilient” and “robust.”
However when requested about Deutsche Financial institution, Donohoe trod with warning.
“After all, I am conscious of market developments that happen. It isn’t applicable to touch upon them given how circumstances can change,” Donohoe advised reporters.
“We’re very assured relating to the place our banks stand in the meanwhile, their stability and their energy.”
World
Justin Baldoni Sued by Former Publicist Amid Blake Lively Scandal
Justin Baldoni‘s former publicist sued him, his company and his current publicity team on Tuesday, amid a spiraling scandal over an alleged smear campaign against Baldoni’s “It Ends With Us” co-star Blake Lively.
Steph Jones, who owns Jonesworks, accused Baldoni of breaching their contract, which required him to pay her $25,000 per month. Baldoni dropped the firm in August, a few months into a year-long deal, after his Jonesworks publicist, Jennifer Abel, left the company to start her own publicity firm.
Jones also sued Abel and publicist Melissa Nathan, accusing them of implementing the smear campaign against Lively behind her back and without her knowledge. She alleges that they are now trying to blame her for the ensuing meltdown.
“To this day, Abel and Nathan continue to point the finger falsely at Jones now that their own misconduct is coming to light, and to defame and attack Jones in the industry,” the lawsuit states.
Lively filed a complaint on Saturday with the California Civil Rights Department, accusing Baldoni and his publicists of orchestrating negative coverage about her in retaliation for her complaints of sexual harassment on set.
In the complaint, Lively accused Baldoni of a catalog of sexually inappropriate comments and behavior that allegedly took place on set in 2023. According to the complaint, she raised these issues through her attorneys before filming, which had been suspended during the Hollywood strikes, resumed earlier this year.
The rift between Baldoni and Lively became apparent during the publicity tour for the film last summer. Baldoni feared that Lively or her team would public accuse him of sexual misconduct, and sought ways to combat that. The complaint quoted extensively from text messages among Baldoni’s publicity team, in which they plotted to “bury” Lively.
In an unusual move, Lively’s attorneys obtained the messages by sending a pre-litigation subpoena to Jones.
Abel, Nathan, and Baldoni are represented by attorney Bryan Freedman. On Monday, Freedman threatened to sue Jones for releasing the contents of Abel’s phone to Lively’s legal team. Freedman, Abel and Nathan did not immediately respond to a request for comment on Jones’ suit.
In her lawsuit, Jones relates that she “forensically preserved” Abel’s company phone after Abel was fired.
“Abel and Nathan’s covert take down and smear campaigns were revealed in black and white on Abel’s company-issued phone following her termination, which Jonesworks forensically preserved and examined in detail after receiving a subpoena for the phone’s contents,” Jones’ suit states. “Jones discovered the breadth and intensity of Abel and Nathan’s duplicity from these records, including that Abel was actively encouraging other Jonesworks clients and employees to leave Jonesworks while Abel was still employed there.”
Jones’ suit alleges that Abel conspired for months to leave her company and to “steal” her clients and trash her reputation in the industry. She accuses Nathan of encouraging Abel to leave, because Nathan would then have greater access to those clients.
“This scheme ultimately inflicted serious damage on Jones and Jonesworks,” states the lawsuit, which was filed in state court in New York.
Among other things, the suit alleges that Abel and Nathan planted negative stories about Jones in the press, including an article in Business Insider that was published last summer.
The suit alleges breach of contract, tortious interference with contract, breach of fiduciary duty and defamation.
World
Police officer dressed as the 'Grinch' steals Christmas spirit during drug bust
A Peruvian police officer dressed as the Grinch, the cantankerous and green-furred villain, busted suspected drug traffickers in the South American country’s capital days before Christmas.
The operation in San Bartolo in Lima resulted in the arrest of three suspects, according to a video posted online by the Peruvian National Police.
“In an ingenious operation, agents of the Green Squad arrested the aliases La Reina del Sur, La Coneja and Pote, alleged members of the La Mafia de San Bartolo gang, dedicated to drug dealing,” a police post on X states. “Various narcotics were seized.”
FLORIDA MAN WHO WAS HALF-NAKED, ‘HIGH ON METH’ BREAKS INTO HOME, GRABS CARPET CLEANER
Using what appeared to be a sledgehammer, the officer walked down the street dressed as the infamous Christmas villain with a small heart before breaking down the front door of a home and entering, according to the video footage.
The suspects were arrested, and the “Grinch” is seen rummaging through various items in the home before finding what authorities said were illegal drugs and other items related to drug trafficking.
MORE THAN $31M OF METH CONCEALED IN SHIPMENT OF PEPPERS SEIZED AT TEXAS-MEXICO BORDER
Peru is the second-largest producer of cocaine and cultivator of coca in the world, according to the State Department.
“The majority of cocaine produced in Peru is transported to South American countries for domestic consumption, or for onward shipment to Europe, the United States, East Asia, and Mexico,” the State Department website said.
Peru’s national police force has carried out similar operations in the past.
On Halloween 2023, officers disguised as horror favorites Freddy Krueger, Jason Voorhees and Tiffany Valentine, the murderous doll in the “Child’s Play” series, also broke into the home of alleged drug dealers.
World
Are your Christmas gifts ready? Here are where EU toys come from
While the EU saw a drop in toy exports, China was the EU’s biggest supplier, providing 80% of these imports, valued at €5.2 billion.
In 2023, the EU imported €6.5 billion worth of toys from countries outside the bloc, a €2 billion decrease compared to 2022.
According to the latest Eurostat figures, China was the EU’s biggest supplier, providing 80% of these imports, valued at €5.2 billion.
Vietnam followed with 6% and the United Kingdom with 2%.
Around a fifth of the EU’s toy imports ended up in Germany, while France and the Netherlands received 16% and 14%, respectively.
At the same time, the EU exported €2.3 billion worth of toys in 2023.
This figure represents a slight decrease of €0.2 billion from the previous year.
More than half of the toys exported from the EU came from the Czech Republic, Germany and Belgium.
The UK was the top destination for EU toy exports, receiving 30% of the total, followed by Switzerland at 13% and the United States at 10%.
Concerns over toy safety
A recent Toy Industries of Europe study revealed that 80% of toys purchased from third-party sellers on online marketplaces failed to meet EU safety standards.
The research tested over 100 toys from various platforms, uncovering serious health risks such as choking hazards and toxic chemicals.
At the beginning of September, the European Parliament backed a proposal to improve the safety of toys available on the EU market.
The proposal focused particularly on decreasing the number of unsafe toys in the EU market and better protecting children from toy-related risks, including banning harmful chemicals in toys.
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