Munich’s Olympic Hopes Face Wrath From Locals
As Munich officials woo Olympic committee inspectors in a pitch to stage the 2018 Winter Games, they face one major snag: a broad coalition of local farmers and environmentalists is trying to kill the bid.
Unlike those contenders, Munich faces growing resistance to its bid close to home. So far, about six dozen local farmers have refused to cede their land for use during the games, arguing that the event would be too costly and environmentally destructive.
Swiss Central Bank had Loss as Franc Rose
The Swiss National Bank announced that it posted a book loss of 19.2 billion Swiss francs in 2010 as the franc’s appreciation eroded the value of its foreign-currency holdings.
The consolidated loss, which compares with a profit of 9.96 billion francs in 2009, was largely driven by currency movement. The Swiss central bank said that its currency interventions to help stem the franc’s relentless rise against the euro, the US dollar and the UK pound resulted in exchange-rate losses of 32.7 billion francs in 2010.
5 British Institutions that Need Some Magic
Pontins’ owner says that it needs Disney-style appeal. It is not alone. Here are five UK institutions that require some magic power as well.
1. Eastenders
2. The Royal Family
3. The police
4. The NHS
5. The BBC
Home Scheme’s End Leaves GBP 400m Bill
The termination of government support for home buyers has left taxpayers holding GBP 400 million of mortgage debt considered too high risk to be taken on by banks.
However, the scheme has also left the state exposed to the riskiest slice of a GBP 2.5 billion bundle of mortgages.
Rebuke Spurs EU Rethink on Trade Duties
The European Union has been rebuked by the WTO for the way it imposes extra duties on imports it deems unfairly priced, with potential implications for a wide collection of products ranging from shoes to glazed tiles.
In a notable victory for China, a WTO panel found in an interim report that the EU’s practice of imposing a single national blanket duty on imports covered by so-called “anti-dumping” measures breaks global trade rules.
The case became another example of a trend in international trade diplomacy—WTO members seeking to circumscribe their trading partners’ use of anti-dumping and other emergency blocks on imports by litigation at the WTO.
European Central Bank Extended Emergency Support Facilities
In the last week, the European central Bank extended its emergency support facilities for eurozone banks into the new year, as it tries to keep a lid on the tension in the market.
However, according to the BIS, it is reported that euro-zone government bond markets had stabilized during the second quarter of the year.
Warning on Police Cuts
According to a study of the expected influence of austerity measures, the police chiefs will at best be able to reduce spending by 12% before having to start making deep cuts to frontline officer numbers.
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