Krakovets, L’viv and numerous other towns — Monuments to Roman Shukhevych (1907–1950), another OUN figure and Nazi collaborator who was a leader in Nazi Germany’s Nachtigall auxiliary battalion, which later became the 201st Schutzmannschaft auxiliary police unit. Shukhevych later commanded the brutal Ukrainian Insurgent Army (UPA), responsible for butchering thousands of Jews and 70,000-100,000 Poles.
The monument in Krakovets (above left) and plaque in L’viv (above right) are two of many Shukhevych statues in Ukraine.
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The Collaboration of Ukrainian Nationalists with Nazi GermanyBoth the Ukrainian state and its society have undergone dramatic changes since the beginning of the new millennium. With the “Orange Revolution” in 2004 and even more with the “Revolution of Dignity”(Euromaidan) in the winter of 2013/14, a slow and difficult process of inner liberalization, democratization and modernization took shape that might finally result in the integration of the country into the European Union.
Alongside these remarkable changes, extremely emotional and conflict-laden debates about the historical past and national legacy are also taking place. This often leads to painful retrospection, taking into ac-count that recent Ukrainian history was battered by two World Wars and also 70 years interlocked with the Soviet Communist regime a history full of repression, violence, ethnic conflicts and paternalism. It is the narrative of a repeated national awakening and keen fights for freedom, but also of aggression against vulnerable ethno-cultural minorities in similar circumstances. A Ukrainian feeling of national cohesion arose in the 19th century, firstly in the arts, language and intellectual ideas. Poets like Taras Shevchenko, musicians like Mykola Lyssenko and painters like Oleksandr Murashko planted the seeds of Ukrainian culture and character. As in many other ethno-cultural groups of the centenary, national patriotism also gained traction, along with the vision of an independent Ukrainian state. These efforts have been stunted twice, first of all by external forces in the course of both World Wars (and more than ever in their results.) Moreover, the Ukrainian fight for independence has regrettably twice turned into political and military radicalization, not least at the expense of minorities like the Jews. It is possible to retrace this ambivalence surrounding idolized heroes bravely and somewhat successful fighting for freedom in both World Wars, while at the same time unable to prevent mass crimes committed by their own followers. This is true, for example, in the case of Symon Petljura, the highly esteemed govern-mental head of the short-lived independent Ukraine at the end of World War I, and similarly true in the case of Stepan Bandera, the leader of the Ukrainian na-tionalist organization OUN-B in the 1940s. Petljura was assassinated in Parisin May 1926 by the Jewish activist Salomon Schwarzbart, who avenged his family killed by Petljura troops in the Russian Civil War years before. Bandera was murdered in Munichin 1959 by a Soviet KGB (Комитетгосударственнойбезопас-ности/Committee for State Security) agent. Consequences of challenging NAZI authority Auxiliary police 109, 114, 115, 116, 117, 118, 201-st Ukrainian Schutzmannschaftant-battalions participated in anti-partisan operations in Ukraine and Belarus. In February — March 1943 50-th Ukrainian Schutzmannschaftant-battalion participated in the large anti-guerrilla action «Winterzauber» (Winter magic) in Belarus, cooperating with several Latvian and 2nd Lithuanian battalion. Schuma-battalions burned down villages suspected in supporting Soviet partisans. ("Gerlach, C. «Kalkulierte Morde» Hamburger Edition, Hamburg, 1999"). All inhabitants of the village Khatyn in Belarus were burnt alive by the Nazis with participation of the 118th Schutzmannschaft battalion on 22 March 1943. Waffen-SS Division "Galizien" By April 28, 1943 the German Command had created the 14th Waffen Grenadier Division of the SS Galizien (1st Ukrainian) manned by 14,000 Ukrainians. The history, composition, and function of the Waffen-SS Galizien are the topic of contentious debate among scholars still today. Some have held that these men volunteered eagerly for war against the Soviets, claiming that as evidence of active support of Nazi Germany: [Williamson, G: "The SS: Hitler's Instrument of Terror"] while others claim that at least some of them were victims of compulsory conscription as Germany suffered defeats and lost manpower on the eastern front. [cite book | author=Melnyk, Michael | title=To Battle: The Formation and History of the 14. Gallician SS Volunteer Division | publisher=Helion and Company Ltd] Sol Litman of the Simon Wiesenthal Center claims that there are many proven and documented incidents of atrocities and massacres committed by the Waffen-SS Galizien against minorities, particularly Jews during the course of WWII: [cite book | author=Litman, Sol | title=Pure Soldiers or Bloodthirsty Murderers?: The Ukrainian 14th Waffen-SS Galicia Division | edition=Hardcover | publisher=Black Rose Books | year=2003| id=ISBN 1551642190] however other authors, including Michael Melnyk, [cite book | author=Melnyk, Michael | title=To Battle: The Formation and History of the 14. Gallician SS Volunteer Division | publisher=Helion and Company Ltd] and Michael O. Logusz [cite book | author=Logusz, Michael | title=Galicia Division: The Waffen-SS 14th grenadier Division 1943-1945 | publisher=Schiffer Publishing] maintain that members of the division fought almost entirely at the front against the Soviet Red Army and defend the unit against the accusations made by Litman and others since the war. Neither the division nor any of its members were ever charged with any war crime. Israel has led a 10-country simulation of a major cyber attack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks. The simulated cyber attack evolved over 10 days, with sensitive data emerging on the dark web along with fake news reports that ultimately caused chaos in global markets and a run on banks.
Participants in the initiative, called “Collective Strength”, included treasury officials from Israel, the United States, the United Kingdom, United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand, as well as representatives from the International Monetary Fund, World Bank and Bank of International Settlements. The simulation featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters. "These events are creating havoc in the financial markets," said a narrator of a film shown to the participants as part of the simulation and seen by Reuters. Israeli government officials said that such threats are possible in the wake of the many high profile cyber attacks on large companies, and that the only way to contain any damage is through global cooperation since current cyber security is not always strong enough. The narrator of the film in the simulation said governments were under pressure to clarify the impact of the attack, which was paralysing the global financial system. “The banks are appealing for emergency liquidity assistance in a multitude of currencies to put a halt to the chaos as counterparties withdraw their funds and limit access to liquidity, leaving the banks in disarray and ruin,” the narrator said. The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies. "Attackers are 10 steps ahead of the defender," Micha Weis, financial cyber manager at Israel's Finance Ministry, told Reuters. Rahav Shalom-Revivo, head of Israel’s financial cyber engagements, said international collaboration between finance ministries and international organizations “is key for the resilience of the financial eco-system.” The simulation was originally scheduled to take place at the Dubai World Expo but it was moved to Jerusalem due to the Omicron variant of COVID-19, with officials participating over video conference. EDITORIAL: Germany shows the World why investing in Physical Precious metals is so Important.27/8/2021 Recent World Gold Council data on investment gold demand shows that the German market had the world’s highest gold coin and bar demand in H1 2021, even ahead of China. (Check @ https://twitter.com/KrishanGopaul/status/1430973575989768198?s=20). Demand for gold coins and gold bars in Germany increased by 35% during H1 2021 vs H2 2020, compared with a 20% increase in the rest of the world. (Check @ https://www.bnnbloomberg.ca/inflation-wary-germans-are-loading-up-on-gold-1.1644487).
Germany is Europe’s largest gold market and has a very sophisticated investment gold distribution structure through many banks and gold dealer outlets through the country. A survey in 2019 on gold investments conducted on behalf of the German Reisebank found that Germany’s citizens owned a massive 8918 tonnes of gold, of which 4925 tonnes (55% of the total) was held in the form of physical gold bars and gold coins, with the remaining 3993 tonnes held in the form of gold jewellery. The savvy German public also continues to buy physical gold in huge quantity even though the German government has thrown up obstacles to make the anonymous purchase of physical gold more burdensome. The news that Germans are still stacking up on physical gold should not be surprising given that the country has an historical appreciation of the dangers of Weimar hyperinflation and fiat currency debasement. Maybe we should all take a leaf out of the Germans’ book when it comes to gold, as inflation around the world accelerates and the monetary printing presses continue to whirl unabetted. Pete McGee BERLIN, September 4 -- After a plethora of teases and an almost daily barrage of videos and image of the vehicle, the final production version of the all-electric Porsche Taycan has been revealed. The first pure EV from the German automaker comes in two variants (Turbo and Turbo S) and starts at $150,000 (or $153,000 if you put a deposit down for the launch edition) and will start being delivered by the end of the year. The Taycan (Pronounced Tai Khan) started as the concept Mission E four years ago at the Frankfurt Motor Show. Since then, Porsche has been doling out a steady stream of information, teaser images and videos of the vehicle's prowess. The Turbo S version of the four-door sports sedan has an impressive 750 horsepower while in launch control and 774 pounds of torque from two motors situated in the front and back. Those powerplants along with a 93.4 kWh battery pack can propel the turbo s variant from zero to 60 in as little as 2.6 seconds putting it nearly on par with the Tesla Model S P100D. The Turbo trim level will hit 60 in 3.0 seconds. This is the first vehicle in the company's E-Performance lineup with the Taycan Cross Turismo coming in by the end of next year and all-electric Macan's landing in the automaker's SUV lineup. In addition to a new design and powerplant, the Taycan is also home to the new Porsche infotainment system that trims distraction and introduces a new voice assistant feature. With "Hey Porsche," drivers will be able to control many aspects of the cars secondary controls like media, climate and navigation. While we wait patiently for EPA range numbers, the more generous European WLTP gives the vehicle a 412 KM range (256 miles). So expect a range probably around 225 to 230 miles once the final testing has been completed. What we do know is that the Taycan can be charged from five to 80 percent in 22.5 minutes via a charger that outputs 270 kW. for super-quick stops, it'll add 60 miles in about 5 minutes. So if you're in a hurry -- and frankly if you bought a Porsche, you probably are -- if you can find a powerful enough station you can be back on the road pretty quickly. So it's fast, looks amazing and it's filled with more tech than any Porsche that came before. With over 20,000 preorders already on the books, the automaker is off to a good start with its new venture. "Only by always changing has Porsche remained Porsche," said Detler Von Platen, member of the executive board sales and marketing at the unveiling event. But with a six billion euro investment allotted to its electrification plans, it's going to take all three of those things and the Porsche-buying public to buy into this new world to make financial sense. Lora Smith ROTTERDAM, August 25 -- Eleven years after the global financial crisis, the European banking industry is once again preparing for tough days ahead. After Deutsche Bank announced a large-scale layoff plan not long ago, another large European bank might follow suit to do the same. Italy’s largest bank by asset size UniCredit is considering 10,000 job cuts, accounting for 10% of the bank’s total global workforce. This layoff makes up part of the business plan that UniCredit will announce at the end of this year. UniCredit will announce at least 9,000 layoffs, and almost all the employees getting retrenched will be Italians. The negotiations between UniCredit and the union will begin after the announcement of its business plan for 2020-2023 on December 3 this year. The negotiations between both parties may help to reduce the number of layoffs from the original figures. UniCredit is a European bank headquartered in Milan, with operations in 19 countries and having more than 28 million customers. It is also one of the largest banking groups in Europe. The core business of UniCredit is mainly distributed in the more well-off regions of Italy, Austria and southern Germany, as well as a large number of businesses in Central and Eastern Europe. With assets of EUR 91 billion, UniCredit has become the largest bank in the Eurozone, the third largest in Europe and the sixth largest in the world. However, its profitability is in decline. According to publicly-accessible information, UniCredit’s net profit for 2018 was EUR 3.892 billion, a decline of nearly 29% compared to a net profit of EUR 5.473 billion in 2017. The recent frequent layoffs could be a possible indication that the European banking industry has not fully recovered from the financial crisis. After the crisis, the United States adopted quantitative and accommodative monetary and fiscal policies as guarantees, and through legislation to strengthen supervision of the banking industry. At the same time, the government helped the banks through the crisis by using national capital injection. The period of de-leveraging the banking industry is relatively short, and the profitability of the U.S. banking industry therefore recovered within a shorter span of time. In Europe, there was a lack of a unified fiscal policy. It was only in November 2014 that the single regulatory mechanism for the banking sector in the euro zone was launched. The de-leverage of the European banking industry lacked sufficient policy support and assistance, hence slowing its process of deleveraging. Since the total loans of 27 banks in Europe account for a much higher proportion of non-financial debt than the United States, the impact on the economy in its de-leveraging process was much greater, which in turn affected its profitability. On a more general level, the poor performance of the European banking industry stemmed from the slow recovery of the European economy and the tightening of banking regulations. Data from the World Bank reveals that from 2010 to 2017, the world’s GDP increased from US$ 65.96 trillion to US$ 80.73 trillion, representing an increase of 22.39%. Among them, the U.S. GDP increased from US$ 14.96 trillion to US$ 19.39 trillion, an increase of 29.61%. However, the EU’s GDP only increased from US$ 16.98 trillion to US$ 17.28 trillion, a mere 1.76% increase and far less than that of the United States. The economic growth of the EU is not only significantly lower than the global average, but also significantly lower than the United States. The reason why European banking performance is closely related to its economy is because European banks, especially small and medium-sized banks, are not highly globalized, and their business is mainly located in Europe. Only a few larger banks, such as Deutsche Bank, have branches around the world that provide services to customers globally. As the global trade frictions intensify and the downward pressure on the economy increases, the profits of these large banks are being affected. Small and medium-sized banks whose businesses are mainly concentrated in Europe will see difficulty in achieving improvement. After the financial crisis, especially since the European debt crisis, the strength of regulation in Europe has been increasing. The European debt crisis has exposed two major problems of the European banking industry. Banks conducting higher-risk businesses and the general EU financial system were under-regulated. To resolve this, the EU on the one hand has increased the banking capital adequacy requirements, prohibiting large banks from engaging in proprietary trading, and curbing excessive speculation in the banking industry. On the other hand, it established a banking industry alliance to form a unified regulatory mechanism, clearing mechanism and deposit insurance system. However, EU member states have major differences in the relevant new banking regulations. The increase in capital adequacy ratio and the divestiture of risky assets have augmented the stability of the banking industry. At the same time, it also led to a decline in the income and profit of the banking industry. Kevin Dowd, a professor of finance and economics at Durham University, has previously analyzed that the large European banks have suffered setbacks in the United States, and also contraction of their business activities. However, a careful analysis will reveal that the main problem in the EU banking industry is happening in European soil. The European banking industry is facing a major repayment crisis, and this crisis has been brewing for a long time. The thorny issue facing the European banking industry is caused by none other than the EU itself. Due to quantitative easing policies and excessive tolerance policies, the existing problems have worsened. Dowd believes that the EU banking industry is currently moving in the direction towards a crisis, and the EU bank’s bad debt loaning solution will fail to work. In the end, there will be the scenario where the taxpayers will have to bailout the banking industry who will then become too big to fail. It is worth noting that both Deutsche Bank and UniCredit are regarded as banks with high importance in the global financial system. If these banks are having problems, they will inevitably hold a major impact over the European financial system. In particular, the European economy has not recovered from the crisis so far. With the global trade war resulting in economic slowdown, the European Central Bank has clearly stated that in order to support economic growth, it may further introduce easing policies and even cut interest rates further. Long-term negative interest rates have seriously affected the profitability of the European banking industry, and should the interest rates fall further, the impact on these banks will be even greater. As these banks get into trouble, they will also affect the lending behavior of enterprises, which will in turn drag down the growth of the entire European economy and thus turning these events into a vicious cycle. If this shock continues to expand, it may trigger a new round of global economic crisis. Final analysis conclusion: The recent frequent layoffs in the European banking industry have highlighted its vulnerability in the post-crisis era, and in the context of global trade war and economic slowdown, this vulnerability may eventually evolve into a trigger for a new global economic crisis. Pete McGee STUTTGART, August 24 -- Elon Musk has talked about making an electric Tesla Van for a while, Volkswagen has teased the return of its iconic bus as an EV. But Mercedes-Benz beat everybody to the punch in this critical segment with the 2020 Mercedes-Benz EQV—an electric van that seats up to eight and runs a claimed range of over 200 miles. At least in Europe. Mercedes-Benz showed off a “concept” version of the EQV previously, but it was rather obviously very close to production-ready. That’s backed up now that we have the real deal just in time for this year’s Frankfurt Motor Show next month. The press release only talks about the public charging network services in Europe, so it may be unlikely we’ll be getting this electron-powered van Stateside, but you never know. That said, the EQV has a 90 kWh battery pack centrally mounted under the floor of the van, offering a claimed preliminary range estimate of 405 km, or roughly 250 miles on a single charge. The van is driven by a single motor on the front axle with an output of 150 kw, or 204 horsepower, and 362 nm of torque, or just about 267 lb-ft. On a 110 kw public DC rapid charger, the Mercedes claims the EQV can charge from 10 to 80 percent of its battery capacity in around 45 minutes. On an AC charger, like a standard public parking charger or using the Mercedes-Benz Wallbox Home 11 kW charger that can be installed in your house, the battery should charge in less than 10 hours. The EQV picks up a little bit of the exterior design language of the EQC crossover, and inside it gets some rose gold accent touches and adaptable seating with optional bench seats, which means you can shove up to eight people in this thing. The EQV is nice and acceptable because it’s just an electric version of the regular Mercedes-Benz van, so it’s very practical. EVs do not all need to be fancy! Just zoom around town without contributing to localized pollution! And now it can. In Europe.
Pete McGee BANGKOK, August 10 -- The new 992-generation Porsche 911 is now fully launched in the Thailand and the iconic sports car based on the 911 series gets non-S power and lower prices. How much slower is it than the S? After Porsche launched its latest generation 911 Carrera late last year in S guise, it has revealed the base version. Dubbed simply as Carrera, the entry-level 911 receives the same 3.0-litre twin-turbo flat-six albeit with 385hp, 65hp less than the Carrera S and 15hp more than in the outgoing 991-based predecessor. When equipped with eight-speed dual-clutch automatic transmission, the Carrera goes from 0-100kph in 4.2sec. That’s half a second slower than the Carrera S with the same gearbox. How much cheaper is it in price? Thai pricing has yet to be finalised. But given that the Carrera S commands a circa-10% price premium in Europe, the Carrera could cost from under 11 million baht in Thailand. Due to its lower performance and market position, the Carrera gets smaller 19in wheels and 330mm disc brakes with calipers painted in black. The Carrera S, which sells for 11.5 million baht, has 20in wheels and larger discs (410mm up front and 390mm on the rear) with red calipers. The Cabriolet version is also available albeit with slightly higher pricing and slower 0-100kph acceleration time than the hard-top variant. The other 992 models in the pipeline As is customary, Porsche will fill every conceivable niche with its benchmark sports car - and we've got the lowdown from humble Carrera 2 to top-brass 911 Turbo, from soft-top convertibles to the red-hot new GT3 version. This is when you can expect to see the new 911 range derivatives:
And a 911 Targa? Our spy photographers snapped the Targa version of the 992, and if we’re honest, it’s everything we expected. The Targa implementation at the back of the car looks very similar to what we’ve seen on previous 911s, and aside from a little tape, the car isn’t really camouflaged at all. Do you prefer the Targa to the ‘standard’ cabriolet? Let us know in the comments. Lora Smith FRANKFURT, August 7 -- German industrial output endured a worse-than-expected decline in June, contributing further to a manufacturing downturn in Europe’s biggest economy. Total industrial production, including output from manufacturers, energy and construction sectors, dropped by 1.5% month-on-month last June, data released by the Federal Statistical Office (Destatis) showed on Wednesday. The fall was led by a deep slump in German manufacturing output. A stuttering demand and escalating trade disputes dealt an astounding blow to factories in recent months and industrial behemoths, including Daimler and Continental, who were prompted to slash their profit forecasts. Construction, which fueled the country’s last-year growth, started to take a downward turn, but it posted a slight increase of 0.3% during June. Stripping out energy and construction output, production in industry fell by 1.8% in June. On an annual basis, industrial output plunged by 5.2% during the month, the biggest in nearly a decade. “Industry remains mired in a downturn,” the Economy Ministry said. It is worth noting that orders placed with German factories grew last June, yet the ministry warned that the upturn was not an indicator of a turning point in the manufacturing sector. Pete McGee BANGKOK, August 6 -- Updated M2 is still in a class of its own amid the arrival of more price-affordable sports cars. What’s new?
Like in many new Mercedes-AMGs, BMW’s M cars now come in two power guises. While the basic version carries a regular badge, the Competition moniker is used on the go-faster variant (AMG uses the S letter). But that’s not exactly the case with the M2 Competition, as tested here on Thai roads, which actually forms as the mid-life update of BMW’s smallest M-honed coupe. Yes, it’s more powerful than the regular model, but the M2 Competition boasts a new engine. Replacing the 370hp single-turbo sixer (N55) is a 410hp twin-turbo unit (S55), detuned from that used in the M3 and M4. For M fans, this mechanical change might already be sufficient for an update, which is probably why they might choose to overlook some small cosmetic alterations like a reshaped black kidney grille, as such. The price of the M2 Competition is set at 6.259 million baht, higher than the pre-facelift model by 360k. That’s still decent when you consider that the 300hp versions of the Jaguar F-Type and Porsche 718 Cayman are priced from six and 6.6 million baht accordingly. But, on the other hand, some new lower-priced sports cars have arrived on Thai shores after the M2’s inception including the sub-5 million baht 460hp Ford Mustang V8 and 390hp Mercedes-AMG C43 Coupe. Can any comparison with the M2 Competition be valid? What’s cool? When we first drove and thrashed the M2 around a racetrack in the US three years ago, it was noted that more power could have served better justice for the chassis. In fact, the M2 inherited the front sub-frame from the M4 ever since. So here it is, the S55-tagged straight-six that not only makes the M2 Competition genuinely powerful in a straight line but highly entertaining when roads start to meander. The carried-over dual-clutch automatic is still terrific to use thanks to its quick shifting operation (the M2 could be among the last to use such a gearbox now that the M boys have gone soft with torque-converter autos in their latest creations). Thanks to a rear-drive chassis, it’s relatively easy to unsettle the car’s tail upon a moderate tap on the throttle. It’s a playful attitude that many driving enthusiasts have come to like, apart from the M2 already being highly agile to steer. Adding up to driving fun is the so-called MDM mode that allows drivers to enjoy wheel spins and control slides within a loosened safety net. Power from the 400hp-plus engine easily overwhelms the chassis in many real-world conditions recalling the old days of the E46-based M3. Yes, you don’t have to risk losing your license to have a good time in the M2 Competition. But if you like outright speed, it’s governed top speed will be attained with no sweat in the open, like in the Mustang. Despite being a compact coupe, the M2 manages to offer enough space for four without being inferior to both the Ford and AMG. The racy feel in the M2 Competition is enhanced with the usual quad exhausts, nice-looking 19-inch wheels, blown rear wheel arches and sumptuous amounts of carbon fibre trim in the cabin. Rivals are also tailored similarly, but it feels more pure in the Bimmer. What’s not? Possibly the biggest downside in the M2 Competition is the stiff ride where no adjustable dampers can be found. It’s quite bouncy over uneven road surfaces, even for driving purists. The obvious benefit, though, is good high-speed stability. Anybody liking to blast away in an unfussed manner might find the all-wheel drive system (and more comfortable riding chassis) in the C43 a boon. But that’s almost missing the point in a car designed for tail-waggling. And, surely, the M2 Competition can’t match the Mustang’s V8 for aural thrills. But, again, as a turbocharged inline-six, the noise sounds naturally mechanical and loud when provoked. Some people like that. Buy or bye? To answer the question posed earlier, making comparisons with the cheaper alternatives is quite invalid because each of these trio serve a different purpose and slightly varied audience. The Mustang appeals to enthusiasts liking its V8 and for what it is in a name; the C43 offers fast and easy manners for those not needing the full-fat AMG treatment; the M2 Competition serves up raw thrills for those seeking the joy of driving fun. And if you’ve already read about AMG’s latest CLA45 we've driven for the first time recently, Merc’s pocket rocket is still less involving to drive in comparison to the M2 Competition. What the M2 Competition has managed to really do for the first time is plug the gap between itself and that equally fine 718 Cayman in terms of driving enjoyment. That bi-turbo engine should have been available in the M2 all along its time. Lora Smith FRANKFURT, August 6 -- More and more fierce critics go to the European Central Bank: The low interest rates ruined allegedly Germany savers. Behind this is fundamental mistrust of the common currency. For a while it had become quiet around the European Central Bank (ECB) and its president Mario Draghi. But three events have recently ensured that the furor of the public or published opinion on the ECB's low-interest-rate policy rages again with full force. Draghi's implicit announcement to re-launch the Federal Reserve's controversial bond-buying program and increase the penalty rates commercial banks must pay when they park money with the ECB. The early end of the era of the Italian and the inauguration of the former IMF head Christine Lagarde, who comes from France, where they allegedly do not have so with solid finances. Lawsuits against banking union and bond purchase program before the Federal Constitutional Court, which make the monetary policy of the ECB on the topic in the evening news. Those who read business press these days, can not avoid the impression that the ECB and Draghi had conspired against all the banks and savers in Germany shortly before his retirement, so that they would keep him in as bad a memory as possible. Sometimes it is said that the ECB, which is by definition independent, needs the Constitutional Court "urgently to take a shot at the bow" - whatever that means. Elsewhere there is talk that the penalty interest "felt" meet all 83 million people in the country - knowing that so far only about 30 of the approximately 1800 German banks have introduced penalty interest on call money or checking accounts, and that only for wealthy with deposits 100,000 euros or even higher. The newspaper "Börsenzeitung", as the central organ of the financial center of Frankfurt, even states that under Draghi a "brutal redistribution" from private to state took place and the ECB had "released the commercial banks". In fact, the assets of the Germans in Draghi's term has grown dramatically to now more than six trillion euros - and not as insinuated shrunk. Moreover, most banks still generate profits that are sufficient enough to pay their executives significantly above-average salaries, which applies not only to Deutsche Bank, but also to the German savings banks, which are widely pampered in Germany.
Pete McGee
HOCKENHEIM, July 28 -- Full race results of the German Grand Prix at the Hockenheim Circuit, round eleven of the 2019 Formula 1 season.
2019 Formula 1 German Grand Prix - Race Results
Note:
* Max Verstappen: Fastest race lap (1m 16.645) ** Lewis Hamilton: 5 seconds penalty for wrongly entering the pit lane *** Antonio Giovinazzi: 30 seconds penalty for beaching Article 27.1 in relation to launch control **** Kimi Räikkönen: 30 seconds penalty for beaching Article 27.1 in relation to launch control
HOCKENHEIM, July 28 -- Full race results of the German Grand Prix at the Hockenheim Circuit, round eleven of the 2019 Formula 1 season.
2019 Formula 1 German Grand Prix - Race Results
Note:
* Max Verstappen: Fastest Race Lap (1m 16.645) ** Lewis Hamilton: 5 seconds penalty for wrongly entering the pit lane Lora Smith VIENNA, July 28 -- The remaining signatories to the 2015 Iran nuclear deal are set to meet in Austria's capital, Vienna, to renew discussions aimed at salvaging the accord in the wake of United States' unilateral exit last year. Envoys from Britain, France, Germany, China, Russia and Iran will take part in Sunday's extraordinary gathering, the European Union's foreign policy service said. The meeting will "examine issues linked to the implementation of the JCPOA in all its aspects," the EU said, referring to the nuclear deal by its formal name, the Joint Comprehensive Plan of Action. The landmark agreement, which offered Iran relief from global sanctions in exchange for curbs on its nuclear programme, is in danger of unravelling following Washington's move in May 2018. The administration of US President Donald Trump has since reimposed punishing sanctions against Tehran, plunging its economy into recession and bringing hardship to ordinary Iranians. The pact's remaining signatories oppose Washington's move but have struggled to protect trade with Iran. In May, Iran said it would disregard certain limits the deal set on its nuclear programme. After surpassing a cap on stockpiles of enriched uranium, Iran's atomic agency earlier this month said it has also started to enrich uranium to a higher grade than the 3.67 percent set in the JCPOA. All of the moves were "reversible within hours" if the remaining signatories upheld their commitments, according to Iranian officials. However, they have also threatened to take further measures if the parties, especially European nations, did not help Tehran circumvent the US sanctions, particularly the restrictions on its ability to export oil. |
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