European parliament failed to calculate impact of sanctions

The European parliament seems to be a particulary useless body

The European Parliament did not conduct any of its own official studies on the impact of its sanctions against Russia prior to their implementation or to this day, said Director-General of the European Parliamentary Research Service (EPRS) Anthony Teasdale and Secretary-General of the European Parliament (EP) Klaus Welle on Tuesday.

“On sanctions, no we have not, in the European Parliament Research Service, done any analysis on the financial implications,” said Teasdale in response to a question from RIA Novosti at a Wilson Center event on EU economic integration.

He said there had been no requests from parliamentary committees, noting that “the committees have not been meeting for the last three or four months, because we’ve been having European elections.”

On July 31, the European Commission officially adopted stricter sanctions against Russia. According to the EP officials, this was done without a comprehensive study of the costs to Europeans. The sanctions barred access to secondary capital markets, the arms trade, and trade in technology used in oil exploration and production. Numerous European countries have already argued that the Western countries’ sanctions and the food import ban imposed by Russia on August 7 are damaging the economy.

“I was surprised myself that we hadn’t produced this,” said Welle of an outside study citing the impact, specifically, of the European oil trade with Russia being cut back. “On the question of did we calculate the effect of the sanctions specifically on this end, I am not aware of that.”

On August 7, Russia imposed a ban on food imported from the United States, the European Union, Australia, Canada and Norway in response to the Western sanctions. The ban targets meat, seafood, dairy products, fruit and vegetables and other food, and is expected to last one year.

Source: RIA Novosti

Immigrants drown after Spain fires rubber bullets

spainimmigrantsThe European Commission wants Spain to account for the drowning of 14 migrants who recently failed to swim to Ceuta, a Spanish enclave in North Africa. Spain earlier admitted that rubber bullets were fired at them, but claimed no one was injured.

“The commission will be requesting explanations from the Spanish authorities on these events,” EU Home Affairs spokesperson Michele Cercone said, adding that the commission has a right to act if there’s evidence that a member state has violated EU laws.

On Thursday, Spanish Interior Minister Jorge Fernandez Diaz admitted that local border police, in an effort to turn back around 200 migrants who tried to cross the frontier between Morocco and Spain’s Ceuta on February 6, had indeed fired rubber bullets at them.

While some tried to cross on land, at least fourteen migrants drowned in the Mediterranean trying to swim around a man-made breakwater that separates Moroccan and Spanish waters. Spanish police say they are still searching for more victims.

According to the Spanish Interior Minister, the rubber bullets were fired at a distance of 25 meters to deter people from entering Spain while they were in the water. Diaz told a parliamentary commission that the shots were never intended to hit the migrants, whose behavior he described as aggressive. Spanish police posted online video footage of migrants throwing stones at the border fence. The footage didn’t show what had happened when some of them tried to swim around to Spanish land, however. Ceuta, on the north coast of Africa across the Strait of Gibraltar on the Mediterranean Sea, has a population of about 83,000.

According to the online newspaper EUObserver, 23 people managed to make it to Ceuta’s El Tarajal beach, but were immediately turned over to Moroccan authorities. Under European asylum and migration law, anyone who steps foot on member states’ territory is eligible to have their asylum request reviewed before being deported. Although Spanish Interior Minister admitted a group of migrants made it to the beach, Diaz said the group did not enter Spanish territory, since they allegedly never made it past the line of waiting border guards.

Meanwhile, the EU Commissioner for Home Affairs Cecilia Malmstrom said she was “very concerned about Spanish police using rubber bullets to deter migrants.”

“I expect clarifications from the authorities,” Cecilia Malmstrom wrote on her Twitter account.

Spain’s interior minister has admitted police should not have fired rubber bullets at migrants trying to reach Ceuta last month.

Jorge Fernandez Diaz said that rubber bullets were unlikely to deter migrants from the country’s North African enclave.

At least 15 migrants drowned on February 6 as hundreds tried to swim to Ceuta from Morocco.

EU fines 8 big banks for rigging rates

jpmorganThe European Commission has slapped record fines of 1.7 billion euro on eight major banks for manipulating lending rates that play a key role in the global economy. The penalties will add to already escalating costs for leading global lenders.

The EU fines marks the latest to be levied on banks and financial institutions for making profits or masking their problems by fraudulently rigging the rates that reflect the cost of lending money to each other.

The banks fined are Citigroup, Deutsche Bank, Royal Bank of Scotland, JPMorgan, Barclays, Societe Generale, UBS and RP Martin, the EC said in a statement.

The borrowing rates involved – the London interbank offered rate (Libor), the Tokyo and the euro area equivalents – are used to set price of trillions of dollars of financial products, ranging from mortgages to derivatives.

“What is shocking about the Libor and Euribor scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other,” said Joaquín Almunia, European Commission Vice-President in charge of competition policy.

“Today’s decision sends a clear message that the Commission is determined to fight and sanction these cartels in the financial sector,” Almunia said in the EC statement. “Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few.”

The EC ruling said that the fine for each lender was calculated on the basis of the level of its involvement in the manipulations and how well it was cooperating with the investigation.

The fines from the EU are the first time a US bank has been involved in the rate-rigging scandal, as Citigroup has been fined 70 million pounds.

The record antitrust penalties comes as a reminder of the banks’ past “financial sins,” when global lenders artificially lowered the cost of interbank lending, partially to hide their financial troubles.

The Libor rate is seen as an indicator of a lender’s stability. Put simply, the stronger the bank, the lower the interbank lending rate it has.

Barclays, RBS, UBS, Rabobank and brokerage ICAP have already paid out a total of $3.5 billion in fines to settle the accusations related to Libor rate-rigging, the Financial Times reported. – RT

The smell of danger

Scientists have found that some of the ingredients in Chanel’s iconic No. 5 scent and a number of other perfumes can cause allergic reactions. EU health officials are considering banning the perfumes from sale.

European scientists unveiled a list of 100 ingredients thought to be hazardous to human health, adding 74 more substances to a previous, similar list. Among these is tree moss, traces of which are featured in the iconic Chanel scent, which has been in production for nearly a century. The list of potentially harmful perfumes also includes Guerlain’s Shalimar and one from Thierry Mugler, The Daily Mail reports.

The European Commission is now considering whether perfumes containing these substances, even in small amounts, should be banned from sale. Such a decision would strongly affect the manufacturers.

Perfumers found the initiative ridiculous, saying the whole industry could be devastated. “Chanel No. 5 has never done any harm to anyone,” Sylvie Jourdet of the French perfumers’ society is quoted by The Daily Mail as saying.

The whole idea remains dubious, considering the fact that different people have different allergies. “Lemon, jasmine and bergamot all contain allergenics,” Jourdet said. “It is the death of perfume if this continues. The more you use natural ingredients, the more there is a risk of allergies.”

Scientists have called for a ban on some of the ingredients on the list, while they say the use of others should be limited. They’ve suggested that 12 substances – including such popular components of perfumes as lemon citral, coumarin, found in tonka beans and eugenol, found in rose oil – be limited to 0.01 per cent of the product.

“It would be the end of beautiful perfumes if we could not use these ingredients,”
Françoise Montenay of Chanel says.

The ingredients used in perfumes are not regulated by law as are other products despite the profound sensory influence it may exert. The perfume industry has made significant inroads recently on secret “mood changing” diffusers in public spaces.

Some critics even say it’s the scent of “death.”

The environmental group Greenpeace said Monday that at least 36 well-known perfume brands contain chemicals that are hazardous to health and the environment.

At a press briefing at the Chicken Bacolod Restaurant in Quezon City, Francis de la Cruz, Greenpeace Southeast Asia toxics campaigner, said that phthalate esters and synthetic musks-two toxic man-made to chemicals-are contained in several perfumes.

“These chemicals are known to be persistent and they intensify once they enter the body by inhaling or through the skin,” he said.

“It’s not acute poisoning but it’s chronic, it stays in our system and accumulates in the fatty tissues of living organisms,” he added.

De la Cruz said phthalate has been found to have bad effects on the DNA, evil sperm and restricts lung function in men. Synthetic musks can attack living tissues, he said.

These perfumes containing toxic agents, he said, and they are Terre by Hermes, CK One, Eternity for Men and Eternity for Women of Calvin Klein, Boss in Motion of Hugo Boss; Envy Me of Gucci, Blue Pole of Ralph Lauren, True Star of Tommy Hilfiger, She of Armani, No.5 of Chanel, Floral Dream of Adidas, Cinema of Yves Saint Laurent and Sunset of Naomi Campbell.

Randomly selected brands of perfume was sent for to quantitative analysis for phthalates and synthetic musks at the Netherlands laboratory, TNO Environment and Geosciences, which conducted the study from 2003 to 2004.

The complete list includes Floral Dream by Adidas, In Leather by Aigner, Natural Aqua, Bulgarian Emporio Armani by Armani, White Musk, Eau de Parfum by The Body Shop and High Speed by Bogner, BLV Night by, CK One for Men, Eternity for Men and Eternity for Women by Calvin Klein, the Baiser Du Dragon by Cartier, Chance Not. 5 by Chanel, Poison and Also Poison by Christian Dior, Him by FCUK, Fiorucci Loves You, Envy Me by Gucci, Boss by Hugo Boss, Manifest My by Isabella Rosellini, Classique and Badly by the Jean Paul Gaultier, Nightlife by Joop! , Iris Blue by Melvita, Waterlove by Mexx, Sunset by Naomi Campbell, XS Pour Homme by Paco Rabanne, and Jamaica Man and Jamaica Woman by Puma.

Ken Cook, President of the watchdog organization Environmental Working Group (EWG), is alerting consumers to the risks they’re taking each time they reach to sprits a wrist or neck. It’s one thing to know that the US does a generally abysmal job of regulating personal care product ingredients – another thing entirely to know that EWG found 38 “secret” (unlisted) ingredients in the 17 popular perfumes they recently tested.

Here’s what’s even worse: 66% of those unlisted ingredients in those 17 perfumes have not been assessed by the FDA for safety, and 19% of listed ingredients haven’t been vetted for safety, either. No problem, right? I’m not ingesting my perfume, right? Wrong. Your skin is your largest organ, and it drinks up most of what you put on it, chemicals and all. Would you drink a bottle of juice with 38 “secret” ingredients in it? Probably not.

From EWG’s email alert:

“We found 38 unlisted chemicals in our testing. The average fragrance tested contained 14 secret chemicals. Among them are chemicals associated with hormone disruption and allergic reactions, and many substances that have not been assessed for safety in personal care products by the US Food and Drug Administration (FDA) or the industry’s own safety panel.”

Companies are getting away with this secretive, smelly nonsense because the 1973 Fair Packaging and Labeling Act doesn’t regulate “fragrance” ingredients. So when you see “fragrance” listed on a product label, that’s a red flag – it’s likely there to cover all manner of evils.

According to EWG: “The vague term ‘fragrance’ covers chemicals that can be linked to reproductive damage, hormone disruption, and can trigger allergic reactions.”

If South Korean voters think they can smell victory when they go to the ballot box, they are absolutely right.

A team of supporters of presidential candidate Lee Myung-bak secretly sprayed a perfume called “Great Korea” at his rallies.

Volunteers were sent to voting booths in 2007 to ensure the same scent is drifting through the air.

“It will remind people of the identity of Lee Myung-bak. The concept of the perfume is hope, victory and passion,” said Oh Chi-woo of the conservative Grand National Party’s culture and arts team.

“They’ll just smell it today. But when they cast their votes, they’ll remember,” he said in the central town of Jecheon, standing by an open vegetable market where any smell from mounds of garlic and onions was drowned out by the slightly cloying scent of “Great Korea.”

The “fragrance of the president” offensive had been carried out on the quiet since the start of Lee’s campaign, he said.

One party volunteer, Kwon Hae-jin, said voters had responded well, noting some smokers who had complimented her on the pleasant scent.

“People will probably realise this is Lee’s smell,” she said, spraying bursts of the perfume into a gathering of supporters.

Latest opinion polls suggest she may not need to bother. Lee’s popularity rating is about 30 points ahead of his nearest rival.