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  • Tuesday

    7 June 2016

    BUSINESS, POLITICS & CULTURE www.bloombergbriefs.com

    Fawcett Society @fawcettsociety

    'We deserve a statue of Millicent Fawcett so we can show what an achievement it was for women to win the vote' @CCriado

    Perez #150years Details

    TALKING POINTS

    Kerviel Wins Payout in Suit Over SocGen Firing: Jerome Kerviel, who was convicted of causing a record $5.6 billion trading loss at Societe Generale, won more than half a million dollars in compensation as a Paris judge berated the lender for its role in the affair. The 455,500 euro ($517,000) award today includes 100,000 euros for unfair dismissal and his 300,000-euro bonus for 2007. Judge Hugues Cambournac questioned some of the bank’s defences since the scandal first emerged nearly a decade ago. "Societe Generale can’t pretend it was not aware of Jerome Kerviel’s fake operations" before January 2008, Cambournac said. The dismissal "didn’t sanction Kerviel’s acts, but its consequences." Read full story .here

    Campaigners Call for Suffragette Statue: A campaign for a statue of a suffragette to be placed in Parliament Square has been ramped up today on 150th anniversary of the first petition for women's votes. Campaigners have called for a statue of Millicent Fawcett, who organised signatures for the first petition for women's votes in 1866, to be placed alongside those of Nelson Mandala and Mahatma Gandhi. Currently there are 11 statues of men in the square and no statues of women. The women's rights group, the Fawcett Society, hosted an event today to coincide with the anniversary. The for the statue petiton has already been signed by a number of well-known women including Harry Potter author JK Rowling.

    PM Accuses Cabinet Members of 'Untruths' Over Brexit BY THOMAS PENNY

    Prime Minister David Cameron accused two of his fellow Conservatives, Justice Secretary Michael Gove and former London Mayor Boris Johnson, of lying to the public over the risks of Britain staying in the European Union.

    Less than two weeks after saying he was taking a “self-denying ordinance” on talking about his Tory colleagues’ views on Europe, Cameron called a short-notice news conference to dismiss six assertions by the “Leave” campaign ahead of the referendum, quoting words by Gove and Johnson as he did so.

    “The Leave campaign are resorting to total untruths to con people into taking a leap in the dark,” Cameron told reporters on a central-London rooftop. “It’s not for me to say why they’ve made these factual errors and mistakes, but it is for me to call it out.”

    Cameron listed statements on bailouts for the euro area, the rebate on British contributions to the EU and the formation of a European army as examples of misleading claims by Brexit campaigners, contrasting them with the warnings over the risks of leaving the EU from Federal Reserve Chair Janet Yellen and World Trade Organization Director General Roberto Azevedo.

    With surveys by Britain’s discredited polling industry fluctuating between leads for both sides in the referendum, Cameron sought to reinforce the economic case for staying in the bloc, which has also been backed by the International Monetary Fund and the World Bank. Those arguing that Britain would be better off out are focusing on the loss of control over immigration and the erosion of sovereignty as a result of membership of the bloc.    

    House-Price Growth May Ease Later This Year: Halifax  U.K. house-price growth may be set to slow after a surge in values stretched affordability, according to Halifax.

    Values climbed 0.6 percent in May, after declining 0.8 percent in April, the mortgage lender said in a statement today. Prices were up 8.7 percent from a year earlier, to an average £213,472. On a less-volatile quarterly basis, prices gained 1.4 percent from the previous three months.

    “Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses,” said Martin Ellis, an economist at Halifax. Still, “the strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace.”

    Record-low interest rates and strong demand has helped to boost prices, leaving financial stability officials at the Bank of England as the last line of defense against an overheating market. The Halifax data suggests price growth remains robust even amid heightened uncertainty stemming from the U.K.’s vote on its European Union membership.

    POLITICS

    Source: Simon Dawson/Bloomberg

    'Remain' campaigners on streets

    House Prices Up 

    Source: Halifax/Bloomberg 

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  • 7 June 2016 Bloomberg Brief London 2

    POLITICS AROUND EUROPE

    EU Plans Refugee-Control Deals: The European Union laid out plans for migration-control agreements with countries ranging from Lebanon to Nigeria in a bid to prevent waves of arrivals that would risk destabilising governments and stoking populism in Europe. Calling migratory pressure the “new normal,” the European Commission proposed to deploy 8 billion euros ($9.1 billion) over the next five years to tackle flows of refugees from the Middle East and Africa to Europe. It’s seeking “partnerships” that would return more arrivals to their countries of origin or transit, address the root causes of forced displacement and limit migrant deaths in the Mediterranean Sea when smugglers’ boats capsize.

    A car Istanbul Car Bomb Kills 11: bomb targeting a police vehicle in Istanbul killed 11 people and wounded 36, creating new security anxieties in a country on edge over resurgent Kurdish militant violence and Islamic State attacks. There was no immediate claim of responsibility for the blast, which occurred in the Beyazit area, not far from Istanbul University and sites in the historic old city including the Grand Bazaar. Seven police officers were among the dead, according to Istanbul

    Both the Governor Vasip Sahin. separatist Kurdistan Workers’ Party, or PKK, and Islamic State have carried out deadly attacks in Istanbul and Turkey’s capital, Ankara, since October.

    Merkel Rejects Turkish Criticism Over Armenia: Chancellor Angela Merkel denounced Turkey’s vilification of German lawmakers who recognised the Ottoman killings of Armenians as genocide, saying the verbal attacks are incomprehensible. Responding in part to reported comments by Turkish President Recep Tayyip Erdogan that lawmakers of Turkish descent who backed the measure should have their blood tested, Merkel said Tuesday that all lower-house members are “freely elected, without exception.” Volker Kauder, the parliamentary chief of Merkel’s Christian Democratic-led bloc, accused Erdogan of inflammatory rhetoric.“The accusations and the statements coming out of Turkey are not comprehensible,” Merkel told reporters in Berlin.

    EU Court's Asylum Ruling Could Affect Brexit Fight BY STEPHANIE BODONI AND IAN WISHART

    Judges at the European Union’s top court ruled that asylum seekers can fight decisions to send them to another EU nation to process their application, in a case that could spill over to the U.K.’s increasingly fierce debate on EU membership and migration.

    Asylum seekers have “the right to an effective remedy in respect of any transfer decision,” the EU Court of Justice in Luxembourg said today.

    The U.K.’s referendum on EU membership is little more than two weeks away and how the bloc deals with asylum seekers has become one of the hottest topics of the campaign. The biggest influx of refugees to Europe since World War II has put the EU’s migration system under severe pressure as governments have bickered about who should take responsibility for new arrivals.

    The EU’s top court in 2013 already ruled that under an earlier version of the law in question, the possibilities to challenge transfer decisions were very limited. The law has since been reviewed to strengthen the legal protection for asylum applicants in the EU, but questions remain as to its scope and the situations in which transfer decisions can be challenged.

    Today’s ruling broadened the rights for asylum seekers, allowing them to challenge a decision to transfer their application to another country “even where there are no systemic deficiencies in the asylum process or in the reception conditions for asylum applicants in that” nation.

    Although the EU is considering changing the system to deal with the fallout of the exodus from war-torn Syria and other parts of the Middle East and Africa, the ruling is based on existing EU rules that stipulate asylum applications must be processed in the country where the migrant first arrived.

    Those campaigning for the U.K. to leave the EU at a referendum say that an exit would allow the government to have far greater control over migration and its borders. They seized on data published by the U.K’s Office of National Statistics last month that showed Prime Minister David Cameron is failing to deliver on a pre-ele

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