Wednesday, 30 November 2011

UK is to expel all Iranian diplomats


mengele-westof

UK to expel all Iranian diplomats over embassy attack


immediate closure of the Iranian embassy in London"

He said he had ordered the immediate closure of the Iranian embassy in London.The UK is to expel all Iranian diplomats following the storming of its embassy in Tehran, Foreign Secretary William Hague has announced.
Tuesday's attack by hundreds of protesters followed Britain's decision to impose further sanctions on Iran over its nuclear programme.
The sanctions led to Iran's parliament reducing diplomatic ties with the UK.
Mr Hague said he was demanding the immediate closure of the Iranian embassy in London, with all its staff to leave the UK within 48 hours.
"If any country makes it impossible for us to operate on their soil they cannot expect to have a functioning embassy here," Mr Hague told MPs.
He said there had been "some degree of regime consent" in the attacks on the embassy and on another UK diplomatic compound in Tehran.
He said all UK diplomatic staff in Tehran had been evacuated and the embassy closed.
Mr Hague said relations between the UK and Iran were now at their lowest level, but the UK was not severing relations with Tehran entirely.


Addressing parliament, Mr Hague said he was due to raise the matter at a meeting of the EU Foreign Affairs Council in Brussels.
"We will discuss these events and further action which needs to be taken in the light of Iran's continued pursuit of a nuclear weapons programme," he said.
Iran's foreign ministry called the British move "hasty", state TV reported, according to Reuters.
It said Iran would take "further appropriate action".
Also on Wednesday, Germany and France announced they were recalling their ambassadors to Tehran.
Italian Foreign Minister Giulio Terzi said the Iranian ambassador to Rome was being summoned to give guarantees of security for Italy's mission in Tehran.
Hundreds of protesters - whom Iran described as "students" - massed outside the embassy compound on Tuesday afternoon before scaling the walls and the gates, burning British flags and a car.
Another UK diplomatic compound in northern Tehran, known locally as Qolhak Garden, was also overrun and damaged.
Iran said it regretted the incident, which it described as "unacceptable behaviour by a small number of protesters".
Mr Hague said the majority of those taking part had been members of a regime-backed Basij militia group.
He said the private quarters of staff and the ambassador had been ransacked, the main embassy office set on fire and personal possessions belonging to UK diplomats stolen.
The US, EU and UN Security Council also condemned the attacks.
Turbulent history
Relations between the UK and the Islamic Republic of Iran have been fraught since the Iranian revolution in 1979.
Wednesday's move brings bilateral relations to their lowest level since 1989 when ties were broken over Iran's declaration of a "fatwa" (edict) to kill the author Salman Rushdie.

Analysts have compared Tuesday's scenes in Tehran to the 1979 storming of the US embassy there. That ended with more than 50 US diplomats and staff being held hostage for more than 400 days.Office at British embassy in Tehran ransacked. 29 Nov 2011
The US and Iran have had no diplomatic ties since then - the Swiss embassy in Tehran serves as the protecting power for US interests in the country.
Last week the US, Canada and the UK announced new sanctions against Iran, including measures to restrict the activities of the Iranian central bank.
The UK said then it was severing all financial ties with Iran.
The move followed a report by the UN's nuclear watchdog (IAEA) that said Iran had carried out tests "relevant to the development of a nuclear device".
Iran denies the accusations, saying its nuclear programme is solely for peaceful purposes.
On Sunday, Iran's parliament voted by a large majority to downgrade diplomatic relations with the UK in response to the recent action.
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European finance ministers

mengele-westof
European finance ministers were meeting today to try and avert disaster, while we've seen us president barack obama this week reportedly pressuring european leaders to resolve the eurozone debt crisis by whatever means necessary. Meanwhile, right under washington's nose, Fitch ratings agency has put the government on a negative outlook after the super committee tasked with finding ways to cut America's deficit proved a "super failure." Also, we speak with author and activist Nomi Prins about revelations from the bank
of international settlements that notional OTC derivatives have now reached all-time highs of 708 trillion dollars. This is over 100 trillion dollars more than the notional amount 6 months ago. We also ask Nomi about recent revelations that then secretary of the treasury Hank Paulson provided inside information about the nature of the government's soon to be intervention in fannie mae and freddie mac to a select group of hedge fund managers and friends. Take this with the ever unfolding scandal of Jon Corzine and the missing billions from MF Global, and you have more signs of crony capitalism, fraud, embezzlement and insider trading everywhere. We also cover the bankruptcy of American Airlines' parent company AMR in the last part of our show.
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Monday, 28 November 2011

European recession


OECD warns of European recession


A cargo container vesselWorld trade growth has slowed significantly according to the OECD

The OECD said the eurozone would shrink in the fourth quarter by 1%, and by 0.4% in the first quarter of 2012.The OECD has warned that the eurozone and UK could be entering a recession, and has cut its global growth forecast.
For the UK, the OECD's predictions are a 0.03% contraction this quarter, and a further 0.15% next.
Separately, Bank of England governor Mervyn King told a committee of MPs that growth would be "flat or close to zero" over the next six months.
He told the Treasury Select Committee that he had no yet read the OECD report, but warned: "The outlook for output growth in the near term is considerably weaker than even three months ago."
The OECD's report also revised down its forecast for global economic growth to 3.8% this year and 3.4% next year.
Events
A "negative event" in the eurozone, such as a default by Italy or Spain, could even cause a global contraction, the OECD said.
The Organisation for Economic Cooperation and Development represents wealthy countries such as those within the eurozone, the US and Japan.
"More than usual, world economic prospects depend on events," it warned.
In the absence of such an event, the OECD's Economic Outlookpredicted positive growth in the eurozone for 2012 as a whole of 0.2%, despite a shallow recession in the period September 2011 to March 2012.
Pier Carlo Padoan, chief economist of the OECD, warned of European recession
It recommended the European Central Bank should cut rates and increase its purchases of government bonds in order to to limit the cost of borrowing for governments.
"What we see now is contagion rising and hitting probably Germany as well," said OECD chief economist Pier Carlo Padoan
"So the first thing, the absolute priority, is to stop that and in the immediate the only actor that can do that is the ECB," he added.
In the UK, growth is predicted to be faster than the eurozone next year, at 0.5%, the OECD said.
UK risks
The Paris based group also predicted rising unemployment in the UK, with the jobless rate increasing from 8.1% in 2011 to 9.1% by 2013 even as the economy recovers.
Whilst supporting plans to cut the deficit, the report recommended that the Bank of England should increase further its quantitative easing programme to a total of £400bn to increase the flow of credit to the economy.

“Start Quote

The OECD has been largely wrong in the past few years, but in this they agree with many private forecasters - and the likes of the ECB, which has also suggested that the eurozone is likely to slip into recession”
image of Stephanie FlandersStephanie FlandersEconomics editor
stephan
The government said the low growth forecast was the result of the eurozone crisis.
"It's very clear that as an open economy, we are going to be affected by what happens on our doorstep, in the eurozone," said a spokesperson.
The opposition called on the government to slow down its cuts to the deficit.
"We need action and a change of course now to boost jobs and growth and get the deficit down in a balanced way," said the shadow chancellor, Ed Balls.
Seeking growth
The OECD warned that a further deterioration in the UK economy could require changes in policy.
"Short-term fiscal support would be warranted, for example by easing up on the planned cuts in public investment, temporarily slowing consolidation," it said.
Another economic forecast is expected tomorrow from the government's independent Office of Budget Responsibility.
Economists have warned there are currently few reasons to be optimistic about the UK economy.

OECD growth forecasts

20112012
US
1.7%
2.0%
Japan
-0.3%
2.0%
Germany
3.0%
0.6%
Britain
0.9%
0.5%
France
1.6%
0.3%
Italy
0.7%
-0.5%
Spain
0.7%
0.3%
"It is hard to see where any growth next year will come from," said David Tinsley, UK economist at BNP Paribas.
Trade slowdown
In the US, the economy is expected to continue to grow by 1.7% this year and 2% in 2012.
However, a failure by the US Congress to agree a more balanced way to cut the federal government's deficit could also see the US economy shrinking, the OECD warned, as in the absence of a deal harsh government spending cuts and tax rises are due to take place over the next 15 months.
"Much tighter fiscal tightening in the US could tip the US economy into a recession that monetary policy can do little to prevent," it warned.
Global trade growth is also slowing according to the group.
Trade will have risen by 6.7% by the end of this year, it predicted, but will slow to 4.8% during 2012.
"International trade growth has weakened significantly. Contrary to what was expected earlier this year, the global economy is not out of the woods," the report warned.
The OECD did, however, predict a pick-up in Japan's economy, following this year's earthquake and tsunami.
It said Japan would grow by 2% in 2012, after a contraction of 0.3% in 2011.
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Sunday, 20 November 2011

European human rights laws



Ken Clarke hopeful of deal on European human rights laws

Ken ClarkeMr Clarke is seeking to obtain an opt-out for British courts in deportation cases

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Justice Secretary Ken Clarke says he is close to reaching a deal which would allow British judges to overrule European human rights legislation.
Mr Clarke says the agreement would prevent individuals repeatedly challenging deportation rulings, says the Daily Telegraph.
Last month Home Secretary Theresa May sparked a row over a man who could not be deported "because he had a pet cat".
The judiciary said the cat was not a factor in the man's right to stay.
Mr Clarke became embroiled in a row with Ms May over the cat story.
But there have been a number of deportation cases which have outraged government ministers.
Family life 'right'
In December 2009 attempts to deport Aso Mohammed Ibrahim, an Iraqi Kurd, failed because human rights legislation entitled him to a "family life" in UK.
Ibrahim knocked down and killed Amy Houston, 12, in Blackburn, Lancashire, in 2003 and was later jailed for driving while disqualified.
Mr Clarke said the deal with the European Court of Human Rights might be agreed at a conference in London in April 2012.
He said it would stop the situation where "everybody who's just lost his arguments about deportation should be able to go there and get in the queue, wait a few years to get it all reheard again when he's lost the argument three times already" in the UK.
Mr Clarke told the Telegraph: "What we are trying to do is get the role of the court sorted out so that it deals with serious human rights issues of the kind that require an international court.
"We want the court back to its proper business as an international court which takes up serious issues of principle."
Britain took over chairmanship of the Council of Europe, which oversees the court, earlier this month.
'Pig's ear'
Mr Clarke said: "A lot of member states have been pushing for similar things, and a lot of them believe a British chairmanship is the best time to deliver it, and they think we're the best hope of drawing this to a conclusion.
"The term human rights, it gets misused. There is a tendency in this country for the words human rights to get thrown about as much as health and safety. Both of them get hopelessly misused."
He added: "When some official, some policeman, whoever, has made some mistake in taking some absurd decision, the first thing they do to fend off criticism is to blame it on health and safety and blame it on human rights. The truth is that someone's made a pig's ear in the office."
On Monday, England and Wales' top judge said courts have tended to interpret the judgements of the European Court of Human Rights "too closely".
Lord Judge said a lot of ECHR rulings related only to specific cases and did not set wider legal precedents.
The Conservatives want to replace the Human Rights Act (HRA) - through which the European Convention is incorporated into UK law - with a British Bill of Rights but Lib Dem leader Nick Clegg has insisted the HRA must remain in force.

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