Reuters blog archive
from Photographers' Blog:
By Joe Penney
Last year Lamido Sanusi wore pin stripe suits and a colorful array of bow ties to work, and his job consisted mostly of managing interest rates and keeping inflation under control.
Today, he sports long flowing gowns and a white veil over his face, while his daily activities include reciting the Quran and blessing visitors who bow before his feathered slippers.
from The Great Debate:
The media is focused on the horrors of Ebola, a disease with no known cure that is jumping across borders in West Africa, leaving more than 900 dead in its wake. Fears of the disease’s spread even traveled to the United States, where two Ebola patients are being treated at Emory University hospital in Atlanta, Georgia.
The virus first appeared in West Africa in March, but suddenly gained momentum in the past few weeks, making it the worst outbreak ever. The vast majority of cases and deaths have been in Sierra Leone, Guinea and Liberia, but Nigeria now confirms the presence of the disease.
If it’s true to its word, the European Union will impose sweeping new sanctions on Russia this week, targeting state-owned Russian banks and their ability to finance Moscow's faltering economy.
EU ambassadors will continue discussions on the detail of new measures, most significant of which would be banning European investors from buying new debt or shares of banks owned 50 percent or more by the state.
EU foreign ministers meet to decide how precisely to deploy sanctions agreed 10 days ago to hit Russian companies that help destabilise Ukraine and to block new loans to Russia through two multilateral lenders.
The EU foreign ministers are tasked with preparing a first list of people and entities from Russia that would be targeted. The number of individuals and companies to be penalized is up for grabs so there is scope to adopt a tougher posture.
Vladimir Putin is well into his second and final day of a trip to China during which he was hoping to sign a long-sought gas deal with Beijing. There’s no sign of white smoke so far and if the Russian president leaves empty handed it would be a serious blow.
Gazprom has repeatedly said negotiations are in their final stages but it seems there has been no agreement yet on price and Moscow may have to lower its sights given the prospect of it losing business in Europe, which has been spooked into considering how to secure its energy needs elsewhere in future, has rather strengthened Beijing’s negotiating hand.
Some interesting action over the weekend: in a foretaste of this week’s EU elections, Greece's leftist, anti-bailout Syriza party performed strongly in the first round of local elections on Sunday, capitalizing on voter anger at ongoing government austerity policies.
If it did even better in the EU polls it could threaten the ruling coalition and tip Greece back into turmoil just as there are signs that it has turned the corner.
from The Great Debate:
Abubakar Shekau, the purported leader of Boko Haram, ignited international outrage when he announced that he would sell more than 200 of the kidnapped Nigerian schoolgirls “in the market.” Nations around the globe offered help to Nigeria.
Getting back the more than 200 Nigerian girls who were kidnapped from school a month ago will require a deep understanding of the environment the extremist group that took them operates in.
German Chancellor Angela Merkel is in Washington for talks with Barack Obama after Europe and the United States imposed wider sanctions on Russia.
Obama is already looking ahead to a third round of measures and has hinted at impatience with Europe, saying there had to be a united front if future sanctions on sectors of the Russian economy were to have real bite. At home, the Republicans are accusing him of weakness so will he put pressure on Merkel to move ahead in a way that the European Union has shown it is entirely unready to, at least yet?
ECB Vice-President Vitor Constancio testifies to the European Parliament prior to attending the IMF Spring meeting in Washington at the back end of the week along with Mario Draghi and other colleagues. Jens Weidmann, Yves Mersch and Ewald Nowotny also speak today.
There has undoubtedly been a change in tone from the ECB, which is now openly talking about printing money if inflation stays too low for too long (no mention of deflation being the required trigger any more). Even Bundesbank chief Weidmann has done so.