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from Photographers' Blog:

Lost dogs of Romania

Photo

 Bucharest, Romania

By Bogdan Cristel

I love dogs. I grew up with them around me all the time and I remember always having one with me when I played in my grandpa’s yard as a child.

Our dogs, just like thousands of others in Bucharest, were kept in the family garden. But everything changed in the city after former Communist dictator Nicolae Ceausescu began a project to erase old houses with backyards and replace them with huge high-rise blocks.

As a result of the mass demolitions, many dogs were turned out on the streets and the number of strays increased year after year. Some 60,000 dogs roam the capital according to local authorities.

 

Thousands of people are victim to their bites and when in September 2013 a child was mauled to death, Romania’s government went into action. Parliament overwhelmingly backed a new law allowing local authorities to euthanize dogs caught in public spaces if a home could not be found for them within two weeks.

from Photographers' Blog:

Faces of Romania’s past

Photo

Slobozia, Romania
By Bogdan Cristel

Romania is proud to have produced a man thought by many to be the world’s first war photographer – Carol Popp de Szathmary, from the city of Cluj, who took photographs of the Crimean War in the 1850s.

One of the most impressive people to have followed in his footsteps is Costica Acsinte, another Romanian who worked as a photographer during the First World War. Below is an image of his taken on the front line.

from MacroScope:

A small step back?

A reported 0300 GMT deadline, which Russian forces denied had been issued, for Ukraine’s troops to disarm in Crimea or face the consequences has passed without incident and in the last hour President Vladimir Putin has ordered troops that took part in military exercises in western Russia to return to base.

That has helped lift the euro but the situation remains incredibly tense. Russia’s stock market is up a little over two percent and the rouble has found a footing but they are nowhere near clawing back Monday’s precipitous losses.

from MacroScope:

Money for Ukraine?

Russia’s next move remains the great unanswered question for Ukraine but there are glimmers that things might be starting to move elsewhere.

IMF chief Christine Lagarde said last night she would send a technical support team to Ukraine soon if Kiev makes a request. It can’t do so until an interim government is formed, probably tomorrow. That would be step one, but only step one, down the road to an international aid package.

from MacroScope:

PMIs on the up

Slowing growth in the Chinese and U.S. factory sectors earlier this week did nothing to soothe frayed market nerves and put a firm focus on today’s service sector PMI surveys in Europe along with the equivalent U.S. report and a weekly jobless number there.

While the world’s two largest economies suffered a hiccup, euro zone factories had their best month since mid-2011 in January. But it is the service sector that dominates in Europe. Flash readings, which are not usually revised much, showed the euro zone services reading hit a four-month high with France lagging Germany again although even its number rose. Today we’ll get the first numbers for Italy, Spain and Britain.

from MacroScope:

A moment of truth for Turkey

Turkish Prime Minister Tayyip Erdogan will make his first visit to Brussels for five years where he will meet EU Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso and European Parliament President Martin Schulz.

The EU has been critical of Erdogan’s response to a sweeping corruption inquiry, clearing out hundreds of police officers and raising concern about a roll-back of reforms meant to strengthen independence of judiciary.

from MacroScope:

Putin’s Ukraine “victory” — pyrrhic?

Ukraine continues to top the European worry list.

Monday demonstrated how quickly the financial side of the equation can spiral out of control. The hryvnia currency slumped and the cost of insuring against Ukrainian default soared, forcing the central bank to intervene and urge its citizens not to spark a bank run.

Having turned its back on the EU, Kiev must find more than $17 billion next year to meet gas bills and debt repayments. Presumably Russia will have to help out if it is not to have a basket case on its doorstep.

from MacroScope:

What’s happened to euro inflation?

New European Commission macro forecasts for the euro zone and the EU have been given added significance by an alarming drop in inflation to 0.7 percent which has heaped pressure on the European Central Bank to ward off any threat of deflation.

There are myriad other questions – Will the Commission predict that Italy will miss its deficit target? What will it say to those countries in bailout programmes – particularly Greece, where the troika returns for a bailout review today, and Portugal? And what about France’s sluggish economy? PMI surveys on Monday showed it is acting as a drag on the euro zone recovery.

from Photographers' Blog:

Romania’s bankrupt town

Photo

Aninoasa, Romania

By Bogdan Cristel

Getting to Jiu Valley – once home to a powerful coal mining industry that has since fallen on bad times – is difficult. The main road there is currently closed to traffic three days a week because of repair works, so I arrived in the small Jiu Valley town of Aninoasa after driving for 7 hours on detour roads. It is roughly 330 kms (205 miles) to Aninoasa from the Romanian capital Bucharest.

Aninoasa is the oldest town in Hunedoara County, mentioned as far back as 1453 AD. But earlier this year it also became the first town in Romania to have filed for insolvency. It is a small town, with simple houses and ramshackle communist-era apartment buildings to house coal miners.

from MacroScope:

Forward!

The Bank of England will give the government its blueprint for “forward guidance” when it publishes its quarterly inflation report, a big moment in British policymaking.

Canadian Mark Carney, in his second month at the helm, was heralded in advance as the man to kick start a languishing economy but with green shoots sprouting all over the place that may not be needed. Nonetheless, if companies and households can be convinced interest rates will stay at record lows for a prolonged period, that could boost investment and spending and help solidify a recovery that now looks to be in train.

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