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from MacroScope:

A turning point?

Emergencies Ministry members work at the site of a Malaysia Airlines Boeing 777 plane crash in the settlement of Grabovo in the Donetsk region

Could the shooting down of a Malaysia Airlines plane over Ukraine be a fundamental turning point in the crisis that has pitted Russia against the West? And if so which way – towards rapprochement or a further escalation?

Kiev accused militants fighting to unite eastern Ukraine with Russia of shooting down the Boeing 777 carrying nearly 300 people from Amsterdam to Kuala Lumpur with a Soviet-era ground-to-air missile. Leaders of rebels in the Donetsk People's Republic denied any involvement, although around the same time their military commander said his forces had downed a smaller Ukrainian transport plane.

A Ukrainian Interior Ministry official took to Facebook shortly after the plane came down, saying that rebels had used a Buk anti-aircraft system given to them by Russia, and appealed to the West to act. That doesn’t make the situation much clearer since Russia, Ukraine and the separatists all probably have the missile in their arsenals.

Later, Ukraine's state security chief accused two Russian military intelligence officers of involvement in the downing of the plane. Moscow has denied its forces are involved in any way.

from MacroScope:

Sanctions tighten

Britain's PM Cameron, Portugal's PM Passos Coelho, Germany's Chancellor Merkel and Finland's PM Stubb attend an EU leaders summit in Brussels

EU leaders failed to get anywhere on sharing out the top jobs in Brussels last night but did manage another round of sanctions against Russia.

This time they will target Russian companies that help destabilize Ukraine and will ask the EU's bank, the European Investment Bank, to suspend new lending for Russia and seek a halt to new lending to Russia by the European Bank for Reconstruction and Development.

from Photographers' Blog:

More than cojones

Pamplona, Spain

By Vincent West

“Have we vanquished an enemy? None but ourselves.”

- George Mallory, mountaineer.

“I think about my mother," says bullrunner Deirdre Carney.

"I don't think a lot of men think about that. It might be a woman thing… Women think about the loved ones that will be harmed by them being harmed.”

U.S. runner Deirdre Carney (R) talks to veteran runner Joe Distler following the seventh running of the bulls of the San Fermin festival in Pamplona July 13, 2014. The festival, a heady mix of drinking, dancing, late nights and bullfights, made famous by Ernest Hemingway in his novel "The Sun Also Rises", runs for nine days until July 14. Four runners were hospitalized following the run that lasted two minutes and fifty-two seconds, according to local media. REUTERS/Vincent West (SPAIN - Tags: SOCIETY ANIMALS SPORT ATHLETICS)

Carney is talking about her thoughts before running with the bulls at Pamplona’s famous San Fermin festival, where being harmed is a definite possibility.

from Breakingviews:

Why investors were taken in by Gowex

By Fiona Maharg-Bravo

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

It’s easy to be wise with hindsight. Take the collapsed Spanish free wifi provider Gowex. The company raised several large red flags that domestic regulators and investors should have noticed. It took a foreign investor, specialist short-seller Gotham City Research, to uncover Gowex chief executive’s fraud.

from Breakingviews:

Gowex collapse leaves egg on many faces

By Fiona Maharg-Bravo

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

The collapse of Gowex has ramifications beyond Spain’s junior stock market for riskier companies. The Spanish wifi provider has said its chief executive admitted falsifying the accounts, days after investment firm Gotham City Research attacked the company. With Gowex held up as the poster child for Spanish entrepreneurialism, its impending failure will make life harder for other small firms.

from MacroScope:

ECB: talk but no action

EThe European Central Bank holds its monthly policy meeting and after launching a range of new measures in June it’s a racing certainty that nothing will happen this time. However, ECB President Mario Draghi has plenty of scope to move markets and minds in his news conference.

We are still waiting for details of the ECB’s new long-term lending programme which is supposed to be contingent on banks lending the money on to companies and households. Last time they got a splurge of cheap money, the banks largely invested in government bonds and other financial market assets. With euro zone yields now at record lows, the ECB would not like to see a repeat.

from Breakingviews:

Spexit comes two years late

By Fiona Maharg-Bravo

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

The unthinkable has happened. Spain stayed in the euro but exited the World Cup in the early group stages. The negative correlation with the economy is striking. Spain’s national side has modernised less rapidly than its economic policy in recent years.

from John Lloyd:

If Prince Charles becomes King Charles, will his kingdom leave him?

Prince Charles, the Prince of Wales and Duchess of Cornwall Camilla arrive for the second day of the Royal Ascot horse racing festival at Ascot, southern England

Could Prince Charles finally get his crown? And if he does, could it mean the end of the United Kingdom?

Abdication in favor of the younger generation seems to be something of a trend in Europe -- if two cases can be considered a trend. Queen Beatrix of the Netherlands abdicated last year so that her son, Willem-Alexander, could bring some youth and vitality to the largely ceremonial role.

from MacroScope:

Of Iraq and Ukraine

Barack Obama’s message that any military support for Iraq’s besieged government is contingent on Prime Minister Nuri al-Maliki taking steps to broaden his Shi'ite-dominated government may be having an impact.

Just hours after Maliki's Shi'ite allies vowed to boycott any cooperation with the biggest Sunni party and his government had accused Sunni neighbour Saudi Arabia of backing "genocide", Maliki broadcast a joint appeal for national unity alongside Sunni critics of his Shi'ite-led government.

from Breakingviews:

Spanish government oddly passive on Catalonia risk

By Fiona Maharg-Bravo

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. 

Investors in Spanish debt don’t seem to worry much about the tension in Catalonia. Independence is a distant possibility, and yields on the country’s 10-year bonds, at 2.7 percent, are now below the UK’s. But the insouciance of the Spanish government on the matter is harder to fathom. The crisis won’t simply go away if Madrid does nothing.

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