$1*/ mo hosting! Get going with us!
European Union - POLSKA УКРАЇНА

Ex-Macedonia PM Gruevski Seeking Refugee Status in Hungary

Former Macedonian prime minister Nikola Gruevski sought asylum at a Hungarian representation outside Macedonia before reaching Hungary earlier this week and submitting his formal application for refugee status, Budapest said on Thursday.

Gruevski, who resigned in 2016 after 10 years in power, fled his Balkan homeland six months after being sentenced to two years in prison on corruption-related charges.

Macedonian police issued an arrest warrant for him after he failed to show up to begin his sentence following a Nov. 9 court ruling against his motion for a reprieve.

Gruevski’s refugee status application could put Hungarian Prime Minister Viktor Orban in a tight spot. He supported the fellow nationalist Gruevski in the run-up to Macedonia’s 2017 election and praised his party’s efforts in halting migrants passing through the Balkans northwards towards Western Europe.

A senior Hungarian official declined to say in which country Gruevski had first sought Hungarian asylum or how he later made his way to the Immigration and Asylum Office in Budapest where he submitted documents and secured a hearing.

“According to my knowledge he made a statement regarding threats to his safety … that justified that his hearing should be conducted not in a transit zone but in Budapest,” said Gergely Gulyas, Orban’s cabinet chief.

Speaking to reporters, Gulyas would not say whether the Hungarian government was involved in helping Gruevski get to Budapest or whether he arrived by land or air. He said Hungary played no role in Gruevski’s exit from Macedonia.

Police in Albania, which borders Macedonia, said later on Thursday that Gruevski had crossed Albanian territory into Montenegro to the north on Sunday evening as a passenger in an Hungarian embassy car. It was unclear whether Gruevski then transited Serbia to reach Hungary further north.

Albanian police said Interpol notified them of an arrest warrant for Gruevski only on Tuesday, when the ex-premier announced on his Facebook page that he was in Budapest and seeking asylum.

Gulyas said Budapest had not yet received an official request from Macedonia to extradite Gruevski, adding Hungary would act “in line with the laws” if that happens. He said there was an extradition agreement between the two countries.

Asked if Gruevski was being protected by Hungarian authorities, Gulyas said Budapest had applied “the appropriate security protocol”, and was assured he would not leave the country. Gruevski had not met Orban this week, he added.

On Wednesday, a Fidesz party spokesman said Gruevski was a politician who was being persecuted by Macedonia’s leftist government. Gulyas declined to comment on this.

Build a better website in less than an hour. Start for free at us.

Ex-Macedonia PM Gruevski Seeking Refugee Status in Hungary

Former Macedonian prime minister Nikola Gruevski sought asylum at a Hungarian representation outside Macedonia before reaching Hungary earlier this week and submitting his formal application for refugee status, Budapest said on Thursday.

Gruevski, who resigned in 2016 after 10 years in power, fled his Balkan homeland six months after being sentenced to two years in prison on corruption-related charges.

Macedonian police issued an arrest warrant for him after he failed to show up to begin his sentence following a Nov. 9 court ruling against his motion for a reprieve.

Gruevski’s refugee status application could put Hungarian Prime Minister Viktor Orban in a tight spot. He supported the fellow nationalist Gruevski in the run-up to Macedonia’s 2017 election and praised his party’s efforts in halting migrants passing through the Balkans northwards towards Western Europe.

A senior Hungarian official declined to say in which country Gruevski had first sought Hungarian asylum or how he later made his way to the Immigration and Asylum Office in Budapest where he submitted documents and secured a hearing.

“According to my knowledge he made a statement regarding threats to his safety … that justified that his hearing should be conducted not in a transit zone but in Budapest,” said Gergely Gulyas, Orban’s cabinet chief.

Speaking to reporters, Gulyas would not say whether the Hungarian government was involved in helping Gruevski get to Budapest or whether he arrived by land or air. He said Hungary played no role in Gruevski’s exit from Macedonia.

Police in Albania, which borders Macedonia, said later on Thursday that Gruevski had crossed Albanian territory into Montenegro to the north on Sunday evening as a passenger in an Hungarian embassy car. It was unclear whether Gruevski then transited Serbia to reach Hungary further north.

Albanian police said Interpol notified them of an arrest warrant for Gruevski only on Tuesday, when the ex-premier announced on his Facebook page that he was in Budapest and seeking asylum.

Gulyas said Budapest had not yet received an official request from Macedonia to extradite Gruevski, adding Hungary would act “in line with the laws” if that happens. He said there was an extradition agreement between the two countries.

Asked if Gruevski was being protected by Hungarian authorities, Gulyas said Budapest had applied “the appropriate security protocol”, and was assured he would not leave the country. Gruevski had not met Orban this week, he added.

On Wednesday, a Fidesz party spokesman said Gruevski was a politician who was being persecuted by Macedonia’s leftist government. Gulyas declined to comment on this.

Build a better website in less than an hour. Start for free at us.

Ukraine PM Upbeat on IMF Loan Prospects

Ukrainian Prime Minister Volodymyr Groysman expects to get new loans from the International Monetary Fund as early as December, once parliament passes a budget of stability that refrains from making pre-election populist moves, he said Thursday.

Securing IMF assistance will also unlock loans from the World Bank and the European Union. Groysman also said Ukraine was in negotiations with Washington for a new loan guarantee for sovereign debt.

Groysman negotiated a new deal with the IMF last month aimed at keeping finances on an even keel during a choppy election period next year. The new loans are contingent on his steering an IMF-compliant budget through parliament.

“This budget is a budget of stability and continuation of reforms,” Groysman said in an interview with Reuters. “This is fully consistent with our IMF program.”

“Yes. We are counting on a tranche in December,” he added, when asked about when IMF loans were expected, though he did not elaborate on the possible size of the loan.

Ukraine’s government approved a draft budget in September but it will typically undergo a slew of amendments before parliament finally approves it. 

Tax proposal dropped

Groysman said a proposal to change how companies are taxed — on withdrawn capital, rather than profits — had been dropped from the budget because of the IMF’s concerns.

He also said he would not bow to opposition parties’ demands to reverse a recent increase in household gas tariffs, a step that his government reluctantly took to qualify for more IMF assistance.

“Populism led to the weakness of Ukraine,” he said. “This should not be allowed.” 

The IMF and Kyiv’s foreign allies came to Ukraine’s rescue after it plunged into turmoil following Russia’s annexation of Crimea in 2014 and support for separatist rebels occupying the eastern industrial Donbass region. 

The United States has also sold coal to plug a domestic shortage caused by rebels taking control of mines in the east. U.S. Energy Secretary Rick Perry visited Ukraine this week. 

In response to a question about whether Ukraine would continue to buy coal from the United States and potentially also liquefied natural gas, Groysman said that “liquefied gas is very interesting for Ukraine. We talked about the whole spectrum of our cooperation in the energy sector.”

As for coal, he added, “we will buy it from our international partners until we cover the domestic deficit.” 

Washington has also previously issued loan guarantees for Ukrainian debt. Groysman said another such guarantee was “under discussion.” 

Build a better website in less than an hour. Start for free at us.

Ukraine PM Upbeat on IMF Loan Prospects

Ukrainian Prime Minister Volodymyr Groysman expects to get new loans from the International Monetary Fund as early as December, once parliament passes a budget of stability that refrains from making pre-election populist moves, he said Thursday.

Securing IMF assistance will also unlock loans from the World Bank and the European Union. Groysman also said Ukraine was in negotiations with Washington for a new loan guarantee for sovereign debt.

Groysman negotiated a new deal with the IMF last month aimed at keeping finances on an even keel during a choppy election period next year. The new loans are contingent on his steering an IMF-compliant budget through parliament.

“This budget is a budget of stability and continuation of reforms,” Groysman said in an interview with Reuters. “This is fully consistent with our IMF program.”

“Yes. We are counting on a tranche in December,” he added, when asked about when IMF loans were expected, though he did not elaborate on the possible size of the loan.

Ukraine’s government approved a draft budget in September but it will typically undergo a slew of amendments before parliament finally approves it. 

Tax proposal dropped

Groysman said a proposal to change how companies are taxed — on withdrawn capital, rather than profits — had been dropped from the budget because of the IMF’s concerns.

He also said he would not bow to opposition parties’ demands to reverse a recent increase in household gas tariffs, a step that his government reluctantly took to qualify for more IMF assistance.

“Populism led to the weakness of Ukraine,” he said. “This should not be allowed.” 

The IMF and Kyiv’s foreign allies came to Ukraine’s rescue after it plunged into turmoil following Russia’s annexation of Crimea in 2014 and support for separatist rebels occupying the eastern industrial Donbass region. 

The United States has also sold coal to plug a domestic shortage caused by rebels taking control of mines in the east. U.S. Energy Secretary Rick Perry visited Ukraine this week. 

In response to a question about whether Ukraine would continue to buy coal from the United States and potentially also liquefied natural gas, Groysman said that “liquefied gas is very interesting for Ukraine. We talked about the whole spectrum of our cooperation in the energy sector.”

As for coal, he added, “we will buy it from our international partners until we cover the domestic deficit.” 

Washington has also previously issued loan guarantees for Ukrainian debt. Groysman said another such guarantee was “under discussion.” 

Build a better website in less than an hour. Start for free at us.

Business Bosses Alarmed as Resignations Imperil Brexit Deal

Business leaders expressed growing alarm Thursday as a draft Brexit agreement seen as the only chance of preserving some stability in U.K.-EU trading threatened to unravel, sending stock prices and the pound plunging.

Just 12 hours after British Prime Minister Theresa May announced that her cabinet had agreed to the terms of the draft agreement, Brexit minister Dominic Raab and work and pensions minister Esther McVey quit, saying they could not support it.

Their departures and those of other, junior ministers, revived the specter for business of Britain leaving the European Union without a deal next March, and sent shares in British housebuilders, retailers and banks tumbling.

“The political situation remains uncertain,” German carmaker BMW said in a statement. “We must therefore continue to prepare for the worst-case scenario, which is what a no-deal Brexit would represent.

“We continue to call on all sides to work toward a final agreement which maintains the truly frictionless trade on which our international production network is based.”

The European Union is Britain’s biggest trading partner, accounting for 44 percent of U.K. exports and 53 percent of imports to the UK.

After 45 years of membership, industries including defense, cars and aerospace have created intricate supply chains that rely on smooth, “just-in-time” delivery of thousands of parts across the sea that divides Britain from the continent.

Business leaders fear that the country could stumble toward a no-deal Brexit where border checks block ports and fracture the supply chains that support the likes of Rolls-Royce and BAE Systems.

Karen Betts, the head of the Scotch Whisky Association, said a no-deal Brexit would cause “considerable difficulties” for the industry and increase cost and complexity. It accounts for around 20 percent of all U.K. food and drink exports.

‘Only deal in town’

A senior executive at one of Britain’s biggest banks said this was the most disastrous government he had ever seen.

“The rest of the world is looking at us and laughing. It is time to have some stability so business can get some certainty. This is what the country needs.”

Industry bosses who had been briefed on the draft agreement by ministers late Wednesday had broadly welcomed it as the best chance of a compromise that would secure a transition period and avert the chaos of no deal at all.

May’s office also released statements from a number of major companies such as Diageo, the London Stock Exchange and Royal Mail welcoming the draft deal.

“Most business people ultimately are pragmatists and this is about playing the cards we have been dealt rather than wishing for a better hand,” Roger Carr, chairman of BAE Systems, told BBC Radio.

Iain Anderson, executive chairman of public affairs firm Cicero, which represents many finance companies, said although most executives did not like May’s deal they realized it was now the only game in town.

“Business is watching with horror the resignations now taking place,” he said. “Yesterday we had a plan and stability and today we do not.

“There is now no time to negotiate another deal. We thought we had stability — now we have instability writ large.”

The U.K. chief of German industrial group Siemens, which employs 15,000 people in the U.K., reiterated his call to get behind the draft agreement even as senior politicians called for May to quit.

“We hope all sides keep calm, look at the facts, and move to support this draft to provide UK business with greater certainty,” Juergen Maier said in an emailed statement.

Even if May survives, her chances of winning a vote in parliament to approve the draft agreement are seen as slim.

Market jitters

Lawmakers across the political spectrum have said May’s deal will leave Britain bound by EU rules without having any say.

Many have argued it will also damage the integrity of the United Kingdom by aligning Northern Ireland with the rest of the EU in order to avoid a hard border with EU-member Ireland.

Many executives spoken to by Reuters were trying to guess what could happen next, either a national election, a second referendum or the extension of the negotiating period.

One senior executive at a FTSE 100 company was still holding out hope, however, that lawmakers would eventually be persuaded to vote for the deal when it comes before parliament before the end of the year.

“We’re going to need the market to throw up and scare them all into voting for it,” he said. The pound was down 1.8 percent against the dollar in early evening trading.

The CEO of French outdoor advertising company JCDecaux, which runs London’s bus-shelter advertising and makes 10 percent of its sales in Britain, called the situation “obviously very serious.”

“Today’s events reinforce the uncertainties in the market,” Jean-Charles Decaux told Reuters in an interview on the sidelines of an industry conference in Barcelona.

Martin Sorrell, ex-CEO and founder of ad agency group WPP and one of Britain’s best-known businessmen, said the country was in a state. “The situation this morning saps the confidence of the city and the country,” he told Reuters.

Build a better website in less than an hour. Start for free at us.

Business Bosses Alarmed as Resignations Imperil Brexit Deal

Business leaders expressed growing alarm Thursday as a draft Brexit agreement seen as the only chance of preserving some stability in U.K.-EU trading threatened to unravel, sending stock prices and the pound plunging.

Just 12 hours after British Prime Minister Theresa May announced that her cabinet had agreed to the terms of the draft agreement, Brexit minister Dominic Raab and work and pensions minister Esther McVey quit, saying they could not support it.

Their departures and those of other, junior ministers, revived the specter for business of Britain leaving the European Union without a deal next March, and sent shares in British housebuilders, retailers and banks tumbling.

“The political situation remains uncertain,” German carmaker BMW said in a statement. “We must therefore continue to prepare for the worst-case scenario, which is what a no-deal Brexit would represent.

“We continue to call on all sides to work toward a final agreement which maintains the truly frictionless trade on which our international production network is based.”

The European Union is Britain’s biggest trading partner, accounting for 44 percent of U.K. exports and 53 percent of imports to the UK.

After 45 years of membership, industries including defense, cars and aerospace have created intricate supply chains that rely on smooth, “just-in-time” delivery of thousands of parts across the sea that divides Britain from the continent.

Business leaders fear that the country could stumble toward a no-deal Brexit where border checks block ports and fracture the supply chains that support the likes of Rolls-Royce and BAE Systems.

Karen Betts, the head of the Scotch Whisky Association, said a no-deal Brexit would cause “considerable difficulties” for the industry and increase cost and complexity. It accounts for around 20 percent of all U.K. food and drink exports.

‘Only deal in town’

A senior executive at one of Britain’s biggest banks said this was the most disastrous government he had ever seen.

“The rest of the world is looking at us and laughing. It is time to have some stability so business can get some certainty. This is what the country needs.”

Industry bosses who had been briefed on the draft agreement by ministers late Wednesday had broadly welcomed it as the best chance of a compromise that would secure a transition period and avert the chaos of no deal at all.

May’s office also released statements from a number of major companies such as Diageo, the London Stock Exchange and Royal Mail welcoming the draft deal.

“Most business people ultimately are pragmatists and this is about playing the cards we have been dealt rather than wishing for a better hand,” Roger Carr, chairman of BAE Systems, told BBC Radio.

Iain Anderson, executive chairman of public affairs firm Cicero, which represents many finance companies, said although most executives did not like May’s deal they realized it was now the only game in town.

“Business is watching with horror the resignations now taking place,” he said. “Yesterday we had a plan and stability and today we do not.

“There is now no time to negotiate another deal. We thought we had stability — now we have instability writ large.”

The U.K. chief of German industrial group Siemens, which employs 15,000 people in the U.K., reiterated his call to get behind the draft agreement even as senior politicians called for May to quit.

“We hope all sides keep calm, look at the facts, and move to support this draft to provide UK business with greater certainty,” Juergen Maier said in an emailed statement.

Even if May survives, her chances of winning a vote in parliament to approve the draft agreement are seen as slim.

Market jitters

Lawmakers across the political spectrum have said May’s deal will leave Britain bound by EU rules without having any say.

Many have argued it will also damage the integrity of the United Kingdom by aligning Northern Ireland with the rest of the EU in order to avoid a hard border with EU-member Ireland.

Many executives spoken to by Reuters were trying to guess what could happen next, either a national election, a second referendum or the extension of the negotiating period.

One senior executive at a FTSE 100 company was still holding out hope, however, that lawmakers would eventually be persuaded to vote for the deal when it comes before parliament before the end of the year.

“We’re going to need the market to throw up and scare them all into voting for it,” he said. The pound was down 1.8 percent against the dollar in early evening trading.

The CEO of French outdoor advertising company JCDecaux, which runs London’s bus-shelter advertising and makes 10 percent of its sales in Britain, called the situation “obviously very serious.”

“Today’s events reinforce the uncertainties in the market,” Jean-Charles Decaux told Reuters in an interview on the sidelines of an industry conference in Barcelona.

Martin Sorrell, ex-CEO and founder of ad agency group WPP and one of Britain’s best-known businessmen, said the country was in a state. “The situation this morning saps the confidence of the city and the country,” he told Reuters.

Build a better website in less than an hour. Start for free at us.

Draft Brexit Deal Ends Britain’s Easy Access to EU Financial Markets 

The United Kingdom and the European Union have agreed on a deal that will give London’s vast financial center only a basic level of access to the bloc’s markets after Brexit. 

The agreement will be based on the EU’s existing system of financial market access known as equivalence — a watered-down relationship that officials in Brussels have said all along is the best arrangement that Britain can expect. 

The EU grants equivalence to many countries and has so far not agreed to Britain’s demands for major concessions such as offering broader access and safeguards on withdrawing access, neither of which is mentioned in the draft deal. 

“It is appalling,” said Graham Bishop, a former banker and consultant who has advised EU institutions on financial services. The draft text “is particularly vague but emphasizes the EU’s ability to take decisions in its own interests. … This is code for the UK being a pure rule taker.” 

Britain’s decision to leave the EU has undermined London’s position as the leading international finance hub. Britain’s financial services sector, the biggest source of its exports and tax revenue, has been struggling to find a way to preserve the existing flow of trading after it leaves the EU. 

Many top bankers fear Brexit will slowly undermine London’s position. Global banks have already reorganized some operations ahead of Britain’s departure from the European Union, due on March 29. 

Currently, inside the EU, banks and insurers in Britain enjoy unfettered access to customers across the bloc in all financial activities. 

No commercial bank lending

Equivalence, however, covers a more limited range of business and excludes major activities such as commercial bank lending. Law firm Hogan Lovells has estimated that equivalence rules cover just a quarter of all EU cross-border financial services business. 

Such an arrangement would give Britain a similar level of access to the EU as major U.S. and Japanese firms, while tying it to many EU finance rules for years to come. 

Many bankers and politicians have been hoping London could secure a preferential deal giving it deep access to the bloc’s markets. 

Under current equivalence rules, access is patchy and can be cut off by the EU within 30 days in some cases. Britain had called for a far longer notice period. 

The draft deal is likely to persuade banks, insurers and asset managers to stick with plans to move some activities to the EU to ensure they maintain access to the bloc’s markets. 

Britain is currently home to the world’s largest number of banks, and about 6 trillion euros ($6.79 trillion) or 37 percent of Europe’s financial assets are managed in the U.K. capital, almost twice the amount of its nearest rival, Paris. 

London also dominates Europe’s 5.2 trillion-euro investment banking industry. 

Rachel Kent, a lawyer at Hogan Lovells who has advised companies on future trading relations with the EU, said the draft deal did not rule out improved equivalence in the future. 

“I don’t see that any doors have been closed,” she said. “It is probably as much as we could hope for at this stage.” 

Build a better website in less than an hour. Start for free at us.

Draft Brexit Deal Ends Britain’s Easy Access to EU Financial Markets 

The United Kingdom and the European Union have agreed on a deal that will give London’s vast financial center only a basic level of access to the bloc’s markets after Brexit. 

The agreement will be based on the EU’s existing system of financial market access known as equivalence — a watered-down relationship that officials in Brussels have said all along is the best arrangement that Britain can expect. 

The EU grants equivalence to many countries and has so far not agreed to Britain’s demands for major concessions such as offering broader access and safeguards on withdrawing access, neither of which is mentioned in the draft deal. 

“It is appalling,” said Graham Bishop, a former banker and consultant who has advised EU institutions on financial services. The draft text “is particularly vague but emphasizes the EU’s ability to take decisions in its own interests. … This is code for the UK being a pure rule taker.” 

Britain’s decision to leave the EU has undermined London’s position as the leading international finance hub. Britain’s financial services sector, the biggest source of its exports and tax revenue, has been struggling to find a way to preserve the existing flow of trading after it leaves the EU. 

Many top bankers fear Brexit will slowly undermine London’s position. Global banks have already reorganized some operations ahead of Britain’s departure from the European Union, due on March 29. 

Currently, inside the EU, banks and insurers in Britain enjoy unfettered access to customers across the bloc in all financial activities. 

No commercial bank lending

Equivalence, however, covers a more limited range of business and excludes major activities such as commercial bank lending. Law firm Hogan Lovells has estimated that equivalence rules cover just a quarter of all EU cross-border financial services business. 

Such an arrangement would give Britain a similar level of access to the EU as major U.S. and Japanese firms, while tying it to many EU finance rules for years to come. 

Many bankers and politicians have been hoping London could secure a preferential deal giving it deep access to the bloc’s markets. 

Under current equivalence rules, access is patchy and can be cut off by the EU within 30 days in some cases. Britain had called for a far longer notice period. 

The draft deal is likely to persuade banks, insurers and asset managers to stick with plans to move some activities to the EU to ensure they maintain access to the bloc’s markets. 

Britain is currently home to the world’s largest number of banks, and about 6 trillion euros ($6.79 trillion) or 37 percent of Europe’s financial assets are managed in the U.K. capital, almost twice the amount of its nearest rival, Paris. 

London also dominates Europe’s 5.2 trillion-euro investment banking industry. 

Rachel Kent, a lawyer at Hogan Lovells who has advised companies on future trading relations with the EU, said the draft deal did not rule out improved equivalence in the future. 

“I don’t see that any doors have been closed,” she said. “It is probably as much as we could hope for at this stage.” 

Build a better website in less than an hour. Start for free at us.