European Commission President Jean-Claude Juncker addresses the European Parliament during a debate on The State of the European Union in Strasbourg, France, September 13, 2017.  REUTERS/Christian Hartmann
European Commission president Jean-Claude Juncker addresses the European Parliament during a debate on the State of the European Union in Strasbourg, France. Reuters

Juncker sets out bold new vision for Europe with scant mention of Brexit



Jean-Claude Juncker, president of the EU Commission, delivered a barnstorming state of the union address to the European Parliament on Wednesday, proposing a raft of measures that promise deeper European Union and making such a cursory mention of Brexit that it only came up an hour into his speech.

“We will regret [Brexit],” Mr Juncker said to the wider audience beyond the parliament, and I think [the British people] will regret it too. But we will keep moving. Brexit isn’t everything. It’s not the future of Europe.” Europe now had “the wind in its sails”, and should take advantage of the opportunities offered by Brexit.

He went on to call for a summit to be held in Romania on March 30, 2019, the day after Britain secedes from the Union, at which point the EU could “start its future as 27 [members].”

In a passionate speech, Mr Junker remarked how the last time he had delivered the annual address the continent and its institutions “were not in a good state.” But through maintaining unity, the EU had seen the economic outlook improve enormously.

Growth across the union had outstripped the US for the last two years, and eight million jobs had been created. Mr Junker made special mention of a trade deal with Canada during the last year, and negotiations on deals with Japan, Australia and New Zealand.

Expanding on a theme of guaranteeing greater protection for consumers, he gave German carmakers a ticking off for the Dieselgate scandal, and also committed the Union to leading the global fight against climate change, noting a “reduction in ambition from the United States” (a reference to the US leaving the Paris Climate Accord) that was creating a vacuum Europe would fill.

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He also hailed progress made in the migrant crisis; over the last year the number of people entering Europe via the eastern channel through Turkey and Greece had reduced by 97%, while in August numbers coming through Italy — which he singled out for special praise for their “perseverance and generosity” — had gone done by 81% from the same month in 2016.

Noting that Europe was becoming an older continent, Mr Juncker accepted that migration had to continue, and he celebrated the fact that more than 720,000 migrants had made their way legally into the union — “more than three times the combined total accepted by the United States, Canada and Australia.”

At the heart of his speech, which switched from English to French to German, the 62-year-old former prime minister of Luxembourg and past holder of many posts across European institutions, sketched out a version of a future scenario for the EU which he will attempt to implement during the less than two years he has left of his tenure.

“I have always fought for Europe … through thick and thin, never have I lost my love for the EU,” he said.

In a passage which suggested a long-term drive to a far closer union, Mr Juncker vowed to bring member states such as Bulgaria and Romania into the border-free Schengen zone, with Croatia joining too after fulfilling the necessary demands made by the EU for membership.

He also suggested that the future of the union was for all countries to eventually be members of the banking zone, with the euro as the common currency, and also for all to be part of Schengen — a provocative stance which could potentially alienate some states in eastern Europe which currently have right-wing, nationalist governments, such as Poland and Hungary.

And in further moves that will get anti-federalist antennae twitching, he proposed the creation of a Europe-wide finance minister, which would lead to more integration of the Eurozone. This is similar to a proposal made by French president Emmanuel Macron.

Mr Juncker also ruled out membership of the European Union for Turkey in the near future. He attacked the crackdown on press freedom by the regime of Recep Tayyip Erdogan, which has seen French and German journalists arrested.

He also demanded that leaders in Turkey “stop calling our heads of state fascists and Nazis”.

Barings Bank

Barings, one of Britain’s oldest investment banks, was
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Barings Bank collapsed in February 1995 following colossal
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Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition


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