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Dutch agriculture looking to secure British market post-Brexit

Brexit could be a major threat to producer prices in the Netherlands if exports of meat, dairy and horticultural products were subject to tariff and non-tariff barriers. The Dutch agriculture industry was reliant on exports, with the UK a major market for poultry meat, cheese, fruit, vegetables and flowers.

But while Brexit has received wall-to-wall coverage in Britain, Wageningen University senior researcher Dr. Siemen van Berkum said it was not really a concern for the average person in the Netherlands. “In the businesses related to agriculture, it is one of the priority areas and this is to do with the importance of trade to Dutch agriculture,” he said.

He added the news the negotiators would move on to the next stage of negotiations had been greeted with relief. Speaking at the British Guild of Agricultural Journalists Brexit and EU Agriculture event, Dr. van Berkum said the poultry and dairy industries would be hardest hit if the UK left without a deal in place.

“The World Trade Organisation (WTO) import tariffs are higher. The impact would be in terms of prices. There would be a major impact on cheese and meat,” he said. “Then we have to think about standards issues with animal diseases and whether there will be divergence on standards. They are very worried about this.”

However, given British consumers’ demand for high quality produce, he said the Dutch were looking to protect their exports by maintaining their good reputation. In the UK dairy industry, there had been talk of import substitution opportunities but Dr van Berkum said this was not a concern.

“The dairy industry in the UK has been concentrating on commodity. There is not really concern the UK dairy industry might become a serious competitor in the cheese market.” With horticulture being another main exporter to the UK, there was a focus on non-tariff barriers.  “There is a focus on bureaucratic procedures, diseases and inspections,” he said.

“But on the other hand, the industry has always been very efficient to serve the British market. We are quite near which might be seen as an advantage.”  He added the industry was being proactive, lobbying the Dutch Government and making sure it had promoted its interests, and agriculture was higher on his Government’s agenda than it seemed to be in the UK.

And Dr. van Berkum believed most of the Dutch were still behind remaining part of the EU, although there had been some debate when the British referendum was held. “Most acknowledge the benefits,” he said. “It is quite obvious the interest of the Netherlands is to have open borders as much as possible. The Netherlands is a country dependent on exports and imports. We are a trading country.”

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Bijna de helft van de Nederlanders speelt mee met een eindejaarsloterij

Bijna de helft (45%) van de Nederlanders is van plan om dit jaar met een eindejaarstrekking van een loterij mee te spelen. Van de Nederlanders die een inschatting maken, denkt twee derde dat de kans op de hoofdprijs het grootst is bij de oudejaarstrekking van de Staatsloterij (67%). 33% denkt juist dat de kans groter is bij de Nationale Postcodeloterij. Bij een prijs van 1 miljoen euro zet meer dan de helft van de ondervraagden een deel op de spaarrekening. Veertig procent zou om financieel advies vragen. Bij winst van een prijs van 30 miljoen euro zegt 61% te blijven werken.

Een kwart van de Nederlanders denkt dat een 45-jarige minimaal €2,5 miljoen moet winnen om nooit meer te hoeven werken. Een vijfde (21%) denkt dat dit bij €1 miljoen zelfs al kan.

Van degenen die een inschatting maken blijkt dat vrouwen het bedrag gemiddeld hoger inschatten dan mannen. 36% van de vrouwen die een inschatting maken, denkt dat een bedrag van minstens €5 miljoen of meer nodig is (t.o.v. 25% onder mannen). Ook 60-plussers die een inschatting maken, denken vaker dat een bedrag van minstens €5 miljoen nodig is (38% vs. 28%). Jongeren (jonger dan 30 jaar) denken juist vaker dat een bedrag van minder dan €1 miljoen volstaat.

Wat te doen met 1 miljoen?

Meer dan de helft van Nederland zou na het winnen van €1 miljoen een deel op de spaarrekening zetten (53%). Dat is de populairste actie. Op 2 van populairste acties na het winnen van €1 miljoen staat ‘een deel aan familie, vrienden of kinderen schenken’ (45%) en op 3 staat ‘een vakantie boeken’ (39%). ‘Schulden, leningen of hypotheken aflossen’ volgt kort na de top 3 met 38%.

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Euro boosted by Dutch economy growth prospects (Euro (+0.26%) vs. US-Dollar at $1.1928)   

Economic growth peaks at 3.3% in 2017. The next two years are also likely to show vigorous growth, at 3.1% and 2.3%, successively. Economic growth is broadly based and supported by all expenditure categories. Unemployment is set to fall to 4.9% in 2017, gradually declining further to 3.5% by 2019. Inflation will reach 1.3% this year, remain almost flat at 1,4% in 2018 and grow to 2.3% in 2019, fuelled mainly by higher VAT and energy tax rates. This is evident from the new half-yearly forecast that De Nederlandsche Bank (DNB) published today.

Economic growth continues to exceed trend in the next few years

The Dutch economy maintains its robust performance. Growth in gross domestic product (GDP) is expected to peak at 3.3% in 2017, a rate not seen in a decade. For 2018 and 2019 we project growth at a gradually slowing but still above-trend rate of 3.1% and 2.3%, respectively. Growth in those years will be fuelled mainly by domestic expenditure. Household consumption will increase markedly over the next two years, at 2.2% a year on average. Disposable income should improve on the back of higher gross employment remuneration and a strong pick-up in employment, supported by lower income tax. As in the past few years, GDP growth in 2017 will exceed projected potential growth of around 1.7% a year. As a result, the surplus capacity seen in recent years has now evaporated. Over the projection horizon, cyclical tension will increase further and the economy will clearly enter a boom phase.

Gross domestic product in the Netherlands December 2017

Labour market is progressively tightening and wage increases are expected

Better prospects encourage more people to enter the labour market. With employment outpacing growth in labour supply, unemployment is set to drop further, averaging 3.5% in 2019 from 4.9% in 2017. This would bring the figure to a level below that prevailing on the eve of the credit crisis. The rise in negotiated wages will remain moderate in 2017, at 1.6%, but it is projected to be 2.1% in 2018. In 2019, the rise in negotiated wages will accelerate further to 2.5%, reflecting labour market tightening and higher inflation. The higher wage growth in 2018 and 2019 will also nudge up the labour income share (LIS) of businesses, which is projected to increase by around one percentage point, from 72.3% to 73.4%. It will nevertheless remain below the long-term average throughout the projection horizon.

Housing market is going full steam ahead

During the past twelve months, the number of housing transactions reached a record 239,000, leaving no doubt that the Dutch housing market is going full steam ahead. At 7.5% in 2017, the increase in house prices contributes significantly to economic growth through higher financial assets of households, risen consumer confidence and increased residential investment. In our projections, house price growth will ease gradually over the next two years to an average of just above 6% a year. Remarkably, the largest relative increase in the number of transactions can currently be seen in provinces outside the Randstad conurbation, for instance Flevoland and Drenthe. Conversely, the number of transactions dropped in Amsterdam and Utrecht, where markets had become so much overheated that a turnaround became unavoidable.

Higher capital market rates could moderate growth

An exploratory scenario shows the potential adverse effects that a global rise in capital market rates will have on the Dutch economy. If these rates were to rise by one percentage point on a lasting basis, this would depress Dutch GDP growth by an average of 0.4 percentage points a year in the first four years. The impact on growth would be the greatest in the first two years and subsequently wane.In view of the GDP projections for the next two years, which assume 2.7% growth on average, growth may be expected to remain well above its potential even at capital market rates that are one percentage point higher.

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De rechtbank wijst de vorderingen van Milieudefensie en anderen in zaak schone lucht af

Den Haag, 27 december 2017

Milieudefensie, de stichting Adem Rotterdam en 57 individuele eisers, hebben een bodemprocedure aangespannen tegen de Staat over verbetering van de luchtkwaliteit. De rechtbank Den Haag heeft vandaag geoordeeld dat de vorderingen moeten worden afgewezen.

De inzet van de procedure is verbetering van de luchtkwaliteit in Nederland. De zaak gaat over stikstofdioxide (NO2) en fijnstof (PM2,5 en PM10). Luchtvervuiling met deze stoffen brengt uiteenlopende en ernstige risico’s voor de volksgezondheid met zich mee. De Staat neemt maatregelen om luchtvervuiling terug te dringen. Deze zijn neergelegd in het Nationaal Samenwerkingsplan Luchtkwaliteit (NSL).

WHO richtwaarden

De Staat moet de verplichtingen uit de Richtlijn 2000/50/EG betreffende de luchtkwaliteit naleven. Deze Richtlijn bevat grenswaarden voor de schadelijke stoffen. De Wereldgezondheidsorganisatie (WHO) heeft strengere richtwaarden voor fijnstof vastgesteld.

De Staat ‘werkt toe’ naar het bereiken van de WHO-richtwaarden, die nog niet overal in Nederland zijn bereikt. De rechtbank oordeelt dat de Staat niet nu al of op korte termijn aan de WHO-richtwaarden moet voldoen. Er is geen verdragsbepaling die de Staat daartoe verplicht.

Richtlijn 2000/50/EG: twee verplichtingen

Wel moet de Staat voldoen aan de Richtlijn. Deze bevat twee verplichtingen voor de Staat: ten eerste moesten de grenswaarden op tijd zijn bereikt: de grenswaarde voor PM10 moest op 11 juni 2011 zijn bereikt en de grenswaarden voor PM2,5 en NO2 op 1 januari 2015. Die uiterste data zijn niet gehaald voor PM10 en NO2. De Staat heeft deze eerste verplichting dus geschonden. Het staat echter niet vast dat de individuele eisers en de personen voor wiens belang Milieudefensie opkomt hierdoor daadwerkelijk schade hebben geleden.

De tweede verplichting: zo kort mogelijk houden van de periode van overschrijding

Nu de grenswaarden niet op tijd zijn bereikt, legt de Richtlijn een tweede verplichting op de Staat: de grenswaarden voor PM10 en NO2 moeten nog steeds worden bereikt. De Staat moet de periode van overschrijding zo kort mogelijk houden. De Richtlijn schrijft voor dat de Staat daartoe ‘passende maatregelen’ moet nemen. Eisers vinden dat de Staat deze tweede verplichting schendt. In hun ogen volstaat het NSL niet. Zij betogen dat de Staat meer en andere maatregelen moet nemen.

Welke periode ‘zo kort mogelijk’ is en welke maatregelen ‘passend’ zijn, wordt bepaald door de omstandigheden van het geval. Vaststaat dat de grenswaarden voor PM10 en NO2 nog steeds niet overal in Nederland bereikt. De uiterste data zijn – zeker voor PM10 – ruimschoots overschreden. De prognoses wijzen erop de grenswaarden in 2020 waarschijnlijk niet overal in Nederland bereikt zullen worden. Daaruit kan echter niet worden afgeleid dat de Staat onvoldoende heeft gedaan en doet om de periode van overschrijding zo kort mogelijk te houden.

De overschrijdingen zijn de afgelopen jaren teruggedrongen. De resterende overschrijdingen worden vooral veroorzaakt door verkeer op een beperkt aantal knooppunten in de binnenstad van Amsterdam en Rotterdam, die van belang zijn voor de bereikbaarheid in de stad. De resterende knelpunten zijn hardnekkig. Het aanpakken daarvan is een complexe aangelegenheid vanwege de aard van de problematiek en het risico van verschuiving van de problemen. De door eisers geuite kritiek op het NSL is te algemeen van aard om te kunnen concluderen dat de Staat tekortschiet.

De rechtbank oordeelt dus dat de Staat de tweede verplichting niet heeft geschonden.

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In 2016 overleden 149 duizend inwoners van Nederland. De meeste mensen stierven aan kanker en hart- en vaatziekten, te weten 30 procent (45 duizend) aan kanker en 26 procent (39 duizend) aan hart- en vaatziekten. In 2016 overleden voor het eerst meer vrouwen aan kanker dan aan hart- en vaatziekten. Dit blijkt uit een nieuwe analyse van het CBS.

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Aegon to divest additional block of US run-off businesses            

Aegon has agreed to divest a block of life reinsurance business to SCOR and to dissolve a related captive insurance company.

The transaction is consistent with Aegon's stated strategic objective to reduce the amount of capital allocated to its run-off businesses.

Under the terms of the agreement, Aegon's Transamerica life subsidiaries will reinsure approximately USD 750 million of liabilities to SCOR. The transaction covers approximately half of the life reinsurance business that Transamerica retained after it divested the vast majority of its life reinsurance business to SCOR in 2011. It is expected that the transaction has a one-time benefit of approximately USD 75 million on Transamerica's capital position and a slightly positive effect on recurring capital generation.

Future underlying earnings are not affected by this transaction as earnings of this block of reinsurance business are part of run-off businesses, which are not included in underlying earnings before tax. The transaction is expected to result in a pre-tax IFRS loss of approximately USD 125 million (EUR 105 million) and will be reported in Other charges in the fourth quarter 2017 results.

As part of the transaction, the company will dissolve a related captive insurance company in place to finance redundant reserves, generally referred to as XXX term life insurance reserves, and will redeem USD 475 million of operational leverage supporting that captive.

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Apple chief executive Tim Cook has seen his take home pay rocket 47% to 12.8 million US-Dollars  after a better than expected sales performance at the tech giant and Mr. Cook will also be furnished with the use of a private jet for his "personal safety and security", according to the filing.

Mr. Cook's salary and bonus for 2017 is an improvement on last year's 8.75 million US-Dollars. It consists of a 3 million US-Dollars salary and 9.3 million US-Dollars in bonuses and other add-ons.

The head honcho also reaped the benefits of a generous share award, banking 89.2 million US-Dollars worth of Apple stock as part of a compensation package agreed when Mr Cook was appointed chief executive in 2011.

The bumper award is linked to Apple's share price performance versus its S&P 500 peers and comes after the company beat its annual sales and income targets. The tech giant booked net sales and operating income for 2017 of 229.2 billion US-Dollars and 61.3 billion US-Dollars respectively, while its share price rose 36.7% in 2017.

Apple sold more than 46.6 million iPhone handsets in the last quarter, up from 45.5 in the comparable period in 2016. The company also saw iPhone sales increase by 3%, indicting a steady start for the iPhone 8, which went on sale in September. 

A regulatory filing released by the US firm read: "Our executive compensation programme is designed to reward performance in a simple and effective way. "It reflects the unparalleled size, scope, and success of Apple's business and the importance of our executive officers operating as a high-performing team, while focusing on key measures of profitability and the creation of shareholder value.

"We believe the compensation paid to our named executive officers for 2017 appropriately reflects and rewards their contributions to our performance," the firm added.

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Tesla to build pick-up trucks in 2019

American automaker and energy storage company Tesla will build an all-electric pickup soon after it begins building the Model Y SUV, which is expected to go into production in mid-2019, Tesla CEO Elon Musk said .

"I promise that we will make a pickup truck right after Model Y. Have had the core design-/-engineering elements in my mind for almost 5 years. Am dying to build it," Musk said.

The Model Y, which will be built on the same platform as the Model 3 sedan, is expected to go into production in mid-2019.

The idea of building electric pick-up trucks was first announced last July. Adding a pickup truck to its lineup would make Tesla the first full-line electric automaker, making it better compete with traditional internal combustion engine brands like BMW and Toyota.

Musk also said via Twitter that the pick-up truck would likely be a little larger than the current bestselling model Ford F150 pick-up. He said the truck would have a "gamechanging" feature, but he didn't reveal details.

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South Korea's government on Wednesday set its 2018 growth forecast for the economy at 3 percent.

Real gross domestic product (GDP), adjusted for inflation, was predicted to grow 3 percent in 2018, the Ministry of Strategy and Finance said in its 2018 economic policy direction report.

It would be a higher growth rate compared with the figures tallied between 2012 and 2016, which stayed below 3 percent, but it was down from the ministry's 2017 growth outlook of 3.2 percent.

President Moon Jae-in told a meeting with economy-related ministers that it would be a good thing for the growth rate to surpass 3 percent, but he expressed worry about the still high jobless rate especially among youths, massive household debts and living difficulties among the general public.

Moon said job creation would be the first thing that ordinary South Koreans could feel when economic situations get better, reiterating his top policy priority would be placed on creating decent jobs next year, especially for the younger generation.

The ministry said uncertainty would remain over the economy as the central bank was expected to raise the policy rate further next year.

The Bank of Korea (BOK) raised its benchmark interest rate in late November to 1.5 percent from an all-time low of 1.25 percent, marking the first rate increase in almost six and a half years.

The tightened monetary policy was projected to help reduce massive household debts, which had rapidly risen in recent years amid strong demand to purchase new home with borrowed money.

The higher borrowing costs, however, would increase debt-service burden for households, which can lead to weaker private consumption.

The U.S. Federal Reserve lifted its policy rate to a range of 1.25-1.50 percent, of which the upper end was identical to South Korea's benchmark rate. It would put pressure on the BOK to raise its benchmark rate further next year.

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Blokker Holding en TEDI GMBH & CO. KG (TEDi) hebben een akkoord bereikt over de verkoop van alle Duitse activiteiten van Xenos aan TEDi

Amsterdam-Dortmund:  Blokker Holding en TEDI GMBH & CO. KG (TEDi) hebben een akkoord bereikt over de verkoop van alle Duitse activiteiten van Xenos aan TEDi. Xenos, de Nederlandse winkelketen in eigentijdse producten op het gebied van hobby, feestjes, inrichting en decoratie, bezit in Duitsland 63[1] winkels. TEDi neemt deze Duitse winkels over en zal ze ombouwen naar TEDi-winkels. Dit proces zal de komende maanden geleidelijk plaatsvinden. Alle arbeidscontracten in Duitsland maken onderdeel uit van deze transactie.

De voorgenomen transactie is in lijn met de op 16 mei 2017 door Blokker Holding aangekondigde strategiewijziging. Het bedrijf zal zich volledig richten op de Blokker-keten en alle overige winkelbedrijven verkopen. Met de overname van de Xenos-winkels versterkt TEDi haar positie als de leidende non-food retailer in Duitsland en breidt het bedrijf haar netwerk uit naar 1.800 winkels.

Jeroen Visser, CFO Blokker Holding: “Deze transactie stelt ons in staat extra aandacht te geven aan de Nederlandse activiteiten van Xenos. We blijven werken aan een sterke commerciële positionering en een goede voorbereiding op de toekomstige verkoop van Xenos Nederland. De transactie omvat alle bestaande Xenos-arbeidscontracten in Duitsland. Ik ben ervan overtuigd dat dit de best mogelijke uitkomst is voor alle belanghebbenden en een solide volgende stap in de uitvoering van de concernstrategie van Blokker Holding.”

Silvan Wohlfarth, Voorzitter van de Raad van Bestuur, TEDi: “De overname van de Duitse Xenos-winkels biedt een geweldige kans om de ambitieuze groeidoelstellingen van TEDi te verwezenlijken. In Duitsland willen wij ongeveer 150 winkels per jaar openen. Het totaal aantal winkels in Europa moet in de komende jaren groeien tot 5.000. Het assortiment en de klant-benadering van Xenos passen perfect bij TEDi. De overname van de Duitse Xenos-winkels biedt ons ook een uitgelezen mogelijkheid om toegang te krijgen tot winkels op toplocaties.”

De transactie is onder voorbehoud van goedkeuring door de relevante mededingingsautoriteiten en het advies van de Centrale Ondernemingsraad van Blokker Holding. Naar verwachting wordt de transactie vóór eind januari 2018 afgerond. De Xenos-winkels zullen vervolgens in enkele maanden worden omgebouwd naar TEDi-winkels.

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Geely has now become the biggest shareholder in AB Volvo, the world’s largest truck manufacturer in a transaction worth around 2.7 billion euros, it announced today.

Geely said in a statement it had “reached agreement with Cevian Capital, Europe’s largest activist fund manager, to acquire its entire 8.2-per cent share capital holding and 15.6-per cent voting rights in AB Volvo.”

Financial details were not disclosed, but based on the current price of AB Volvo shares, the transaction is worth around 27 billion Swedish kronor.

“Geely Holding has committed to acquire Cevian’s 88.47 million A-shares and 78.77 million B-shares in AB Volvo,” the statement said.

“On completion and following necessary regulatory approvals, Geely Holding will become the largest holder of AB Volvo’s share capital.”

The biggest stakeholder in terms of voting rights is still the Swedish investment fund Industrivarden, which holds a voting stake of 21.8 per cent. It also holds a capital stake of 6.7 per cent.

Geely Holding chairman Li Shufu said the Chinese automotive group was “delighted” to become “the largest holder of share capital in a company that leads the world in many aspects of commercial vehicle development, manufacturing and sales.”

Volvo, founded in 1927, sold off its cars business to US auto giant Ford in 1999, to concentrate on the commercial vehicles business.

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