NIEUWSNOW - PERSNIEUWS - FiBU NEWS MEDIA

The Bank of Canada today maintained its target for the overnight rate at 1 per cent.

The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economy is evolving largely as expected in the Bank’s October Monetary Policy Report (MPR). In the United States, growth in the third quarter was stronger than forecast but is still expected to moderate in the months ahead. Growth has firmed in other advanced economies. Meanwhile, oil prices have moved higher and financial conditions have eased. The global outlook remains subject to considerable uncertainty, notably about geopolitical developments and trade policies.

Recent Canadian data are in line with October’s outlook, which was for growth to moderate while remaining above potential in the second half of 2017. Employment growth has been very strong and wages have shown some improvement, supporting robust consumer spending in the third quarter. Business investment Bank of Canada maintains overnight rate target at 1 per cent

continued to contribute to growth after a strong first half, and public infrastructure spending is becoming more evident in the data. Following exceptionally strong growth earlier in 2017, exports declined by more than was expected in the third quarter. However,  the latest trade data support the MPR projection that export growth will resume as foreign demand strengthens. Housing has continued to moderate, as expected.

Inflation has been slightly higher than anticipated and will continue to be boosted in the short term by temporary factors, particularly gasoline prices. Measures of core inflation have edged up in recent months, reflecting the continued absorption of economic slack. Revisions to past quarterly national accounts have resulted in a higher level of GDP. However, this is unlikely to have significant implications for the output gap because the revisions also imply a higher level of potential output. Meanwhile, despite rising employment and participation rates, other indicators point to ongoing­ – albeit diminishing – slack in the labour market.

Based on the outlook for inflation and the evolution of the risks and uncertainties identified in October’s MPR, Governing Council judges that the current stance of monetary policy remains appropriate. While higher interest rates will likely be required over time, Governing Council will continue to be cautious, guided by incoming data in assessing the economy’s sensitivity to interest rates, the evolution of economic capacity, and the dynamics of both wage growth and inflation.

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Putin announces bid for 2018 Russian presidential race; Russia’s forthcoming election is due on March 18, 2018

Russian President Vladimir Putin will contest another presidential term in 2018. He declared his election plans at a meeting with veterans and workers of the automobile plant GAZ.

"Yes, I will run for the president of the Russian Federation," Putin said.

His current term expires on May 7, 2018; Russia to kick off presidential campaign trail

In 2018, Putin will participate in a presidential election campaign for the fourth time. In case of victory he will stay in office as the head of state for six years, from 2018 to 2024.

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Rekenkamer: schenkingsvrijstelling effectief middel voor verlagen hypotheekschuld

Effect fiscaal gunstige regeling  tien maal hoger dan raming

Een belastingvrije schenking tot €100.000 mogelijk maken voor de financiering van een woning heeft bijgedragen aan een lagere totale en gemiddelde hypotheekschuld van Nederlanders. Ook het aantal hypotheken dat ‘onder water staat’ is door de fiscale regeling in de jaren 2013 en 2014 verminderd. De Algemene Rekenkamer acht na onderzoek het verband tussen de tijdelijke aanpassing en dit resultaat aannemelijk. Nu sinds begin 2017 de schenkingsvrijstelling blijvend is ingevoerd, verwacht de Algemene Rekenkamer dat dit eveneens een positieve invloed zal hebben op de verlaging van de hypotheekschuld. Onzeker is hoeveel geld de schatkist hierdoor zal mislopen. Voor 2013 en 2014 was dat ruim tien keer zoveel als wat het Ministerie van Financiën had geraamd. Vanaf 2017 verwacht de minister een derving van € 97 miljoen per jaar. Er is moeilijk een goede voorspelling te doen hoe vaak een beroep op deze fiscale regeling zal worden gedaan.

Dat staat in het rapport Schenkingsvrijstelling eigen woning – Effecten op de hypotheekschuld. De Algemene Rekenkamer publiceert dit op 6 december 2017.

Minder hypotheken onder water

Toch is het fiscaal instrument effectief, omdat de beleidsdoelen gehaald zijn: de totale hypotheekschuld daalt sinds de tijdelijke verruiming van de regeling. Ook het aantal woningen waarvoor geldt dat er een hogere hypotheek op rust dan de WOZ-waarde (‘onder water staan’) stabiliseert sinds 2013 en laat sindsdien een lichte daling zien. Overigens zorgen de aantrekkende economie en huizenmarkt ook voor minder onderwaterhypotheken.

Uit het onderzoek van de Algemene Rekenkamer naar de belastingaangiften van de 159.000 schenkingontvangers blijkt dat het merendeel (circa 74 %) van hen dit geld benut heeft voor het aflossen van (een deel van) de hypotheekschuld. De overige ontvangers zetten het geld in voor een verbouwing aan de woning of koop van een huis.

Leeftijdseis

Toen de tijdelijke fiscale verruiming werd beëindigd, daalde het aantal schenkingsvrijstellingen weer tot onder de 10.000 per jaar. Het vorige kabinet heeft met ingang van 1 januari 2017 de verruimde schenkingsvrijstelling eigen woning permanent gemaakt. Daarbij is de voorwaarde ingevoerd dat deze alleen geldt voor ontvangers van 18 tot 40 jaar. Deze leeftijdseis kan ertoe leiden dat het effect beperkt wordt voor het halen van het doel: de totale hypotheekschuld verlagen. De Algemene Rekenkamer verwacht op basis van de ervaringscijfers dat de regeling door de leeftijdsgroep 18 tot 40 jaar meer benut wordt om een huis te kopen en minder om een bestaande hypotheek af te lossen. Omdat het aandeel jongeren met een ‘onderwaterhypotheek’ relatief groot is, zal de leeftijdseis hoogstwaarschijnlijk wel effectief zijn voor het tegengaan van onderwaterhypotheken.

De blijvende herinvoering van de regeling zal naar verwachting een minder groot effect per jaar hebben dan in 2013 en 2014. Toen was immers duidelijk dat de belastingvrijstelling van korte duur zou zijn.

De Algemene Rekenkamer beveelt de betrokken bewindspersonen vervolg-onderzoek aan om vast te stellen of in de nieuwe situatie deze regeling effectief is en welke criteria daarbij van belang zijn. De staatssecretaris van Financiën geeft aan dat de permanente regeling voor schenkingsvrijstelling geëvalueerd zal worden en voegt eraan toe dat het bij de derving van inkomsten om een fictief bedrag gaat.

Tot 2013 werd er gemiddeld 5.000 maal per jaar gebruik gemaakt van de (sinds 2009 bestaande) vrijstelling voor een eenmalige schenking ten behoeve van de eigen woning. Dat kostte de Staat gemiddeld € 29 miljoen per jaar door lagere belastingafdracht. Voor 2013 en 2014 was vanwege de verruiming op een verdubbeling gerekend door het ministerie. In werkelijkheid werd in die twee jaar de regeling 159.000 keer gebruikt. In geld: er was rekening gehouden met  € 104 miljoen minder belastingafdracht, het werd € 1.093 miljoen minder, ruim het tienvoudige.

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ADP National Employment Report: Private Sector Employment Increased by 190,000 Jobs in November

Private-sector employment increased by 190,000 from October to November, on a seasonally adjusted basis.

ADP National Employment Report

“The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Notably, manufacturing added the most jobs the industry has seen all year.

As the labor market continues to tighten and wages increase it will become increasingly difficult for employers to attract and retain skilled talent.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example. There is a mounting threat that the job market will overheat next year

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ABN AMRO: Aandelen bieden potentieel én risico's in 2018

ABN AMRO voorspelt beleggers een goede start van 2018. De bank verwacht dat de meevallende economische groei, de aanhoudend lage inflatie en stabiele financiële omstandigheden een positieve invloed op de financiële markten hebben. Wel waarschuwt ABN AMRO dat de hoge economische groei voor fluctuaties op financiële markten kan zorgen. Daarom adviseert de bank haar klanten om 2018 te starten met een bescheiden overweging in aandelen, alert in te spelen op kansen en liquiditeiten als risicobuffer achter de hand te houden. Dit meldt de bank in de Beleggingsstrategie voor 2018.

Ralph Wessels, Beleggingsstrateeg bij ABN AMRO: "In 2017 was sprake van versnelde economische groei. We verwachten dat de groei aanhoudt voor de wereldeconomie en bedrijfswinsten. Wel kunnen financiële markten dynamischer worden. We achten de kans op een recessie in 2018 klein, maar naarmate het economisch herstel verder doorzet kan volatiliteit terugkeren in de markt. Daarom adviseren we onze klanten om in 2018 een robuuste, internationale beleggingsportefeuille op te bouwen."

Profiteren van forse groeidynamiek

ABN AMRO geeft binnen aandelen de voorkeur aan de sectoren Industrie en Luxegoederen &  Diensten, omdat die sterk kunnen profiteren van de forse groeidynamiek. De bank adviseert thematische beleggers om de juiste balans te zoeken tussen aandelen met exposure naar duurzame energie, consumenten in opkomende landen en de innovatieve productindustrie. ABN AMRO verwacht namelijk dat in 2018 de aandacht toeneemt voor bedrijven die bezig zijn met Smart Factories (bedrijven die steeds meer technologisch gedreven zijn).

Meer plek voor groene obligaties

Door de gunstige groeiverwachtingen geeft de bank de voorkeur aan aandelen uit Aziatische, opkomende markten. Ook verwacht ABN AMRO dat beleggers in 2018 meer plek in hun portefeuille inruimen voor groene obligaties. Dit zijn obligaties waarmee klimaatoplossingen gefinancierd worden. De verwachting is bovendien dat duurzaam beleggen in de komende jaren steeds meer de norm wordt.

Vraag naar olie blijft sterk groeien

In het geval van geopolitieke risico's kunnen beleggers met grondstoffen spreiding in hun portefeuille aanbrengen. ABN AMRO verwacht dat de wereldwijde vraag naar olie in 2018 sterk blijft groeien en dat de prijs stijgt. De verwachting is dat de gemiddelde prijs per vat (Brent) volgend jaar op 70 dollar uitkomt. ABN AMRO verwacht pas in 2019 een krachtigere euro ten opzichte van de Amerikaanse dollar en in 2018 een lichte verzwakking naar 1,15. De bank gaat ervan uit dat de Amerikaanse Federal Reserve de rente agressiever zal verhogen dan de markt momenteel inprijst. De prognose van ABN AMRO voor 2018 gaat uit van twee renteverhogingen van elk 25 basispunten.

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EuroFlash: Brent: $62,24 (-0.63%), AEX: 541,04 (-0.37%), EUR>(-0,16%)>US-Dollar: $1.1810, EUR>(+0,05%) Pound>£0,8822, Pound>(-0,20%) US-Dollar $1,3386, EUR>(-0,47%)>JPY: Y132,42

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Bierfietsen blijven voorlopig geweerd uit centrum van Amsterdam

Bierfietsen blijven de komende tijd niet toegestaan in het centrum van Amsterdam. Het besluit van de burgemeester van Amsterdam om met ingang van 1 november 2017 bierfietsen en andere zogenoemde groepsfietsen te verbieden in het centrum, blijft voorlopig van kracht. Dat blijkt uit een uitspraak van de voorzieningenrechter van de Afdeling bestuursrechtspraak van de Raad van State van vandaag (6 december 2017).

Verschillende exploitanten van bierfietsen hadden de voorzieningenrechter gevraagd om het besluit van de burgemeester te schorsen. Zij zeggen dat zij in financiële problemen komen door het verbod.

De voorzieningenrechter beperkt zich in de uitspraak tot een afweging van de belangen van de exploitanten en de burgemeester bij een schorsing van het verbod. Uit klachten en meldingen van Amsterdammers, maar ook uit waarnemingen van de politie, blijkt dat de bierfietsen overlast en verkeershinder veroorzaken. Naar het oordeel van de voorzieningenrechter weegt het belang van de burgemeester bij het voorkomen van die overlast en hinder zwaarder dan het financiële belang van de exploitanten. De exploitanten hebben naar het oordeel van de voorzieningenrechter niet onderbouwd dat zij in financiële problemen komen door het verbod. Het verbod geldt alleen in het centrum. In de wijken daaromheen kan nog wel met bierfietsen worden gereden.

Met deze uitspraak van de voorzieningenrechter is nog niet het laatste woord gezegd over bierfietsen in het centrum van Amsterdam. De uitspraak is een voorlopig oordeel. De Afdeling bestuursrechtspraak buigt zich later nog uitgebreid over de bezwaren tegen het verbod op bierfietsen. In de zogenoemde bodemprocedure komt de Afdeling bestuursrechtspraak met een inhoudelijke beoordeling. Deze spoedprocedure leent zich hier niet voor. Tot er uitspraak in die bodemprocedure is gedaan, zijn bierfietsen in het centrum van Amsterdam in ieder geval niet toegestaan.

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Russian President Vladimir Putin’s annual news conference is due on December 14, 2017, a Kremlin spokesman said.

It will be the last news conference Putin will address during his current presidential term, and the thirteenth overall annual news conference.

Putin's major annual press conference

Russian President Vladimir Putin’s annual news conference is due on December 14, 2017, a Kremlin spokesman said.

It will be the last news conference Putin will address during his current presidential term, and the thirteenth overall annual news conference.

Putin has been holding annual news conferences since 2001. However, no such events took place while he served as Russia’s prime minister, from May 2008 to May 2012. After being re-elected as president for a six-year term in 2012, Putin resumed the tradition of addressing major annual news conferences.

Putin’s first seven annual news conferences took place in the Kremlin’s14th building. After the building was closed for a renovation, the event moved to the International Trade Center.

The shortest of these news conferences lasted for one hour and 33 minutes back in 2001. The 2008 news conference set the record as being the longest one, lasting for four hours and 40 minutes.

In the recent years, Putin’s major meetings with journalists have taken place in December, summing up the year’s events.

The president puts no limitations on the areas of questions and sets no time limits.

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According to sources in the Russian Kremlin, Mr. Putin is to confirm one of these days to run for President again. 

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‘Stiefkind van de rekening’, ZEMBLA: woensdag 6 december, 21.15 uur BNNVARA, NPO 2

Stiefouders die na een lange relatie alsnog uit elkaar gaan, moeten na hun scheiding verplicht kunnen worden alimentatie te betalen voor hun stiefkind. Dat zegt Cees van Leuven, raadsheer aan het gerechtshof van Den Bosch woensdag in de ZEMBLA-uitzending Stiefkind van de Rekening.

Stiefkinderen waarvan de biologishe ouders geen alimentatie willen of kunnen betalen dreigen de dupe van de wet te worden. Die stelt dat de biologische ouder verplicht is alimentatie te betalen, maar een stiefouder is dat niet voor een stiefkind.

Ook niet als hij of zij jarenlang voor het stiefkind heeft gezorgd en er geen biologische ouder is om alimentatie te betalen. Van Leuven vindt een wetswijziging op zijn plaats: "De wet zou voor evenwicht moeten zorgen, voor balans. Waar er rechten zijn, moeten er ook verplichtingen zijn. Het wordt als een groot manco ervaren - ook door mijn collega’s - dat we geen maatwerk kunnen toepassen als een kind lang in een stiefgezin heeft gezeten,” aldus Van Leuven. 

De raadsheer die bij het gerechtshof in Den Bosch veel familiezaken, echt- en vechtscheidingszaken doet, vindt het niet terecht dat een stiefouder bij de rechter nu wel kan vragen om een omgangsregeling maar omgekeerd niet verplicht kan worden tot het betalen van alimentatie. Van Leuven zegt in Zembla: “Het zou logisch zijn dat de stiefouder ook financieel verantwoordelijkheid blijft dragen voor het kind.” 

Vechtscheiding

Als de ouder en stiefouder ook nog samen een kind hebben gekregen, wordt voor dat biologische kind wél alimentatie betaald. Van Leuven meent: “Dat voelt voor die kinderen zelf onderling ook zeer onrechtvaardig.”

Twee op de drie samengestelde gezinnen lopen stuk. Een van de risicofactoren van een samengesteld gezin is een nog slepende vechtscheiding tussen de biologische ouders. Raadsheer Cees van Leuven: “Wanneer er een vechtscheiding was in de oorspronkelijke relatie, gaat die vaak verder in de nieuwe relatie. De vechtscheiding komt in het nieuwe gezin binnen en vervuilt alles.”

Jonge stellen met kinderen

Een op de drie getrouwde kerngezinnen gaat jaarlijks uit elkaar. Uit cijfers van het CBS blijkt dat dat steeds vaker jonge stellen met kinderen zijn. Volgens deskundigen in ZEMBLA vinden de gescheiden ouders daarna relatief snel weer een nieuwe liefde op het schoolplein of op een datingsite.

Niet lang daarna ontstaat vaak het samengestelde gezin. Gezinsgeluk dat vaak van korte duur is, omdat veel stiefouders onderschatten hoe moeilijk het is om van het kind van een ander te houden. Stiefkinderen zijn vaak nog in de rouw vanwege de scheiding en dulden geen nieuwe opvoeder.

‘Stiefkind van de rekening’, ZEMBLA: woensdag 6 december, 21.15 uur BNNVARA, NPO 2

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De Beers is investing in a new platform that will track diamonds throughout the value chain, using blockchain technology.

The new platform “will provide a single, immutable record that traces a diamond’s individual journey through the value chain,” said CEO Bruce Cleaver in a blog post.

The system can verify activity without revealing details of every transaction to everyone involved—a fear that many in the diamond industry have expressed about tracking schemes.

“Participants can be confident that a transaction occurred, but safe in the knowledge that the sensitive data remains between them and their counterparty,” Cleaver said.

The new platform will be “open and independent” and “inclusive,” meaning it will be shared with the rest of the diamond industry,  Cleaver said.

“It must be developed through ongoing engagement with industry leaders willing to share their insights and perspectives,” he added. De Beers has previously refused to participate in diamond-tracking schemes.

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KLM start vluchten naar Växjö (VXO) in Zweden (locatie IKEA)

KLM Royal Dutch Airlines zal in de zomer van 2018 haar medium-haul netwerk uitbreiden met een lijnvlucht naar Växjö in Zuid-Zweden. KLM zal voor de dagelijkse vlucht naar Växjö een Embraer 75 met 88 zitplaatsen inzetten. Het totale aantal Europese bestemmingen dat KLM rechtstreeks vanuit Amsterdam bedient komt hiermee op 89.

Noord-Europa is een sterke en aantrekkelijke regio waar KLM al over een uniek netwerk beschikt. We zijn er trots op dat we de eerste grote internationale luchtvaartmaatschappij zijn die dagelijks vluchten naar Vaxjo, de bakermat van IKEA, gaat uitvoeren.

Barry ter Voert, Senior Vice President Europe KLM

Over Växjö

Växjö is gelegen in het zuiden van Zweden en is de hoofdstad van de regio Kronoberg. De stad heeft een ondernemingsklimaat en een gerenommeerde universiteit. Växjö geeft toegang tot natuur en buitenactiviteiten en heeft een zeer goede reputatie op gastronomisch gebied.

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Bombardier’s New Generation Trains Enter Passenger Service in Queensland, Australia

New Generation Rollingstock trains to transform South-East Queensland passenger commuting experience

New fleet to increase capacity by over 26% along the vital South-East rail corridor

Rail technology leader Bombardier Transportation, together with the Qtectic consortium, is successfully delivering the first three New Generation Rollingstock (NGR) trainsets to the South-East Queensland rail network this week in partnership with the Queensland State Government, Department of Transport and Main Roads (TMR) and Queensland Rail (QR).

“Today is a very special day for the people of South-East Queensland, and all involved in the delivery of this vital rail project,” said Andrew Dudgeon, Managing Director of Bombardier Transportation Australia.

“These trains are state-of-the-art” said Mr. Dudgeon. “Built for Queensland’s commuters, the NGR fleet was locally designed and engineered, and will be maintained by a dedicated team of industry professionals over the next 30 years. The new fleet will provide a safer, more comfortable and better-connected passenger experience.”

Qtectic Chair, Bill Haughey, applauded the close partnerships on this project, with all parties working tirelessly to bring it to this important milestone.

“We are excited to present the new fleet to the people of Queensland. Our consortium would like to thank the Queensland State Government, TMR, and QR for their continued support and close collaboration. These new trains will provide passengers with a safe, more comfortable, and digitally-enabled environment,” said Mr. Haughey.

With 70% of Queensland’s future population growth targeted in the South-East region, the NGR project will see a significant, 26% capacity increase to the South-East Queensland rail network to meet the growing demand for rail services. Features of the NGR fleet include capacity for 964 passengers per six-carriage train, onboard WIFI, CCTV throughout the train, LCD infotainment displays, toilet modules, twelve allocated spaces for mobility aids, and more enhancements to the passenger experience.

Through this project, Bombardier has created over 2,000 local jobs across the industry and supply chain. There are currently 175 employees at the Wulkuraka Maintenance Facility, with a plan to ramp up to over 200 employees once maintenance activities commence.

The $4.4 billion AUD NGR project is being delivered under a Public Private Partnership awarded to Qtectic, comprising Bombardier Transportation, John Laing, Itochu and Aberdeen Standard Investments. The project includes the design and delivery of 75 new passenger trains, construction of a new maintenance centre at Wulkuraka, Ipswich and 32 years of fleet maintenance.

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British Labour leader Corbyn widens attack, ‘this govt is not fit for the future’ ‘wouldn’t it be better if they got out of the way’

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The Home Depot, the world's largest home improvement retailer, will outline today, at its 2017 Investor and Analyst Conference, key strategic priorities and discuss long-term financial targets.

The Home Depot logo. (PRNewsFoto/The Home Depot) (PRNewsFoto/)

Today's conference will begin at 9 a.m. ET and will be available in its entirety through a live webcast and replay at ir.homedepot.com in the Events & Presentations section.

Strategic Priorities

During today's conference, the Company will provide an update on the five strategic priorities it established in 2015. The Company will also discuss its intent to accelerate business investment over the next three years to enhance the customer experience, position itself for the future and create value for shareholders. The main areas of discussion will be:   

Enhancing the Customer Experience: The Company will highlight the various ways it is leveraging its physical and digital assets to keep pace with changing customer expectations, while continuing to balance the art and science of retail to consistently deliver innovative products at the best value for its customers.

Positioning for the Future: The Company will describe the key investments it will make to position itself as "One Home Depot." Key areas of investment include stores, associates, the interconnected customer experience, and the Company's supply chain and delivery capabilities.

Creating Value: The Company will address its approach to creating shareholder value by delivering higher returns on invested capital and increasing total value returned to shareholders in the form of dividends and share repurchases.

"The retail landscape is changing at unprecedented rates and we plan to invest for the future to address the evolving needs of our customers. We will accelerate our investments, while continuing to focus on delivering the value our shareholders expect from The Home Depot," said Craig Menear, chairman, CEO and president.

Fiscal Year 2017 Guidance

The Company reaffirmed its sales and diluted earnings-per-share guidance for fiscal 2017. The Company expects sales to increase approximately 6.3 percent for the year, with comparable store sales of approximately 6.5 percent. The Company also expects fiscal 2017 diluted earnings per share to grow approximately 14 percent to $7.36. The Company's diluted earnings-per-share guidance includes the benefit of its intent to repurchase an additional $2.1 billion of shares in the fourth quarter, bringing total fiscal 2017 share repurchases to $8 billion.

Long-Term Financial Targets

Today the Company will set out new long-term, fiscal 2020 financial targets as follows:

Total sales ranging from approximately $114.7 billion to approximately $119.8 billion

A compounded annual sales growth rate from the end of fiscal 2017 ranging from approximately 4.5 percent to approximately 6.0 percent

Operating margin ranging from approximately 14.4 percent to 15.0 percent

Annual capital spending of approximately 2.5 percent of sales

Return on invested capital ranging from approximately 36.4 percent to 39.6 percent

Share Repurchase Authorization

The Company's Board of Directors announced a $15 billion share repurchase program, replacing its previous authorization. Since 2002 and through the third quarter of fiscal 2017, the Company has returned approximately $73 billion of cash to shareholders through repurchases, repurchasing approximately 1.3 billion shares.   

At the end of the third quarter, the Company operated a total of 2,283 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

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PostNL opent 3000e locatie in Rotterdam

Vandaag opent PostNL een nieuw Pakketpunt in de geheel vernieuwde Jumbo supermarkt in winkelcentrum Lage Land aan het Samuel Esmeijerplein in Rotterdam

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SouthKorea: hundreds of USAF/South Korean aircraft (included stealth jets) began “daily from Monday as the US and South Korea launched a massive combined air force exercise. It comes days after North Korea launched its most powerful ballistic missile yet..

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German construction activity growth at ten-month low in November

Key findings:

 Drop in civil engineering activity weighs on overall industry performance

 Rates of expansion in employment and purchasing activity ease

 Optimism towards outlook weakens as new orders post first fall in 13 months

Data collected November 13-29

Germany’s construction upturn showed signs of losing momentum in November, as growth in total industry activity eased to a ten-month low amid the first drop in new orders for more than a year, according to the latest PMI survey data from IHS Markit.

Constructors took on new staff and raised their purchases of raw materials as they pressed on with outstanding projects, but in both cases the rate of growth eased further from recent peaks. Business confidence towards the outlook also moderated to its lowest in 12 months. The headline seasonally adjusted Purchasing Managers’ Index® (PMI®) – which measures changes in the level of total industry activity compared with one month ago – registered 53.1 in November, down from 53.3 in October.

The latest figure marked a thirty-fourth straight month of growth in total industry activity and was well above that seen on average over the survey’s 18-year history (47.4). However, having fallen for the fourth month in a row, the headline index was at its lowest level since January.

November saw solid increases in both housing and commercial construction activity, with the former showing a faster pace of growth than the month before. Civil engineering activity, on the other hand, fell for the first time in 12 months, dropping at the sharpest rate since August 2015 and weighing on IHS Markit Germany Construction PMI overall industry performance.

The level of new orders taken on by constructors decreased slightly and for the first time in over a year in November. Anecdotal evidence pointed to a drop in tenders from the recently high levels, but also found instances where full utilisation of resources had prevented building companies from accepting new orders.

The survey’s indicator of future expectations meanwhile sank to its lowest level since November 2016, signalling only modest optimism compared with the peaks seen in the first half of the year. Employment continued to rise mid-way through the fourth quarter as constructors looked to increase capacity. The pace of job creation was strong, but eased further from September’s recent peak. The

use of sub-contractors also increased more slowly than in recent months.

It was a similar story for constructors’ quantity of purchases, the level of which rose strongly in November but at a rate that was the slowest seen for seven months. Pressure on supply chains  remained intense, as evidenced by a further marked increase in lead-times on purchased items. German constructors meanwhile faced another steep increase in average prices paid for raw materials and construction products, despite the rate of cost inflation softening to a four-month low. Panel members commented that strong demand for materials had enabled suppliers to negotiate higher prices.

Comment:

Commenting on the PMI data, Phil Smith, Principal Economist at IHS Markit said: “The construction sector’s recent upturn looks to be tailing off as we head towards the year end. The November PMI showed total industry activity growth at a ten-month low, with a number of the survey’s other indicators also trending lower: notably those for new orders and future expectations.

“While the decrease in new orders raises the likelihood of the sector losing momentum into the new year, it by no means signals the dawning of a downturn. Order book growth was the highest recorded in the survey’s 18-year history as short a time ago as August, so it’s not surprising that levels have tempered slightly. The latest survey also showed building companies still playing catch-up in terms of expanding their staffing capacity to be able to manage the recent surge in order books, and having to turn away prospective clients in the meantime, implying that at least some of the slowdown is capacity-related. 

“Thanks to the recent record-run of new order growth there should be enough in the pipeline to support workloads through to early-2018, at least for commercial and residential activity. Civil engineering activity, on the other hand, has hit the buffers in recent months, providing the main drag

on the sector’s overall performance.”

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Eurozone: like-for-like retail sales growth hits five-month high in November

Key points:

 Headline Retail PMI rises to 52.4 from 51.1 in October

 Sales grow on an annual basis

 Input price inflation remains marked

Data collected November 13-28

November saw an eighth consecutive monthly rise in like-for-like sales at eurozone retailers, thereby extending the longest period of growth seen since 2006. Rates of expansion quickened in Germany and France, while monthly retail sales fell slightly in Italy, reversing the trend seen in the previous two

months.

Month-on-month changes in retail sales in the bloc‟s biggest three economies combined – rose to 52.4 in November, from 51.1 in October. Sales were also up on an annual basis, thereby reversing the trend seen in the previous month.

Alex Gill, economist at IHS Markit which compiles the Eurozone Retail PMI, said: “The latest data paint a generally robust picture of the eurozone retail sector, with sales up on both a monthly and annual basis. Rises in purchasing activity and employment, combined with the strongest degree of business confidence since early-2016 bodes well for further growth over the coming festive period.

“At the country level, a renewed fall in monthly sales in Italy takes the gloss off the latest set of data. That said, rises in purchasing activity and employment by Italian retailers will buoy hopes of a rebound in the December.”

Retail PMI summary (November)

Eurozone 52.4 5-month high

Germany 54.6 6-month high

France 51.2 2-month high

Italy 49.2 3-month low

Actual sales at eurozone retailers continued to fall short of previously-set plans midway through the final quarter of the year. The degree of the shortfall was the weakest since June but remained marked overall. The gap between actual and predicted sales widened in Italy, while it closed in France and

Germany.

Gross margins faced by eurozone retailers were squeezed further in November. The rate of decline was the softest recorded since June, but remained marked nonetheless. Contractions were recorded in each of the „big-three‟ eurozone economies, with the sharpest in Italy.

In line with the trend for gross margins, eurozone retailers continued to be faced with rising input costs in November. Although weakening from October‟s 57-month peak, the rate of inflation remained marked and greater than the long-run series average. Prices rose to the greatest extent in

Germany, followed by Italy and then France.

Buoyed by higher consumer demand, eurozone retailers took on additional staff members for the twenty-fifth successive month during November. The rate of job creation, however, eased from October and was marginal overall. The rate of jobs growth eased in Germany and France, while it quickened to a near ten-and-a-half year high in Italy.

Meanwhile, retailers raised their purchasing activity for the eighth consecutive month. The rate of expansion was the most marked since April 2011. In turn, this contributed to the sharpest buildup of stocks of goods since March 2008

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President Donald Trump will recognise Jerusalem as Israel’s capital on Wednesday, according to US officials.

The move, that comes comes despite intense Arab, Muslim and European opposition, would upend decades of US policy and risk potentially violent protests.

Mr. Trump will instruct the State Department to begin the multi-year process of moving the American embassy from Tel Aviv to the holy city, US officials said.

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Euro (+0.07%) vs. Pound Sterling at 0.8824  /  Bank of England: Minutes of the Financial Policy Committee Meetings held on 22 and 27 November 2017

Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.

At its meetings on 22 and 27 November 2017, the Financial Policy Committee (FPC):

Agreed that the 2017 stress test showed the UK banking system was resilient to deep simultaneous recessions in the UK and global economies, large falls in asset prices and a separate stress of misconduct costs.

Agreed to raise the UK countercyclical capital buffer (CCyB) rate from 0.5% to 1%, with binding effect from 28 November 2018.

Agreed to reconsider the adequacy of a 1% UK countercyclical capital buffer rate during the first half of 2018, in light of the evolution of the overall risk environment.

Assessed the various risks of disruption to UK financial services arising from Brexit and developed a checklist so that preparations could be made and action taken to mitigate them.

Assessed its stress test scenario against combinations of various risks that might arise from a disorderly Brexit (such as increased tariffs on trade, loss of authorisations to sell products and services, operational disruption to customs and transport infrastructure, and a decline in investor appetite for sterling assets) and concluded that the impacts of these were encompassed within the set of macroeconomic shocks in the stress test.

Reviewed the Bank’s first ‘exploratory’ stress test exercise, which examined major UK banks’ long-term strategic responses to an extended low growth, low interest rate environment with increasing competitive pressures from financial technology (Fintech). The exploratory scenario had provided a series of insights, ranging from the development of such exercises to the possible future of banking.

Completed its annual review of risk and regulation beyond the core banking sector, agreed not to recommend any changes to the regulatory perimeter at this stage and asked for an in-depth assessment of the use of leverage in the non-bank financial sector, focusing on leverage created through use of derivatives. It also completed its in-depth assessment of the financial stability risks associated with derivatives transactions and judged that major reforms to global over-the-counter (OTC) derivatives markets after the crisis had improved the resilience of the financial system.

Agreed that it could consider as implemented the Recommendation that it made to the Prudential Regulation Authority (PRA) in September 2017, on excluding central bank reserves from the calculation of the leverage ratio and requiring a minimum leverage ratio of 3.25%.

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AkzoNobel to expand colloidal silica capacity in Sweden

AkzoNobel's Specialty Chemicals business is investing more than €4 million to increase production capacity in Sweden for its Levasil CC-branded product line of patented surface modified colloidal silica. The expansion will help meet growing customer demand and will strengthen the company's market leadership position.

A product of two natural ingredients - sand and water - colloidal silica is a versatile product which enhances and improves key functionalities of other products and manufacturing processes. With production facilities in Asia (Taiwan and China), Europe (Germany and Sweden) and the Americas (Brazil and US), AkzoNobel is a leading global producer of colloidal silica products. The business' main markets include electronics, coatings, construction and catalysts, as well as batteries.

"Within our Levasil Colloidal Silica brand, we have a very diverse product portfolio and are experiencing growing demand in various markets, such as coatings, where Levasil CC supports the industry in its switch from solventborne coatings to waterborne alternatives," said Ann Lindgärde, Director of Levasil Colloidal Silica at AkzoNobel. "We also anticipate future growth as we continue to research and develop new applications for a range of industries."

The expansion, at the Bohus facility close to Gothenburg, is expected to be completed by late 2018. It is the latest initiative aimed to fuel further growth of AkzoNobel's colloidal silica business. Last year the business commissioned a new lab and implemented an innovative process step that boosted production capacity of Levasil products.

"This is a significant investment which not only strengthens our leadership position, but also underlines our commitment to growing with our customers and meeting their changing needs," explained Niek Stapel, Managing Director of AkzoNobel's Pulp and Performance Chemicals business.

Stapel added: "More than 50% of colloidal silica revenue comes from Eco-Premium products, which offer our customers more sustainability benefits than competitive products. The increasing demand for Levasil CC, as well as other products in the Levasil portfolio, mirrors a growing demand for products with clear sustainability benefits."

Building on strong competitive positions, and in response to customer demand, AkzoNobel's Specialty Chemicals business is selectively increasing production capacities across its portfolio. This quarter the company made progress with expansion projects at its Kvarntorp plant in Sweden, Frankfurt facility in Germany and Ningbo multi-site in China, while projects were completed in the US, China, Brazil and Denmark.

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Riksbank’s Business Survey: The global economic upswing is strengthening the situation in Sweden

Economic activity has strengthened further during the summer and autumn and most Swedish companies are very satisfied with the prevailing situation. This is revealed by the Riksbank’s most recent Business Survey.

“The economic situation is good – as it is for everyone I assume”

Manufacturing companies perceive business to be at full throttle, with high demand from more or less all geographical markets, where Europe is particularly strong. Investments are now expected to increase slightly in that capacity utilisation is so high. At the same time, increasing numbers of companies are daring to invest in research and development after a longer period of strong earnings.

Construction activity is also strong, much due to Sweden having had a high demand for housing for several years. But during the autumn, uncertainty on the housing market has increased, and some construction companies now perceive that it is taking somewhat longer to sell newly produced housing. In general, however, the major construction companies do not see any significant downturns in the demand for housing going forward, as it has mainly been more expensive apartments in parts of the Stockholm region that have been more difficult to sell.

Companies’ costs are rising as strong demand and increasing commodity prices have led sub-contractors to raise the prices for both goods and services. Despite this, profitability is good for manufacturing and construction companies, as they have been able to compensate for increased costs by raising sales prices.

“Digitalisation and customer behaviour are the factors having the most impact on our industry”

For the trade sector, digitalisation continues to be one of the largest challenges and is perceived to have intensified further during the year. E-Commerce is leading to increased competition from foreign participants and changed behaviour among consumers, which continue to make it difficult for traders to push through desired price increases.

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