Ambassador Kennard #39;s remarks at the premiere of Lincoln movie in Brussels
U.S. Ambassador to the European Union William E. Kennard hosts a Directline webinar on December 4, 2012. On January 22d, over 500 Brussels attendees enjoyed a lively gathering for the pre-screenin...
By: Gertrudis Dunham
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Ambassador Kennard's remarks at the premiere of Lincoln movie in Brussels - Video
Schools of Hope
Around three million children in Bangladesh miss out on primary school as a result of poverty. With European Union (EU) funding, the Dhaka Ahsania Mission run learning centers around the country....
By: Drik
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Schools of Hope - Video
Budapest at night
Budapest during my visit to Hungary. Budapest is the capital and the largest city of Hungary,[7] and one of the largest cities in the European Union. It is the country #39;s principal political,...
By: K AKTEF
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Budapest at night - Video
Funafuti, Tuvalu 24 April 2014
For Immediate Release
European Union and Tuvalu Inaugurate Solar Power System
Less than a month after signing the contract, the European Union and the Government of Tuvalu today inaugurated a fully functioning solar energy module in Funafuti, as a demonstration of technologies which will roll-out to three outer islands later this year.
By the end of 2014, the three small islands of Nukufetau, Nukulaelae and Nui will be able to enjoy 24 hours-a-day of clean electricity produced by solar systems, as opposed to the current 100 percent diesel supply of electricity, which only runs for 18 hours a day.
"This clean and sustainable source of energy will allow the Government of Tuvalu to save up to 120,000 litres of diesel per year or about AU$200,000 in today's prices", said European Commissioner for Development, Andris Piebalgs, who inaugurated the demonstration system in Funafuti today.
"This system represents one of the first deliverables on the ground of the EU/NZ Energy Access Partnership, less than a year after it was formed. In addition to the actual technology, this system demonstrates the strong commitment of the European Union to contribute to the partnership and to the people of Tuvalu. "I would like to commend the Government of Tuvalu, the Tuvalu Electricity Corporation, the contractor CBS Power Solutions, and the EU Delegation for the Pacific for ensuring a quick and effective implementation, and hope that these efforts will be sustained in the future". (ENDS)
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European Union and Tuvalu Inaugurate Solar Power System
European Union officials are preparing to pit the blocs banks against the toughest simulated recession that they have ever faced in a stress test, three people briefed on the matter said.
The European Banking Authority and the European Central Bank will next week unveil an adverse scenario for the stress tests, which start in May, that assumes the 28-nation blocs economy undershoots EU growth forecasts by a greater margin than in the exams held in 2010 and 2011, said the people, who declined to be named as the details arent yet public. Those previous tests were criticized for failing to uncover weaknesses at banks that later failed.
This time around, the stress tests adverse scenario is predicated on economic output that misses the European Commissions growth forecasts by 2.2 percentage points in 2014, 3.4 points in 2015 and 1.4 points in 2016, the people said. That probably translates into two years of recession followed by anemic growth in the last year covered by the exercise. The EBA plans to announce the details in London on April 29. A spokesman for the EBA and a spokeswoman for the ECB declined to comment.
These are really very, very unlikely scenarios, said Ricardo Wehrhahn, who helped conduct Spanish stress tests in 2012 and is now Madrid-based managing partner at Intral Strategy Execution. We are at the turning point of the economic cycle, so assuming that growth will miss like this is very stringent, he said. This will give confidence to the market that the banks that pass these tests are in a solid condition.
Stars representing nations of the European Union are seen on a Euro sign sculpture outside the European Central Bank's headquarters in Frankfurt. The ECB is running an assessment of 128 banks from Deutsche Bank AG to Bank of Valletta Plc as it prepares to assume full oversight of euro-area lenders in November, seeking to prevent a repeat of the financial crisis that threatened to splinter the currency bloc. Close
Stars representing nations of the European Union are seen on a Euro sign sculpture... Read More
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Stars representing nations of the European Union are seen on a Euro sign sculpture outside the European Central Bank's headquarters in Frankfurt. The ECB is running an assessment of 128 banks from Deutsche Bank AG to Bank of Valletta Plc as it prepares to assume full oversight of euro-area lenders in November, seeking to prevent a repeat of the financial crisis that threatened to splinter the currency bloc.
The ECB is running an assessment of 128 banks from Deutsche Bank AG to Bank of Valletta Plc as it prepares to assume full oversight of euro-area lenders in November, seeking to prevent a repeat of the financial crisis that threatened to splinter the currency bloc. The exam, which applies to banks in the entire EU, requires banks to maintain a capital pass mark of 5.5 percent of risk-weighted assets.
The 43-member Bloomberg Europe Banks and Financial Services Index fell 1.4 percent as of 1:15 p.m. in Frankfurt to the lowest since April 15. National Bank of Greece SA, Vienna-based Raiffeisen Bank International AG and Societe Generale SA led the decline.
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Europe Banks Face Toughest Simulated Slump in Stress Test