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Germany and France proposed a 500 billion euro European Union recovery fund



Germany and France proposed a 500 billion euro European Union recovery fund

Merkel said the crisis threatened EU cohesion. The initiative by the two top European economies aims to help reach consensus among 27 EU member states, he added.

“To support a sustainable recovery that restores and promotes growth in the EU, Germany and France support an ambitious, temporary and targeted Recovery Fund,” Merkel said, speaking at a video press conference.

Europe’s ability to recover from the worst economic shocks that have occurred since the Great Depression has been threatened by reopening old political wounds.
Divisions between member states has slowed the progress of the recovery fund which the European Commission hopes will raise at least € 1 trillion ($ 1.1 trillion) to rebuild the regional economy.

Charles Michel, president of the European Council of European Union national leaders, has called for the package to start operating on June 1. But the Commission failed on May 6 to complete the proposal.

Differences as to whether the funds should provide loans or grants to the hardest hit countries like Italy and Spain hamper progress. Grants, or direct money transfers, would imply a level of debt sharing that has long been opposed by countries such as the Netherlands, Austria and Germany.

But Merkel and Macron confirm that under their proposal, the European Commission will borrow money to boost the EU economy and channel funds through the EU budget to the hardest hit regions and sectors.

“Given the extraordinary nature of the Covid-19 pandemic challenges to economies throughout the EU, France and Germany are proposing to allow the European Commission to finance the recovery support by borrowing on markets on behalf of the EU,” he added.

Macron said the EU recovery fund would enjoy the support of the European Central Bank. While funds must be paid back from time to time, the burden will not only fall on those who need help the most.

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“This 500 billion euros must be paid off,” Macron said, but “not by the beneficiaries,” he added.

The European Union’s economy will shrink by a record 7.5% this year, the European Commission warned earlier this month, and the decline could be faster in 19 countries that use the euro.

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This is a much steeper decline than the region suffered after the 2008 global financial crisis, and a more pessimistic view than predicted by International Monetary Fund in April.

Ursula von der Leyen, president of the European Commission, welcomed “constructive proposals made by France and Germany.”

European Union Council President Michel called it “a step in the right direction” for the EU.

“I welcome the efforts of Germany and France to find common ground in the recovery fund,” tweeted Michel. “I call on all 27 member states to work in a spirit of compromise as soon as the European Commission submits a proposal.”

European Union officials have warned that the pain could be worse than expected if the pandemic is more severe and durable than currently thought.

EU leaders have signed direct rescue measures worth at least € 500 billion ($ 538 billion), a package that includes wage subsidies aimed at preventing mass layoffs, as well as loans for business.

– Stephanie Halasz, Pierre Buet, Nada Bashir, Rob North and Charles Riley contributed reporting.

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Frankie Chavez releases single Cheguei Bem in Portuguese



Frankie Chavez releases single Cheguei Bem in Portuguese

Franky Chavez, singer-songwriter and multi-instrumentalist, announces a new album and the first song in Portuguese. “Cheguei Bem” is the debut single, heralding the return to studio albums of one of the great names of Portuguese blues/folk.

The new single is now available on all digital platforms and is accompanied by a music video that can be viewed on the artist’s official YouTube channel.

“This topic appeared in December 2020. On a sunny and cold day in the heart of the Alentejo, music appeared in succession. I don’t know why, but I immediately remembered that I needed to send the recording that I made on my mobile phone to Pedro Puppe. Maybe because I was already thinking about starting to write lyrics in Portuguese and Pedro was one of my favorite lyricists. Two days later he sent me a text and a recording of his voice in addition to what he had done. I realized that the lyrics were talking about me, and by changing one here and the other there, I interpreted it as my own. Thus, Cheguey Bem was born. Chavez explains.

This is Frankie Chavez’s first adventure in which he explores the Portuguese language in writing his original songs, another new milestone in his career that has traveled all over the world. His repertoire is on a new path, which he adds to three studio albums and an EP.

Despite all these innovations, the unique characteristics of Chavez, the influence of blues, folk, tradition and electricity, past and present, as well as the future in his sound remain unchanged. It was his unmistakable music that allowed him to conquer the world, with numerous national and international tours that earned him critical acclaim and distinction.

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Former Portuguese minister criticizes the power of digital supercompanies



Consolidation of the power of large digital conglomerates with a global reach is negatively affecting the global economy, as the power is concentrated in the hands of a few, and this situation requires a tough response from governments.

ConjurAccording to the former Minister of Economy of Portugal, the world has not adapted to the “new economy”.

This is the estimate of the former Minister of Economy of Portugal. Pedro Siza Vieira, who left his post in March this year after five years in the ministry. Participated in the X Lisbon Legal Forum organized by the Brazilian Institute of Education, Development and Research (IDP).

According to Vieira, the world has not yet adapted well to the “new economy”, and this must happen without delay.

“There are several phenomena that explain why the world is redefining the basic principles of the functioning of the global economy, and the most obvious is the emergence of new technologies. The emergence at the global level of companies that control the digital economy causes very big problems for companies that need to contact suppliers and customers through these platforms, which determines the functioning of the market, ”explained the former minister. “It requires legislative intervention to regulate this issue.”

In an interview with TV ConYur, the former Minister of Economy of Portugal also commented on the impact of Covid-19 and the war in Ukraine on the global economy. There is no small risk that the planet is going through a great recession, which could trigger a wave of company shutdowns in all countries, he said.

The 10th Lisbon Legal Forum was supported by FGV Knowledge, the Brazilian Institute of Insolvency (Ibajud), the Institute for the Reform of State-Company Relations (IREE) and Décio Freire Advogados.

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Clique here watch the interview or watch below:

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Niteroi signs a cooperation agreement with the Portuguese village of Forgins – Niteroi City Hall



Niteroi signs a cooperation agreement with the Portuguese village of Forgins – Niteroi City Hall

The city of Niteroi signed this Thursday (30th) the terms of cooperation with Vila de Forjães, located in the city of Esposende, in the district of Braga, in Portugal. The Portuguese village mapped a significant number of foreigners who had emigrated to Niteroi and turned to the municipality to strengthen relations between the localities. The signing, held at a virtual meeting, is part of the program dedicated to the 33rd anniversary of the erection in the village of Forhains.

According to the cooperation agreement, Niteroi and Forjães will carry out exchanges and cooperation in various ways in the fields of science and technology, economics and trade, sports, agriculture, health, education, culture and tourism, thus promoting prosperity and development. .

Niteroi Mayor Axel Grael recalled that last month, Niteroi and Braga ratified a sister city agreement, signed in fact in February this year, to create commercial partnerships and exchange information to stimulate and develop new business. The partnership also prompted Foryaes to approach the city of Niteroi with an offer to sign.

“We have taken this initiative very positively, and we will cooperate, no matter what the cost. In Niteroi we have one of the largest communities of foreigners and a very active and representative Portuguese club. I believe that Brazil and Portugal need to cooperate more and more to share experiences. This approach has a great synergistic effect and will certainly bring positive results,” he stressed.

The project management office of the Niteroi City Hall (EGP), together with the chairman of the parish meeting, will be responsible for coordinating the cooperation. Project Management Office Secretary Katherine Azevedo stressed that the activities will be developed between the municipality and the village.

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“We are promoting Niteroi’s internationalization strategy to stimulate development in various areas of the city through activities that benefit both parties and bring people together. There is a natural synergy between peoples, mainly due to the language that facilitates this exchange. During the conversations with the Forjães team, several activities were conceived, which will be detailed in the work plan,” he said.

Forhaes Parish Assembly President Carlos Manuel Gómez de Sa said that the Forhaes Parish Council is partnering with communities where people from Forhaes live. More than 10,000 Brazilians currently live in Braga, he said, and it is one of the fastest growing cities in recent years.

“Right now we are developing the Forjanenses around the World project which, of their own accord, aims to track Forjanenses expats, the community that we have in Niteroi is very important. We had many foreigners who emigrated there, highlighting the figure of Antonio Rodriguez Alves de Faria, the founder of the Companhia de Comércio e Navegação in 1909,” he specified.

Photos: Luciana Carneiro

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