Homepage / Currency / Catalonia given 8-day deadline to drop independence bid — but separatists 'unlikely to back down'
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election

Currency, United States Finance

Catalonia given 8-day deadline to drop independence bid — but separatists 'unlikely to back down'

Madrid’s eight-day deadline for Catalonia to drop its independence bid could prove to be fruitless, according to political analysts, who believe that pro-separatist Catalan President Carles Puigdemont will not back down.

Speaking in the Spanish capital on Wednesday, Prime Minister Mariano Rajoy warned that if the Catalan government refused, he would suspend the region’s autonomy and rule it directly.

Antonio Barroso, deputy director of research at risk consultancy Teneo Intelligence, said that “it is unlikely that Puigdemont will alter his position.”

“(Puigdemont’s) first reaction has been to insist on establishing a ‘bilateral dialogue’ with Spain with ‘no prior conditions’; backpedalling on independence would only lead to an even bigger disappointment within the secessionist camp,” he said in a note Wednesday.

“Given that Rajoy cannot accept a bilateral discussion without Puigdemont backtracking first on independence, the most likely scenario is that the prime minister activates the next steps of Article 155 (the so-called ‘nuclear option’), which will probably happen within the next 48 hours.

An alternative, less likely scenario is that Puigdemont’s ambiguity further angers the more radical elements of the secessionist movement, leading to its implosion and early regional elections in Catalonia.”

Rajoy said Wednesday that Catalonia needed to clarify whether it had declared independence or not, following an ambiguous address by the Catalan leader on Tuesday in which he seemed to declare independence and then suspend it, calling for dialogue with Madrid.

Later on Wednesday, Rajoy told Spain’s parliament that the Catalan government had until Monday, October 16 at 9:00 a.m. London time to answer the demand, according to Reuters. If Puigdemont was to confirm he did declare independence, he would be given an additional three days to rectify it, until Thursday, October 19 at 9:00 a.m. London time.

In a televised address, Rajoy said that that if Catalonia had declared independence, he was ready to invoke the much-vaunted “Article 155” of the Constitution to seize powers back from Catalonia, sacking the regional government and calling fresh elections.

Article 155 has never been invoked before but as tensions have grown between Spain and Catalonia a constitutional crisis has become more of a possibility. If Puigdemont refuses to reply to Spain’s demands, Rajoy is expected to submit a list of actions that the government will take under Article 155 to the Spanish Senate.

“The list must then be debated and approved by a specific committee, after which it will be sent to the plenary for discussion and a final vote,” Barroso explained.

“As Article 155 has never been implemented before, its timeframe is unclear. However, some estimates consider that the whole procedure could be wrapped up in five days,” he added.

The Spanish government’s ultimatum to Catalonia puts more pressure on the regional government which is now stuck between a rock and a hard place.

On one hand, Puigdemont is being pressured by more radical elements within Catalonia’s political establishment — such as the far-left Popular Unity Candidacy party (CUP) — to push ahead with independence. He cannot forget too that 90 percent of around 2.26 million Catalans voted for independence in a symbolic referendum his government held on October 1.

On the other hand, an independent Catalonia would find itself isolated politically and economically, outside the European Union and un-recognized by other European countries. Already several businesses have said they would relocate outside of the region.

Puigdemont faces pressure from Spanish politicians too who say he has to go. Albert Rivera, president of Ciudadanos, an opponent of Catalan independence and ally of Spain’s ruling People’s Party (led by Rajoy), told CNBC Wednesday that new elections were needed in the region, saying “we need a president that will decide to come back to democracy, to come back to the constitution.”

Source: cnbc
Catalonia given 8-day deadline to drop independence bid — but separatists 'unlikely to back down'

Comments are closed.