European Wealth: The Richest People In Europe

Row row row

With 468 billionaires, Europe claims 28% of the world’s ten-figure fortunes adding up to an aggregate net worth of $1.95 trillion. Russia leads the count with 111 billionaires – the same number as the state of California – while Germany has the second-highest, boasting 85 ten-digit fortune.

The United Kingdom is home to 47 billionaires, slightly more than its neighbor across the Channel, France, which claims 43 billionaires. Georgia, Guernsey, Lithuania and Romania each have just one billionaire.

An indication of a strong economy, Germany saw 26 new super-fortunes in 2014, earning it the third-highest number of billionaire freshman. Only the U.S.A and China had more first-time billionaires.

This week, Europe’s richest man, Amancio Ortega, saw his net worth fall 3.1%, to $62 billion. He is now the world’s fourth-richest person following downgrades of Ortega Inditex, the parent company of his retailer, Zara.

No European has ever landed the top spot on Forbes’ global wealth list, but the continent is home to the world’s richest woman, Liliane Bettencourt. Aged 91, the French cosmetics queen is worth $34.5 billion, thanks to her L’Oréal empire.

A third of Europe’s 52 richest, listed below, earned their fortunes in fashion and retail, including brand names Miuccia Prada and Giorgio Armani, as well as H&M giant Stefan Persson, who is third-wealthiest in the continent. (Not all industries are as glamorous; German Georg Schaeffler made his $14.3 billion from ball bearings.)

Prada is just one of six women in this shortlist of Europe’s richest. She is joined in this elite group by Bettencourt, BMW’s Susanne Klatten and Johanna Quandt, beverage inheritor Charlene de Carvalho-Heineken and oil heir Carrie Perrodo.

Several of Europe’s richest live outside their country of citizenship. Though an Irish passport holder, Pallonji Mistry lives in Mumbai, India. Hansjoerg Wyss lives in Wilson, Wyoming, while both Wertheimer brothers live in New York.

Read more: he Richest People In Europe

Global Economy: New doomsday poll: 99.9% risk of 2014 crash - by Paul B. Farrell

Are we reaching the end of the road?

Global risks are accelerating. This is our fourth major poll update of industry leaders: A critical review of their warnings from early last year when we first predicted a 87% risk of a crash: Bernanke’s Fed saw an “unsustainable bubble” ... Gross: “credit supernova” ... Gundlach: “kaboom ahead” ... Ellis: “Don’t own bonds” ... Shilling: “shocker” ... Roubini: “Prepare for perfect storm” ... Shiller: “Irrational exuberance is back” ... Schiff: “Doubling down” on “doomsday” prediction ... InvestmentNews’ warning 90,000 advisers: “tick, tick ... boom!”

A few weeks later the crash risk was up to 98%. Then a dramatic preholiday uptick in investor sentiment. America’s collective unconscious tired of negativity after a Halloween headline: “Economic guillotine dead ahead.” A week later, 2014 became the “Year of the Boom.” Bank of America’s chief strategist screamed: “Bet on the bulls now.” The Great Gatsby spirit was celebrating the holidays“ 

Even old grumpy Dr. Doom, celeb economist Nouriel Roubini, began humming a happy tune all over television: “A global recovery is going to occur, get into equities.” 

What really happened? Fed politics. Short-term, Larry Summers withdrew as a candidate for the Fed chairman’s job. Dark cloud lifted as Janet Yellen become the pick. Wall Street cheered, Bernanke’s easy-money printing presses would not screw up their year-end bonuses. Plus Main Street was mentally exhausted, tired of the bad news, relentless political drama. We needed a holiday break. 

By Thanksgiving, “irrational exuberance” was accelerating in full holiday tilt: Headline: “Shiller’s hot P/Es will power a roaring bull till 2017,” and 2014 got branded the “Katy Perry market!” A week later, a Thanksgiving headline added: “10 reasons to be a bull in 2014.” 

But long term? What’s really ahead for America in 2014? Warning, something bigger is hiding in the deep shadows of our collective brain. At a recent lunch with an old friend, one of the world’s more successful commodities traders, he confirmed that “something” was dead ahead. But not just another brief statistical shift in sentiment. Not a medium-term volatility shift. America, the world, are in a historic transition, a paradigm shift, a mysterious upheaval that few will grasp till it moves further along.

Read more: New doomsday poll: 99.9% risk of 2014 crash - Paul B. Farrell - MarketWatch

The Netherlands - Ukraine: Geert Wilders' goes on rampage in Dutch Parliament during Ukraine Debate

Mr. Geert Wilders of the Nationalist - Anti-Muslim Party For Freedom (PVV) went into a verbal rampage during the Ukraine debate in the Dutch parliament and presented the following motion on behalf of his party  on the situation Ukraine

"whereas the European Commission proposes to give billions of euros of European money, including Dutch money, to Ukraine, believes that not one penny of Dutch tax money should be given to Ukraine, and requests that the government makes certain that not one penny of Dutch tax money goes to Ukraine, and proceeds to the order of the day".  (The motion was translated from Dutch into English by Don Hank)

EU-Digest

The 2014 European Elections - May 22-25 :This Time It Is Different

The countdown to EU Elections has begun

The countdown to the European Parliamentary elections have started. There are not too many weeks left to go to May 22 until the first polling stations open for the 2014 European elections.

It will be the second biggest democratic exercise in the world, 400 million people can cast their vote for a new European Parliament.

The 751 MEPs taking up their seats in July will not only set the course of European policies for the next five years but also elect the leader of the EU's executive body, the European Commission President.

This upcoming election is different because the increase in the European Parliament’s powers since 2009 has started to make itself felt as the European Union sought to pull through the economic crisis and MEPs drew up legislation, inter alia on effective budgetary discipline, the winding down of failing banks and caps on bankers' bonuses.

The May European elections therefore will allow voters to contribute to strengthening or changing the direction that Europe takes in tackling the economic crisis and in many other issues affecting people’s daily lives.

For the first time, the composition of the new European Parliament will determine who will lead the next European Commission, the EU's executive body, which initiates legislation and supervises its implementation. Under the new rules, EU government leaders, who will propose a candidate for the post of the future Commission President, must do so on the basis of the election results.

The European Parliament will elect the new Commission President by a majority of the component members, i.e. at least half of the 751 MEPs to be elected (376). European political parties will therefore, or have already, put forward their candidates for this leading position in the EU before the European elections, thus allowing citizens to have a say over next Commission President.

The new political majority emerging from the elections will also shape European legislation over the next five years in areas from the single market to civil liberties. The Parliament - the only directly elected EU institution - is now a linchpin of the European decision-making system and has an equal say with national governments on virtually all EU laws. Voters will be more influential than ever.

To see how the political cards are falling in place click on our  poll -  and to make your voice be heard don't forget to go out and vote 22 - 25  May. 2014.  

EU-Digest

Technology: The mystery of flight MH370: How on earth, with all our technology, do we lose a giant plane? - by Sebastian Anthony

Three days ago, Malaysia Airlines flight MH370 vanished from radar off the south coast of Vietnam in the South China Sea. 239 people were on board — and at this point, it is presumed that they have all perished in some kind of disaster. A massive search and rescue effort involving 40 ships and 34 aircraft from nine different nations has yet to discover any sign of the missing aircraft. For me, this is almost incomprehensible:

Despite all of the awesome technology that mankind has developed, it’s still possible for a Boeing 777-200 with 239 people on board to vanish. For me, it’s mind blowing that all we have to go on is the plane’s radar signature — and even then, that last radar reading was so poor that the search area is thousands of square miles of open water. Surely, given the fact that we can track a damn smartphone anywhere on Earth down to a few meters, there’s a better way of keeping track of missing aircraft?

In the words of Malaysia’s civil aviation chief, the fate of MH370 is “a mystery.” The Boeing 777 took off from Kuala Lumpur in Malaysia en route to Beijing, was cruising normally at 35,000 feet… and then disappeared. There was no distress call. The weather was fine. The plane’s last known position, via radar, was just south of Vietnam in the South China Sea — which is where search efforts have been focused so far — but one theory suggests that the plane turned back just after the last radar ping, meaning the plane could be hundreds of miles away in the Strait of Malacca. In the absence of any other information, there is speculation that the plane was target of a terrorist attack. 

For me, the most shocking aspect of the MH370 disaster is that we won’t know what fate befell those 239 souls until we find MH370′s Flight Data Recorder (FDR), aka the black box. Except for that last radar reading, we have absolutely no knowledge of the flight at all until we find that FDR. We have no clue what was said in the cockpit by the captain and first officer — though, seemingly, if something did go wrong, they didn’t even have time to send a mayday message. We have no clue if the plane hit a patch of bad weather, or whether it was hijacked. It really will be one huge mystery until the FDR is recovered — and there’s a good chance, if MH370 did crash into the ocean, that the FDR will never be recovered. In the case of Air France flight AF447, which disappeared off the coast of Brazil, it took two months to locate the wreckage, more than a year to find the Cockpit Voice Recorder (CVR), and the FDR was never found.

So, think about this for a moment. We live in a day and age where GPS (and other radio triangulation methods) can track your smartphone to within a few meters, almost anywhere on Earth. With dedicated, land-based tracking networks, vehicles and devices can be tracked to within a few centimeters. Even in the absence of GPS or radio tracking, inertial guidance (dead reckoning) has been accurate enough since the ’60s to accurately land a nuclear ICBM on the other side of the planet, or put the Apollo mission into space. (Read: Think GPS is cool? IPS will blow your mind.)

And then there’s connectivity. On land, there are networks (both commercial and governmental) that provide data connectivity almost everywhere. Over water is definitely harder, but satellites do provide pretty good coverage — and yes, that particular region of Asia is very well covered by communications satellites. Finally, even if an aircraft is out of satellite/radio coverage, there is absolutely nothing preventing the airplane from transmitting a really juicy low-frequency radio signal that could be picked up thousands of miles away. This is how they communicate with air traffic control, after all.

Why, then, does a plane like the MH370 keep all of its secrets locked up in a black box? Why don’t planes constantly transmit all of their black box data, so that we know their exact location, bearing, altitude, and other important factors, at all times?

The short answer is, there’s no good reason.

Read more: The mystery of flight MH370: How on earth, with all our technology, do we lose a giant plane? | ExtremeTech

Social Media - A Boost For Your Ego Or a Clever Way To Circumvent Your Personal Privacy Rights - by RM

Social Media Serving A Human Need

The popularity of Facebook and other social media comes mainly because the people who developed these programs have successfully exploited one of the human's greatest "need/ addiction/weakness" which is the desire of being recognized and admired for their achievements in every possible form; intelligence, career, quality of life, family, religious devotion, charities, number of friends, travels, professional qualities, business succes, you name it.

As these platforms became more popular its programmers developed large data bases with detailed information about each of their members, which through various methods of cross referencing can come up with quite a precise profile on each of these members.

Obviously these profiles are very much in demand not only by corporations but also by governments.

Is there anything you can do about it?  Not really, unless governments legislate strict rules as to how companies and governments are allowed to make use of your personal data.

Don't expect Governments to do that too eagerly, because it would also tie them down on getting detailed information about you.

All you as a user of social media can do is to be very careful about what kind of information you put in there.

Make sure you "don't give away the store", because corporations and governments will always take advantage of the vulnerabilities of the human mind. That is not an illusion but a fact. 

EU-Digest 

Government Spying: Snowden Says Technology Companies Should Lead on Data Encryption - by Adam Satariano

Edward Snowden, who leaked classified documents revealing the surveillance activities of the National Security Agency, said technology companies need to take a leadership role in improving encryption tools.

“There’s a technical response that needs to occur,” said Snowden, speaking through a video feed to a packed room of more than 3,000 people today at the South by Southwest Interactive conference in Austin, Texas. Technology companies can add layers of security that make it harder for intelligence agencies to scour for data, and can do it faster than new surveillance-oversight laws can be implemented, he said.

Snowden is now a fugitive in Russia to avoid arrest following last year’s release of the documents, which disclosed how global spy agencies collect vast amounts of data about phone calls and online activities. The revelations frayed U.S. relationships with countries such as Brazil and Germany and set off a global debate about whether the government is overstepping its authority and violating privacy to bolster security.

The leaks from Snowden, a former NSA contractor, showed that the U.S. had been collecting phone records as well as data from companies such as Google Inc. (GOOG), Facebook Inc. and Apple Inc. The disclosures made Snowden a hero to some people who want to see government activities reined in, while others, including U.S. President Barack Obama, say his actions compromised efforts to combat terrorism.

Security and privacy have been main themes of South by Southwest this year. Known as the conference that helped catapult Twitter Inc. to popularity, the gathering typically focuses on the discovery of new social-networking companies. Instead, this year’s event has focused more on the drawbacks and consequences of sharing personal information online.

Wikileaks founder Julian Assange spoke at the conference on March 8 and said the group would soon release a new trove of classified information. He didn’t disclose the timing or the topic of the material because he said he didn’t want to give the subjects a chance to prepare.

Other speakers, including Google Chairman Eric Schmidt, have discussed the impact of Snowden’s leaks. Schmidt said the material alerted his company to the fact the U.S. government was intercepting data from Google’s servers. Schmidt said the company has since enhanced its encryption and is “pretty sure” the government can’t access the data.

Still, he said the company must comply with court orders for information. Schmidt said there must be a balance between transparency and security, because the government data being disclosed could put lives at risk. Assange and Snowden’s release of classified information have made them “celebrities,” Schmidt said, and may spawn copycat efforts, increasing the risk for harm if the disclosures aren’t done carefully.

Read more: Snowden Says Technology Companies Should Lead on Data Encryption - Bloomberg