Spain eyeing Gibralter if UK leaves EU

Spain's foreign minister has revived the idea of sharing sovereignty over Gibraltar with Britain if Brexit happens, saying it would allow the Rock to maintain access to the European Union.…[T]he tiny British overseas territory is eyeing the upcoming 23 June referendum on whether Britain should leave the EU with alarm, says EurActiv. At stake is a thriving services-based economy that relies in large part on access to the EU's single market, and a sovereignty spat with Spain it believes threatens its only land access to the continent. http://www.euractiv.com/section/uk-europe/news/spain-suggest-joint-sovereignty-over-gibraltar-in-case-of-brexit/?nl_ref=14429186

A United Kingdom exit from the European Union could cost the country nearly $8.4 billion a year in extra duties and take years of complex negotiations to return to its current trading status, WTO Director General Roberto Azevedo warned today (June 7), reports Politico Trade: https://dub129.mail.live.com/?tid=cmn7ZlS7ws5hGPHwAjfeP-Ng2&fid=flinbox

Most Europeans believe it would be bad for the EU if the UK left, but many also want EU institutions to have fewer powers, according to a new poll [by the Pew Research Center], reports EUobserver. It says the findings indicate that UK prime minister David Cameron's vision of limited EU integration is widely shared in Europe: https://euobserver.com/news/133723

The euro-area economy grew faster than previously estimated in the first quarter, according to a revision released this morning showing that GDP rose 0.6 percent in the period, reports Bloomberg. Increases in both household consumption and investment drove the revision higher. Expectations are for the economy to slow in the second quarter as Brexit risk and elections weigh on sentiment: http://www.bloomberg.com/news/articles/2016-06-07/yellen-s-hawkish-dovish-speech-pound-volatility-and-clinton-nomination-what-people-are-talking-about

The volatility [of the pound] has not gone unnoticed by currency trading banks Saxo Bank A/S and FXCM Inc., which have raised their margin requirements for pound trades, reports Bloomberg. With polling showing the result of the referendum as too close to call, some funds have commissioned their own exit polls, but even that doesn't come without risk: http://www.bloomberg.com/news/articles/2016-06-07/yellen-s-hawkish-dovish-speech-pound-volatility-and-clinton-nomination-what-people-are-talking-about

Brits will have to pay more for ice cream in the event of a Brexit, the boss of Unilever warned Tuesday. Channel 4 News got the scoop when it spoke to Paul Polman, the firm's chief executive, reports Politico. He said import duties on dairy products would go up significantly if the U.K. votes to leave the European Union in the June 23 referendum: https://dub129.mail.live.com/?tid=cm1ws6Kegs5hGO5xBgS7LSIg2&fid=flinbox

600 MEPS SAY SUPERMARKETS AND OTHERS ARE EXPLOITING FARMERS: The European Parliament adopted a report calling for stricter rules on unfair trading practices in the food chain during a plenary session Tuesday, reports Politico. Unfair practices happen in every supply chain, however, the problem is particularly acute in the food chain and needs to be "urgently addressed," the report says. Farmers complain that buyers delay payments, suddenly change contractual terms and push for ever-lower prices. They want the Commission to scrutinize unfair trading practices in the food chain, which they say are especially damaging while commodity prices stay low: https://dub129.mail.live.com/?tid=cmvLcYxjUt5hGR3NidZ1x55g2&fid=flinbox

The European Commission will start negotiating comprehensive aviation agreements with United Arab Emirates, Qatar, Turkey, and countries from the Southeast Asia region, after member states gave the green light on Tuesday, reports EurActiv: http://www.euractiv.com/section/transport/news/commission-wants-aviation-deals-with-growing-markets-by-2019/?nl_ref=14429186

The EU Parliament has voted to give consent to the Council on a draft decision regarding the illicit tobacco trade protocol, reports Politico. The result will allow the Council to finally ratify a protocol that aims to address the growing illegal trade of tobacco products across borders. In a justification of the vote, the Parliament noted that cigarette smuggling is a criminal activity that threatens public health and causes huge losses of revenue, with some estimates as high as €10 billion in lost revenue across EU member states: https://dub129.mail.live.com/?tid=cmMT_mXKEs5hGPZ2w75af69A2&fid=flinbox

The expansion of the Information Technology Agreement (ITA) is expected to pass with a large majority [at the European Parliament today], reports Politico Morning Trade. The expansion means adding 201 products such as technical equipment, medical devices and touch screens to the list of products already included in ITA. Once the new list is approved tariffs on these 201 products will be cut. The agreement fits within a World Trade Organization agreement: https://dub129.mail.live.com/?tid=cmYelMwTct5hG8JtidZ19Fxg2&fid=flinbox

EU antitrust regulators have raided Romanian state-owned gas producer Romgaz, gas pipeline operator Transgaz and top oil and gas firm OMV Petrom, over the suspected blocking of gas exports to other EU countries, reports EurActiv: http://www.euractiv.com/section/energy/news/eu-regulators-raid-romanias-romgaz-transgaz-omv-petrom/?nl_ref=14429186

Singapore will consider the European Commission's demand to add a new international court system to its pending free trade agreement, a shift that brings Trade Commissioner Cecilia Malmström closer to scoring another victory, reports Politico Trade: https://dub129.mail.live.com/?tid=cm02DrKcws5hGgwQAhWtnmRA2&fid=flinbox

During a two-day visit [to Botswana] starting today, the EU [Trade] Commissioner will sign the SADC-EU Economic Partnership Agreement, special economic agreements the EU signs with developing countries that aim to contribute, through trade and investment, to sustainable development and poverty reduction, reports Politico Morning Trade. To do so, the agreement will open up EU markets fully and immediately, while allowing partner countries "long transition periods to open up partially to EU imports while providing protection for sensitive sectors": https://dub129.mail.live.com/?tid=cmYelMwTct5hG8JtidZ19Fxg2&fid=flinbox

A Commission announcement of a cash-for-cooperation migration deal with Africa could involve using trade to prod countries that don't cooperate, reports Politico Morning Trade. The Commission said that "a mix of positive and negative incentives will be integrated into the EU's development and trade policies to reward those countries willing to cooperate effectively with the EU on migration management and ensure there are consequences for those who refuse": https://dub129.mail.live.com/?tid=cmYelMwTct5hG8JtidZ19Fxg2&fid=flinbox

The EU on Tuesday called on Thailand to "swiftly" improve its fisheries and labor practices to avoid an EU ban on Thai seafood, reports Politico Morning Agri and Food: https://dub129.mail.live.com/?tid=cm9vhF2jct5hGSW2w75aeKjg2&fid=flinbox

None of the seven countries legally obliged to join the euro currency meet the necessary conditions, said the European Central Bank in its 2016 convergence report published Tuesday. Politico comments that in fact none of the countries are trying to join the euro, though they have a legal obligation to do so…The countries in question are Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania, and Sweden: https://dub129.mail.live.com/?tid=cmvLcYxjUt5hGR3NidZ1x55g2&fid=flinbox

The New York Times checks out some myths and realities on both sides of the referendum debate here: http://www.nytimes.com/2016/06/08/world/europe/britain-brexit-vote-facts.html?emc=edit_ee_20160608&nl=todaysheadlines-europe&nlid=74103272

Courtesy of Peter Morris, European Movement in North East