The Telegraph has an analytical piece on what’s happened this week in the markets with “Ten charts you need to see on this week’s market meltdown”
Volatility returned with a vengeance to the sleepy August financial markets in the past few days. The start of the week was officially crowned as “Black Monday” by China’s state media and for good reason. The “fear index” which measures volatility spiked to its highest level since November 2011 as panic disseminated across the world over the prospects for the globe’s second largest economy.
China’s two main indices bore the brunt of worries that the country’s “hard-landing” was finally coming to fruition. Authorities were forced to cut interest rates after the Shanghai Composite saw 22pc of its entire value wiped off in four days of trading, with a decline of -8.5pc on Monday alone.
Despite their warnings to the contrary, Beijing reportedly intervened to buy up stocks on Thursday. But that hasn’t been enough to wipe out the bleeding of earlier in the week. The composite is in the red by -8pc this week.
The Guardian reports from Germany with “A laboratory for refugee politics: inside Passau, the ‘German Lampedusa’”
As dawn breaks, ghost-like figures with sunken heads laden with babies, bundles of food and clothing can be seen trudging slowly along the autobahn. Alongside the usual tips on tailbacks and delays, traffic bulletins on the local radio alert drivers to “pedestrians who have been spotted on the A3 between the Austrian border and south Passau”.
The scenario is not a one-off, but has become a familiar sight for the residents of the southern German town of Passau, as people traffickers drop off a daily average of 700 refugees – mostly Syrians, Afghans and Iraqis. As soon as the smugglers’ vehicles have crossed the border between Austria and Germany, they abandon the refugees in woods, fields, secluded farms, and even on the hard shoulder of the motorway.
Warning signs have now been erected and speed limits introduced after a serious accident last week in which five Syrians were injured, one seriously, after being hit by a car. The traffickers – believed to be mostly from Romania and Bulgaria – take advantage of the dark to escape, discarding most of their vehicles in which they have typically travelled in convoy to Germany, having crammed as many people as they can into each car. Often the first the police get to hear about them is in early morning calls from locals who find the exhausted migrants sitting on their front lawns.
Meanwhile the Independent reports that “Yvette Cooper to put forward ‘humane’ asylum policy to counter Government’s ‘dishonest’ immigration targets”
Yvette Cooper will next week propose a new “humane” asylum policy as she accuses the Government of turning away refugees from Britain because of its widely-criticised immigration target.
The shadow Home Secretary and Labour leadership contender will argue that people who are granted asylum should no longer be included in the target. The Government has pledged to cut net migration to under 100,000 a year but figures published on Thursday put it at 330,000 in the 12 months to March.
Police have arrested 27 suspected illegal immigrants found inside a lorry at a motorway service station at Cobham Services on the M25 in Surrey. The lorry driver was also detained. Sean Ingham, a trucker, said he saw the suspected illegal immigrants standing outside an Italian-registered refrigerated trailer.
The Express takes a less liberal view of it with “Borderless Britain: Torrent of stowaway migrants head to the UK”
On just one day, 27 suspected illegal immigrants were found in a lorry on the M25 in Surrey. Another six were caught scrambling out from under a truck in Folkestone, Kent. And several were seen fleeing from a service station on the M6 in Warwickshire before police managed to detain just one.
Ukip spokesman Steven Woolfe said: “This sounds like a typical day in borderless Britain. The Government doesn’t have a clue how many illegal migrants make it into our country to join the estimated one million already here who have melted away into the black economy. Just how the relevant authorities are supposed to plan public services on this basis is something we are never told. The Government must return illegal migrants who are found to have come from France back there just as the French are doing to those that arrive from Italy.”
David Cameron was dragged into the row about Britain’s porous borders when he recently described migrants trying to reach Britain from Calais as a “swarm”. While Left-wing commentators and MPs were quick to condemn the Prime Minister, yesterday’s arrests show there is little doubt that Britain is facing of wave of immigration on an unprecedented scale. Mr Cameron later insisted the word was fair and does not dehumanise migrants, adding: “What we can’t do is allow people to break into our country.”
They have another report “Now migrant smugglers using FACEBOOK to find asylum seekers who want to reach Britain”
Disguised as a fancy advert for tourist trips with pictures of the Eiffel Tower or the Houses of Parliament, the Facebook pages offer a “safe” passage to thousands of families who are willing to risk their life savings on the hope that they will reach Europe. Traffickers are now playing on migrants’ fears by offering expensive package deals that guarantee “100 per cent” safety after thousands have died crossing the Mediterranean this year.
One page, titled “Safe Journey from Turkey to Greece” claims its clients will board a 130ft yacht, called the Orient Bosphorus, in the Turkish port Izmir – for the extortionate cost of £2,500. But migrants are told it is “forbidden” to bring any luggage or wear headscarves in order to disguise themselves as westerners.
They even suggest that their “customers” take laptops and digital cameras to help them look like tourists if they are questioned by authorities. The site also offers a two-day ride to Austria on the back of a lorry for a staggering £5,500 per person.
The Mail reports on a case of this with: “African mum of quintuplets let off £145,000 NHS bill: Health tourist who came to UK to give birth says no one’s asked her to pay”
A Nigerian health tourist who cost the NHS £145,000 having quintuplets has said she never even saw a bill. Bimbo Ayelabola, 37, had to have a complex caesarean section after travelling to Britain while pregnant in 2011. The operation and neo-natal care for the five babies cost the Health Service in excess of £145,000 – but Miss Ayelabola never paid a penny towards the bill.
And now it has emerged the hospital involved will not chase her for the money. Miss Ayelabola has since returned to her home city of Lagos, where she is a successful make-up artist who drives a £17,000 car. When confronted by the Daily Mail about the NHS bill, she said: ‘I have never received my bill. If I had it, I would pay it.’
The hospital involved yesterday admitted it sent only one request for payment, more than six months after Miss Ayelabola left the hospital – and had failed to take any further action when it was returned unpaid.
The non-partisan and independent campaign group, TheKnow, has been banned from the Conservative Party Conference. The group which seeks “to engage people from all walks of life, across the political spectrum” has been banned for “political reasons.”
TheKnow Facebook page states: “TheKnow Campaign has been officially ‘banned’ from this year’s Conservative Party conference for “political reasons”, according to Lizzy McDowell the Conference Sales Manager. Considering that half of our supporters are Euro-Concerned Conservatives, we want to know WHY? What is Dave afraid of? Perhaps he knows we are right and that those in TheKnow will vote NO at the forthcoming referendum. Don’t worry Dave, we’ll make sure our presence is felt at your conference.”
The campaign specifically states that it is “open to a successful renegotiation of Britain’s EU membership” although it believes “a satisfactory deal is highly unlikely” and as such advocates “a ‘No’ vote as the best possible outcome of the upcoming referendum.”
The Mirror reports that “Nearly 100 new British extremists reported to authorities every WEEK”
Nearly 100 suspected new British extremists are being reported to the authorities every week, according to figures seen by the Mirror. The Government’s de-radicalisation scheme is said to be overwhelmed with three times as many people referred to it this year.
The Freedom of Information figures show 2,015 cases were reported to the Channel programme up to the end of May this year – significantly more than the 1,681 from the whole of
Haras Rafiq, head of the counter- extremism Quilliam Foundation, said: “I’m not surprised. Islamic State’s propaganda and social media strategy is second to none. “The programme is bursting at the seams and it is going to get worse before it gets better. Since July, schools and hospitals have been legally required to act on suspicions of radicalisation. So we could see numbers rise even further.”
The Independent carries a story “Spain accused of ‘provocation’ after letting Russian submarine refuel off Gibraltar”
The Spanish government has been accused of further provocative behaviour over the contested British territory of Gibraltar after it allowed a Russian submarine to refuel at one of its ports just 19 miles from the Rock.
Security sources now fear that the state-of-the-art Novorossiysk, which passed through the English Channel last week, may now operate from a Russian naval base on the annexed Ukrainian peninsula of Crimea, The Independent can reveal.
Conservative backbenchers and defence experts have been quick to condemn the three-day visit by the Russian hunter-killer submarine to the port of Ceuta, a contested Spanish enclave on the Moroccan coast.
Charles Moore of the Telegraph tries to take a sage view of Corbyn with “Don’t write off Corbyn, his insane ideas might be popular in a crisis”
In 1978, Deng Hsiao Ping, aged over 70, at last gained supreme power in the People’s Republic of China. In the same year, Jeremy Corbyn, aged under 30, became chairman of the Public Works Committee of the People’s Republic of Haringey (otherwise known as the borough council).
Since those moments of triumph, the two men’s career-paths diverged. Deng threw off the planned economy of Maoist Communism and declared that there was no incompatibility between socialism and market economics. His country moved from abject poverty to being the second-largest economic power in the world. Deng, who died in 1997, has claims to be the most successful transformer of any great nation in the 20th century. Jeremy, whose socialism has never changed at all, became Labour MP for Islington North and has remained on his party’s backbenches for the entire period.
This week, it looks as though the tables have turned at last. Deng’s legacy has felt precarious as China’s stock market has crashed. Jeremy seems likely to be the next leader of the Labour party.
Meanwhile, The Guardian has “Labour did too little to safeguard civil liberties, says Yvette Cooper”
Labour leadership contender Yvette Cooper has issued a mea culpa over the last Labour government’s attitude towards civil liberties, saying it did not do enough to keep the state’s surveillance powers in check. In the latest sign of candidates trying to draw a line under the past, the shadow home secretary criticised the governments of Tony Blair and Gordon Brown for being “too reluctant to introduce checks and balances as strong as new terrorism powers”.
Both the Labour and Conservative parties also ignored the inadequacy of laws governing interception of communications – the Regulation of Investigatory Powers Act (Ripa) – for too long, she added.
Cooper told the Guardian that better protection of civil liberties would become a policy if she is elected as Labour’s leader next month. She said she would make it a priority to “break up concentrations of power” and launch a review of privacy in relation to private sector companies that hold a huge amount of personal data.
Swathes of London would ‘descend into savagery’. There would be riots in the streets, and widespread looting. Angry mobs would carry out ‘arson attacks’ on government buildings. This apocalyptic scenario formed the basis of an extraordinary document sent to the Government from the email account of Kids Company chief Camila Batmanghelidjh. As a sort of ransom note to ministers, signed by her charity’s chairman Alan Yentob, its message was simple: hand over a £3 million emergency grant to my charity or London will burn.
To a degree, it had its desired effect because that money was promptly given. Yet those millions weren’t enough. Kids Company hit the wall. Around £1.2 million of the £3 million was lost. And now three major inquiries are investigating the collapsed charity, which over the past decade has got through more than £30 million in public funds. At the same time, those predicted riots have not broken out.
The Guardian reports on the happenings surrounding the whistle-blower: “FBI demanded Scandinavian countries arrest Edward Snowden should he visit”
The FBI demanded that Scandinavian countries arrest and extradite Edward Snowden if he flew to any of those countries and claimed asylum, newly released official documents reveal. In the summer of 2013 the whistleblower had left his hotel in Hong Kong and was holed up in Moscow airport applying to various countries, including Norway, for asylum after leaking to the Guardian a massive cache of documents disclosing the shocking extent of US and British surveillance of digital communications.
Suspecting that Snowden might seek asylum in Scandinavia, the FBI wrote from the US embassy in Copenhagen to the police forces of Denmark, Norway, Sweden and Finland to inform them that the US Department of Justice had charged Snowden with theft and espionage, and issued a provisional warrant for his arrest, according to documents released by Norway’s national broadcaster NRK.
“The US Department of Justice is prepared to immediately draft the necessary paperwork to request the extradition of Snowden to the US from whichever country he travels to from Moscow,” the letter, dated 27 June, states. “The FBI expresses its gratitude … for any assistance that can be provided on this important matter.”
The Telegraph reports on the ending of some green subsidies with “Ministers signal the end of Britain’s ‘solar revolution’”
Britain’s solar boom is over after ministers announced they would offer virtually no subsidies for people to install panels on their homes. In a surprise move, ministers on Thursday said that they plan to slash the amount of money given to families who put solar panels on their homes.
Under the new proposals, the amount paid to homeowners under the “feed-in tariff” from next year will fall by nearly 90 per cent. Experts said that it will lower the payments to households by around £192 a year. The Coalition government introduced a generous subsidy scheme to encourage households to install solar panels, triggering a boom that far exceeded ministers’ expectations.
The Independent provides a mouthpiece for the climate alarmists with “Climate change: 2015 will be the hottest year on record ‘by a mile’, experts say”
Climate scientists are predicting that 2015 will be the hottest year on record “by a mile”, with the increase in worldwide average temperatures dramatically undermining the idea that global warming has stopped – as some climate-change sceptics claim.
Even though there are still several months left in the year to gather temperature readings from around the world, climate researchers believe nothing short of a Krakatoa-sized volcanic eruption that cuts out sunlight for months on end can now stop last year’s record being beaten.
It is rare for climate experts to make such a bold prediction so soon in the year, but they believe that a surge in ocean temperatures in particular now makes it almost inevitable that 2015 will turn out to be the hottest year globally since instruments were first used to gather readings more than 130 years ago.