Morning Briefing Global Edition

What's Under the Panama Hat?

Panama Paper
Shady deals at an offshore firm in Panama are putting big-name polticians under pressure. Soure: dpa Picture-Alliance / Dirk Shadd
  • Why it matters

    Why it matters

    The Handelsblatt Morning Briefing Global Edition gives you an overview of the most important news from Germany and Europe – in a concise two-minute read.

  • Facts

    Facts

    • 11.5 million documents leaked from Panama-based law firm Mossack Fonseca are putting a number of politicians and other big names in hot water for dubious financial transactions.
    • The first 16 Syrian refugees under the new E.U.-Turkey pact landed Monday morning legally in Hanover.
    • The SEC is cautioning investors about a possible over-valuation of unlisted tech startups.
  • Audio

    Audio

  • Pdf

Republican presidential hopeful Donald Trump has done just about everything he can to get on a woman’s bad side. The latest New York Times poll shows that his strategy really flies – not for him, but for Hillary Clinton. Of all Trump’s failings, this is his most fatal: He’s not Hillary’s challenger; he’s her accidental flunkey.

 

The outrage of the day is called the “Panama Papers:” 11.5 million e-mails, documents and bank statements at Panama-based law firm Mossack Fonseca chronicling politicians’ hush-hush financial activities – and including the names of 12 current and former heads of state and government as well as other VIPs like soccer god Lionel Messi. The law firm is one of the world’s biggest offshore companies. It’s a story of corruption, tax evasion and dirty tricks – and a tribute to investigative journalism.

 

The division of labor between Berlin and Ankara is clear: When our money says “jump,” they say “how high.”

The first refugee aircraft landed this morning in Hanover filled with legal immigrants to Germany under the E.U.’s new deal with Turkey. At the same time, refugees will start being deported from the Greek isles back to Turkey.

The new pact sends back refugees who set out illegally from Turkey to Greece. In return, the E.U. will take on Syrians from Turkey. That basically shuts down the Balkan route – and makes Turkey the new hub for refugees. The division of labor between Berlin and Ankara is clear: When our money says “jump,” they say “how high.”

 

Mary Jo White doesn’t dabble in the supernatural. But recently, the U.S. Securities and Exchange Commission chief has been seeing unicorns. The mythical creature lends its name to young tech firms that have raised over $1 billion in capital and whose values have reached storybook heights. Now White is cautioning private investors against jumping the gun. She wants to make sure they aren’t betting on the wrong unicorn.

 

Greece needs both fresh cash and brave reforms. Tsipras would do well to not make himself look like a Donald Duck.

Hans-Dietrich Genscher, foreign minister of West Germany and reunified Germany, passed away on Friday at the age of 89. Today Handelsblatt Global Edition gives you former U.S. Ambassador to Germany John Kornblum’s tribute to one of Germany’s leading statesmen.

Kornblum describes Genscher as one of the savviest proponents of a “selfless German foreign policy oriented toward compromise,” as well as “a master of defining and asserting purely German interests.” Given the country’s catastrophic defeat in 1945, Kornblum concludes: “He was the one who turned a necessity into an art.”

 

On an internal call, IMF European director Poul Thomsen called Greece’s reform efforts “Mickey Mouse stuff.” Of course his slipup leaked. And now Greek Prime Minister Alexis Tsipras is so steamed that he has written to IMF chief Christine Lagarde, threatening to cut off negotiations. In the interest of its own country, the leftist government in Athens should swear off such antics. Greece needs both fresh cash and brave reforms. Tsipras would do well to not make himself look like a Donald Duck.

 

The Handelsblatt Morning Briefing Global Edition is an e-mail newsletter sent to your inbox at around 6 a.m. Wall Street time. It gives you the most important news from Germany and Europe, commented by Handelsblatt Publisher Gabor Steingart.

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