The Week That Was, March 2nd – March 8th 2020:

Posted on 08. Mar, 2020 in: TWTW

Politics/Economy:

The Confederation of Danish Industries (DI) warned that economic growth could fall by more than a third this year if the coronavirus turns into a global pandemic.

The Finance Ministry reported a leak of confidential documents to the police that laid out other parties’ bargaining position during ongoing social balance negotiations – Finance Minister Nicolai Wammen denied he was behind the leak.

Immigration Minister Mattias Tesfaye said the government is ready to implement emergency measures to stop a potential massive influx of refugees and migrants after Turkey’s President Recep Tayyip Erdoğan opened his country’s border with Europe on Saturday.

Conservative leader Søren Pape Poulsen signalled a rift in the centre-right alliance by accusing opposition leader Jakob Ellemann-Jensen of being soft on immigration.

Climate Minister Dan Jørgensen said he can’t wait 6 months for the EU Commission to define its climate policy.

The National Bank intervened in the foreign exchange market for the fifth straight month in February, buying 0.9 billion crowns to maintain the Danish currency’s link to the euro.

Gross Domestic Product (GDP) grew by 0.2% in the final quarter (Q4) of 2019, downwardly revised from the previously reported 0.3% – on a yearly basis, the economy grew 1.8 percent in Q4.

The unemployment rate remained stable in January at 3.7%, virtually the same level as the past 14 months.

Foreign Affairs/EU:

Prime Minister Mette Frederiksen sent a personal letter to her counterparts in Greece and Bulgaria offering Danish help to stem the migrant influx after Turkey opened its borders to Europe – Foreign Minister Jeppe Kofod said the government is ready to provide more funding for Turkey even though it’s ‘totally unacceptable’ to see President Ergodan exploiting the refugee and migrant crisis to exert more pressure on Europe.

Energy analysts Platts Analytics reported that a Russian pipe-laying vessel, the Gazprom-owned Akademik Cherskiy, is on its way to complete construction of Russia’s Nord Stream 2 gas pipeline in Danish territorial waters.

Danish military advisers have been stopped from carrying out their training mission in Iraq, part of the US-led Inherent Resolve, after the Iraqi government issued a ban on all major public gatherings to contain the spread of the coronavirus – a Danish diplomat at Denmark’s embassy in Iran tested positive for the virus, Thursday.

The Danish Foreign Ministry is tightening its anti-corruption procedures following the Carlsberg India scandal.

Experts sounded the alarm after it was revealed that a state-owned Chinese security company closely linked to Communist Party leadership has signed agreements with airports in Denmark.

Danish trawler-owners warned they would keep fishing in British waters whatever the outcome of UK-EU trade negotiations.

Denmark is the most cyber-secure country in the world according to network research company Comparitech.

Social Affairs:

Super League club Brøndby FC sent 13 employees home to ’self-isolation’ after ex-player Thomas Kahlenberg was diagnosed with the corona virus – according to a ‘worst-case scenario’ by the Danish Health Authority up to 500,000 people in this country could be infected before summer if the virus turns into an epidemic.

New Tax Ministry figures showed convicted criminals’ debt to the state in the form of legal costs has nearly doubled over the past six years, from DKK2.2bn in 2014 to DKK4.1bn today.

Between 2009-2019 the Danish tax authorities audited around 8,300 cases of money transfers to foreign tax shelters, leading to demands totalling DKK2.1bn (nearly $300m) from both private citizens and companies.

40 mayors from struggling local authorities joined together to appeal for more funding from the government’s proposed ‘social balance’ reform bill.

Business:

Scandinavia’s flagship airline, SAS, cancelled all flights to northern Italy and Hong Kong following the spread of the coronavirus – flights to mainland China have already been suspended.

Around 200 Chinese visitors to Denmark have been allowed to extend their stay for up to 30 days because of the spread of the coronavirus in their own country.

Copenhagen Airport admitted it’s facing problems, with investments outstripping earnings – its annual report revealed pre-tax profit fell by 8.7% to almost DKK1.3bn last year.

Danish cleaning and services giant, ISS, has been targeted by hackers – IT expert Peter Kruse, co-founder of the Danish IT-security company CSIS, said there are ‘strong indications’ that Russian kingpins are behind the attack.

Toy giant Lego appointed Thomas Kirk Kristiansen, the fourth generation of the billionaire family that owns the global toymaker, as chairman of the board after reporting a 3% growth in profit last year, to DKK 8.31bn ($1.24bn). Lego was named the world’s most reputable company, topping global names such as Disney, Rolex, Ferrari, Levi’s. Netflix, and Adidas.

Danish clothing chain Jack & Jones was one of 83 global brands linked to possible forced labour in China in a report by the Australian Strategic Policy Institute (ASPI).

The Danish bankers’ union hit out at Danske Bank for increasing management salaries while laying off around 230 lower grade employees.

And That Was the Week That Was, March 2nd – March 8th 2020: To read all the above articles in full see: http://seven59.dk/archive (subscription required).