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Natal

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Panic at the Dun Eidyn Stock Market; Caledonian Bonn crashes
AP Dun Eidyn

With today's proclamation of the republic as the high peak of the civil disturbances in Caledonia, and the victory of the League of Communists over the National Union, the Dun Eidyn Stock Market has been struck by a panic, with stock prices falling abruptly. The League of Communists of Caledonia is one of the strongest Marxist-Leninovist parties in the world, excluding the Kadikistani party. They are well known for their calls of nationalisation and socialisation of the Caledonian economy and also of the intransigence of the Marxist-Leninovist ideology. As a response, many people have sold what stocks they had as quickly as possible, as they expect the government to emit a bill which would nationalise most of their properties, without compensation.

With such a large amount to stocks being sold, the prices have crashed, many of the stocks being sold at less than 10% of the prices they were brought. The Caledonian Bonn has also plunged down after the recent instability, with a Carinthian Imperial Mark being now 5 Caledonian Bonns, when last December, it was only 2 Bonns.

Analysts have stated that this will have serious repercussions on the Caledonian economy, if not on the regional economical stability itself. Even so, the extremely low prices for the stocks might make the new communist regime prefer to simply just buy the stocks and thus nationalise the enterprises and companies without violating property rights through a hard nationalisation.

Even so, the provisional government will have to act quickly to stabilise the Bonn. If the party is to follow it's government program from the last elections, they would end the float of the Bonn and peg it to the gold standard again, like it was until 1999.
 

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As City Cheers and Cries for Winter Stephanitians, Investors Cheer and Decry Volatility
AP Ayr

On February 17, the Ayr Securities Exchange Group (ASEG) had climbed back near the 6,000 point-mark, climbing back after losing almost 25% of its value overnight amidst the so-called "Christmas Coup" in Crotobaltislavonia, when the joint forces of Xinhai and Kadikistan mobilized in Elben and Calidia. Now, news of the communist coup in Caledonia threatens again to plunge the regional financial center into another massive sell-off.

But that hasn't happened -- yet. Investors appear to be confident that Queen Julian has successfully negotiated a lasting status quo arrangement with the Kadikistani Union. Meanwhile, with worsening trade relations between Elben and Kadikistan, and now a Marxist-Leninovist regime in Dun Eidyn, Elbener marks and Caledonian bonn have poured into Ayr, strengthening Gunnland's foreign exchange reserves. But the rising profile of Ayr as a financial center is not simply by process of elimination. "The Winter Games have hopefully shown a new face of Gunnland," BGG-Mons Pietatis analyst Brendan B. MacBoyle said, "Ayr is the new financial capital of the north."

"Gunnland is in a growth position," Bank of Gunnland president Amittai mL. Duff has said, "the country stands to gain a larger share of expanding Sea of Rurik trade." Duff is credited with reviving the Gunnish economy in the 1990s and 2000s, through a mixture of directing government investment to key industries and promoting the financial liberalization of the Arundel region. The Integrity Party calls this a policy of "directed openness." Its goal is to maintain full employment in traditional sectors by making these sectors globally competitive and effecting a gradual liberalization of trade barriers, while removing capital controls from Ayr's special economic zone.

Critics within the Integrity Party have begun to criticize the economic policy, however, calling Duff "Kadikistan's banker," alleging that the Bank of Gunnland and the big Ayr investment banks are becoming too intertwined with Kadikistan. Although financial disclosures are not made public, there are accusations that the Gunnish banks are loaning Kadikistan hard currency to purchase imports, as well as arranging bilateral clearing arrangements to trade with communist countries,
 

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Elia Neven declares that there will be no abusive nationalisations
AP Dun Eidyn

As the fear of abusive or even violent nationalisations has nearly crashed the Dun Eidyn Stock Market, with stock prices falling by even 90% in some cases, and the Bonn itself for a short period of time losing nearly 50% of it's value, Elia Neven, the head of the Prometheist League and of the Revolutionary Council, the provisional government, has promised that there will be no abusive nationalisations of the Caledonian privately owned companies.

The Caledonian economy has functioned as a protectionist, state capitalist system from the mid 19th century to the 1920s, when during the Red Years, the coalition made of the Caledonian Communist Party and the Social Democrats started the socialisation of the economy, creating a series of worker managed cooperatives. The Prometheist period, which lasted from 1940 to 1957 has seen the development of the syndicalist and workers' management system with more than 65 to 70% of the companies being organised this way. When Roman Becker and the Leninovists took control they nationalised the economy and the National Corporatist regime inherited like that and kept it under the control of the state. When the dictatorial regimes fell, in 1985, much of the companies have been privatised, while others, around a third have been returned and reorganised as cooperatives.

Now, with the revolution the fear of a communist nationalisation has struck a cord in the stock market, with the stock being flooded by sellers, whom thought that they can save at least a part of their property if they get rid of it before the nationalisation law. As a response to this, Elia Neven has promised that she won't issue such a decree, as the Prometheist ideology says that cooperatives must be voluntary. The state will provide bonds and loans to trade unions or worker associations so that they can buy enough stocks to have a majority, but what she stressed on most is that any sort of nationalisation will be based on buying, not on confiscating.

Just hours after she made this declaration, the Dun Eidyn stock market has stabilised, even if prices still are in average 60% smaller than in January, and the Bonn's value has increased by 5%.
 

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Political uncertainty weighs on Trivodnia
AP Amstov

The Christmas Crisis may be over, with Crotobaltislavonian dictator Raoul Farrago firmly in charge, yet Trivodnia remains mired in political turmoil that is weighing down on the country's economy.

While the Trivodnian Mark has reclaimed over the half value lost over the course of the Christmas Crisis, it still remains well below 20 per cent of its pre-crisis high, while trading on the Amstov Bourse remains subdued. The Free State Monetary and Foreign Exchange Authority, Trivodnia's central bank, is low on international currency reserves, and is looking to raise interest rates to curb rising inflation. Tourist numbers have plummeted, while international investment has dried up. Domestic spending has also plunged, with consumer and business confidence at historic lows. A third quarter of negative growth is now predicted by the official statistics agency and outside observers, with little chance of a strong recovery anytime soon.

Friendly governments such as Bourgogne, Eiffelland and Retalia are reportedly leaning on companies that have operations in Trivodnia to commit to them, while Carinthia-Harkany has pledged financial assistance to the next Trivodnian government and economic incentives for firms to invest in the Free State.

Yet the ongoing instability in Trivodnia, with opposition parties boycotting the National Assembly, Trivodnia's parliament, and large protests demanding a second election taking place across the country.

Yet others are more optimistic. "Previous Trivodnian governments have invested heavily in upskilling the workforce, improving infrastructure and deregulating key growth sectors," read an analyst note from one Carintho-Harkaner bank, "and Amstov has shown itself an adept diplomat in a region that is often fragile. For those not easily spooked and willing to take a longer-term view, there is money to be made in Trivodnia."

But optimists remain in the minority. "The danger is this unrest continues and the Free State becomes a less extreme Crotobaltislavonia, with political volatility and undemocratic governance the norm," argued a briefing paper from a well-respected Bergenheimer consultancy.
 
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Medictronics and Robert Koch Universität Weissenfels announce introduction of new pacemaker leads
AP Trier

The Eiffellandian medical device manufacturer Medictronics and Prof. Dr. Weber from the Robert Koch Universität Weissenfels announced the introduction of a new type of pacemaker leads during a press conference held at the Universitätsklinikum. These new leads can be shifted to the heart through a large vein in the chest. During a videopresentation, Prof. Dr. Weber explained how these leads are inserted into the veins, shifted up to the heart and attached there. He explained that this was an operation with a relatively low impact on the patient, who could be discharged from hospital after three days and return to work after two weeks. This is a large improvement compared with the procedure currently conducted to attach pacemaker leads to the heart: A sternotomy, after which two weeks of hospitalisation is needed and the patient has to recover during two months before returning to work.
The new pacemaker leads are available on the market from now on. Medictronics and the Robert Koch Universität provide training possibilities in Weissenfels for surgeons who want to work with these new leads.
 

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Economy top priority for new Trivodnian government
AP Amstov

After months without a government, the Free State of Trivodnia has finally sworn in a new administration, with the Social Democratic Alliance returning to power with a slender majority of 25.

The SDA had focused on constitutional issues and foreign policy during its election campaign, dismissing calls for devolution while also promising a harder line on Kadikistan and referendum on overturning Trivodnia's decades-long neutrality.

But in the legislative agenda put forward today to the Trivodnian National Assembly, economic reform and investment were clearly the main focus.

The Social Democrats vowed to push ahead with bold new infrastructure developments, such as a trade and transport corridor between Amstov and Kretyn, Trivodnia's biggest cities. The projects will be financed and delivered by Burgundian, Eiffellander, Retalian and Pelasgian companies, although Trivodnian labour will be used on-site.

Special economic zones with lower taxes and regulations are being considered too, although may face opposition from the trade unions, who are key allies of the Social Democrats.

Additional funding has been promised for target growth sectors such as agriculture, tourism, manufacturing and pharmaceuticals, while defence spending will also get a boost.

Whether the measures will prevent continued recession is unknown but the return to peace in Gallo-Germania will no doubt help.

Burgundy, Eiffelland and Retalia have all reportedly pressured investors from their countries to keep their operations open in Trivodnia, while Carinthia-Harkany is offering incentives to invest in the Free State.

A worldwide trend of outsourcing - whether that's car factories or call centres - had greatly benefited Trivodnia, and the country has also emerged as popular destination for medical and booze tourism. The capital Amstov is a mini regional finance centre, and the ports on the Polesian coast had seen increasing activity year-on-year until the Christmas Crisis struck.

Remittances from the Jewish and Krasnislavian diaspora remain a key source of money for ordinary Trivodnians, many of who work in the informal economy. But large-scale emigration has also proved a problem, leading to something of a 'brain drain' as local firms struggle to fill highly skilled positions.

Despite the considerable challenges, some are upbeat about Trivodnia's prospects. "The Social Democrats, despite their name, are by far the most pro-business party," says one company executive.

Others are more wary. "The Christmas crisis and following instability really threw a lot of doubt on Trivodnia's attractiveness," suggests an international markets analyst. It is up to the new Social Democratic government to prove them wrong.
 
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Ministreileachd Gnothaichean Cèin

The Commonwealth of Caledonia congratulates the Trivodnian government and people for the formation of a new executive and for the return of stability. The Commonwealth feels that the Trivodnia must play a stabilising role in central Gallo-Germania, being tucked between the great forces of the south, The Kadikistani Union and the Trier Concordat. In such a
bellicose and competing environment, instability might be fatal.

While we believe that the best way for Trivodnia to develop is to keep it's long lasting political neutrality we still congratulate the Social Democratic Alliance for managing to pass through the last political crisis and succeeded in keeping the country together.

Signed,
Lucas Ros
Toiseach of Caledonia
 

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Caledonia calls for the creation of more bridges between nations
AP Dun Eidyn

The Minister of Transportation of the Commonwealth of Caledonia, Catriona Crannach, has called for more cooperation between countries, asking the world to invest more in infrastructure to bring the world together, rather than weapons. As a part of this call, the minister, together with Eòin Loudain, the Chairman of Boreal Airlines have declared the creation of an Airline Alliance, named Air Alliance, made of the flag carriers of the Commonwealth of Caledonia, Boreal Airlines, the State of Loago, Austral Airlines, the Federal Commonwealth of Gallega, Gallic Airways and of the Empire of Carinthia-Harkany, Carinthian Airlines.

The four airlines have agreed to share the flights and maintenance facilities and to create a common frequent flyer program, called AirBonus. As part of those news, the chairman of of Boreal Airlines, Eòin Loudain, has declared that the company will start providing the first non-stop flight between Maseru and Dun Eidyn. Until now, the planes had to make a stop either in Propontis or in Trier. It will be the longest non-stop flight in the world and it has already been criticised as being a stunt for prestige for Boreal Airlines, as such a long trip wouldn't be economically viable.

As part of the alliance, Austral Airlines will offer shared trips with the Gallic Airways linking Dinasdanu and Cetobriga to Masteru, Que Que and Bulawayo and with Carinthian Airlines linking Maseru and Kariba to Hallein. There will also be a new flight linking the Ajdir, the capital of Cabaon with Hallein, which will be shared by Austral and Carinthian Airlines.

The Ministry of Transport has also stated the intention to create two luxury trains, one linking Dun Eidyn to Dinasdanu, passing through Gunnland, Bourgogne, Sereniere and finally arriving in Gallega and another from Dun Glas in northern Caledonia to Bremen in southern Eiffelland, passing through Gunnland, Bourgogne, Carinthia-Harkany and finally arriving in Eiffelland. The passing over the Gothic Sea will be offered by the Ferry Services of the Caledonian Railways.
 
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Analysis: Eiffellander car companies give Trivodnian manufacturing a boost
AP

News Eiffellander automotive giant Darner Werke is to produce its latest Solano model and the classic Alisio in the Free State of Trivodnia has been warmly received by the Trivodnian government, as the country struggles out of recession following the Christmas Crisis.

Closed borders with Crotobaltislavonia and Kadikistan, the threat of war from Ivar, sanctions on neighbouring Elben and continued domestic unrest have all weighed down on foreign investment, consumer spending and inbound tourism.

Many multinationals scaled back or removed operations in Trivodnia as a result of the Crisis, while others cancelled live projects and abandoned plans for expansion.

Yet car manufacturers from friendly countries like Eiffelland, allegedly under political pressure, stayed put. And with tensions cooling, some like Darner Weekend, are now looking to open additional production facilities.

"Great news for Trivodnia," beamed a spokesman for the Ministry of Trade and Industry in a press briefing.

Yet it will take more than a few car plants to turn the Free State's economy around. A major stimulus package has been delayed by political squabbling, while trade with Crotobaltislavonia and Kadikistan is only starting to normalise. According to estimates by Trivodnia's central bank, it will take years to repair the damage.
 
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Mons Pietatis to Audit Vacant Bank
AP Ayr

Windhaven-based lender Mons Pietatis, a charitable institution that has enjoyed a controlling interest in the Bank of Gunnland Group since January of this year, announced that it had taken over an audit of the scandal-ridden Vacant Bank. "It is important to bring the Vacant Bank into compliance with the transparency and accountability standards that customers expect of modern banking," said William G. Mason, president of Mons, "as well as the even higher standards of a Church that condemns usury."


Brendan B. MacBoyle, a vice-president at Mons, has been chosen to lead the investigation. He will join Father Coemgein Gallagher, the censor of Gunnland, who spearheaded the initial investigation for the prelate of the bank, Henry Cardinal Stewart. "His Eminence has asked us to clear every talent of black money out of the Vacant City," MacBoyle said, "which is exactly what we intend to do." MacBoyle said he was prepared to work with @Retalia's Office of Financial Security, which announced an investigation into the Vacant Bank earlier this week, in a move that seems to have spooked many Vacant Bank investors in Gunnland and abroad.

Some financial experts are critical that Mons has been chosen, citing close political connections between the bank and Cardinal Stewart. Patrick mD. MacFallon, senior vice-president at the Bank of Arundel, told an Ayr newspaper, "It seems like the fox has been appointed to guard the henhouse."
 

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GRAND DUCHY OF RETALIA
MINISTRY OF FINANCE
FINANCIAL SECURITY OFFICE


The Financial Security Office looks forward to the role of Mons Pietatis in the quality of a private auditor of the Vacant Bank and shall analyse any findings received. We believe firmly in the benefit of State-Private cooperation. The findings of the Financial Security Office shall be shared with the public in line with the proper procedures under Retalian Law, without any special arrangements or privileged access.
 
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Caledonian Himyari Company puts pressure on the Loagan Government
AP Maseru

The Caledonian Himyari Company has officially condemned the Muzorewa cabinet for the controversial witchcraft decree which has banned divination and thus the Fante traditional religion. The Company is following the response of the Minister of Foreign Affairs of Caledonia, Coll MacFhilib, whom has reminded the Loagan government that the "Status of Maseru" provides full independence to Loago provided that the government provides "responsible governance" and that the Loagan Constitution calls Loago the home of the historical communities of the Wala and Fante, while also of the new communities of the Caledonians, Caits, Gunns, Ivernians and Engels. The Caledonian government issued a warning to Hamish Muzorewa to respect his country's constitution so that he can continue to enjoy the Status of Maseru.

Following the recent scandal, there has been an upsurge of violence, with Christian churches and headquarters of the National Front in the south being attacked, the most vicious attack being the throwing of three petrol bombs. The Caledonian Himyari Company has issued a declaration which shows their concern that Loago is now on a wrong way and should Maseru continue like this, the economy will start suffering and at the end, a civil war between the Fante and the Wala might be in sight. The Company put pressure on the Maseru government asking for it to respect the Fante people and the Loagan Constitution or it might face a reduction on the Company's presence in the country.

The CHC is the biggest conglomerate in the Viridian Union. A state owned company since its inception in 1801, the company is headquartered in Caledonia, but has the majority of its assets in Cabaon and Loago, having a near total monopoly over the economy of Cabaon and producing more than a half of the Loagan GDP.
 

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Trivodnian businesses warn on border disruption
AP Amstov

Trivodnia's largest business lobby group warned the country could "suffer enormously" unless border disruption caused by the 'Movement for a United Socialist Krasnislavia' is kept to a minimum.

Over 75,000 protestors are expected to make their way to the Free State as part of a nationalist march calling for the reunification of Krasnislavia, according to Kadikistani media. They will then head to Elben, which also has a large Krasnislavian community, before returning to Kadikistan.

The Trivodnian government has said the real figure will likely be much lower, although is still warning of significant congestion caused by thousands attempting to enter the country, many by foot. Hundreds more border guards and customs officials have been deployed by Amstov to try and cope with the additional workload, but local traders fear it will not be enough.

"This march will clog the roads for days," fears one stallholder, himself an ethnic Krasnislavian, who makes a living selling hot drinks and snacks to lorry drivers transporting goods between Trivodnia and Kadikistan. Others worry the demonstrators will be violent in their protest.

They have been joined by the Trivodnian Chamber of Commerce and Industry (TCCI), which complained cross-border trade with Kadikistan had "long been problematic" and warned the government's current plan to let the marchers in was "unworkable" and "economically damaging". "We understand and respect Chancellor Alexander Kahnemann's commitment to free speech and assembly, but the needs of hardworking Trivodnians must come first," the TCCI statement finished.

Crossings between Kadikistan and Trivodnia are normally marked by long queues thanks to onerous paperwork, stringent inspections and corruption on both sides. Checkpoints are also frequently closed during times of tension, as happened during the Christmas Crisis, from which Trivodnia is still recovering from economically.

The Free State recently recorded its third quarter of negative growth, as foreign investment, tourism, imports and exports collapsed following the failed coup in Crotobaltislavonia, which sparked a regional conflict. Domestic instability in Trivodnia then compounded the problem, with demands for fresh elections fueling uncertainty.

The ruling Social Democratic Alliance, now securely in power, hopes additional infrastructure spending financed by cheap foreign debt will kickstart growth but analysts say if will take time before the knock-on benefits of the investment are felt.
 
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Luigi Fontaniere in ad hoc venture in Trivodnia and Elben for the Krasnislavian march
AP

Retalian venture magnate Luigi Fontaniere, who at age 35 is already one of the richest people in Retalia, has launched an ad hoc venture in Trivodnia to sell snacks and drinks to the participants of the Krasnislavian march. Having rented out and subcontracted a large number of mobile stalls, the businessman intends to sell Raclette Burgers and refreshing drinks to the marchers as they go through Trivodnia and into Elben.

Luigi Fontaniere was also seen in Amstov leaving the fashionable "Three Whales" restaurant accompanied by famous Trivodnian socialite and pop artist Svetlana Loboda. "Upset the established order and Maximum the Leninovism!" the businessman yelled to a crowd of assembled journalists, fans and simple onlookers as he boarded his Bugatti Chiron and sped off accompanied by two Gelandewagens with security.

Economic experts are divided on the success chances of such a sprint short term investment and call it "vulture like opportunism". Some indicate this might be a cashflow maneuver to conceal losses in other businesses and ventures. Others still think it has a high chance for success.

@Trivodnia @Kadikistan @Elben
 
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Potential Nationalisation of the Viru Himyari Company
AP Kuressaare

The Viru Himyari Company has been at the epicentre of the deterioration of the relationship between Virumaa and Loago as it currently holds a monopoly over the Loagan economy. The Viru state owns 25% of the shares of the company, the Loagan state 10% and the rest of 65% are owned by private investors, nearly all of them being white Viru and Gunnish men from the upper strata of Loago.

The government in Kuressaare has already issues a series of memos in which it called the Company a state within a state, with the Party of the Left declaring it the best example on how capitalism can destroy a country. Many of the assets of the Company are situated in the deep south of Loago, in the Fantelands, where the Maseru authorities has little to no influence.

Even before self-rule was given to Loago, the Tribunal of Kuressaare has accused the Company of violating the labour code of Virumaa, by employing Fante and Wala people for meagre salaries which resemble indentured slavery rather than wage labour. The Tribunal of Kuressaare has officially declared war on the Company in 2005, when it has accused the then Chancellor Paavo Kuusk of corruption after it has received bribes from the Company to help further the Company's interests in Cabaon and Loago. In 2008, Paavo Kuusk was condemned to 15 years in prison for corruption, together with 10 of the Company's shareholders of Viru origin. While this has broken the Company's influence in Virumaa and Cabaon, it managed to entrench it in the Loagan politics, as it found much support in the expat communities around Maseru.

In a speech he held today in the Loagan Parliament, Prime Minister Jaak Muzorewa has announced that he will heed the calls of the nationalists and will put in front the interests of the Wala and Fante people. Muzorewa announced that the government has enacted a plan to fully nationalise the Viru Himyari Company, calling it an affront to the sovereignty of Loago. The government in Kuressaare has immediately issued a memo in which it declared that it will be ready to sell its shares to the Loagan government.

While the declaration issued by Muzorewa has been received well by Kuressaare, as the National Democratic Union seems very happy to sight the "divorce papers" between Virumaa and Loago, the white minorities in the country feel betrayed and abandoned. On the other side, the Loagan League of Communists, led by Alvar Masimba has stated that the disbandment of the Viru Himyari Company is the sign that shows the world that Loago has finally entered the era of post-colonialism.
 

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Analysis: the world economy at war
AP Amstov

News the Rurikgrad Pact had declared war on the Trier Concord, despite weeks of building tensions, still came as a surprise to many investors, who were optimistic for a settlement similar to the one after the Christmas Crisis in Crotobaltislavonia. Only hours before missiles rained down on Trivodnia and Occitania, many in the business and diplomatic communities had hoped last-minute overtures by Eiffelland would avert full-blown conflict. The Germanian Kingdom had promised not to deploy military units to Occitania, the latest member of the Trier Concord, and also publicly shot down any chance of Trivodnian associate membership of the alliance.

Yet in the early hours of the morning missiles struck targets across Occitania and the Free State, as Serenierre, which is closely aligned to the Rurikgrad Pact, prepared for a ground assault against its southern neighbour and Kadikistan and Xinhai launched a two-pronged invasion of Trivodnia.

World markets were quick to react, with major stock exchanges, especially ones in Gallo-Germania, seeing their some of their worst days in recent history. Trading on the Amstov Bourse, Trivodnia's main exchange, has been suspended indefinitely in response.

The Trivodnian Mark is also now in free fall, with the country's central bank's depleted foreign and gold reserves being used to fund the war effort rather than prop up the Mark's value. The Eiffellander and Retalian Marks were badly hit too, as were were the Burgundian Livre, Galico-Ruthenian Ruble, Elbener Crown and Carintho-Harkaner Imperial Mark.

Commodities have also surged in price, with oil, gas, metal ores and grains all climbing dramatically in value. Kadikistan and Xinhai hold considerable reserves of natural resources and while production is geared primarily towards domestic use, they may benefit from an improved balance of payments.

Shipping lines fear conflict spilling into the Long Sea - Europe's busiest waterway - and civilian freight being targeted indiscriminately. "That would be disastrous for world trade," says one industry titan. The fact two of Europe's largest consumer markets - Eiffellad and Retalia - are involved worries many exporters too.

For investors looking for a safe haven, Engellex, Geotri, Virumma and even some Himyari nations are looking increasingly attractive. Yet after decades of relative peace, many are just hoping a return to the days of safe stable returns with minimal geopolitical risk.
 
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The Socialisation of the Corporatist Economy of Virumaa
AP Kuressaare

The provisional government of Virumaa, led by Jaak Raud has finished today its first extraordinary session under the pressure of the workers' takeover of the Vaher Corporation. The government have issued decrees numbers 13/2018 and 14/2018 which start the socialisation and collectivisation of the Viru economy.

The economy of Virumaa is dominated by a series of state owned corporations organised by the National Syndicalist regime in the early 1960s after the economy was nationalised in 1957 by Roman Becker. Those corporations are organised following integralist guidelines and have a paternalist approach. Their workers don't have the rights to strike and neither to be a part of a trade union, as the corporation itself brings together both trade unions with employer associations. The new decree no. 13/2018 is abolishing Corporations and with it the employer associations and admitting the workers to the National Federation of Trade Union. The Corporations are to be reformed into Combines which the government promises to be "owned by the toilers". The decree also stipulates the nationalisation of the enterprises owned by "capitalists" with the exception of the towns of Lohusuu and Puurmanii which are declared free economic zones in which private enterprise is accepted, but still frowned upon, and obliged to respect the country's even stricter labour laws.

Decree no 14/2018 is aimed at attacking the agricultural corporations, which again are government owned by organised under integralist regulations of "class collaboration", something the government could not stand. The corporations have been abolished together with them the employer associations. The agricultural privately owned farms bigger than 5 hectares are also to be broken up and replaced with either Cooperatives or with State Agricultural Combines.

The Viru economy has never been dominated by privately owned companies since 1957. The economy was nationalised by Roman Becker and afterwards by the National Syndicalists it was organised into corporations which literally worked like states within the state, some of them having company towns, schools and clinics. In 1985, when the National Syndicalist regime, the new democratic governments have broken up some corporations but kept the most powerful ones. Until this year, the biggest share of the market owned by privately owned enterprise was reached in 1998 and was no bigger than 39%. Now the share of publicly owned companies is expected to reach 95%.
 

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Analysis: Burgundy, Trier Concord 'dangerously exposed' after Trivodnia surrender
AP International

Analysts are raising alarm bells over the health of Burgundian, Eiffellander and Retalian banks' balance sheets following the Free State of Trivodnia's surrender to the Communist Rurikgrad Pact, as the governments of those countries admit they will lose billions in lost loans and bond repayments.

Banks from the Trier Concord and Grand Duchy of Burgundy were some of the biggest holders of Trivodnian assets, and also lent extensively to the Trivodnian government and businesses. The full scale of losses is as of yet unknown, but estimated to be in the tens of billions at the very least. "Bailouts of some kind may be needed," predicts one seasoned analyst.

"This is a classic example of why politics and business should never mix," seethes a Retalian banker, who claimed Trier Concord politicians leaned heavily on firms to invest in Trivodnia. Eiffellander car manufacturers for example opened many factories along the Trivodnian Polesian coast, taking advantage of lower labour and production costs, while others opened up call centres and secondary offices, thanks to the similarities between Germanian and Yiddish.

The Trier Concord governments, along with the Grand Duchy of Burgundy, have not escaped unscathed, having underwritten loans or directly lento the Trivodnian government to fund new infrastructure, social welfare programs and defence spending. Yields on Trier Concord and Burgundian sovereign bonds spiked in the wake of Trivodnia surrendering, while the Burgundian livre together with the Bergenheimer, Eiffellander and Retalian Marks all fell sharply in value.

The near-term trajectory of ERB group (Eiffelland, Retalia + Burgundy) will depend on how swiftly a meaningful peace can be made with the Rurikgrad Pact. "The markets will be hoping for a swift resolution," says one investor, who points out the "fundamentals" of the ERB economies are "strong" and any pain will only be "fleeting".
 
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