MEPs want to control hedge funds through their managers, regardless of where they are based. Airline accidents should soon be investigated with the best possible expertise, if the EU gets its way. And, ArcelorMittal's case against the Emissions Trading Sc

The News: Hedge funds - Airline accidents - Emissions trading

https://api.multimedia.europarl.europa.eu/documents/20125/13823710/N001-100302-EN.srt

MEPs want to set   alternative funds in order.

The chosen route: to supervise   their managers better.

to improve investigations   into airline accidents.

Of note is the creation   of a common database.

And, the rest of   European news in brief.

740 billion euros,   close to 1.5% of global wealth.

That’s how much money   hedge funds handled in June 2009.

These speculative funds   represent a power

capable of influencing   the entire economy of a country.

The supervision of hedge fund managers   is still difficult.

These financial players can be based   in Europe, but often they are abroad

We realised there’s a black hole   in international finance –

all these private funds, speculative funds,   hedge funds, private equity funds,

which aren’t regulated at all   and which we know next to nothing about.

But what to do when a fund manager   operates from a third country?

To sell their services in the EU,   they should show their credentials.

Alternative funds should fulfil standards   identical to those of the EU

or they won’t be able   to operate in EU countries.

to adopt rules close   or equivalent to EU regulations,

so that security is the same for the funds   managed by companies in Europe

and for the funds managed   from thirds countries,

MEPs want the new standards   to be applied to all alternative funds

regardless of how much money   they manage.

The new standards could   see the light of day in July 2010.

An inquiry always follows a plane crash.

Their purpose is always the same: to find   the cause, to spare lives in the future.

And yet, EU countries   aren’t all in the same boat.

Countries have their own investigative   bodies, with very different means.

To improve the system the EU   would like to create a European network

Some bodies are inevitably more efficient   as they are older, others less so.

The aim is to raise their standards,   so that each performs at optimum level.

The objective is to create   a common database

and to ensure an equal level   of expertise across the EU.

MEPs intend to clarify the roles   of all key actors in an investigation,

and notably that of the European Aviation   Safety Agency, EASA, based in Cologne.

Its job is to set the security standards   for civilian aviation.

EASA would have an advisor status   in accident investigations,

but no more than that. Because we   believe you cannot mix the regulator,

with accident investigations, supposed   to tell us what the problems were.

The proposed directive goes even further.

It also aims to organise   what happens after a crash.

The airlines would be obliged to provide,   within the hour,

a complete passenger list   to the victims’ families.

Families would also have a right   to better information about the inquiry.

companies would have to give them   rapid and organised help.

The hemicycle should give its opinion   on the text in mid 2010.

the EU strengthened   in its fight against climate change.

The giant steelmaker had asked   the European Court of Justice

to annul the European   Emissions Trading Scheme,

the Union’s key instrument   in the fight against climate change.

The German firm BASF   has been cleared by the Commission

to cultivate a genetically modified potato.

It’s the first green light of this kind   in the EU for 12 years.

The potato in question is intended   for animal feed and industrial use.

Today’s key statistic: unemployment rate.

Since December, it's been stagnating   at 9.9% in the Eurozone.

Close to 23 million Europeans   are unemployed.

their unemployment rate rose   more than two points in a year.