Wirecard Shares Plummet 80% After Company Files For Insolvency Proceedings Tyler Durden
Thu, 06/25/2020 – 05:56
German payments company Wirecard filed for insolvency proceedings on Thursday, one week after auditors refused to sign off on accounts due to a $2.1 billion financial hole, reported Reuters.
A statement from the company warned about over-indebtedness as the primary reason behind applying for insolvency in Munich, Germany. There’s also a consideration by Wirecard management to apply insolvency proceedings to its subsidiaries.
MANAGEMENT BOARD OF WIRECARD AG HAS DECIDED TODAY TO FILE AN APPLICATION FOR OPENING OF INSOLVENCY PROCEEDINGS FOR WIRECARD AG WITH COMPETENT DISTRICT COURT OF MUNICH (AMTSGERICHT MÜNCHEN) DUE TO IMPENDING INSOLVENCY AND OVER-INDEBTEDNESS.
WIRECARD AG – IT IS CURRENTLY EVALUATED WHETHER INSOLVENCY APPLICATIONS HAVE TO BE FILED FOR SUBSIDIARIES OF WIRECARD GROUP.
Wirecard shares trading on the Frankfurt Stock Exchange plunged by more than 80% Thursday morning. They have lost more than 96% on a year-to-date basis. Most of the losses began last week when Ernst & Young refused to sign off on 2019 accounts, which then resulted in the resignation and arrest of CEO Markus Braun.
The quick death of Wirecard
With shares suspended in Frankfurt – 500 million euros of bonds due 2024 fell to a record low of around 10-12 cents.
The German-based payments company collapsed about two years after it joined Germany’s DAX blue-chip index. Before whistleblowers exposed the company for fraud in early 2019 – the company had a peak value of $28 billion.
My prediction Tuesday that Wirecard could become the first CDS credit event in Europe this year now looking pretty good!
The collapse of Wirecard is an embarrassment for Germany and regulators who failed to investigate what appears to be one of the country’s worst-ever accounting scandals.
“The Wirecard scandal did not come out of the blue,” said Florian Toncar, a member of parliament for the business-friendly FDP. “It’s a mystery to me why the finance minister and BaFin did not shed light on the matter much earlier.”
The Munich prosecutor’s office said: “We will now look at all possible criminal offenses” for Braun.
The next big question for Wirecard is that if it can retain licenses with Visa, Mastercard, and JCB International, through which the company’s banking segment issues credit cards. If the $2.1 billion is not found – credit card companies could revoke the company’s licenses.
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Canned Meat Booms As COVID-Recession Crushes Consumers Tyler Durden
Thu, 06/25/2020 – 05:30
As recession and pandemic overwhelm the Western world, the consumer is in rough shape and has been forced to reduce costs to weather the economic storm. This means some have had to give up Chipotle burritos and Shake Shack burgers for canned meat.
Significant consumer shifts are underway in the Western world, and other places as a global downturn will persist through year-end, without forming a V-shaped recovery. Bloomberg notes the consumption of canned beef is exploding: U.S. sales surged more than 70% in the 15 weeks ended June 13. A similar story is playing out in parts of Europe and Asia.
“At first, people were loading up on pantry staples with a long shelf life during lockdown conditions. Then, shortages of some fresh meat supplies, especially in the U.S., also helped to drive sales. Now, the economic downturn is underpinning demand.
“There’s the obvious factor of income here. With millions thrown out of work in the last few months, consumers are looking for a way to cut back on grocery bills, and they’re trading in fresh meat for canned varieties. But there’s also something deeper going on — a return to comfort food and nostalgia in troubled times,” Bloomberg says.
Some meat processors of canned meat are reporting they’ve been caught off guard with several months of massive demand.
Kasper Lenbroch, CEO of Tulip brand at Danish Crown Group, Europe’s top meat processor, said:
“Even I thought it could be difficult to increase our sales of canned meat to more than what we expected,” said Lenbroch. “It’s not very often when you’re in food that you can see traditional products like these grow as much as they have done right now.”
He said sales of Tulip Pork Luncheon Meat in 120 different global markets are expected to rise 25% this year, adding that sales will be significantly higher in the U.K., Germany, Greece, Japan, and Singapore.
Marfrig Global Foods SA, an international beef processing company based in Brazil, said sales of its canned meat products in the U.S. are expected to reach 3,500 metric tons this year – that figure was nearly double the tonnage seen in 2019.
Marcelo Secco, CEO of Marfrig Global Foods S.A., said canned meat products are popular among U.S. consumers considering the meteoric rise in wholesale beef prices due to COVID-19-related closures of U.S. meat processing plants.
Since the pandemic, Hormel Food Corp.’s Spam has seen rapid growth in canned meat products in the US – though it serves as an ominous sign about the economy:
“The last time Spam saw a similar pattern in interest was back to when the brand started during the Great Depression. The economic situation wasn’t great — that was carried into World War II,” said Brian Lillis, Hormel’s senior brand manager for Spam. “What we saw over the last few months is really people all over the country purchasing the product.”
The rise of spam and other canned meat products is a direct result of the depressing economic situation around the world – there will be no V-shaped economic recovery this year.
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Flynn Dismissal Order ‘Thoroughly Demolishes’ Dissenting Judge’s Opinion Tyler Durden
Thu, 06/25/2020 – 04:12
Update (2135ET): Missouri appellate attorney John Reeves has weighed in on today’s decision by the US Court of Appeals for DC ordering Judge Emmett Sullivan to grant a DOJ request to drop the case against Michael Flynn.
The opinion, authored by one of the three judges on the panel, Neomi J. Rao, “thoroughly demolishes” a dissenting opinion by Judge Robert Wilkins – who Reeves thinks was so off-base that he “shot himself in the foot” when it comes to any chance of an ‘en-banc review’ in which the Flynn decision would be kicked back for a full review by the DC appellate court.
Neomi Rao testifies before the Senate Judiciary Committee during her confirmation hearing to be U.S. Circuit Judge for the District of Columbia Circuit, on Tuesday, February 5, 2019. Photo: Diego M. Radzinschi/ALM (via law.com)
Reeves, who has written filings for US Supreme Court cases, unpacks Rao’s “outstanding opinion” in the below Twitter thread, conveniently adding which page you can find what he’s referring to (condensed below after the first tweet, emphasis ours):
THREAD re: Flynn mandamus opinion
1) Judge Rao’s opinion–joined by Judge Henderson–granting Flynn mandamus is outstanding not only for its legal reasoning, but also for how it COMPLETELY EVISCERATES Judge Wilkins’ dissenting opinion. https://t.co/LBqGihkrMH
In all my years of appellate practice, I don’t think I’ve ever seen a non-US Supreme Court appellate opinion that so thoroughly demolishes a dissenting opinion as this one. Judge Rao could not have done better in writing the opinion, and it should be required law school rdg.
In addition, Judge Wilkins’ dissenting opinion is so off-the-mark that I believe he has shot himself in the foot for purposes of en banc review–in other words, he has ensured that otherwise-sympathetic judges on the DC Circuit will vote against en banc review.
Judge Rao comes out swinging by holding that its earlier opinion in Fokker “foreclose[s] the district court’s proposed scrutiny of the government’s motion to dismiss the Flynn prosecution.” p. 7.
In relying on Fokker, Judge Rao explicitly rejects Judge Wilkinson’s argument that Fokker’s holding is dicta (that is, non-binding). She holds Fokker “is directly controlling here.” p. 14.
Keep in mind that Fokker was written by Chief Judge Srinivasan, an OBAMA appointee. Judge Srinivasan does NOT want Fokker’s legitimacy undermined, no matter his politics.
Judge Wilkins’ dissent implies that Fokker was wrongly decided, and that it conflicts with other federal appellate courts. See p. 23 of 28. Judge Srinivasan will NOT be impressed by this argument in deciding whether to grant en banc rehearing. Fokker does not create a split.
Judge Rao goes on to emphasize that while judicial inquiry MAY be justified in some circumstances, Flynn’s situation “is plainly not the rare case where further judicial inquiry is warranted.” p. 6.
Rao notes that Flynn agrees with the Govt.’s dismissal motion, so there’s no risk of his rights being violated. In addition, the Government has stated insufficient evidence exists to convict Flynn. p. 6.
Rao also holds that “a hearing cannot be used as an occasion to superintend the prosecution’s charging decisions.” p. 7.
But by appointing amicus and attempting to hold a hearing on these matters, the district court is inflicting irreparable harm on the Govt. because it is subjecting its prosecutorial decisions to outside inquiry. p. 8
Thus, Judge Rao holds, it is NOT true that the district court has “yet to act” in this matter, contrary to Judge Wilkins’ assertions. p. 16.
“[T]he district court HAS acted here….[by appointing] one private citizen to argue that another citizen should be deprived of his liberty regardless of whether the Executive Branch is willing to pursue the charges.” p. 16. This justified mandamus being issued NOW.
Judge Rao also makes short work of Judge Wilkins’ argument that the court may not consider the harm to the Government in deciding whether to grant mandamus bc the Government never filed a petition for mandamus. p. 17.
Judge Rao notes “[o]ur court has squarely rejected this argument,” and follows with a plethora of supporting citations. p. 17.
Judge Rao also notes–contrary to what many legal commentators have misled the public to believe–that it is “black letter law” that the Govt. can seek dismissal even after a guilty plea is made. This does not justify greater scrutiny by the district court. p. 6, footnote 1.
As to Judge Wilkins’ argument that a district court may conduct greater scrutiny where, as here, the Govt. reverses its position in prosecuting a case, Judge Rao points out that “the government NECESSARILY reverses its position whenever it moves to dismiss charges….” p. 13
“Given the absence of any legitimate basis to question the presumption of regularity, there is no justification to appoint a private citizen to oppose the government’s motion to dismiss Flynn’s prosecution.” p. 13.
But Judge Rao saves her most stinging and brutal takedown of Judge Wilkins’ dissent for the end…..(cont)
Judge Rao writes that “the dissent swings for the fences–and misses–by analogizing a Rule 48(a) motion to dismiss with a selective prosecution claim.” p. 17. (cont)
While it is true that the Executive cannot selectively prosecute certain individuals “based on impermissible considerations,” p. 18, “the equal protection remedy is to dismiss the prosecution, NOT to compel the Executive to bring another prosecution.” p. 18 (emph. added).
And Judge Rao is just getting warmed up here….She then notes that “unwarranted judicial scrutiny of a prosecutor’s motion to dismiss puts the court in an entirely different position [than selective prosecution caselaw assigns the court].” p. 18 (cont)
“Rather than allow the Executive Branch to dismiss a problematic prosecution, the court [as Judge Wilkins and Judge Sullivan would have it] assumes the role of inquisitor, prolonging a prosecution deemed illegitimate by the Executive.” p. 18 (cont).
And now for Judge Rao’s KO to Judge Wilkins and Judge Sullivan: “Judges assume that role in some countries, but Article III gives no prosecutorial or inquisitional power to federal judges.” p. 18. (cont)
In other words, Judge Rao is likening Judge Wilkins’ arguments, and Judge Sullivan’s actions, to what is done in non-democratic, third world countries. p. 18. Outstanding opinion. No mercy. END
Judge Robert Wilkins of the District of Columbia Circuit ( Credit: Diego M. Radzinschi / NLJ)
* * *
Like a liquid-metal terminator with half its head blown apart, the case against Michael Flynn just won’t die.
Hours after the US Court of Appeals for DC ordered Judge Emmett Sullivan to grant the DOJ’s request to drop the case, the retired ‘resistance’ judge hired to defend Sullivan’s actions has filed a motion requesting an extension to file his findings against Flynn.
The D.C. Appeals Court today vacated the lawless appointment of a left-wing shadow prosecutor to go after Flynn.
Gleeson, the Resistance dead-ender hired by Sullivan, is ignoring the order and plowing ahead with his illegal inquisition against Flynn. https://t.co/bOeG7pRJxv
In a major victory for Michael Flynn, the United States Court of Appeals for the District of Columbia Circuit has ordered Judge Emmet Sullivan to grant the Justice Department’s request to dismiss the case against the former Trump National Security Adviser.
“Upon consideration of the emergency petition for a writ of mandamus, the responses thereto, and the reply, the briefs of amici curiae in support of the parties, and the argument by counsel, it is ORDERED that Flynn’s petition for a writ of mandamus be granted in part; the District Court is directed to grant the government’s Rule 48(a) motion to dismiss; nd the District Court’s order appointing an amicus is hereby vacated as moot, in accordance with the opinion of the court filed herein this date,” reads the order.
In their decision, the appeals court wrote: “Decisions to dismiss pending criminal charges – no less than decisions to initiate charges and to identify which charges to bring – lie squarely within the ken of prosecutorial discretion.“
“The Judiciary’s role under Rule 48 is thus confined to “extremely limited circumstances in extraordinary cases.””
Hence, no dice for Judge Sullivan.
Great! Appeals Court Upholds Justice Departments Request To Drop Criminal Case Against General Michael Flynn!
Flynn pleaded guilty in December 2017 to lying to the FBI about his conversations with former Russian Ambassador to the US, Sergey Kislyak, during the presidential transition following the 2016 US election. He later withdrew his plea after securing new legal counsel, while evidence emerged which revealed the FBI had laid a ‘perjury trap‘ – despite the fact that the agents who interviewed him in January, 2017 said they thought he was telling the truth. Agents persisted hunting Flynn despite the FBI’s recommendation to close the case.
Once the FBI’s malfeasance was uncovered, the Justice Department moved to dismiss the case after Attorney General William Barr tapped an outside prosecutor to examine the FBI’s conduct. Judge Sullivan rejected the DOJ’s request – instead calling on an outside lawyer to make arguments against the DOJ’s move to drop the case.
In their Wednesday decision, the Appeals court noted that “the government’s motion includes an extensive discussion of newly discovered evidence casting Flynn’s guilt into doubt.”
Specifically, the government points to evidence that the FBI interview at which Flynn allegedly made false statements was “untethered to, and unjustified by, the FBI’s counterintelligence investigation into Mr. Flynn.” -US Court of Appeals
Shortly before the DOJ move to dismiss, former Mueller prosecutor Brandon Van Grack suddenlywithdrew from the case (and others). Flynn’s new attorney, Sidney Powell, said that government documents revealed “further evidence of misconduct by Mr. Van Grack specifically.”
Sullivan urged the federal appeals court to also reject Flynn’s bid to bring an end to the case, which has now ruled against the judge.
It took a pandemic for the White House to admit a basic economic reality: Tariffs on goods imported into the United States are paid by Americans. That’s something that pretty much everyone outside of President Donald Trump and White House trade adviser Peter Navarro already knew. But for nearly two years—ever since Trump launched his trade wars in March 2018—the president and his defenders have stubbornly claimed, contra both theory and evidence, that the duties are absorbed by China and other exporters.
Despite that insistence, Trump on April 18 signed an executive order that will grant some American businesses a three-month deferral on paying tariffs. This will provide some “payment flexibility” for American importers facing “significant financial hardship” due to the COVID-19 outbreak and an ongoing economic shutdown, the administration said.
In its limited form, the new tariff policy is roughly akin to the administration’s earlier move to defer the federal income tax filing deadline from April 15 to July 15: People and businesses will still have to pay, just not right now. Even still, Trump stubbornly refused to grant deferrals for certain industries. His executive order does not apply to the duties on steel, aluminum, and goods made in China that have been the centerpieces of Trump’s trade war. In practice, the policy applies to about half of all tariffs charged to American importers.
That creates a new plot hole in the ever-evolving justifications for Trump’s tariffs. If deferring some payments is a boon for American business, why not eliminate them all? Trump doesn’t seriously believe that the tariffs he’s imposed on steel, aluminum, and Chinese imports are magically not paid by Americans if the other tariffs are, does he?
“The burden on importers, according to this formulation—well, if logic’s not your strong suit or you’re just willfully ignorant—is caused by the [tariffs that predated the Trump administration] but not the China or steel tariffs,” says Daniel J. Ikenson, a trade policy analyst at the Cato Institute.
It would be better to lift the tariffs entirely, or at least to grant deferrals for everyone. Instead, American businesses will have to fill out more forms asking for relief. In a statement announcing the shifting tariff policy, U.S. Customs and Border Protection said deferrals would be granted only to companies that can demonstrate significant economic hardship.
The Trump administration is finally admitting that Americans pay for tariffs, but it seems the White House remains, in the midst of a colossal economic crisis, committed to picking winners and losers.
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We couldn’t quite resist this headline, but it looks that a relocation of 9500 US troops from Germany to Poland is imminent.
Polish Media Details
a new contingent of US troops, some from Germany and some from the US;
a relocation of 30 F-16 US fighter planes from Germany to Poland;
the headquarters of the V corps of the US army to be moved from Fort Knox to Poland;
adding 5 C-130 Hercules military transport aircraft, not clear whether this is a purchase or a relocation;
a deal on attack helicopters;
a bilateral defence co-operation act between the US and Poland.
Robert O’Brien, the White House national security adviser admits openly that this decision is linked to Germany’s failure to meet the promise of raising defence spending to 2% of GDP by 2024, which is a Nato commitment. He writes that Germany is the world’s fourth largest economy, yet spends only 1.4% of its GDP on defence.
O’Brien also makes a link to the Nord Stream 2 pipeline project, and to Berlin’s choice of 5G telecoms provider. If this goes to Huawei, as we expect it might, the relationship with the US is set to deteriorate further.
Trump Pulls Troops From Germany, It’s a Good Start
The San Francisco Board of Supervisors has passed an ordinance that will permanently ban landlords from evicting tenants who say they can’t pay their rent for coronavirus-related reasons such as losing their jobs. Mayor London Breed had already issued an executive order barring evictions during the public health emergency and for two months after it ends if tenants can’t pay their rent for coronavirus-related reasons. Landlords said the law is simply shifting the costs of the disease to them. “I’m a mom-and-pop business,” said Barbara Dwyer, who owns a three-unit building.”If my tenants were to decide to stop paying rent, I still have to pay my property taxes, utilities, insurance and cost of repairs.”
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The San Francisco Board of Supervisors has passed an ordinance that will permanently ban landlords from evicting tenants who say they can’t pay their rent for coronavirus-related reasons such as losing their jobs. Mayor London Breed had already issued an executive order barring evictions during the public health emergency and for two months after it ends if tenants can’t pay their rent for coronavirus-related reasons. Landlords said the law is simply shifting the costs of the disease to them. “I’m a mom-and-pop business,” said Barbara Dwyer, who owns a three-unit building.”If my tenants were to decide to stop paying rent, I still have to pay my property taxes, utilities, insurance and cost of repairs.”
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Trump Claims Germany Owes $1 Trillion In NATO Obligations Tyler Durden
Thu, 06/25/2020 – 04:15
President Trump lashed out at “delinquent” NATO members as he again called on all members of the transatlantic alliance – particularly Germany – to spend 2% of GDP on defense spending. Speaking at a joint press conference with Polish president Andrzej Duda at the White House, Trump asserted that Poland was one of eight European NATO members to meet its financial commitments to the alliance, according to the Irish Times.
“The United States is defending a lot of countries that are delinquent in what they are supposed to be paying,” the president said. Confirming that the US would be withdrawing troops from Germany, Trump claimed that Germany owed “close to a trillion dollars” to Nato “when you add it all up.”
While he claimed that the US had secured an extra $400 billion in new spending from NATO members, he said “we will be only satisfied when all members are paying their fair share”.
“The United States is the major participant [in Nato],” he said. “We defend Europe, but Europe also takes tremendous advantage of the United States on trade – advantage like you wouldn’t believe.”
Trump also confirmed that the US would “probably” going to be sending troops to Poland from Germany, noting that the number of US military personnel in Germany would reduce from 52,000 to 25,000, as previously reported . “Some will be coming home, some will be going to other places in Europe. Poland will be one of the places,” he said. He added that Poland would be paying for the troops to be stationed there, while he also praised Poland for the purchase of 32 F35 fighter jets.
Duda and Trump.
Trump’s comments came after Duda told reporters he had asked the US not to remove troops from Europe at all, arguing that their presence was needed to guarantee security for Poland and other nations against the threat of “Russian aggression.” The US has had a military presence in Germany since the end of WWII and while talks with Poland about a permanent US base there have not been successful, Duda has been keen for an additional US military presence on a rotational basis.
Moscow has denounced Poland’s calls for US presence as irresponsible, and the country’s new security strategy claiming a threat from Russia as “propagandist” and fictitious. “Whatever military potentially ends up threatening us from Polish territory,” Deputy Foreign Minister Vladimir Titov told RIA Novosti earlier this month, Russia “will take comprehensive measures in response.”
President Duda, who faces an election on Sunday, was the first foreign leader to meet Trump at the White House since Taoiseach Leo Varadkar’s visit in March. It is his fifth meeting with the US president. Trump praised Poland’s protection of its borders, and “vigilant efforts to uphold the rule of law”, an issue that has provoked fury in Brussels as Poland’s right-wing government has pushed through a series of laws its has deemed “anti-democratic.” Trump also predicted that Duda would do very well in the election.
“He’s doing a terrific job. The people of Poland think the world of him…I don’t think he needs my help. He will do very well with or without us. He’s going to have a great success.”
Asked about the possibility of further police reform in the wake of George Floyd’s death after Democrats blocked legislation put forward by the Republican-controlled Senate this week, Trump accused Democrats of wanting to defund the police.
“The Democrats want to weaken our police, take away our community….they want to take away a lot of strength from our police and law enforcement generally. We won’t do anything that’s going to hurt our police.”
Trump then pledged to issue an executive order on statues before the end of the week, although he said there were “very strong laws already on the books” which can lead to prison sentences of 10 years for those who desecrate monuments.
“Many people who are knocking down the statues don’t have any idea who the statue is….now they’re looking at Jesus Christ, they’re looking at George Washington, Abraham Lincoln, Thomas Jefferson. Not going to happen while I’m here.”
Earlier, during a meeting with Duda in the Oval Office, Trump accused the Obama administration of spying on his 2016 election campaign as he welcomed a court ruling ordering the dismissal of a case against his former national security adviser Michael Flynn. “What happened to General Flynn should never happen again,” Mr Trump said. “He was treated horribly by a group of very bad people.”
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Norway is looking to offer 136 blocks for oil and gas exploration in the licensing round for less explored areas on its shelf, including 125 blocks in the Arctic Barents Sea that are currently not available for drilling, the Ministry of Petroleum and Energy said on Wednesday.
The so-called 25th numbered licensing round – expected to be announced in the fall of 2020 after consultation on the proposed areas for oil drilling – typically includes frontier parts of the Norwegian Continental Shelf (NCS).
According to Norway’s oil ministry, it will be the frontier regions that are most likely to host large new discoveries.
The ministry proposes nine frontier areas for exploration, including eight areas in the Barents Sea and one area in the Norwegian Sea. The proposal is now submitted for public consultation, which should be completed by August 26.
Access to new exploration areas is crucial to maintaining activity on the Norwegian continental shelf, Petroleum and Energy Minister Tina Bru said in a statement. Norway needs new discoveries to maintain employment in one of its most important industries and its supply chain, especially after the last few challenging months, the minister added.
Norway is currently reducing its oil production by the end of the year because of the slump in oil prices. But after Johan Sverdrup and the planned Johan Castberg oilfield reach peak production in a couple of years, Norway’s oil production is set for a natural decline after 2023 in the absence of significant discoveries.
According to the Norwegian Petroleum Directorate (NPD), Norway has so far produced 48 percent of the recoverable resources on the shelf. This means that more than half are still untapped.
Last week, Norway announced the annual licensing round for oil and gas exploration in mature areas on the shelf, expanding the total acreage up for grabs by 36 blocks west of the Norwegian Sea. The so-called Awards in Predefined Areas (APA) are announced every year and comprise the mature parts with known geology and good infrastructure already in place, allowing tie-backs to existing infrastructure for any new discoveries.
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Jihadist Arrests In The EU Fall As Left-Wing/Anarchist Attacks Soar Tyler Durden
Thu, 06/25/2020 – 02:45
According to a new report from Europol, the EU saw a total of 1,004 arrests for terrorism offences in 2019. The overall number of completed, failed and foiled terrorist attacks continued to decrease in the EU in 2019 compared to the previous year, mainly due to a continued downward trend in ethno-nationalist and separatist terrorist attacks.
Ten people died as a result of terrorist attacks in the EU and 27 people were injured. All deaths and the injuries of 26 people were the result of jihadist attacks; one person was injured in a rightwing terrorist attack. In addition to these terrorist attacks, Germany reported two major violent extremist attacks that killed three people and injured several others.
For the territory of the EU, a total of 119 completed, failed and foiled terrorist attacks in 2019 were reported by a total of 13 EU Member States.
The total number of jihadism-related incidents in the EU decreased slightly (21 in 2019; 24 in 2018), but continued to be geographically widespread.
France dominated its EU neighbors in terms of jihadist suspects arrested (with 202) followed by Spain (56) and Austria (43)…
All but one of the seven completed or failed attacks were committed by individuals acting alone, while most foiled plots involved multiple suspects.
However, while Jihadist attacks declines modestly, the number of arrests on suspicion of leftwing or anarchist terrorism in 2019 more than tripled, compared to previous years.
The majority of arrests were linked to violent demonstrations and confrontations with security forces in Italy.
Europol defines Left-wing and anarchist terrorism as follows:
Left-wing terrorist groups are pursuing via violent means to trigger the revolution against the political, social and economic system of a state, in order to introduce socialism and eventually establish a communist and a classless society.
Their ideology is often Marxist-Leninist. Examples of left-wing terrorist groups are the Italian Brigate Rosse (‘Red Brigades’) and the Greek Revolutionary Organisation 17 November.
Anarchist terrorism, is an umbrella term, is used to describe violent acts committed by groups (or to a lesser extent by individuals) affiliated with different anarchist ideologies. They promote a revolutionary, anti-capitalist and anti-authoritarian agenda. Examples of anarchist terrorist groups are the Italian Federazione Anarchica Informale (‘Informal Anarchist Federation’) or the Greek Synomosia Pyrinon tis Fotias (‘Conspiracy of Cells of Fire’).
For left-wing and anarchist terrorists and violent extremists, the internet remained the preferred tool for awareness-raising, propaganda and recruitment activities. Websites containing left-wing and anarchist rhetoric served as platforms to spread ideology, through the posting of communiqués and the exchange of ideas.
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