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Friday, November 30, 2012

Eurogroup to discuss Greek buy-back, Cyprus


New York Times (blog)

Eurogroup to discuss Greek buy-back, Cyprus
Reuters
BRUSSELS (Reuters) - Euro zone finance ministers will discuss on Monday the terms of the Greek debt buy-back to be announced that day and review a Cypriot bailout, though no decision on Cyprus will be taken, a senior EU official said on Friday.
Hedge Funds, Expecting a Bigger Buyback, Snap Up Greek DebtNew York Times (blog)
Hedge Funds May Hold Back Greek Bond Plan, Nomura SaysBusinessweek
Greek Buyback Plan at Risk - No Buyback - No AidBusiness Insider
NASDAQ
all 4,362 news articles »

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Germany backs Greece debt deal, keeping the country afloat


AFP

Germany backs Greece debt deal, keeping the country afloat
Edmonton Journal
BERLIN - German lawmakers overwhelmingly backed a deal aimed at trimming Greece's debt load and keeping the country financially afloat but the country's finance minister insisted it would be irresponsible to raise hopes of more radical debt forgiveness ...
German Parliament Approves Revised Bill on Greece AidBusinessweek
Opinion: Solidarity with Greece carries heavy priceDeutsche Welle
Investors Cautious as Greece Back in FocusWall Street Journal
New York Times -AFP -Focus News
all 1,071 news articles »

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German MPs approve Greece bailout cash by big majority


BBC News

German MPs approve Greece bailout cash by big majority
BBC News
The German parliament has approved a eurozone bailout payment of 44bn euros (£32bn; $51bn) for Greece by a large majority despite unease about the cost. The Bundestag voted by 473 in favour to 100 against, with 11 abstentions, after conservative ...


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They're not singing any more: Eurovision suffers rash of withdrawals

Financial crisis leads Portugal, Poland, Cyprus and Greece to contemplate life without the continental song contest

One after another they are calling in sick. First, Portugal and Poland and now, short of an economic miracle, Cyprus and Greece. For an event that is meant to be one of the most unifying in Europe, next year's Eurovision song contest is starting to look unusually thin on the ground.

In quick succession this week, all four countries announced, or intimated strongly, that they would not be participating in the jamboree. With the exception of Warsaw, each cited the debt crisis.

"It's a great shame, very sad," said the Greek singer Nana Mouskouri, who was discovered when she performed A Force de Prier, Luxembourg's entry in 1963. "I couldn't perform for Greece back then as we didn't have television … I know the world progresses," she said, "but the whole thing has just got so big, so expensive."

That is why the competition that has come to be associated with kitsch costumes and iffy music has had to take a back seat for recession-hit nations. Amid the business of meeting budget targets, there is, alas, no room for froth or frizz.

"Public television ought not to participate in this year's Eurovision contest in correspondence with overwhelming public sentiment," said a Greek government spokesman, Simos Kedikoglou. "It is very unlikely that Greece will take part."

With Greeks brought to their knees by the cuts demanded in return for keeping their insolvent economy afloat, officials insisted it would be "distasteful" to be seen to be competing in a contest "that is all about sequins and stage effects".

"It's not just that we don't have the money to pay for the broadcasting rights and participation fees which, at €120,000, we simply don't have, at this juncture it would be morally wrong," said an official at the state-controlled channel.

In Cyprus, whose financial woes were triggered by its banking sector's exposure to Greece, the state broadcaster PIK went so far as to describe participation as a "possibly provocative" move.

The former British colony is set to become the fourth eurozone member to accept international financial assistance from the EU and IMF to prop up its economy. "With Cyprus' economic situation today there might be some who would consider PIK's presence at such an event provocative," Makis Symeou, the broadcaster's CEO announced. "For this reason cancellation of Cyprus' participation is being seriously discussed."

Poland, which debuted in Eurovision in 1994, issued a statement saying: "After a very careful analysis we made the difficult decision not to take part in the contest in Malmo." It will be the second year in a row that Poland has withdrawn.

Just days after tickets went on sale, there are mutterings as to whether, after 58 years, the institution Europeans love to lampoon can survive – at least as a phenomenon that reflects Europe.

Organisers brush off such suggestions, making the point that 38 countries have already signed up for the event – the most-watched show on European TV. "We're doing pretty well," said a source at the Geneva based European Broadcasters Union which oversees the contest.

But agents such as Yannis Koutrakis, who represents Mouskouri and has looked after Greek celebrities who have participated in the show, beg to differ. "You've got so many countries, like Azerbaijan and Georgia, that are not exactly European which are now participating," he said.

"If countries at the heart of Europe leave then what is left? Is it really a European song contest?"

Mouskouri, who is 78, and spends most of her time in Paris agrees. "The Eurovision contest has lost its heart," she says. "It's not about music or the singers anymore. It's more about staging a show. It's become far too much of too much, far too Las Vegas. If you ask me it has to start from the beginning, all over again."


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Anthony Strano: Is God Relevant Today?

From politics I never did expect much but from a rich spiritual tradition I did. Why is it that religion appears so ineffectual at the time it is most needed?

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Eurozone Unemployment Hit Another Record High

LONDON — Another month, another record unemployment rate for the economy of the 17 European Union countries that use the euro. Figures released Friday by Eurostat, the EU’s statistics office, showed that the recession in the eurozone pushed unemployment up in the currency bloc to 11.7 percent in October, the highest level since the introduction of the euro in 1999. The rise from September’s previous record of 11.6 percent was anticipated after the eurozone returned to recession in the third quarter, commonly defined as two consecutive quarters of negative growth. While the eurozone’s unemployment has been inching upward since June 2011, the equivalent rate in the U.S. has fallen to below 8 percent as the world’s largest economy continues its recovery from recession. In October, it stood at 7.9 percent. (MORE: Mario Draghi – Who Should Be TIME’s Person of the Year 2012?)  Eurostat found that 18.7 million people were out of work across the eurozone, an increase of 173,000 on the previous month and 2.2 million higher than the year before. The wider 27-nation EU that includes non-euro countries such as Britain and Poland had an unemployment rate of 10.7 percent in October and a total of 25.9 million out of work. “The level of unemployment in Europe remains unacceptably high,” said Jonathan Todd, a spokesman for the European Commission, the EU’s executive arm. Spain and Greece have the region’s highest unemployment rates – both over 25 percent, with youth unemployment levels heading toward 60 percent, a figure that could have a long-term economic and political impact. “Talk of a `lost generation’ of young people now looks like an alarming possibility,” said Andrea Broughton, principal research fellow at the Institute for Employment Studies. Both countries are in recession and struggling to convince investors, as well as their own people, that they can control their economies. Both, along with a number of other European countries, have introduced tough austerity measures, such as cutting spending and raising taxes, in order to get a handle on their debts. However, measures such as

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ECB Withholding Secret Greek File Keeps Taxpayers in Dark


ECB Withholding Secret Greek File Keeps Taxpayers in Dark
Businessweek
The first document is entitled “The impact on government deficit and debt from off-market swaps: the Greek case.” The second reviews Titlos Plc, a structure that allowed National Bank of Greece SA, the country's biggest lender, to borrow from the ECB ...

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FOREX-Euro buoyed by Greek deal approval, month-end buying


Business Recorder

FOREX-Euro buoyed by Greek deal approval, month-end buying
Reuters
"Today's move is about the German parliament approving the Greek bailout, which gives traders and investors a bit more confidence about the euro zone debt crisis," said Chris Gaffney, co-chief investment officer at Everbank Wealth Management in St ...
Euro shines on month-end buying, Greek deal approvalCNBC.com
Euro jumps to 5-week high vs dollar on Greek dealKEYC TV

all 258 news articles »

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Debt crisis: Bundestag to vote on Greek deal


Telegraph.co.uk

Debt crisis: Bundestag to vote on Greek deal - live
Telegraph.co.uk
09.46 As German lawmakers continue to debate the Greek debt deal prior to a vote, it's worth looking at this fantastic graph from The Wall Street Journal. It shows who holds Greek debt now, and what the position was last year. You can clearly see the ...

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Greece: Land of the gods


Greece: Land of the gods
Sun.Star
Greece holds a privileged position on the planet, blessed with extraordinary natural beauty – is called “Land of the Gods.” The initial glimpse of sapphire water or the discovery of millennia-old ruins, and it's mingling of history, ensures Greece's ...


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Greece's OPAP submits only bid in lotteries privatisation


Greece's OPAP submits only bid in lotteries privatisation
Reuters
ATHENS Nov 30 (Reuters) - Greece's sports betting monopoly OPAP moved a step closer to taking over the state lotteries being privatised by the indebted country as part of its international bailout, as the only party to submit a bid document. OPAP ...
OPAP Consortium to Make Final Bid for Greece's State LotteryWall Street Journal

all 2 news articles »

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PREVIEW-Eurogroup to discuss Greek buy-back, Cyprus


Forbes

PREVIEW-Eurogroup to discuss Greek buy-back, Cyprus
Reuters
BRUSSELS Nov 30 (Reuters) - Euro zone finance ministers will discuss on Monday the terms of the Greek debt buy-back which will be announced on the same day and discuss a Cypriot bailout, but no decision on Cyprus will be taken, a senior EU official ...
Greek 'Band-Aid': A Green Light For The Euro?Forbes

all 7 news articles »

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EURO GOVT-Greek debt rallies on German aid OK but doubts linger


EURO GOVT-Greek debt rallies on German aid OK but doubts linger
Reuters
German parliament approve Greek aid. * But questions over debt buyback underpin German Bunds. * Technical charts hint at rise to Bund range high. * Spanish bond yield edge up as ICO issue seen faltering. By Emelia Sithole-Matarise and William James ...

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FTSE 100 records best monthly performance since June on eurozone and US hopes

Investor optimism over Greece and US fiscal cliff lifts markets despite long road ahead

Leading shares recorded their best monthly performance since June despite a last minute wobble, helped by optimism over the eurozone crisis and America's current budget discussions.

The FTSE 100 finished 3.48 points lower at 5866.82, but that still made a 1.45% gain for November, its biggest rise since the 4.7% increase six months ago. Investor hopes have been raised by this week's Greek debt deal, although some obstacles still remain, not least the details of a proposed Greek bond repurchasing scheme. Spain's banks saw a €37bn restructuring package approved by the European Commission, while across the Atlantic there were signs of progress in discussions over the US fiscal cliff, the tax rises and spending cuts due to come into force early next year. A series of positive economic figures, including UK and US GDP figures and an upbeat Chicago purchasing manager's survey, also helped sentiment.

Angus Campbell, head of market analysis at Capital Spreads, said:

It's been a roller coaster ride of a month but in the end the bulls have won hands down by pushing the index to one of its best monthly gains of the year. Buyers have once again pushed us higher as investors rush into equities ahead of December, historically a bullish month for stocks and one that has seen 23 rises out of the past 28 years for the month of December. Investors have rushed into equities in the past few days in the fear that they might miss out on the usual Christmas rally, but it isn't just early festive cheer that's attracting the buyers as the fundamentals have improved too.

Things in the eurozone have quietened down since the new debt deal on Greece was agreed and today the German parliament formally approved their aid package. Since then the borrowing costs for some of the more worrisome countries, namely Spain and Italy, have declined and remain well below their recent highs. This has done a great deal to sentiment and allowed indices to gradually continue their rally throughout the week.

There is also ongoing optimism regarding the other elephant in the room, namely the US fiscal cliff, which is expected to be thrashed out and addressed by US politicians before too long, but there's certainly a good proportion of people who'd like to see the discussions concluded sooner rather than later.

BP was in focus ahead of an investor day on Monday. But Wednesday's news that the company had been blocked from seeking new US government contracts because of its "lack of business integrity" during the Gulf of Mexico oil disaster was not the ideal backdrop. The ban is only temporary but it is unclear how long it will remain in force. Earlier in November BP agreed with the US government to pay $4.5bn in penalties relating to the 2010 spillage, but this still needs to be finalised by a court.

BP's shares edged up 0.55p to 431.6p, and Credit Suisse analysts issued an outperform rating despite cutting their earnings forecasts by 6% to reflect asset sales such as BP's proposed sale of its Russian joint venture stake to Rosneft. The company announced it had completed the $5.5bn sale of a number of fields in the Gulf of Mexico to Texas-based Plains Exploration. Credit Suisse said:

This will be the opportunity for BP to present a long-term outlook in its upstream business for the first time – current targets only extend to 2014. Since 2010, BP's operational performance has been somewhat overshadowed by the Macondo litigation overhang and turmoil in Russia. BP is making good progress on resolving its strategic uncertainties with the Rosneft agreement announced in October and the Department of Justice settlement on criminal liabilities in November. The "return to normal" on the Eastern and Western fronts should allow the market to focus its attention back to BP's upstream strategy. The key for BP will be to convince investors on improving momentum after three years of under-earning in upstream, and on the quality of its [projects] and growth opportunities.

Among the retailers, Kingfisher closed 1p lower at 278p in the wake of Thursday's disappointing update. It reported a 6% drop in third quarter profits, and warned the outlook was uncertain in both its key markets, with consumer confidence in France hit by uncertainty over the government's budget proposals.

A number of analysts cut their recommendations following the figures, with UBS moving from buy to neutral.

But Dixons Retail jumped 1.73p to 27.49p following news its UK and Ireland businesses were back in profit, although this was offset by continuing problems in Europe. The company said it expected to benefit from the demise of rival Comet.

With little corporate news, a number of brokers' notes had a real influence. Johnson Matthey jumped 11p to £23.99 and Croda climbed 30p to £23.81 as Credit Suisse upgraded both companies, saying:

Following third quarter results, we have upgraded Croda from underperform to neutral and Johnson Matthey from neutral to outperform. Both stocks had disappointing guidance and strongly negative share price reactions. We felt negative short-term fundamentals were thus fairly reflected in the share price.

Intertek, the testing company, added 31p to £30.90 as Berenberg moved from hold to buy.

Elsewhere Wood Group slipped 3p to 777p following this week's sale of a 4.4% stake in the energy services business by the Wood family trust.

Royal Bank of Scotland lost ground after the collapse of a deal to sell its Indian operations to HSBC.

RBS agreed to dispose of its retail and commercial business in the country - which is profitable with 400,000 customers and assets of £190m - in 2010. But the two sides failed to reach agreement by a Friday deadline. HSBC said:

The long stop date of 30 November has been reached without all conditions required to close the transaction being satisfied.

HSBC remains committed to pursuing growth in India, a key strategic market for the group, through its existing operations.

On the future of the RBS business in India, the bank said:

Consistent with the strategy to reduce or exit non-core assets and businesses, [RBS] will begin to wind down its retail and commercial banking business in India, whilst meeting all customer obligations.

RBS fell 3.8p to 295.2p while HSBC was 6.1p higher at 637.7p. Ian Gordon at Investec kept his sell recommendation on RBS and said:

It is easy to suggest that another failed disposal represents a pattern of careless behaviour, but such a conclusion would be harsh. The deal has collapsed, but to put this into perspective, it is not another Santander, and incremental wind-down costs should be modest.

In October, Santander walked away from its agreement to acquire 316 UK branches, following protracted difficulties with technology transfer. However, while RBS remains bound by the European Commission's requirement to sell the assets as part of its state aid sanctions, we see little prospect of an alternative purchaser coming close to matching the original terms, and here we expect RBS to crystalise a loss on disposal of around £500m in due course.

[Thursday's] Bank of England financial stability report may have prompted fresh concerns in relation to RBS' capital and/or sub-optimal measures that might be "encouraged" by fresh regulatory scrutiny. We do not share these worries. RBS has over-delivered in terms of non-core run-off and balance sheet repair. The problem is earnings. After 5 years of losses, we expect a slow recovery in return on equity to just 6% by 2015.

A number of bid tales did the rounds during this week, with BAE Systems, up 0.5p at 327.3p, said to be in the sights of US group Lockheed Martin. Renewed speculation lifted hedge fund group Man by 0.25p to 76.8p. But BG lost 8p to £10.70 as bid froth faded, despite analysts at Exane BNP Paribas saying earlier in the week:

Given recent guidance disappointment, we see growing M&A appeal in BG.

Burberry lost 30p to £12.87 after sparking into life earlier in the week on excited gossip about a possible £20 a share offer.

Direct Line, the insurer spun out of Royal Bank of Scotland, dipped 0.25p to 202.75p it continued its £100m cost cutting programme. The group, Britain's biggest motor insurer, is on course to join the FTSE 100 at the next index review on 12 December. Other possible promotions include Tui Travel, up 1.8p to 271.3p, and Easyjet, 6.5p better at 715.5p.

Those in danger of relegation from the leading index include Pennon, down 5.5p at 619p, Melrose, up 0.4p at 213.1p, and Serco, 1.5p lower at 547p. Serco was this week told it would lose its contract to run the National Physical Laboratory in April 2014. Citigroup said the contract accounted for around 1.5% of sales and cut its earnings forecast for 2014 by 2% as a result of the loss. But it kept a buy rating and 670p target:

Serco remains one of our European business services sector picks for its cyclical resilience, organic growth re-acceleration and exposure to austerity-based outsourcing.

Arm recovered 11.5p to 774p after earlier weakness following reports that Microsoft's recently launched Surface tablet, which uses the UK company's chip architecture, had made a disappointing start.

Invensys added 10.5p to 315.5p, still benefiting from Wednesday's news it was selling its rail division to Siemens for £1.7bn, a much higher price than analysts had put on the business. Traders believe the rest of the company could be vulnerable to a predator such as Emerson, which had previously made an approach to the group. UBS said:

[The sale price] represents a sum that not even the most bullish would likely have thought possible. On a stand-alone basis, the remaining operations management and controls business is only semi-appealing, but as Rail has proved, it may be worth more to someone else, with Emerson a potential contender for operations management. Assuming only a modest re-rating in the remaining business, we think Invensys might now be worth 300p.

Finally, specialist electronics group Acal fell 6.5p to 157.75p after it said it was seeing a recovery in its key UK, German and French markets but this was coming through more slowly than expected. It cut its earnings growth forecast for next year by 8% but still expects a rise of 20%.

Half year profits fell from £4.1m to £3.2m or from £1.9m to £700,000 after the costs of cutting back a year ago - including reducing its presence in Spain and axing 40 jobs - as well as investment in a marketing website to attract new customers, which will cost a total of £1.5m.

Chief executive Nick Jefferies said the situation had now stabilised in Europe, and in October and November Acal's orders grew by 7%. The company has improved its margins by moving from distributing standardised products to more customised equipment such as specialised controls for heat exchange equipment. Some 87% of its sales are now customised products. "We've gone from being a Sainsbury's to becoming a specialised delicatessen," said Jefferies.

With £2m of cash in the bank and debt facilities of up to £40m, the company is on the lookout for acquisitions, particularly in its key markets. If necessary, the company would be prepared to issue equity for the right purchase.

Peel Hunt reduced its price target from 220p to 200p but said:

The outlook is clearly tough, but the company is winning market share from smaller competitors and we anticipate further profit progression next year. We do not believe that the current rating reflects the improving margins, strong balance sheet or the opportunity for significant growth once the economic backdrop improves. We are reducing our price target to reflect the downgrade to earnings, but are reassured of the long-term opportunity.


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FOREX-Yen eases on month-end flows but off 7-1/2-mth low


Business Recorder

FOREX-Yen eases on month-end flows but off 7-1/2-mth low
Reuters
Fri Nov 30, 2012 2:10am EST. * Traders say yen falls due to month-end yen selling, stop-losses. * Yen fall curbed by concern on U.S. fiscal cliff, economy. * BOJ speculation also pared back ahead of election. * Boehner's comments dent budding hopes of U.S. ...
Euro briefly trades at $1.30MarketWatch
Risk Remains a Dollar and Yen GameWall Street Journal
Dollar near November low before Geithner talks cliffGreenville News

all 211 news articles »

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UPDATE 1-Greek buyback looks destined to succeed


Wall Street Journal

UPDATE 1-Greek buyback looks destined to succeed
Reuters
Restructuring Greek banks to bow to the inevitable. * Hedge funds seen cash out (Adds interactive Greek bond buyback calculator). By Alex Chambers and Christopher Spink. LONDON, Nov 30 (IFR) - Greece's bond buyback, expected to be unveiled on ...
Greek Buyback Plan at Risk - No Buyback - No AidBusiness Insider
In the End, Greek Crisis Will Hit TaxpayersWall Street Journal
Bloomberg View: The Greek Rescue Plan Is No Rescue at AllBusinessweek
DailyFinance -Fox Business
all 4,328 news articles »

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Greece in new bank result delayed ahead of debt buyback


BBC News

Greece in new bank result delayed ahead of debt buyback
Economic Times
ATHENS: Greece's finance ministry on Friday announced a new delay in the release of six-month bank results as it prepared to launch a bond buyback programme to bring the country's runaway debt under control. Finance Minister Yannis Stournaras ...
Greece's Debt Buyback May Address Holdouts, Troika SaysBusinessweek
Euro zone looking for Greece to buy back 40 billion euros of debt: officialsReuters
Greece bailout funds dependent on debt buyback - IMFBBC News
Euromoney Magazine -Chicago Tribune
all 4,328 news articles »

READ THE ORIGINAL POST AT economictimes.indiatimes.com

Greek aid is patchwork, ex-foreign minister says

Fresh financial aid is nothing but a brief respite for Greece, says former Greek Foreign Minister Dimitrios Droutsas. In an interview with DW, the member of European Parliament urged debt relief for Greece.

READ THE ORIGINAL POST AT www.dw.de

Opinion: Solidarity with Greece carries heavy price

Germany's lower house has approved the latest installment of bailout funds for Greece. Concerns about how much the bailout is going to cost Europe are more than justified, writes DW's Bernd Riegert.

READ THE ORIGINAL POST AT www.dw.de

Greek aid is patchwork, former foreign minister says

Fresh financial aid is nothing but a brief respite for Greece, says former Greek Foreign Minister Dimitrios Droutsas. In an interview with DW, the member of European Parliament urged debt relief for Greece.

READ THE ORIGINAL POST AT www.dw.de

Euro zone looking for Greece to buy back 40 billion euros of debt: officials


Euro zone looking for Greece to buy back 40 billion euros of debt: officials
Reuters
BRUSSELS (Reuters) - The euro zone is hoping Greece will be able to repurchase at least 40 billion euros of its own bonds in a buyback operation with private investors, two euro zone officials said on Friday. Euro zone finance ministers expect Athens ...

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Greece's trauma: Financial crisis, no jobs, suicide and HIV


Voice of America

Greece's trauma: Financial crisis, no jobs, suicide and HIV
Globe and Mail
Greece's debt troubles have raged for about three years now, prompting its governments to take severe austerity measures that are choking the economy and driving up unemployment, which now stands at 25 per cent. About half of its young people can't ...
Health officials tell Greece to act fast to control HIVReuters
Greece Sees Rise in HIV InfectionsVoice of America
HIV Soars Among Greece's Drug Users Amid AusterityBusinessweek
Lexington Herald Leader
all 141 news articles »

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