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How the world sees Greece
Friday, April 25, 2014
Meet Stelios Onuris: Ancient Greek warrior and living legend in An Tir
Meet Stelios Onuris: Ancient Greek warrior and living legend in An TirThe OregonianHayes goes to battle as the Greek warrior Stelios Onuris in the fictional Dragon's Mist Kingdom of An Tir. His first name means pillar and the second is an Egyptian warrior god. It's a pretty intimidating handle for a pretty intimidating fighter. He's ...
Coalition MPs Furious Over Papandreou-Kouvelis Appearance
Plans by former Greek prime minister and PASOK party leader George Papandreou to appear at an Athens book launch next Monday alongside Fotis Kouvelis,
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Guerrilla group takes credit for bombing in Athens, Greece
Ed Adamczyk ATHENS , Greece, April 25 (UPI) -- An urban guerrilla group, dormant in Greece for four years, claimed credit Friday for an Apr. 10 car bomb explosion outside the Bank of Greece in Athens.
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European Commission sets out next targets
The European Commission praised Greece on Friday for making “delayed but substantive progress” with structural reforms and producing a “strong” fiscal performance but also set the government some pressing deadlines this summer.
In its fourth review of the... ...
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Energy market taken aback by Enel’s interest
The energy sector was surprised at Enel’s eagerness to learn about Greece’s hydrocarbon surveys, as the bulk of the Italian firm’s activity is focused on the production, transmission and distribution of electrical energy from conventional and renewable so... ...
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Police investigating fatal crash in Greece
13WHAM-TVPolice investigating fatal crash in GreeceRochester Democrat and ChronicleGreece Police are investigating a fatal crash Friday afternoon at West Ridge and Buckman roads. A pickup and garbage truck were involved in the crash, the cause of which has not been determined, according to police. The name of the victim has not been ...crash on West Ridge Road in GreeceNews 10NBCFatal accident on Ridge Road in Greece13WHAM-TVall 2 news articles »
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4.5 magnitude quake strikes in southern Greece
(Reuters) - A 4.5-magnitude earthquake struck southern Greece on Friday in the Peloponnese region, the U.S. Geological Survey said.
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Greeks warned of €14.9bn financing gap
An EU report has raised the prospect of the need for a third bailout despite a successful bond auction, although Athens disputes the figures
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Greece: 14 protests per day since bailout
Greece's Public Order Ministry says it has policed an average of 14 protests per day since the country's bailout four years ago, and defended its frequent use of tear gas at violent street rallies. The ...
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Cardinal attends Greek Orthodox Easter Vigil
The PilotCardinal attends Greek Orthodox Easter VigilThe PilotAfter celebrating the Easter Vigil at the Cathedral of the Holy Cross, Cardinal O'Malley attended the Easter Vigil celebrated by Greek Orthodox Metropolitan Methodios at Annunciation Cathedral in Brookline. Pilot photo/courtesy Alexander Mavradis ...
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Greek Dairy Product Companies Strike Big Deal
One of Greece’s biggest dairy product companies Delta Foods S.A., subsidiary of VIVARTIA, has bought 43% of the Greek dairy industry, MEVGAL,
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Top 10 Trades for Recruitment in the Financial Crisis
Despite Greece’s high unemployment rate and the relentless deterioration of working conditions due to the financial crisis, there are ten professions that have managed
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Lagarde And Merkel to Meet Over Greece’s Debt
Managing Director of the International Monetary Fund (IMF) Christine Lagarde and German Chancellor Angela Merkel are to hold a meeting in Washington
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Suspected heroin distributor nabbed in Florina
A 50-year-old man wanted on a European arrest warrant for running large quantities of drugs from Albania to Italy via Greece, was arrested in Florina, northwestern Greece, on Friday.
The unnamed suspect allegedly received at least three parcels containing... ...
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NBG-owned Finansbank issues 5-year eurobond
Turkish lender Finansbank borrowed $500 million through a five-year eurobond issue, which had a final yield at 6.375 percent, bankers said on Friday.
The lender, owned by National Bank of Greece, had mandated Citi, HSBC, Morgan Stanley and Standard Charte... ...
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Greek diplomat's car torched in Berlin
A car belonging to an employee of the Greek Embassy in Berlin was targeted by arsonists in the early hours of Thursday, German media reported on Friday.
The car was parked in front of the unnamed employee’s residence in the western part of the city when i... ...
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Bill tabled for new broadcaster to use ERT's premises and gear
Legislation was tabled in Parliament on Friday that will allow Greece’s new public broadcaster, NERIT, to use the facilities and equipment left behind by its predecessor, ERT.
The government is rushing to be ready for the May 5 launch of NERIT and tagged ... ...
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Greek finances stabilise, total debt remains high: EU
Twice bailed-out Greece has made enough progress in stabilising its public finances to make another international rescue less likely but its total debt remains dangerously high, an EU report showed on Friday. "Greece has made delayed but eventually ...
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Greek Anarchists Claim Responsibility for Athens Blast
Yahoo NewsGreek Anarchists Claim Responsibility for Athens BlastWall Street JournalATHENS—A militant Greek anarchist group claimed responsibility Friday for a bomb blast in central Athens earlier this month that was timed to coincide with the country's return to the international capital markets. The group, Revolutionary Struggle ...Guerrilla group says it carried out Greek central bank bombingYahoo NewsGreek Anarchists Claim Central Bank Bomb BlastABC Newsall 43 news articles »
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Revolutionary Struggle claims central bank bomb blast
Revolutionary Struggle says attack was in response to Greece's return to the international money ...
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Greece: 20,120 Protests in Four Years
Protests appear to have become somewhat of a “national sport” in Greece, after it was revealed that four to five protests have
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Youth entrepreneurship in Greece: A sign of hope?
Over the past five to six years, we have all been witnesses, if not victims, of Greece’s unsustainable growth model. With a debt-to-GDP ratio exceeding 176 percent and an unemployment rate of 58 percent among young people under 25, it is evident that the ... ...
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Revolutionary Struggle claims car bomb outside Bank of Greece [Update]
The guerrilla group Revolutionary Struggle has claimed responsibility for a bomb that exploded outside the Bank of Greece on April 10, causing serious damage but no injuries, saying that the attack was planned to coincide with the country's return to inte... ...
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Would-be EC president Juncker avoids ruling out new haircut for Greek debt
Former Eurogroup chief and candidate for European Commission president Jean-Claude Juncker did not rule out the prospect of a new haircut for Greece's debt in an interview with Germany's Stuttgarter Zeitung.
In the interview, Juncker noted that economic s... ...
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Greece to overhaul cash management to ease funding need, EU says
Greece will overhaul its system of cash management across different state agencies to help lessen a 5.5 billion-euro ($7.6 billion) funding shortfall in its bailout program for the next 12 months, according to the European Commission.
The government will ... ...
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Macedonia's ruling conservatives eye dominance in early general election
Macedonia's ruling conservatives hope to cement their dominance in elections Sunday for prime minister and president, banking on their economic program despite high unemployment and the failure to resolve a dispute with Greece that has kept the tiny country from joining NATO or achieving closer ties with the European Union.
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OPINION: Comparing Australia's debt with that of Spain or Greece undermines ...
OPINION: Comparing Australia's debt with that of Spain or Greece undermines ...Courier MailIn economics it is high time we had a Godwin's Law equivalent that specifies the longer any debate about debt, deficits and budget balances drags on, the more likely it is someone will make a spurious comparison to Spain or Greece (or indeed other ...
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Greece’s Long-Term Outlook Not Good
While Greece is seemingly on the road to recovery, its economic outlook over the next decade has deteriorated, the European Commission said in a report on April 25.
The post Greece’s Long-Term Outlook Not Good appeared first on The National Herald.
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Visiting the Laiki Agora
The Laiki Agora – the people’s market – is a collection of small street vendors offering fresh food items perfect for delicious home cooking. In Athens, the laiki typically happens once a week in various city areas. In the Kolonaki neighborhood of Athens, for example, the laiki agora happens on Fridays. Here, street vendors sell […]
The post Visiting the Laiki Agora appeared first on The National Herald.
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Greek Judges Summon Four Golden Dawn MPs
A further four Golden Dawn MPs have been summoned by Greek judges Ioanna Klapa and Maria Dimitropoulou investigating criminal charges against the ultra-nationalist and neo-fascist party. Eleni Zaroulia (the wife of party leader Nikos Michaloliakos, who is ...
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Guerrilla group says it carried out Greek central bank bombing
An anarchist Greek guerrilla group has claimed responsibility for a car bombing at a central bank building in Athens two weeks ago. The Revolutionary Struggle militant group said in a document on an anti-establishment website the attack was a protest against Greece's return to bond markets and proved the group was still active. In 2010, authorities said they had dismantled Revolutionary Struggle ...
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Greek anarchist group claims attack on Athens central bank branch, protests austerity measures
A radical Greek anarchist group has claimed responsibility for a car bomb attack on a branch of the country's central bank in Athens, which damaged several buildings but caused no injury.
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Greece’s Success Story is Killing People
While Prime Minister Antonis Samaras and his cohorts were celebrating because Greece floated a bond, a 35-year-old woman fell – without floating – to her death when she jumped off a building in the western Athens neighborhood in Peristeri. That came a ...
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Greek anarchists claim central bank bomb blast
ATHENS, Greece (AP) — A radical Greek anarchist group has claimed responsibility for a car bomb attack on a branch of the country's central bank in Athens, which damaged several buildings but caused no injury.
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Greek Stuffed Peppers
Greek Stuffed PeppersProvidence Eyewitness NewsChristine Kitsilis and Alex Kitsilis joined The Rhode Show from Angelo's Palace Pizza making Greek Stuffed Peppers. INGREDIENTS 2 lbs ground beef 85/15 1 cup chopped parsley ½ cup chopped dill 2 cups chopped scallions 1 teaspoon of minced garlicand more »
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Authenticity Of The 'Gospel Of Jesus's Wife' Called Into Question
The authenticity of the "Gospel of Jesus's Wife" has been debated since the papyrus was revealed in 2012. Now, new information uncovered by Live Science raises doubts about the origins of the scrap of papyrus.
The gospel, written in the ancient Egyptian language Coptic, has made headlines ever since Harvard University professor Karen King announced its discovery. The business-card-size fragment contains the translated line "Jesus said to them, 'My wife …'" and also refers to a "Mary," possibly Mary Magdalene. If authentic, the papyrus suggests that some people believed in ancient times that Jesus and Mary Magdalene were married.
At the time of the discovery, King tentatively dated the papyrus to the fourth century A.D., saying it may be a copy of a gospel written in the second century in Greek. [Read Translation of Papyrus]
Recently, several scientific tests published in the journal Harvard Theological Review have suggested the papyrus is authentic, but a number of scholars, including Brown University professor Leo Depuydt, dispute the papyrus's authenticity.
The document's current owner has insisted on remaining anonymous, and King has not disclosed the person's identity. However, in a recent Harvard Theological Review article, King published a contract provided by the current anonymous owner that King said indicates it was purchased, along with five other Coptic papyrus fragments, from a man named Hans-Ulrich Laukamp in November 1999 and that Laukamp had obtained it in 1963 from Potsdam in then-East Germany.
Provenance of a papyrus
In an effort to confirm the origins of the papyrus and discover its history, Live Science went searching for more information about Laukamp and his descendents, business partners or friends.
Our findings indicate that Laukamp was a co-owner of the now-defunct ACMB-American Corporation for Milling and Boreworks in Venice, Fla. Documents filed in Sarasota County, Fla., show that Laukamp was based in Germany at the time of his death in 2002 and that a man named René Ernest was named as the representative of his estate in Sarasota County. [Proof of Jesus Christ? 7 Pieces of Evidence Debated]
In an exchange of emails in German, Ernest said that Laukamp did not collect antiquities, did not own this papyrus and, in fact, was living in West Berlin in 1963, so he couldn't have crossed the Berlin Wall into Potsdam. Laukamp, he said, was a toolmaker and had no interest in old things. In fact, Ernest was astonished to hear that Laukamp's name had been linked to this papyrus.
The discoverer of the "Gospel of Jesus's Wife" says the papyrus was purchased from Hans-Ulrich Laukamp; however, according to Rene Ernest, who represented Laukamp's estate, Laukamp was in west Berlin in 1963 and couldn't have crossed the Berlin Wall to Potsdam to obtain the papyrus. Here, someone waves over the Berlin Wall in 1961.While the documents name him as the representative of Laukamp's estate in Sarasota County, the two men are not related, and Ernest did not receive an inheritance, Ernest said, adding that, as far as he knows, Laukamp had no children and has no living relatives.
Ernest did not respond to specific questions about how he and Laukamp came to know each other, but it is clear from documents naming Ernest as estate representative that Laukamp placed a great deal of trust in him; one dealing with Ernest and the estate dates to when Laukamp was still alive and has his signature.
Another acquaintance of Laukamp — Axel Herzsprung, who was also a co-owner of ACMB-American Corporation for Milling and Boreworks — told Live Science (in German in an email) that while Laukamp collected souvenirs on trips, he never heard of him having a papyrus. To his knowledge, Laukamp did not collect antiquities, Herzsprung said.
Live Science searched for other living relatives, checking for records in Sarasota County, and contacted a Laukamp family living in Florida, but they are unrelated. As far as we could tell, Ernest is correct, and Laukamp has no living relatives.
More questions
In the Harvard Theological Review article, King noted that she also received, from the current anonymous owner, a copy of a "typed and signed letter addressed to H. U. Laukamp" that dates to July 15, 1982, from Peter Munro, a now-deceased professor at the Freie University Berlin.
King wrote that the letter said that "a colleague, Professor Fecht, has identified one of Mr. Laukamp's papyri as having nine lines of writing, measuring approximately 110 by 80 mm, and containing text from the Gospel of John ..."
King noted that this document doesn't mention the Gospel of Jesus's wife explicitly. However, if Ernest and Herzsprung are correct, and Laukamp never collected antiquities, the question becomes: Why and how does this document exist? Munro died in 2009, and the "Professor Fecht" may be Gerhard Fecht, an Egyptology professor at the Freie University Berlin who passed away in 2006, King wrote in her article.
The arguments against the papyrus's authenticity by Depuydt and others are complex, but a key problem they cite is that the Coptic text is full of errors, to the extent that it is hard to believe that an ancient Coptic writer could have composed it.
It's not known whether scholars will ever be certain that the text is authentic. More information on its provenance may be found in the future.
Live Science contacted King several times by phone and email beginning Wednesday, April 16, and received no response. A Harvard University representative has confirmed that King received our requests for comment.
Jonathan Beasley, the assistant director of communications at Harvard Divinity School, told Live Science that King is not available for an interview. However, Live Science did send her detailed information on our search into Laukamp's background.
Owen Jarus is continuing to look into the history of the papyrus. If you have any tips, please email him atowenjarus@gmail.com.
Follow us @livescience, Facebook& Google+. Original article on Live Science.
Religious Mysteries: 8 Alleged Relics of Jesus Images: The Gospel of Judas The Holy Land: 7 Amazing Archaeological Finds Copyright 2014 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |
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Real Estate Property in Greece for 300 Euros per Square Meter
Factors resulting from the overall financial crisis, such as single property tax and the failure of owners to rent out their properties,
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Greece Asks for Debt Relief, New Terms For Troika Loans
Citing a primary surplus, Greece on April 25 made an official request for relief from the 240 billion euros ($330.7 billion) it owes international lenders, although what form that would take was unclear. The government previously said it wanted either a cut in how much it owes to the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) or for a lower interest rate and a longer time to repay.
The post Greece Asks for Debt Relief, New Terms For Troika Loans appeared first on The National Herald.
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Free Medicine For Uninsured Greeks
Reeling from criticism that austerity measures have left 20 percent of the population without health care Greece is moving to provide free drugs for the uninsured.
The post Free Medicine For Uninsured Greeks appeared first on The National Herald.
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If Greece Builds a Mosque, Will They Come? And Come?
Greece's plans to build a state-sanctioned official mosque in Athens have run into opposition from a mayoral candidate from the ruling party and the ultra-extremist Golden Dawn party.
The post If Greece Builds a Mosque, Will They Come? And Come? appeared first on The National Herald.
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Papandreou Feels The Heat Again
Former premier George Papandreou is drawing criticism for planning to appear with a a former member of the government's coalition at a book launch.
The post Papandreou Feels The Heat Again appeared first on The National Herald.
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More Than 20,000 Austerity Protests
There have been 20,210 protests since 2010 against austerity measures attached to two bailouts of 240 billion euros ($330.7 billion) Public Order Minister Nikos Dendias revealed.
The post More Than 20,000 Austerity Protests appeared first on The National Herald.
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Garrison: To Greeks from a Greek
Greek life means everything to me. I remember moving into Hart Residential College in August my freshman year and having to dodge what seemed like hundreds of guys in letter shirts and neoprene sunglass straps who were trying to help me move my stuff into ...
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Greece Makes Slow But Steady Reform Progress
Greece Makes Slow But Steady Reform Progress
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Greek budget deficits vex EU finance ministers
After all-night negotiations, European finance ministers are still at odds regarding how - or even whether - to continue helping Greece. Their opinions will collide once more at this week's EU budget talks. "Greece has delivered. Now it's up to us to deliver.
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EU executive says Greece behind schedule in debt reduction efforts
The European Commission has urged Greece to redouble its efforts to bring down the country's massive debt load faster. It said in a progress report the struggling eurozone nation appeared unable to meet agreed targets. In its latest assessment of a bailout ...
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Choosing a college? Look into campus rape rankings before you start packing
Every university has a rape problem. But when administrators discourage victims from reporting, potential students need to ask tougher questions
When I was 17 years old and choosing between Cornell and Wesleyan, rape was the farthest thing from my mind. And it's probably not high on the list of the millions of high school seniors and their parents who have to decide by May 1 which college is The One. They're often looking at student/faculty ratios and financial aid offers, major programs, Greek life and sports teams.
But high-school seniors pouring over rape reporting statistics instead of acceptance letters? Not usually.
Continue reading... |
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Markets wobble on Ukraine tensions
European and Asian markets fall as US threatens further sanctions on MoscowRBS bows to government pressure on bonusesFrance voices "patriotic concern" about US takeover of AlstomUK sales edged up 0.1% in March
11.45am BST
New @EU_Commission report on #Greece sez prog fully funded to May '15. But p72 says 2.6bn in "addl fin req" for '14 http://t.co/qN6KoIN0qW
COM says #Greece spent less than budgeted on social welfare to build primary surplus. Govt will spend surplus on social programs #genius
* Greece Unemployment Seen at 24.5% in 2014, 22.5% in 2015 -- EC
11.26am BST
As market watchers feared, uncertainty over Ukraine is weighing on European stock prices. All the main indices have fallen, with Germany's DAX leading the way.
If the standoff intensifies, energy supplies could be hit either by sanctions or by incidents such as pipeline blockages or even attacks on oil or gas facilities.
Via Reuters
10.58am BST
Absolutely no market reaction at all to RBS being blocked from paying the bonuses apparently critical to its business.
RBS shares are up 0.36% - so are investors not worried about 'commercial risks' of RBS not being able to retain its 'top talent?
10.45am BST
Labour has slammed the government for getting in "a terrible muddle" over bankers' bonuses.
Here is shadow Treasury minister Cathy Jamieson on the government's response to RBS bonuses.
George Osborne is in a terrible muddle over bankers' bonuses. He is spending taxpayer's money on a legal fight in Brussels against the bonus cap and yet imposing the minimum cap at RBS.
The Government has bowed to pressure on RBS and finally admitted that bonuses of two times salary would be unacceptable at what remains a bank in government ownership. They voted against Labour's motion to impose the minimum cap at RBS in January, but have now been forced to reverse their position.
It was unfortunate that the previous government did not take the opportunity to reform bonuses when the bank was first taken into public ownership. The toxic pay culture in banking prevents banks from winning the public trust they need to thrive in the long-term.
Now the government must make sure RBS do not attempt to find ways around this cap there is little evidence to suggest that multi-million pound pay packages are necessary to recruit so-called top talent. Instead, Banks should focus on training up their existing staff and finding ways of recognising good performance other than obscene bonus payments.
10.29am BST
The surprise news that retail sales figures eked out 0.1% growth in March is seen as good news for retailers and the UK economy.
Here is a round-up of comment:
The sector continues to benefit from positive sentiment based around consumers willingness to keep spending. The arrival of warm summer weather and Mother's Day also helped retailers drive sales in March.
Non-food retailers such as furniture and DIY specialists were amongst the best performers as the consumer recovery and continued upturn in the housing market boosted sales. Clothing and footwear retailers, aided by the arrival of warm spring weather, recovered from the previous month's poor results. The effects of price cuts in the grocery sector have yet to be fully realised. Once these take hold it will be interesting to see if this growth can be sustained in the long run.
Increased confidence around the breadth and scale of the UK recovery has combined with the first rise in real wages in 5 years and a significant wealth effect on house price increases to push the UK retail sector onward in March.
Thoughts had been that consumers would take a slight pause in March from retail a breather before the late Easter spending spree but sales of clothing increased by 3.1% on the month and took the overall average into positive territory.
Even so, given that consumers have faced a prolonged squeeze on their purchasing power, the ability and willingness of many people is likely to remain limited for some time to come.
The encouraging prospect for retailers - and for overall growth prospects - is that consumers purchasing power should pick up over the coming months with inflation remaining muted and earnings growth strengthening, albeit likely relatively gradually.
10.07am BST
A political storm is brewing in France over the future of engineering giant Alstom, following reports of a takeover bid from US conglomerate General Electric.
Alstom is the symbol of our industrial power and French ingenuity. The government expresses patriotic concern and watchfulness with regard to Alstom. This high concern is focused on the serious risk of losing a major decision centre, on the desire and the necessity of reinforcing our industrial base....
This is why the government is working on other solutions and contingencies than those forseen - and without having been informed by Alstom.
Alstom's energy businesses which include building coal, gas and nuclear plants, as well as power grids accounted for more than 70% of its 20bn (£16.5bn) global revenues last year, but the unit has struggled as Europe's economic weakness led to a slump in orders. The group announced last year it would cut 1,300 jobs and put assets up for sale, including a minority stake in its transport business.
9.43am BST
By most people's standards 0.1% growth is not a lot, but this unexpected lift in sales underscores that the UK consumer is still spending.
Here are more details from the Office for National Statistics - full release here.
9.31am BST
Breaking news: UK retail sales rose by 0.1% in March, surprising analysts who had forecast a 1.4% fall.
9.24am BST
Another warning on house prices from a former member of the Bank of England's Monetary Policy Committee.
Andrew Sentence told theBBC Radio 4 Today programme that homeowners will struggle if rates do not rise steadily.
We are getting near the point where we should be seeing a gradual rise in interest rates.
Good housing discussion on @BBCr4today. Andrew Sentance, ex-MPC, says shortage of bricks and labour reining in supply.
9.08am BST
A smidgeon of good news for President François Hollande, as the Standard & Poor's rating agency upheld its AA rating for France and forecast an upturn in growth.
S&P has pencilled in average GDP growth of 1.3% in 2014-17, against an average of 1% in 2010-13.
We anticipate that exports will pick up, supported by the steady demand in the euro area. We project that private-sector spending, in particular investment spending, may gradually replace public-sector consumption as the key economic growth driver, given the improved lending conditions for banks and the generally moderate private-sector leverage by standards in advanced economies.
although we view positively the measures introduced in 2013 to ease labor costs and which are about to be reinforced through the Responsibility Pact announced early this year, they may not be enough to fuel employment growth. We continue to see a substantial output gap and a still-high non-wage cost of employment.
8.49am BST
In a week when bankers' conducts is back in the headlines, here is a lovely letter from today's FT.
If theres one lesson Ive learnt from several years of reading these salmon-pink pages, its that the era of Dawes Tomes Mousely Grubbs Fidelity Fiduciary Bank and the like is long over. I dont exactly keep my tuppence under the mattress yet, but Iwouldntfaultothersforconsidering that a more prudent approach.
8.39am BST
State-backed Lloyds Bank will get away with its plan to side-step the bonus cap.
The government has been selling off its holdings: the taxpayer owns 24.9% of Lloyds down from the original 39% it took on at the height of the financial crisis.
While government is blocking RBS' plans it will back Lloyds' attempt to side-step the bonus cap
8.32am BST
Here is the full story on RBS pay from the Guardian's City editor Jill Treanor.
Despite the government restrictions, RBS boss Ross McEwan will take home an extra £1m a year to get round the EU bonus cap.
RBS bonus plan blocked by government
8.26am BST
The government decision on RBS is especially interesting, as the idea of the bonus cap came from the European Union. The Treasury opposed the idea and filed a complaint at the European Court of Justice, while arguing that the bonus cap would make banks more risky.
Simon Nixon at the Wall Street Journal points out the inconsistency.
Osborne was vocal critic of EU bonus cap, now refusing to allow RBS flexibility to pay 2:1 bonus ratio. Consistency?
8.21am BST
Another skirmish in the long-running battle over bankers' pay, as the government overrules RBS's plan to award their bankers a bonus twice as large as their salary.
The RBS board isn't happy, but UKFI, the body that manages the taxpayer's 81% stake, clearly left them no choice.
...all of our major competitors in the UK and Europe have indicated that they will seek approval from their shareholders to award variable remuneration up to 200% of fixed pay i.e. a 2:1 ratio.
The Board believes the best commercial solution for RBS is to have the flexibility on variable to fixed pay ratios that is now emerging as the sector norm. This would also allow RBS to maintain the maximum amount of compensation that could be subject to performance conditions including claw back for conduct issues that may emerge in future. This position was understood during consultation with institutional shareholders.
8.06am BST
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and the business world.
Asian markets have fallen against a backdrop of escalating tensions over Ukraine, following a warning from US Secretary of State John Kerry that Washington was ready to impose further sanctions on Russia.
The tense geopolitical situation between Russia and Ukraine could see additional significant outflows of both foreign and domestic capital from the Russian economy and hence further undermine already weakening growth prospects.
Continue reading... |
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Greek Reform Makes Progress, Problems Remain, Says EU
Yahoo!7 NewsGreek Reform Makes Progress, Problems Remain, Says EUWall Street JournalBRUSSELS—Greece's reform efforts in the wake of its mammoth bailout still face important hurdles despite a string of wins for the government in Athens, the European Commission said in a review of Greece's performance, Friday. Dismantling vested ...Why does the primary surplus exclude bank recapitalisation?EnetEnglishGreece still needs EU help to stay afloat, Commission saysReutersFive Signs That Greece Is On The Road To RecoveryEconomyWatch.comANSAmedall 5 news articles »
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Lagarde, Merkel to meet in Washington on May 2 for talks on eurozone, Greece
International Monetary Fund chief Christine Lagarde is to meet with German Chancellor Angela Merkel on May 2 in Washington for talks expected to focus on the broader economic situation in the eurozone in general and to touch on the Greek economy and on th... ...
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