Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Monday, June 2, 2014

Greek Newspaper ‘Eleftherotypia’ Gone Bankrupt

The Greek company XK TEGOPOULOS PUBLISHING, which is in charge of the newspaper Eleftherotypia has been declared bankrupt. Α liquidator will be appointed in order to decide on the proper form of liquidation, while he will also converse with creditors and ...


Fitch affirms NBG subsidiary United Bulgarian Bank's IDR at B

Fitch Ratings on Monday announced it has affirmed United Bulgarian Bank AD’s (UBB) rating (IDR) at B, with the outlook revised to stable from negative. UBB’s rating is one notch above that for its parent National Bank of Greece, which is B-. [Reuters]... ...


Little progress as Cyprus peace talks resume

The leaders of Cyprus’s enstranged Greek- and Turkish-Cypriot communities yesterday agreed to wrap up the current phase of reunification talks as soon as possible, the United Nations said in a statement. However, diplomatic sources told Kathimerini the me... ...


Gov't mulls successor to Stournaras in Finance Ministry

Government officials continued discussions on a pending cabinet reshuffle on Monday with all signs pointing to Finance Minister Yannis Stournaras leaving his post to go to the Bank of Greece though it remained unclear who would replace him. Sources told K... ...


Schaeuble prod comes as focus turns to reforms

The German Finance Ministry on Monday sought to play down comments by Minister Wolfgang Schaeuble that Greece would require a third bailout but, coming amid rising pressure by the troika for Greek authorities to enforce reforms, Schaeuble’s comments were ... ...


Greek charity awarded legal custody of Roma girl Maria

Greek charity awarded legal custody of Roma girl MariaThe IndependentThe Smile of the Child charity, which has been caring for Maria since she was seized by Greek authorities last October, has not officially received the verdict yet. But an official from the organisation confirmed it would look after the child until she ...


Greek charity awarded legal custody of Roma girl Maria

Greek charity awarded legal custody of Roma girl MariaThe IndependentThe Smile of the Child charity, which has been caring for Maria since she was seized by Greek authorities last October, has not officially received the verdict yet. But an official from the organisation confirmed it would look after the child until she ...


Greece: Self-guided hiking tour takes you deep into Vikos Gorge

Greece: Self-guided hiking tour takes you deep into Vikos GorgeLos Angeles TimesWandering on foot offers a different way to see the world, particularly if you walk in someone else's footsteps. Britain-based On Foot Holidays offers a new self-guided trail itinerary that takes hikers into the landmark Vikos Gorge in northwestern ...


Country-specific recommendations 2014: outgoing Commission and "excessive deficit procedure"

by  Dan Alexe

The European Commission recommended the closure of the "excessive deficit procedure" for six countries: Belgium, the Czech Republic, Denmark, The Netherlands, Austria and Slovakia. These countries have all brought their deficits sustainably below 3% of GDP. In 2011, no less than 24 Member States were in the  "excessive deficit procedure”. Currently there are 17. And provided the Council adopts today’s recommendations, the number will fall to 11. 

As for the general trend, László Andor, Commissioner for Employment, Social Affairs and Inclusion, said on Monday, 2nd of June: "Although there are some signs of economic recovery, it remains slow; it is still very fragile; and it is uneven throughout the EU.”

The EU Commission presented on Monday its annual country-specific recommendations for the countries whose currency is the euro, but the Commissioners did it half-heartedly, and it was obvious that the present Commissioners ran out of steam, while waiting for political signals from the major capitals. The recommendations target everything from budgetary, labor to climate and education policy. 

László Andor and the economics chief Olli Rehn, who has recently returned from his successful sabbatical to fight the election for the European Parliament, made recommendations for each of the member states — except for Greece and Cyprus, which are in bailouts — based on priorities EU leaders set out in March and the reform programs governments submitted in April. 

The European Semester country-specific recommendations are not only about monitoring fiscal policies and competitiveness developments. Indeed, this year, for the first time under the European Semester, the Commission used a new employment and social scoreboard to ensure that country-specific recommendations are based on sound analysis and address employment and social concerns more precisely.

The European Commission, acting as the 28-nation bloc's economic watchdog, urged Italy and France to do more to bring their debt under control and push ahead with structural reforms to promote growth.

Monday's recommendations came just a week after the European Parliament elections, in which Italy's Prime Minister Matteo Renzi's center-left party mustered strong support partly by calling for more leeway from Brussels'-dictated economic policies.

France's governing Socialists took a beating in the elections and are now facing the balancing act of complying with tough economic policy constraints while restoring the government's popularity.

The Commission called on Italy to "reinforce budgetary measures" this year to reduce its debt pile and urged France to detail its measures to ensure "the correction of the excessive deficit" this and next year.

At the same time, the Commissioners insisted that the Commission makes recommendations, but that it takes no responsibility for them.

“It is the Council that decides”, said Jose Manuel Barroso, president of the Commission. "The Commission only makes recommendations.”   "Im going through cold turkey”, said, using colourful language, Olli Rehn.

Fiscal discipline is ensured in side the EU by the "Stability and Growth Pact" (SGP), an agreement requiring each Member State to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP); and in case of having a debt level above 60% it should each year decline with a satisfactory pace towards a level below.


Domokos Prison fugitive caught after violating furlough

A 32-year-old inmate of Domokos Prison in central Greece who failed to return from a furlough on May 20 was arrested in nearby Lamia on Monday. The inmate, who was serving a life sentence for homicide, was deemed a fugitive when he skipped out after four ... ...


Historic Publisher Mania Karaitidi Passes Away

Publishers and readers mourn the loss of the beloved Mania (Marina) Karaitidi, head of the Estia publishing house. The “mother of publishers” was active in the book industry since 1972 when she took over Estia Publishing house. She was the one who responsible for making the bold decision of moving the bookstore to Solonos Street in 1978 creating new geographical borders in the world of literature and thought. She gained power in a male-dominated labor sector and became a legendary figure. During her time as head of Estia, the  bookstore’s list was enriched with “Loxandra” and other books by Maria Iordanidou as well as works of Petros Tatsopoulos, Christos Chomenidis, Faidonas Tamvakakis and Christos Vakalopoulos. Marina Karaitidis was awarded for her overall contribution to literature with the Order of Merit by the French Government in a ceremony held at the French Embassy on April 4, 2000. Mania Karaitidi will be buried on Wednesday at the First Cemetery in Athens, Greece.


Opening of Posidonia 2014 Shipping Exhibition in Greece

Today, June 2, the most prestigious maritime exhibition, Posidonia 2014, will open its doors at the Metropolitan Expo Centre, near Athens International Airport. The exhibition is scheduled to last from June 2 to June 6. Greek Prime Minister Antonis Samaras will participate in the exhibition opening. “The participation of 1,800 exhibitors from 93 countries and the estimated 19,000 visitors who will attend Posidonia 2014 underlines the importance of this exhibition for the shipping industry. Posidonia 2014 is very important in the finalization of new investments, new product presentations and the discussion of institutional and technological developments that directly affect this industry,” noted the organizers. Furthermore, the organizers also mentioned that several large shipping companies from the Far East (China, Japan, Korea), as well as companies from the United Arab Emirates, Saudi Arabia, Qatar and Oman will be part of this year’s exhibition, seeking investment and partnership opportunities in Greek shipping assets. “It is particularly important that the Greek Forum for Marine Equipment and Exporting ‘HEPHAESTUS’ will also be part of Posodonia.”


Greek Actress Dimitra Seremeti Passes at Age 81

Greek actress Dimitra Seremeti passed away at the age of 81. She acted in dozens of Greek movies over the course of many years. Toula, as her friends used to call her, had played several roles in more than 40 Greek movies next to great Greek actors such as Aliki Vougiouklaki, Vasilis Avlonitis, Jenny Karezi and Lambros Kostandaras. She also participated in TV series and advertizements. Her husband Kostas Papachristou was also an actor and most often played a police or military officer in movies. She was born in 1933 in Ampelonas, where she lived until highschool. In 1946, after the Greek Civil War, Dimitra and her family moved to Athens, Greece. She studied in Karolos Kun and Pelos Katselis Art Theater and Drama School. During an interview with Greek newspaper Espresso she referred to the eye problems she faced “ I am dealing with a terrible health problem. I have macular oedema in both eyes but I don’t mind. Life has many aspects, some of which are not so pleasant. But I don’t let it get me down. I used to take the bus alone once, but I can’t do that today without help; I always need an escort. That’s life! You never know what will happen tomorrow.”


UK court to rule on Hellenic Postbank suspects' extradition in July

A UK court examining a request submitted by Greek authorities for the extradition of businessman Kyriakos Griveas and his spouse, Anastasia Vatsika, is expected to issue a ruling between July 22 and 24, Kathimerini understands. The couple are wanted in Gr... ...


Greek president adds voice to anti-smoking campaign

Greek President Karolos Papoulias on Monday lent his support to an ongoing campaign to raise public awareness about the risks of smoking and passive smoking, especially to young children. During a meeting with Health Minister Adonis Georgiadis and his dep... ...


A container as tasty as the food that’s in it

Greek architect and designer Kostantia Manthou came up with an original idea while preparing for a group exhibition by the This Is Very Dangerous (TIVD) team of international designers at this year’s Milan Design Week, held April 8-13. Every year, the tea... ...


Public Order Ministry, IOM sign 13-ml-euro deal for voluntary repatriations

Greek Public Order Minister Nikos Denidas on Monday signed an agreement with the head of the local mission of the International Organization for Migration (IOM), Daniel Esdras, for a new program of voluntary repatriations for irregular migrants. The budge... ...


Turkish frigate spotted sailing around Greek islands

A Turkish Navy frigate was spotted sailing in Greek waters without permission on Monday, the Armed Forces General Staff announced. The Gelibolu sailed around the Cycladic islands of Naxos, Mylos and Paros between 1 a.m. to around noon. It was kept under c... ...


Ombudsman warns of serious gap in immigration bill

The Greek Ombudsman has called for a new immigration code to be frozen until a provision outlining the conditions for granting residence permits on humanitarian grounds, including to victims of racist attacks, is voted through Parliament. The provision wa... ...


Greek PM may replace finance minister in reshuffle -officials

* Cabinet reshuffle expected as early as this week * Finance minister considered for Bank of Greece post * PM Samaras seeks to regain momentum after EU vote loss ATHENS, June 2 (Reuters) - Greek Prime Minister Antonis Samaras will reshuffle his cabinet as early as this week in a bid to wrest back political momentum, and his widely respected finance minister could be among those set to depart ...


Greek Coastal Town Nafplio Is a Port of Pleasure

Forget the Greek islands. The Grecian port of Nafplio is where Athenians go for vacation. The city of about 33,000 rests in one of the crooks of the hand-shaped Peloponnesian peninsula, eighty-eight miles southwest of the capital. The old city charms ...


Goalless draw for Greece in Portugal

Goalless draw for Greece in PortugalNeos KosmosGreece managed a goalless draw in Portugal in its first World Cup warm-up game on Saturday, although its performance at the Estadio Nacional in Lisbon left much to be desired both in defense and in attack. The Greeks were spared defeat to a superior ...


Greek finance minister's job discussed under pending reshuffle-sources

Greek Prime Minister Antonis Samaras will reshuffle his cabinet as early as this week in a bid to wrest back political momentum and his widely respected finance minister could be among those set to depart, government officials told Reuters. Four government officials said Samaras was discussing whether to keep Yannis Stournaras as finance minister, with one official saying it had been decided ...


Cypriot Leaders Agree to Finish Current Phase of Talks Soon

Today, Greek Cypriot President Nicos Anastasiades and Turkish Cypriot leader Dervis Eroglu, agreed to finalize their current UN-sanctioned negotiations for a collaborative Cyprus solution, as early as possible. President Nicos Anastasiades and Turkish Cypriot leader Dervis Eroglu met at the defunct Nicosia airport for three-and-a-half hours on Monday and agreed to submit and to continue submitting proposals on all core issues, as well as to conclude this phase as soon as possible. After the meeting’s end, the UN SG’s Special Representative in Cyprus Lisa Buttenheim offered a statement, that stated that the two leaders had friendly and positive interactions. They agreed to present, and keep presenting major proposals, in order to finish this phase of peace talks shortly. She added that the leaders agreed to meet twice a month, with the next meetings taking place on June 23 and July 7. Anastasiades and Eroglu had last met on May 21 at a dinner with US Vice President Joe Biden.


German Finance Ministry plays down Schaeuble comments on third Greek bailout

The German Finance Ministry attempted on Monday to play down comments by Finance Minister Wolfgang Schaeuble that Greece would require a third bailout. Schaeuble had suggested in an interview with Focus magazine that Greece would need assistance of less t... ...


Ukraine's IMF Agreement Could Worsen the Country's Problems

On Sunday May 25, the "Chocolate King" handily won the Ukrainian presidential elections in the first round. Billionaire Petro O. Poroshenko is so named because he made his fortune in the confectionary business. The defeated runner-up, former prime minister Yulia V. Tymoshenko is sometimes referred to as "the Gas Princess," since she struck it rich in the energy sector. It seems that Ukraine has not yet achieved the nominal separation of oligarchy and state that we have in the United States, and being extremely rich is almost a constitutional requirement to run for president - like being at least 35 years old and a natural-born citizen is here. The U.S. government, which has invested billions of dollars over the past 20 years to bring Ukraine into its political/military alliance in the region, seems pleased with the result. It has become standard operating procedure to get an elected government as soon as possible after a coup such as the one that toppled the prior elected (also super-rich) President Viktor Yanukovych in February with help from Western governments. Yanukovych, who tried to balance his government between the competing interests of the U.S./EU and Russia, never really had a chance. If he had agreed to the IMF conditions, his government would probably have become at least as unpopular as it did when he turned to Russia for a desperately-needed $15 billion dollar loan. Which brings us to today: the new government of the Chocolate King is committed to those same conditions, now spelled out in an IMF agreement released at the end of April. I would not want to be in his shoes. After two years of almost no economic growth, the IMF is now projecting a steep recession for this year, with the economy shrinking by 5 percent. This is largely because of budget tightening that the government has committed to, amounting to about 3 percent of GDP over the next two years. (For comparison, think of the U.S. government cutting $500 billion, roughly the equivalent of the Pentagon's annual base allocation, from its budget over two years.) The economy is supposed to recover next year, but we have heard that before -- think of Greece, or Spain, or eurozone austerity generally over the past four years. Poroshenko took a hard line against Russia during his electoral campaign, which was not surprising since millions of Russian-speaking voters in eastern Ukraine would not be voting anyway -- some because they didn't consider the election legitimate and many because armed militants closed the polling places. But he has since become friendlier, emphasizing his good personal relations with Russian President Vladimir Putin. This is probably a smart move, and not only because Russia can help him negotiate an end to the civil conflict. (Recent events indicate that Russia may have less influence on separatists in eastern Ukraine than the U.S. and EU have on their allies in the west.) As it turns out, Putin does not appear interested in annexing more pieces of a divided Ukraine, contrary to the assertions of some in the U.S. His main goal seems more likely to be preventing Ukraine from becoming another base for the NATO military alliance, on its border, which in Russia is understandably seen as a threat. (NATO added 12 countries from Eastern Europe between 1999-2009.) And this could be better achieved through negotiations. As for Poroshenko, depending on how badly things go with the IMF/EU program, he may end up needing help from Russia after all. At the very least he wouldn't want to leave himself completely at the mercy of the IMF-Washington-EU decision-makers. They have a plan to restructure Ukraine's economy, and it could turn out to be a mass-unemployment nightmare.____________This article was distributed by McClatchy-Tribune News Service on May 28, 2014 and published on May 29th by The Chicago Tribune and other newspapers.


National Bank Of Greece (NBG) Highlighted As Today's Perilous Reversal Stock

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link. Trade-Ideas LLC identified National Bank of Greece (NBG ...


Cyprus Unity Talks Pick Up Again

Cypriot President Nicos Anastasiades and Turkish-Cypriot leader Dervis Eroglu on June 2 resumed talks about prospects to reunify the island.

The post Cyprus Unity Talks Pick Up Again appeared first on The National Herald.


The Bitter Divide is Greece’s Legacy

Greeks have been fighting each other since the days of the City-States and Peloponnesian War, and now it goes on under a different method: politics.

The post The Bitter Divide is Greece’s Legacy appeared first on The National Herald.


Greek University Students Create Handicapable Shopping Cart

Greek students at the Democritus University of Thrace, in northern Greece, have created a unique business idea based on a shopping cart able to assist handicapped people during their shopping in a super market. The students’ business plan, which stood out in a local entrepreneurship competition, comprises a modified shopping cart that features a touch screen and can navigate through the aisles of the super market, while also reading the price tag of each product and determining the total price of all products added to the trolley. “We focused initially on people who are visually impaired and found out that we can add a base to the cart which helps them move around the store,” one of the students said, and added that they are also planning to adjust the cart to accommodate people with restricted mobility. The handicapable shopping cart is based on the Radio Frequency Identification (RFID) technology, a system aiming to replace the popular barcode system. By communicating with RFID tags imbedded in the products, the shopping cart will be able to determine the product’s price, add it to the total price once in the cart, while at the same time also updating the store’s inventory. The “guide cart,” as the invention is called, will also facilitate a faster check-out at the cash register, as it will have already predetermined the cart’s total sum. Finally, the only thing done by the cashier is to receive the money and give the consumer his receipt.


Twelve Energy Projects Worth 7 Bln Euros Included in Fast Track Procedure

Greek authorities on Monday decided to include 12 energy investments worth 7 billion euros to a fast track legislation procedure for strategic investments. The decision was reached during a meeting of the inter-ministerial commission headed by Greece ‘s Development and Competitiveness Minister Costis Hatzidakis. The Minister, speaking to reporters after the meeting, said that this development underlined the country’s ability to attract investments. All 12 projects were included in the fast track procedure on the recommendation of Environment, Energy and Climate Change Minister Yiannis Maniatis, who said that these project were already in an implementation stage and will create 17,000 new job positions. These projects were characterized by the European Union as Projects of Common Interest and are basically energy interconnections with the Caspian region and the Eastern Mediterranean region (Cyprus-Israel). More analytically, the projects are: Electricity Energy -NSI East Electricity (interconnections of electricity energy North-South in centraleast and southeast Europe). 1. Interconnection Israel-Cyprus-Greece between Hadera (Israel) and Attica, known as Euro-Asia-Interconnector. 2. Interconnection between Maritsa East 1 (Bulgaria) and Nea Santa (Greece). 3. Hydro-pumped storage in Amphilohia. Natural Gas 4. IGB Interconnector pipeline Greece-Bulgaria (Komotini-Stara Zagora) 5. Terminal (permanent reverse flow) at the Greek-Bulgarian borders (Sidirokastro and Kula). 6. Floating storage and processing terminal of LNG in Alexandroupoli. 7. Floating storage and processing terminal Aegean LNG import terminal. 8. Storage facility in Kavala. 9. TAP pipepline. 10. ITGI pipeline. 11. Natural gas pipeline from Cyprus to Greece (through Crete). 12. Natural gas compression terminal in Kipi, Evros. The interministerial commission meeting also agreed to issue a new presidential decree on the operation of The Mall shopping center, following a court decision saying that the shopping center’s license was illegal as no environmental survey had been drafted.


No further comment from Stournaras on Schaeuble talk of third loan package

Finance Minister Yannis Stournaras refused to make on Minday any further comment on his German counterpart Wolfgang Schaeuble’s claim that Greece would need more loans. Stournaras was asked about the German minister’s comments when he left a meeting with ... ...


Bicep injury rules Sokratis out of friendly with Nigeria

Greece defender Sokratis Papastathopoulos will miss his country's next World Cup warm-up friendly with African champions Nigeria in the United States on Tuesday after suffering a biceps injury, the team's medical team announced on Sunday. The 26-year-old ... ...


IOBE sees Greek economic sentiment at six-year high

The economic sentiment index compiled by the Foundation for Economic and Industrial Research (IOBE) reached a six-year high of 99.1 points in May. The Greek economic think-tank’s index rose from 95.4 points a month earlier. IOBE said the outlook for vario... ...


Greece opens largest ever Posidonia shipping show

Greece opened its largest ever Posidonia shipping exhibition on Monday, with organisers predicting more than 19,000 visitors from a record 93 countries would attend the bi-annual event. Greek Prime Minister ...


Greek yogurt’s amazing success is causing a big problem for manufacturers

About a year ago, I decided to try and make my own cheese. I opted for an easy one – cream cheese – and chronicled it on my blog. Figuring that I ought to start with high quality ingredients, I got about a gallon of the best non-homogenized organic ...


Orange Leaf Frozen Yogurt Introduces New Blackberry Greek Flavor

Inspired by the tart and tangy taste of Greek yogurt and summer's bounty of sweet blackberries, Orange Leaf's new Blackberry Greek flavor contains more protein and can be enjoyed in store or packed in a To Go pint and taken to gatherings such as Father's ...


Panathinaikos-Olympiakos Now 2-2

Panathinaikos withstood a furious rally by host Olympiakos to win the fourth game in the best-of-five Greek league playoff finals 67-65 on June 1.

The post Panathinaikos-Olympiakos Now 2-2 appeared first on The National Herald.


PASOK Dissident Rips Venizelos

With once-dominant party still floundering, PASOK Socialist leader Evangelos Venizelos has come under fire from one of his own deputies.

The post PASOK Dissident Rips Venizelos appeared first on The National Herald.


DIMAR Still Up In The Air

The future the vanishing Democratic Left party in Greece has been put off as officials decide who will be its leader and what strategy it should take.

The post DIMAR Still Up In The Air appeared first on The National Herald.


Chian Federation Commemorates 1822 Massacre

The Day of Remembrance for the Chian Massacre of 1822 began with a memorial service at the Church of St. Catherine and St. George.

The post Chian Federation Commemorates 1822 Massacre appeared first on The National Herald.


Thessaloniki Breaks ‘Rueda de Casino’ Guinness World Record

Citizens in Greece’s northern port city of Thessaloniki gathered Monday afternoon in the city’s central Aristotelous square to set a new world record for “the largest rueda de casino” dance, and achieved in breaking the record previously held by Italy. The event was an initiative by the dance schools of northern Greece and included 1,102 participants, who danced for a total of 7.16 minutes, thus breaking the record held by Italy since 2010 which consisted of 706 participants dancing for 5 minutes. Apart from the goal of setting a new world record, Monday’s event also aimed to raise money for charity, as the €5 participation fee will be donated to the local charity “Hope for the Child,” helping kids and families that are need and can’t afford to support themselves. “All pairs danced in concentric rings for over 7 minutes, and the record was written down by a legal notary, so as to be sent to the Guinness World Records,” Ioannis Domantzis of Danza Fuerte dance school said to the Greek press. Rueda de Casino is a particular type of Salsa square dance. Pairs of dancers form a circle with dance moves called out by one person, while many moves have hand signs to complement the calls which is useful in noisy venues where spoken calls might not be easily heard. Most moves also involve the swapping of partners.


2014 Hellenic Entrepreneurship Award Winners Announced

The Hellenic Entrepreneurship Award (HEA) announced Tuesday the four 2014 award recipients who will receive up to €700,000 in funding for the successful implementation of their proposed business venture, as well as business support services and a personal mentor. According to the press release, the submitted business ideas increased in 2014 by 67 percent, as the 1047 people registered on the Award’s website resulted in 488 submitted business plans, which were carefully scrutinized by judges before choosing the final winners. During the selection procedure, the award judges were looking for ideas that demonstrated innovation, financial discipline and responsibility, job creation and sustainability. The HEA, which was launched in 2012, is a program funded and administered by the Libra Group on behalf of The Hellenic Initiative (THI), and aims to help experienced and budding entrepreneurs bring new businesses ideas to fruition through the provision of funding, business support and mentoring. The 2014 HEA winners are: ANASSA ORGANICS – A new range of premium, herbal teas and infusions. Anassa Organics selects the finest quality organically farmed Greek products with exceptional taste and fragrance. The products come with highly creative contemporary branding and unique, engaging presentation packs that turn preparation of aromatic herbal drinks into a ritual. The Anassa Organics range is targeted at international markets. (Applicants: Afroditi Florou, Yanna Matthaiou) e-satisfaction – The first, independent platform that records e-shoppers’ entire online shopping experience from browsing through ordering to delivery. e-satisfaction seeks to become a widespread, trustworthy reference and information source for consumers – and a valuable interactive feedback mechanism for online retailers globally. (Applicants: Stelios Eliakis, Xenia Kourtoglou, Katerina Pramatari) Open Circle – A web-based community where visionary entrepreneurs present their business concepts and engage with investors who may wish to participate. Unlike traditional crowdfunding this ‘equity crowdfunding’ provides a clear pathway for equity participation in target companies. (Applicant: Socratis Ploussas) RTsafe – The result of extensive scientific research, RTsafe is designed to optimize the safety and effectiveness of radiotherapy for cancer patients. With RTsafe personalized radiotherapy cycles can be carried out with optimal clinical outcome and reduced treatment side effects. (Applicants: Evangelos Pappas, Thomas Maris, Nikolaos Stergiopulos)


PASOK MP Questions Venizelos’ Strategy

With the once-might PASOK still floundering, one of its lawmakers said the Socialist leader Evangelos Venizelos’ strategy of siding with Prime Minister and New Democracy leader Antonis Samaras hasn’t worked and he wants a new direction for the party. MP Costas Skandalidis questioned Venizelos’s strategy and said he should begin contacts with the major opposition Coalition of the Radical Left (SYRIZA) which won most of Greece’s seats in the European Parliament. Venizelos and SYRIZA leader Alexis Tsipras are mortal political enemies, however. “Nobody has the legitimacy to decide the fate of a historic party on his own,” said Skandalidis in an op-ed in Ta New newspaper. PASOK had fallen to as low as 3-5 percent in polls before Venizelos, desperate to keep the once-dominant power from disappearing, attached it to the new center left movement Elia, or Olive Tree, which got 8 percent in the EU ballot. Still, PASOK is a shadow of its former self and has fallen to record low under Venizelos, who backed harsh austerity measures being imposed by Samaras and got himself appointed Deputy Premier/Foreign Minister in return while his party fell apart around him. A former PASOK minister, Andreas Loverdos, who quit last year, is expected to return however, and three others booted for refusing to obey Venizelos’ orders to vote for austerity may come back as well. Greek lawmakers are not allowed to vote the way they want but must follow their party leaders or be ejected. Skandalidis suggested PASOK should end its cooperation with New Democracy after the next general elections and for discussions to begin with other parties, including the “pro-European forces within SYRIZA.” One of PASOK’s longest-serving deputies, Skandalidis shied away from the idea of the Socialist forming a permanent grouping with the irrelevant Democratic Left (DIMAR) and the new populist group, To Potami (The River) which is sidling up to PASOK although the movement was formed to oppose the mainstream parties. There was no word on whether he would face disciplinary action for challenging his party leader in public. PASOK remains in disarray, however, with former leader and previous premier George Papandreou, continuing to snipe at Venizelos from the sidelines. PASOK got 44 percent of the vote in 2009 when Papandreou won on the slogan, “The money is there,” only to quickly find out that it wasn’t, forcing him to seek international bailouts that came with attached conditions of big pay cuts, tax hikes, slashed pensions and worker firings he immediately embraced although they are antithetical to the principles of PASOK, which was founded by his father, Andreas Papandreou, also a former prime minister.  


Greek PMI at 51 points in May as eurozone manufacturing slows

Greece’s manufacturing remained in growth territory in May, although the Purchasing Managers’ Index (PMI) fell slightly to 51 points, according to London-based Markit. The PMI was at 51.1 in April. “The PMI remained on the right side of the 50.0 mark in M... ...


Woman burned to death in Halkidiki crash identified as Serbian tourist

The woman who was burned alive in a car following a crash in Halkidiki, northern Greece, over the weekend was a 64-year-old Serbian tourist. Her husband, 68, escaped with minor injuries. According to police, the car veered off the road and tipped over bef... ...


Churches Express Solidarity with Greece

ATHENS (IDN) - Church leaders from around the world have expressed solidarity with the much pooh-poohed and crisis-ridden Greece in a two-day visit to the country during which they met Archbishop Ieronymos II of Athens and All Greece as well as the Deputy ...


Recovery? Greece Needs 3d Bailout

Greece will need a third bailout of up to 10 billion euros, German Finance Minister Wolfgang Schaeuble said, undercutting Greek claims of a coming recovery.

The post Recovery? Greece Needs 3d Bailout appeared first on The National Herald.


Manufacturing PMIs: Eurozone factory output slows as France struggles, but UK marches on

Rolling coverage of today's manufacturing surveys from across the globe

Latest: Euro PMI falls to six-month low.

Spanish PMI hits highest since April 2010

The agenda - factory data from Europe and the UK this morning

Japan's Nikkei jumps 2% after Chinese PMI beats forecasts

Russian factory activity falls again; Turkey stagnates

10.40am BST

My colleague Katie Allen has analysed today's UK factory data (see last post), which showed Britain's manufacturing sectors recovery continued.

The headline reading on activity came in at 57.0 in the Markit/CIPS UK Manufacturing PMI. That was as forecast by City economists and down only slightly from 57.3 the month before.

Sustaining the rebound and continuing to push towards rebalancing the UK economy towards manufacturing therefore remains critical, he said.

This all offers hope that that the UK will grow even faster in the second quarter of 2014 versus the 0.8% rate recorded in the first quarter, he said.

9.38am BST

May was another decent month for UK manufacturers -- with growth growing pretty strongly thanks to a strong rise in new orders from at home and abroad.

The Markit/CIPS PMI index same in at 57.0, down slightly on April's 57.3, but still showing strong expansion.

UK Manufacturing PMI (May) = 57.0 vs 57.0 expected and 57.3 previous

UK manufacturing upsurge continues, with the Markit/CIPS headline #PMI posting 57.0, down only marginally from 57.3 in April

British manufacturers march onwards to mirror last months strong performance. Growth of new business and export orders remained strong in May, and firms are ramping up production to meet this demand.

As a result, and in line with robust economic conditions, it can be said, that were starting to see real evidence of a sustained recovery for the sector.

9.29am BST

Greece's factories reported that conditions improved a little in May, showing growth for the second month in a row.

Its PMI came in at 51.0 for May, little-changed from Aprils reading of 51.1.

9.25am BST

Howard Archer of IHS Global Insight says it is 'disappointing' that eurozone factory output growth hit a six-month low in May, adding:

Following muted GDP growth of 0.2% quarter-on-quarter in the first quarter, it highlights that the Eurozone is still finding it a struggle to really develop growth momentum

9.23am BST

This chart compares eurozone manufacturing activity (the blue line) to the region's GDP (green) - indicating factories are still contributing to economic growth.

9.14am BST

It's official: The recovery in the eurozone's factory sector slowed last month, dragged back by the weakness of France's economy (see here) and slower growth in Germany (see here).

The overall eurozone PMI, measuring activity at thousands of firms across the single currency, fell to 52.2 from 53.4 in April.

Euro zone #PMI falls from 53.4 in April to 6-month low of 52.2, signalling weaker but still solid improvement in the sector

France in particular is one boat which is not being lifted by the rising tide. France has slid back into contraction, suggesting much more needs to be done to address the competitiveness of the countrys goods producers.

In Germany, the pace of expansion eased, possibly linked to some concerns over the situation in Ukraine, or perhaps simply due to the timing of Easter. Without any clear cause, the slowdown in the regions largest economy will perhaps be the biggest concern for the eurozones growth trajectory if a rebound is not forthcoming in June.

Third the survey also highlights some encouragingly strong national performances, especially among previously-troubled member states such as Spain and Italy, where productivity improvements and competitive pricing have helped boost sales. These gains suggest that long-term structural reforms are helping to lift demand.

9.00am BST

Now onto Germany, and its factory sector expanded for the eleventh straight month, but at the weakest rate in seven months.

The German manufacturing PMI came in at 52.3, down from April's 54.1.

German May Manu PMi 52.3 (52.9 exp). 11th straight month of expansion. Lowest since Oct 2013

"The latest survey results are a reminder that sustainable strong manufacturing growth cannot be taken for granted and that there may still be some more obstacles on the path to recovery."

8.56am BST

There's gloom for France, though, with confirmation that its manufacturing sector suffered a fall in activity last month.

New orders, employment and purchasing activity all fell.


"The disappointing data paint a picture of a sector struggling to generate any sort of traction in recovery, with the surveys main indices averaging close to stagnation levels over the last six months,"

#France manufacturing #PMI "The disappointing data paint a picture of a sector struggling to generate any sort of traction in recovery"

8.49am BST

Italy's factory sector grew again in May -- with a PMI of 53.2.

Meanwhile, there were signs that inflationary pressures might be returning as purchasing costs and factory gate prices both rose for the first time in three months. A solid deterioration in vendors lead times added to the evidence of supply-side conditions tightening somewhat.

8.43am BST

Switzerland's manufacturing PMI has fallen to its lowest level in almost a year, but factory output is still growing.

The Swiss factory PMI slipped to 52.5 for May, down from 55.8 points in April.

Miss for Switzerland - May Manu PMi 52.5 (55.5 exp)

8.39am BST

The Czech Republic's factory sector has posted its best monthly growth since January 2011.

The Czech manufacturing PMI rose for the second month running in May to a three year high of 57.3, up from 56.5, showing strong growth.

Czech May Manu PMi @ 57.3 (55.9exp). 3 year high

8.31am BST

Spain's stock markets is outperforming the rest of Europe, as most markets gain a little ground in early reading.

The Spanish IBEX has jumped 0.5% to 10,838 points.

8.21am BST

ZING. Spain's manufacturing PMI has hit its highest level in four years as the Spanish economy continues to claw its way back from recession.

Spain's factory PMI jumped to 52.9 in May, from 52.7 in April -- the highest reading since April 2010.

The recent growth in the Spanish manufacturing sector shows little sign of falling away at present, with further solid expansions in output and new orders recorded in May.

One of the positives from the latest survey was that firms upped their rate of purchasing to the fastest in more than four years, suggesting less of a reluctance to hold inventories amid positive expectations for the future.

8.16am BST

Turkish factories stagnated in May. The country's manufacturing PMI slid to 50.1 from 51.1 in April, close to the no-change mark.

After nine months of improvement, Turkish manufacturing conditions were close to being stagnant in May.

8.12am BST

Ouch - Norway's factory PMI fell to 49.8 in May, down from April's 51.1, shows a small contraction.

Norway manufacturing contracts unexpectedly

8.11am BST

India's factory PMI rose marginally to 51.4 in May, from April's 51.3, as output increased and firms took on more staff.

And it would have been better if companies hadn't been hit by power cuts.

"The momentum in the manufacturing sector improved at the margin, thanks to higher domestic and export order flows. However, output growth held steady as frequent power cuts forced firms to accumulate backlogs at a faster pace."

8.04am BST

Russia's factories have endured another tough month, with the country's manufacturing sector shrinking for the seventh month in a row.

But it is the smallest contraction since November, with the Russian PMI rising to 48.9, from 48.5. That's closer to the 50-point mark splitting expansion from contraction.

Importantly, Russian manufacturers do not report any strong negative impacts from the spike in geopolitical tensions on their business activity that potentially could have been significant. We think manufacturing will most likely be balancing between a small contraction and stagnation in the coming months. The recovery in new orders is encouraging in this respect.

The recently improved PMI data on China point to a likely increase in demand for Russias exports going forward.

7.56am BST

Today's European PMI surveys are likely to show France lagging behind the rest of the eurozone (the 'flash' published two weeks ago showed French companies struggling)

Jasper Lawler of CMC Markets sums up what's expected:

Spains May PMI manufacturing report is estimated to show a reading of 53 up from the prior 52.7. Italy should see its PMI manufacturing at an estimated 53.6, down from the prior 54. French and German May PMIs are expected to be unchanged from the preliminary reading at 49.3 and 52.9 respectively.

7.51am BST

Indonesia PMI at record high in May. Domestic demand still chugging along.

7.51am BST

Activity in Indonesia's manufacturing sector has hit a record high, as factories across the region experienced an unprecedented surge in new orders.

Indonesia's factory PMI jumped to 52.4 in May, up from 51.1 in April - the highest reading in the survey's history.

Although new export orders expanded, growth of overall new orders was also at a record high, suggesting that domestic orders were an even larger factor behind the strong PMI reading.

7.36am BST

Global stock markets have rallied today, following the news that China's factory activity hit a five-month high in May thanks to an increase in new business.

Beijing's official PMI survey beat forecasts, jumping to 50.8 in May compared with 50.4 in April.

"The continued improvement in the PMI shows the signs of economic recovery are becoming more obvious."

Asia late... Nikkei ends 2.1% up Sensex up 1.2% ASX up 0.5% in rolling close Kospi up 0.4% $NIK $XJO $SENSEX

7.35am BST

Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.

It's Global Manufacturing PMI Day - which means we're about to get a rush of data from factory sectors across Europe and beyond, giving a new healthcheck on the global economy.

Continue reading...


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