How the world sees Greece
Greek government officials, led by Finance Minister Gikas Hardouvelis, were involved in slow and detailed negotiations with the country's troika of international creditors focused on next year’s budget during Tuesday’s first day of talks in Paris. The dis... ...
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Taylor—the Builders, has been awarded the contract for construction of the Fresenius Medical Care outpatient dialysis facility on Long Pond Road in ...
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PARIS — Greece resumed negotiations in Paris with bailout inspectors on Tuesday, as officials in Athens said the country would seek a more gradual exit from the massive rescue program than previously hoped.
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New York, NY (November 25, 2014) – MTV announced today that it will air two new specials that explore the heights and depths of being young and in ...
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Belgian natural gas network operator Fluxys is said to be eyeing the Greek gas grid, after signing an agreement on Monday with its Greek counterpart (DESFA) for the drafting of a study on the creation of a virtual gas hub in Greece, which would pave the w... ...
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Manhattan, NY- 25 NOV, 2014 – (Techsonian) –National Bank of Greece (ADR) (NYSE:NBG) together with its subsidiaries, offers diversified financial ...
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Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Calderon on Wednesday. Olympiakos hasn't played a competitive game s... ...
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The government’s plan for the settlement debts to the state is paying off as Greeks are signing up in numbers for the more favorable payment scheme. In less than 24 hours since the opening of the online register for the submission of applications, about 1... ...
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Greek mass media will strike from 6:00 am on Wednesday until 6:00 am on Thursday, ahead of the general strike that has been scheduled by the country’s public and private sector unions (GSEE and ADEDY) for Thursday. The media strike is organized one day in advance of the nationwide strike, so that employees in the field can take part in the mobilization called by their unions. In addition to Wednesday’s strike, the Athens journalists’ union (ESIEA) has called for a three-hour work stoppage from 11:00 am until 2:00 pm on Thursday and a protest rally outside the union’s building in downtown Athens. Thursday’s 24-hour nationwide strike is the 32nd since 2010 and the mobilization is in protest against the government’s austerity policies as well as the measures to be passed in the 2015 draft budget. The main protest rallies will start at 11:00 am from Klafthmonos square. The union of the Greek Communist Party (KKE), All Workers Front (PAME), has scheduled its own demonstration, with gathering spots in Kannigos, Karaiskaki, Vathis and Kotzia squares as well as Haftia area in downtown Athens. “Mass and unified participation in the trade unions’ strike and rally on Thursday at 11:00 will be our answer to the dead-end and destructive policies that have squeezed wage earners dry,” GSEE announced, while ADEDY underlined that Thursday should mark the restart of a constant “varied and coordinated struggle to restore society and working people’s demands for wages that meet their needs, for permanent and stable work for all, for democracy and labor rights.” Public transport staff will also join Thursday’s strike with work stoppages.
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Food lovers in the capital were in for a treat recently when AD Singh hosted the opening dinner for the Greek festival by Chef Paris Kostopoulos at the ...
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| READ THE ORIGINAL POST AT timesofindia.indiatimes.com |
After around three years of privatization procedures, the Greek government can finally boast that it has received a significant vote of confidence – coming from Germany at that. The German state is the biggest shareholder in Fraport AG, the company which,... ...
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In favor of the release of Former National Defense Minister and PASOK MP Akis Tsochatzopoulos’ daughter, Areti Tsochatzopoulou, and against the release of his wife, Vicky Stamatis, ruled today the five-member Felonies Appeals Court. The two women, along with Tsochatzopoulos, are imprisoned for their involvement in a defense procurement kickbacks and money laundering case. Tsochatzopoulou has been imprisoned for almost 2.5 years and the votes in favor of her release were three to two, while the court prohibited her from leaving the country and set a 30,000-euro bail. In addition, she is required to appear at her local police station twice a month. Commenting on the court decision, Tsochatzopoulou said that she feels happy that she will finally be able to reconnect with her children. On the contrary, the court voted against the early release of Stamatis, who is currently facing psychological problems and is transformed from Korydallos Prison to the Dromokaitio Psychiatric Hospital of Athens. This was not the first attempt of Stamatis to be released, as her petition was denied in May 2014. The court unanimously denied Stamatis’ petition, after the prosecutor’s suggestion to refuse her release. Stamatis has been given a 12-year sentence and has been in prison since April 2012. Tsochatzopoulos was arrested in April 2012, facing, amongst others, charges of money laundering.
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Vodafone Group Plc today confirms that Vodafone Greece has completed the acquisition of 72.7% of the share capital of Hellas Online SA ("HOL"), ...
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Vodafone Group Plc today confirms that Vodafone Greece has completed the acquisition of 72.7% of the share capital of Hellas Online SA ("HOL"), ...
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| READ THE ORIGINAL POST AT www.twst.com |
by Associated Press BC-SOC--Champions League Glance Associated Press - 25 November 2014 14:00-05:00 BC-SOC--Champions League Glance Champions League At A Glance By The Associated Press GROUP STAGE GROUP A GP W D L GF GA Pts Atletico Madrid 4 3 0 1 10 3 9 Olympiakos 4 2 0 2 6 7 6 Juventus 4 2 0 2 5 4 6 Malmo 4 1 0 3 2 9 3 GROUP STAGE Tuesday, Sept. 16 Juventus (Italy) 2, Malmo (Sweden) 0 Olympiakos (Greece) 3, Atletico Madrid (Spain) 2 Wednesday, Oct. 1 Atletico Madrid (Spain) 1, Juventus (Italy) 0 Malmo (Sweden) 2, Olympiakos (Greece) 0 Wednesday, Oct. 22 Atletico Madrid (Spain) 5, Malmo (Sweden) 0 Olympiakos (Greece) 1, Juventus (Italy) 0 Tuesday, Nov. 4 Juventus (Italy) 3, Olympiakos (Greece) 2 Malmo (Sweden) 0, Atletico Madrid (Spain) 2 Wednesday, Nov. 26 Atletico Madrid (Spain) vs. Olympiakos (Greece), 1945 GMT Malmo (Sweden) vs. Juventus (Italy), 1945 GMT Tuesday, Dec. 9 Juventus (Italy) vs. Atletico Madrid (Spain), 1945 GMT Olympiakos (Greece) vs. Malmo (Sweden), 1945 GMT ___ GROUP B GP W D L GF GA Pts ak-Real Madrid 4 4 0 0 11 2 12 FC Basel 4 2 0 2 6 6 6 Liverpool 4 1 0 3 2 6 3 Ludogorets 4 1 0 3 3 8 3 GROUP STAGE Tuesday, Sept. 16 Liverpool (England) 2, Ludogorets (Bulgaria) 1 Real Madrid (Spain) 5, FC Basel (Switzerland) 1 Wednesday, Oct. 1 FC Basel (Switzerland) 1, Liverpool (England) 0 Ludogorets (Bulgaria) 1, Real Madrid (Spain) 2 in Sofia Wednesday, Oct. 22 Liverpool (England) 0, Real Madrid (Spain) 3 Ludogorets (Bulgaria) 1, FC Basel (Switzerland) 0 in Sofia Tuesday, Nov. 4 FC Basel (Switzerland) 4, Ludogorets (Bulgaria) 0 Real Madrid (Spain) 1, Liverpool (England) 0 Wednesday, Nov. 26 FC Basel (Switzerland) vs. Real Madrid (Spain), 1945 GMT Ludogorets (Bulgaria) vs. Liverpool (England), 1945 GMT Tuesday, Dec. 9 Liverpool (England) vs. FC Basel (Switzerland), 1945 GMT Real Madrid (Spain) vs. Ludogorets (Bulgaria), 1945 GMT ___ GROUP C GP W D L GF GA Pts Bayer Leverkusen 4 3 0 1 7 3 9 Monaco 4 1 2 1 1 1 5 Zenit St. Petersburg 4 1 1 2 3 4 4 Benfica 4 1 1 2 2 5 4 GROUP STAGE Tuesday, Sept. 16 Benfica (Portugal) 0, Zenit St. Petersburg (Russia) 2 Monaco (Monaco) 1, Bayer Leverkusen (Germany) 0 Wednesday, Oct. 1 Zenit St. Petersburg (Russia) 0, Monaco (Monaco) 0 Bayer Leverkusen (Germany) 3, Benfica (Portugal) 1 Wednesday, Oct. 22 Bayer Leverkusen (Germany) 2, Zenit St. Petersburg (Russia) 0 Monaco (Monaco) 0, Benfica (Portugal) 0 Tuesday, Nov. 4 Zenit St. Petersburg (Russia) 1, Bayer Leverkusen (Germany) 2 Benfica (Portugal) 1, Monaco (Monaco) 0 Wednesday, Nov. 26 Zenit St. Petersburg (Russia) vs. Benfica (Portugal), 1700 GMT Bayer Leverkusen (Germany) vs. Monaco (Monaco), 1945 GMT Tuesday, Dec. 9 Benfica (Portugal) vs. Bayer Leverkusen (Germany), 1945 GMT Monaco (Monaco) vs. Zenit St. Petersburg (Russia), 1945 GMT ___ GROUP D GP W D L GF GA Pts ak-Borussia Dortmund 4 4 0 0 13 1 12 Arsenal 4 2 1 1 9 7 7 Anderlecht 4 0 2 2 5 9 2 Galatasaray 4 0 1 3 3 13 1 GROUP STAGE Tuesday, Sept. 16 Borussia Dortmund (Germany) 2, Arsenal (England) 0 Galatasaray (Turkey) 1, Anderlecht (Belgium) 1 Wednesday, Oct. 1 Anderlecht (Belgium) 0, Borussia Dortmund (Germany) 3 Arsenal (England) 4, Galatasaray (Turkey) 1 Wednesday, Oct. 22 Anderlecht (Belgium) 1, Arsenal (England) 2 Galatasaray (Turkey) 0, Borussia Dortmund (Germany) 4 Tuesday, Nov. 4 Arsenal (England) 3, Anderlecht (Belgium) 3 Borussia Dortmund (Germany) 4, Galatasaray (Turkey) 1 Wednesday, Nov. 26 Anderlecht (Belgium) vs. Galatasaray (Turkey), 1945 GMT Arsenal (England) vs. Borussia Dortmund (Germany), 1945 GMT Tuesday, Dec. 9 Borussia Dortmund (Germany) vs. Anderlecht (Belgium), 1945 GMT Galatasaray (Turkey) vs. Arsenal (England), 1945 GMT ___ GROUP E GP W D L GF GA Pts ak-Bayern Munich 4 4 0 0 11 1 12 Roma 5 1 2 2 8 12 5 CSKA Moscow 5 1 2 2 6 10 5 Manchester City 4 0 2 2 4 6 2 GROUP STAGE Wednesday, Sept. 17 Bayern Munich (Germany) 1, Manchester City (England) 0 Roma (Italy) 5, CSKA Moscow (Russia) 1 Tuesday, Sept. 30 CSKA Moscow (Russia) 0, Bayern Munich (Germany) 1 Manchester City (England) 1, Roma (Italy) 1 Tuesday, Oct. 21 CSKA Moscow (Russia) 2, Manchester City (England) 2 Roma (Italy) 1, Bayern Munich (Germany) 7 Wednesday, Nov. 5 Bayern Munich (Germany) 2, Roma (Italy) 0 Manchester City (England) 1, CSKA Moscow (Russia) 2 Tuesday, Nov. 25 CSKA Moscow (Russia) 1, Roma (Italy) 1 Manchester City (England) vs. Bayern Munich (Germany), 1945 GMT Wednesday, Dec. 10 Bayern Munich (Germany) vs. CSKA Moscow (Russia), 1945 GMT Roma (Italy) vs. Manchester City (England), 1945 GMT ___ GROUP F GP W D L GF GA Pts ak-Paris Saint-Germain 4 3 1 0 6 3 10 ak-Barcelona 4 3 0 1 8 4 9 Ajax 4 0 2 2 3 7 2 Apoel Nicosia 4 0 1 3 1 4 1 GROUP STAGE Wednesday, Sept. 17 Ajax (Netherlands) 1, Paris Saint-Germain (France) 1 Barcelona (Spain) 1, Apoel Nicosia (Cyprus) 0 Tuesday, Sept. 30 Apoel Nicosia (Cyprus) 1, Ajax (Netherlands) 1 Paris Saint-Germain (France) 3, Barcelona (Spain) 2 Tuesday, Oct. 21 Apoel Nicosia (Cyprus) 0, Paris Saint-Germain (France) 1 Barcelona (Spain) 3, Ajax (Netherlands) 1 Wednesday, Nov. 5 Ajax (Netherlands) 0, Barcelona (Spain) 2 Paris Saint-Germain (France) 1, Apoel Nicosia (Cyprus) 0 Tuesday, Nov. 25 Apoel Nicosia (Cyprus) vs. Barcelona (Spain), 1945 GMT Paris Saint-Germain (France) vs. Ajax (Netherlands), 1945 GMT Wednesday, Dec. 10 Ajax (Netherlands) vs. Apoel Nicosia (Cyprus), 1945 GMT Barcelona (Spain) vs. Paris Saint-Germain (France), 1945 GMT ___ GROUP G GP W D L GF GA Pts Chelsea 4 2 2 0 9 2 8 Schalke 4 1 2 1 8 9 5 Sporting Lisbon 4 1 1 2 8 8 4 NK Maribor 4 0 3 1 3 9 3 GROUP STAGE Wednesday, Sept. 17 Chelsea (England) 1, Schalke (Germany) 1 NK Maribor (Slovenia) 1, Sporting Lisbon (Portugal) 1 Tuesday, Sept. 30 Schalke (Germany) 1, NK Maribor (Slovenia) 1 Sporting Lisbon (Portugal) 0, Chelsea (England) 1 Tuesday, Oct. 21 Chelsea (England) 6, NK Maribor (Slovenia) 0 Schalke (Germany) 4, Sporting Lisbon (Portugal) 3 Wednesday, Nov. 5 NK Maribor (Slovenia) 1, Chelsea (England) 1 Sporting Lisbon (Portugal) 4, Schalke (Germany) 2 Tuesday, Nov. 25 Schalke (Germany) vs. Chelsea (England), 1945 GMT Sporting Lisbon (Portugal) vs. NK Maribor (Slovenia), 1945 GMT Wednesday, Dec. 10 Chelsea (England) vs. Sporting Lisbon (Portugal), 1945 GMT NK Maribor (Slovenia) vs. Schalke (Germany), 1945 GMT ___ GROUP H GP W D L GF GA Pts ak-FC Porto 5 4 1 0 15 3 13 ak-Shakhtar Donetsk 4 2 2 0 14 2 8 BATE 5 1 0 4 2 22 3 Athletic Bilbao 4 0 1 3 2 6 1 ak-Advanced to knockout stage GROUP STAGE Wednesday, Sept. 17 Athletic Bilbao (Spain) 0, Shakhtar Donetsk (Ukraine) 0 FC Porto (Portugal) 6, BATE (Belarus) 0 Tuesday, Sept. 30 BATE (Belarus) 2, Athletic Bilbao (Spain) 1 in Borisov Shakhtar Donetsk (Ukraine) 2, FC Porto (Portugal) 2 in Lviv Tuesday, Oct. 21 BATE (Belarus) 0, Shakhtar Donetsk (Ukraine) 7 in Borisov FC Porto (Portugal) 2, Athletic Bilbao (Spain) 1 Wednesday, Nov. 5 Athletic Bilbao (Spain) 0, FC Porto (Portugal) 2 Shakhtar Donetsk (Ukraine) 5, BATE (Belarus) 0 in Lviv Tuesday, Nov. 25 BATE (Belarus) 0, FC Porto (Portugal) 3 Shakhtar Donetsk (Ukraine) vs. Athletic Bilbao (Spain), 1945 GMT Wednesday, Dec. 10 Athletic Bilbao (Spain) vs. BATE (Belarus), 1945 GMT FC Porto (Portugal) vs. Shakhtar Donetsk (Ukraine), 1945 GMT News Topics: Men's soccer, Professional soccer, Soccer, Sports, Men's sports People, Places and Companies: Spain, France, Lisbon, Germany, Monaco, Bilbao, Madrid, England, Switzerland, Barcelona, Manchester, Cyprus, Saint Petersburg, Moscow, Dortmund, Bulgaria, Belarus, Portugal, Sweden, Russia, Ukraine, Turkey, Vermont, Slovenia, Greece, Belgium, Munich, Western Europe, Europe, United Kingdom, Eastern Europe, Middle East, United States, North America Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Fraport, the German airport operator, and Greece's Copelouzos energy group have bid €1.23bn for a concession to run 14 regional Greek airports in ...
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BANGOR, Maine — The former priest at St. George Greek Orthodox Church was indicted Tuesday by the Penobscot County grand jury on four counts ...
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A peace settlement in Cyprus is not possible unless Greek Cypriots cut a deal on natural gas exploration with the Turkish-backed breakaway state in the north of the island, the chief Turkish Cypriot negotiator ...
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There was another day of tension at Greek universities on Tuesday, with a senior academic resigning in Thessaloniki and students disrupting a senate meeting in the northern city. The vice rector at the Aristotle University in Thessaloniki, Yiannis Tzifopo... ...
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A downward trend in the rate of HIV infections in Greece appears to be continuing, particularly among drug users, according to data released on Tuesday by the Center of Disease Control and Prevention (KEELPNO) ahead of a conference on AIDS starting on Fri... ...
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Speaking to Spanish radio station “Ondra Cero,” Athens mayor Giorgos Kaminis said that the city is on the path to economic recovery and that unemployment figures are deceptive because employment has been replaced by unregistered employment. The Greek mayor said that after six years of recession, things look a little brighter now because more people go out and stay out until late at night. However, he admitted that more people go to soup kitchens now and don’t seem to be ashamed of it. He said that it is an exaggeration to call an economic crisis, a humanitarian crisis. Regarding the homeless in Athens, he said that at the moment there approximately 1,000 to 1,500, but most of them are illegal immigrants, not victims of the economic crisis. Speaking about unemployment, Kaminis said he believes that every person who loses his registered job, finds another job, getting paid under the table. On the issue of Golden Dawn and their presence in the city, the mayor said that ever since the party chiefs were arrested, Golden Dawn members have stopped their criminal activities and their presence in the city is hardly felt. As for the presence of extreme right-wingers in the police force, Kaminis said that many policemen, worldwide, belong to the far-right, but they remain a minority. Kaminis was also critical of the Greek government and the measures the Troika of international lenders demand. He said that Greece has failed to privatize more organizations and increase competitiveness, as it remains under the rules of an oligarchy and slave to monopolies. He said that Greece is left behind in terms of true economic development.
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The American Red Cross is teaming up with Monroe County for a special Thanksgiving weekend blood drive at the Mall at Greece Ridge. Monroe ...
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Greece's second largest lender said its loss for the quarter ending Sept. 30 widened to EUR1.5 billion from a loss of EUR277 million a year earlier.
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German retail and distribution giant Metro said on Tuesday it has agreed to sell its Greek cash-and-carry operations, Makro, to a local rival in a deal valued at 65 million euros. “Makro Cash & Carry is to be divested to the local retail group Sklavenitis... ...
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Saudi Prince Al-Waleed bin Talal reiterated his interest in investing in Greece during a meeting with Greek Deputy Development Minister Notis Mitarakis and “Enterprise Greece” Chief Executive Officer Stefanos Isaias on Monday in Riyadh, according to repor... ...
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Greece’s OPAP, Europe’s second-biggest gambling firm based on market value, posted on Tuesday a 26 percent rise in third quarter profit, boosted by new games and cost cuts. Net profit rose to 55.9 million euros from 44.4 million euros in the same period l... ...
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Greece’s second-largest lender by assets, Piraeus Bank, on Tuesday reported a loss in the third quarter after booking over 2 billion euros in charges for bad loans. Piraeus reported a net loss of 1.56 billion euros in the quarter, compared to a loss of 27... ...
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There does not seem to be any logical reason why a good argument could not be made for teaching ancient and modern Greek in schools. The post Grasp Tutelage: A Rule For Greek America To Live By appeared first on The National Herald.
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For those looking for a unique and expensive Christmas gift idea, there is a small Greek island sold for 800,000 euros only. This is what the Daily Mail wrote about Little Lesbos, a 16-acre uninhabited island situated just 200 meters off Lesbos, in northeastern Aegean Sea. This is the first time Little Lesbos is advertised internationally. The real estate agency selling it said that such properties come very rarely. And when they do, their prices are astronomical. And Little Lesbos is selling at a price that buys a small apartment in Manhattan. Little Lesbos is located across Pamfila, a small fishing village in Lesbos that is just a ten-minute drive from Lesbos capital, Mytiline. The island is uninhabited but a building permit is easy to issue. Fresh water can be obtained by rain catching or desalination systems. It is surrounded by crystal clear, azure waters, sandy beaches and plenty of vegetation. The current owner is Greek and in the past he had put it on sale in Greece only. He has now put it on the international market, as Vladi Private Islands agency representative said. According to ancient writings, a female poet named Sappho lived there in 6th century B.C. and she was famous for writing about female beauty, women’s daily lives and relationships. She often expressed her love for women and the word lesbian derives from the island of Lesbos. Today, Lesbos is a top destination for lesbian couples.
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by Associated Press Greek bailout talks resume in Paris Associated Press - 25 November 2014 12:09-05:00 PARIS (AP) — Greek government officials have resumed negotiations in Paris with bailout inspectors to try and overcome differences over a feared budget shortfall next year and the future of painful cost-cutting reforms. Greek Finance Minister Gikas Hardouvelis said "we have made progress and are continuing to make it" before the meetings started Tuesday with representatives from the "troika" of the European Commission, European Central Bank and International Monetary Fund. The weeks-delayed talks took place as Greece's parliament began debating the 2015 budget that predicts 2.9 percent growth next year following a six-year recession, and a near-zero budget deficit. The debt inspectors find those forecasts rosy. The final parliament vote on the budget is expected on Dec. 7. News Topics: Business, National budgets, Government budgets, Government finance, Government business and finance, Government and politics, National governments People, Places and Companies: Greece, France, Paris, Western Europe, Europe Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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The last hour of trading on the Greek bourse on Tuesday generated significant losses for the majority of stocks despite assurances by the finance minister that progress was being made in talks with the country’s creditors. The Athens Exchange (ATHEX) gene... ...
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The harsh accusations exchanged recently between PASOK leader Evangelos Venizelos and his predecessor George Papandreou created turmoil in the Greek party, with the supporters of each man clearly taking sides. It is now apparent that Papandreou is returning to “active duty” in the party, ready to enlist his supporters and start a new one. Venizelos, on the other hand, indirectly accuses Papandreou of trying to undermine the coalition government – and subsequently junior partner PASOK – but at the same time, he clarified that he is not intending to expel Papandreou from the party. Two camps are forming fast in the party: PASOK MPs Thanos Moraitis and Filippos Sahinidis have already showed their colors and went to the Papandreou camp, while party members outside the parliament, like Yiannis Ragousis, directly talk about a new party and express their refusal to participate in the next PASOK convention in which the party will be renamed PASOK – Democratic Alignment. The other side has started a verbal war against the Papandreou team, accusing them with phrases like “the gang who sold us to the Troika in 2010 returns” and “the Papandreou gardeners,” claiming that they undermine the efforts made to bring Greece out of the crisis. Papandreou has started a campaign by communicating with party members from across Greece. In December, he will give a press conference for Greek and foreign journalists where he will speak about the bankrupt economy he inherited from Costas Karamanlis, the attacks from Antonis Samaras, the undermining of his administration by Greek and foreign powers, and the role Angela Merkel played in his fall. However, he says he will vote for the President of the Hellenic Republic from the current parliament because he does not want to create political upheaval. Yet, Papandreou has enough influence on PASOK MPs and independents that he can shake up not only PASOK but the coalition government as well. So far, he has 6-8 supporters in parliament and he would have more if it wasn’t for the fear that he may create upheaval. The first convention of the Papandreou movement will take place November 28, when the PASOK youth, who are attached to the previous party leader, will meet at the Velidio Conference Center in Thessaloniki. There is a video clip circulating online, calling progressive youth to gather against the current stale politics.
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The Greek government on Tuesday reported a primary surplus of 2.654 billion euros in its state budget in the January-October period this year. In a report on final budget execution data on a revised cash basis for the January-October period, the Finance Ministry reported a state budget deficit of 2.448 billion euros, from 2.958 billion euros in the corresponding period last year and a 2015 target of 1.567 billion euros. The primary surplus totaled 2.654 billion euros, up from 2.590 billion euros last year and a 2015 target of 3.539 billion euros. Net budget revenue totaled 41.319 billion euros, down 3.0% from a 2015 budget target. Regular budget net revenue was 37.807 billion euros in the January-October period, down 1.7% from target. Tax revenue was down 1.5% from target to 35.702 billion euros, reflecting a 1.4 shortfall in income tax, a 2.5% decline in other direct taxes, a 4.6% fall in VAT on oil products, a 4.5% fall in a special consumption tax on oil and a 1.0% decline in other VAT revenue. Tax returns totaled 2.844 billion euros in the 10-month period, up by 87 million euros from budget target. Greece’s Public Investment Program revenue totaled 3.513 billion euros, down 612 million from budget target. State budget spending totaled 43,768 billion euros, down 397 million euros from budget target, while regular budget spending was down by 372 million euros from budget target to 39.650 billion euros and by 6.9% compared to the same period last year. Public Investment Program spending totaled 4.118 billion euros in the January-October period, down 25 million euros from budget target but up 793 million compared to the same period last year. (source: ana-mpa)
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ATHENS (Reuters) - Greece's OPAP (OPAr.AT), Europe's second biggest gambling firm based on market value, posted on Tuesday a 26 percent rise in third quarter profit, boosted by new games and cost cuts. ...
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A planned general strike by workers across Greece on Thursday of this week comes at a crucial time. In return for the final tranche of a bailout, the ...
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ATHENS (Reuters) - Greece's second-largest lender by assets, Piraeus Bank , on Tuesday reported a loss in the third quarter after booking over 2 ...
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#WorldParents with @nancyredd: Greece. This week on #WorldParents, Nancy chats with three mothers in Greece to learn what it's like to raise ...
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By Lefteris Papadimas ATHENS (Reuters) - Greece resumed talks with its EU/IMF lenders in Paris on Tuesday, saying progress had been made towards breaking a deadlock that could derail the government's plan to quit an international bailout by year-end. The two sides have been at loggerheads for weeks over what is expected to be Greece's last inspection under the 240 billion euro (190 billion pound ...
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A cargo ship carrying some 700 immigrants from various countries sails ungoverned 30 nautical miles southeast of Crete, Greece. M/V “Baris,” which is bearing a Kiribati flag (a small Pacific Ocean island nation), is sailing adrift after a mechanical problem. Other ships and a frigate of the Hellenic Navy have reached “Baris” in an attempt to rescue its passengers but the operation is very difficult due to heavy weather, as the wind blows with an intensity of seven to eight Beaufort. According to a Hellenic Coast Guard press release, the 77-meter-long cargo has been approached – apart from the frigate – by three merchant ships that are ready to evacuate the vessel if necessary, while the Greek authorities are examining the possibility of towing it to safety. A Hellenic Air Force Super Puma helicopter also takes part in the ongoing operation. The port of departure as well as the exact destination and the nationalities of those on board remain unknown and will only be revealed after the rescue operation is complete. According to Greek media, there is a large number of women and children aboard “Baris,” although their health condition can not yet be confirmed. As local media reported, the frigate’s commander, in cooperation with the competent authorities, seeing that there has not been an inflow of water in the ship and the passengers’ life is not at risk, decided that the best solution is towing the vessel to the nearest safe port or coast. Furthermore, the Greek island’s health services have been set in a state of emergency in order to nurse the passengers as soon as they reach the coast. Although, as long as their nationality remains unknown, none of them will disembark the ship unless their medical examination is complete. The secretary general of the Public Order Ministry, Serafeim Tsokas, has also arrived in Crete, as he will be in charge of the immigrants’ rescue and accommodation operation. Every year, tens of thousands of refugees, including many from war-torn Syria and Libya, enter Europe illegally, after paying high prices to organized smuggling gangs to ferry them across the Mediterranean from northern Africa or Turkey to Italy and Greece.
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University of Virginia faculty members are floating the abolition of Greek life on campus after an explosive Rolling Stone article on sexual assault, emails obtained by the Washington Free Beacon reveal. The emails, culled from the History Department’s ...
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There’s a new eatery on Morrison Street whisking customers off to the Mediterranean. Whether you’re picking up a bite on the go or enjoying an informal meal, Ola Kala offers fresh Greek fast food. Co-owner Maria Asvestopoulou said opening the deli and ...
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Greek Independent MP Theodora Tzakri aligned with SYRIZA after a meeting with party leader Alexis Tsipras on Monday afternoon in parliament. Theodora Tzakri had been a PASOK MP until November 2013, when she was rejected from the party for voting against ...
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Greece joined the European Economic Community (EEC) in 1981, however the economic crisis experienced by the country since 2010 has led some ...
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Athens (dpa) - Greece's government was holding bailout talks with its international creditors in Paris on Tuesday, in an effort to close the gap on the ...
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Archaeologists have discovered an ancient settlement lying beneath the Aegean Sea, just off the coast of the Greek island of Delos.
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| READ THE ORIGINAL POST AT www.independent.co.uk |
“We are close to developing a blood test that will be able to detect Alzheimer’s before clinical diagnosis is possible,” says Dimitrios Kapogiannis, a neuroscientist at the National Institute on Aging and professor at Johns Hopkins University in the US st... ...
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The American economy grew faster than first estimated, with GDP rising at an annual pace of 3.9% in the July-September quarterUS GDP beats forecasts - highlights start hereBank of England grilling: the key pointsMark Carney: automation is polarising the labour market 2.59pm GMT Over to Greece and the 48 hour talks taking place in Paris between the country’s government and the troika of lenders about exiting the bailout programme. Ahead of the meeting, one top official has described the talks as “make or break.” Helena Smith writes:“We are playing with fire and the troika have never played harder. We’re at risk of losing everything - all the things we have achieved so far - if these [talks] aren’t positive and people feel, once again, they are about to lose even more,” a senior goverment official told me.“If we don’t act on our promise to exit the bailout [programme], the risk of [main opposition] Syriza coming to power is very real and it won’t just be Greece, Europe will be thrown into turmoil. There is more uncertainty than many think, right now. You could say this meeting is make or break.” 2.35pm GMT The US housing market remains buoyant, with the price of single family homes increasing by more than expected in September on a year by year basis, albeit by less than the previous month.The S&P/Case Shiller index showed a 4.9% year on year rise in September, compared to forecasts of a 4.6% gain. The overall trend in home price increases continues to slow down.With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better.US CASE SHILL better at 4.9% v 4.6% expected ..... grwth rate slowing ... but better than expCase-Shiller chart. YOY change pic.twitter.com/cGhoqwDuxtMiami is hot. Home prices up 0.64% in a month and 10.3% over the last year. 2.06pm GMT Capital Economics reckons today’s growth report means the Federal Reserve is likely to raise US interest rates in March 2015.They also flag up one disappointing change – “employee compensation” (pay, basically) were revised down for the second and third quarters.In particular, the second quarter growth rate was slashed from 5.3% to 2.8%, resulting in a downward revision to the savings rate. The latter is now estimated to have been 5.0% in the third quarter, down from the initial 5.5% figures. Nevertheless, strong employment gains and increasing hours worked will generate solid gains in labour income over the next few quarters. 2.03pm GMT Rob Carnell of ING agrees that the US GDP report is broadly encouraging:For instance, the upwards revision to equipment and software spending (business investment, now 10.7% from 7.2% initially), and personal consumption (consumer spending now 2.2% from 1.8%), and residential investment (homebuilding - now 2.7% from 1.8%).Whilst some parts of this release do suggest that the US economy has more momentum than initially indicated, both inventories and the defence component of government spending are likely to revert to being considerable drags in the fourth quarter, taking GDP growth closer to 2.0% than 3.0%, and the profile for GDP will remain very choppy, masking an underlying growth rate of between 2.5% and 3.0%. 2.00pm GMT The US GDP report helps to paint an “an increasingly rosy picture for the US economy”, reckons Dennis de Jong, managing director at UFX.comJanet Yellen will rightfully be thrilled with the growth shown since the last release of data, which defied expectations and nearly broke through the magical four per cent mark.US consumers have many things in their favour at present. Retailers will rightfully be bullish ahead of the traditional holiday shopping kick-off event Black Friday, as remarkably low gasoline prices fill the pockets of consumers with unexpected cash. The question remains, can retailers keep the tills ringing in the run-up to the holidays if OPEC announces a cut in production on Thursday?” 1.59pm GMT Another encouraging sign, US firms did not run down their inventories as much as first estimated. 1.57pm GMT The US GDP report also shows that US consumers spent more on ‘big ticket’ items in the last quarter; durable goods sales to consumers were up 8.7%.And investment in new equipment rose by 10.7%, as this chart explains:Buying big stuff way up RT @themoneygame: Q3 GDP Growth By Category http://t.co/iAvikqP9Ja pic.twitter.com/8zQmPJntUG 1.54pm GMT Q3 GDP revised higher on stronger personal spending and business investment, net exports add less, inventory drag is reduced 1.52pm GMT The US has posted its fastest six months of growth in over a decade, it appears.The 3.9% annualised growth in Q3 follows growth of 4.6% in the second quarter of 2014. You have to go back to 2003 to find two stronger quarters of growth.Whoa. We just experienced the strongest 6 months of growth in a decade per @toristilwell.(Which says more about how crappy the last decade was for growth than anything else. But still!) 1.41pm GMT America grew rather faster than the UK over the summer.Britain’s GDP rose by 0.7% in the third quarter of the year, which is an annualised rate of just over 2.8%. US #GDP for the 3rd quarter has just been nudged higher from 3.5% annualised to 3.9%.So up 0.1% in UK terms 1.40pm GMT Economists had expected US GDP to be revised down slightly, to an annual rate of 3.3%, so this is a ‘good number’... US Q3 GDP revised up to 3.9% annualized (from 3.5%). Well above TR consensus of 3.3%. 1.37pm GMT The US growth rate has been revised up because consumer spending was stronger than first thought, at +2.2% (up from +1.8%).Business investment was also higher than initially estimated, at +7.1% (up from +5.5%).*REVISION TO Q3 GDP LED BY GAINS IN CONSUMER, BUSINESS SPENDING 1.31pm GMT Breaking: The US economy grew by an annualised rate of 3.9% in the third quarter of 2014, or almost 1% on a quarterly basis.That’s an increase on the initial estimate, of 3.5% growth (annualised), and shows that America’s economy is outpacing rivals such as Europe and Japan. 1.25pm GMT Nearly time for the next event of the day, the second estimate of US GDP for the third quarter of 2014.The first estimate showed America’s economy grew at an annualised rate of 3.5% in July-September; economists expect a slight downgrade..... 1.15pm GMT A brisk recap of the Treasury hearing (full coverage starts here):“Certainly in recent months, the global economic conditions have deteriorated in two of the major economies, Europe and Japan......the geopolitical situation remains difficult and the combination of that suggests a heightened degree of external risk to the United Kingdom.”Carney's "gloomy prognosis" for the Eurozone "is an accurate one", he says.Carney on immigration: "These are intensely political issues. We don't want to be in the middle of an election campaign." 12.33pm GMT The pound dipped during the Treasury hearing, down about 0.4 of a cent against the US dollar at $1.5667.Carney, along with three of his colleagues from the Monetary Policy Committee, referred to the external factors such as the continued stagnation in the euro zone which pose a very real threat to UK growth. They have continued the dovish theme from the Inflation report which was released on November 12th, and warned that downside inflation risks remain whilst growth in the UK for 2015 is likely to be slower than this year. 12.15pm GMT The session ends with Andrew Tyrie, committee chairman, homing in on the issue of migration again (see earlier posts).Does Mark Carney think there has been a change in UK policy on migration? 12.06pm GMT Is the US exporting disinflation, or even deflation, through the commodities market now that its quantitative easing programme has ended?It is hard to say that, Kristin Forbes replies. She points out that the US inflation rate is higher than the UK, and the higher dollar should push up the cost of imports from America (which should raise inflation) 12.05pm GMT Are these secular trend in the labour market so widespread that migration becomes a political issue, asks Conservative MP Steve Baker.Carney declines to comment on politics. 12.04pm GMT Ouch. Carney takes issue with a recent Financial Times article that claimed the Bank’s forecasts were “nonsense” because they suggested the surge in labour market slack in the crisis would only occur once every 254 million years. This is an erroneous and ‘misleading’ conclusion, the governor says; apparently the FT’s interpretation of standard deviations wasn’t right. 11.46am GMT Mark Carney goes on to reiterates his point that technology is driving structural changes in employment. 11.35am GMT Is the internationalisation of the UK economy helping to keep wages low?We have seen net migration into the UK, Mark Carney says. 11.27am GMT Carney says he has seen some evidence that the bonus cap for bankers is pushing up fixed salaries 11.26am GMT Mark Garnier MP asks if Mark Carney has become softer and more compassionate about those households who would struggle to cope with a rise in borrowing costs.Carney says he realises there is ‘sensitivity’ over the impact of interest rate hikes, and that is an important factor. 11.20am GMT A reminder that the Treasury committee hearing is being streamed live, here (after that early technical hiccup) 11.18am GMT The committee are trying, and largely failing, to pin the Bank down for an estimate on the UK economy’s trend growth rate.It all depends how much of a recovery we see in productivity, they say. But Carney suggest a figure of, perhaps, something like, 2% to 2.25%. Probably. 11.15am GMT The FT have the key quote from Kristin Forbes, in which she explained how there are upside, as well as downside, risks to the UK:Where my view is slightly different than probably the median view of the nine of us on the Committee, is that I put slightly more probability on the risk that the global economy could be somewhat stronger than in our baseline forecast, especially the US economy, recently some of the data has been stronger, so there could be less of a drag on our forecast from the external economy. 11.06am GMT John Thurso MP takes up the questioning: The Wall Street Journal reports that you have solved the puzzle of weak productivity, governor. Care to share the secret? Did I? Carney replies, looking a little baffled. I’ll have to dig out my old copies of the Journal and remind myself how I did it. 11.01am GMT Are UK consumers and businesses ready for interest rates to rise?Ian McCafferty reckons consumers are not more sensitive to higher borrowing costs than in previous cycles. 10.54am GMT Forbes says her personal assessment of the economy is ‘less gloomy’ than some headlines.And the fact that UK consumers have been drawing down on their savings to fund spending is a sign of confidence, she suggests. 10.54am GMT Kristin Forbes points out that the policymakers have repeatedly started a year with optimistic forecasts, but ended up downgrading them before the 12 months were out. 10.53am GMT Carney reiterates that the stagnating eurozone economy is a serious threat to the UK economy. There is a danger that the downside risks we see could transpire, the governor says, especially as our forecast is predicated on unconventional monetary policy from the European Central Bank. 10.50am GMT Is there any good news in the global economy, MPs ask.Ian McCafferty (a hawkish member of the MPC), claims there are. He suggests the fall in the oil price could stimulate the global economy more than expected (lets hope so). 10.48am GMT 10.42am GMT Does the Bank of England agree with David Cameron that red warning lights are flashing on the global economy?Governor Carney says he’ll leave that particular phrase to the prime minister.Carney Says Japan, Euro Area Have Weakened, U.s. Is Different 10.35am GMT John Mann suggests that the Bank’s regional agents are failing to measure the UK labour market properly, because the spike in self-employment and migration has caught them out.Isn’t there a danger that some of your data models are outmoded? 10.28am GMT Mann invites professor Kristin Forbes, who joined the MPC this summer, to comment on the competence of her colleagues.I’ve been very impressed by the knowledge and expertise of the Bank, says Forbes, padding the question back carefully. 10.26am GMT John Mann MP chides Ian McCafferty for warning about wage growth, saying the MPC should have been encouraging it not flapping about the impact on inflation.Kristin Forbes, MPC member, agrees that wage growth has been too low -- we need to see incomes rising so that household consumption doesn’t slow. 10.23am GMT Why did the MPC get its inflation forecasts so wrong?Ian McCafferty says the BoE didn’t get it wrong -- we expected inflation to fall, and it has. The oil price has fallen faster than we expected, though. 10.20am GMT #BoE Carney says MPC discussions on timing of tightening, not easing 10.20am GMT Has the Bank done any work on further easing measures to fight off deflation?Mark Carney says it is “more likely than not” than inflation will fall below 1% un the next few months, leading him to write to the chancellor explaining why the CPI has not been kept within one percentage point of the 2% target. 10.16am GMT What are the chances of inflation being below the BoE’s target? 10.13am GMT Tyrie then challenges governor Carney over his forward guidance policy (that interest rates would not rise until the data showed the economy was strong enough).You claim it’s an idea whose time had come, but in reality it’s an idea whose time had gone, Tyrie jibes (because unemployment fell much faster than the BoE expected). 10.12am GMT Hmmm, the web feed from parliament has crashed, but the session is being streamed on Bloomberg TV (and probably on the website too) 10.08am GMT Andrew Tyrie MP begins the session by asking why the minutes of the last MPC meeting showed a wide range of views between members.Ian McCafferty (one of two hawks who voted to raise rates), says there is now “a balance of views” between the seven dovish MPC members over how much spare capacity remains in the UK economy, and the risks of inflation overshooting/undershooting predictions. 10.04am GMT Over in Parliament, the Treasury Committee is starting to question the Bank of England over the latest quarterly inflation report.Governor Mark Carney is there, along with deputy governor Sir Jon Cunliffe, and Monetary Policy Committee members Ian McCafferty and Kristin Forbes. 10.01am GMT Mortgage approvals in the UK fell by 16%, year on year, in October, in the latest sign that the housing market is slowing.British banks approved 37,076 mortgages last month, down from 43,918 a year ago and 39,127 in September.“Today’s figures suggest that the cooling of the property market has continued in recent weeks” 9.46am GMT Over in the Netherlands, banking unions say they’re shocked by the news that ING is cutting around 2,700 positions. 9.20am GMT Here’s a nice chart, from Nordea Markets’ European economist Holger Sandte, showing how parts of Germany’s service sector have been lacklustre since the collapse of Lehman Brothers in 2008:Why is #GDP growth so weak in #Germany? Part of the answer lies in the #servicesector pic.twitter.com/GT1KXXJpAl 9.17am GMT Stat of the day?Brits own 70% of all the credit cards in Europe, according to the FCA: http://t.co/PznpYzIzGk 9.07am GMT Are credit card companies letting consumers down? The City regulator is preparing to find out....At £150bn a year, the UK credit card market is the largest in Europe, with 30 million people holding cards with total debts of £60bn. The Financial Conduct Authority said it would launch an investigation into the market when it took over regulation of the sector in April. On Tuesday it revealed the full scope of its inquiry. It will look at the complexity of credit cards, the fairness and transparency of their terms and conditions, and whether consumers can easily switch between different credit card providers.... 8.52am GMT Back in the UK, the Nationwide Building Society has predicted that interest rates will remain at their current record lows until at least next April.As we look ahead to the remainder of the year, we do so against a background which has seen unemployment falling sharply and the economy growing at an annual rate of around 3%. However, with few signs that inflationary pressures are building, and renewed concerns about a slowdown in the Eurozone, we do not expect the Bank of England base rate to rise before the start of our next financial year, with future rises being gradual in nature and settling below pre-crisis levels. 8.38am GMT Germany’s stock market is outperforming the rest of Europe this morning.The DAX has gained 20 points, or 0.2%, in early trading. The French CAC is up just 0.1%, while the FTSE 100 is flat. 8.28am GMT The BBC’s Europe editor, Gavin Hewitt, agrees that this morning’s German GDP report is encouring, even though growth was so weak at just 0.1% quarter-on-quarter:Some slightly better statistics out of Germany. Consumer spending rose by 0.7% in the third quarter and exports were 1.9% higher. #Germany 8.14am GMT UK DIY Kingfisher is still finding France tough, though.Trading conditions in our largest and most significant market, France, were particularly difficult and deteriorated across the quarter, impacted by the weak economic backdrop. In the UK however, where conditions have been more favourable, we have delivered LFL growth with Screwfix performing particularly well, delivering a 25% increase in sales on top of very strong growth last year. Overall, we remain cautious on the outlook, especially in France, and continue to focus on margin and cost initiatives to support our performance. 7.56am GMT Some rare, and welcome, good news from France just hit the wires. French industrial confidence production has risen this month, according to statistics body INSEE’s monthly survey of the sector (online here). Morale rose to 99 on Insee’s index (up from 98 in October), which is just one point shy of the long-term average. 7.47am GMT Economists are encouraged to see that German companies cut their inventories last quarter.That may seem odd – falling inventories is usually a sign that bosses have lost confidence, or seen a dip in demand. Strong negative growth contribution from stocks on German GDP in Q3 bodes well for Q4 and growth acceleration. https://t.co/L25E7Q4ZeiHmm, inventories could give Germany a good fourth quarter given that they ate away 0.5% worth of GDP growth in Q3 7.35am GMT Germany avoided falling into recession in the last quarter thanks to a rise in private spending, which made up for a worrying drop in business investment.The German economy turned out to be stable in a difficult global economic environment. 7.33am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, business and the eurozone.Lots of economic news this morning, starting with confirmation that Germany has avoided recession. The German Statistics Office has just announced that German GDP rose by 0.1% in the third quarter of 2014, in line with the preliminary estimate two weeks ago. Continue reading...
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What he could say, was that the position of the Greek Cypriot side had not changed and was unanimous. “The issue of hydrocarbons can in no way be ...
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The American economy grew faster than first estimated, with GDP rising at an annual pace of 3.9% in the July-September quarterUS GDP beats forecasts - highlights start hereBank of England grilling: the key pointsMark Carney: automation is polarising the labour market 2.59pm GMT Over to Greece and the 48 hour talks taking place in Paris between the country’s government and the troika of lenders about exiting the bailout programme. Ahead of the meeting, one top official has described the talks as “make or break.” Helena Smith writes:“We are playing with fire and the troika have never played harder. We’re at risk of losing everything - all the things we have achieved so far - if these [talks] aren’t positive and people feel, once again, they are about to lose even more,” a senior goverment official told me.“If we don’t act on our promise to exit the bailout [programme], the risk of [main opposition] Syriza coming to power is very real and it won’t just be Greece, Europe will be thrown into turmoil. There is more uncertainty than many think, right now. You could say this meeting is make or break.” 2.35pm GMT The US housing market remains buoyant, with the price of single family homes increasing by more than expected in September on a year by year basis, albeit by less than the previous month.The S&P/Case Shiller index showed a 4.9% year on year rise in September, compared to forecasts of a 4.6% gain. The overall trend in home price increases continues to slow down.With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better.US CASE SHILL better at 4.9% v 4.6% expected ..... grwth rate slowing ... but better than expCase-Shiller chart. YOY change pic.twitter.com/cGhoqwDuxtMiami is hot. Home prices up 0.64% in a month and 10.3% over the last year. 2.06pm GMT Capital Economics reckons today’s growth report means the Federal Reserve is likely to raise US interest rates in March 2015.They also flag up one disappointing change – “employee compensation” (pay, basically) were revised down for the second and third quarters.In particular, the second quarter growth rate was slashed from 5.3% to 2.8%, resulting in a downward revision to the savings rate. The latter is now estimated to have been 5.0% in the third quarter, down from the initial 5.5% figures. Nevertheless, strong employment gains and increasing hours worked will generate solid gains in labour income over the next few quarters. 2.03pm GMT Rob Carnell of ING agrees that the US GDP report is broadly encouraging:For instance, the upwards revision to equipment and software spending (business investment, now 10.7% from 7.2% initially), and personal consumption (consumer spending now 2.2% from 1.8%), and residential investment (homebuilding - now 2.7% from 1.8%).Whilst some parts of this release do suggest that the US economy has more momentum than initially indicated, both inventories and the defence component of government spending are likely to revert to being considerable drags in the fourth quarter, taking GDP growth closer to 2.0% than 3.0%, and the profile for GDP will remain very choppy, masking an underlying growth rate of between 2.5% and 3.0%. 2.00pm GMT The US GDP report helps to paint an “an increasingly rosy picture for the US economy”, reckons Dennis de Jong, managing director at UFX.comJanet Yellen will rightfully be thrilled with the growth shown since the last release of data, which defied expectations and nearly broke through the magical four per cent mark.US consumers have many things in their favour at present. Retailers will rightfully be bullish ahead of the traditional holiday shopping kick-off event Black Friday, as remarkably low gasoline prices fill the pockets of consumers with unexpected cash. The question remains, can retailers keep the tills ringing in the run-up to the holidays if OPEC announces a cut in production on Thursday?” 1.59pm GMT Another encouraging sign, US firms did not run down their inventories as much as first estimated. 1.57pm GMT The US GDP report also shows that US consumers spent more on ‘big ticket’ items in the last quarter; durable goods sales to consumers were up 8.7%.And investment in new equipment rose by 10.7%, as this chart explains:Buying big stuff way up RT @themoneygame: Q3 GDP Growth By Category http://t.co/iAvikqP9Ja pic.twitter.com/8zQmPJntUG 1.54pm GMT Q3 GDP revised higher on stronger personal spending and business investment, net exports add less, inventory drag is reduced 1.52pm GMT The US has posted its fastest six months of growth in over a decade, it appears.The 3.9% annualised growth in Q3 follows growth of 4.6% in the second quarter of 2014. You have to go back to 2003 to find two stronger quarters of growth.Whoa. We just experienced the strongest 6 months of growth in a decade per @toristilwell.(Which says more about how crappy the last decade was for growth than anything else. But still!) 1.41pm GMT America grew rather faster than the UK over the summer.Britain’s GDP rose by 0.7% in the third quarter of the year, which is an annualised rate of just over 2.8%. US #GDP for the 3rd quarter has just been nudged higher from 3.5% annualised to 3.9%.So up 0.1% in UK terms 1.40pm GMT Economists had expected US GDP to be revised down slightly, to an annual rate of 3.3%, so this is a ‘good number’... US Q3 GDP revised up to 3.9% annualized (from 3.5%). Well above TR consensus of 3.3%. 1.37pm GMT The US growth rate has been revised up because consumer spending was stronger than first thought, at +2.2% (up from +1.8%).Business investment was also higher than initially estimated, at +7.1% (up from +5.5%).*REVISION TO Q3 GDP LED BY GAINS IN CONSUMER, BUSINESS SPENDING 1.31pm GMT Breaking: The US economy grew by an annualised rate of 3.9% in the third quarter of 2014, or almost 1% on a quarterly basis.That’s an increase on the initial estimate, of 3.5% growth (annualised), and shows that America’s economy is outpacing rivals such as Europe and Japan. 1.25pm GMT Nearly time for the next event of the day, the second estimate of US GDP for the third quarter of 2014.The first estimate showed America’s economy grew at an annualised rate of 3.5% in July-September; economists expect a slight downgrade..... 1.15pm GMT A brisk recap of the Treasury hearing (full coverage starts here):“Certainly in recent months, the global economic conditions have deteriorated in two of the major economies, Europe and Japan......the geopolitical situation remains difficult and the combination of that suggests a heightened degree of external risk to the United Kingdom.”Carney's "gloomy prognosis" for the Eurozone "is an accurate one", he says.Carney on immigration: "These are intensely political issues. We don't want to be in the middle of an election campaign." 12.33pm GMT The pound dipped during the Treasury hearing, down about 0.4 of a cent against the US dollar at $1.5667.Carney, along with three of his colleagues from the Monetary Policy Committee, referred to the external factors such as the continued stagnation in the euro zone which pose a very real threat to UK growth. They have continued the dovish theme from the Inflation report which was released on November 12th, and warned that downside inflation risks remain whilst growth in the UK for 2015 is likely to be slower than this year. 12.15pm GMT The session ends with Andrew Tyrie, committee chairman, homing in on the issue of migration again (see earlier posts).Does Mark Carney think there has been a change in UK policy on migration? 12.06pm GMT Is the US exporting disinflation, or even deflation, through the commodities market now that its quantitative easing programme has ended?It is hard to say that, Kristin Forbes replies. She points out that the US inflation rate is higher than the UK, and the higher dollar should push up the cost of imports from America (which should raise inflation) 12.05pm GMT Are these secular trend in the labour market so widespread that migration becomes a political issue, asks Conservative MP Steve Baker.Carney declines to comment on politics. 12.04pm GMT Ouch. Carney takes issue with a recent Financial Times article that claimed the Bank’s forecasts were “nonsense” because they suggested the surge in labour market slack in the crisis would only occur once every 254 million years. This is an erroneous and ‘misleading’ conclusion, the governor says; apparently the FT’s interpretation of standard deviations wasn’t right. 11.46am GMT Mark Carney goes on to reiterates his point that technology is driving structural changes in employment. 11.35am GMT Is the internationalisation of the UK economy helping to keep wages low?We have seen net migration into the UK, Mark Carney says. 11.27am GMT Carney says he has seen some evidence that the bonus cap for bankers is pushing up fixed salaries 11.26am GMT Mark Garnier MP asks if Mark Carney has become softer and more compassionate about those households who would struggle to cope with a rise in borrowing costs.Carney says he realises there is ‘sensitivity’ over the impact of interest rate hikes, and that is an important factor. 11.20am GMT A reminder that the Treasury committee hearing is being streamed live, here (after that early technical hiccup) 11.18am GMT The committee are trying, and largely failing, to pin the Bank down for an estimate on the UK economy’s trend growth rate.It all depends how much of a recovery we see in productivity, they say. But Carney suggest a figure of, perhaps, something like, 2% to 2.25%. Probably. 11.15am GMT The FT have the key quote from Kristin Forbes, in which she explained how there are upside, as well as downside, risks to the UK:Where my view is slightly different than probably the median view of the nine of us on the Committee, is that I put slightly more probability on the risk that the global economy could be somewhat stronger than in our baseline forecast, especially the US economy, recently some of the data has been stronger, so there could be less of a drag on our forecast from the external economy. 11.06am GMT John Thurso MP takes up the questioning: The Wall Street Journal reports that you have solved the puzzle of weak productivity, governor. Care to share the secret? Did I? Carney replies, looking a little baffled. I’ll have to dig out my old copies of the Journal and remind myself how I did it. 11.01am GMT Are UK consumers and businesses ready for interest rates to rise?Ian McCafferty reckons consumers are not more sensitive to higher borrowing costs than in previous cycles. 10.54am GMT Forbes says her personal assessment of the economy is ‘less gloomy’ than some headlines.And the fact that UK consumers have been drawing down on their savings to fund spending is a sign of confidence, she suggests. 10.54am GMT Kristin Forbes points out that the policymakers have repeatedly started a year with optimistic forecasts, but ended up downgrading them before the 12 months were out. 10.53am GMT Carney reiterates that the stagnating eurozone economy is a serious threat to the UK economy. There is a danger that the downside risks we see could transpire, the governor says, especially as our forecast is predicated on unconventional monetary policy from the European Central Bank. 10.50am GMT Is there any good news in the global economy, MPs ask.Ian McCafferty (a hawkish member of the MPC), claims there are. He suggests the fall in the oil price could stimulate the global economy more than expected (lets hope so). 10.48am GMT 10.42am GMT Does the Bank of England agree with David Cameron that red warning lights are flashing on the global economy?Governor Carney says he’ll leave that particular phrase to the prime minister.Carney Says Japan, Euro Area Have Weakened, U.s. Is Different 10.35am GMT John Mann suggests that the Bank’s regional agents are failing to measure the UK labour market properly, because the spike in self-employment and migration has caught them out.Isn’t there a danger that some of your data models are outmoded? 10.28am GMT Mann invites professor Kristin Forbes, who joined the MPC this summer, to comment on the competence of her colleagues.I’ve been very impressed by the knowledge and expertise of the Bank, says Forbes, padding the question back carefully. 10.26am GMT John Mann MP chides Ian McCafferty for warning about wage growth, saying the MPC should have been encouraging it not flapping about the impact on inflation.Kristin Forbes, MPC member, agrees that wage growth has been too low -- we need to see incomes rising so that household consumption doesn’t slow. 10.23am GMT Why did the MPC get its inflation forecasts so wrong?Ian McCafferty says the BoE didn’t get it wrong -- we expected inflation to fall, and it has. The oil price has fallen faster than we expected, though. 10.20am GMT #BoE Carney says MPC discussions on timing of tightening, not easing 10.20am GMT Has the Bank done any work on further easing measures to fight off deflation?Mark Carney says it is “more likely than not” than inflation will fall below 1% un the next few months, leading him to write to the chancellor explaining why the CPI has not been kept within one percentage point of the 2% target. 10.16am GMT What are the chances of inflation being below the BoE’s target? 10.13am GMT Tyrie then challenges governor Carney over his forward guidance policy (that interest rates would not rise until the data showed the economy was strong enough).You claim it’s an idea whose time had come, but in reality it’s an idea whose time had gone, Tyrie jibes (because unemployment fell much faster than the BoE expected). 10.12am GMT Hmmm, the web feed from parliament has crashed, but the session is being streamed on Bloomberg TV (and probably on the website too) 10.08am GMT Andrew Tyrie MP begins the session by asking why the minutes of the last MPC meeting showed a wide range of views between members.Ian McCafferty (one of two hawks who voted to raise rates), says there is now “a balance of views” between the seven dovish MPC members over how much spare capacity remains in the UK economy, and the risks of inflation overshooting/undershooting predictions. 10.04am GMT Over in Parliament, the Treasury Committee is starting to question the Bank of England over the latest quarterly inflation report.Governor Mark Carney is there, along with deputy governor Sir Jon Cunliffe, and Monetary Policy Committee members Ian McCafferty and Kristin Forbes. 10.01am GMT Mortgage approvals in the UK fell by 16%, year on year, in October, in the latest sign that the housing market is slowing.British banks approved 37,076 mortgages last month, down from 43,918 a year ago and 39,127 in September.“Today’s figures suggest that the cooling of the property market has continued in recent weeks” 9.46am GMT Over in the Netherlands, banking unions say they’re shocked by the news that ING is cutting around 2,700 positions. 9.20am GMT Here’s a nice chart, from Nordea Markets’ European economist Holger Sandte, showing how parts of Germany’s service sector have been lacklustre since the collapse of Lehman Brothers in 2008:Why is #GDP growth so weak in #Germany? Part of the answer lies in the #servicesector pic.twitter.com/GT1KXXJpAl 9.17am GMT Stat of the day?Brits own 70% of all the credit cards in Europe, according to the FCA: http://t.co/PznpYzIzGk 9.07am GMT Are credit card companies letting consumers down? The City regulator is preparing to find out....At £150bn a year, the UK credit card market is the largest in Europe, with 30 million people holding cards with total debts of £60bn. The Financial Conduct Authority said it would launch an investigation into the market when it took over regulation of the sector in April. On Tuesday it revealed the full scope of its inquiry. It will look at the complexity of credit cards, the fairness and transparency of their terms and conditions, and whether consumers can easily switch between different credit card providers.... 8.52am GMT Back in the UK, the Nationwide Building Society has predicted that interest rates will remain at their current record lows until at least next April.As we look ahead to the remainder of the year, we do so against a background which has seen unemployment falling sharply and the economy growing at an annual rate of around 3%. However, with few signs that inflationary pressures are building, and renewed concerns about a slowdown in the Eurozone, we do not expect the Bank of England base rate to rise before the start of our next financial year, with future rises being gradual in nature and settling below pre-crisis levels. 8.38am GMT Germany’s stock market is outperforming the rest of Europe this morning.The DAX has gained 20 points, or 0.2%, in early trading. The French CAC is up just 0.1%, while the FTSE 100 is flat. 8.28am GMT The BBC’s Europe editor, Gavin Hewitt, agrees that this morning’s German GDP report is encouring, even though growth was so weak at just 0.1% quarter-on-quarter:Some slightly better statistics out of Germany. Consumer spending rose by 0.7% in the third quarter and exports were 1.9% higher. #Germany 8.14am GMT UK DIY Kingfisher is still finding France tough, though.Trading conditions in our largest and most significant market, France, were particularly difficult and deteriorated across the quarter, impacted by the weak economic backdrop. In the UK however, where conditions have been more favourable, we have delivered LFL growth with Screwfix performing particularly well, delivering a 25% increase in sales on top of very strong growth last year. Overall, we remain cautious on the outlook, especially in France, and continue to focus on margin and cost initiatives to support our performance. 7.56am GMT Some rare, and welcome, good news from France just hit the wires. French industrial confidence production has risen this month, according to statistics body INSEE’s monthly survey of the sector (online here). Morale rose to 99 on Insee’s index (up from 98 in October), which is just one point shy of the long-term average. 7.47am GMT Economists are encouraged to see that German companies cut their inventories last quarter.That may seem odd – falling inventories is usually a sign that bosses have lost confidence, or seen a dip in demand. Strong negative growth contribution from stocks on German GDP in Q3 bodes well for Q4 and growth acceleration. https://t.co/L25E7Q4ZeiHmm, inventories could give Germany a good fourth quarter given that they ate away 0.5% worth of GDP growth in Q3 7.35am GMT Germany avoided falling into recession in the last quarter thanks to a rise in private spending, which made up for a worrying drop in business investment.The German economy turned out to be stable in a difficult global economic environment. 7.33am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, business and the eurozone.Lots of economic news this morning, starting with confirmation that Germany has avoided recession. The German Statistics Office has just announced that German GDP rose by 0.1% in the third quarter of 2014, in line with the preliminary estimate two weeks ago. Continue reading...
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FRANKFURT, Germany, November 25, 2014 /PRNewswire/ -- Fraport AG Frankfurt Airport Services Worldwide and its partner Copelouzos Group have been selected as preferred investor for a 40-year operating concession ...
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