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

Wednesday, April 15, 2015

It takes a whopping 90 gallons of water to produce one tiny container of Greek yogurt

You may have heard that Greek yogurt has a big waste problem. To make it thick and creamy, producers strain out all of its liquid. They end up with an enormous amount of watery, acidic byproduct that they still have no idea what to do with. Which brings us to an even more pressing problem: the water. Making one small container — a single serving — of Greek yogurt requires 90 gallons of water, Mother Jones reports. That's a lot of water, especially considering that California, the nation's biggest dairy producer, is in the middle of its fourth year of the most extreme drought in over a millennia. A serving of almonds, by comparison, uses just 23 gallons. On the other hand, red meat, which requires water at nearly every step of the production process, is even worse at 850 gallons for an 8-ounce steak. It all comes down to one major issue: A huge amount of all the crops we grow (and irrigate) are fed to animals — whether we eat their meat or just use their milk. Take alfalfa, for example. Whether it's dried and made into hay or chopped up and processed into feed, almost all of it is grown for the sole purpose of feeding animals. And a huge portion of those animals — especially in California — are dairy cows, which we use to make milk and (you guessed it) yogurt. The problem with going Greek Because cows eat thirsty crops, all dairy products require a pretty hefty amount of water. A glass of milk, for example, translates into 30 gallons of water, while a slice of cheese needs 25 gallons. By comparison, a regular container of yogurt, which requires 35 gallons, doesn't seem so bad. But make that yogurt Greek and bam! You're up to 90 gallons of water — all for one little container. Why? The reason Greek yogurt is so thick and creamy is because, as mentioned above, all its water has been drained out. Regular yogurt still has all that water. That means that in order to get the same amount of yogurt (think about half a cup, which is the typical single serving), you need far more of the original solution of the Greek stuff. That way, by the time all the water is squeezed out, you're still left with enough to fill a single serving. So while Greek yogurt might be a delicious, protein-rich snack, it's probably not your best bet in the middle of the drought.READ MORE: One chart sums up the real problem in the California drought — and it isn't almonds SEE ALSO: The 700-calorie breakfast you should eat if you want to live forever, according to a futurist who spends $1 million a year eating right Join the conversation about this story » NOW WATCH: China banned smoking meat on the street because of air pollution, but people do it anyway


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Juncker's is running out of patience with Greece, EU official says

European Commission President Jean-Claude Juncker seems to be upset with the lack of progress in discussions with Greece, according to an EU official , as Reuters reports.  In Brussels, Juncker, told a closed-door meeting of the EU ...


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Greece's economic outlook worsens after downgrade

Athens has sunk deeper into junk territory after ratings agency S&P once again cut its credit rating. Pressure is on to strike a deal with its international creditors, but time's running out and patience wearing thin.


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Germany Sees Greek Payment Withheld in April as Progress Elusive

The German Finance Ministry said an aid payment to Greece won't happen this month and that negotiations between the Greek government and ...


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German FinMin Schaeuble: ‘Tsipras’ Govt Destroyed the Greek Economy’

German Finance Minister Wolfgang Schaeuble has accused the newly elected Greek leftist-led government for backsliding on reforms and destroying the economic progress achieved by its predecessors. Moreover, the Eurogroup hardliners leader highlighted that no one expects a resolution of the standoff with the Greek government next week over the long-awaited fresh bailout funds. “It is a tragedy,” he said earlier today at the Council on Foreign Relations in New York, adding that Greece needs to become competitive in order to stop being a “bottomless pit.” The German Finance Minister’s insulting comments come at a time when Greece’s European partners are concerned that the time is running short for reaching an agreement that could prevent a Grexit. At the same time, the German Finance Ministry denied a report published in German daily newspaper Die Ziet that Berlin is currently working on a proposal that will keep Greece in the single currency in case of a default. Schaeuble is among European officials that have openly questioned the chance of an agreement between Greece and its partners before the April 24 Eurogroup in Riga, Latvia. The Eurozone Finance Ministers meeting aims to assess whether Athens has made enough progress with its reforms to achieve a liquidity injection from its 240-billion-euro bailout package. Various European leaders have been pressuring Greece to specify its reforms list as the danger of running out of cash by the end of April is now visible, while debt repayments to creditors as well as salary and pension obligations are drawing closer.


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Police brace for rallies – for and against – gold mine in northern Greece

The police are taking emergency measures to ensure that two demonstrations scheduled to take place in central Athens on Thursday – in favor of and against the operation of the Skouries gold mine in Halkidiki, northern Greece – are kept apart.


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Draghi Dismisses Talk of a Greek Default‏

European Central Bank (ECB) President Mario Draghi dismissed fears of a possible Greek default. Asked about a Greek default during a regular news conference in Frankfurt on Wednesday, Draghi said: “I don’t even want to contemplate that. And based on the Greek government leaders’ statements, this option is not contemplated by themselves as well. So I’m not ready to discuss any possible situation like that.” Commenting on how far the Emergency Liquidity Assistance (ELA) mechanism could be extended for Greece, the ECB President said: “I think the answer to your question is entirely in the hands of the Greek government. As you know, we approved ELA and we will continue to do so, extend liquidity to the Greek banks while they are solvent and they have adequate collateral. So from this viewpoint we have always been and we continue to be a rules-based institution.” “It is entirely depending on the conditions that will be in place” after negotiations between Greece and its Eurozone partners, Draghi said. (source: ana-mpa)


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Czech KKCG Group raises share in Greece's OPAP

KKCG said it acquired an additional 22.35 percent stake in investment fund Emma Delta from ICT Holding, substantially controlled by Russian entrepreneur Alexander Nesis.


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GRECA announces creation of e-commerce cluster

The Greek eCommerce Association (GRECA) on Wednesday announced the creation of a business cluster for international electronic commerce, aimed at supporting Greek e-shops in their export activity.


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European Debt Crisis Fast Facts

Here's a look at the European Debt Crisis which has affected the countries of Cyprus, Greece, Ireland, Italy, Portugal and Spain.


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UPDATE 1-S&P cuts Greece's rating over prolonged talks with lenders

Greece has been locked in talks with its EU and IMF creditors on economic ... "Greece increasingly depends on favourable business, financial and ...


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Greece cut to CCC+ from B- by S&P; outlook negative

No big surprise with Greece in a game of chicken with the IMF and EU over labor and pension reforms. Both sides refuse to budge and the IMF has the ...


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Greece in talks with Russia to buy missiles for S-300 systems: RIA

NATO member Greece has been in possession of the Russian-made S-300 ... It was unclear where Greece, whose leftist government is struggling to ...


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EconomyGreece's rating cut further into junk by S&P

Not that an alarm was needed, but Standard & Poor's sounded another on Wednesday as it cut Greece's rating further into junk. The country's rating ...


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Standard and Poor's ratings agency downgrades Greece

Greece's new left wing-led government has been locked in strained negotiations with creditors since winning elections in January on pledges to ...


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S & P’s Downgrades Greece Into Junk Status Over Failed Reforms

The Standard and Poor's rating agency downgraded Greece's credit grade further into junk status April 15, saying the country's financial commitments would be unsustainable without "deep economic reform or further relief." The post S & P’s Downgrades Greece Into Junk Status Over Failed Reforms appeared first on The National Herald.


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Greece Misses Budget Deficit Goal

Official figures show that Greece fell well short of its budget deficit reduction targets last year, adding pressure doing talks with lenders. The post Greece Misses Budget Deficit Goal appeared first on The National Herald.


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Greek public debt at 177 pct of GDP in 2014

Greece's public debt totalled €317.1 billion, or 177.1% of GDP, at the end of 2014, Hellenic Statistical Authority said on Wednesday. The statistics service, in a report, also said that the general government's deficit was €6.4 billion euros, or 3.5% ...


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Slovakia says Greece is moving ever closer to the abyss

Greece is moving ever closer to the abyss and there are not big chances of a breakthrough at a meeting of eurozone finance ministers in Riga next week, Slovak Finance Minister Peter Kazimir said on Wednesday. "Given the we have ...


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Gold futures rise modestly, amid mounting concern of Greek default

Greek officials face a Monday deadline from the euro zone's working group to present a revised list of reform measures deemed necessary to unlock a ...


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Greek debt can become sustainable without a haircut, says Regling

Greece can return to debt sustainability without another haircut for creditors, the head of the European Stability Mechanism said on Wednesday speaking at the Peterson Institute for International Economics in Washington.    As Reuters reports, Klaus Regling said that Greece was benefiting from ...


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Greece in new downgrade by S&P for "unsustainable" commitments

Ratings agency S&P has downgraded Greece's credit rating again, saying it expects its debt and other financial commitments will be "unsustainable".


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Greece strikes back at bankruptcy talk

The Greek government has dismissed rumors and articles about the country's allegedly imminent bankruptcy and repeats its position that the bailout deal, as it stood before its election in January, is dead. The government announcement follows: "Lately, media pressure has intensified to ...


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Finland after the boom: 'Not as bad as Greece, yet, but it's only matter of time'

A birch forest in Finland. Oulu's paper industry is not what is was, with jobs in pulp and cellulose moving abroad. Photograph: Harri Tahvanainen/Getty ...


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Schäuble dashes hope of Greek deal

German minister says ‘no one expects a solution’ at high-stakes meeting next week


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Greek Sovereign Debt Downgraded at S&P

The revised rating moves Greek sovereign bonds deeper into junk territory from a highly speculative investment to one with substantial risk. That could ...


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WRAPUP 2-Germans downbeat on chances of Greek deal next week

(Adds comments from Schaeuble and Draghi). * Germany sees no prospect of Greek deal next week. * Eurozone member Slovakia also downbeat.


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Grexit talk sends bourse benchmark further south

International rumors about a Greek eurozone exit and the bleak outlook of the country’s negotiations with its creditors sent local stocks even lower on Wednesday, with banks again bearing the brunt of the selling pressure.


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Disproportionate tax burden on Greek families with children

Greece levies the highest taxes on families with two children among the 34 member-states of the Organization for Economic Cooperation and Development (OECD).


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Slovak FinMin Kazimir Doubts a Greek Deal in April 24 Eurogroup

Slovak Finance Minister Peter Kazimir appeared skeptical on the possibility of Greece and its European partners reaching an agreement in the upcoming Eurogroup meeting. As he said, Greece is currently moving ever closer to the abyss and there are not high chances of a deal at the Eurozone Finance Ministers meeting scheduled to take place in Riga, Latvia, on April 24. “Given that we have lost a lot of time, I am skeptical,” Kazimir told reporters, according to Reuters, after a Slovak cabinet meeting when asked if he believed the Eurogroup could bring a breakthrough. As he said, “Greece is moving ever closer to the abyss.” The Slovak Finance Minister’s comments come in accordance with previous estimations published yesterday in German daily newspaper Handelsblatt. The chances of Greece striking a deal with its European partners in the upcoming April 24 Eurogroup are low, the German newspaper wrote, adding that the decision to release funds may come at the next Eurozone Finance Ministers meeting on May 11. As it was explained, the main reason for the delay is that Greece does not want to implement pension and labor market reforms, as requested by its partners, while the country is expected to yet again run out of cash by May 1, if no fresh assistance is unlocked. Last week, Greece’s Deputy Minister for International Economic Relations Euclid Tsakalotos said the Greek government aims to conclude talks with its international creditors regarding its revised reforms package within April and specifically before the 24th when the next Eurogroup meeting is scheduled.


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German Chancellor Merkel: Cyprus Talks Must Be Conducted Away From Threats and Blackmail

German Chancellor Angela Merkel has highlighted that the Cyprus problem talks must resume away from any threats and blackmail, Cypriot government spokesperson Nicos Christodoulides said in a written statement issued on Tuesday, just four days ahead of President Nicos Anastasiades’ visit to Athens. “The President of the Republic, Nicos Anastasiades, had a telephone communication with German Chancellor Angela Merkel late in the afternoon today,» Christodoulides said in his written statement. As he further explained, “the President and the Chancellor discussed issues that concern the bilateral relations between Cyprus and Germany, the European Union as well as regional matters.” Moreover, Christodoulides said that the Cypriot President briefed the German Chancellor on developments in regards to the Cyprus problem. On her behalf, “Mrs. Merkel stressed that the dialogue on the Cyprus problem needs to take place away from threats and blackmail, so that through the appropriate atmosphere and a sincere dialogue, the prospects for a positive conclusion can be created,” the Cypriot government spokesperson concluded. It should be noted that yesterday it became known that the Cypriot President is scheduled to travel to Athens on Friday, April 17, in order to brief the country’s political leadership ahead of the scheduled resumption of the United Nations-backed bicommunal talks in what is characterized as “one of the most decisive phases of the Cyprus problem.” Anastasiades is expected to explain to his newly elected Greek counterpart Prokopis Pavlopoulos, Greek Prime Minister Alexis Tsipras and leaders of parliamentary represented parties -except the Nazi-inspired Golden Dawn- that he is willing to return to the negotiation table with the Turkish-Cypriot side under the condition that Turkey will commit itself not to proceed to any further “offensive actions,” that there will not be any “other terms” and the talks will resume from “where they were stopped” before the interruption due to Turkish provocations.


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Greek Wine Production Down 16.24%

Wine production in Greece fell by 16.24% in the 2014-2015 period to 2,800,000 hectolitres, from 3,343,000 in the previous period, surpassing initial estimates for a 3.44% decline in production. A Wednesday report by the central cooperation union of wine products said that production was negatively affected by weather conditions in spring and summer of last year. Production of wines under Protected Origin Name fell to 237,000 hectolitres last year, from 315,000 in the previous year, while production of wine under Protected Geographical Sign fell to 439,000 hectolitres, from 600,000 in the previous year. The only exception to the declining trend was the production of varietal wines that rose to 114,000 hectolitres, from 70,000 in the previous year. (Source: ANA-MPA)


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Greek Interior Minister: They Want to Turn Greece into a Mass Transit Theater of Syrian Refugees

Greek Interior Minister Nikos Voutsis appeared highly critical of the northern European countries’ migration policy, accusing them of turning Greece “into a theater of mass transit for hundreds of thousands of refugees from Syria.” As the debate over Greece’s moves to deal with the waves of migrants and refugees crossing its borders on a daily basis by the hundreds is heating up, Voutsis explained that the refugee waves from Syria are increasing, with a 130% surge documented in the first three months. Moreover, the Greek Interior Minister did not rule out the possibility of an even greater increase in the above figures, while there are about 2.5 million refugees in Turkey at the moment, awaiting to cross the Aegean Sea, 1.2 million in Jordan and a total of 4.5 million in various Mediterranean shores, trying to make it over to Europe. As he said, “fast track” procedures must be in place and the refugees arriving in Greece should be granted three-month residency permits in order to allow them to visit the countries they desire. In a similar critical tone, Voutsis accused the previous government of ignoring almost 90 million euros of European Union funds for migration services and not creating any of the 2,500 jobs in hospitality it announced. At the same time, Frontex General Director Fabrice Leggeri will visit Greece tomorrow in order to hold a series of meetings with government officials and visit areas that have experienced problems due to increased migration, such as islands in the Eastern Aegean. On their behalf, Greek Coast Guard union representatives claim that Frontex has turned into a bureaucratic entity and is not providing any substantial assistance, despite the increased problem Greece is facing. As the union representatives said, the Europeans are “sympathetic” but only because through European Union treaties and agreements they have ensured migrants will remain in the first country of entry in the EU, such as Greece.


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Europe’s Poisoned Chalice of Growth

by  Barry Eichengreen CAMBRIDGE – After a double-dip recession and an extended period of stagnation, the Eurozone is finally seeing green shoots of recovery. Consumer confidence is rising. Retail sales and new car registrations are up. The European Commission foresees 1.3% growth this year, which is not bad by European standards. But it could be very bad for European reform. It is not hard to see why growth has picked up. Most obviously, the European Central Bank announced an ambitious program of asset purchases – quantitative easing – in late January. That prospect rapidly drove down the euro’s exchange rate, enhancing the international competitiveness of European goods. But the euro’s depreciation is too recent to have made much difference yet. Historical evidence, not to mention Japan’s experience with a falling yen, suggests that it takes several quarters, or even years, before the positive impact of currency depreciation on net exports is felt. So other factors must be at work. One is that spending and growth are now under less pressure from fiscal consolidation. The structural primary budget balance, the International Monetary Fund’s preferred measure of “fiscal thrust,” tightened by an additional 1-1.5% of GDP each year from 2010 to 2012, after which it remained broadly stable. The subsequent two years of neutral fiscal policy has made a positive difference for economic performance. And, however regrettable the uneven application of the EU’s fiscal rules, the European Commission’s recent decision to give France more time to reduce its budget deficit to 3% of GDP is welcome, coming as it did against the backdrop of a weak economy. Another factor behind the upturn is the meaningful progress that a number of European countries, such as Spain, have made on structural reform. Labor-market regulation has been loosened, and unit labor costs have come down. This, too, is showing up as further improvement in Europe’s competitiveness. A third driver of recovery is the fact that banks and financial markets are now better insulated from the turmoil in Greece. French and German banks have been able to sell their holdings of Greek government bonds, largely to the ECB, which has acted as bond purchaser of last resort. The ECB has also promised to support other countries’ bond markets in the event of a Greek accident. Hence Europe’s recovery is less at risk of being derailed by instability in Athens. Fourth and finally, even dead cats bounce. Economic growth heals many wounds. It strengthens banks’ balance sheets by reducing the volume of non-performing loans. It narrows government budget deficits by increasing tax revenues and limiting welfare spending. By raising the denominator of the debt/GDP ratio, it enhances confidence in debt sustainability. And it produces these benefits automatically, without officials having to do anything more. Unfortunately for Europe, growth also reduces the perceived urgency of action where action is urgently needed – for example, Greece. With the rest of Europe growing, other governments, believing themselves to be in a stronger economic position, are less inclined to compromise with Greece. Everyone understands that compromise is preferable to the collapse of negotiations, disorderly default, and Greece’s forced exit from the eurozone. But the more confident the rest of Europe becomes of the sustainability of its recovery, the more it adopts a hard line – and the more likely a disorderly denouement becomes. Similarly, the more that recovery and sustained growth strengthen banks’ balance sheets, the less urgency policymakers feel to address structural shortcomings, such as the implicit guarantees enjoyed by state banks and municipal savings banks in Germany, and the problems of family-controlled banks like Banco Espirito Santo in Portugal. And even 2% growth will not render Europe’s triple-digit debt/GDP ratios sustainable. Europe still needs debt restructuring, though the continent’s leaders refuse to acknowledge this. Economic recovery merely enables them to delay the inevitable day of reckoning. Finally, there are the more ambitious reforms – fiscal union and political union – that must complement monetary union if Europe is to avoid a similar crisis in the future. If there is one lesson to be learned from Europe’s recent travails, it is that monetary union without fiscal and political union will not work. Yet, given intense opposition to further fiscal and political integration, progress, if it is to occur, will entail difficult and divisive negotiations. So any European growth that occurs without these measures will create an incentive to put them off. The problem, quite simply, is that many of the underlying conditions that produced the eurozone crisis remain unaddressed. If Europe now grows without making the hard decisions needed to address them, those decisions become correspondingly less likely to be made. In developing countries, it is said that good times are bad times for economic reform. Welcome to developing Europe. Barry Eichengreen is a professor at the University of California, Berkeley, and the University of Cambridge. His latest book is Hall of Mirrors: The Great Depression, the Great Recession, and the Uses – and Misuses – of History.  Copyright: Project Syndicate, 2015.www.project-syndicate.org


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S&P downgrades Greece's sovereign ratings to 'CCC+/C'

"Without deep economic reform or further relief, we expect Greece's debt and other financial commitments will be unsustainable," S&P said. (Reporting ...


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Greece appeals to EU for help in handling migrant influx

ATHENS (Reuters) - Greece's government appealed to the European Union on Wednesday for help handling undocumented migrants after the ...


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Greece Falls Short of Budget Target

ATHENS—Greece fell well short of its budget target last year, official data showed Wednesday, adding even more pressure on the Greek government ...


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Will Economic Reforms Save National Bank of Greece (ADR) (NBG)?

National Bank of Greece (ADR) (NYSE:NBG) stock finished in the red at 3.20% as markets closed yesterday. The stock is likely to fall again today as it ...


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FinMin Schaeuble fires his gun: new Greek gov’t damaged improving economy, markets see no contagion from Grexit

The “embargo” that German Chancellor Angela Merkel had apparently imposed on her Finance Minister after the visit of Greek Prime Minister Alexis Tsipras in Berlin did not last long. Or was it no embargo but a spiritual Lent before Easter? Now that both the Western and Eastern Churches celebrated Jesus […]


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Standard & Poor’s downgrades Greece from B- to CCC+, outlook “negative”

Standard & Poor’s Ratings Services cut its credit ratings on Greece, saying it expects the country’s debt and financial commitments to be unsustainable without deep economic reform. The credit rater, which lowered its ratings by one notch to triple-C-plus, added that the outlook is negative given the risk of liquidity […]


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S&P downgrades Greece as creditor talks fail to progress

ATHENS, Greece — The Standard and Poor’s rating agency downgraded Greece’s credit grade further into junk status Wednesday, saying the country’s financial commitments would be unsustainable without “deep economic reform or further relief.”


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S&P cuts Greece's rating to CCC+, outlook negative

Standard & Poor's on Wednesday cut Greece's credit rating to "CCC+" from "B-" with a negative outlook, CNBC reports. S&P said it expected Greece's debt to be "unsustainable." It cited the potential for dissolving liquidity in the government, banks and economy. "Without ...


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FTSE 100 hits new record with miners and retailers rising

Investors hope for positive central bank moves and shrug off Greek woesLeading shares hit a new peak once more, as investors shrugged off the uncertainty of the UK general election and worries about Greece’s debt and US rate rises.It was a bad news means good news day, with poor data from China and the US prompting talk of further stimulus measures from the former and for the latter, a delay in the Federal Reserve increasing borrowing costs. Sentiment was also lifted by the European Central Bank which, despite an unprecedented protest at its press conference, soothed nerves about the eurozone economy and the success so far of its QE bond buying programme. Even the prospect of Greece running out of cash as its next deadline approaches with agreement no closer failed to unsettle the markets.US March industrial production data does not provide any consolation after yesterday’s poor retail sales figures. Consensus was for a weak 0.3% month on month decline, but managed to exceed even this on the downside with a 0.6% fall.Markets are no longer even talking about a June rate hike as a possibility. With data like this, it is not surprising. And if things don’t shape up soon, then even September is going to look a hawkish call.Given Hemphill’s extensive background in South (and sub-Saharan) African financial services, we think the appointment is well-aligned to the strategic outlook for the group. Old Mutual is currently described by management as being at an “inflection point”, between the restructuring/consolidation phase of its strategy, and the next phase, which is operational execution. And furthermore, Old Mutual is increasingly focused upon South Africa and sub-Saharan Africa (with the potential further spin-out of its US Asset Management business and/or IPO of its UK Wealth business likely to further increase this focus in our view).Hemphill appears well placed to take the group through this next phase, following the significant progress on stabilisation and re-focusing made by Julian Roberts since his appointment in 2008. Indeed, Hemphill’s appointment may even see an acceleration of this re-focusing upon Africa. Recent US steel production data show deteriorating volumes over the last two months and we expect this to affect demand for Vesuvius. While productivity enhancement is still attractive for the group’s steel and foundry customers, we have reduced our steel division revenue estimates by 4% (3% for the group) and assumed a 22% drop-through, reducing profits by 6-7%. Vesuvius is robust enough to cope with end-market fluctuations, but we have cut our valuation by 15p to 500p and taken a completely neutral stance. Over the next five years Greggs could return nearly £250m to shareholders, equivalent to 23% of the equity, on our central assumptions, rising towards £400m on our most bullish scenario, equivalent to 36% of the equity. While the market has reacted strongly to the growing recovery story, we believe it has yet to fully grasp the scale of the potential returns of surplus cash to shareholders. We reiterate our buy for Greggs with a new 1300p share price target [from 980p] , implying 22% potential upside.Greggs is one year into a five year plan to transform itself from a high street baker to a bakery food-on-the-go operator with broad appeal in the attractive quick service sector. It’s a strong self-help story where recovery is now firmly entrenched. We believe that all the ingredients are well mixed and baking together to ensure a sustained recovery in fortunes: over the next five years we forecast that Greggs will grow earnings per share by 11% compound annual growth rate, that free cashflow will grow by 27% to £79m and return on invested capital will bounce-back to 19%, well above its weighted average cost of capital of 5.6%.We continue to believe that M&A will be a key driver for the industry, and more specifically for the exploration and production companies...We expect well-funded majors and national oil companies to scrap high-cost, high-complexity projects and focus on gaining exposure to low-cost projects via M&A. We see potential for 5-10m barrels a day of low-cost projects to move from E&Ps/independents to majors/national oil companies, substituting less attractive developments. We upgrade Tullow Oil and Africa Oil to buy from neutral, believing that both offer exposure to strategic assets which sit low on the cost curve.Based on an initial sampling that had been undertaken, which indicates an infection rate of approximately 18% of the total population in Xinfeng Plantation, the board wishes to make clear that the impact of HLB in Xinfeng Plantation will be significant, especially with regard to the 2015 winter harvest.There is no guidance on the potential losses before the results of an investigation are known. We place our recommendation and target price under review pending more news from the company and noting the downside risk to our estimates. Continue reading...


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ECB promises 'firm' roll-out of money printing

FRANKFURT (Reuters) - The head of the European Central Bank pledged on Wednesday to roll out its money-printing program 'firmly' and granted continued backing for Greece, saying there was no need yet to limit emergency funding for its banks.


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Cuba's Preventative Medical System; Economically Efficient and Medically Effective

In January 2014, the President of the Board of Directors of One World One Community (OWOC), Archbishop Athenagoras of the Orthodox Archdiocese of Mexico, invited me to accompany him to La Habana, Cuba for my first visit. The occasion was the 10th anniversary of the consecration of St. Nicholas Church in old Havana. The Church resides on a UNESCO World Heritage Site, a gift from the Cuban government. It is a proud building, appointed by the finest handcrafted furnishings straight from Greece. This opportunity, among other experiences throughout my time working in conjunction with His Eminence, has afforded me the opportunity to witness first-hand the enormous benefit the Cubans have enjoyed from their medical system. I have also found that the Cuban people have a deep love for the United States, a strong bond between one another, and a healthy population due to their exceptional medical system. Here at home, much has been said -- and much, likely, will continue to be said -- about Cuba in the coming months. Whether it be about lifting the embargo, resolution of political tensions with the United States, immigration, classic cars, economic opportunity or any other topic surrounding the island state. One less obvious topic is Cuba's exceptional healthcare system at home and its distribution of doctors to humanitarian crises around the globe. Cuba has a strong, effective focus on preventative medicine, which traces its roots back to the 1960s with the creation of el servicio médical rural (the Rural Medical Service) which enlisted 750 doctors committed to revitalizing healthcare networks for the poor and those far from urban centers. The Cuban example illustrates the positive net effect of a focus on prevention and locally-tailored solutions that are based on the needs of the communities' served. Rather than spending the bulk of the available healthcare dollars and energy fighting diseases and problems with expensive clinical services once someone is already sick, it is a mechanism designed for defeating the cause of disease and treating it fundamentally before it becomes complex. The design logic is simple: Try to fix the problem early and at its roots, rather than fight to alleviate or lighten the secondary symptoms later on. This allows for a more replicable, teachable, easy-to-navigate system of healthcare where people young and old are taught best practices for their health, rather than treat maladies as they arise. A good case-in-point was Cuba's response to an outbreak of Dengue Fever in the 90s. Not only did the Cuban government send in doctors to treat the sick and handle the after effects of the disease, they proactively launched a concerted campaign to eliminate standing water in homes in an attempt to curb the local mosquito populations to prevent the bugs from being able to breed, thereby minimizing potential new sources of the disease in the future. In a similar vein, Cuba is unwavering in its commitment to community medical care across the entire country. There's certainly a dispute or two regarding central planning, but it has allowed Cuba to place doctors even in rural and out-of-reach places throughout the island, nearly 33,000 family physicians in total. This gives the Cuban healthcare system incredible flexibility to respond to local needs because it has, far and away, the most doctors-per-person of anywhere in the world, ready to respond to local problems wherever they arise. This structure allows local physicians to not only mandate annual check-ups for the patients in their community. It even enables physician's to go visit patients in their homes if they skip out or are unable to attend. This prevents chronic (and often treatable) diseases, such as high blood pressure, from blowing up into severe, lifelong problems by catching them early and nipping them in the bud before they get out of control. Unsurprisingly, Cuba is among the world's leaders in childhood immunization across a broad swath of diseases, including diseases such as measles that even the United States fails to effectively deal with in many cases. Complimenting their impressive healthcare apparatus, Cuba boasts high literacy and education rates. This helps to promote and support the national priority on medical care (especially for children) despite competing concerns, such as the economy. These, as well as other factors, help make Cuba's national health ratings largely divergent from conventional health expectations based on economic well-being. The results are not only effective medically -- with remarkable life-expectancies (76-81 years, on par with the United States and Europe), infant mortality rates (again, on par or above many developed nations), and deaths under the age of five (you guessed it) -- but they are economically efficient, perhaps even critical. The dollar figures are jarring and oft-reported - Cuba spends roughly $300 dollars per person per year on medical attention, even taking into account the subsidies and taxes that make Cuban healthcare "free" for the entire population. This is a far cry from the United States, where the bill is nearly 30 times as much per person. Much evidence exists to support the notion that, across the physical and socioeconomic landscape of the U.S., the existing medical mechanism still leaves much to be desired for many. And in case you were wondering if, somehow, the dollar figures aren't related to Cuba's healthcare design, think again. The World Health Organization (WHO) asserts that Cuba's approach, specifically its extensive access to healthcare throughout the country, is closely linked to its status as a "high performer" when measuring the economic efficiency of healthcare performance. The WHO study concludes that the Cuban flavor of healthcare exemplifies the "key determinants of a well-functioning or high-performing health system" despite Cuba's relative economic afflictions. The end-result is a healthcare system that consistently delivers impressive performance across a variety of indices despite operating on a shoestring budget. This outcome, given Cuba's focus on prevention, makes sense because curative medicine is much more expensive by any measure than preventative medicine. This clearly stems from Cuba's focus on universal and non-invasive measures. The United States, which spends far more heavily on curative care, provides a stark contrast in approach and results. The idiom "an ounce of prevention is worth a pound of cure" is certainly borne out in Cuba. It may be more accurately described as being worth exponentially more, reflected both in the exceptional accomplishment in the doctor's office and the money left in the patient's wallet. Taken together, these factors together lead the World Health Organization to call Cuba's approach a model to be repeated and mimicked by other low-income countries, both in Latin America and in other parts of the world, to create highly-effective healthcare systems despite limited resources. For its part, Cuba is striving to do just that. Cuba has trained over 23,000 doctors (and is sending out thousands more by the year) through their Latin American Medical School (ELAM, or Escuela Latinoamericana de Medicina) to help share the benefits of the Cuban system throughout the world. ELAM focuses on attracting future doctors from all over the world, training them at one of Cuba's top-flight medical schools, and sending them to underserved and underdeveloped countries. And the kick? The whole process is free of charge for the students. After getting an education, these newly-minted doctors not only treat patients but are the lifeblood for shaping better, more universal, more sustainable healthcare systems on the ground where these systems are needed most, a formula that is already paying dividends for host countries. There remain lasting, material differences between the situation Cuba finds itself in compared to that of the United States, and we can count ourselves fortunate for that. But it bears pointing out that Cuba has had incredible, effective results, and is using them to reshape how developing countries tackle critical healthcare concerns in a world of economic constraint. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.


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Greece's credit rating just got downgraded AGAIN by S&P

With Greece's fiscal situation seemingly deteriorating every day, and little hope of any substantive deal on the horizon, Standard & Poor's just slashed the country's credit rating. That S&P downgrade sends Athens even further into junk territory, down from B- to CCC+. Here's what S&P had to say: The downgrade reflects our view that Greece's solvency hinges increasingly on favorable business, financial, and economic conditions. In our view, these conditions have worsened due to the uncertainty stemming from the prolonged negotiations between the almost three-month-old Greek government and its official creditors. The outlook for full-year economic growth is highly uncertain. We estimate the Greek economy has contracted by close to 1% over the past six months despite a weaker euro and lower oil prices. In our opinion, economic prospects could deteriorate further unless talks between Greece and its creditors conclude soon. Which doesn't sound particularly healthy. The country is struggling to negotiate a bailout deal with its European creditors, and things are not looking good. But even if Greece does meet the conditions its lenders want and get enough to please the far-left government and its supporters, it'll be back in this situation later in the summer — the bailout will only last for three or four months.Join the conversation about this story » NOW WATCH: 9 animated maps that will change the way you see the world


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S&P downgrades Greece rating with outlook negative

Standard & Poor's on Wednesday cut Greece's credit rating from "CCC+" from "B-" with a negative outlook, saying it expected Greece's debt to be ...


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It's Time for the Eurozone to Let Greece and Tsipras Go

While Greece is important and the welfare of its people is important, the success of the Eurozone is more important in the longer run because an ...


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UPDATE: S&P Cuts Greece to 'CCC+'; Outlook Negative (GREK) (FXE)

On April 15, 2015, Standard & Poor's Ratings Services lowered its long- and short-term sovereign credit ratings on the Hellenic Republic (Greece) to ...


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Greece Is Running Out of Money, and Time

Greece, as everyone knows, is running out of money. That means it might not be able to pay its debts, including what it owes the International ...


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