How the world sees Greece
Car registrations grew 20.1% in August to a total 7,039 vehicles (new and used vehicles), up from 5,862 in August 2014 (in passenger cars the increase was 25.8 pct), the Hellenic Statistical Authority said on Wednesday. The statistics service, in a report, said that car registrations were up 20.8% in August 2014 (23.1% up in passenger
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EU Commission President Jean-Claude Juncker has officially proposed the introduction of binding quotas of asylum seekers each member state is to fill. In his first State of the Union speech as head of the EU's executive body, Juncker has said the distribution of migrants is to involve some 120 000 people more than had been previously planned. Germany is to receive the biggest number (31 443) of migrants under the newly proposed scheme, followed by France (24 031) and Spain (14 931). All the countries involved will thus have migrants from Italy, Greece and Hungary (the countries most severely affected by the influx) relocated on their territory. Poland, which had for some time been reluctant to the scheme, will have to accept 9287 more people if it is approved. The Netherlands (7214) and Romania's (4646) potential quotas come next, slightly above those of Belgium and Sweden. Of the smaller nations, Bulgaria is to receive 1600 more migrants (earlier media reports suggested the final number would be 1500), slightly above Slovakia (1502) and Croatia (1064). Denmark, the UK, and Ireland will have the option to choose whether or not to accept migrants. May 2015 saw the introduction of non-binding quotas for 40 000 migrants which were harshly resisted by countries like Slovakia and Hungary. Now asylum seekers will be relocated in a "compulsory" way, Juncker has insisted. His proposals come at a time when Europe is looking for ways to address its biggest migrant crisis for the past decades, hundreds of thousands of people from Syria, Iraq and elsewhere crossing its borders and heading to Germany. A previous attempt at the introduction of mandatory quotas have been met with resistance from some EU member states. "There is a lack of Europe in this union, and a lack of union in this union," Juncker told MEPs in his speech at the European Parliament on Wednesday morning. He also proposed the establishment of a permanent relocation system and unifying approaches to asylum seeking, also by considering amendments to the Dublin II Regulation. Juncker's plan is yet to be discussed at a ministerial level later in September.
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The EEF, a lobby group for UK engineering and manufacturing, on Monday more than halved its growth forecasts for Britain's manufacturing sector this year, from 1.5% to 0.7%. The group blamed what it sees as a "rollercoaster of risk", saying: "Bright spots provided by domestic consumer demand and construction activity are not enough to hold the shadow of global factors at bay." The big problems are China's cooling economy and recent stock market turmoil, Greece's debt crisis, and uncertainty in Europe, with the ECB cutting its growth forecasts on Friday. All three are either directly weakening demand or indirectly hitting it by reducing business' willingness to take risks right now. UK manufacturers' output shrank by 2% in the second quarter, the worst performance since 2009. Exports are also at a 6-year low. As a result, the EEF is cutting forecasts in its quarterly EEF/DLA Piper Manufacturing Outlook survey. Lee Hopely, the EEF's chief economists, says in a statement: "We’ve seen the future of the Eurozone on the line once again, turbulence and uncertainty over China and Greece and, of course, oil and gas are still a concern. Against this backdrop it’s no surprise that confidence is faltering and UK manufacturers are feeling less optimistic about their growth prospects for next year. “However, it’s important to note that confidence has dipped rather than nose-dived and if the global drag lets up anytime soon then UK manufacturing should very swiftly get back into its previous stride." Britain isn't the only one downbeat on manufacturing right now — France's manufacturing sector is in crisis, China's is sector is shrinking, and the US is also in trouble. Join the conversation about this story » NOW WATCH: The one thing you can add to coffee for even more energy in the morning
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NEW YORK (AP) — Commodity markets are renowned for their booms and busts but the last four days in the crude oil market have even experienced traders wide-eyed. The price of oil plunged 8 percent on Tuesday, following a three-day ascent of 27 percent, the biggest such jump in 25 years. "It's wild!" said Phil Flynn, energy analyst at the Price Futures Group. "Buckle up." The stock market has been volatile too, but nothing like oil. The S&P 500 has moved up or down by 6 percent or more only once since 2008. Oil has moved by at least 6 percent each of the last four trading days. Big moves — mostly down — have been a hallmark of the oil market over the past year. Starting last summer oil began to fall, sliding from near $100 to under $45 in March. U.S. oil production was booming, OPEC nations kept oil flowing and even rising demand wasn't enough to absorb the flood of oil. Then oil's moves became more sudden in the spring and summer. Oil rose 25 percent in April. It fell 21 percent in July. It sunk to a low of $38.24 last Monday, the lowest price since the depths of the recession in 2009. The big decline in price was easy to explain. Against a backdrop of rising global supplies came mounting evidence from around the world that demand for oil would be far less than expected. The plummeting stock markets in China and the government's decision to devalue its currency led to fears that economic growth there was slowing sharply. Japan, the world's third largest oil consumer, revealed that its economy contracted in the second quarter. And economic growth in Europe appeared to be in peril as the Greek debt crisis worsened. At the same time, the U.S. and Iran reached an agreement that could lift sanctions against the OPEC nation, paving the way for more Iranian oil to return to the market, adding to already high supplies. But the market was clearly uncomfortable with oil under $40, traders say. And at any sign that perhaps supply and demand weren't quite so out of whack, they were ready to buy. China's stock market soared last week, a possible signal that the worst was over. On Monday the U.S. Energy Department changed how it estimates domestic oil production and revised its numbers significantly lower. A bulletin from OPEC suggested the cartel might be ready to work with other nations to restrict production. Traders bought, and bought, and bought, leading to the nearly 30 percent jump in prices over the span of a few days. Stiil, some traders weren't impressed. Citibank's Ed Morse wrote on Monday that the surge was a "false start" brought on by trading technicalities, a "gross misrepresentation" of OPEC's intentions and confusion about the Energy Department's new methodologies. He predicted oil would head lower. That call looked prescient Tuesday when oil plunged $3.79 a barrel, or 7.7 percent, to close at $45.41 as weak manufacturing data out of China raised concerns — again — about economic growth there. In other energy trading: — Brent Crude, a benchmark for international oil used by many U.S. refineries, fell $4.59 to close at $49.56. — Wholesale gasoline fell 10.3 cents to close at $1.396 a gallon. That will help push retail gasoline prices lower in the coming weeks. The national average retail price of gasoline has been sliding steadily since mid-June and fell a little more than a penny Tuesday to $2.46 a gallon, according to AAA. — Heating oil fell 12.3 cents to close at $1.578 a gallon. — Natural gas rose 1.3 cents to close at $2.702 per 1,000 cubic feet. Jonathan Fahey can be reached at http://twitter.com/JonathanFahey . Join the conversation about this story »
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Greece’s Supreme Court decided on Monday to transfer a request to the Greek Parliament for stripping former Greek Parliament Vice President Alexis Mitropoulos‘ parliamentary immunity so that he can be formally charged with tax evasion. The request had been previously sent to the Supreme Court by a Greek financial prosecutor. Mitropoulos has been accused of failing to report income from
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A strong rise in German exports outstripped gains in imports to power growth of 0.4pc in Europe's largest economy in the second quarter, data showed ...
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Greek Parliament Vice President Alexis Mitropoulos is being accused of money laundering and tax evasion. On Tuesday, Greek Economic Prosecutor Ioannis Dragatsis formally asked Greece’s Supreme Court to submit a request to the parliament asking that Mitropoulos be stripped of his parliamentary immunity so that he can be formally charged with the crimes. Mitropoulos, who is a lawyer, is being accused
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The AISI free seminar on Sept 8 in Athens, is a unique opportunity to learn about working and studying in Australia, work visa and immigration from the experts. With Greece’s unemployment rate being the highest in the European Union, Greeks are looking for opportunities outside the physical borders of their country to study and work.
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We're in the midst of summer internship season, when thousands of students on university breaks try out jobs and try to impress potential future employers. Glassdoor, the anonymous employer review website, has pulled together data on the top 10 companies for intern pay in the UK. The data is based on anonymous submissions from former and current interns, and covers placements in all parts of each company. That means the figure given will be an average of what's paid across departments. The figure is given as a lump sum for the entire internship, usually around 10 weeks for many programmes. As you'd expect, most are banks, but there's a big difference between the highest and lowest paying banks on the list and, surprisingly, the highest paying location for internships isn't at a bank.10. MORGAN STANLEY Average pay: £2,800 ($4,338) Intern view: "Pros — The summer analyst program in PWM [private wealth management] is well structured and you learn a lot about the firm in the process. "Cons — Summer work isn't that exciting because you need to have certifications to work on more high-level tasks. "Advice to management — assign mentors to guide incoming analysts in team selection." via Glassdoor. 9. JPMORGAN Average pay: £2,800 ($4,338) Intern view: "Pros — Very big company, big chances to find a suitable job. The salary is good. Very powerful company so you get to know a lot of interesting stuff. "Cons — Even though company has a lot of roles it is still hard to move from one role to another, but I guess it's possible if you give it enough effort. "Advice to management — They should encourage a better mobility, and also not try to outsource the tech office and ops to cheaper locations, they loose very smart people like that." via Glassdoor. 8. CITI Average pay: £2,800 ($4,338) Intern view: "Pros — Hands on experience from the first week. Additional training in presentation skills and leadership, as well as workplace ethics, volunteering day [and] diversity. Interns get to plan the department's sports day (anything goes). Great food in the canteen. Everyone is so helpful and caring, even senior management take time out to speak to you. It helps foster an amazing work environment. "Cons — No initially training was provided at start, so work can be a bit daunting at first but it's also exciting. "Advice to Management — Didn't get to interact with the interns from other divisions. It would have been nice to have a Citi-wide intern event." via Glassdoor. See the rest of the story at Business Insider NOW WATCH: 6 mind-blowing facts about Greece's economy
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By Paul CarrelBERLIN (Reuters) - Germany's export exposure to China, for years a source of economic strength, is fast turning into a risk that raises questions about the health of other sources of growth in Europe's largest economy.Germany has the greatest trade exposure to China of the 28 European Union nations, largely thanks to demand for its cars and the strength of its engineering industry.For years, its EU peers tried - and failed - to match Germany's export prowess in China, where German companies profited from the infrastructure and consumer spending that have helped make the Chinese economy the world's second largest.But now a slowdown in China means corporate Germany's ventures there risk turning profit streams into cost burdens. Worries about China sent global stocks tumbling on Monday before they rebounded on Tuesday when Beijing cut interest rates."The weaknesses of Germany's 'special relationship' with China are becoming increasingly apparent," said Hans Kundnani at the German Marshall Fund."I think there is a growing perception among German business people that they are too exposed to China."Germany's economic ties to China dwarf those of its European counterparts. Led by the big carmakers, German firms moved into China faster and more aggressively than many of their rivals, and China has been a major source of growth for German exporters.In 2007, the Chinese market accounted for just 3.1 percent of German exports but that figure rose to 6.6 percent last year, Federal Statistics Office data shows. By contrast, the share of exports going to France slipped slightly over the same period.Growth in China made it Germany's fourth biggest export market in 2014, after France, accounting for 9.0 percent of total exports, the United States (8.5 percent) and Britain (7.4 percent).However, this year the Chinese market is fading fast for Germany. In the first half of 2015, export growth to China was just 0.8 percent -- the same as to crisis-burdened Greece, figures from the DIHK chambers of commerce show.ENGINEERS HITGerman engineers' exports to China shrank by 4.9 percent in the first half. Their machine products lag only cars as Germany's largest sector of export goods to China.For companies like German industrial group ThyssenKrupp , the Chinese market is important. China accounts for 16 percent of ThyssenKrupp Elevator's sales, or about 1 billion euros ($1.14 billion) last year.Already some leading German brands are feeling the impact of the slowdown, which saw activity in China's factory sector shrink at its fastest pace in almost 6-1/2 years in August as domestic and export demand dwindled.Carmaker Volkswagen last month lowered its global sales forecast and said it was braced for stagnant volumes in China, after years of double-digit growth in its biggest market.The German government has been at pains to describe the impact of China's slowdown for Germany as "limited", and Berlin is sticking to its 1.8-percent growth forecast for this year.That throws the spotlight onto more mature markets like the United States and the EU, which Berlin says are holding up well.The United States actually overtook France in the first half of this year to become Germany's top export market for the first time since 1961, the DIHK said. But with European economies struggling to pick up economic momentum, the United States would be a rather singular market for German exporters to depend on.LEANER PICKINGS?Even if Chinese demand does hold up - Beijing still has an official 7-percent target for 2015 - China is morphing from a market for German firms to a source of competition for them."Chinese companies are moving up the value chain and are increasingly competing with German companies," said Kundnani. "The long-term danger for German companies is to get pushed out of the mass market into luxury niches."This is already having an effect on Germany's carmakers, which last year accounted for nearly a third of Germany's 75 billion euros in exports to China.VW said last month profits from its two Chinese joint ventures could even drop this year below 2014 levels amid a shift to lower-priced cars, as demand in is increasingly driven by rural, less wealthy Chinese regions.Klaus Wohlrabe, economist at Germany's Ifo economic institute, said the China factor will grow in importance for businesses in Germany, which drove economic euro zone growth in the second quarter as France stagnated and Italy lost momentum.China's slowdown also risks hurting other German emerging export markets. A senior government official in Brazil said on Tuesday an economic recovery which had been expected later this year could be delayed due to China.That could pose a problem to German firms that have poured over 19 billion euros into the struggling Brazilian economy.Exports remain crucial to Germany's economic health.In the April-June period, they grew by 2.2 percent on the quarter, the biggest increase since the first quarter of 2011 and helped drive economic growth of 0.4 percent on the quarter, Federal Statistics Office data show.But against the uncertain global economic backdrop, Germany could try to refocus its economy away from foreign trade."Germany still has room for maneuver and it would be a good thing to focus more on investment and less on exports," said Sandra Heep, economic policy expert at the Mercator Institute for China Studies in Berlin."With the slowdown in China, this will become more urgent."A breakdown of Germany's economic performance in the second quarter highlighted its persistent weakness in investment. Gross capital investment fell in the three-month period and shaved 0.1 percentage points off economic output."Low investment is the Achilles' heel of the German economy," said Marcel Fratzscher, head of the DIW economic institute in Berlin.Weaknesses in Germany's transport and digital infrastructure, skilled labor shortages and uncertainty around energy policy meant that companies were holding off investments in Germany, he said.German productivity already lags that in France, Belgium, the Netherlands, and the United States, figures from the Organisation for Economic Cooperations and Development show.By focusing so intently on export markets like China, corporate Germany risks further undermining the prospect of the domestic growth engine building steam.($1 = 0.8751 euros)(Additional reporting by Rene Wagner; Editing by Jeremy Gaunt)Join the conversation about this story »
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A strong rise in German exports outstripped gains in imports to power growth of 0.4pc in Europe's largest economy in the second quarter, data showed ...
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FRANKFURT, Germany (AP) — German companies shrugged off concerns about China's economy and turmoil in Greece, a key survey showed. The result, however, likely did not yet reflect the latest plunges in Chinese and global stock markets.
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The benchmark S&P/ASX 200 falls 2.4% in first 20 minutes as stocks across the board affected by global worries about China, Greece and oilThe Australian share market has plunged at the start of trade, with losses felt across the board from banks to resources stock as uncertainty grips global markets.The benchmark S&P/ASX 200 and the All Ordinaries indices fell more than 2.4% in the first 20 minutes of trade on Monday. Related: Global stocks sell-off deepens as panic grips markets - live Related: Fortescue to cut hundreds of jobs despite partial rebound in iron ore price Continue reading...
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ATHENS, Greece (AP) — Greece's radical left government is accusing a Canadian-run mining firm of holding the 2,000 workers in its northern Greek mines "hostage" in a dispute over alleged violations of concession terms.
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ATHENS, Greece (AP) — Greece's radical left government is accusing a Canadian-run mining firm of holding the 2,000 workers in its northern Greek mines "hostage" in a dispute over alleged violations of concession terms.
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Germany's Parliament has overwhelmingly approved a third bailout package for Greece despite misgivings by some conservative lawmakers of Chancellor Angela Merkel's Christian Democratic party. The post By Big Margin, German Parliament Backs Merkel, OK’s New Greek Bailout appeared first on The National Herald.
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