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How the world sees Greece
Monday, November 26, 2012
Stocks cut losses to end the day mixed
Stocks eased off their lows to close mixed Monday, but gains were limited as concerns over the "fiscal cliff" and Greece resurfaced.
Shares, euro fall on Greece, US fiscal talks
 Economic Times | Shares, euro fall on Greece, US fiscal talks Reuters India NEW YORK | Tue Nov 27, 2012 2:11am IST. NEW YORK (Reuters) - Stocks around the globe and the euro were mostly lower on Monday, with investors cautious over whether Greece will receive emergency aid to keep it financially afloat and no signs of ... IMF wants 40 billion euro cut in Greek debt, more later-source Why Europe Debt Defaults Are About to Rattle Stocks Euro little changed as traders await Greece deal |
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Can Schapiro's Successor Get a Grip on the SEC?
 New York Times | Can Schapiro's Successor Get a Grip on the SEC? Businessweek When Mary Schapiro steps down as chairman of the Securities and Exchange Commission in December, she will leave behind a regulatory body that is paralyzed by partisanship. The question is whether her successor can manage to carry out President ... Lawmakers react to Schapiro stepping down Schapiro: Successes and Setbacks Obama Names SEC's Walter as Schapiro's Replacement |
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Lenders seek deal to bring down Greece's debt
Eurozone finance ministers and other international lenders are gathered in Brussels to discuss the way forward for financially stricken Greece. The idea of a fresh haircut appears to be off the table - at least for now.
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TSX falls as Greece negotiations stall, fiscal cliff continues to loom
 Financial Post (blog) | TSX falls as Greece negotiations stall, fiscal cliff continues to loom Financial Post (blog) TORONTO — The Toronto stock market was lower Monday as traders absorbed a surprise announcement that Bank of Canada governor Mark Carney is leaving that job June 1, 2013, to take the reins at the Bank of England. The TSX had been in the red all ... TSX Slips As Traders Focus Greece Bailout - Canadian Commentary TSX heads for lower open amid nervousness over Greece, fiscal cliff negotiations |
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IMF wants 40 billion euro cut in Greek debt, more later-source
 Irish Times | IMF wants 40 billion euro cut in Greek debt, more later-source Reuters Finance ministers from the 17 countries sharing the euro, the European Central Bank and the IMF were locked in a third round of talks on Monday to decide how to make Greek debt, expected to rise to 190 percent of GDP next year, more sustainable by ... Bond Markets Still Betting on Greek Debt Deal Euro Chiefs Claim Greek Progress, Seek to Persuade ECB Euro zone to seek Greek aid deal without write-off |
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EU Finance Ministers Meet on Greek Bailout
 Voice of America | EU Finance Ministers Meet on Greek Bailout Voice of America Eurozone finance ministers are trying to reach a deal on immediate bailout money for Greece in an effort to help the country avoid bankruptcy. Monday's meeting in Brussels is the third time in as many weeks that the ministers from the 17-nation group have ... GLOBAL MARKETS: European Investors Cautious Before Eurogroup Talks on ... Bunds Are Little Changed Before EU Ministers Meet on Greek Aid Asian shares up on hopes for Greek deal |
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Treasurys rise on Greece, fiscal-cliff worries
 CNBC.com | Treasurys rise on Greece, fiscal-cliff worries MarketWatch SAN FRANCISCO (MarketWatch) — Treasury prices advanced on Monday, as investors sought out the safety of government debt with European finance ministers meeting again to discuss Greece's debt problems and amid lingering concern over the ... Treasuries Rise First Time in Five Days on Greece Talks BOND REPORT: Treasurys Rise On Greece, Fiscal-cliff Worries |
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ECB Said to Consider Helping Greece With Investment Holdings
ECB Said to Consider Helping Greece With Investment Holdings Businessweek The national central banks of the euro area hold Greek bonds in their investment portfolios and agreed in February to give any profits back to Greece. The issue has been reopened and the ECB is now looking at options including rolling over the holdings ... Forex News: Greek Aid Talks to Continue Today, Results Uncertain Markets Await Greek Solution |
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Greece does not need debt forgiveness
 Irish Times | Greece does not need debt forgiveness Financial Times It is a common opinion among investors and policy makers that the reduction in Greek private debt earlier this year was insufficient. A few months after private investors agreed to write down the value of their bonds, Athens' debt to gross domestic ... ECB Said to Consider Helping Greece With Investment Holdings Greece, 'Fiscal Cliff' Weigh on US Stock Futures FOREX-Euro pulls off highs vs dlr and yen, awaiting Greece deal |
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Euro Zone Submits Greek Plan to IMF
Euro-zone finance ministers were discussing Greece's bailout program, hoping to convince the IMF they are doing enough to make Athens's debt load more manageable.
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EURO GOVT-Challenges posed by Spanish vote underpin Bunds
Irish Times | EURO GOVT-Challenges posed by Spanish vote underpin Bunds Reuters Mon Nov 26, 2012 12:09pm EST. * Catalonia separatist vote nudges safe-haven Bunds higher. * Markets priced for Greek agreement to unlock aid funding. * Record low yields at final Belgian auction of 2012. By Ana Nicolaci da Costa and William James ... Euro Drops Versus Yen as EU Ministers Meet: Canada Dollar Falls ECB Said to Consider Helping Greece With Investment Holdings Greece does not need debt forgiveness |
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Otaviano Canuto: The East Asian Miracle 2.0
. In a recent Economic Premise - "Avoiding Middle-Income Growth Traps" - Pierre-Richard Agénor, Michael Jelenic and I suggest that the region can now provide a new round of lessons.
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Oil Fall as European Finance Ministers Meet on Greece
 AFP | Oil Fall as European Finance Ministers Meet on Greece Bloomberg Oil dropped as euro-area finance ministers met to negotiate a bailout payment for Greece and as American leaders prepared to wrestle with a budget agreement. Futures fell as much as 1.1 percent as officials gathered in Brussels to discuss Greek aid ... Oil drops on Greece jitters, stronger dollar Global oil prices slip amid Greece talks Oil slips below $111 on Greece, US budget worries |
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U.S. Stock Futures Fall Amid Talks on Budget, Greek Aid
U.S. Stock Futures Fall Amid Talks on Budget, Greek Aid Bloomberg Play. White House Goes on Offense in Fiscal Cliff Talks. U.S. stocks fell, following the Standard & Poor's 500 Index's biggest weekly gain since June, as lawmakers prepared to debate the so-called fiscal cliff and euro-area finance ministers discuss ... U.S. Stocks Decline Amid Talks on Fiscal Cliff, Greek Aid |
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Dollar edges higher against rivals
 Business Recorder | Dollar edges higher against rivals MarketWatch NEW YORK (MarketWatch) — The dollar traded little changed against most other major currencies on Monday as euro-zone finance ministers met to discuss the next aid payment to Greece. The ICE dollar index , which measures the greenback against a ... Australia shares finish higher, optimism for US, Greece New Zealand Dollar up Late; Market Waiting for Greece News Markets Live: Investors wait for Greece deal |
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FTSE falters on Greek and US worries as banks lead the way lower
Barclays battered by news of major shareholder selling warrants while Royal Bank hit by libor fine concerns
As investors continued to fret about the EU's inability so far to resolve Greece's financial crisis and the US fiscal cliff, banking shares were among the leading fallers.
Barclays closed down 13.7p at 240.5p as one of its leading shareholders, Qatar's sovereign wealth fund, sold the last of the warrants it received as part of a controversial fundraising in 2008. Qatar still holds 6.7% of Barclays, but has made a profit of around £1.7bn from selling warrants in 2009 and now. As part of the deal, Deutsche Bank and Goldman Sachs sold 303m Barclays shares at 244p each, putting pressure on the bank's market price.
Separatedly came reports that Barclays' investors were putting pressure on new chief executive Antony Jenkins to cut back its investment banking business. Meanwhile analysts at JP Morgan Cazenove raised their recommendation on Barclays from neutral to overweight:
We believe that a credible new strategy requires balance sheet reduction in investment banking over time, alongside further cost cuts group-wide. While this may imply lower revenue near term, we believe that both shareholders and regulators are likely to be in favor of a reduction of investment banking assets to drive higher group return on equity and lower cost of equity. Barclays has remained our preferred UK domestic bank this year, but despite the recent rally, the shares still trade at discount of around 25% to the broader sector. With capital being addressed, we believe that Barclays offers the best relative risk/reward within UK banks with an upside of around 50% in a full restructuring scenario.
Elsewhere Royal Bank of Scotland fell 8.9p to 285.1p on concerns about possible libor-related fines, while Lloyds Banking Group lost 1.305p to 45.1p.
Overall the FTSE 100 fell 32.42 points to 5786.72 as the eurogroup met on Greece once more and Germany issued some disappointing confidence figures.
Defensive stocks were in favour, with British American Tobacco adding 28p to £32.52 and Imperial Tobacco rising 11p to £24.95p. British Land continued its recent gains after a positive trading update, climbing 2p to 537p as UBS raised its recommendation from neutral to buy.
Among the mid-caps Centamin was undermined by funding worries after it said it needed to make a gold shipment from Egypt shortly to meeting its working capital needs.
A growing political crisis in the country has also unsettled investors in the mining group. Centamin said it was preparing to resume exports, which had been halted after a court judgement questioning its right to operate its only mine, at Sukari.
It is now lodging an appeal against the ruling, and so has decided to resume exports. Operations at Sukari had continued since the judgement. Centamin dropped 4.1p to 60.6p.
Centamin is the second biggest faller in the FTSE 250 behind translation software group SDL, down 72.5p at 438.5p. The company warned full year profits could fall short of City expectations by as much as £4m. Analysts had been looking for around £40m profit this year.
Betfair added 7.5p to 760p despite saying it would withdraw from the Greek market until there was greater clarity on regulation. It had been expecting to make £13m of revenue and £7m of profit from the country in this financial year.
Betfair said it had not applied for a permit to operate in Greece since the value of the permit was unclear and the gambling legislation in the country was, it believed, inconsistent with European law. It added:
Furthermore the associated fiscal conditions attached to these permits, which may include the payment of taxes on historical revenues, make the market economically unattractive.
Earlier this month, Greece announced financial penalties and criminal sanctions against gaming companies that operated without a permit. Betfair said it believed there were significant issues with the legality of this move, but has decided to withdraw anyway.
Pork processor Cranswick climbed 73.5p to 812.5p after it reported a 21% rise in half year profits and said it had passed on higher pig prices to its customers. Last month the company warned pig prices were at a three year high.
Panmure Gordon analyst Damian McNeela said:
The fact that Cranswick has successfully managed to secure price increases from the retailers underpinning our 2013 forecasts should be well received, and allows us to overlook the slight miss to our first half forecasts. Cranswick reported adjusted pretax profit growth of 21% to £22.5m versus our £23.4m. Looking further ahead though, there remains uncertainty about EU-wide pork prices following the planned introduction of the EU sow stall ban on 1 January 2013. As such we believe the current valuation looks fair and we maintain our hold recommendation and 800p price target.
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Greece uncompetitive despite plunging wages
 gulfnews.com | Greece uncompetitive despite plunging wages gulfnews.com But another set of reasons goes to the heart of Greece's political and economic malaise: collusion among producers, the state's complicity in shielding protected professions and businesses, and a thorough lack of competition that allows a favoured few ... |
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GLOBAL MARKETS-Global shares, euro fall ahead of Greek decision
 Business Recorder | GLOBAL MARKETS-Global shares, euro fall ahead of Greek decision Reuters Mon Nov 26, 2012 11:09am EST. * U.S. stocks fall as fiscal talks set to resume. * Market focus on outcome of Greek aid negotiations. * Euro edges down vs dollar. NEW YORK, Nov 26 (Reuters) - Stocks around the world and the euro slipped on Monday, with ... News Summary: Euro finance ministers meet in attempt to solve Greek crisis Euro-Zone Ministers Put Greek Plan to IMF Eurozone Finance Ministers Meet on Greek Bailout |
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Eurozone leaders seek deal on Greek crisis
EU ministers are meeting in Brussels for third time to secure debt deal that will prevent imminent bankruptcy of Greece.
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Greece Fails to Sell 500000 EU Carbon Permits Amid Low Bids
Greece Fails to Sell 500000 EU Carbon Permits Amid Low Bids Bloomberg Greece failed to sell 500,000 spot European Union carbon permits in an auction on Hellenic Exchanges SA's Athens exchange, according to the bourse. The sale could not be completed as bids failed to match the Greek government's minimum sales price of ... |
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