Smooth group for Greece in World Championship

KathimeriniSmooth group for Greece in World ChampionshipKathimeriniGreece has had a rather smooth draw for the first round of the World Basketball Championship in Spain later this year, but its challenge will be far greater come the knock-out stages of the tournament. The draw that took place on Monday in Barcelona ...

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Greece paying a heavy price for corruption

KathimeriniGreece paying a heavy price for corruptionKathimeriniA remarkable 99 percent of Greek respondents said corruption constitutes a widespread problem in the country, placing Greece top in the European Union chart, while the European Union average is at 76 percent. Over three in every five Greeks (63 percent ...Greece: 99% believe corruption is widespread, reportANSAmedReport: European Nations Need to Boost Corruption ControlsWall Street JournalCorruption costing Europe €120bn per yeareuronewsTelegraph.co.uk -Reutersall 180 news articles »

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Greek island of Kefalonia hit by second strong earthquake in a week

Roads, homes and shops damaged in quake with preliminary magnitude between 5.7 and 6.1

A strong earthquake with a preliminary magnitude between 5.7 and 6.1 hit the western Greek island of Kefalonia before dawn on Monday, sending frightened residents into the streets just over a week after a similar quake damaged hundreds of buildings.

Officials said about 16 people had been slightly hurt, mainly by falling objects, while roads, homes and shops were damaged and some areas suffered power and water supply cuts. Islanders also had to contend with heavy rain and cold temperatures.

Kefalonia's mayor, Alexandros Parisis, said the port at the island's second largest town of Lixouri had been damaged. Images from the area showed part of the pier breaking off and boats that had been on land for repair toppling over.

Earthquakes have been rattling Kefalonia for the past week, after a 5.9-magnitude tremor struck on 26 January.

The fire department said an eight-member rescue team with a sniffer dog was heading to the island as a precaution. The public order minister, Nikos Dendias, and his ministry's secretary general were also heading to Kefalonia to co-ordinate the response.

The defence ministry said it was sending two military transport aircraft carrying 30 personnel and three doctors as well as tents and emergency supplies, and a military ship with digging vehicles, a mobile kitchen and a water tanker.

Seismologists said more aftershocks were to be expected on the island.

GreeceEarthquakesEuropetheguardian.com © 2014 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

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Manufacturing health checks show appearances can be deceptive

Time for a closer look at data showing Greece off the critical list, the US in A&E and the UK as robust may be wide of the mark

Take three countries: the US, Britain and Greece. Each one of the trio issued a health check on its manufacturing sector on Monday and very different they were, too. The US recorded the biggest drop in new factory orders in 33 years, the UK continued to expand robustly but at a slightly reduced pace, while Greece's output rose for the first time since the summer of 2009.

Appearances can be deceptive. The knee-jerk reaction to the precipitous decline in the report from the US Institute for Supply Management (ISM) was that it was entirely due to the weather. There has certainly been the mother and father of a winter going on in the US, but one of the standout features of the report was the weakness of new orders, a forward-looking indicator. Bottom line: the lack of any other evidence pointing to the American economy falling off a cliff suggests the weather was a factor in January, but it was not the only one. The world's biggest economy is not firing on all cylinders.

Similarly, the picture in the UK is slightly less rosy than it looks. The monthly Purchasing Managers' Index suggests that British industry is expanding output at 2% a quarter, but the survey has consistently been more upbeat than the official data, which showed the sector growing by 0.8% in the third quarter, and 0.9% in the fourth. With the eurozone slowly on the mend, UK manufacturing is not going back into recession. But with the pound strong and parts of the global economy clearly suffering, this is as good as it gets for now.

Then there's Greece, the classic example of it taking more than one swallow to make a summer. The slight pick-up in manufacturing shows that the flipside to the wage and welfare cuts that have caused a 1930s-style Depression is a slightly more competitive export sector. But the cost continues to be enormous. A 20% contraction in the economy has led to deflation. Deflation increases the real value of Greece's debts. That means another bailout in the short term. And, when that fails, a debt restructuring.

Economic growth (GDP)EconomicsUS economic growth and recessionEconomic policyEconomic recoveryManufacturing dataUS manufacturing dataManufacturing sectorGreeceUS economyLarry Elliotttheguardian.com © 2014 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

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Strong Quake Hits Western Greek Isle of Kefalonia

NDTVStrong Quake Hits Western Greek Isle of KefaloniaABC NewsA strong earthquake with a preliminary magnitude between 5.7 and 6.1 hit the western Greek island of Kefalonia before dawn Monday, sending frightened residents into the streets just over a week after a similar quake damaged hundreds of buildings ...Strong earthquake hits western Greek island of KefaloniaFox Newsall 202 news articles »

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Buoyant Germany boosts eurozone output

France is the one large country where activity continues to shrink, while output in Greece expands for the first time in more than four years

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Global Manufacturing Growth Barely Changed In January

PMI day is over.

Countries from around the world reported about how their manufacturing sectors performed in January.

This was measured in their purchasing manager's index (PMI), a score created by Markit Economics that surveys executives in thousands of companies from the given country.

The surveys also contain data about employment, new orders and productivity.

We basically got a straight split down the middle between countries reporting accelerating growth, and those slowing or contracting further. 

Here is the full scorecard and schedule.

China: Official PMI: 50.5 — down from 51.China: Non-manufacturing PMI: 53.4, down from 54.6.South Korea: HSBC Manufacturing PMI: 50.9 — up from 50.8.Indonesia: HSBC Manufacturing PMI: 51.0 — up from 50.9.India: HSBC Manufacturing PMI: 51.4, up from 50.7.Russia: HSBC Manufacturing PMI: 48.0, down from 48.8.Ireland: Investec Manufacturing PMI: 52.8, down from 53.5.Netherlands: NEVI Manufacturing PMI: 54.8, down from 57.0Poland: HSBC Manufacturing PMI: 55.4, up from 53.2.Turkey: HSBC Manufacturing PMI: 52.7, down from 55.0Spain: Markit Manufacturing PMI: 52.2, up from 50.8.Czech Republic: HSBC Manufacturing PMI: 55.9, up from 54.7Italy: Markit/ADACI Manufacturing PMI: 53.1, down from 53.3.France: Markit Manufacturing PMI: 49.3, up from 47.0.Germany: Markit/BME Manufacturing PMI: 56.5, up from 54.3.Eurozone: Markit Manufacturing PMI: 54.0, up from 52.7.Greece: Markit Manufacturing PMI: 51.2, up from 49.6.UK: Markit/CIPS Manufacturing PMI: 56.7, down from 57.2.Australia: Ai Group PMI: 46.7, down from 47.6Brazil: HSBC Manufacturing PMI: 50.8, up from 50.5.U.S.: Markit Manufacturing PMI: 53.8, down from 55.Canada: RBC Manufacturing PMI: 51.7, down from 53.5.Global: JPMorgan Manufacturing PMI: 52.9, down from 53.0.

SEE ALSO: The Global 20: 20 Megatrends Reshaping The World

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Greek Nationalists Vow to Run in EU Elections Despite Crackdown

Novinite.comGreek Nationalists Vow to Run in EU Elections Despite CrackdownNovinite.comGreek nationalists who have not been involved in criminal organisations, who have no criminal record have founded a new patriotic party, the National Dawn", party spokesman Ilias Kasidiaris said, quoted by EurActiv. "They put us in jail. And what happened?Greek fascists protest in AthensFinancial TimesGreek Extremists Form Backup Party in Case Golden Dawn BannedWall Street JournalGreek Golden Dawn chooses backup name in case of banHaaretzAljazeera.com -St. Louis Jewish Lightall 100 news articles »

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BC-AP News Coverage Advisory 10:15

by  Associated Press BC-AP News Coverage Advisory 10:15 Associated Press - 3 February 2014 10:33-05:00

Here's a look at how AP's general news coverage is shaping up today. Some plans are subject to change.

HIGHLIGHTING:

Among today's coverage highlights as we see them at 1530 GMT:

-- SYRIA (sent; developing and will be reslugged AL-QAIDA DIVISIONS)

-- RUSSIA-SCHOOL SHOOTING (sent; developing)

-- HOFFMAN (sent; developing with new angles)

-- TALKING CARS (upcoming)

-- DEADLY SUGAR (upcoming)

-- GAY TEENS-STEROIDS (sent)

-- FUNERAL AT THE MALL (upcoming)

-- NEW ZEALAND-SEA SURVIVOR (sent; developing)

PHOTOS: SUPER BOWL coverage (sent)

Here are details of those stories, plus others we have in the works for today and notable pieces that we sent in the past 10 hours:

WORLD

AL-QAIDA DIVISIONS -Al-Qaida's central leadership breaks off ties with one of the most powerful militant groups in Syria, known as the Islamic State of Iraq and the Levant, and distances itself from the rebel infighting in that country's civil war. The announcement — made in a statement on militant websites — raises questions about whether the central leadership or the defiant breakaway group will lose support. SENT: 660 words, photos as BC-ML--Syria. UPCOMING: 900 words under new slug. Also note: BC-ML_Syria will be refocused on the violence and last month's death toll:

SYRIA - The violence in Syria killed nearly 5,800 people in January, making last month the deadliest in the country's almost three year conflict. UPCOMING: 550 words, photos.

RUSSIA-SCHOOL-GUNMAN - A 10th-grade student armed with two rifles burst into his Moscow school on Monday and killed his geography teacher and a police officer before being taken into custody, investigators said. The boy's father played a key role in helping to free students being held as hostages and prevent further violence, the city police chief said. SENT: 520 words, photos.

THAILAND-ELECTIONS - Thai protesters are vowing to stage larger rallies in central Bangkok and push ahead their efforts to nullify the results of elections that were expected to prolong a national political crisis. SENT: 550 words, photos.

NEW ZEALAND-SEA SURVIVOR- It's a story that almost defies belief: A man leaves Mexico in December 2012 for a day of shark fishing and ends up surviving 13 months on fish, birds and turtles. But that's the story a man told the U.S. ambassador in the Marshall Islands and the nation's officials. SENT: 830 words.

BRITAIN-CHAGALL FORGERY - A French committee rules that a British collector's 'Chagall' painting is a fake and should be burned. SENT: 600 words.

UKRAINE-PROTESTS - Ukraine's beleaguered president to return from sick leave. SENT: 600 words, photos.

GREECE-EARTHQUAKE - A strong earthquake with a preliminary magnitude between 5.7 and 6.1 hit the western Greek island of Kefalonia before dawn Monday. SENT: 560 words, photos.

SOUTH AFRICA-MANDELA'S WILL - Nelson Mandela's estate is worth roughly $4.1 million, excluding royalties and other amounts, and beneficiaries of his will include his family, members of his staff, schools that he attended and the African National Congress. SENT: 380 words.

ITALY-KNOX TRIAL - The judge who announced the guilty is facing allegations of impropriety. SENT: 130 words.

NKOREA-SURFING THE INTRANET - North Korea has tried hard to keep its relationship to the Internet hidden from foreign eyes. But it opened that door just a crack for The Associated Press to reveal a self-contained, tightly controlled Intranet called Kwangmyong, or "Bright." .SENT: 970 words, photos.

BRITAIN-ENDLESS FLOOD - Thousands of acres in the Somerset Levels have been under water for weeks, one village has been an island for a month, and local people forced to take boats to get to school, work and shops are frustrated and angry. UPCOMING: 750 words by 10:30 a.m., photos.

CUBA-US TRAVEL - Culture tours designed to win Cuban hearts and minds are also changing American views on US policy, a survey suggests. SENT: 1,100 words, photos.

KOREAS-TENSION - The rival Koreas agree to hold talks Wednesday on arranging the first reunions of families separated by the 1950-53 Korean War in more than three years. SENT: 370 words.

ANTARCTICA-WHALING - A Japanese whaling ship and an anti-whaling protest boat collide in the remote, icy seas off Antarctica. SENT: 450 words, photos.

INDIA-SHIP FIRING - India's Supreme Court orders the government to decide within a week whether it will invoke a severe anti-piracy law against two Italian marines accused of killing two Indian fishermen. SENT: 280 words.

FRANCE-KITTEN TORTURE - A man accused of throwing a kitten against an apartment building, then uploading a video clip of the act on his Facebook profile is being prosecuted for animal cruelty, officials said. SENT: 270 words.

WASHINGTON

TALKING CARS - Federal transportation officials are proposing that new cars and trucks be equipped with technology that allows vehicles to communicate with each other in order to prevent collisions. SENT: 130 words. UPCOMING: Announcement at 1700 GMT; 750 words by 2100 GMT, photo.

US

CHRISTIE-TRAFFIC JAMS - Twenty people and organizations are due Monday to turn over emails, text messages and other documents in the bridge scandal, though most have requested more time. SENT: 600 words, photos. UPCOMING: updates through day.

MOUNTAIN LION ATTACK - Officials: Homeless man survived mountain lion attack at Southern California encampment. SENT: 200 words.

HEALTH

DEADLY SUGAR (HOLD FOR RELEASE, 4 p.m.) Diets high in sugar are linked with increased risks for fatal heart disease, and it doesn't take that much extra sugar to boost the risk — anything more than a 20-ounce Mountain Dew soda/day. The link is independent of obesity. UPCOMING: HOLD FOR RELEASE, 2100 GMT.

GAY TEENS-STEROIDS - Gay and bisexual teen boys use illicit steroids at a rate almost six times higher than do straight kids, but reasons are unclear. SENT: 600 words, photos.

BUSINESS/ECONOMY

GLOBAL ECONOMY-EMERGING MARKETS - From Turkey to South Africa to Argentina, emerging markets are being slammed by rising inflation, economic mismanagement and political turmoil. UPCOMING: 850 words by 3 p.m.

YELLEN - Janet Yellen has been sworn in to succeed Ben Bernanke, becoming the first woman to lead the Federal Reserve in its 100-year history. SENT: 130 words. UPCOMING: 600 words by 2 p.m.

AUTO SALES - Chrysler's U.S. sales were hot last month even though much of the country was frigid, as the automaker reports an 8 percent increase over a year ago. But analysts don't expect Chrysler to be the norm as companies report sales figures Monday. SENT: 420 words, photo. UPCOMING: will be updated throughout day

OLYMPICS

SOCHI-STRAY DOGS - A pest control company which has been killing stray dogs in Sochi for years told The Associated Press on Monday that it has a contract to exterminate more of the animals throughout the Olympics. SENT: 380 words. UPCOMING: 700 words.

SBD-Horgmo Injured - The slopestyle course that drew complaints from some riders ahead of the Sochi Olympics set to be modified after Norwegian medal hope Torstein Horgmo broke his collarbone in practice and is out of the Winter Games. SENT: 500 words

SPORTS

SWM-THORPE - The manager of Olympic swimming great Ian Thorpe says the five-time gold medalist is in rehab after being found disoriented on a Sydney street early Monday morning by police responding to a call from residents. SENT: 550 words.

ARTS and ENTERTAINMENT

HOFFMAN - The prolific Philip Seymour Hoffman battled addiction all of his adult life, first going to rehab more than two decades ago, then succumbing Sunday after another rehab trip last year. Success isn't an antidote to this lifelong affliction. SENT: 1,100 words of obit, photos, video. UPCOMING: 1,200 words with expected angle on heroin addiction, by 2200 GMT.

THEATER-FRAN DRESCHER - Fran Drescher recently turned a corner in her life. She's gotten a new pet, a new man and a new job — on Broadway. SENT: 710 words, photos.

GRAFFITI ART-CITY AS CANVAS - A re-creation of a 1978 work that helped propel the illicit graffiti art movement into the mainstream is part of a major exhibition on graffiti art opening Tuesday. UPCOMING: 650 words by 2 p.m., photos.

News Topics: Sports, General news, Animal cruelty, 2014 Sochi Olympic Games, Sales figures, Protests and demonstrations, Economy, Civil wars, Winter Olympic games, War and unrest, Accidents and disasters, Crime, Olympic games, Events, Financial performance, Corporate news, Business, Political and civil unrest

People, Places and Companies: Nelson Mandela, Janet Yellen, Ben Bernanke, Philip Seymour Hoffman, Fran Drescher, Syria, Thailand, Middle East, United Kingdom, Sochi, Southeast Asia, Asia, Western Europe, Europe, Russia, Eastern Europe

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Jamjar: First Greek e-Commerce Platform

Jamjar: First Greek e-Commerce PlatformGreek ReporterThe first e-commerce online platform for unique handmade items in Greece is called jamjar and was created by two young Greek women. The website's only condition is for the handmade creations to be original and aesthetically pleasing. Jamjar is catered ...

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Adam Fowler: History, Greek and Latin student, musician, bamboo bike builder ...

Adam Fowler: History, Greek and Latin student, musician, bamboo bike builder ...al.com (blog)GREENSBORO, Alabama – Adam Fowler is a new Alabamian, a transplant from west central Texas with a degree in history who is now a grad student studying Greek and Latin at UA. If his own academic braininess was not enough for one household, his wife ...

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'Breathtaking' corruption costs EU economy £100BILLION a year and Greece ...

Daily Mail'Breathtaking' corruption costs EU economy £100BILLION a year and Greece ...Daily MailAlmost all companies in Greece, Spain and Italy believe it is widespread, according to the report, the first by the Commission. Corruption is considered rare in Denmark, Finland and Sweden. Greece is considered to be the most corrupt nation in the EU ...Almost half of European businesses say corruption a problemReutersEU report indicates 99 pct of Greeks believe corruption is widespreadKathimeriniall 93 news articles »

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Greece manufacturing sector growth boosts eurozone recovery hopes

The GuardianGreece manufacturing sector growth boosts eurozone recovery hopesThe GuardianGreece's factory sector has finally returned to growth for the first time in more than four years, fuelling hopes that the country's long slump could be easing. A survey released on Monday showed that Greek manufacturers finally reported their first ...Buoyant Germany boosts eurozone manufacturingFinancial TimesEurope's Factory Revival BroadensWall Street JournalGreek manufacturing sector grew in January for first time since 2009KathimeriniFinFacts Ireland -Capital.gr (press release) -IndustryWeekall 399 news articles »

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Greek manufacturing sees first growth in 4 years

Greek factory activity grew in January, marking its first expansion since the country's debt problems came to light in 2009.

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Greek yields dip on report Germany mulling new aid deal

KathimeriniGreek yields dip on report Germany mulling new aid dealReutersLONDON, Feb 3 (Reuters) - Greek bond yields fell on Monday after a news report that Germany's finance ministry is preparing the way for a third bailout for Athens ahead of European elections in May, shrugging off an official denial from Berlin. Citing ...German yields rise from 3-month low as Greek bonds jump on PMIsKathimeriniECB To Help Punish Its Own CurrencyFXstreet.comPosted by Shoaib-ur-Rehman SiddiquiBusiness Recorderall 133 news articles »

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GREEK MANUFACTURING FINALLY GROWS

It finally happened!

For the first time in 53 months, the Greek manufacturing sector indicated growth in January.

Things still aren't great. Prices are weak and industry continues to shed jobs, but this is still a pretty remarkable milestone from the depths of the contraction.

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10 Things You Need To Know Before The Opening Bell (SPX, SPY, DIA, DJI, QQQ)

Good morning. Here's what you need to know.

— Global markets have fallen into risk-off mode again to begin the week, although at the moment the damage is looking fairly limited. High-beta emerging-market currencies that have been at the center of the turmoil over the last two weeks, like the Turkish lira and the South African rand, are both stronger on the day against the U.S. dollar. The dollar is still sliding against the euro and the yen, though, and Asian markets fell in overnight trading, led downward by the Japanese Nikkei 225, which fell 2.0%. European markets are in the red across the board, and in the U.S., S&P 500 futures point to a negative open, while Treasury note futures point to a positive open.

— Over the weekend, China released the results of its services-sector Purchasing Managers Index survey. The report's headline index slipped to 53.4 from December's 54.6 reading, indicating a slowdown in the pace of expansion in China's services sector over the past month. Unlike China's manufacturing PMI, however, which slipped below 50 this month, the services sector PMI points to continued growth for now.

— The eurozone manufacturing PMI rose to a 32-month high of 54.0 in January from 52.7 in December, coming in just above the consensus estimate of 53.9. Germany's manufacturing PMI also hit a 32-month high of 56.5 (from 54.3 in December; 56.3 expected). Spain's manufacturing PMI posted a strong advance, with manufacturing employment rising for the first time since 2010, and Greece's manufacturing PMI broke above 50, signaling the first expansion in 53 months. In France, the index was still negative at 49.3, indicating a continued contraction in the French manufacturing sector, but the index is now at its highest level in four months.

— In the U.K., manufacturing PMI slipped to 56.7 from December's 57.2 reading. Despite the slowdown, the number is still indicative of robust growth in U.K. manufacturing. One particularly bright spot in this report was the new export orders component. "The latest expansion in new export orders was broad-based by source, with U.K. manufacturers mentioning improved demand from North America, mainland Europe, Asia, Brazil, Scandinavia and the Middle East," said Markit in the release. "Moreover, the ongoing improvement in global market conditions drove the rate of increase in new export business to a near three-year record."

— At 8:58 AM ET, Markit releases the final results of its January U.S. manufacturing PMI survey. The report's headline index is expected to fall to 53.9 from December's 55.7 reading, indicating a slowdown in the pace of growth in U.S. manufacturing. Preliminary estimates released by Markit earlier this month, on the other hand, suggested the index would continue to advance.

— Out at 10:00 are the results of the Institute for Supply Management's monthly manufacturing survey, which is similar to Markit PMI. The ISM index is expected to fall to 56.0 from December's 57.0 reading, indicative of a minor slowdown in the pace of growth in U.S. manufacturing. The ISM prices paid index is expected to tick up to 54.0 from 53.5.

— Also released at 10:00 are December construction spending data. Economists predict spending was unchanged in December after rising 1.0% in November. Unseasonally cold weather likely played a part in the slowdown.

— Finally, global auto manufacturers will be reporting January sales numbers throughout the day today. Analysts predict vehicle sales rose to 15.6 million at a seasonally adjusted annualized rate from 15.3 million SAAR in December. Follow all of the data LIVE on Business Insider »

— Janet Yellen will be sworn in as Fed chairman this morning at 9 AM. The next big date on the calendar for the new Fed chief is February 11, when she will deliver the central bank's semi-annual report on monetary policy in a testimony before Congress.

— In an article in this morning's Wall Street Journal, Federal Reserve reporter Jon Hilsenrath writes about the biggest open question facing Fed policy at the moment: the amount of slack in the labor market. "The trend raises hard-to-answer questions for the Fed," says Hilsenrath of the recent drop in labor force participation. "Will some of these people come back to work when the economy improves or have they left permanently? Do these shifts mean there is less slack in labor markets — workers available to take jobs — than they realized, or is the slack still out there, hidden in these numbers?"

MARKET COMMENTARY

"We have been pursuing the line that the recent EM ructions are the product of fundamental concerns resurfacing as the liquidity tide now recedes in line with the Fed’s tapering efforts. As such, these tensions reflect the pressures that are building upon more fundamentally challenged countries rather than presaging a broader systemic crisis.

"China, however, represents a potential key threat to this sanguine outlook. In essence , one could view China as the 'other side of the coin' in terms of the risk of EM being subject to a broader balance of payments crisis. The U.S. is the most evident current threat due to concern tapering will undermine or even reverse EM capital flows. The flipside of these capital account concerns though are those relating to the current account and it is here that China comes in: a more pronounced deceleration in Chinese growth threatening to directly weigh on its key EM export partners but also indirectly on resource-rich countries via falling commodity prices."

—Rabobank interest rate strategists

"EUR may lose some of its safe haven appeal if peripheral markets become more susceptible to external shocks to market confidence. Asset valuation, uncertainty about the prospects of another LTRO and worries about the regulatory treatment of banks’ exposure to government debt could all work to dampen domestic demand. Growing euro sensitivity to swings in global risk appetite could make the single currency more vulnerable across the board as the ECB deliberates its next policy move to fight disinflation.

"EUR lost ground last week as markets started positioning for another dovish ECB meeting on Thursday. Its recent correction lower notwithstanding, investors may be hesitant to sell the euro further given its status of a safe haven currency. The second most liquid reserve currency could remain supported against G10 smalls and EM currencies if recent market volatility escalates some more. This is what happened last summer when Fed-driven market volatility forced many to opt for safety of low-beta, euro-denominated assets. It helped also, that peripheral bond yield spreads to Bunds continued tightening despite the risk sell-off."

—Valentin Marinov, an FX strategist at Citi

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Eurozone paves way for third Greek bail-out

The eurozone has begun preparing a third bailout package for Greece of up to €20bn (£16.5bn) on top of existing loans totalling €240bn. The new bailout, which will be decided in April, was discussed at a eurozone meeting last week and a ...

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Greek manufacturing sector grew in January for first time since 2009

KathimeriniGreek manufacturing sector grew in January for first time since 2009Kathimerini“Production levels at Greek manufacturers rose for the third month in succession in January,” added Markit. “Furthermore, the rate of expansion accelerated to a solid pace that was the fastest since September 2008. Intermediate goods production was the ...Greek Manufacturing Activity Rebounds In JanuaryRTT NewsEurozone Manufacturing PMI at 32-month high in January; Greek output risesFinFacts IrelandBuoyant Germany boosts eurozone manufacturingFinancial TimesCapital.gr (press release)all 370 news articles »

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Greek manufacturing activity grows for first time in over four years

Greek factory activity grew in January, a survey showed on Monday, marking its first expansion since the country's debt problems came to light in 2009 and plunged the euro zone into a crisis from which it is still recovering. It is the latest in a series of positive economic data which suggest Greece's six-year economic slump may be bottoming out. Markit's purchasing managers' index for ...

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Earthquake strikes Kefalonia off western Greece

Moneycontrol.comEarthquake strikes Kefalonia off western GreeceeuronewsAn earthquake with a 6.1 magnitude has struck off western Greece just one week after another quake hit the same area. Seismologists say it was centred near the island of Kefalonia and was felt in the capital Athens. Last week's tremor caused a small ...Strong earthquake strikes off western Greece, hits island of CephaloniaReutersGreece island Kefalonia struck by 6.1-magnitude earthquakeCBC.caEarthquake strikes off western coast of Greece, USGS saysCNN InternationalNEWS.com.auall 157 news articles »

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Greek factories report first growth since August 2009

Greece's manufacturing output finally rises in January, as eurozone recovery continues -- although France is lagging behind

Graeme Wearden

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Taxpayers' debts to state rose by 9.2 bln in 2013 as checks missed targets

The amount that Greek taxpayers owe to the state increased by 9.2 billion euros in 2013, reaching a total of 62.2 billion, according to figures released by the Finance Ministry. Last year, just 3.2 billion euros of arrears were collected, the ministry add... ...

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Farmers launch highway protests over tax measures, energy costs

Greece’s farmers began parking their tractors on sections of highways around the country on Monday to protest against tax measures and the high cost of energy. The protest is being led by farmers in Thessaly, central Greece, where tractors are due to be l... ...

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Armed forces to provide emergency relief on quake-stricken Cephalonia

The Greek armed forces are to implement an emergency plan reserved for natural disasters after a second large earthquake struck the Ionian island of Cephalonia on Monday. The Defkalion plan is being put into action after further damage on the island from ... ...

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Greece: It’s not the distance; it’s the load you carry

the email address you provided does not seem to be valid. It is natural to attempt to instill some hope when one addresses a nation that has been battered by six years of the deepest recession in world history and has endured four years of unprecedented ...

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Yogurt firm can't be 'Greek' in UK

Just JaredYogurt firm can't be 'Greek' in UKFort Wayne Journal GazetteA British court has ruled that Chobani, the company leading the burgeoning Greek yogurt market in the U.S., cannot label its products “Greek” in the U.K. because they are made in America. Chobani said Wednesday it was disappointed with the ruling, but ...Chobani Super Bowl Commercial 'Bears' Natural IngredientsWIBX AM 950all 6 news articles »

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Earthquakes rattle Greek island, southern Iran

The Times of IsraelEarthquakes rattle Greek island, southern IranThe Times of IsraelATHENS, Greece (AP) — A strong earthquake with a preliminary magnitude of between 5.7 and 6.1 hit the western Greek island of Kefalonia on Monday, just over a week after a similar quake damaged dozens of buildings across the island. Kefalonia Mayor ...

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Golden Dawn Vows to Run in Elections

Greece's extreme-right Golden Dawn party says it will run in the country's local and European elections in May, despite a possible ban, by using a backup name of National Dawn.

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Magnitude 6.1 Earthquake Strikes Greek Island of Kefalonia; Again

A magnitude 6.1 earthquake struck off western Greece early on Monday, near the island of Kefalonia. The strong quake struck 8 miles west of Argostoli in the Ionian Sea at a relatively shallow depth of 8.5 miles at 0308 GMT, the United States Geological Survey said. The Athens Geodynamic Institute registered Monday’s quake initially at 5.9 and later revised it at 5.7. An aftershock of 4.5 magnitude followed at 5.16 am. Four Kefalonia residents were slightly injured. Some damages were reported at a local hospital and port in the village of Lixouri. Monday’s earthquake was felt on the nearby islands of Zakinthos and Ithaca as well as in western Greek mainland including the city of Patras. Kefalonia was struck by another magnitude 5.9, earthquake that damaged dozens of buildings and injured seven people on Jan 26. Since then thousands of residents have been spending nights with relatives or in ships sent to be used as temporary housing. The recent seismic activity in the area brings back memories of 1953 when the whole island was devastated by three strong quakes. Back in 1953, within 4 days, from August 9 to 12, the island was struck by three great earthquakes, all measuring above 6 on the Richter scale (6.4 on August 9, 6.8 on August 11 and 7.2 on August 12) and caused the death of 455 people.

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Samaras Sets May 25 Municipal, EU Elections

In what should be a tense duel, Greek Prime Minister Antonis Samaras’ New Democracy Conservatives will go head-to-head with the major opposition Coalition of the Radical Left (SYRIZA) on May 25, after the government said municipal elections will be held then to coincide with the ballot for seats in the European Parliament. Samaras and his coalition partner, the PASOK Socialists, have seen their support dwindle because of their implementation of harsh austerity measures demanded by international lenders in Greece. During a meeting of SYRIZA’s central committee on Feb. 1, party leader Alexis Tsipras appeared confident of victory in the ballots which he described as “a referendum against the government of the memorandum.” That was a reference to deal successive governments signed with the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) for two bailouts of $325 billion that will run out this year. Tsipras, who has said he would revise or renege on the Troika deal that required big pay cuts, tax hikes and slashed pensions, has offered no clue how he would govern without the rescue loans. His party, however,  has taken the lead in recent polls that show PASOK on the verge of extinction, eroding the coalition base. He has been pressing Samaras to call snap elections but the Premier ruled out any coalition with SYRIZA and said he would serve out his term until 2016 but Tsipras said the ruling parties will be repudiated in May and he will come to power before then and the jockeying for power has been big Greek news for months. Tsipras said Samaras was in a panic mode, having only a three-vote majority in the 300-member Parliament and with a secret meeting of Troika officials who said they are anxious about delayed reforms and the state of the economy even though the government said it expects a one billion euro ($1.37 billion) primary surplus that doesn’t include interest on debt. “His fear cannot be disguised. And this fear – which is the fear of the vested interests that he represents – dictates spasmodic reactions, spasmodic policies, spasmodic tactics, spasmodic propaganda,” Tsipras said. Government spokesman Simos Kedikoglou blasted what he called SYRIZA’s “insults and slander.” PASOK accused Tsipras of “demagoguery” and said Tsipras has tied his political fate “to the existence and perpetuation of the memorandum. Without it, he has nothing to say,” it said.

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Greek Far-Right Party Vows to Run in Elections

Greece's extreme-right Golden Dawn party says it will run in the country's local and European elections in May, despite a possible ban, by using a backup name of National Dawn.

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Greece's third aid program may be on its way

Greece may be in line for its third aid package from European Union paymaster Germany, according to a report by influential German magazine Der Spiegel. Germany's finance ministry, led by minister Wolfgang Schaeuble, has prepared a five-page plan for a new ...

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Strong earthquake rattles Greek island

Greek ReporterStrong earthquake rattles Greek islandInquirer.netATHENS – A strong 6.1 magnitude earthquake struck near the Greek island of Cephalonia in the Ionian Sea early Monday, the the U.S. Geological Survey (USGS) reported. The quake hit at 5:08 a.m. (0308 GMT) with its epicenter just 12 kilometres (7 miles) ...Magnitude 6.1 Earthquake Strikes Greek Island of Kefalonia; AgainGreek ReporterGreece Earthquake: Strong Temblor Hits Western Isle Of KefaloniaHuffington Postall 24 news articles »

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Greece Earthquake: Strong Temblor Hits Western Isle Of Kefalonia

ATHENS, Greece (AP) — A strong earthquake with a preliminary magnitude of between 5.7 and 6.1 hit the western Greek island of Kefalonia on Monday, just over a week after a similar quake damaged dozens of buildings across the island. Kefalonia ...

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USGS: Earthquake strikes off coast of Greece

A magnitude-6.1 earthquake struck off the western coast of Greece early Monday, the U.S. Geological Survey reported. The quake hit near the island of Cephalonia, roughly 300 kilometers (185 miles) west of Athens, at a depth of about 14 kilometers (9 miles ...

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A new alias for Greece’s neo-Nazis

Golden Dawn, National Dawn – fascists are still fascists. But it’s not yet time to panic about Greece. After the Second World War, when Europe had been laid waste for the second time in a generation, there was much soul-searching about how ...

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USGS measured strong 6.1 earthquake in Greece shortly after 5 am this morning

A very strong magnitude 6.1 earthquake was measured 12km NW of Lixourion, Greece by the USGS. Lixouri is the main town on the peninsula of Paliki in the island of Kefalonia, one of the Ionian Islands of western Greece. Lixouri is the second largest ...

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Greece island Kefalonia struck by 6.1-magnitude earthquake

A strong earthquake with a preliminary magnitude of between 5.9 and 6.1 has hit the western Greek island of Kefalonia, just over a week after a similar quake damaged dozens of buildings across the island. The Athens Geodynamic Institute registered Monday's ...

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Western Greece struck by 6.1-magnitude earthquake

A strong 6.1-magnitude earthquake struck off western Greece early on Monday, the United States Geological Survey said. The quake, which was initially reported as 6.4 in magnitude, struck 122 kilometres west of Patras at a relatively shallow depth of 13.7 ...

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Magnitude 6.1 earthquake strikes off western Greece: USGS

WASHINGTON (Reuters) - A strong magnitude 6.1 earthquake struck off western Greece early on Monday, the United States Geological Survey said.

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LIVE: Thousands Of Companies Around The World Reveal The Truth About The Global Economy

Tonight kicks off Global PMI day — aka the monthly world economic Super Bowl.

For the next 24 hours, we will learn what thousands of companies around the planet are telling us about the state of the global demand, in the form of individual countries' purchasing manager's indices for their manufacturing sectors.

These are surveys published by Markit Economics that serve and serve as a reading on overall business conditions.

In a note out this evening, Société Générale explains the market's current precarious state: 

Following a week of extreme volatility in emerging markets, many wonder if we are now heading for a perfect storm, with China increasingly sucked in and Europe's already low inflation falling further towards deflation. The current developments also mark a shift in markets' focus on where the need for policy change is the greatest - away from Europe where bond spreads remain resilient. We remain unconvinced, however, that the reforms to date in Europe are enough to raise growth sufficiently and put public debt trajectories on a sustainable path.

This is also implicit in recent papers discussing how to deal with bailouts and debt restructuring in Europe (see for instance the Bundesbank). Notwithstanding the current signs of a genuine cyclical upturn in Europe, we fear that the lack of growth-enhancing reform will soon again show up in disappointing nominal growth. For the week ahead we expect continued market nervousness, with China having set the mood early in the week, while European and US data later in the week should provide some stability.  

In about half an hour, South Korea will be the first to report its purchasing manager's index.

Here is the full schedule, all times Eastern:

China: Official PMI: 50.5 — down from 51 in December.South Korea: HSBC Manufacturing PMI: 50.9 — up from 50.8 in December.Indonesia: HSBC Manufacturing PMI — 10 p.m.India: HSBC Manufacturing PMI — MidnightRussia: HSBC Manufacturing PMI — MidnightIreland: Investec Manufacturing PMI — 1 a.m.Netherlands: NEVI Manufacturing PMI — 2 a.m.Poland: HSBC Manufacturing PMI — 4 a.m.Turkey: HSBC Manufacturing PMI — 4 a.m.Spain: Markit Manufacturing PMI — 4:15 a.m.Czech Republic: HSBC Manufacturing PMI — 4:30 a.m.Italy: Markit/ADACI Manufacturing PMI — 4:45 a.m.France: Markit Manufacturing PMI — 4:50 a.m.Germany: Markit/BME Manufacturing PMI — 4:55 a.m.Eurozone: Markit Manufacturing PMI — 5 a.m.Greece: Markit Manufacturing PMI — 5 a.m.UK: Markit/CIPS Manufacturing PMI — 5:30 a.m.Australia: Ai Group PMI — 6 a.m.Brazil: HSBC Manufacturing PMI — 7 a.m.U.S.: Markit Manufacturing PMI — 9 a.m.Canada: RBC Manufacturing PMI — 9:30 a.m.Global: JPMorgan Manufacturing PMI — 11 a.m.

SEE ALSO: The Global 20: 20 Megatrends Reshaping The World

Join the conversation about this story »

    

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Greece: Land of Economic Tragedy or Entrepreneurial Opportunity?

PRLog (Press Release) - Feb. 2, 2014 - ATHENS, Greece-- Would an ancient Greek playwright like Euripides have ever considered Greece’s current economic malaise a source of inspiration for a modern day Greek tragedy? Probably not....and yet, an audience ...

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Germany preparing third financial rescue for Greece

New loan, outlined in a German finance ministry position paper, would be worth €10bn-€20bn, says Der Spiegel magazine

Germany has signalled it is preparing a third rescue package for Greece – provided the debt-stricken country implements "rigorous"austerity measures blamed for record levels of unemployment and a dramatic drop in GDP.

The new loan, outlined in a five-page position paper by Berlin's finance ministry, would be worth between €10bn to €20bn (£8bn-16bn), according to the German weekly Der Spiegel, which was leaked the document.

Such an amount would chime with comments made by the German finance minister, Wolfgang Schäuble, who, in a separate interview due to be published on Monday insisted that any additional aid required by Athens would be "far smaller" than the €240bn it had received so far.

"What is sure is that any further aid would be much less expansive than whatever help [has been given] so far," he is quoted as telling the German finance magazine Wirtschaftswoche in what appears to be a calibrated move aimed at preparing public opinion.

The renewed help follows revelations of clandestine talks between Schäuble and leading EU figures over how to deal with Greece, which despite receiving the biggest bailout in global financial history, continues to remain the weakest link in the eurozone.

The talks, said to have taken place on the sidelines of a Eurogroup meeting of eurozone finance ministers last week, are believed to have focused on the need to cover an impending shortfall in the country's financing and the reluctance Athens is displaying to enforce long overdue structural reforms. The lack of progress is at the root of stalled talks between Greece and its "troika" of creditors, the International Monetary Fund (IMF), European Central Bank and EU.

Greece faces a financing gap of up to €15bn over the next two years, according to foreign creditors, which have kept its economy afloat since May 2010. As the EU's powerhouse, Berlin has bankrolled most of the emergency loans to date.

But a German finance ministry spokesman, echoing similar statements by Schäuble, denied that a further restructuring of Greece's staggering debt – this time by public creditors – was also on the cards.

"There is no new situation," said the spokesman referring to previous statements made by Schäuble also rejecting the need for debt relief to be extended to recession-hit Greece.

Most of the debt overhang now haunting the country belongs to European governments and at 176% of GDP – up from 120% of national output at the start of the crisis – is not only a barrier to investment but widely regarded as being at the root of its economic woes.

"They are missing the point: Greece does not need a third bailout, it needs debt restructuring," said the shadow development minister and economics professor, Giorgos Stathakis.

"Even in the IMF, logical people agree there is no way we can have any more fiscal adjustment when the whole thing has reached its limits," he said. "There is simply no room for further cuts and further taxes and that is what they are going to ask for."

He said the assistance was "the wrong thing at the wrong time". Unemployment is nudging 28% – and youth unemployment rate tops 60% – while economic recovery is still far from assured, despite the nation outperforming targets with the achievement of a primary budget surplus in 2013.

The IMF has been increasingly at odds with Germany and other lenders over the need to write off Greece's debt. Confidential records, documenting minutes of meetings held to discuss the country's first bailout, reveal the level of discord among member states over the feasibility of the rescue programme. The IMF said last year that without additional debt relief by eurozone governments, Greece's debt burden could smother the country's economy.

China, Brazil, Argentina, India, Egypt and Switzerland have been among the countries expressing grave doubts that the assistance would work, arguing that Greece might end up worse off after the austerity programme.

GermanyGreeceEuropeEurozone crisisEuropean UnionEconomicsBankingEuropean banksFinancial sectorHelena Smiththeguardian.com © 2014 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

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