Greece Coach Fernando Santos shouts instructions to his players during the World Cup.
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How the world sees Greece
Monday, August 4, 2014
Greece Coach Fernando Santos gets ban for actions in World Cup
How the U.S. got mixed up in a fight over Kurdish oil — with a unified Iraq at stake
Sixty miles off the coast of Texas sits a crude oil tanker fully loaded with years of antagonism between the Kurdish region of Iraq and the central government in Baghdad. The United Kalavrvta, a tanker the length of three football fields, began its journey in the Turkish port of Ceyhan, where it picked up a million barrels of crude oil that had come by pipeline from the Kurdish region of Iraq. Then it set sail for Gibraltar before heading toward Galveston. It never got there. The central government of Iraq, despite recent military setbacks, dispatched its American lawyers at Vinson & Elkins to do battle in the U.S. District Court of southern Texas, where a judge ruled that the tanker cargo, worth about $100 million, should be seized if it came within Texas state waters. The core of the dispute: the Iraq oil ministry’s lawyer Phillip B. Dye argued that the crude cargo belongs to the Baghdad ministry of oil and that it was never the Kurdistan Regional Government’s. But Michael Howard, an adviser to the Kurdish minister of natural resources, said in an interview that “it’s a constitutional issue that should be determined in Iraq and shouldn’t be exported to U.S. courts.” The drama last week in Texas is just part of a global play being made by the Kurdistan Regional Government, which is desperately seeking money in the midst of turmoil of Iraq. The Kurds, many of whom have long sought an independent state, say that the central government in Baghdad has stopped providing the northern region with its share of the national budget. And without the ability to sell their own oil, Kurdish officials argue that they cannot protect themselves from violent militants or provide government resources. On Sunday, Sunni extremist militants seized three Kurdish towns, sending thousands of Kurds fleeing on foot. But if the Kurds can sell their own oil, they would also be potentially securing the financial base they need to finally declare their independence. At stake is the American goal of a unified Iraq, and the Obama administration is stuck in the middle of the dispute. Having invested tremendous effort into securing Iraqi federalism and its constitution, which says that oil belongs to the entire republic, the administration has been discouraging companies and countries from buying the Kurdish oil cargoes. Revenue sharing accords in Iraq are supposed to provide 17 percent of Iraqi oil revenues to the Kurdistan Regional Government. U.S. officials believed they had brokered an agreement between the Kurds and Baghdad in March, and they were unhappy when it fell apart, according to State Department officials who spoke on condition of anonymity because they were not authorized to speak. Then the Kurdistan Regional Government worked out a deal with Turkey so it would load the tankers. Iraq said Turkey’s agreement to load Kurdish oil violates accords between the two nations. The United Kalavrvta is one of five tankers that have been loaded with Kurdish crude oil at the port of Ceyhan since late May. One delivered its cargo in Israel, with rumors of deep discounts. Another, the United Emblem, which like the United Kalavrvta belongs to a Greek firm called Marine Management Services, is currently in the Strait of Singapore (see image below); Reuters reported that it transferred its cargo at sea to an unidentified tanker last week. Still another tanker, the Kamari, just left Ceyhan last Friday and was heading for Egypt’s Port Said. Read full article
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Body found on Crete in hunt for missing walker, say North Wales police
A major air and land search was launched by the Greek army, and British police officers travelled to help after Jones did not board his plane home on ...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Reuters: No More Troika in Greece
According to an exclusive Reuters report, Brussels is considering stopping Troika’s operations in overseeing the economic reforms in Greece in order to aid Athens in executing its plans to strengthen the country’s economy in exchange for the gradual reduction of the Greek debt. Even though the discussion is still at an early stage, it is expected to flare up as Greece and its partners in the Euro zone are planning a new course for the country, as the second bailout program is coming to a close at the end of 2014. According to Reuters, “dismantling the troika, a trio made up of the European Commission, European Central Bank and International Monetary Fund and likened by some in Greece to the German Nazi occupation, would likely be central to the new plan for Athens.” After Ireland and Portugal exited their bailout programs, Troika has only been active in Greece and Cyprus and many experts believe that Greece will be needing a new aid package. However, changing to a “reform-for-debt-relief” program that would require less supervision could reduce public reactions and strengthen the coalition government against SYRIZA, added Reuters. The plan involves the replacement of Troika with a special European Commission task force which would perform biannual instead of quarterly checks, “provided Greece does not require fresh funds.” In return, Greece will have to commit to a six-year reform plan, the achievement of which will be rewarded with a reduction of the country’s debt, by extending the repayment period. “There must be Greek ownership of the reform. The Greeks have until October to come up with a program, which would be decided by December for the start of 2015,” noted an official familiar to Reuters. On the other hand, the IMF could continue its own program until 2016, continuing “to exert influence on Athens.”
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READER SUBMITTED: Six To Six Playground Completed With Help Of Greek Life Students
The Greek Life students were instrumental in raising some of the $196,439.15 needed to replace the playground which had become beat up, ...
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| READ THE ORIGINAL POST AT www.courant.com |
EC’s Juncker: Greece Good Example to Argentina
ATHENS — Greece’s recent efforts to get its public finances into shape could have been the model for recently defaulted Argentina to follow. That’s the view of Jean-Claude Juncker, the man who is due to take over the European Union’s executive branch in November. After talks with Greek Prime Minister Antonis Samaras in Athens, Juncker […] The post EC’s Juncker: Greece Good Example to Argentina appeared first on The National Herald.
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College rankings: Transy tops for Greeks, Berea among worst cuisine
LEXINGTON, Ky. (WKYT) – The same people who rank the nation's top party schools also bestowed Transylvania University with the honor of being ...
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A Modern Greek Tragedy, The Story Of Apostolos Polyzonis
In the Greek newspapers Apostolos' story was not given more space than a mere brief that suggested a fit a madness. As for the bank, it published a ...
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| READ THE ORIGINAL POST AT www.worldcrunch.com |
Cyprus To Grant Its First Casino License By 2015
Greek Cypriots will soon have no reason to visit the Turkish part of the island to calm their gambling thirst, as Cyprus' government announced that the ...
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| READ THE ORIGINAL POST AT www.pokernews.com |
Ancient coins returned to Greece as part of New York plea deal
“The coins being returned to us by the New York County District Attorney are exquisite ancient artifacts that reflect Greece's culture, history and ...
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| READ THE ORIGINAL POST AT uk.reuters.com |
Juncker plays down full write-off for Greece
But in his first visit since his election, he praised Greece as an example for debt-stricken nations such as Argentina to follow, a show of support for the ...
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| READ THE ORIGINAL POST AT www.irishtimes.com |
American Ninja Warrior
Tune in to American Ninja Warrior at 9 p.m. tonight to see how Greece's Carl Fantauzzo fares in the Denver Regional Finals of the NBC strength and ...
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| READ THE ORIGINAL POST AT www.democratandchronicle.com |
FIFA issue Santos eight-match ban
Santos, a 59-year-old Portuguese, was sent from the dug-out after extra time of Greece's last-16 match against Costa Rica. The match finished 1-1 and ...
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| READ THE ORIGINAL POST AT www.football.co.uk |
Larissa: The Greek City of Coffee
Many Greeks believe that Larissa is the city of coffee, but until recently this notion was mostly based on a feeling rather than facts. According to statistical date released by the Larissa Chamber of Commerce, until June 30, 2014 there were 1,674 businesses that sold coffee in Larissa. This number is equivalent to 10% of local businesses. At the same time, the café to resident ratio of the city is also very interesting. According to the 2011 census, 162,591 people are living in Larissa. After taking into account that some residents might have not been registered and adding daily visitors, it was determined that almost 200,000 live and visit Larissa on a daily basis. Therefore, the ratio is one café for every 119 residents and visitors. Therefore, Larissa has the largest urban café concentration in Greece and its main industry is selling coffee. Furthermore, this type of business has shown great resistance to the economic crisis that hit Greece. From January 1, 2011, to June 30, 2014, 447 coffee businesses started operating in the municipality of Larissa, while during the same period, 372 coffee businesses closed down. The President of the Larissa Chamber of Commerce, Dimitris Adam said that young people keep coming to him every day, requesting a license to open a coffee shop. “What I always tell them is to not take the easy way. There can be no more coffee shops in this city. At the moment, every group of friends has its own coffee shop,” he said. “I urge them to look for something new and not to open another cheap café.”
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Former Greece coach Santos receives eight-match ban
FIFA handed former Greece national team head coach Fernando Santos an eight-match suspension after he was sent off during the tournament.
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| READ THE ORIGINAL POST AT www.upi.com |
New Conflict Between Thessaloniki Metropolitan and Mayor
... University of Thessaloniki while he appeared particularly pessimistic and disappointed concerning the name dispute between FYROM and Greece.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Former Greece coach Fernando Santos has been handed an eight match international ban after he ...
The 59-year old has since been replaced by Claudio Ranieri as the Greece national coach after his contract expired at the end of the World Cup.
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| READ THE ORIGINAL POST AT www.football365.com |
Graffiti, snails? Greece's new tourism
Tough economic times have inspired Greece's travel industry to try creative new ways to attract visitors. But the new business ventures have little in common with the country's historic tourism attractions.
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| READ THE ORIGINAL POST AT rss.cnn.com |
Newly opened Mediterranean restaurant helps fill Radnor retail center
A suburban outpost for Estia Greek Taverna is scheduled to open today in a newly constructed retail center built by Brandywine Realty Trust.
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| READ THE ORIGINAL POST AT www.bizjournals.com |
Brussels considers scrapping troika supervising Greece
Brussels is considering scrapping the troika that supervises Greek reforms to allow Athens to pursue its own plan to bolster the economy in return for a drip-feed of debt relief, European officials have said. The discussion, still in its early stages, will ...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Estia Greek Taverna opens new restaurant
Local diners are in for a real treat when they walk through the doors of Estia Greek Taverna, opened just this week in Radnor. Fans of Estia ...
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| READ THE ORIGINAL POST AT www.delconewsnetwork.com |
Greece Chases The Wrong Debtors
While Greece is squeezing people who can't pay debts because of austerity measures, those who can are getting away with it. The post Greece Chases The Wrong Debtors appeared first on The National Herald.
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| READ THE ORIGINAL POST AT www.thenationalherald.com |
U.S. returning ancient Greek coins after Manhattan DA prosecutes prominent collector
Some ancient coins are being returned to Greece after the New York prosecution of a prominent collector from Rhode Island.
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| READ THE ORIGINAL POST AT www.nydailynews.com |
"Greek economic success is in …
Stevenson U. names interim business dean » Aris Melissaratos, a former Maryland secretary of business and economic development, has been named Stevenson ... Doing Business in Greece Seminar at Temple University: The American Pavilion at HELEXPO ...
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| READ THE ORIGINAL POST AT www.hellenicnews.com |
Portuguese bonds lead peripheral gains after BES rescue
* Lisbon agrees 4.9 bln BES bailout after weekend talks * Greek bonds suffer after Juncker plays down write-off (Adds fresh quotes, prices, Greek bond move) LONDON, Aug 4 (Reuters) - Portuguese bond yields fell on Monday after Lisbon agreed a near 5 billion euro ($6.6 billion) bailout of its biggest bank in a plan that reassured debt investors there would be no wider strain on public finances ...
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| READ THE ORIGINAL POST AT finance.yahoo.com |
Soccer-Former Greece coach Santos banned for eight games
Former Greece coach Fernando Santos has been banned for eight competitive international matches after he was sent off at the end of the World Cup match against Costa Rica, FIFA said on Monday. FIFA said in a statement that Santos, who was sent off at the end of extra time of the round-of-16 tie on June 29, had been guilty of "several acts of unsporting conduct towards the match officials." Costa ...
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| READ THE ORIGINAL POST AT news.yahoo.com |
Greece is not Argentina, says Juncker in Athens
by NEOnline | KT Greece could be an example for Argentina, according to the designate president of the European Commission, Jean Claude Juncker. Choosing Athens for his first visit to a member state's capital after his nomination, Juncker met with Greece's prime minister, Antonis Samaras. He said that the reforms carried about by the country over the past few years could have served as a model for Argentina, which last week defaulted on its debts for the second time since 2001. "Greece could have been a good example for Argentina to avoid the problems it was not able to avoid," Juncker said. "So Greece is not Argentina." Juncker praised Greek efforts to improve public finances, and insisted that he played a key role in keeping the country in the euro currency zone. "I really fought like a lion, I would say," Juncker said. "There was a great battle to counter those who wanted to remove Greece from the euro." He declined to name those who wanted Greece out of the Euro. He also refused to comment on options being considered by eurozone countries to make Greece's national debt sustainable and refused to give details on his choices for the next European Commission.
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| READ THE ORIGINAL POST AT www.neurope.eu |
Ancient coins from 500 B.C. will be returned to Greece after being found during New York auction
A collection of ancient coins dating back to 500 B.C.are being returned to Greece after the New York prosecution of a prominent collector from Rhode ...
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| READ THE ORIGINAL POST AT www.dailymail.co.uk |
Greece: Thousands of Russians Stranded as Tour Operator Labirint Goes Bust
Thousands of Russian tourists have been left stranded in Greece after tour operator Labirint collapsed in the wake of fresh Western sanctions against ...
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| READ THE ORIGINAL POST AT www.ibtimes.co.uk |
US officials returning ancient coins to Greece after prosecution of prominent collector
NEW YORK — Some ancient coins are being returned to Greece after the New York prosecution of a prominent collector from Rhode Island.
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| READ THE ORIGINAL POST AT www.greenfieldreporter.com |
All Star Greek Festival
Stevenson U. names interim business dean » Aris Melissaratos, a former Maryland secretary of business and economic development, has been named Stevenson ... Doing Business in Greece Seminar at Temple University: The American Pavilion at HELEXPO ...
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| READ THE ORIGINAL POST AT www.hellenicnews.com |
Juncker: Eurozone crisis not over
The European Commission’s president-elect Jean-Claude Juncker has warned that Europe has yet to beat the eurozone crisis. In his visit to Greece, the former Luxembourg premier praised Athens’ efforts to rein in its debt.
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| READ THE ORIGINAL POST AT www.dw.de |
Chobani Partners With IMG To Reach New Greek Yogurt Fans
NORWICH, N.Y. and WINSTON-SALEM, N.C., Aug. 4, 2014 /PRNewswire/ -- Chobani, America's No. 1-selling Greek Yogurt, has entered into a multi-platform, multi-year marketing agreement with IMG designed to increase brand awareness and yogurt consumption at colleges and universities through increased distribution and visibility on campuses and at retailers coast to coast. The partnership, which aims ...
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| READ THE ORIGINAL POST AT ca.finance.yahoo.com |
Theatre review: 'The Frogs' doesn't leap at Cain Park
“The Frogs,” Stephen Sondheim's and Burt Shevelove's musical adaptation of Aristophanes' ancient Greek comedy, had a novel introduction to the ...
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| READ THE ORIGINAL POST AT www.news-herald.com |
Greek Yogurt Strawberry Muffins Recipe
I took a chance and purchased a strawberry, pine nuts and zucchini muffin at one of my favorite feasting spots in DC a couple of weekends ago.
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| READ THE ORIGINAL POST AT blog.tastesavant.com |
Finding the Healthiest Brands of Greek Yogurt
High in protein, and low in sugar and carbs, Greek yogurt has quickly become one of America's favorite health foods. But with antibiotics and GMOs so ...
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| READ THE ORIGINAL POST AT pregnancy.thesfile.com |
Greek Style Honey and Pistachio Cake
If you are like me, not a natural baker, but a natural cake eater, you need it to be easy to make and delicious every time.
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| READ THE ORIGINAL POST AT www.thecookingcoach.eu |
FIFA bans former Greece coach Santos for 8 matches
ZURICH (AP) -- FIFA has banned former Greece coach Fernando Santos for eight international matches for verbally abusing officials during his team's World Cup elimination match against Costa Rica.
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| READ THE ORIGINAL POST AT sports.yahoo.com |
Exclusive-Europe mulls handing back reins of reform to Athens
FRANKFURT/ ATHENS (Reuters) - Brussels is considering scrapping the troika that supervises Greek reforms to allow Athens to pursue its own plan to bolster the economy in return for a drip-feed of debt relief, European officials say. Dismantling the troika, a trio made up of the European Commission, European Central Bank and International Monetary Fund and likened by some in Greece to the German ...
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| READ THE ORIGINAL POST AT finance.yahoo.com |
Fought like lion to keep Greece in eurozone: Juncker
Samaras said the former Eurogroup chief was “a good friend of Greece,” who supported the country's efforts to stay in the eurozone and avoid default.
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| READ THE ORIGINAL POST AT www.globalpost.com |
Hot Stock List : Intercontinental Exchange (NYSE:ICE), Windstream (NASDAQ:WIN), National Bank ...
National Bank of Greece SA (NYSE:NBG) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short ...
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| READ THE ORIGINAL POST AT www.crazyjoys.com |
Greek Hid 5.2B Euros – in Greece
Greece's Financial Crime Unit and prosecutors said they found a Greek abroad with 5.2 billion euros - in a Greek bank. The post Greek Hid 5.2B Euros – in Greece appeared first on The National Herald.
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| READ THE ORIGINAL POST AT www.thenationalherald.com |
Greek economy in dire need of reforms
Greece is in need of radical reforms to its pension system if it is to cease being a burden on longer-term fiscal sustainability, and to prevent a rise in pension costs that would otherwise see ...
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| READ THE ORIGINAL POST AT www.greekherald.com |
Juncker: Greece offered example to Argentina
Greece's recent efforts to get its public finances into shape could have been the model for recently defaulted Argentina to follow. That's the view of Jean-Claude Juncker, the man who is due to take over ...
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| READ THE ORIGINAL POST AT news.yahoo.com |
Juncker: "Greece is not Argentina," austerity model for avoiding default
ATHENS, Greece - Greece's recent efforts to get its public finances into shape could have been the model for recently defaulted Argentina to follow.
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| READ THE ORIGINAL POST AT ca.finance.yahoo.com |
NY officials are returning ancient Greek coins
Manhattan District Attorney Cyrus R. Vance Jr. and Greek officials are holding a ceremony Monday marking the repatriation of coins dating to 500 B.C..
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| READ THE ORIGINAL POST AT online.wsj.com |
EU's Juncker says a haircut on Greek debt is not part of his thinking
The opinions and analysis offered on Forexlive are for educational purposes only and clients and prospects are advised to carefully consider the ...
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Markets tense after Portugal bank bailout
Bad bank to house toxic assets of Portugals Banco EspÃrito SantoHSBC complain of unprecedented regulationBoEs Spencer Dale quits to become BPs chief economistUK housebuilding grows at fastest pace in 11 yrs 2.49pm BST Plenty of backslapping at the prime ministers palace in Athens today, as Jean-Claude Juncker turns up to offer support for Greeces government.We have covered a huge distance but we have not yet reached the end...Certainly, many developments, events show us how fragile the situation is not only in Greece but elsewhere. But there are also positive signs, also in Portugal.We are not yet fully out of the tunnel, and I wouldnt want to give the impression that weve left all the ills behind but there has been a lot of progress...I fully trust Portuguese authorities that they will solve the problem they are facing in the financial sector. 2.29pm BST Over in Washington around 50 leaders are gathering for the first-ever US-Africa summit.Following his visit to Africa last summer, Mr. Obama wanted to follow up with a gathering that would help the U.S. reinforce its economic and diplomatic ties with the continent. The European Union has held a similar events for several years, while China has become a much bigger trading partner for Africa than the U.S. We chose to do this summit to send a very clear signal that we are elevating our engagement with Africa, Ben Rhodes, a deputy national security adviser, told journalists last week. We see enormous opportunities in Africa as it continues to advance its own economic development. 2.03pm BST After Russia annexed Crimea earlier this year, government officials urged patriotic citizens to take their holidays at the Black Sea resort to help boost the local economy.That plan hit a snag today, after budget carrier Dobrolet announced it was suspending all flights as a result of EU sanctions.Dobrolet is a subsidiary of a Russian state-owned airline. Since the illegal annexation of Crimea Dobrolet has so far exclusively operated flights between Moscow and Simferopol. It therefore facilitates the integration of the illegally annexed Autonomous Republic of Crimea into the Russian Federation and undermines Ukrainian sovereignty and territorial integrity. 1.39pm BST The bailout of Banco EspÃrito Santo was not a surprise to anyone who had been following Portugals troubled banking sector.Portugal left its bailout programme in May, but continues to face huge economic challenges.In May, Portugal was the second country (after Ireland) to exit the joint EU/IMF bailout program. The government decided to end its three-year bailout program without requesting any additional line of credit from the EU/IMF, as rapidly falling sovereign interest rates allow the country to support its financing needs through issuance on bond markets. Nonetheless, these favourable financing conditions cannot be taken for granted, particularly as fragilities remain evident, including weak domestic demand, high unemployment, persistent deflationary risks, a fragile banking system and ongoing fiscal consolidation. Moreover, the debt-to-GDP ratio peaked at a very high level of 129% in 2013 and is expected to stabilize at this level in 2014. Similarly, some concerns remain regarding the needed further fiscal consolidation as Portugals Constitutional Court rejected some austerity measures in June. EH expects the fiscal deficit to continue to drop in the coming quarters, and to reach -3% of GDP by 2015. However, developments in public finance will be strongly dependent on the ability of Portugal (and the eurozone) to maintain investor confidence and keep interest rates low. 1.07pm BST The departure of Spencer Dale from the Bank of England is a blow to Mark Carneys ambition to break down silos at the institution, according to HSBCs chief economist Simon Wells.Here is his verdict:Spencer Dale, the BoEs executive director for financial stability and its former chief economist, is leaving the UKs central bank after a long career there. He leaves just over two months after starting a new role in the BoEs financial stability area. This was intended to improve connectivity around the BoE and, we also suspect, to bring more structure to macroprudential policy. Therefore his departure is potentially a setback to Mark Carneys strategic plan for the BoE and creates a vacancy on the BoEs [Financial Policy Committee] at an important time. Given his vast knowledge of the UK economy, we think his departure is a loss to the BoE. 12.28pm BST Readers interested in how Britain dealt with a financial panic in 1914 should take a look at the Bank of Englands unpublished history of the war years and immediate aftermath.On Tuesday, the 4th*, Great Britain entered the war and on this day also a Conference, lasting three days, began between the Chancellor of the Exchequer (Lloyd George ) , Members of the Cabinet and Representative Bankers and Traders. This Conference was chiefly occupied with the proposed general moratorium and the provisions for suppling the Bankers with Currency Notes by Friday, the 7th, when they were to re-open o the Public and when it was feared considerable demands might be made upon them.Even if the Bank of England had been exposed to a foreign drain of gold, or to the risk of it it would have been a shameful abandonment of the Banks traditions to have refused to pay out gold so long as any substantial quantity of it was still available. A suspension of specie payments, the English have been taught to believe, is a last, and not a first, resort. On an unshaken belief in the tenacity of this tradition the international position of the City of London largely depends; and weakness on this point in the early days of the crisis, however great the danger, might have preluded a vast loss of future prestige. 11.57am BST Brewin Dolphin, another City institution, is also remembering the enormous cost of the war in human lives.Brewin was just one City firm whose partners played a major part in the Great War. 1600 stockbrokers joined up in 1914, creating the London Stock Exchange Battalion of Royal Fusiliers (unofficially known as the Stockbrokers). Four hundred stockbrokers failed to return. 11.49am BST Barclays remembers employees who died in World War INever forgotten. pic.twitter.com/iT1xRQLY2N 11.47am BST With ceremonies to commemorate World War I going on in Britain and Belgium, George Osborne has recalled the forgotten banking crisis of 1914. For six weeks, almost all the worlds stock exchanges were closed. The credit system upon which the business of this country is founded has completely broken down, an aide wrote to David Lloyd George, first of the three wartime chancellors. It may be impossible to finance the great expenditure which the country may be forced to incur.Wartime tax revenues quadrupled. Levies on everything from tea and cocoa to coffee and beer were raised. Hat importers were slapped with an excise duty, only to be let off the hook when civil servants could not say what counted as a hat. Income taxes were increased and a version of corporation tax was brought in.Inside the Treasury building on Horse Guards Road a war memorial bears the names of 102 men, once workers in this building, who fought and died in that terrible war. In this centenary year especially we honour them. It is right that we should. But let us not forget the work and ingenuity of those who toiled in London while their countrymen fought abroad. Andrew Bonar Law, the last of the wartime chancellors, reflected with pride on the Treasurys effort in August 1918. Finance in war is not spectacular, he wrote. It does not appeal so vividly to the imagination . . . . [but it is] if not the most striking, by no means the least important of our achievements in the common cause. He was right. For then, as now, national security is built on economic security. 11.13am BST Here is more on the departure of Spencer Dale from the Bank of England.The Bank said:Spencer has decided to pursue a new path in his career, as Chief Economist of BP plc. He will start his new position on 27 October 2014, after a post-employment cooling off period.It has been a huge privilege to serve the Bank of England over the past 25 years. It has also been an honour and a pleasure to work with so many talented people committed to serving the public good. This is a tremendous institution that has changed remarkably since I joined, and whose additional responsibilities mean it has a central role in ensuring economic and financial stability for the UK. To truly make the most of these new powers, I fully support the Banks objective to act as a single, cohesive policy institution. I will miss the Bank greatly and I wish I could have stayed longer to contribute more. But the opportunity to work in a different environment with one of the UKs pre-eminent companies was simply too good an opportunity to refuse. 11.06am BST More change at Threadneedle Street. The Bank of England has announced that Spencer Dale, its executive director for financial stability strategy and risk, is standing down.Dale had only taken up this position on 1 June 2014, after serving 6 years on the Monetary Policy Committee as the Banks chief economist. 11.02am BST Megan Greene, chief economist at Maverick Intelligence, is not convinced by the Portuguese authorities claim that taxpayers will not lose out through the Banco EspÃrito Santo bailout.BES resolution looking eerily like the Irish bank bailouts, albeit on much smaller scale. Any claims taxpayers won't be on hook are bogus.@economistmeg what are you especially concerned about?@AllisterHeath That the costs will be socialized in Portugal, requiring more austerity to reduce public debt 10.38am BST This graph tells the story of the UK construction industry over the last decade. 10.31am BST Douglas Flint, the HSBC chairman, who has just issued a long screed bemoaning the costs of banking regulation, has been speaking to journalists.Here are some of the Reuters snaps: 10.17am BST I wrote in a previous post about the £40,000 bricklayer... that was a big understatement.According to one property consultant quoted in Sun in April the best bricklayers can earn much more.Day rates in London are up to £150-£200 ($334, 242) a day [now] and those that are particularly experienced and industrious, laying up to 1,000 bricks a day can earn the equivalent of £100,000 a year. 10.14am BST Stefan Friedhoff, global corporates managing director for construction at Lloyds Bank commercial banking, says the fall in the rate of growth in July needs to be seen in contextJuly was still the 15th consecutive month of increased construction output, indicative of the sectors continuing return to health following the recession and the steady stream of positive news in the wider economy....The industry will remain cautious. While output is up, so are costs and reports of shortages of labour, with the inevitable knock-on effects this brings. Against this background it is perhaps not surprising to see some moves towards consolidation in the sector as construction firms look to put themselves in the best possible position to prosper.Construction output only accounts for 6.3% of GDP. Much attention will now be focused on the purchasing managers survey for the dominant services sector for July which comes out on Tuesday. The services sector has been driving UK growth (it expanded 1.0% quarter-on-quarter in the second quarter) so the July services purchasing managers survey will provide important evidence as to whether UK growth is losing a little momentum.... The robust construction purchasing managers maintains uncertainty over when the Bank of England will first edge up interest rates, given that it follows a softer manufacturing survey. It remains a very close call as to whether the Bank of England will act at the end of this year or hold off from raising interest rates until early-2015. Much will clearly depend on what happens with wage growth over the coming months as well as the economys overall performance. What is certain is that the Bank of England will keep interest rates at 0.50% at the end of the August MPC meeting on Thursday. 9.59am BST A little under a year ago, there was plenty of talk of the £40,000-a-year bricklayer.In July construction firms continued to report rising rates for workers.Looking ahead, a pressing concern for construction companies is the availability of materials and suitably skilled labour to support the recent growth streak. Cuts to supplier capacity have ushered in the worst period of input delivery delays since the survey began in 1997, while this summer has also been notable for construction firms reporting near-record increases in rates commanded for sub-contracted work. 9.57am BST PMI highlights 9.45am BST Construction may have fallen back in July, but the overall pace of growth remains the fastest since 2007.Tim Moore, Senior Economist at Markit and author of the Markit/CIPS Construction PMIJulys figures suggest the UK construction sector is enjoying its strongest cyclical upswing since the global financial crisis, while a new record rise in employment highlights that construction firms are increasingly confident about the sustainability of the upturn. 9.36am BST The UK construction industry slowed down in July, according to monthly figures from the Markit/CIPS purchasing managers index (PMI). The index was 62.4%, down on the previous month, although slightly ahead of expectations. A Reuters poll of economists had forecast 62%. 9.33am BST Breaking news: UK construction PMI falls to 62.4 v 62.6 in June. 9.31am BST Douglas Flint, the chairman of HSBC, is clearly unhappy with the regulation the bank has to comply with.The demands now being placed on the human capital of the firm and on our operational and systems capabilities are unprecedented. The cumulative workload arising from a regulatory reform programme that is unfortunately increasingly fragmented, often extra-territorial, still evolving and still adding definition is hugely consumptive of resources that would otherwise be customer facing. Add to this recent obligations to perform highly granular multiple stress tests which are inconsistent in definition and scenarios between major jurisdictions and so require considerable duplication of effort; recently announced significant wholesale market practice and competition reviews in the UK; re-organising the financial, operational and structural framework of the Group to respond to evolving thinking on cross-border resolution protocols; and, finally, planning what will be a multi-year project to separate and establish the ring-fenced bank in the UK, and the dimension of the execution risk is obvious. To be clear, we are committed and resourced to deliver all of the above. But there is extremely limited spare capacity. Prioritisation, which is clearly critical, will require support and guidance from public policy and regulatory bodies, particularly in the UK, regarding the juxtaposition of the recently announced competition review and preparation for the creation of the ring-fenced bank. Equally important is delivery of the stated intention of the Financial Stability Board and the G20 to seek to draw a close on fresh regulatory initiatives by the end of this year.We continue to make good progress with implementing Global Standards, aiming to deliver a consistent approach to risk management, particularly in relation to financial crime risk. Success will be reflected in reduced incidence and severity of future customer redress and less exposure to regulatory and legal penalties. Recent high profile financial penalties and legal proceedings initiated against individuals are serving their intended purpose of highlighting the risks, both to shareholders capital and to staff held responsible, of future infringement. Today, no-one in our industry can fail to be aware of the heightened expectations of society regarding the role of banks in supporting economic activity; nor can they be unaware of the potential penalties for failing to live up to these expectations, particularly regarding conduct issues or breach of trust 9.22am BST A few headlines from HSBC, from the wires: 9.17am BST Breaking news: HSBC pre-tax profits down 12% at $12,340m for the first half of the year. 9.04am BST Fighting talk from a Russian billionaire over US sanctions this morning.Gennady Timchenko, an oligarch who is currently under US sanctions, said western punitive measures would not turn Russian business against President Vladimir Putin.Vladimir Vladimirovich (Putin) is only thinking about the interest of Russia. Full stop. There can be no compromise here. And it wont even cross our (businessmens) minds to speak out about this subject. 8.47am BST Portugals main stock market, the PSI 20, is flat this morning after the turbulence of recent days.The PSI 20 has been fluctuating around zero and is currently 0.27% up. 8.35am BST Remember that $9bn fine US authorities handed out to Frances BNP Paribas? As part of the deal BNP pleaded guilty to violating sanctions against Iran, Sudan and Cuba, but French politicians were outraged at the size of the penalty.Now France has gained backing from the UK, Germany and Italy to challenge US regulators from imposing such heavy fines, according to a report in todays Financial Times.French officials did not dispute BNPs wrongdoing but have questioned the scale of the punishment and the principle of the US extending its legal reach over all foreign banks that deal in dollars. BNP had broken no French or European law.There should be co-ordination between regulators, as there should not be multiple jeopardy, agreed one senior European official, who confirmed that there had been informal discussions about putting the issue of bank fines on the G20 agenda. 8.19am BST Interesting news from Turkey, ahead of the countrys first direct presidential elections on Sunday.Statistics out this morning show inflation is running at 9.32% year-on-year. Economists had been expecting that number to dip below 9%, but soaring food costs are pushing the numbers the other way. 8.12am BST HSBC will be publishing results in just over an hour and is expected to reveal an 11% fall in profit, as a result of falling revenues, lower income from its Latin American and investment banking businesses.Here is a preview of the numbers from Reuters:HSBCs pretax profit fell 20% year-on-year in the first quarter and Europes biggest bank, which operates across 75 countries, should make a second quarter pretax profit of about $5.7 billion, similar to a year ago, underpinned by better margins in Hong Kong and growth in commercial banking profits.HSBC chairman calls for halt on rules ringfencing high-street business 8.01am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and the business world.European investors have woken up to another bank rescue this morning, after troubled Portuguese lender Banco EspÃrito Santo received an emergency bailout over the weekend.The plan carries no risk to public finances or taxpayers.The adoption of this resolution measure is adequate to restore confidence in financial stability and to ensure the continuity of services and avoid potential adverse systemic effects.We are told that this problem is likely to remain a fairly contained one, but if anyone truly believes that then they are truly kidding themselves. With the European Central Banks (AQR) Asset Quality Review well under way, this bail out or recapitalisation, is unlikely to be the last, if these EU mandated stress tests are to be treated as in any way credible. Continue reading...
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200,000 “Eternal Students” to be Erased by September
Greek Education Minister Andreas Loverdos appears determined to deal with the unique Greek phenomenon of the “perpetual student,” or “eternal student,” as they call them. Figures released by the Organization for the Economic Cooperation and Development (OECD) show that only 10% of students enrolled in Greek higher education institutions graduate. The rest of them stay enrolled indefinitely in academic programs without going to classes or taking examinations, while at the same time costing millions of euros to the education budget. The new education minister is willing to face this thorny issue by deleting these students from university registers. According to the education minister, about 200,000 students will be deleted by enrollment lists by September 2014 while no extension period will be given. As Loverdos reported, perpetual students have already been given enough leeway and opportunities to finish their studies, but they choose to remain stagnant. Only few made use of the opportunity for repeat examinations that was offered. The minister also said that a large number of inactive students have not shown any interest in acquiring a degree. It is estimated that currently there are 230,000 students actively studying in higher education institutions in Greece. This is the first time that an education minister is trying to release student positions in universities that are presently occupied by eternal students who have abandoned their studies.
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Generous Donation to ‘The Smile of the Child’
The Smile of the Child foundation has received a large bequest from the deceased owner of Titania Hotel, Kostantinos Malamos. The deceased was aware of the financial difficulties the foundation was facing and decided to help by including it in his will. Kostantinos Malamos, who died two months ago, had no children despite his desire to create a family. His brief marriage in the 1980s to Deppy Handri yielded no children. Malamos has left to the foundation his majority portfolio in Titania Hotel, on Panepistimiou Street, central Athens, with the specific provision that the foundation will use proceeds of the hotel for the needs of the children. The deceased also left to his nieces on his sister’s side a large part of his fortune, including a land property on the Greek island of Mykonos. The Smile of the Child is a non-profit voluntary organisation. Its main objective is to help ill children and children in need all over Greece.
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