It's history class with some party mixed in It's history class with some party mixed in
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How the world sees Greece
Tuesday, September 30, 2014
ECB Planning Greek, Cypriot Junk Buyout
European Central Bank (ECB) president Mario Draghi revealed that he will push for the ECB to buy “junk”-reated Greek and Cypriot loans in an effort to prevent economic stagnation in the Eurozone, the Financial Times (FT) reported. Draghi plans to elaborate on the details sometime this week. The plan would allow ECB to purchase some […] The post ECB Planning Greek, Cypriot Junk Buyout appeared first on The National Herald.
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S&P upgrades OTE’s credit rating and revises outlook
Standard & Poor’s on Tuesday upgraded OTE telecom’s credit rating from BB- to BB and revised its outlook from negative to stable, arguing that even in the unlikely event of a Greek default, OTE will service its debts. Meanwhile OTE Chairman and Chief Exec... ...
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NBG Pangaea eyes listing on foreign bourse, huge portfolio
Leading Greek property investment company NBG Pangaea is getting ready to spread its wings as it eyes the creation of a major portfolio worth up to 4 billion euros to be listed not only on the Athens bourse but also a foreign stock market. The public offe... ...
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Banks feel optimistic ahead of stress test results
With the announcement of the European Central Bank’s stress test results fast approaching, probably on October 26, Greek banks are pretty confident they will clear the hurdle. Speaking to CNBC, Piraeus Bank Chief Executive Anthimos Thomopoulos expressed o... ...
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Sam Smith aims to please at a sold-out Greek Theatre
Smith's brief and heartfelt set at a sold-out Greek (the first of two nights there) proved that well-written, powerfully sung love songs can transcend the ...
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After 200 years, monument erected to honour Greek family
This was not so in the case of the founder of the Greek family in Nova Scotia. When Alexander Levante passed away in 1868 and his wife in 1871, ...
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Remarkable growth in Athens tourism
The 390,000 additional hotel stays chalked up in Athens in the first eight months of the year compared to 2013 can be put down to the jump in tourism arrivals in the Greek capital and translates into revenues of 142.8 million euros for the real economy, p... ...
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New Greek bailout unveiled to contain debt crisis
President of European Commission Jose Manuel Barroso (R), President of European Council Herman Van Rompuy (C) and Greek Prime Minister Georgios Papandreou attend the press conference after the ...
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Major US deals for Corinth Pipeworks
Athens-listed Corinth Pipeworks on Tuesday announced it had signed three agreements with US companies for the procurement of coated pipes totaling 163,000 tons. According to the Greek firm, the first two contracts, signed with Energy Transfer Partners, co... ...
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Armenia, Greece to intensify economic ties
Armenian Prime Minister Hovik Abrahamyan had a working lunch with Greek President Karolos Papoulias who is in Armenia on a state visit, the ...
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ECB Considering Rules to Allow Purchase of Certain Greek, Cypriot Securities
FRANKFURT—The European Central Bank is considering whether to enact rules that would allow asset-backed securities issued by Greek and ...
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Ina Garten's recipe for 'pastitsio,' or Greek lasagna
"Pastitsio is like a Greek lasagna," Ina Garten explains in her new cookbook, "Make It Ahead." ''It takes a while to make, but you can assemble it a day ...
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Greek Population Decreased in 2013
Recent figures published by ELSTAT, the Hellenic Statistical Authority, have shown that Greece’s natural population decreased in 2013. In its analysis, ELSTAT took into consideration live births and deaths, not migration. The reports indicate that the Greek population decreased by 17,660 people in 2014. This has been the overriding trend throughout the course of the economic crisis. In 2013, the number of children born in Greece was 94,134 – 48,430 males and 45,704 females. This amounted to a 6.21% decrease compared to 100,371 births in 2012 – 51,654 males and 48,717 females. There were 376 stillbirths in 2013, a 15.7% decrease compared to the 446 stillbirths in 2012. Births by Greek mothers amounted to 80,940 – 85.98% – and 13,194 by foreigners – 14.02%. Births out of wedlock fell from 7,640 – 7.6% of total births – in 2012 to 6,337 – 6.7% of total births – in 2013. In 2013, the number of deaths decreased by 4.15%, reaching 111,794 – 57,627 males and 54,167 females. This is compared to 116,670 – 60,37 males and 56,533 females – in 2012. The average age of death in 2013 was 75.25 years for men and 80.85 years for women. The infant mortality rate hit 3.69% in 2013 compared to 2.9% in 2012. The neonatal mortality rate – deaths of infants under 28 days – rose from 1.89% in 2012 to 2.63% in 2013. The perinatal mortality rate – deaths of infants under 7 days – reached 5.79% in 2013 compared to 5.64% in 2012. There were 51,256 marriages in 2013, compared to 49,710 in 2012 – a total increase of 3.11%. Civil marriages occurred as often as religious ones. More specifically, out of 51,256 marriages, 25,624 were religious and 25,632 were civil ones. Finally, in 2013 the number of registered partnerships increased by 85.03%. ELSTAT’s figures were based on the Civil Registry Offices of Greek municipalities.
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Man, 70, Ties Waiting To Pay Tax
THESSALONIKI – A prosecutor in Greece’s second-largest city ordered a probe after a 70-year-old pensioner in a long line of people waiting to pay a new tax collapsed and later died. The unidentified man went to a National Bank branch in the Toumba neighborhood at 11 a.m. on Sept. 30 to pay the first installment […] The post Man, 70, Ties Waiting To Pay Tax appeared first on The National Herald.
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Money ring sent 4.5 mln abroad
Two Afghan employees at a currency exchange bureau in central Athens and a Greek alleged to own the establishment were detained on Tuesday in connection to the alleged illegal transfer of more than 4.5 million euros to Asian and African states. Officers o... ...
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Greece prepares to wave goodbye to troika
With the primary surplus steadily above target, Greece will try to stay away from needing further IMF help. But there's a long way to go before a ...
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The plight of Europe's unwanted migrants
Lesvos, Greece - A police car pulls up to the PIKPA youth centre on the Greek island of Lesvos to drop off a new batch of "irregular" migrants. Most of ...
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Stocks Buzz
National Bank of Greece (ADR) (NYSE:NBG) reported the gain of 0.85% and is at $2.97 with the total traded volume of 965,011.00 shares. Its market ...
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State dinner given in honor of President of Greece on behalf of Serzh Sargsyan
YEREVAN, SEPTEMBER 30, ARMENPRESS: On behalf of President of Armenia Serzh Sargsyan a state dinner was given today in honor of President ...
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Political clouds over Greece deter bond investors
Investors’ love affair with low-rated but high-yielding eurozone bonds is starting to wane, as political risks dent faith that the European Central Bank alone will be able to ensure the bloc’s recovery. Greek bond prices fell to their lowest since May on ... ...
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Alpha's absorption on Citibank in Greece gets green light
Greece’s Capital Market Commission on Tuesday announced its approval of Alpha Bank’s absorption of Citibank’s branch network and portfolio in Greece and the entire share capital of Diners Club of Greece Finance Company SA. The Commission decided the absor... ...
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Greek statistics service delays retail sales data release
Greek statistics service ELSTAT postponed Tuesday’s release of July retail sales data citing the need for additional checks and processing of the statistics, it said in a statement. ELSTAT said the date of the release will be announced “soon” on its websi... ...
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Greek Tony's Pizza & Subs to open new location on Sherman Boulevard
The new Greek Tony's Pizza & Subs restaurant will be located in the former site of Olive Tree Café at 1401 W. Sherman Blvd. (Brandon Champion ...
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Greek hospital doctors, nurses to strike on Thursday
Public hospitals will be operating on skeleton staffs on Thursday due to a strike over staff shortages and wages. Doctors and nurses will take part in the action, along with ambulance teams. A protest rally is set to take place outside the Health Ministry... ...
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They’re Baaa-ck … Troika Talks Amid Political Tension
The likely last review of Greece's progress on delayed economic reforms by international lenders is underway amid a tense political climate. The post They’re Baaa-ck … Troika Talks Amid Political Tension appeared first on The National Herald.
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Some 17,500 more deaths than births in Greece last year
Greece’s population shrank by 17,660 people last year as deaths outpaced births, according to the Hellenic Statistical Authority (ELSTAT). There were a total of 94,134 births in Greece last year, which was 6.2 percent down on 2012. Almost 86 percent of th... ...
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Greek MPs ask for Alexander statue in central Athens
A group of 24 conservative New Democracy MPs on Tuesday submitted a joint appeal in Parliament for a bronze statue of Alexander the Great to be erected in a central spot of the capital. The statue in question, by the late artist Yannis Pappas, was purchas... ...
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Independent Greeks committee to discuss errant MP next Tuesday
The of the right-wing anti-bailout party Independent Greeks is to convene next Tuesday to discuss the case of outspoken lawmaker Rachil Makri after she made a series of disparaging comments about colleagues on her Facebook page. Independent Greeks leader ... ...
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Kouzina Greek Seeking Line Cooks and Cashiers!
Kouzina Greek, Offering the Bay Area the freshest ingredients in Greek Street Food. Our real all-natural hand stacked gyro meat will have you coming ...
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Greek banks win restructuring plan reprieve in ECB tests
LONDON/ATHENS/FRANKFURT, Sept 30 (Reuters) - Greece has won an important concession from the European Central Bank (ECB) that could help its top four lenders pass a landmark review of the euro zone's banking sector, three sources familiar with the process told Reuters. The sources said Greece had convinced the ECB to take into account the banks' restructuring plans in reaching its verdict on ...
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Review: Former museum director, art critic discuss joys, irritations of looking at great art
by Associated Press Critic & museum director on encounters with art by ANN LEVIN, Associated Press - 30 September 2014 12:21-04:00 "Rendez-Vous With Art" (Thames & Hudson), by Philippe de Montebello and Martin Gayford Stendhal wrote about feeling faint in the presence of great art. Goethe said that merely knowing that a sculpture he admired could be created made him "twice the person" he was. Proust, in an episode of "In Search of Lost Time," has a writer swoon and die in front of Vermeer's "View of Delft." Talk about the sublime effects of art! And yet looking isn't easy; it requires time, effort, stamina, the resources to travel and, most of all, the willingness to gaze at a picture or sculpture for longer than it takes to snap a cellphone photo. Even as discerning a connoisseur as former Metropolitan Museum of Art director Philippe de Montebello struggled to appreciate Greek vases, eventually turning to one of his own curators to teach him how to look. Even then, he acknowledges, it was a slog. In "Rendez-Vous With Art," de Montebello and British art critic Martin Gayford conduct a series of lively conversations, notable for their wit and erudition, about their encounters with great art (mostly European, pre-1800) in a half-dozen countries over two years. Early on, de Montebello lets us know he has no use for the trendy notion of museum-as-entertainment. "The appreciation of art requires an engagement that is wholly different from the instant gratification provided by most forms of popular culture," he declares, "and museums have a responsibility to help visitors achieve this." He decries the showmanship and marketing surrounding so much art, deploring the Quai Branly museum in Paris for its Disneyfied design and the Mauritshuis in The Hague for shamelessly hyping Vermeer's "Girl With a Pearl Earring" with giant banners when visitors can simply go inside and take a look. "They've ruined it for me," he exclaims. Although de Montebello dominates the conversations, Gayford, author of well-regarded books on British painters Lucian Freud and David Hockney, holds his own. Both are worth listening to, although it would have been interesting to hear their thoughts on more non-Western and contemporary works. Here, for instance, is de Montebello on the psychology that drove his decision at the Met to spend $45 million for an 8-by-11-inch oil painting, "Madonna and Child," by the Italian artist Duccio. It was "a quasi-libidinal charge," he says, "the irrepressible need to win ... (to take) possession of the object of desire." Stendhal, Goethe, Proust — they would have understood. News Topics: Arts and entertainment, Painting, Art museums, Visual arts, Books and literature, Jewelry, Museums, Recreation and leisure, Lifestyle, Leisure travel, Travel, Entertainment, Fashion accessories, Fashion, Beauty and fashion People, Places and Companies: Philippe de Montebello, Lucian Freud, David Hockney Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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How David Fincher Turned Pulpy 'Gone Girl' Into A Work Of Art
"Gone Girl" probably shouldn't win an Oscar for Best Picture, though it's already getting buzz: It's just a little too ridiculous and trashy for Academy voters. But David Fincher's new movie, which debuted last week at the New York Film Festival, is clearly the work of the auteur and in many ways represents the culmination of his past works. Based on a book by Gillian Flynn, the movie shows Nick Dunne (Ben Affleck) on the day of the disappearance of his wife Amy (Rosamund Pike), as the viewer is left to wonder whether Nick is responsible. Through a series of flashbacks and other narrative quirks, the movie also shows Amy's perspective, and it features a big twist in the middle. Right from the rapid-fire opening titles, "Gone Girl" drips with Fincher's glossy, stylish aesthetic. Much like in "Dragon Tattoo" or even "Zodiac," the decidedly dark tone is offset by the efficient editing, but it also has a strong sense of humor as in "Fight Club." There's a palpable distance between the characters on-screen and the audience, so what we get is a very detached look at the events. Fincher simply lays out information without bias, and the slow but steady reveal of key plot points ensures that the audience never knows what's going to happen next. This procedural approach is typical of the director; films like "Zodiac" and "Se7en" are similarly cold and reserved. Even the more mainstream "Panic Room" and "The Social Network" have a certain clinical rhythm, a quality that has naturally evolved and become increasingly notable through his career. Fincher always finds a way to tell his story by emphasizing the facts, and he takes this concept to new heights in "Gone Girl" by disclosing the nasty details in a dizzying manner. The first tonal shift occurs with Amy's introduction, as her narration brings a heightened sense of humor and doesn't shy away from graphic depictions of sex. Amy narrates the story via her exquisitely detailed diary, and it's not long before the story turns into a tug-of-war between our two narrators. Pike turns in a stellar, scene-stealing performance as Amy — and she truly could be a strong contender for a Best Actress Oscar. As we stick with Nick in the present, Fincher entwines Amy's narrated flashbacks to provide a fuller picture, but we're never quite sure of what to believe. The film exhibits a hallucinatory effect through its quick editing that is further accented by the abrasive but restrained score by Trent Reznor and Atticus Ross, who won an Academy Award for "The Social Network." The film's structure is part of what makes the film so unabashedly entertaining — it's a pulpy, trashy story dressed up so it appears more glamorous than it really is. The story itself gets just as silly and hard-to-believe as an episode of ABC's "Scandal," but the material is elevated by Fincher's masterful direction and the fantastic cast. It's a rare joy to see something so dark and smutty make it to the mainstream, let alone directed by a two-time Best Director Oscar nominee. Author/screenwriter Flynn sticks with the "he-said-she-said" composition of her novel, which limits the audience's knowledge and ensures that the filmmakers are always one step ahead. "Gone Girl" thrives on upending the audience's perceptions and expectations. The filmmakers intentionally misdirect us by exploring one side of the story just to throw us off guard with a completely new development a couple of scenes later. The beauty of the misdirection is that it is all implied; we are merely flies on the wall, observing the character's actions and making judgments for ourselves. The audience is forced to make assumptions about Nick, which are either confirmed or rejected as Fincher weaves in crucial facts from alternate angles. Fincher is no stranger to a good mystery ("Se7en" is still referenced as a benchmark for the genre), and "Gone Girl" takes his well-established skills to new heights. The gritty, in-your-face tone of "Se7en" is replaced by a quiet, underlying sense of dread that fills the screen with tension. Combined with a wry, sardonic wit reminiscent of "Fight Club", it's not hard to envision "Gone Girl" as a career-spanning culmination of Fincher's work. One of the more amusing aspects of "Gone Girl" is its slightly exaggerated but not too far off send-up of modern day journalism. At the press conference following the film's premiere at the New York Film Festival, Flynn referred to the media's presence in the film as a "a blown-up Greek chorus." She expanded on this by saying that the film is, at least partially, about the idea that in this age dominated by media, we are forced to become "consumers of someone else's tragedy." Fincher was quick to defend the media as a whole and singled out the "narrow bandwidth of tragedy vampirism" (think Nancy Grace) that, according to Flynn, casts a dichotomy of heroes and villains "against our wills" despite a lack of any actual evidence. Fincher and Flynn explore these ideas in a playful manner that leads to some of the film's biggest laughs. Ultimately, "Gone Girl" works best when it's playing up its sleazy sense of humor and not taking itself too seriously. There's a lot more bubbling under the surface of the film, including a bitingly satirical examination of marriage and a questionable portrayal of feminism, but it'd be hard to elaborate further without spoiling anything, and most of the fun comes from watching the mystery unravel in real time. "Gone Girl" may not be the best picture of the year, but it's an enjoyable diversion and an intriguing choice for Fincher.SEE ALSO: 9 Awesome Movies We Can't Wait To See At The New York Film Festival Join the conversation about this story »
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Main stock index slides for 6th month in succession
The moderate growth posted by the Athens benchmark at the end of Tuesday’s trading failed to avert another monthly drop – the sixth in a row for the Greek bourse’s main index, which in September gave up 8.63 percent of its value. It was the first time in ... ...
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GLOBAL CHICAGO GREEK...
Two other Greek Americans serve as on-air talent at WGN radio, news anchor Andrea Darlas and culture/performing arts critique Dean Richards.
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Austrian Band Covers Popular Greek Song “Petroperdika”
psarantonis “The Ash,” a famous Austrian metal band, has just released an impressive cover of “Petroperdika,” a popular Greek song by Antonis ...
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Greek tragedy Antigone comes to Northern Stage in modern day telling
A bold new version of a classic Greek tragedy is coming to Northern Stage. Ryan Watson talks to Marcus Romer, who is directing Antigone.
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Four Ways Other Countries Are Successfully Tackling Obesity. Take Note, America
There are now 2.1 billion people who are overweight in the world. China and India are number one and two in the world in sheer number of type 2 diabetics. In the Middle East and North Africa, rates of diabetes are rapidly increasing. It is estimated that we could spend $47 trillion over the next 20 years on lifestyle preventable chronic disease -- more than the annual GDP of the six largest economies combined. Obesity and its related diseases are among the greatest threats to economic development. America has created arguably the worst diet in the world and is exporting it to every country on the planet. North Korea and Cuba are the only nations on Earth without Coca Cola. Given this tsunami of obesity threatening to cripple health care systems, burden economies and damage productivity, nations are exploring innovative strategies to reverse the tide. A few countries in Europe, including some in Scandinavia, have implemented taxes on sugar, soda and junk food. But Mexico has gone much farther and much faster, implementing a broad range of synergistic policies. Mexico's President Enrique Pena Nieto has become the leader in innovation and policy change to fight obesity and type 2 diabetes. And none too soon because almost 10 percent of children in Mexico have type 2 diabetes -- once called adult onset diabetes. Here are the interventions Mexico implemented and which we should learn from, however politically unpopular. 1. Taxing soda and junk food Mexico has implemented a soda (and sugary beverage) tax of one peso per liter. Mexicans drink an average of 43 gallons of soda per person per year. Studies have documented the benefits of a sugar or soda tax but only a few countries have implemented it. Mexico has also levied a tax on junk food. The tax money is used for community interventions for obesity and public health education. Does the tax mean people buying less soda and junk food? Food companies like Coca Cola have spent tens of millions of dollars fighting tax initiatives. If they believed it would have no impact on their bottom line, then they would not fight it as vigorously. 2. Clearly labeling healthy and unhealthy foods on the front of the package Current food labeling confounds and confuses most people. Other efforts, including stoplight labeling -- green good, yellow caution and red danger, are being explored in other countries. The $1 trillion food industry has profound lobbying power influencing most dietary guidelines and food regulations. The FDA (Food and Drug Administration) has recently ruled that trans fats are not GRAS (generally recognized as safe) but it will take years to remove it from foods. Currently, even foods containing trans fats can say "zero" trans fat on the front of the label. The food lobby pressured the FDA to allow a food label to say "zero" trans fat if it had less than 0.5 grams of trans fat per serving. Cool Whip, which is water, trans fat and high fructose corn syrup, is marketed as a "zero" trans fat product. 3. Ending sugar and junk food marketing to children The rationale and data behind this are clear. Over 50 countries have limited junk food marketing to children. America is one of the few that has not. Children cannot tell the difference between commercials and reality until they are eight years old. The average two year old can identify foods by brand name in supermarkets. And the least healthy foods are often very heavily marketed. 4. Providing only healthy foods in schools No food that promotes disease should be provided in publicly funded institutions. This is an area where governments have significant leverage. In most schools, there are only deep fryers and microwaves serving industrial processed foods. According to a 2005 survey, nearly half of all public elementary schools and about 80 percent of public high schools have contracts with soda manufacturers. Other countries have tested various policies to attempt to change behavior. Norway levies duties on sugary drinks, sugar and chocolate. Samoa, one of the fattest nations on Earth, has taxed sugary drinks since 1984. And in 2000, Australia implemented a 10 percent tax on soda, candy and white flour bakery products. France, Spain, Greece and Belgium have implemented successful community-based interventions. Obesity is a complex social disease that requires both social and political transformation. Personal responsibility is the mantra of the food industry and even many governments. But in the face of the documented addictive nature of sugar and refined and processed foods, willpower is a myth. The responsibility of governments is to protect their citizens and not place profits above public health. We must end this era of privatizing profits but socializing the costs of obesity.
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Greek court says OPAP's betting monopoly is legal
A Greek court ruled on Tuesday that OPAP's betting monopoly in the country is legal, court officials said, rejecting a long-standing challenge by rival firms and securing the company's market dominance in Greece. OPAP, one of Europe's biggest betting firms, has the exclusive right to offer lotteries in debt-laden Greece until 2030 and sports betting until 2020. Greece's court, the Council of ...
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Opinion: Greek Life Gets a Bad Rap
Ociel Torres News Reporter Greek life gets a bad rap because many people forget the true ideals of a fraternity or sorority. Brotherhood, sisterhood, friendship and philanthropy seem to be disappearing in the eyes of the many Western Michigan University …
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Stocks to Track: National Bank of Greece (ADR) (NBG), NQ Mobile Inc (ADR) (NQ), Ciena ...
National Bank of Greece (ADR) (NYSE:NBG) decreased -2.64% and closed at $2.95 on a traded volume of 4.34 million shares, in comparison to 3.47 ...
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Greece: Bins, shopping trolleys aflame as Roma community reject expulsion
Residents of a Roma camp in the suburb of Chalandri, northern Athens, blocked Mesogeion Avenue with makeshift burning barricades on Tuesday ...
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eBay unveils plans to spin off PayPal next year
eBay shares jump 6.5% in early trading after it announces that it will separate from the payments site it bought in 2002 5.09pm BST Mission chiefs representing Greeces triumvirate of creditors are back in the county for what many believe will be a stormy last review of the Greek economy - ahead of more talks over how to deal with its debt later in the year. Helena Smith reports from Athens:Finance Minister Gikas Hardouvelis kicked off what essentially is the fifth economic review of the Greek economy - and if government officials are to be believed the last by international supervisors connected to the EU, ECB and IMF - earlier today with a meeting with troika officials in his sixth floor office.Greeks officials are putting on a bold face saying: the talks took place in a good climate and went well. 3.41pm BST Perhaps everything isnt as rosy in Americas economy as expected.US consumer confidence has fallen unexpectedly this month, to a four-month low. The Confidence Boards monthly survey of morale dipped to 86.0 from 93.4 in August. A less positive assessment of the current job market, most likely due to the recent softening in growth, was the sole reason for the decline in consumers assessment of present-day conditions. All told, consumers expect economic growth to ease in the months ahead.Surprise drop in US consumer confidence: Index drops to 4-month low of 86.0 (93.4 in Aug). Consensus was 92.5 pic.twitter.com/KvNwnQL6AT 3.27pm BST Oh dear. There will be red faces at Europes statistics body, Eurostat, this afternoon, after it admitted getting some of this mornings inflation data wrong.It initially reported that one measure of core eurozone inflation (excluding energy and unprocessed food) had fallen to 0.7% from 0.9%. But after checking its sums again, eurostat has realised the correct answer was 0.8%.Eurostat Core Inflation up 0.1 to 0.8% since 10am this morning http://t.co/JfQUI2NCoR http://t.co/a6iTXmlUAX #hyperinflation #Sinnwasright 3.19pm BST From Wall Street, heres my colleague Dominic Rushe on todays eBay news: Online auction site eBay plans to spin off its PayPal business into a separate publicly traded company next year, the company announced on Tuesday.The surprise move comes after the company had rebuffed calls from billionaire hedge fund investor Carl Icahn to sell off its online payments business. 3.13pm BST eBays share price surge has taken it close to the recent high set in August but its still below the all-time closing high (i think) set in early March this year.As this chart shows, eBay shares started to fall after investor Carl Icahn stopped agitating for the company to spin off PayPal. 2.42pm BST DING DING DING goes the Wall Street opening bell, and UP UP UP go eBays shares.Shares in the company jumped by 7.3% at the start of trading. 2.34pm BST Theres an media truism that all headlines come true eventually. Technology venture capitalist Josh Kopelman could claim the same about his forecasts:Wow. My longbet prediction from 2009 came true - eBay will spin out Paypal. I was just nine months off.... http://t.co/dElLpL9df1 2.22pm BST Looking back at the eBay-Paypal split...and analysts suggest that the deal could give the payments service new life.Jason Del Rey of Re/code flags up that PayPal has lost the gloss it once enjoyed as a serious tech pioneer, before being bought by eBay in 2002.Based on conversations with people who work in the payments game, PayPal rarely ranks at the top of wish lists that top talent wants to work for, despite generating $6.6 billion in revenue last year and growing at a rate of 20 percent annually. Part of the reason for that is after 12 years as an eBay subsidiary, PayPal is no longer seen as an innovator.eBay has big challenges ahead as standalone company. Devin Wenig (@Norse5) will get his shot to put own stamp on business as CEO.Additionally, the recent U.S. initial public offering of Chinas Alibaba Group Holding Ltd.a massive, rapidly growing, multifaceted online marketplacecommenced a new stage in the transformation of commerce and payments. 2.02pm BST Heres our take on the other big story of the day, the European Unions investigation into thesweetheart tax relief which the Irish government granted to Apple for over a decade.Apple may have to repay the tens of millions of euros that it received as illegal state aid through a sweetheart tax deal with the Irish government between 1991 and 2007.The European commission (EC) on Tuesday formally opened an investigation into the deals, with the outgoing competition commissioner, JoaquÃn Almunia, warning that the recipient of any state aid would be liable to repay it..... (click here for more)Apple may have to repay millions from Irish government tax deal http://t.co/TK8ZxlhlEO 1.55pm BST Marketwatch flags up Carl Icahns eBay stake is now worth a chunky $138m more than last night, based on pre-market moves on Wall Street.Why he's smiling! Carl Icahn's eBay stake gains about $138 million so far. http://t.co/NnKmm4SpeA pic.twitter.com/996QmfwFqu 12.55pm BST Its a good day for Carl Icahn. Not only is eBay now following his proposal to spin off the faster growing PayPal business into a separate company, but the news has sent eBays shares sharply higher in pre-market trading.So Icahn is vindicated and his 30m shares in the company are worth substantially more. 12.41pm BST eBay shares were suspended in pre-market trading ahead of the announcement of the PayPal spin-off, but they are back now:$EBAY shares trade higher by 11% in pre-market trade after resuming trade, and following news that they are to spin-off Paypal 12.26pm BST $EBAY to spin off PayPal as tax-free distribution in 2015. PayPal has grown 50% since 2011 vs 20% for Marketplace/Auctions 12.13pm BST Interesting news coming out of the US, with eBay announcing it has decided to spin off its PayPal business into an independent publicly traded company next year.The move seems to be a u-turn from the companys previous position but eBay president John Donahoe said:For more than a decade, eBay and PayPal have mutually benefitted from being part of one company, creating substantial shareholder value.However a thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 clearly becomes less advantageous to each business strategically and competitively. The industry landscape is changing, and each business faces different competitive opportunities and challenges. 11.59am BST Back with the news that the UK economy grew even faster than expected in the second quarter of this year, and the reaction continues to come in.One point for discussion is what effect the stronger than forecast figures will have on the Bank of Englands deliberations about raising interest rates. David Kern, Chief Economist at the British Chambers of Commerce said: Overall these figures are positive they show an upward revision in quarterly growth in the second quarter and growth in business investment. The current level of GDP is considerably higher than its pre-recession level, which mirrors our view that earlier official estimates have understated growth in recent years. However, there are concerning features in the latest figures - the volume of exports has fallen slightly and the current account deficit has widened to above 5% of GDP, a level which in the long- term will prove to be unsustainable.While the strength of the recovery will support business confidence, these figures reinforce the need to rebalance the economy towards exports and investment. It is important that the [Bank of Englands Monetary Policy Committee] and the government make every effort to sustain the recovery. Interest rates must be kept low until there is a clear need to start increasing them, and government must do more to support exporters and improve access to finance for growing businesses.Overall, while sizeable, the adjustments to measured GDP do not significantly change the story of a deep recession followed by a protracted recovery. And since key indicators of the amount of spare capacity in the economy such as inflation, wages and unemployment are not being revised, there seems little reason for the OBR or the Bank of England to change their view on this. So the implications of the revised national accounts for economic policy should be limited.All in all, the data paint a far brighter picture of the UKs economic recovery than previously thought, but the revisions will probably do little to change the official economic outlook at the Bank of England. The Bank had already pencilled-in faster growth in the second quarter, and also uses the business surveys to back-cast GDP over recent years, so the upward revisions to the official data were already baked into the policy cake to a large degree.However, while the Banks official outlook is likely to be little changed following these revisions, its hard to see that the brighter picture will not add strength to the voices and conviction of those members of the Monetary Policy Committee who have already voted to hike interest rates.While the size of the economy has been revised up, household incomes have been revised down. It turns out the UKs living standards crisis is even worse than we thought.This is set to be the first full Parliament since the Second World War when the government leaves office with peoples pay packets worth less than when they came into power. 11.37am BST Todays downbeat eurozone data means ECB president Mario Draghi might soon have to bite the bullet and authorise fully blown quantitative easing, something that Germany for one is not keen on.That is the view of the Centre for Economics and Business Research, whose economist Danae Kyriakopoulou said:Todays news of a further fall in inflation set an urgent ground for the European Central Banks (ECB) announcement on Thursday detailing its plan to buy asset-backed securities.Cebr is cautious about whether such a programme will be enough to steer the Eurozone ship towards a sustainable recovery. Even the maximum possible of 1.4 trillion of asset purchases will be equivalent to roughly only 15% of Eurozone GDP the scale of quantitative easing in the US and the UK was higher at around 25% of GDP. 11.21am BST Time for a quick catch-up after a busy morning.Pressure is mounting on the European Central Bank to take fresh action after inflation in the euro area fell to just 0.3% this month, and core inflation weakened to 0.7%.Story of the day - Euro only coming lower pic.twitter.com/mhgHrpI6YdEven after today's revisions, the current UK recovery is slower than after the 70s, 80s or 90s recessions: pic.twitter.com/h6fzvu5VYi 10.58am BST John Hawksworth, PwCs chief economist, says todays revised British growth figures now makes the UK look more like Germany and less like France. 10.56am BST Ben Brettell, senior economist at Hargreaves Lansdown, says todays data show eurozone inflation continues to fall perilously close to zero:While it was widely forecast, todays drop in consumer price inflation to just 0.3% - a five year low - heaps further pressure on Mario Draghi to engage in QE. I believe he will succumb to this pressure eventually, though perhaps not as soon as Thursdays policy announcement. Stiff opposition from Germany will need to be overcome, and that will take time. Last week Draghi hinted at the prospect of QE, saying we stand ready to use additional unconventional instruments.The market certainly believes todays figure has brought QE closer the euro fell sharply on the news (by almost a cent against the US dollar). The euro is now 9% lower against the dollar than its May peak, and this should aid the euro zones struggling exporters.The ECB has in the past taken comfort in the fact that while inflation may be falling, inflation expectations are positive. However, inflation expectations are also declining amongst both consumers and producers, and it is worth noting that inflation expectations remained positive in Japan prior to its lost decade. 10.46am BST Credit Agricole economist Frederik Ducrozet reckons that core eurozone inflation (down from 0.9% to 0.7%), could be revised higher in Eurostats final data. Unless Frances prices have fallen really sharply....To be sure, either French core inflation dropped by a large amount, or Eurozone core inflation will be revised higher.@fwred Well, there's not a single retailer without some kind of sales currently. For the record, promotions are extending well into October 10.39am BST Looking back at the new UK growth data....Andrew Goodwin, Senior UK Economist at Oxford Economics, flags up that Americas economy has still powered ahead: UK growth performance looks less bad, but we still lag way behind the US #gdp pic.twitter.com/P2z2RrzNdf 10.27am BST The euro has fallen sharply following the news that eurozone inflation sagged to just 0.3% this month.It shed three quarters of a cent against the US dollar, to 1.2608, a new two-year low.Market reaction: EURUSD drooooping on flash CPI release. From 1.27 this morning to 1.2613 now. #ECB smiling, or not. pic.twitter.com/cQzgm87B45 10.26am BST Crucially, core inflation in the eurozone (stripping out volatile food, alcohol and energy prices) has fallen too, to just 0.7% from 0.9% in August.EU Core Prices slip to 0.7% from 0.9% in September #euro 10.17am BST The eurozone has slipped closer to deflation this month, which will renew fears that Europe risks suffering Japanification unless policymakers manage to stimulate the economy. Inflation across the single currency region has fallen to a fresh five-year low of 0.3% this month, Eurostat has reported. Thats down from 0.4% in August. 10.10am BST Europes young people continue to suffer badly from the crisis.In August 2014, the youth unemployment rate across the European Union was 21.6%, down from 23.5% a year ago. In the eurozone, the youth unemployment rate is 23.3%, down from 23.9% in August 2013.Italy's youth unemployment rate hit a record 44.2% in August pic.twitter.com/dPh8MO1rOmJobless rate among Italy's youth (aged 15-24) is 11.9%. 15% are employed. 44.2% unemployed (rate). 73.2% inactive. pic.twitter.com/YY3igeAUIC 10.07am BST Back to the eurozone, the unemployment rate across the single currency region was steady at 11.5%, Eurostat has just reported.Thats no better than in July, and not far from the record high of 12% set last year.The largest decreases were registered in Hungary (10.2% to 7.8% between July 2013 and July 2014), Portugal (16.1% to 14.0%), Spain (26.1% to 24.4%) and Croatia (18.2% to 16.5%), and the highest increases were registered in Finland (8.1% to 8.6%) and France (10.2% to 10.5%). 9.59am BST And heres how the ONS sums up the situation:The latest figures for Q2 2014 show the UK recovery continuing. With GDP in real terms growing by 0.9% compared with the previous quarter, and by 3.2% between Q2 2013 and Q2 2014, the strongest quarter on same quarter a year ago growth since before the economic downturn. 9.58am BST You can see the ONSs full report on the UK economy here. 9.58am BST More reaction is coming in. Heres Newsnights Duncan Weldon:Big GDP revisions. UK recovery still looks weak compared to previous recoveries but much better relative to the rest of the world. 9.53am BST As this chart shows, the great recession of 2009 was still the biggest plunge in output in decades, even after todays data revisions. 9.49am BST Sky Newss economics editor Ed Conway flags up that Britains recovery now looks less dire than its international rivals. UKs newly-revised economic growth profile suddenly looks a lot more respectable compared to the rest of the world pic.twitter.com/LZz6GmCE32Heres the old official estimate of UK GDP (blue) and the newly revised numbers published today (red) pic.twitter.com/j98eRW3lkB 9.47am BST Britains GDP is now 2.7% higher than the pre-economic downturn peak of Q1 2008, the ONS now reckons.These changes are being made to bring the UK into line with international standards. 9.43am BST Perhaps the biggest news this morning is that Britains Great Recession was not quite as deep as previously thought.The ONS now believes that the UK recovered all the output lost after 2008 in the third quarter of last year, rather than in this spring as initially thought.*U.K. 2008/2009 PEAK-TROUGH GDP DROP WAS 6% VS 7.2% PREVIOUSLY 9.39am BST The ONS has also revised down its estimate for growth in the first three months of 2014, from +0.8% to +0.7%. 9.35am BST BREAKING NEWS: The UK economy grew even faster than expected in the second quarter of this year.The Office for National Statistics has just revised up its estimate for GDP growth in the April-June quarter to +0.9%, from 0.8% previously. 9.29am BST Nearly time for the updated UK GDP data...Remember at 9:30am the UK Blue Book will tell us how much the level of UK GDP has been revised higher under ESA 10 rules #GBP 9.29am BST Back in the UK, pre-tax profits at payday firm Wonga have slumped by 53%.And net profits have halved, as Wonga is hit by rising operating costs and a new tougher environment.Wongas loan book rose by 8 per cent to £1.3bn at the end of 2013, while its default rate nudged down from 7.4 per cent in 2012 to 7 per cent last year.However, operating costs - including investments in debt collection and fines - climbed by 56 per cent to £133.7m, even as revenues only inched up to £314.7m, crimping profits severely. 9.22am BST Heres AFPs take on the rise in German (seasonally adjusted) unemployment this month:Unemployment in Germany stagnated in September, as clouds continue to build over Europes biggest economy, official data showed on Tuesday.The unemployment rate stood at 6.7% in seasonally adjusted terms in September, unchanged from August. 9.19am BST Italys youth unemployment total has hit a fresh record high, according to data just released by ISTAT.ISTAT reported that Italys youth jobless rate (covering 16-24 year olds) jumped to 44.2 in August, from 43.2 in July.Italy headline unemployment at 12.3% - down 3 tenths - but youth unemployment hits a record high at 44.2% 9.02am BST Here we go, the first slice of eurozone jobless data, from Germany.And the headline news is that the number of people out of work in Germany jumped by 13,000 in September, to 2.918m. Economists had expected a 2,000 drop.German September seasonally adjusted jobless total up slightly (+13k) to 2.918 million. Jobless rate unmoved at 6.7%. 8.55am BST 8.55am BST The regional house price data from Nationwide is quite fascinating, although also depressing if youre trying to get on the housing ladder. 8.43am BST Back on the surprise 0.2% drop in UK house prices in September (details start here).This Nationwide chart, which compares average prices over the last quarter compared to the previous three months, suggests a clear slowdown over the summer:Momentum in UK housing market is slowing fast, according to Nationwide pic.twitter.com/SfD5flMn6Z 8.35am BST While UK retailers worry about the weather, their counterparts in Germany can cheer a strong summers trading. Retail sales jumped 2.5% in August compared with July; a post-World Cup boost, perhaps?Did all Germans buy the new national soccer shirt with four stars? German retail sales up by 2.5% MoM in August. 8.32am BST Retail analyst Nick Bubb says Nexts warning that the warm weather could hit its profits could spook investors:Next are probably being unnecessarily cautious, ahead of investor meetings this week, but the market is unlikely to take any chances.... 8.23am BST High street retailer Next has sent a shiver through the retail sector this morning, warning that the recent warm weather has hit demand for clothes.Cooler weather in August resulted in several very strong weeks. However, warmer weather in the more important month of September has had the reverse effect. The overall effect is that Quarter Three sales to date are up 6%, which is lower than our previous forecast of +10%.Next Q3 sales up 6%, 4 percentage points below forecast. Will lower FY guidance if it stays warm. Rescue Lord Wolfson. Buy a jumper.OMG, Next warns that because of "the recent spell of unseasonably warm weather" sales are is only running +6% in Q3 to date, below budget 8.03am BST Royal Bank of Scotland has given its investors some good news this morning, reporting that its bad loan impairments are much less than expected.RBS, still majority owned by the UK taxpayer, reported a continued improvement in economic conditions and asset prices in our key markets, including Ireland. 8.01am BST One last chart, showing how houses are much less affordable than 20 years ago; the situation was even worse before the financial crisis struck, though: 7.53am BST Nationwide also warned that the UK housing markets prospects remain unclear, after this months 0.2% drop in prices.Price growth may soften further in the final quarter of the year, given the high base for comparison from Q4 2013. However, the outlook remains uncertain. There have been tentative signs from surveyors and estate agents that buyer demand may be starting to moderate, but the low level of interest rates and strong labour market suggest that underlying demand is likely to remain robust. 7.43am BST House prices down 0.2% in September, according to Nationwide, annual rate drops from 11% to 9.4%. First monthly fall since spring 2013. 7.42am BST Nationwide, the building society, has reported that UK house prices have fallen for the first time in 17 months, in the latest sign that the market is cooling.It reports that average house prices fell by 0.2% month-on-month in September, which drags back the annual growth to 9.4%; an eight-month low.Annual house price growth in London slowed somewhat, from 25.8% in Q2 to 21% in Q3. Nevertheless, at £401,072, average prices in the capital reached a record high, 31% above their 2007 peak. 7.40am BST Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone. Continue reading...
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Sweden and Greece pip Ukraine
Sweden and Greece took the top two places in qualifying round Group 5 in Latvia while, after three 0-0 draws, Ukraine may yet also make the elite round.
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| READ THE ORIGINAL POST AT ri.search.yahoo.com |
Armenian, Greek leaders attend opening of business forum in Yerevan
Harutyunyan said that representatives of 16 Greek companies have arrived in Armenia for the event. They represent different industrial branches: ...
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| READ THE ORIGINAL POST AT www.panorama.am |
Is This Greek Hoarder the Cornelius Gurlitt of Ancient Coins?
Police may have found the next Cornelius Gurlitt (see “Nazi Loot Hoarder Cornelius Gurlitt Dead at 81“), as an elderly Greek man has been arrested ...
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| READ THE ORIGINAL POST AT news.artnet.com |
Armenian, Greek leaders attend opening of business forum in Yerevan
Harutyunyan said that representatives of 16 Greek companies have arrived in Armenia for the event. They represent different industrial branches: ...
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| READ THE ORIGINAL POST AT www.panorama.am |
Greek-American Giant – Theodore Spyropoulos: 1939 – 2014
CHICAGO, IL – “Isocrates, some 2300 years ago, defined a ‘Hellene’ not by one’s genealogical tree but as a person who partakes of the Hellenic Paideia – Education and Culture.” Those words adorn the home page of the Ted & Erika Spyropoulos Foundation. Its president and founder, Theodore George Spyropoulos, passed away on September 25, […] The post Greek-American Giant – Theodore Spyropoulos: 1939 – 2014 appeared first on The National Herald.
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Greek Professions Most Devastated by Unemployment
After six years of the recession’s relentless battering of the Greek economy, unemployment continues to be a major societal problem. Unemployment rates may vary survey-to-survey, but all lead to the same troubling conclusions. Record-high unemployment in Greece has not spared a single profession; job sectors that have remained intact or suffered minor unemployment setbacks are virtually nonexistent. November 2011 data on the Greek labor market collected by the Hellenic Statistical authority (ELSTAT) helps reveal the true contours of the problem. According to capital.gr, ELSTAT figures show that the crisis that has rocked the Greek economy is far from over, despite the brief spell of unemployment that was recorded this year for the first time since 2010. Unemployment has typically damaged professions with low or no specialization. The 10 professions most damaged are the following: Store employees Builders and other laborers in the constuction industry Waiters and bartenders Cleaners and helpers in houses, hotels and offices Gardeners Car, van and motorcycle drivers Secretaries Operators of industrial machinery Workers in the re-sizing sector Other unskilled workers Other professions hit by the crisis include: farmers, doctors, engineers, secondary school teachers, artists, fishermen, helpers in nursing and obstetrics sector, CEOs and managers.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Eurostat: Marginal Drop in Greek Unemployment
The latest data released by Eurostat, the European Statistical Authority, revealed a marginal drop in unemployment in Greece. Unemployment in ...
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