How the world sees Greece
[L-R] Mary and John Papajohn. Andrew Liveris, Margo and George Behrakis The Hellenic Initiative’s (THI) Second Annual Banquet on Thursday night, in New York, raised $2.293 million, making it one of the most successful fundraising initiatives ever within ...
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Are you following what's going on in Amphipolis, Greece? It's as gripping and interwoven as Game of Thrones. And the story is just as rich — mixing ...
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The Greek houses, especially sorority houses, at University of Mississippi have talented actives who will paint large tarps bigger than an average ...
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Within a few weeks of arriving to campus, first-years are faced with the decision of whether or not they want to go Greek. For many upperclassmen ...
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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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UNITED NATIONS, Sept. 27 (Xinhua) -- Greek Deputy Prime Minister Evangelos Venizelos on Saturday called for more cooperation between the United Nations and the European Union (EU) to maintain world ...
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Chugg goes further to describe how the sphinxes discovered in the Greek tomb match those found in other tombs of Macedonian royalty. The statues ...
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Medical tourism in Greece has vast potential that remains largely untapped. Despite efforts by the ministries of Tourism and Health to create a legal framework for the expansion of this significant special form of tourism, which would also benefit other a... ...
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GREECE, N.Y. -- Police shut down a stretch of Ridge Road in Greece after after a suspicious package was discovered Friday afternoon in the parking ...
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Greece Police have shut down a portion of West Ridge Road while they investigate a suspicious package left outside Planned Parenthood.
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A soldout two-night stand at the Greek would equal about 12,000 tickets. That's no small feat, but one that would seem to be well in reach of one of ...
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ATHENS, Oct. 3 (Xinhua) -- Greek archaeologists on Friday strongly dismissed a report printed in Times of London newspaper earlier this week ...
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ATHENS, Oct. 3 (Xinhua) -- European Commission President-elect Jean-Claude Juncker was briefed about the latest developments concerning Greek ...
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The number of immigrants entering Greece this year is expected to triple in comparison with 2013 to some 30,000 persons, Greek Shipping Minister ...
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Tsirogiannis wrote to David Gill of Looted Matters: “The origins of the head is Greece, because it is a Greek looter named Costas Gaitanis…who sent ...
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According to Greek officials, one of the eleven plots includes an Orthodox chapel ... The issue of the return of historically-Greek properties is of major ...
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Today marks the first day of Greek Week 2014, an annual week of events that seeks to promote interfraternalism among the Greek community.
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Greek Police said yesterday that a terrorist attack that had been planned for the weekend, but was foiled at the last minute with the arrest of a ...
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... Juncker will meet with him today in Athens, in the second visit by the former prime minister of Luxembourg to the Greek capital in as many months.
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Greece’s bid to establish its demand for the return of Parthenon Marbles from the British Museum in London to the Acropolis Museum in Athens more firmly on the international agenda came a step closer this week after UNESCO agreed to act as arbiter in the ... ...
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Jean-Claude Juncker, who is due to take over as president of the European Commission on November 1, was back in Athens for the second time in a month on Friday as the Greek government sought to drive home its positions on the ongoing troika negotiations a... ...
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The Greece Chamber of Commerce has announced that registration for the 2014 Race on the Ridge 5K, presented by Bryant and Stratton College, ...
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| READ THE ORIGINAL POST AT www.greecepost.com |
(Mass Appeal) – You can get some delicious Greek food at the annual Taste of Greece! Beatrice Snyer and Nicole Piponidis Cantarini showed us how ...
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Prime Minister Antonis Samaras on Oct. 4 asked visiting European Commission President-elect Jean-Claude Juncker's support for Greece. The post Samaras Seeks Juncker’s Backing appeared first on The National Herald.
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Attempts by the eurozone’s 20 largest banks to anticipate the outcome of European Central Bank stress tests continued in earnest in the first half, as lenders boosted equity levels and set aside more money for bad loans. Data compiled by Reuters shows the... ...
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National Bank of Greece (ADR)(NYSE:NBG)reported the loss of -0.39% and is at $2.84 with the total traded volume of 1.43 million shares. Its market ...
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ATHENS, Greece (AP) — Greece coach Claudio Ranieri has dropped veteran striker Fanis Gekas from his attacking lineup, and called up rookie Nikos Karelis for European Championship qualifiers against Finland and Northern Ireland.
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Greek Cypriots' hydrocarbon exploration activities are not commiserate with the peace process, the Ministry of Foreign Affairs of the Turkish Republic of Northern Cyprus said in their website statement Friday. TRNC, the Turkish Republic of Northern ...
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Two prosecutors who were investigating cases involving alleged corruption in soccer have been replaced. The new head of the first instance court prosecutor’s office, Ilias Zagoraios, took the decision, which surprised the two judicial officials – Haris La... ...
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The Greek coast guard rescued 237 irregular migrants and arrested three suspected traffickers during patrols in the eastern Aegean on Friday, officials said. The three suspects were arrested when they allegedly attempted to disembark 93 migrants from a wo... ...
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by Kostis Geropoulos ATHENS – The Albanian market will benefit from large quantities of natural gas that will come via the Trans Adriatic Pipeline (TAP) and it has already been agreed than an established exit point will supply the energy-starved country with gas, Albania’s Deputy Minister of Energy and Industry Dorian Ducka told New Europe on October 1. Speaking on the sidelines of IRN’s Balkans and the Adriatic Oil & Gas 2014 Summit, Ducka said Albania will start soon to prepare a master plan for the gasification of the country. Albania has received a grant of more that €1 million from the Western Balkans Investment Framework (WBIF), he said. “With the outcome of the gas master plan we will be able to decide what amount of gas we will need for Albania and what the development stages will be,” he said, adding that the government plans to invite companies to jointly develop the gasification of the country. “Everything will depend on the recommendations from the gas master plan and we believe that the downstream business will be a very good one,” Ducka said, adding that it will bring foreign investments of more than €500 million. “It will benefit very much the Albanian consumer because it’s going to also diversify the energy supplies in the country so that they do not depend only on hydropower,” he said. Energy security is a critical concern in Albania which relies almost entirely on hydropower for its electricity production. TAP will connect with the Trans Anatolian Pipeline (TANAP) near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy. Ducka also said that Albania strives to become a Balkans gas hub since TAP will connect with the Ionian Adriatic Pipeline (IAP) on Albania soil. “We’re not holders of the agreements but geo-physically and geo-strategically we’re automatically the hub for the gas distribution. But we will not be the ones who sign the sale contracts,” he said. Turning to oil exploration, Ducka told New Europe that in addition to US and Canadian companies, there is a growing interest from Israeli and Chinese companies to be involved in the oil exploration opportunities in Albania. “We have proven reserves in oil,” he said. “We have 13 Blocks ready. Those Blocks might be brought to the market but it depends on how Albpetrol - the state oil company - will be restructured,” he said. “We don’t have natural gas at all. It will be a new virgin market,” Ducka said. “It’s good that TAP will bring gas because it will create a new market in Albania,” he said. Dorina Cinari, head of EITI Albania Secretariat, told New Europe in the same conference that the latest developments from TAP and oil exploration are “a golden opportunity” for Albania. But she noted that these investments will take time and for the time being Albania has to depend on hydropower. See also: Serbia Says Bets Off For South Stream
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by Kostis Geropoulos RHODES, Greece – US and EU sanctions against Tehran are hurting the economic interests of Europe and Iran, leading the latter to forge closer relations with Russia and China, a former deputy foreign minister of Iran, told New Europe. Speaking on the sidelines of the “Dialogue of Civilizations” forum in Rhodes on September 28, Gholamali Khoshroo, said there is “a good relationship” between Tehran and Moscow. Russian President Vladimir Putin met his Iranian counterpart Hassan Rouhani for the second time in the last month during a summit of Caspian Sea regional leaders in the city of Astrakhan on September 29. Khoshroo confirmed that “discussions have been done” with Russia concerning buying Iranian oil which is under sanctions. “Americans have imposed unilateral sanctions,” he said. “If a country like Russia or China wanted to buy Iranian oil nobody can impose sanctions on them because of this,” he said. “They [sanctions] are detrimental to the economic wellbeing of Europe particularly because our relationship with Russia or with China is improving in the economic field and it is Europe that is the main loser of this situation,” Khoshroo said. “Europe understands their own interests and they should convince America to put aside pressure of unilateral sanctions and pressure against independent countries. America should put this aside because Europe is following America,” he said. Khoshroo said that he is optimistic that sanctions will gradually be lifted, helping Europe overcome its economic crisis. “Look at the situation here in Greece. Greece was one of the buyers of Iranian oil and now because of American pressure it has stopped and the same for Italy and the same for Spain and other countries. They’re putting themselves in a difficult position,” he said. He noted that nuclear negotiations between Iran and the 5+1 have continued “and they should commit themselves how they will lift these sanctions”. “Our negotiation has moved ahead but still it has not reached a final agreement that everybody can be happy,” he said. Tehran and the six countries have until November 24 to reach common ground on a number of key issues. “I’m cautiously optimistic that they will reach that agreement. But still, Iran is saying, ‘Okay, if Europe or America or others are concerned about the nature of Iranian nuclear programme, we’re ready to show and to be transparent as much as possible, to be open to the IAEA [International Atomic Energy Agency] and also to provide objective guarantees that these programmes are being peaceful and will remain peaceful and then there is no justification for other countries to stop others to exercise their rights,” Khoshroo said. The former deputy foreign minister of Iran said Rouhani’s policy toward the world or towards the West is “constructive engagement,” striving to remove misunderstandings about Iran’s role in the region, relations with its neighbours and Tehran’s international role. “If this political situation goes ahead as President Rouhani wants, then it paves the way for better economic relations,” he said, adding that Iran has huge oil and gas reserves that it can export to the world. “The need for gas, for energy in Europe and in East Asia is developing. They need very stable resources – that is Iran,” Khoshroo said. follow on twitter @energyinsider Previously on Energy Insider: EU’s Cold War With Russia Worries German Business Serbia Says Bets Off For South Stream Lifting US Oil Export Ban to Hurt Putin
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The benchmark for Greek stocks completed its fourth consecutive week of losses on Friday, giving up 3.38 percent from the previous Friday. However, things could have been worse as it narrowly avoided posting a new year-low by bouncing back from below 1,04... ...
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A strong earthquake, estimated at 4.7 magnitude (preliminary estimate by the Athens Geodynamic Institute), struck approximately 28 kilometres south of the western Greek city of Patras at 6:12 p.m. (15:12 GMT). There are no reports of damages yet. In January, a series of strong earthquakes on the Ionian Sea island of Kefalonia damaged hundreds of homes and injured more than a dozen people.
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The Greek construction company Aktor has awarded Cambi (Norway) a contract for the installation of Cambi's Thermal Hydrolysis THP B6 system at ...
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Portland Greek Festival: The annual festival offers homemade pastries, Greek food, music, cooking demonstrations and Hellenic dancing. Shop a ...
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The Greek Minister of Public Order has announced that their police have managed to prevent a terror attack by an extremist right-wing organization, ...
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Seraphim Majmudar, prepare for the 2010 Greek Festival at St. Nicholas Greek Orthodox Church in Tacoma. DREW PERINE — Staff file, 2010 |Buy ...
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Giorgos Karagounis, who won 139 caps for Greece, has called time on his playing career in order to become football director of his country's national ...
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NEW YORK – A veritable Who’s Who of the Greek-American business community filled the Anie Gund Garden Lobby of the Museum of Modern Art for the second annual banquet of the Hellenic Initiative (THI). The gala, whose theme was “Investing in the Future of Greece” was also the occasion to honor the life and achievements […] The post THI Gala Raises More Than $2 Million for Greece appeared first on The National Herald.
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In a recent interview to the Athens-Macedonian News Agency, German MEP Gabi Zimmer, leader of left-wing Die Linke in European Parliament, argued that Germany must pay war reparations to Greece, for damages caused by the Nazi occupation. Zimmer said that ...
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When the summer sun has withdrawn its blazing rays and things begin to cool down, the beautiful autumn season unfurls throughout Greece. If you get the chance to visit sometime September through November, try to get out to the countryside for a memorable experience. The beginning of autumn in Greece is characterized by refreshingly crisp […] The post Autumn in Greece appeared first on The National Herald.
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Turkey has maintained a military presence in the island's north as a constitutional guarantor of peace after Greek extremist militant group EOKA, which sought to unite the island with Greece, conducted a coup on the government in July 1974 after having ...
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250 students and guests of Harvard University visited the amphitheater of Harvard School of Public Health in order to attend the lecture of Greek director and producer of the popular TV series “Cooking Odyssey” George Stamou and taste original Greek ...
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He came from an aristocratic family of Greek origin and in 1905 got permission to add his name to the last name of his wife, Maddalena Aldobrandini, ...
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... Renewable Investment Limited (SRIL) in cash and shares totalling US$91.7 million on plans to develop 360MW of projects, primarily in Greece.
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Sofia. Bulgarian Ministry of Regional Development adopted the Detailed Plan of the Bulgaria – Greece gas pipeline through the territory of Kardzhali ...
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Andreas Zoulas, the Deputy Chairman of Greece’s Public Television, NERIT, submitted his resignation on Friday, just days after the resignation of author Christos Homenidis, another member of the NERIT board. Earlier in September, President and Deputy Managing Consultant of NERIT Antonis Makrydimitris resigned, as well as board member Rodolphos Moronis. Zoulas attributed his resignation to “government interventions and unacceptable operating circumstances,” echoing similar accusations made by Makrydimitris and Moronis. Zoulas claimed that his resignation ought to bring about the dissolution of the supervisory board. He has called on the Greek government to comprehend “the chain of mistakes it has made in forming NERIT and attempt a second, more serious attempt.” NERIT, the state-owned public broadcaster in Greece, is the successor to the now-defunct Greek Broadcasting Service (ERT). NERIT began broadcasting on May 4, 2014. On June 11, 2013, the state announced its intention to close ERT with immediate effect and open the new organization, causing a strong backlash from former ERT employees and a large section of the Greek population.
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Jean-Claude Juncker, the newly-elected president of the European Commission, arrived in Athens today for an “unofficial” meeting and working lunch with Greek Premier Antonis Samaras. Junker held a meeting with Samaras for about an hour. The two men then left for a working lunch together, where they were expected to discuss the possible exit of Greece from the memorandum and the evaluation and implementation of the troika’s reforms. The two men were also expected to make special mention of the financing gap for 2015, as well as the reduction of Greece’s public debt. No official announcements followed the end of their meeting. This is Jean-Claude Juncker’s second visit to Greece in as many months. During his last visit, the EC president discussed the “great battle” he has waged against all those who demand that Greece exit the Eurozone.
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Rolling business and financial news, as Americas jobs rate hits the lowest since July 2008.Latest: Non-farm payroll grows by 248,000 3.27pm BST Meanwhile the founder of Uber has provided the Institute of Directors with a different take on what people like Andy Street see as Frances shortcomings, writes Katie Allen:Travis Kalanick, chief executive of the taxi app company, tells the conference Uber was born in Paris.I like to say we were founded in Paris, he says. He doesnt go near what may or may not have been tongue in cheek comments from John Lewis boss Street, but Kalanick recounts being in the French capital with his co-founder. 3.22pm BST Back with the comments on France from John Lewis managing director Andy Street. As a reminder he said, among other things, that France was sclerotic, hopeless and downbeat and said the Gare du Nord was the squalor pit of Europe.My colleague Katie Allen is at the Institute of Directors annual meeting and has been talking to its director general Simon Walker. She reports:Walker told the Guardian that Streets remarks had taken him aback a little but he sympathised with concerns about the French economy:Im a little surprised. I have a house in France and spend as much time as I can in France the wine is better, the people are stylish I even quite like Gard du Nord. 2.59pm BST Jean Claude Juncker, the EUs president designate has held lunchtime talks with Greek prime minister Antonis Samaras during his flying visit to Athens.The meeting - at the Benaki Museum in Athens - took place in a very good climate according to local media. Helena Smith reports:The visit was aimed at concentrating minds on reform efforts Greece has to make as mission chiefs representing the countrys troika of creditors at the EU, ECB and IMF, conduct a fifth review of the Greek economy with government ministers in Athens.Greek media reports said that the incoming president was also keen to discuss the post-bailout [memorandum] Greece as the country prepares to exit its 240bn international financial support programme.Over the working lunch with Samaras, Juncker focused specifically on Greeces desire to disengage from the Washington-based IMF, whose disbursement of aid instalments was originally not due to end until March 2016 (unlike euro area countries whose support for the debt-stricken nation expires this year).In a move that took many aback, Samaras announced the end of the memorandum period for Greece during talks with the German chancellor Angela Merkel last week, saying that Athens would seek to end engagement with the IMF early. The leader, who earlier this week announced he would seek a vote of confidence in his government next week, has said that it is now vital that Greece ends oversight by foreign lenders and takes ownership of its own reform/modernisation programme almost five years after seeking international aid to avoid bankruptcy. 2.52pm BST If the US non-farm payroll numbers are better than expected, then the just-released service sector for September has shown a dip from August.The services sector purchasing managers index fell to 58.9 from 59.5, but up from an earlier flash reading for September of 58.5.A slowing in the pace of service sector growth in September matched a similar easing in the pace of manufacturing output growth seen during the month, suggesting the overall pace of economic expansion dipped to the weakest since May. 2.41pm BST A US interest rate rise in the second quarter is looking increasingly unlikely, according to Rob Carnell of ING. He said:There were some elements in this release for the doves to cling on to. Wages growth, despite anecdotes of strong hiring, labour shortages and building wage pressure, slipped back to 2.0% year on year from 2.1%, on a 0.0% month on month change. This is disappointing.That said, with oil prices plunging, and headline inflation in the US likely to fall sharply in coming months, thoughts of a second quarter 2015 rate hike from the Fed are looking increasingly unlikely, so wages are less of a pivot for policy-makers than they were several months ago when CPI inflation was pushing above 2.0%. 2.24pm BST Alastair Winter, chief economist at Daniel Stewart (the boutique investment bank), says Fed chief Janet Yellen will worry that wages arent rising faster, and the other downbeat elements to the report.But that may not stop rates rising in the first half of next year.Welcome as the drop in the unemployment rate is, I very much doubt it will make much difference to the FOMC in its march towards the first rate hike in March or June 2015. The kindly Ms Yellen will wring her hands over the stubbornly high numbers of long-term unemployed, the part-timers wanting to be full-time and the discouraged workers. 2.21pm BST Marc Ostwald of ADM Investor Services, says the drop in the US jobless rate is a relief after various weaker data recently.Heres his take on the non-farm report:a solid beat at +248k vs. expected 215K, with August revised up by 38K, and July up by 31KPositives: down to 5.9% from 6.1% will be grist to the mill for the Fed hawks, but the doves will note that the Underemployment Rate at 11.8% while falling from 12.0% is still far too high, especially at this stage of the cycle, though +232K rise in Employment encouraging,though offset by fresh low on the Participation Rate at 62.7% from 62.8%soft at Flat m/m 2.0% y/y - though given that the Payrolls gains were paced by lower paid services jobs, this should not come any surprise.Hoorah the headline reading at 34.6 has finally broken the 34.5 ceiling that has been in place since 2012, though Manufacturing Hours only marginally higher - again unsurprising given Manufacturing payrolls. 2.09pm BST With Americas jobless rate now the lowest since summer 2008, there is more pressure on the Fed to normalise monetary policy.So reckons Marcus Bullus, trading director of MB Capital: After this robust number, and decent upward revisions for both July and August, the hawks will once again be circling.Policymakers will also be encouraged by the fall in the number of discouraged workers. More people are starting to believe in the economy again and that matters a lot.Anaemic wage growth continues to be the major conundrum facing markets and policymakers alike.Youd expect to see wages rising with more gusto in an improving jobs market, but this just isnt happening. 1.59pm BST These two tweets sum up the non-farm payroll:Detail of the NFP report: manufacturing's share of NFP growth falls to a new low, private service sector provides bulk of new jobs ^KB #US#NFP - also worth noting, the US Labour force participation rare falls to a 37-year low, which makes the job growth more impressive ^KB 1.53pm BST As the dollar strengthens, the gold price takes another tumble:Gold took a kick to the crotch on that #NFP print - breaking below 1200 pic.twitter.com/L3YQDGy5tM 1.53pm BST The dollar is surging, as traders calculate that the fall in the US unemployment rate will prompt the Federal Reserve to raise interest rates before too long.It has gained over a cent against the pound, to $1.6006. 1.48pm BST The initial reaction in the financial markets is that this is a strong jobs report.Triple whammy. strong jobs in Sept, Strong revision to Aug jobs & fall in unemployment rate #usjobs 1.47pm BST The other disappointment is that Americas labor force participation rate has fallen again, from 62.8% to 62.7%.That shows that more people have dropped out of the workforce altogether, which helped to drag the overall jobless rate down to 5.9% [because it measures the proportion of people who could be in work, but arent]The Participation Rate is the lowest since 1978 1.40pm BST But there is disappointment too - todays non-farm payroll shows no change in average hourly earnings in September compared with August.That suggests that the recovery isnt really feeding into Americans wage packets.Average Hourly Earnings 0.0% m/mAverage hourly wages fell a penny to $24.53, reducing the 12-month increase to 2% from 2.1%. http://t.co/Gl1Px5CK7U 1.38pm BST More good news, last months weak non-farm payroll report has been revised higher.It now shows that 180,000 new jobs were created in August, not the 142,000 first estimated. 1.32pm BST BREAKING: The US non-farm payroll shows that 248,000 new jobs were created across America last month.Thats a stronger reading than expected. 1.28pm BST Right, time for the last major piece of economic news of the week (hurrah!)The US non-farm payroll is announced in a few moments, showing how many new jobs were created in America last month.This bodes well for NFP: Claims vs. Payrolls pic.twitter.com/0JCaUiYT6p 1.19pm BST Andy Streets comments about the French economy have already caused a stink in Paris, where a deputy mayor called them false and idiotic.Our correspondent Kim Willsher reports:Jean-Louis Missika, a deputy Paris mayor in charge of economic development and the attractiveness of Paris to investors, told The Guardian that if Andy Street was joking, perhaps Paris should respond in kind.What he says is false and idiotic. As we say, everything excessive is exaggerated, but then it seems French bashing is all the fashion chez vous. 1.03pm BST John Lewiss managing director, Andy Street, has apologised unreservedly for his comments about France.The remarks I made were supposed to be lighthearted views, and tongue in cheek. On reflection I clearly went too far. I regret the comments, and apologise unreservedly. 12.54pm BST ITVs Joel Hills is reporting that John Lewiss MD has now apologised for his French gaffe:"I regret the comments and apologise unreservedly". Andy Street, boss of John Lewis, says sorry to France, in English. 12.39pm BST The bold declaration by John Lewiss MD that France was in decline and finished continues to reverberate around the media today.Over on FT Alphaville, Bryce Elder was tickled by Andy Streets description of Gare du Nord as a squalid railway station. Such a contrast with Britains own architectural heritage, eh?:re #johnlewisgate, a pic of "squalor pit" of Gare du Nord vs John Lewis in Brent Cross via @BryceElder on @ftalpha pic.twitter.com/h0bi3dnc94We can say with a degree of certainty that a rights issue, £3bn ish probably, is among the options being considered. 12.15pm BST The Institute of Directors had hoping to hear from Alex Salmond at todays annual conference. But after the Scottish first minister pulled out, organisers called in Peter Kellner, president of pollsters YouGov, to cover all things Scottish referendum. Kellner talked about the vote on Scottish independence but also had a message for the audience of business leaders. Providing some welcome context for George Osbornes earlier complaints about the rise of an anti-business movement, Kellner flagged up the dwindling reputations of those in power - be it in central government, local government or business.If they are judged by stories of zero-hours, bad pay for cleaners, bad treatment of people in China and Bangladesh... bonuses that appear unforgiveable, tax arrangements that are not ... sociable ... these play like the WMD story on reputations, Kellner warned.Kellner - there has been a decade of decline of trust of those in power #IoDACKellner - establishment parties have been in decline. Trust in politics is in decline #IoDAC 11.32am BST George Osbornes broad message to the Institute of Directors this morning is that stability and tax cuts go hand in hand.He was speaking just two days after PM David Cameron promised billions of pounds of income tax cuts if the Conservatives win the next election.Peter Kellner at #IoDAC says GE2015 might result in neither Cons or Labs having overall majority with LibDems. Tax policies w/b interesting! 11.09am BST Asked about the UK governments push for reforms in the European Union, Osborne sought to emphasise it was not an entirely selfless project.The chancellor declared:We want economic reform in Europe not just for ourselves but for the French, the Spanish [and other countries too].We do it not just for ourselves but because we want to live in a prosperous economy, he said. Free movement of people was never envisaged as freedom to move and claim benefits.Its important that we find a way through this... there are very real concerns of many members of the British public.. @The_IoD Director-General Simon Walker putting the Chancellor under pressure about David Cameron's pushback against free movement #IoDAC That issue felt like it had been resolved when the Berlin wall fell, he says. I would urge the business community not to stand on the sidelines. 10.58am BST George Osborne: "There are risks returning to the eurozone." Economic reform necessary, UK "finding allies" on EU deregulation reform #IoDAC 10.53am BST IoD DG Simon Walker & @George_Osborne discuss British business at the #IoDAC @Conservatives pic.twitter.com/dvVn5I66ml 10.49am BST Asked by an IoD member from the West Midlands about why the UK still struggled to grow exports, George Osborne said problems in the eurozone, a key market, were a short-term challenge and longer term small and medium sized businesses needed to look further afield.Very, very weak growth in the eurozone is the biggest near-term risk, he told the Annual Conference.But I am the first to say we have more work to do in this space. 10.47am BST 10.42am BST George Osborne also promised that Westminster will meet its pledge to Scotlands oil and gas industry....OS - the commitments made to Scotland will be honoured. We can do more to help oil industry #iodac pic.twitter.com/OB04piM1iqGeorge Osborne: We want to get out as many barrels of oil and...err...whatever a barrel of gas is, out of the North Sea. #IoDAC 10.39am BST The eurozone remains the biggest threat to the UK recovery, Osborne says (perhaps he was thinking of this mornings poor PMI surveys...)George Osborne: eurozone's economic problems are greatest threat to UK recovery #IoDACOsborne: 'the greatest immediate economic risk to us is the very very weak growth in the eurozone.' #IoDAC 10.34am BST George Osborne is explaining to the IoD annual conferenve how the raft of measures announced this week add up (Katie Allen writes)The chancellor lays out three points he sees as key to the partys policies.we can achieve both those things, economic stability and low taxes.@George_Osborne at the #IoDAC "We have unashamedly put business at the heart of our political message" @conservatives 10.27am BST Simon Walker, IoD director-general, is introducing George Osborne at the Institute of Directors annual conference now.Walker says the theme of this years business jamboree is game changer (reports my colleague Katie Allen from the conference). 10.25am BST Heads-up... UK chancellor George Osborne has begun speaking at the Institute of Directors Annual Convention..... Simon Walker opens the #IoDAC in conversation with @George_Osborne pic.twitter.com/lDsMdJTHj5 10.23am BST John Lewis, the retail chain, is in the spotlight this morning after its managing director described France as sclerotic, hopeless and downbeat.Andy Street urged British entrepreneurs to flee the country while theres time, declaring:If youve got investments in French businesses, get them out quickly.Friday's Times - "Tories seize poll lead after tax cut promises" #tomorrowspaperstoday #cpc14 #bbcpapers pic.twitter.com/g7gcDF8rKG 9.51am BST With a full set of survey data for Q3, we're estimating GDP growth of +0.8% for UK. For EZ, +0.25%, with France at 0.0% and Germany at 0.4%. 9.48am BST The UK services PMI report suggests that Britains economy grew by around 0.8% in the third quarter of this year, according to Markits Chris Williamson.He reckons the economy is moderating, after several strong quarters:Septembers PMI surveys suggest that the UK most likely enjoyed another spell of above-trend economic growth in the third quarter, but the recovery appears to be losing its legs.The PMI surveys are collectively signalling GDP growth of 0.8% in the third quarter, down from 0.9% in the three months to June but still strong by historical standards. However, the pace of expansion hit a six-month low in September and is showing signs of moderating further as we move towards the end of the year. 9.43am BST Here comes the UK data....and the news is that Britains dominant service sector recorded decent growth in September.But growth did slow a little, to its slowest in three months, and there are fears that the recent strong recovery is losing its legs. 9.31am BST Septembers poor PMI surveys show that eurozone economic growth in the last quarter was weak, says Chris Williamson, chief economist at Markit:The PMI suggests the eurozone economy remained stuck in a rut in the third quarter. After GDP stagnated in the second quarter, we can only expect modest growth of 0.2-0.3% in the third quarter based on these survey readings, with momentum being lost as we head into the final quarter of the year.Irelands economy is recovering strongly, Spain is seeing a still-robust upturn and the German service sector is providing an important prop to growth in the region as a whole. But the overall picture is one of a euro area economy that is struggling against multiple headwinds. These include a lack of domestic demand in many countries, subdued bank lending, sanctions with Russia and a reluctance of companies to expand in the face of an uncertain economic outlook. 9.25am BST Heres a reminder of this mornings data: 9.24am BST Europes economic woes have deepened, with private sector growth slowing to the lowest rate in 10 months.Thats the conclusions of this mornings data, and surveys earlier this week.The ongoing malaise in the eurozone economy continued at the end of the third quarter, with the latest PMI data showing a further waning of output and new order growth. Staffing levels fell at the steepest pace for 16 months in France. Job creation accelerated in Germany, but slowed in Ireland and Spain. Headcounts stabilised in Italy, following a slight decrease in August. 9.16am BST Significant Services PMI divergence between Germany,and Spain who are doing well and Italy and France who's numbers are worrying.#euro 9.06am BST Germanys service firms have defied the slowdown in France, Italy and Spain, with activity growing at a faster rate.The German services PMI rose to 55.7 in September, up from 54.9 in August, showing growth accelerated.companies expect the introduction of a national minimum wage in January 2015 to have at least some negative effect on economic growth. At least German domestic demand looks fairly resilient, so far. Services PMI revised up. 9.00am BST Frances economy has moved deeper into trouble too.Its service sector contracted in September for the first time in three months, according to Markit, dragging the wider French private sector into contraction too.Mon Dieu!There were reports from the survey panel linking job losses to company restructuring policies and, in some cases, decisions not to replace voluntary leavers. Septembers PMI data rounded off another disappointing quarter for the French private sector economy. Based on the surveys activity readings, GDP still looks to be tracking close to stagnation, continuing the stalling performance seen since the start of the year. Jobs across the private sector were cut at the sharpest rate for 16 months in September, suggesting that companies are braced for a prolonged period of weakness. 8.55am BST Pretty appalling Italy number at 48.8 v 49.6 .... frankly looks like recession persisting to year end. 8.52am BST And this is worrying too! Italys service sector suffered a deeper contraction than expected last month.Markits Italian services sector PMI fell to 48.8, down from Augusts reading of 49.8. Weakness in demand was evident as new business intakes went down another notch, which in turn pressured businesses into making further notable reductions to their charges. Manufacturers likewise reduced their output prices, suggesting broad-based deflationary forces. A halt in service sector job cuts and improved business sentiment were the relatively positive takeaways from the latest data, with the former a step in the right direction in terms of seeing demand-side trends improve. 8.46am BST Now this is worrying... growth in the Spanish service sector has slowed, and new orders grew at the lowest rate in almost a year.Spains recent revival tailed off last month, according to data firm Markit, with employment levels broadly unchanged.There were signs of a growth slowdown in the Spanish service sector at the end of Q3, particularly with regards to new business which increased at the weakest pace for almost a year. There was also disappointing news on the employment front, with the recent spell of job creation coming to an end. 8.30am BST Russias private sector only managed to post small growth last month, according to HSBCs survey of the sector.The Russian composite PMI slid to just 50.9, close to the 50-point mark showing stagnation. Firms reported falling optimism, with business expectations close to their lowest point since the financial crisis began. Overall, the Russian economy must have continued very slow growth in September amid strong and intensified cost pressures and increasing uncertainties about future business development. Such weak mechanical growth is better than the absence of growth, but we do not see drivers for stronger growth while downside risks to growth are abundant. Lower oil prices and persistent decline in fixed investment are just few of them. A mild recession remains our base case scenario for the coming quarters.HSBC Russia Services #PMI signals marginal growth: headline index at 50.5. Comp. Index at 50.9 http://t.co/7uA7Osdod4 pic.twitter.com/MYY6XKa6UA 8.20am BST Irelands recovery from the depths of its austerity slump continues, with service sector firms reporting the 26th month of consecutive growth.Panellists reported that the growth in New Business was a result of clients increased willingness to commit to new projects given signs of improvement in the Irish economy. Growth in New Export Business also accelerated during September, with the UK cited as a particular source of strength. 8.13am BST Theres gloomy news from China overnight -- its services sector has grown at the slowest pace in eight month, partly due to the weakening housing market.Official figures showed that new orders actually shrank in September, for the first time since the collapse of Lehman Brothers.Business activities in the property market have stabilized at low levels but stayed within the contractionary area, suggesting overall activities remained sluggish. 8.04am BST Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.After recent comments by Fed members who increasingly sound more hawkish, this weeks non-farm payrolls data will carry significant weight and go a long way towards shaping rate hike expectations. After a slump the previous month (142,000), non-farm payrolls are expected to bounce back strongly with a reading north of 200,000. Analysts feel a strong reading today could then see the Fed drop its considerable time reference as far as rates lift-off is concerned. Continue reading...
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