How the world sees Greece
Finance Minister Gikas Hardouvelis said on Tuesday the country still has the support of its European partners and the government is determined to continue with reforms, insisting “the next few months will determine the coming decade in Greece.” In his add... ...
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Fitch Ratings has discerned the first signs of stabilization in the Greek property market, as the decline in prices has slowed considerably in the second half of this year. In a report published on Tuesday, Fitch forecasts a 6 percent annual decline in pr... ...
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The latest International Monetary Fund forecast on joblessness in Greece revised the expected level of unemployment for this year down to 25.8 percent from 26.3 percent six months ago, and the figure for 2015 to 23.8 percent from 24.4 percent in April. Th... ...
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The Greek government and the country’s international creditors agreed on Tuesday that repossessed properties as well as real estate being put up for sale by the state will have a starting price of two-thirds of their market value at auction, after the gov... ...
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Troika inspectors were due to leave Athens on Tuesday with little sign of a comprehensive deal with the Greek government over the latest adjustment program review in sight. The lack of progress means that a Greek delegation will head to Washington for tal... ...
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The Hellenic Gaming Commission (EEEP) is set to ban all phone-in games of chance aimed at Greek television viewers after asking Finance Minister Gikas Hardouvelis to amend the existing legal framework to that effect. “The ban is recommended in order to pr... ...
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ISTANBUL -- On a warm summer day in June last year, 21-year-old Soultan headed to his university campus in Damascus, where his classmates were being rounded up and arrested by regime soldiers. It was time to leave Syria. What lay ahead of him was an exhausting year and a half of sleeping on jail-cell floors, dodging beatings from authorities, crossing rivers and hopping freight trains with one goal: to seek asylum in Germany, where he had relatives. Soultan packed his bag with some clothes and an engineering book, bid goodbye to his family, and embarked on an illegal and expensive journey through eight countries by land and sea. Nearly 10 million Syrians -- roughly half of the country’s pre-war population -- are now displaced, and more than 3 million of those refugees have fled to neighboring countries. Thousands more Syrians are desperately attempting the even more difficult journey to Europe, despite many countries struggling to cope with the massive influx of desperate people, limited space in refugee centers, and complex asylum laws. For young Soultan, the risk was worth it. Before the war, he wanted to become an engineer and work on cars. With Syria then in its third year of bloodshed, there was the chance of a real education abroad and a fresh start, he told himself. Soultan’s story is remarkable -- and rare. Most migrants to Europe come from parts of Africa and the Middle East, and the staggering price tag of such a trip would be unthinkable for them. And many who have attempted to make the dangerous trip have failed. 22-year-old Syrian refugee Soultan smiles on Skype from a refugee center near Frankfurt after telling his harrowing story of how he traveled through eight countries in search of asylum. “You ask yourself, why would they tolerate it?” Joel Millman, a spokesman for the International Organization for Migration said of the difficult journey migrants face getting to Europe. “You can only surmise that it’s because staying is not an option. “But the [smuggling] gangs have become much more ruthless,” he continued. "It’s become something much more similar to how drug dealers treat addicts -- that there will be another one this week.” Many refugees get stuck mid-trip after they get robbed or run out of money, or when their forged IDs and documents to cross borders or board planes aren’t convincing enough. And there are those who die at sea, like the 500 or so migrants whose boat was intentionally capsized by smugglers in early September, killing nearly all on board. More than 65,000 migrants have crossed the Mediterranean Sea to Europe this year -- and 3,000 have died making the trip. “Lots of people say Europe is the dream, but it’s actually a nightmare,” a young Syrian man who goes by the name Abu Saddam told The WorldPost by Skype. He’s been stuck in Athens for nine months after being smuggled by boat from Turkey’s western coast to Greece with nearly 40 other Syrians and East Africans. While the stories of capsized boats and abusive border guards are whispered among refugees considering the trip to Europe, the allure of a new beginning is hard to ignore. A Syrian refugee in Istanbul shows his fake Libyan visa he was planning to use to enter Libya and be smuggled by boat to Italy. His plan changed when airports closed because of the country's violence. Take Arwa, 29, who bought a fake Libyan visa this summer in hopes of being smuggled to Italy by boat, though those plans were dashed by Libya’s own conflict. He tried again for Europe last month, attempting to flee from Turkey to Greece, only to be arrested and then go missing. “I don’t care about the dangers of this trip,” Arwa said before he left for his second attempt, sipping hot tea at an Istanbul cafe. “I feel like it’s my last chance in life.” But for all the tales that serve as warnings to would-be migrants, there are success stories like Soultan’s. “My parents wanted me to go,” Soultan told The WorldPost from a refugee center near Frankfurt. “But they didn’t want to leave their homeland.” His younger brother had high school exams in Damascus he couldn’t miss, and his older brother had managed to secure a well-paying job in animation in Istanbul. So Soultan made the trip alone -- an adventure that began with a drive west from the Damascus suburbs to Lebanon’s border. From there, he headed to the northern Lebanese port of Tripoli, where a ship took him up through the Mediterranean Sea to Mersin in Turkey’s south. While many Syrians get smuggled by boat to Greece, Soultan decided to try his luck by crossing over Turkey’s land border to Eastern Europe, stopping in Istanbul first, where his older brother now lives. From there, he set out for Edirne, a border town in northeastern Turkey nestled up against Bulgaria and Greece. Syrians who had made the trip before him warned that there was a higher chance authorities might fingerprint him in Bulgaria, putting his name in a system that, in accordance with an EU law, could force him back to the first European country he entered. So he chose Greece. In Edirne, Soultan found a Syrian smuggler and two dozen other people keen on making the same trip. They split up and piled into two rickety boats to cross the Evros river dividing Turkey and Greece. But only Soultan’s boat made it across. The second one tipped over and capsized in the middle of the river -- an incident Soultan blames on the smuggler, who may have purposely damaged the boat to cheat them out of their money, he says. The passengers, lucky enough to know how to swim, made it to shore. But all their belongings were lost to the river’s strong current. A destroyed inflatable raft used by migrants who crossed from Turkey to Greece sits on the bank of the Evros River on April 11, 2012. “Only 14 of us made it across,” Soultan said quietly. He thinks the rest successfully made the trip several days later, but he can't be sure. The river is a well-known grave. Soultan slept on the Greek side of the river that night, thankful he had made it to the other side. The next morning, he walked along the highway in search of the nearest police station, hoping police would help him and his group. Instead, they found the inside of a four-by-four meter jail cell, locked up for nine days. They spent another nine days in a refugee camp nearby, where they managed to convince border police not to send them back to Turkey, Soultan says. He managed to make it to Athens by a car the group hired. In Athens, they headed to a neighborhood he had been told was frequented by smugglers. For 3,500 euros -- money given to him by his parents and loaned to him by his older brother -- a smuggler made a fake Italian ID and bought him a one-way flight from Athens to Rome. But when Soultan went to board his plane, immigration authorities questioned his supposed Italian citizenship. “Are you Syrian or Pakistani?” they asked him, pocketing his ID. One security guard, he remembers fondly, joked with him, telling him to, “try again, but get a better ID next time.” Dismayed, but not defeated, Soultan tried to board a ferry to Italy. But this plan failed, too. So he found another border and another mode of transportation: a freight train. Crammed into a locomotive car carrying sand and 59 other people, mostly Syrians, they managed to cross into Macedonia after nearly six hours. Soultan and his crew then made their way by taxi to a smuggler’s house in the capital of Skopje. But before they could go farther, Macedonian authorities thwarted their plan. Nine of them were caught, including Soultan. Authorities promptly drove them to another border, this one leading to Serbia, and told them to get out. The group slept in the forest that night, wondering if they could make it through yet another country none of them knew. When they crossed into Serbia the next day, police were waiting for them. “They beat us, they slapped me, and they took our money,” Soultan said, adding that they didn’t manage to find all their cash. “And then they sent us back to Macedonia.” But the group didn’t give up. The next day, they snuck back into Serbia. And once again, the police detained them. This time, Soultan decided to bribe the authorities, pulling aside one of the officers and handing him 50 euros. The officer, to Soultan’s surprise, agreed to turn a blind eye and let the group leave, bound for the capital Belgrade. Syrian migrants gather around a fire in the forest near a center for asylum seekers 30 miles south of the Serbian capital of Belgrade on Nov. 19, 2013. Each person had to pay 230 euros for a taxi ride, and they were dropped off just outside of the city. There, they found the nearest police station, hoping authorities would help them get in touch with the United Nations or other refugee aid groups. Instead, the group had to pay a 50 euro fine for entering the country illegally. They were locked up for the night and given a week to leave Serbia. They ignored the warning. Instead, they found smugglers who snuck them into Hungary and across the Austrian border for 1,500 euros a head. “We walked for hours in the rain and mud,” Soultan said, shaking his head as he remembered. When he got to Vienna, he booked a hotel room with a clean bed to sleep in -- a luxury. The next day, he crossed the border into Germany. Exhausted and nearly broke, Soultan arrived at his final destination: a refugee center outside of Frankfurt where he was provided with food, housing and cash. “Thank God, I still had money,” he said, laughing during a Skype call. He had spent what amounted to more than $8,000 that his family had scraped together for his journey. Soultan is lucky -- and he knows it. When he finally made it to Frankfurt, he sat down and called his family back in Damascus. And there, a world away, his mother cried tears of joy for her son. He made it. He survived. “They were so proud,” Soultan said, beaming. “They were so happy.” In the past few weeks, the refugee, now 22, has gone to a slew of interviews to officially apply for asylum in Germany. He’ll hear back in three months if he has been accepted or not. “There’s a big chance I’ll get it,” he said with hope. “I reached the point I’ve dreamed about.” For now, he’s building a life, learning German by watching YouTube videos and exploring what he hopes soon will be his new home. He’s also learning how to cook for himself -- something he never had to do before. “I want to stay here for 20 years!” he laughs, with a boyish grin. “Enough traveling.” But then he stops and changes his mind. There’s one more trip Soultan wants to take soon -- a journey back to Athens to proudly show the security guard who mocked his forged European documents his new, real German ID. Issa Issa contributed reporting from Istanbul.
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The US is by far the biggest destination for Greek olive exports – especially the Kalamata variety – with their market share climbing in some product ...
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At the Greek Theatre on Monday, the young woman born Ella Yelich-O'Connor -- who started as a goth-inclined documentarian of teen malaise ...
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Documenta, the prestigious contemporary art exhibition held in Kassel, Germany, every five years, is taking a dip into the Mediterranean for its 14th ...
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Greek telecommunications authority ΕΕΤΤ will start the auction for frequencies in the bands 800 MHz and 2600 MHz in order to market and develop ...
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Christine Kondoleon, senior curator of Greek and Roman Art at the MFA, said presenting a spectrum of Greek art thematically – instead of ...
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La Gazzeta dello Sport, Italy’s longest-running and most prestigious sports newspaper, added Kostas Manolas in its top eleven for the first six weeks of the Campionato. Historically, the Italian league has always been known for its world-class defensive lines, so to have the young Greek (who was just signed a little over a month ago) join the best of the best is a great honor. Manolas got an average score of 6.5, which would have been much higher if he hadn’t received a straight red in his last game. On Sunday, AS Roma battled Juventus for the Serie A’s no1 spot and even though they were up 1-2, the Italian Champions came back with two controversial pentaly kicks and a stinger by Leonardo Bonucci in the last minutes of the game (3-2). Predictably, nerves boiled up making Manolas blow off on Morata’s face after the latter tackled him hard, signalling referee Gianluca Rocchi to pull out his red card for both protagonists. In resentment of all of the referee’s decisions but also of Juventus’ deceitful history in the sport (they were relegated in 2006 and taken a championship title away after proof popped up that they had bribed their way to the top), AS Roma’s capitano, Francisco Totti, spoke in a post-game interview of all his inner anger against the Turin team’s favoring from the Liga all the years he’s been playing football. The Italian Football Federation have taken Gianluca Rocchi’s future arbitrary shifts back and started a deep research to find proof in the allegations.
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Three Greek soldiers were killed and one was seriously wounded in a mortar-tube explosion at an army firing range. The post Mortar Blast Kills 3 Army Soldiers appeared first on The National Herald.
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In an effort to highlight the unique character of the marathon - a course first run 2,500 years ago by the ancient Greek soldier Pheidippides who ...
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“Possible deadlock in the early-2015 vote among MPs to choose the next Greek President could trigger early national parliamentary elections in ...
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elderly According to data released from Eurostat, the Greek prefectures of Evrytania, Grevena, Arta and Serres are among the 10 European ...
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Greek stocks continued to slide on Tuesday as the benchmark edged mighty close to the psychological threshold of 1,000 points, registering a new 12-month low. The Athens Exchange (ATHEX) general index ended at 1,012.05 points, shedding 2.26 percent from M... ...
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The trade balance between Greece and Japan has shifted in the last few years as the drop in domestic demand in Greece and the increase in Greek exports have turned the country from a net importer of Japanese goods to a net exporter to the world’s third-la... ...
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Defense Minister Dimitris Avramopoulos on Tuesday asked the head of Greece’s armed forces to determine what caused a mortar tube explosion at a military firing range near Volos in central Greece, which killed three soldiers and left a fourth seriously inj... ...
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Greek government bond yields rose to a one-week high on Tuesday after a newspaper reported that the country’s European Union and International Monetary Fund lenders had interrupted their bailout review over a disagreement with Greek officials.
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Independent Greeks deputy Rachil Makri was on Tuesday ousted from the parliamentary group in the wake of an escalating tiff with leader Panos Kammenos and other members of the right-wing, anti-bailout party. Makri, who recently filed charges against Kamme... ...
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Greece’s main healthcare provider, EOPYY, will not pay some 40 million euros it owes to private clinics because checks have revealed discrepancies in the invoices forwarded to the organization, it was revealed Tuesday. Health Ministry officials presented ... ...
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Move over Snow White, Cinderella and Beauty and the Beast for Psyche, the original storybook princess. She is a Greek mythological character whom ...
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AP – Cyprus’ President on Tuesday suspended talks on reunifying the ethnically divided island in response to Turkish plans to search for oil and gas in waters where the Cypriot government has already licensed companies to drill. Cypriot government spokesman Nicos Christodoulides said the decision was the result of what he called Turkey’s “provocative” and “aggressive” actions that violate Cyprus’ sovereign rights and international law. Christodoulides said Cyprus won’t be deterred from continuing with its own drilling and accused Turkey of undermining regional stability. Cypriot President Nicos Anastasiades made the decision after consulting with party leaders who are urging the international community to speak out against Turkey’s actions. The United Nations confirmed that a meeting between Anastasiades and Turkish-Cypriot leader Dervis Eroglu scheduled for Thursday has been called off. However, U.N. envoy Espen Barth Eide would meet with the leaders separately to “discuss the way forward” in the talks. Christodoulides didn’t say when peace talks might resume. Eroglu condemned the suspension of talks, saying it showed the Greek-Cypriot side wasn’t “sincere” in seeking a peace deal.
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A scheme allowing police precincts to issue new identity cards on the spot was implemented on Tuesday. Officers have direct online connections to the numerous government departments that are able to confirm an applicant’s details. Therefore, applicants on... ...
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Acting on a proposal by Finance Minister Gikas Hardouvelis, the Hellenic Gaming Commission on Tuesday called for a ban on TV phone-in quizzes “in order to protect the public and in particular minors and vulnerable social groups.” The commission cited an e... ...
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The Greek Cypriots have announced that they are halting the peace talks that resumed in February with the Turkish Cypriots, in response to Ankara ...
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07 de octubre de 2014, 12:05Athens, Oct 7 (Prensa Latina) The judicial authorities in Greece today announced the filing of criminal charges against ...
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Liverpool-bound passengers are among those stranded on a Greek island after flights were cancelled due to bad weather. About 40 British ...
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Yves Carreau has a name and a concept hashed out for a new upscale Greek restaurant slated for a former PNC Bank branch on a corner of PPG ...
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Greek bonds declined, pushing 30-year yields to the highest in more than six months, as Prime Minister Antonis Samaras prepared for a confidence ...
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City Councilman Costa Constantinides (D-Astoria) presented Queens College Center for Byzantine & Modern Greek Studies with a proclamation last ...
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A YEARLY labor of love of the congregation of St. Paul's Greek Orthodox Church, the Savannah Greek Festival is now marking its 64th edition.
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As far as indigenous Greek varietals go, and I do find that Greek winegrowers and producers do the most interesting things with indigenous varietals, Assyrtiko and Xinomavro have become my favorites. For Assyrtiko, Santorini is the region to look to. It seems like the place to go to as well, it seems like the type […] The post Karamolegos Feredini Assyrtiko appeared first on The National Herald.
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Rolling business and financial news, as the International Monetary Fund cuts its growth forecasts again, citing geopolitics and the eurozone as key risksIMF cuts growth forecasts Summary: Germany in recession? 4.02pm BST Over in Greece, the campaign by cleaning ladies fired last year as part of the governments deregulation of labour laws continues. Helena Smith reports:Despite the rain and their ongoing court battles with the Greek state, the women who have become the emblems of austeritys injustice are in robust mood. We are not going to back down and have lots more surprises in store, said Despoina Kostopoulou, the cleaners unofficial spokeswoman. We wont relent until we are reinstated in the jobs that we wrongly lost. The women said they had derived great strength and courage from a letter of solidarity the British film director Ken Loach had sent them on hearing of their plight.I have heard of your situation from friends in England. What a story! Your strength and determination to fight for real jobs with fair wages is inspiring. We have many stories like yours here, as Im sure you know. The constant pressure to privatise our public services is destroying the services and bringing poverty and insecurity to working people. The European Union and big corporations, supported by the politicians, are formidable enemies. But you too are formidable!We need to support each other, as you say. Paul Laverty, who writes our film scripts, including Bread & Roses, will be in Athens at the end of October for a couple of days (25 27th Oct). He may have a busy schedule at the film festival then, but he hopes he can meet with you then. 3.38pm BST Back with the IMF World Economic Outlook, TUC General Secretary Frances OGrady alights on the funds comments on investment for growth, saying:The IMFs research shows why austerity is failing across Europe and we have the slowest recovery from a crash on record. Waiting for growth to turn up is not enough, we need concerted government action to improve living standards in both Britain and our EU neighbours through investment in jobs, infrastructure, skills and wage packets. Without such action living standards will fail to recover. And complacent governments seem to want to go back to pre-crash business as usual, despite the worrying signs we can see already of house prices surging, an unreformed finance sector and household debts rising again. Only public investment and a strong industrial policy will give us a rebalanced economy that can deliver for all. 3.17pm BST Commodities giant Glencore has just released a statement saying it is no longer actively considering a merger with Rio Tinto.It comes a day after Bloomberg reported that Glencore was considering a tie-up in 2015, prompting Rio to say it had rejected the deal.Glencore announces that in July 2014 it made an informal enquiry by telephone call to Rio Tinto, seeking to gauge whether there might be any interest at Rio Tinto in investigating some form of merger between the two companies. Rio Tinto responded that it was not interested in pursuing these discussions.Glencore confirms that it is no longer actively considering any possible merger transaction with, or offer for the shares of, Rio Tinto.Mulling? RT @FinancialTimes: .@fastFT: Glencore not "actively considering" Rio Tinto deal http://t.co/CtWXDdToup 3.03pm BST Just in.... UK growth slowed to 0.7% in the third quarter of this year, from 0.9% in the April-June quarter.Thats according to the National Institute of Economic and Social Researchs monthly estimate.Growth rates move around from quarter to quarter. We shouldnt be surprised to see growth moderate somewhat from the very robust rate in the preceding quarter. Its a story of continuing economic recovery. 3.01pm BST The news that the IMF had cut its growth forecast, added to this mornings tumble in German industrial activity, send shares falling on Wall Street.The Dow Jones fell 135 points in early trading.Markets Now » Dow falls 130 points, S&P loses 15 and Nasdaq sheds 36. http://t.co/PZZClHYrs9 pic.twitter.com/ebIYX3xEXx 2.50pm BST And finally, a question about American monetary policy -- when does the IMF think US interest rates will rise, and what impact will that have on the rest of the world?Gian Maria Milesi-Ferretti, IMF deputy director, says that the IMF expects the US recovery will continue this year and in 2015. 2.44pm BST What is the main priority for Japan in the next 6 to 12 months?The challenge that Japan has is very clear, Blanchard replies. They cannot let their debt/gdp levels rise, so they need fiscal consolidation. 2.42pm BST What does the IMF think of the plan, from the EUs new president Jean-Claude Juncker, for a major 300bn investment plan?Infrastructure investment in Europe is a great idea, Olivier Blanchard says, as many countries need better infrastructure and there are many people out work. 2.40pm BST How can Spain avoid deflation?Blanchard replies that the IMF is relieved that the Spanish economy is achieving growth, although it could be stronger, and it hopes that Spain will avoid full-blown deflation. 2.39pm BST The press conference turns to low-income countries sub-Sahara Africa; whats the IMFs view for them?Rupa Duttagupta, IMF deputy division chief, replies the the IMF expects another year of strong growth, over 5%, in the region. 2.33pm BST Whats does the IMF think about the European Central Banks plan to buy asset-backed securities (bundles of loans to small firms)? Chief economist Olivier Blanchard says:We believe it can make a difference. 2.29pm BST Another question on Ukraine.The IMF hopes that there will be an easing of tensions soon, that would allow a bounceback next year. 2.27pm BST For the first time in ages the IMF has left its forecasts for UK economic growth unchanged. Once bitten...? 2.27pm BST What is that IMFs view of the Egyptian economy?Not much change since April, its still a difficult situation. 2.25pm BST What is the IMFs view of the impact of the Ukraine crisis on Russias economy?The sanctions have made a difficult situation worse, says the IMFs Thomas Helbling. Looking forward, we dont expect any fast change on that situation to make Russia a more attractive place to invest. 2.22pm BST Olivier Blanchard is taking questions now.Guardian economics editor Larry Elliott asks whether the IMF believes the world economy is stuck in a secular stagnation, or is it simply paying the price for borrowing growth from the future in the run-up to the crisis. 2.19pm BST Olivier Blanchard is identifying three key risks:1) the search for yield in the financial markets, after years of low interest rates, may have stoked up risks for the future. 2.17pm BST The IMF has cut its forecast for emerging market economies. Blanchard says:For emerging market economies as a whole, potential growth is now forecast to be 1.5% lower than it was in 2011. 2.16pm BST Blanchard says that while Japans economy s growing, its high public debt and very low potential growth rate is a major macroeconomic and fiscal challenges.Japans debt/GDP ratio is now over 200%, so very hard to reduce without strong growth 2.13pm BST Over in Washington, IMF chief economist Olivier Blanchard is presenting the World Economic Outlook now (live feed here).Blanchard says that the headline estimate for global growth disguises the fact that some countries have recovered or nearly recovered. But others are still struggling. Among advanced countries, the United States and the United Kingdom in particular are leaving the financial crisis behind and achieving decent growth. Even for them however, potential growth is lower than it was in the early 2000s. Growth in the euro area nearly stalled earlier this year, even in the core. While this reflects in part temporary factors, both legacies, primarily in the south, and low potential growth, nearly everywhere, are playing a role in slowing down the recovery..... 2.09pm BST The new World Economic Outlook is packed with charts - my colleague Julia Kollewe has pulled together some important ones, here: 2.08pm BST The IMF is also warning that the world economy might never return to the pace of expansion seen before the financial crisis.From Washington, economics editor Larry Elliott writes:In its flagship half-yearly World Economic Outlook, the Fund said the failure of countries to recover strongly from the worst recession of the post-war era meant there was a risk of stagnation or persistently weak activity.The IMF said it expected global growth to be 3.3% in 2014, 0.4 points lower than it was predicting in the April WEO and 0.1 points down on interim forecasts made in July. 2.06pm BST The IMF also reckons that the UK will outperform the rest of Europe, with 3.2% in 2014, dropping to 2.7% in 2015.IMF expects UK to remain on top of G7 this year, with growth of 3.2pc despite "weak and uneven" global recovery. pic.twitter.com/DuSWCeghvk 2.00pm BST Breaking News: The International Monetary Fund has cut its growth forecasts, and warned that the world economy might never return to the pace of expansion seen before the financial crisis.The IMF now expects world growth to be 3.3% in 2014, down 0.1% from its July forecast, and 3.8% in 2015, down 0.2% from three month ago.Financial markets have been optimistic, with higher equity prices, compressed spreads, and very low volatility. However, this has not translated into a pickup in investment, whichparticularly in advanced economieshas remained subdued. And there are concerns that markets are underpricing risk, not fully internalizing the uncertainties surrounding the macroeconomic outlook and their implications for the pace of withdrawal of monetary stimulus in some major advanced economies. 1.51pm BST The IMF will hold a press conference conference to discuss its new world economic outlook at 2pm BST (9am in Washington).Its being streamed live, here (right-click to open in a new tab). 1.46pm BST Heads-up..... in 15 minutes time the International Monetary Fund will release its latest World Economic Outlook, over in Washington.Brace yourselves for new growth forecasts, charts, predictions on the state of the world economy..... 1.42pm BST Ouch. Fizz purveyor SodaStream has warned that revenues in the third quarter are below expectations, due to weaker-than-expected demand in the US. CEO Daniel Birnbaum didnt sweeten the pill, admitting that:We are very disappointed in our recent performance. 1.29pm BST Elsewhere in the Square Mile, Bloomberg is reporting that Dutch financial group Rabobank has suspended two London-based foreign exchange traders, after an internal investigation into their dealings. 1.22pm BST New rules that could see senior bankers jailed appear to have prompted two senior executives at HSBCs UK arm to leave.Reuters has the story:Two directors of HSBCs British business are set to leave the bank because they are unhappy with new rules that can result in jail sentences for senior bankers, a source familiar with the matter said.Alan Thomson, a member of the audit and risk committees of HSBC Bank Plc, has tendered his resignation from the bank and John Trueman, the deputy chairman of HSBC Bank Plc, is on the verge of resigning, the source said. 1.17pm BST Bob Rice, managing partner at New York-based Tangent Capital, reckons the slump in German industrial production is tied in with the weak inflation across Europe (which creates less demand for new goods)Ugly chart of German Industrial Production, via Quartz. EZ deflation drums getting pretty loud. pic.twitter.com/zS8Tzqy7HF 12.06pm BST This mornings weak German industrial data is the latest in a series of worrying signals. As this chart shows, the monthly PMI reports (which measure activity in the sector) have also shown a slowdown in recent months.Recession worries in #Germany as #manufacturing falls at sharpest rate since financial crisis http://t.co/aAfSbGjhHq pic.twitter.com/zQeCHSCStV 12.00pm BST Time to catch-up.Economists fear that Germany is sliding into recession, after industrial production across Europes largest economy tumbled by an alarming 4.0% in August, compared with July.The trend is pointing down, with the German economy in the third quarter likely to have stagnated at best.EUR continuing lower .... liquidity continuing to be poor.UK manufacturing is entering a soft patch as the fall-out from events in Ukraine spreads. Ukraine and Russia are of little direct importance to UK exporters. But the manufacturing cycle is highly integrated across countries. That means the decline in business confidence and German manufacturing output triggered by Russias aggression in Eastern Ukraine will continue to spread to the UK over the second half of the year. 11.12am BST The slowdown in UK manufacturing growth in August (details) hasnt helped the sentiment in the financial markets.All Europes main stock indices are in the red, as traders absorb the warning that Germany could be falling into recession.Wall Street is eyeing a weaker start to the days trade, both off the back of this lead from Asia but also given what appears to be a deteriorating geopolitical situation. The Ebola crisis continues to spread, whilst the fact Islamic State is now active on the Syrian/Turkish border is also significant cause for concern. 10.41am BST In other news this morning, Tesco has suspended its fifth executive as the investigation into its £250m profit mis-statement continues.Its understood to be group commercial director Kevin Grace. 10.18am BST My colleague Simon Bowers tweets:Breaking: A senior banker from leading UK bank pleads guilty to libor fixing conspiracy charge brought by SFO. Not named for legal reasons 10.12am BST Mike Rigby, head of manufacturing at Barclays, warns that the UK factory recovery is fragile:The slowdown in growth levels should not mask the reality that the manufacturing sector continues to grow although at a far more restrained level than we witnessed in the first half of the year. However, although there is still an optimistic outlook amongst manufacturers helped by easing price pressures in the sector, there is a fragility to the recovery which needs a powerful shot in the arm from both a boost in export orders as well as more investment in new product development and process enhancements. 10.10am BST Britains factory sector appears to have lost momentum, says Howard Archer of IHS Global Insight, following the meagre 0.1% rise in manufacturing output in August.Geopolitics, and the troubles in Europe, are to blame, he reckons:Weak Eurozone activity is clearly having a limiting impact on foreign demand for UK manufacturing goods.The recent strength of the pound has not helped UK manufacturing exports. In addition, it is possible that current heightened geopolitical tensions and the weakness in the Eurozone is increasing business caution and causing some orders to be delayed or even cancelled. 9.58am BST And this chart, also from todays UK production report, shows how industrial output in all major economies is still smaller than before the financial crisis began. 9.50am BST This chart shows how Britains industrial sector was hit hard by the great recession: 9.40am BST Here we go.... UK factory output was flat in August, down from 0.5% growth the previous month.Its another sign that global manufacturing slowed over the summer; but also rather better than Germanys 4% slump. 9.29am BST European stock markets have fallen following todays weak German factory data.The German DAX and French CAC are both down around 0.7%, with the FTSE 100 down 35 points or -0.5% (despite mining rallying). 9.23am BST OK, its nearly time to find out how Britains factories fared in August.The UK industrial output data is due at 9.30am BST, and will show if manufacturers here shared Germanys struggles. 9.20am BST Phillip Inman, The Guardians economics correspondent, reminds us that Germany has already rebuffed calls to increase government investment spending to boost the economy and drive growth in the eurozone.Inman says: Last week the International Monetary Fund (IMF) singled out Berlin for falling behind on infrastructure spending in a report that argued well targeted investments can pay back three times the initial cost.US Treasury secretary Jack Lew has also urged Germany to lead the eurozone out of its current morass with extra spending, especially as the government has boasted of its budget surplus.But finance minister Wolfgang Schäuble has consistently rebuffed these calls, rejecting Keynesian policies to boost higher public spending in Germany and elsewhere in Europe in favour of painful structural reforms. 9.18am BST More reaction...German industrial production shocks with biggest fall since 2009 - down by 4%. Long the engine of Europe's growth, now looking v weak.This is becoming a train wreck - German Industrial Production Plunges (via @BusInsiderAU) http://t.co/OdNAodNkWI 8.57am BST You can see this mornings alarming Germanys industrial output data here, on the Destatis website. It explains how the 4% slide in production was driven by an 8.8% drop in the manufacturer of capital goods (big-ticket items like machinery and cars). 8.49am BST Germany isnt alone.... New data from the Czech Republic shows that its factory production also fell in August.Czech industrial output shrank by 3.6% month-on-month in August, and was 5.2% lower than the year before. Car production was down by 13.4% year-on-year. 8.35am BST German industrial production dropped sharply in August, weighed down by falling manufacturing and construction output 8.27am BST Analysts at Berenberg bank have warned that the the 4% tumble in German industrial output in August may indicate that Europes largest economy is being dragged into recessionThat echoes INGs warning earlier this morning.Even if the decline in business confidence triggered by Russias aggression in Eastern Ukraine were to end in the coming months, we cannot even rule out a mild recession on the back of this data.A significant rebound in manufacturing, and thus investment, is unlikely to come through before early 2015. 8.17am BST In the City, shares in Rio Tinto soared by over 5% in early trading, following the news that it rejected a takeover approach from rival miner Glencore in August. Shares in Anglo American, another mining giant, are up 2% as investors anticipate an outbreak of takeover activity in the sector.Rio Tinto's shares just jumped 6% on news of Glencore's interest in a merger. That's Rio's biggest jump in 2 months pic.twitter.com/cB3svPjmbS 8.11am BST Looking at the detail of the German industrial output data.... production of new cars slumped by over 25% month-on-month in August.German IP - motor vehicles. #oneoffornot pic.twitter.com/fiMnwZ7y3y 7.56am BST Monthly factory output can be volatile. But as this chart shows, Germanys factory production had been bobbing around between +2% and -2% for the last couple of years, until August....Chart: Really ugly drop in German industrial production (m/m) - pic.twitter.com/WEXSkMjrLB 7.51am BST The euro has lost ground since the German industrial output data was released; down 0.2% against the US dollar at $1.2624. 7.47am BST Analysts are stunned by the 4% slump in German industrial production in August.Carsten Brzeski of ING says that geopolitical tensions, and the summer slowdown, proved a dangerous combination: Such a shocking number normally leads to two possible reactions: either an outcry of shock, or just denying the numbers due to monthly volatility or one-offs. Looking at the German numbers, the truth is probably somewhere in the middle. The sharp drop in August could at least be partly driven by the vacation period. However, the drop is too strong to explain it by one-offs. Looking beyond the third quarter, the German industry is looking into a more difficult future.The safety net of inventories and orders at hand has narrowed in recent months. Inventory build-up combined with dropping new orders does not bode well for industrial production in the fourth quarter.Another shocker. German IP drops by 4% MoM in August.OUCH. German IP down by 4.0% MoM in August. High volatility due to holiday in particular, but still. #DasTutWehGerman IP now down by 1.1% in Q3 (after -1.5% QoQ in Q2). Huge jump required in Sept. pic.twitter.com/I4RTuRWclxGrim factory orders yesterday, grim industrial production today - German economy definitely slowing. 7.39am BST Serious news out of Germany this morning -- industrial output across Europes economic powerhouse has tumbled at a pace not seen in five and a half-years.German industrial output fell by 4.0% month-on-month in August, according to data just released by the Economy Ministry. Industrial production is currently going through a weak phase ...but the current decline is exacerbated by holiday effects.All in all, one should expect weak production for the third quarter as a whole."Drops most since 2009" is the new black. 7.34am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, business and the eurozone.Todays big story will be the International Monetay Funds new World Economic Outlook, released at 2pm BST (or 9am Washington).Australia's central bank leaves interest rates on hold for the 13th-straight period, hinting it would stay at record low 2.5% for some time Continue reading...
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“I think the markets will support you,” says Richard Gnodde, co-chief executive officer of Goldman Sachs International and co-head of the Investment Banking Division in this interview with Kathimerini on Sunday during a recent visit to Athens. However, he... ...
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Athens: The Greek Defense Ministry says three soldiers have been killed and one was seriously wounded in a mortar-tube explosion at an army firing range in central Greece. The ministry statement, read out in state television, said the incident occurred ...
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ATHENS, Oct. 7 (Xinhua) -- Three Greek soldiers died and a fourth was seriously injured in a mortar explosion on Tuesday at the outskirts of the city of ...
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In collective memory, he is remembered for his willingness to confront the Almighty and charge God with mistreatment of the Jewish people. Succot in ...
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NICOSIA, Cyprus — Nicos Christodoulides, spokesman for the Greek Cypriot Government, has suspended talks on reunifying the ethnically divided ...
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The announcement comes after Greece's Deputy Prime Minister and Foreign Minister Evangelos Venizelos had an extensive telephone conversation with Greek Cypriot Foreign Minister Ioannis Kasoulides. The Greek Cypriot administration has withdrawn from peace ...
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You know the stuff of Greek tragedy. It features a hero who means well (isn’t it tiresome to hear people tell you that they mean well), achieves apparent greatness, then crashes and burns because of some mix of pride (hubris) and misjudgment (hamartia). Consider Tom Gutierrez, the head of suddenly bankrupt [...]
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A Chechen terrorist suspect, member of a guerrilla group in Russia, was arrested in Greece, Greek police announced on Tuesday.
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ATHENS (Reuters) - Greece's EU and IMF lenders are leaving Athens after the first round of talks on a crucial bailout review and will return after European bank stress test results are announced, Greek officials said on Tuesday. The inspectors had been ...
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Three men were killed during a mortar firing exercise at a range in Volos, central Greece earlier today. According to sources, two of the men were professional soldiers and the third was a draftee. A second lieutenant was also injured in the incident, which occurred at the Glafyra firing range. Reports thus far have attributed the deaths to misfires, though the exact causes of the tragedy remain unclear. Defense Minister Dimitris Avramopoulos ordered Deputy Defense Minister Yannis Lambropoulos and Army Chief of Staff General Christos Manolas to rush to the area by helicopter to investigate the deaths.
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(Adds detail, context) NICOSIA, Oct 7 (Reuters) - Greek Cypriots suspended peace talks with Turkish Cypriots on Tuesday in protest at what they called attempts by Turkey to undermine gas exploration off the ethnically divided island. Political party chiefs endorsed a proposal made by President Nicos Anastasiades on Tuesday to freeze the dialogue between the two sides' leaders, government ...
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Greek Finance Minister Gikas Hardouvelis denied reports on Tuesday that inspectors from the country's EU/IMF lenders had interrupted their bailout review in Athens over a disagreement with Greek officials. Greek newspaper To Vima earlier reported that the... ...
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Greece sent "A message of power to all directions," Prime Minister Antonis Samaras said at the launching of the Navy submarine Pipinos. The post Greece Launches New Submarine appeared first on The National Herald.
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Greek Cyprus leader Nicos Anastasiades has suspended talks on reunifying the ethnically divided island in response to Turkey's plans to search for ...
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