How the world sees Greece
Locals in Greece are divided over the ongoing migrant crisis as police are unable to keep up with the surge of rescues. In Italy, police arrest alleged migrant smugglers on their way to the coast. (Aug. 11)
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Situation tense on the island
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Greek government wasted six months
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Merkel expressed reservations on deal in phone contact with Greek PM
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Source: www.theguardian.com - Tuesday, August 11, 2015 Prime minister Alexis Tsipras calls emergency sessions of parliament to vote on €86bn bailout measures, which will see further spending cuts imposed Greece’s stock market has surged on news that the indebted country and its creditors have reached an outline agreement over an €86bn (£61bn) bailout. Athens’ benchmark ATG equity index closed up 2.1%, while the country’s banking index also climbed 3%, although they remain down 15% and nearly 70% respectively since the start of 2015. Under the terms of the bailout, Greece’s third in five years, the country’s struggling banks would get an immediate €10bn and be recapitalised by the end of the 2015, meaning “absolutely no risk of a haircut on deposits”, a government statement said. Related: Greece is being blackmailed. Exiting the eurozone is its way out | Costas Lapavitsas Continue reading...All Related | More on Greece
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NEW YORK (AP) — U.S. stocks fell sharply on Tuesday, led by declines in energy and materials stocks as commodities prices sank. Prices for oil and copper fell sharply after China's government lowered the value of its currency, suggesting weakness in the world's second-largest economy. Google gained after the company announced a restructuring.KEEPING SCORE: The Standard & Poor's 500 index fell 24 points, or 1.2 percent, to 2,079 as of 2:50 p.m. Eastern time. The S&P 500 is on track for its biggest drop in a month. The Dow Jones industrial average lost 240 points, or 1.4 percent, to 17,373. The Nasdaq composite index fell 82 points, or 1.6 percent, to 5,018.CHINA'S DEVALUATION: Beijing's move allowed the yuan to fall 1.9 percent, the biggest one-day drop in a decade. In recent months, the yuan has strengthened along with the U.S. dollar, hurting Chinese exporters. China's exports fell by an unexpectedly large 8.3 percent in July. The People's Bank of China said market forces would be given a bigger role in setting the exchange rate, leaving open the possibility of more declines. China's yuan was valued at 6.32 per dollar on Tuesday, compared with 6.21 per dollar a day earlier.THE QUOTE: "The Chinese government will do whatever is necessary to keep the Chinese economy on course," said John Manley, chief equity strategist at Wells Fargo Fund Management. "People are reading this as a signal that their economy needs more help."Manley also said that the move lower in stocks may have been exacerbated as traders sold following a big jump in prices on Monday.NOT SO TASTY: Yum Brands, the owner of the KFC and Taco Bell chains, was among the biggest decliners in the S&P 500. The fast-food company gets more than half of its sales from China, according to data from FactSet. The company said last month that it was expecting a strong second-half of the year in China. Yum fell $4.43, or 5.1 percent, to $83.28.THE ABC: Google was the biggest gainer in the S&P 500 after the tech giant announced a new corporate structure that included separating its lucrative Internet business from some of its more speculative research projects. Investors welcomed the increase in transparency that will give them a better idea of how the technology giant spends its cash. The new parent company will be named Alphabet. Google's stock gained $30.07, or 4.5 percent, to $693.20.FLYING HIGH: Airlines were among the biggest gainers as oil prices fell again. Fuel is one of the biggest expenses for airlines and lower fuel costs typically mean higher profits for airlines. American Airlines rose $1.47, or 3.5 percent, to $43.17. Southwest Airlines gained 95 cents, or 2.5 percent, to $38.75.BONDS AND CURRENCIES: The dollar gained to 124.85 yen from 124.82 yen Monday. The euro rose to $1.1045 from $1.1021. U.S. government bond prices rose, pushing the yield on the 10-year Treasury note down to 2.13 percent from 2.23 percent on Monday.GREECE DEAL: Greece says it has reached an agreement with its international creditors on the broad terms of a new bailout deal. The news pushed Greek stocks up 2 percent and sent yields on Greek government bonds sharply lower, an indication investors are less worried about a default. Officials expect the deal to be finalized Tuesday.EUROPE'S DAY: Other European markets were mostly lower. France's CAC-40 fell 1.9 percent, and Germany's DAX lost 2.7 percent. Britain's FTSE 100 shed 1.1 percent.ENERGY: Benchmark U.S. crude fell $1.88 to $43.08 per barrel on the New York Mercantile Exchange, its lowest closing price in more than six years. As well as falling due to concerns about demand, oil also dropped as an OPEC report showed that the cartel's production rose to a three-year high in July.METALS: Gold climbed $3.60 to $1,107.70 an ounce and silver was little changed at $15.28 an ounce. Copper dropped 6.9 cents to $2.33 per pound.Join the conversation about this story »
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Greece agreed to harsh terms for a new three-year bailout Aug. 11 and vowed to push it through Parliament this week, despite mounting dissent in the ruling Radical Left SYRIZA party of Prime Minister Alexis Tsipras, who now backs austerity. The post Greece Accepts Harsh New Bailout Terms, Vows Swift Vote To Get Cash appeared first on The National Herald.
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Mood far from triumphant as deal still faces hurdles in Athens and elsewhere in EU
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Who would have thought, as the results of Greece's referendum on July 5 were coming in, that five weeks later we would be here? The Greek people ...
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The Greek government has reached an agreement with its international creditors “in principle”. The Troika-plus – the European Central Bank, IMF and ...
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Dissatisfaction goes beyond the debt crisis to wider issues facing the continent.
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By Richard LeongNEW YORK (Reuters) - Growing pension obligations at Precision Castparts Corp, which Berkshire Hathaway has agreed to buy for $32 billion, highlight an issue that large U.S. corporations still face, almost a decade into a low-interest rate environment.Berkshire's boss, Warren Buffett, has himself highlighted rising pension cost as an area of concern for the American economy. Back in 2007, Buffett said in a letter to shareholders that S&P 500 companies should not expect above-average returns on their pension investments, as many companies publicly assumed at the time.Obligations to retired workers pose an increasing risk to corporate bottom lines as investment returns in recent years have not consistently kept up with cost increases at most U.S. pension plans.The industrial company Berkshire bought on Monday has been no exception, but the pension issue is not enough to raise alarm for Berkshire investors."It could raise its costs a bit, but for a company of this size, it's not significant," said Brian Reynolds, chief market strategist at New Albion Partners in New York.Precision Castparts' pension promises to pay $2.84 billion to its more than 10,300 participants, but was underfunded by $615 million of as of March 29, the end of its most recent fiscal year. That level of underfunding was up 61.8 percent from the prior year.PRECISION CASTPARTS' PENSIONIf Precision Castparts' pension costs continue to rise quickly, they could limit the new business's ability to contribute to Berkshire's operating profit in coming years, but no one is predicting a major headwind.Still, its recent history shows how hard it can be for pension plans to meet their stated goals.Over the past five years, Precision Castparts' return on pensions came close to its projections but never quite met them, according to company filings. Its return on plan assets averaged 7.46 percent, but that performance has been uneven. It earned 10.2 percent for fiscal 2015, but just 4.5 percent the prior year.According to Precision's most recent 10K filing, it assumed a long-term return of 7.75 percent for its U.S. retirement plans and 7.25 percent for its non-U.S. plans in fiscal 2015. It expected to assume the same returns for fiscal 2016.Since Precision Castparts' fiscal 2015 returns were solid but did not keep up with obligations, its funding deficit jumped.With stock markets flat and bond yields down so far in 2015, a 7.75 percent target could be out of reach.“We are fully compliant with PCBG funding requirements, ERISA guidelines and are mindful of our fiduciary responsibilities to the beneficiaries of the fund,” Precision said in a statement.Berkshire did not immediately respond to requests for comment.ROCKY JULY FOR U.S. PENSIONSTo be fair, many U.S. corporations, even Berkshire, saw the funding status of their pensions deteriorate last year due to a jump in obligations and historic low interest rates, according to a consulting firm Milliman.Companies can address underfunding by adding more cash, asking for deferrals, issuing bonds, or finding other ways to finance pensions - all of which add to risk and the cost of doing business.Pension funding deficits worsened in July among the 100 biggest U.S. corporate pensions Milliman tracks as bond yields fell on worries about Greece's debt and Chinese stock market turmoil. A sustained drop in bond yields raises the amount of cash a pension requires to ensure it meets future payouts.In its most recent regulatory filing, Precision Castparts said it plans to contribute $51 million in fiscal 2016, up from $34 million from fiscal 2015. That comes to 35 cents a share, or about a 3-percent drag on earnings-per-share for Precision Castparts, according to Thomson Reuters data.When the Federal Reserve raises interest rates, it would support higher bond yields, helping Precision's and other U.S. pensions to reduce their funding deficits, said Zorast Wadia, principal and consulting actuary at Milliman.(Reporting by Richard Leong; Editing by Nick Zieminski)Join the conversation about this story »
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#economy
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Late-night haggling in Athens has produced the appearance of a resolution to the debt crisis. But the new three-year bailout leaves democracy in deficit and a Greek economy on the floorThe technocrats sat up all night haggling at the Athens Hilton, crossing their t’s and dotting their decimal points. The Greek party emerged this morning to announce that they had struck a deal with the creditors. There is a three-year, €86bn bailout on the table, in place of brief bridging loans. The two sides are no longer slinging rhetoric at one another, but instead agreeing on specific actions with remarkable speed. An early Greek exit is looking less likely, and the casual observer might even imagine that the long and winding saga of the eurozone debt crisis is at last approaching resolution.Such hopes are deluded. For one thing, the deal may not be as solid as it looks. In the looking-glass eurozone world, technicalities are agreed in advance of the broad political terms, and Berlin – which still shows some interest in denting Alexis Tsipras’s political stock – was today playing for time, insisting that there was no rush in agreeing formal sign-off. More fundamentally, the structural weaknesses of the single currency and its democratic deficit both remain unaddressed. Fresh austerity will intensify, not alleviate, the desperate weakness of the Greek economy. The emerging deal may just about allow Mr Tsipras and Angela Merkel to wriggle out of tricky domestic scrapes, but only by allowing each to mislead their respective electorates. Continue reading...
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… Greek debt crisis. That’s how much it could lose if Greece … benefited from the Greek crisis even in case that Greece defaults on … be called upon directly if Greece defaults and then also the … special interest rates on what Greece does owe to Germany have …
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KOS, Greece (AP) — On this sunny Greek island accustomed to dealing with nothing more than a summer influx of tourists, authorities are struggling to handle a far different human tide: tens of thousands of migrants arriving in crammed rubber dinghies in hopes of making new lives in Europe.
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… claims by officials that Greece will avoid austerity measures … Greece's former finance minister, in the Greek parliament 14.54 Greece … structural overhaul of the Greek economy the creditors are … with creditors 07.27 Greek newspaper Kathimerini has got a …
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… legislative approval in that timeframe, Greece would need to request further … ($94 billion) in funds for Greece. Greek Prime Minister Alexis Tsipras’s … on property and for farmers, Kathimerini newspaper reported, citing a copy …
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Greece and its international lenders reached a multi-billion euro bailout agreement on Tuesday after talking through the night, officials said, potentially saving the country from financial ruin.
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Greece agreed to harsh terms for a new three-year bailout Tuesday and vowed to push it through parliament this week, despite mounting dissent in the ruling left-wing party. With the country facing the risk of a debt default next week, Prime Minister Alexis ...
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Greece and its international creditors agreed Tuesday on the terms of the country's new bailout, which, if ratified by other eurozone governments, ...
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Nobody is quite ready to celebrate, and the deal Greece appears to have struck with its creditors on Tuesday morning is not the stuff to induce a party ...
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The package is set to be approved by Greece's parliament on Thursday night under emergency procedures with three pro-European opposition ...
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The protracted negotiations between Greek government officials and the international creditors are finally bearing fruit. Athens announced it has reached an accord on the broad terms of a new three-year bailout package saving it from defaulting on its debts and securing its future in the euro.
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At its height eight years ago, George Kranitis’s family-owned shipyard in Patra, Greece’s third-largest city, employed 35 people and sold around 340 boats annually. But after years of recession, Mr Kranitis has had to sack almost everyone.
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Greece and its creditors agreed "in principle" on terms for a new multibillion-euro bailout deal on Tuesday.
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Dow Jones reports IMF to take part only if Greek debt is cut
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Bailout plan will be delayed
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Greek Prime Minister Alexis Tsipras has called an emergency meeting of parliament to discuss a bailout agreement that needs to be approved by MPs by Thursday. The deal is crucial for Athens to avoid going bankrupt.
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Police officers have hit refugees with truncheons on the Greek island of Kos. They claim to have taken the action to prevent a stampede while moving hundreds of migrants from makeshift camps to a soccer stadium.
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Overwhelmed police on the Greek island of Kos beat migrants with truncheons and sprayed them with fire extinguishers on Tuesday as its mayor ...
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BERLIN (Reuters) - German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras spoke by telephone on Tuesday, a German government spokeswoman said, declining to give details. (Reporting by Michelle Martin; editing by John Stonestreet)
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Greece's third bailout risks being held up by German lawmakers reluctant to wave through a deal at short notice, jeopardizing a timeline that aims to ...
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After more than 18 hours of negotiations, Greece and international creditors reached a deal Tuesday morning on securing funding for the crisis-hit ...
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Demonstrators hold Greek flags and placards reading Yes to Greece, Yes to Euro during a rally organised by supporters of the Yes vote in Athens (AP) Economy minister Giorgos Stathakis (left) arrives at an Athens hotel to continue talks with bailout ...
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Chaos erupted on Tuesday in a sports stadium on the Greek island of Kos, where hundreds of migrants had gathered to register for immigration documents. Scuffles broke out as hundreds of migrants camping out in parks and squares in Kos' main town, Kos City, formed long lines at the stadium to register with authorities. Photos and video taken on Tuesday appear to show officers using batons and fire extinguishers to disperse the crowd after fights broke out. It is unclear why the violence erupted, Reuters reports. The humanitarian crisis on the Greek islands has grown increasingly dire this year as a record number of migrants have arrived on the country's shores. Some 124,000 new migrant arrivals to Greece were reported between January and the end of July, mostly through the islands of Lesbos, Chios, Kos, Samos and Leros, according to the United Nations High Commissioner for Refugees. Fifty thousand new arrivals were reported in July alone, an increase of almost 70 percent from the previous month. The majority of migrants are refugees fleeing the wars in Syria, Afghanistan and Iraq. They arrive on the coast from nearby Turkey and make their way to the islands' main towns to register with authorities. Many of them arrive with little or nothing and are in dire need of medical and material assistance, UNHCR says. But most of them end up living on the streets or in makeshift camps without access to adequate sanitary facilities or medical care before receiving their immigration papers. Greece's cash-strapped government has made it clear it lacks the means to cope with registrations and provide the migrants with assistance. "We want papers, we want to eat," migrants chanted on Tuesday as they blocked one of Kos' main coastal roads and demanded a quick registration, The Associated Press reports. "The level of suffering we have seen on the islands is unbearable. People arrive thinking they are in the European Union. What we have seen was not anything acceptable in terms of standards of treatment," Vincent Cochetel, UNHCR director for Europe, said after a visit to the islands last week. The island's police and coast guard are unable to handle the large influx of arrivals, Kos Mayor Yorgos Kyritsis said on Tuesday. "This situation on the island is out of control," Kyritsis said, according to Reuters. "There is a real danger of uncontrollable situations. Blood will be shed." Footage showing a police officer on the island wielding a knife and slapping a migrant emerged on Monday. The officer was suspended. Aid agencies have called on the Greek government to intensify its response and urged the European Union to step in. The European Commission approved a $2.6 billion aid package for the crisis, including more than $520 million for Greece. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
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Greece has agreed the broad terms of a new three-year bail-out deal with its international lenders, though experts warned that severe austerity demands mean the country's fiscal targets remained “utterly unachievable”. Approval for around €85bn in ...
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ATHENS, Greece (AP) — Greece agreed on the broad terms of a new financial rescue package on Tuesday, with a few details remaining to be cleared up before it is formally approved.
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The post Greek Island Kos EU’s Entry Point appeared first on The National Herald.
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Greece and its creditors are trying to wrap up the final details of a third bailout of 86 billion euros but more tough reforms are attached. The post Summary of The Greek Reforms appeared first on The National Herald.
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Starbucks is determined to give the fast casual industry a run for its money. The coffee giant has added several limited time offers this month geared toward lunch, according to DataEssential, a food industry research firm. The new items include a "superfoods bistro box" featuring kale cakes and blueberries, prosciutto and mozzarella pinwheels, a BBQ beef brisket sandwich on sourdough bread, and a Santa Fe chicken flatbread. Analysts at Deutsche Bank believe that more food offerings will drive sales at Starbucks. Traditional fast food chains are losing market share to up-and-coming establishments like Chipotle, Five Guys, and Panera Bread as millennial customers search for healthier options. But this shift in consumer mindsets puts Starbucks in a unique position to take over, according to a recent report by Goldman Sachs. "Starbucks is virtually the only large incumbent that can offer millennial parents the convenience of a (fast food chain) and food they would not feel guilty/embarrassed to feed to their kids," Goldman Sachs' analysts write. With more than 20,000 locations around the world, Starbucks also has the size and power to compete with McDonald's. The fast food giant has more than 36,000 locations around the world. By comparison, Chipotle has 1,700. Starbucks has been expanding its menu to include more food options such as sandwiches and salads. It has also added drive-thrus to many locations. The coffee chain has also been "steadily expanding kid-friendly snack options, such as organic fruit squeezes, organic food snacks, and organic Greek yogurt," according to Goldman Sachs. Capturing millennials, defined by Goldman Sachs as anyone aged 15-35, and their children is key because they could become lifelong customers. "With the continued expansion of the lunch platform and investments in both drive-thru and in-store throughput (Starbucks') advantages in these areas appear set to expand," the analysts write. SEE ALSO: This tiny salad chain backed by Shake Shack's founder is about to blow up Follow Us: On Facebook Join the conversation about this story » NOW WATCH: Millennials are telling a big lie about McDonald's
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The stories about Scylax that survive from the deep past were fragmentary and conflicting enough to allow me a free hand in fiction Where there’s an archaeologist there must be an artefact. It was on the basis of this reasoning that I set about researching the history of Peshawar for A God in Every Stone – at that point a novel-in-the-making about which I knew very little beyond the fact that it would include archaeologists in Peshawar in the early 20th century. Fairly quickly I stumbled upon a name that sounded as if it came right out of a fantasy novel – Scylax. This Scylax, it transpired, had been sent by the Persian emperor, Darius, to chart the course of the River Indus in 515 BC, and started his voyage from a place called Caspatyrus, which some historians have identified as modern-day Peshawar. Darius’s interest was in the navigational information Scyalx brought back; mine was in the fantastical tales he wrote down, which shaped the Greek and Persian imagination about India for the next two centuries – until Alexander’s admiral, Nearchus, wrote his own (more accurate, less colourful) version of his own journey down the Indus. Continue reading...
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There are 1826 billionaires in the world but only 197 of them are women. While some countries will have hundreds of them, like China, some nations have a higher proportion of female billionaires. Approved Index, a UK-based business-networking group, crunched the numbers from Forbes' 2015 billionaire list using this latest July data and found that the top 10 countries for gender equality among the super rich is quite surprising.10. South Korea Number of female billionaires: 6 Number of male billionaires: 24 % of female billionaires: 20% South Korea transformed its economy over the last 40 years, following an embracing of high-tech industry. It's citizens' wealth is also burgeoning and is fast becoming one of the biggest markets for luxury goods and fashion. It is perhaps then unsurprising that is has six female billionaires under its belt. 9. Sweden Number of female billionaires: 5 Number of male billionaires: 18 % of female billionaires: 21.74% Sweden's highly skilled workforce and high-tech capitalism has led to it being voted fifth best country in the world to do business. That's one reason why billionaires like Birgit Rausing, of the family packaging empire Tetra Laval, managed to amass a wealth of $14 billion (£9 billion). 8. Spain Number of female billionaires: 5 Number of male billionaires: 16 % of female billionaires: 23.81% Spain may have several year long recession since the onset of the credit crisis in 2008 but it still manages to count 16 billionaires under its belt. See the rest of the story at Business Insider NOW WATCH: 6 mind-blowing facts about Greece's economy
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Ed AdamczykKOS , Greece, Aug. 11 (UPI) -- Police clashed with immigrants arriving on the Greek island of Kos as authorities dealt with a lack of food and shelter.
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ATHENS, Greece • Greece has agreed to harsh terms for a new three-year bailout package with international creditors, officials in Athens and the ...
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Following Greece’s agreement with international creditors, opposition parties PASOK and KKE strongly criticized the government. The Greek government agreed to a bailout deal with creditors on Tuesday morning, following a 24-hour examination of the agreement terms. The Greek and Eurozone parliaments still need to ratify the deal. PASOK, which has urged Greek Prime Minister Alexis Tsipras to secure a
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Greece’s Energy Minister Panos Skourletis discussed with his Russian counterpart Alexander Novak on Tuesday about the acceleration of preparatory procedures for the 9th Joint Interministerial Committee that will be held in November. The Greek Ministry confirmed that both Greek and Russian officials are on the same page regarding the promotion and implementation of the agreed measures that will be applied in the energy
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After round-the-clock negotiations, Greece's government said Tuesday that it has struck a third bailout deal with its international creditors. The deal ...
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On the Greek island of Rhodes, Jasper Conran (son of Terence Conran and chairman of Conran Holdings) has transformed a pair of ancient sea captains’ dwellings into a halcyon retreat WITHOUT DOING much more than sitting up in bed, Jasper Conran can take ...
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From Greece to Britain, waves of migrants are arriving on Europe's shores and borders this summer. More than 2,000 have died this year, and governments are struggling to absorb the new arrivals. Here is a look at developments across the continent Tuesday:
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