GREECE sends 51 migrants back to Turkey Russia urges joint action with US against Syria's al-Qaida

A Syrian refugee woman holds her 40-days old son as a girl stands with them at a makeshift camp for refugees and migrants at the Greek-Macedonian ...

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We decided Gracia’s name on our trip to Greece: Suresh Raina

Cricketer Suresh Raina, who became a dad to little Gracia, is in a happy space. "I was finally back to play my first game as a father. Bahot khushi hai actually. I met all my teammates, my friends, jinse main ab tak mila nahi tha father banne ke baad ...

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EC approves 56 million euros in emergency aid for GREEK migrant effort

Another 13 million euros are going to the GREEK office of the International Organization for Migration for supporting the most vulnerable migrants in ...

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“Neighbors 2: Sorority Rising” Is Almost a Trenchant Critique of GREEK Life

They decide to found their own sorority, Kappa Nu, which breaks with the constraining norms of GREEK life. Along the way, “Neighbors 2” exposes to ...

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Greek Yogurt Market to Grow at 10.54% CAGR Driven by Rising Health Awareness to 2020

PUNE, India, May 20, 2016 /PRNewswire-iReach/ -- The increased number of marketing and promotional activities of vendors also drives the Greek yogurt market. Most market vendors are large-sized firms with a global presence. They have sufficient capital to ...

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Here's exactly how much America's biggest companies bent the truth about earnings this year (DIA)

Corporate America has been playing a lot of games with earnings.  In the first quarter of this year, 19 of the 30 corporate giants that make up the Dow Jones Industrial Average reported two earnings numbers: GAAP and non-GAAP.  GAAP — short for earnings that follow Generally Accepted Accounting Principles — are considered the "raw" numbers that include things many managements ought to be seen-through by investors: charges related to divestitures, acquisitions, foreign-currency adjustments, and so on.  Non-GAAP figures (also known as "adjusted" earnings) leave some of these things out.  And in the first quarter of 2016, non-GAAP earnings were 28.9% higher than GAAP earnings, on average, among companies that reported both, according to FactSet Research.  In the same quarter last year non-GAAP earnings were 19.7% higher than GAAP earnings, on average.  [May 20 COTD 2016] That this spread increased, of course, shouldn't come as a total surprise to investors or the market.  Over the last several months, we — and others — have written about this trend towards more companies giving an altered picture of their quarterly earnings.  And while the recent behavior of corporate America has made headlines, the ambiguity inherent in any set of quarterly results is not a new phenomenon.  Writing in his classic investing book "The Intelligent Investor," Ben Graham, who taught Warren Buffett among others at Columbia Business School, looked at how companies' earnings per share figures can be portrayed in a variety of ways.  Graham wrote that, "The more seriously investors take the per-share earnings figures as published, the more necessary it is for them to be on their guard against accounting factors of one kind and another that may impair the true comparability of the numbers."  And so whether earnings are called GAAP or non-GAAP, taking just one number from a single quarter is a recipe for overthinking how one evaluates a company. Recall that Graham's axiom — like Buffett's — is to buy great companies at good prices.  If your assessment is correct, then no matter how a company presents their most recent quarterly performance given enough time one thing will be true: the business will be worth more.  SEE ALSO: LEGENDARY FINANCE PROFESSOR BEN GRAHAM REVEALED THE PROBLEM WITH EARNINGS ANNOUNCEMENTS DECADES AGO Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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The government is taking aim at companies that fudge their numbers

[fudge] The difference between GAAP and non-GAAP earnings has been widening over the past few years, and the US Securities and Exchange Commission is stepping in. To recap, non-GAAP earnings are profits that don't include one-time negative occurrences. Companies argue that this is a way to present earnings that are more accurate to the underlying business. Critics, however, say that this obfuscates the reality of the company. Basically, you can't just strip out the bad things and pretend that everything is peachy keen. In fact, according to John Butters at FactSet, the gap between GAAP and non-GAAP earnings for the companies in the Dow Jones Industrial Average got even wider in the first quarter to a 28.9% difference from 19.7% a year go. The growing trend has begun to wear on investors, and the argument over the correct way to report earnings has been growing louder. Enter the SEC. On Tuesday, the regulatory agency released updated guidelines for companies reporting non-GAAP earnings. The language can be dense, despite the SEC's use of a Q&A format, so Credit Suisse analysts David Zion and Ravi Gomatam broke it down in a note to clients. While there are a lot of finer details to the changes that the SEC made on Tuesday, the main thrust of the note and the announcement is that the agency is beginning to look a lot closer at GAAP and non-GAAP, and companies should be ready for that. Zion and Gomatam wrote: We expect to hear more from the SEC on non-GAAP, including comment letters to companies that appear to be pushing the envelope and we wouldn't be surprised to see the SEC make an example out of a few companies by investigating them for providing "misleading" non-GAAP info. If that doesn't do the trick the SEC might write some new rules. The analysts recommend that investors start looking a lot closer at companies with differences between GAAP and non-GAAP — not only because the SEC may start to crack down on the issue, but also because it may be a sign that the company is stretching the truth a bit too far. Basically, you should always be wary of large non-GAAP adjustments, especially now considering that the SEC has them under the microscope. For those interested, here are the technical highlights of the SEC's new guidelines: * Adjusting for only nonrecurring charges, but not nonrecurring gains, may be misleading. * If a company did not adjust for an expense/gain in the past, then it should not do so in the current quarter. * Companies should not bold, emphasize, or otherwise highlight non-GAAP earnings more so than GAAP earnings. * Don't highlight other metrics like cash flow per share or EBIT per share. YOU CAN CHECK OUT THE FULL SEC GUIDELINES HERE » SEE ALSO: THE WAY COMPANIES ARE ACTING IS EERILY SIMILAR TO THE FINANCIAL CRISIS Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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This is the 'world's cheapest currency'

[Cheapest currency] It's the Polish zloty.  So just how undervalued is the zloty? According to Deutsche Bank's Global FX Research team, led by Alan Ruskin and George Saravelos, the currency is "extremely cheap" and undervalued by about 10%. Poland's economy expanded 3.0% year-over-year in the first quarter, and while that was the weakest growth in more than two years, economists maintain a favorable outlook on the country's future. DB says the macro outlook for Poland is "robust," pointing to strong PMI data, unemployment near record lows, and rising wages among the reasons for their positive view. The team believes the Polish economy can grow at 3.5% in both 2016 and 2017, and they're not alone. The European Commission recently upped its 2016 growth target for Poland from 3.5% to 3.7%. Aside from a robust economy, the zloty is finding support from a hawkish central bank. In its most recent policy statement, released on May 6, the National Bank of Poland stated "there is no inflationary pressure in the economy" and that "persisting deflation has not adversely affected decisions of economic agents so far." And that is a key point, according to Deutsche Bank. The research team says this is evidence the will to cut rates simply isn't there. While the NDP has room to cut rates because of low inflation, it believes rate cuts will be ineffective because of external factors. Here's the NBP (emphasis ours): External factors – PARTICULARLY THE EARLIER SHARP FALL IN GLOBAL COMMODITY PRICES and low price growth in the environment of the Polish economy – continue to be the main sources of deflation.  According to DB, "The NBP’s bar for further easing is high, with Governor Belka unlikely to switch stance towards a cut at his final meeting in June, and his successor Glapinski is a known hawk."  [Polish zloty] SEE ALSO: GOLD MIGHT BE ABOUT TO DEFY 'CONVENTIONAL WISDOM' Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Shirley Manson On ‘Strange Little Birds,’ Solo Demos & That Night At The Greek: Interview

Garbage takes it back to their analog roots on sixth LP Strange Little Birds (due June 10). The iconic rockers made the bold move (by 2016 standards) to forgo digital technology and simply focus on performance instead. As a result, the band delivers its ...

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EU Officials Press Greece to Accelerate Asylum Process, Send More Syrians back to Turkey

BRUSSELS—European interior ministers on Friday pressured Greece to speed up asylum procedures and send more Syrians back to Turkey. Under a deal signed in March between the European Union and Turkey, all migrants, including Syrian refugees are to be sent ...

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Egypt finds human remains, belongings from plane crash at sea

Defence minister of Greece said Egyptian authorities had found a body part, luggage and a seat in the sea just south of where the signal from the plane was lost

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GREEK Cypriot party mistakenly uses Turkish Cypriots massacred in 1974 in election ad

The Movement for Social Democracy (EDEK), a GREEK Cypriot party, drew public reaction after mistakenly using a photo of Turkish Cypriots killed in a ...

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EgyptAir Flight MS804: Pilot said thank you in GREEK, then quiet

In the quiet of the late-night air frequencies, a relaxed pilot on EgyptAir Flight MS804 used a little GREEK to please controllers as the Airbus A320, ...

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EgyptAir: Human remains, belongings found at seaThe defence minister of Greece, which has also been scouring the Mediterranean, said Egyptian authorities had found a body part, luggage and a seat in the sea just south of where the signal from the plane…

… controlled by Greece for air space controlled by Egypt. Greek Defence Minister … before vanishing from Greek radar screens. According to Greece's civil aviation chief, calls from Greek air traffic …

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Greek Eurobank's subsidiaries agree sale of bad loans portfolio

ATHENS (Reuters) - Eurobank said on Friday its Romanian and Dutch subsidiaries had agreed to sell a portfolio of non-performing loans worth 170 million euros (£132 million) as part of the Greek lender's efforts to strengthen its balance sheet. Eurobank ...

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EgyptAir MS804 crash still a mystery after body part and seats found

Greek defence minister says debris also including suitcases discovered, but definitive explanation could be weeks away Debris from the missing EgyptAir plane including a “body part”, two seats and suitcases were found floating in the Mediterranean on Friday. But investigators appeared no closer to explaining why flight MS804 suddenly plunged into the sea killing all 66 on board during a routine flight between Paris and Cairo. Egyptian naval vessels found the wreckage 180 miles (295km) north of the coastal city of Alexandria. A European satellite saw an ominous mile-long oil slick about 25 miles south of the aircraft’s last known position. Continue reading...

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Greece’s new Privatization Fund & the Vanity of Schaeuble’s Wishes

The “Hellenic Company for Assets and Participation” (EDIS) is the name for the new  Privatization Super-Fund that will claim ownership of all assets of the Greek state including 70,000 real estate properties, all major state-run enterprises like utility companies (electricity, water) and public transport (buses, metro etc), state shares in […]

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EU commissioner Moscovici: no 'plan B' on Brexit – as it happened

G7 finance ministers and central bankers gathered in Japan discuss weak global growth and Brexit risks 6.11pm BST The number of oil rigs in use in the US was unchanged last week after eight weeks of falls. Total rig numbers dropped by 2 to 404, according to the WEEKLY BAKER HUGHES RIG COUNT. The two rigs cut were for gas. 5.29pm BST #Greece PM Tsipras and #France president Hollande hold phone call, talk Greek debt relief & #EgyptAir MS804 ~official Continue reading...

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Dijsselbloem Says He's Confident About GREEK Deal Amid Debt Talk

Dijsselbloem said the GREEK government is “fully committed'' to implementing the measures in the program and has taken a “very constructive” ...

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Under the Gun, Merkel Reaches Out to IMF for Greece Deal

With the International Monetary Fund warning it will pull out of a quartet of international lenders unless Greece gets debt relief, Germany is leading the way for an EU deal. Germany is the biggest contributor to 326 billion euros ($365.92 billion) in three Greek bailouts, including a third for 86 billion euros ($96.53 billion) only

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Heartwrenching Allegations of Child Prostitution at Elliniko Refugee Hotspot

Children are being prostituted by adults at the reception center for migrants and refugees at Greece’s old Elliniko airport, says Alimos Mayor Andreas Kondylis. According to the allegations circulating in the media, Kondylis purports that members of the camp are forming minors to prostitute themselves. The incidents take place at night around the refugee hotspot,

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GREECE warns of difficult search for EgyptAir flight recorders

Athanassios Binis, head of GREECE'S Air Accident Investigation and Aviation Safety Board, said that MS804 had gone down over water that was ...

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IMF Points to Greek Debt Explosion to 293.8% in 2060

The International Monetary Fund’s (IMF) analysis, presented by Bloomberg, states that Greek debt will soar to 293.8 percent of its GDP by 2060 if there is no debt relief. Statements point to an agreement possible at the Eurogroup meeting of Eurozone ...

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A 'hedge fund apocalypse' is coming

[volcano lightning apocalypse] It's the end of the hedge fund world as we know it, or so it appears. K.C. Nelson, the lead portfolio manager at Driehaus Capital Management, has lain out a grim assessment of the industry in a commentary to clients that perfectly sums up the many issues facing the industry. From long-term structural trends to current market conditions, Nelson lays out an ugly picture for hedge funds that he thinks will end with a massive shrinking of the industry. "So what’s the bottom line of these changing industry dynamics?" Nelson wrote. "I BELIEVE THERE WILL BE A CULLING OF HEDGE FUNDS LIKE WE'VE NEVER SEEN BEFORE. I'D ESTIMATE THE NUMBER OF FUNDS GETS CUT IN HALF OVER THE NEXT COUPLE OF YEARS." Thus, the title of Nelson's commentary: "The Hedge Fund Apocalypse." IT ALL COMES DOWN TO PERFORMANCE Nelson, whose fund manages $8.4 billion in assets, argues that hedge funds' biggest problem is performance, or more accurately the lack thereof. Nelson said all of the issues "start and end here," noting that hedge funds had "gotten trounced by plain vanilla investments" since 2008. In fact, the HFRX global hedge fund composite is down 1.19% over the past five years, while the S&P 500 is up 11.02%, the Barclays US bond aggregate is up 3.60%, and a classic 60/40 mix of stocks and bonds is up 8.20%, according to Nelson. This lackluster performance is an even bigger problem given investors' increasing impatience. "Further, this underperformance is magnified in today's marketplace, where investors are irritated after a bad quarter … or month … or week," Nelson wrote. "The idea of investing over a market cycle is increasingly a foreign one." With increased scrutiny on returns, the dismal run of the past few years could not come at a worse time, given the increasingly itchy trigger finger of investors. In addition, many hedge funds are beginning to crowd into the same trades, as Steve Cohen of Point72 noted recently at the Milken conference, making it harder for hedge funds to even differentiate performance among themselves. THERE ARE OTHER PLACES FOR INVESTORS TO GO In past cycles, a few years of underperformance would no doubt be a problem for hedge funds, but there was some sense that investors had no other place to go for the kinds of strategies the funds were providing. Now, Nelson said, there are plenty of other avenues for investors that offer not only the same types of strategies, but also better returns in today's market along with lower costs. "There are a number of commodity, currency and credit funds to now choose from in ETF and mutual fund vehicles," Nelson said. "Moreover, there are a number of daily liquidity funds that run the hedge strategies themselves. This gives investors the option to tactically move in and out of exposures that previously they often had to access through hedge funds." This is similar to commentary we have heard from other funds. Highland Capital chief investment officer Mark Okada has said liquid alternatives, similar to hedge funds but with the ability to move money in and out on a daily basis, will be as disruptive to the industry as Uber has been to taxis. [uber taxi] Nelson in fact mentioned that many institutional investors such as pension funds and insurance companies were already quickly reallocating away from hedge funds. "After years of inaction, the tide is now changing fast on this front," Nelson said. "Whether driven by their own decision making or their clients', THE INSTITUTIONAL CONSULTANT COMMUNITY IS UNDER SEVERE PRESSURE TO JUSTIFY THE PRESENCE OF HEDGE FUNDS IN CLIENT PORTFOLIOS." To be fair, Nelson's firm provides liquid alternatives, putting him in competition with the hedge funds he is discussing, but he acknowledges that even liquid alts are getting hurt by the shift as many investors are moving to private equity or basic portfolios. The issue for both hedge funds and Nelson's firm is that with so many options it becomes easier for large investors to move money to the best-performing investment type. IT WILL GET UGLY Thus, you get the "culling" of the funds. But even those that survive, Nelson predicted, will be hit where it most hurts: fees. "There will be a new push for lower fees, similar to the one that took average fees from 2 & 20 to 1.5 & 15 several years ago," he said in the commentary. The move to investment vehicles with lower fees is a more secular trend and is certainly not limited to hedge funds. But the push for lower fees from the aforementioned alternatives will hit the income of funds that are already struggling to make gains in the market. Add together the miserable performance, readily available alternatives, lower fees, and restless investors, and you've got a tough road for the hedge fund industry. CHECK OUT THE FULL COMMENTARY FROM NELSON HERE» Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Here's every state's unemployment rate in April

The Bureau of Labor Statistics just released their monthly report on unemployment rates in the states and DC for April. Unemployment rates ranged from 2.5% in South Dakota to 6.6% in Alaska and Illinois. The Bureau of Labor Statistics noted that five states had statistically significant drops in unemployment, and four states saw increases compared to March. The other 41 states and DC had unemployment rates that were more or less unchanged. Here's the unemployment rate in every state: [state unemployment rates april 2016] SEE ALSO: HERE ARE THE US CITIES WITH THE FASTEST GROWING AND SHRINKING POPULATIONS Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Here comes the Baker Hughes rig count ... (USO, WTI, OIL, VDE)

The US oil rig count was unchanged this week, breaking an eight-week streak of declines.  The gas rig count fell 2 to 85, taking the total down to 404, a level not seen since the series began in 1947. The oil rig count fell last week by 4, while the gas rig count increased by one.  Meanwhile, US oil production keeps falling, and is now at the lowest level since September 2014 according to Bloomberg. Crude production fell to 8.79 million barrels per barrel last week, according to data from the Energy Information Administration.  Ahead of the rig-count data release, West Texas Intermediate futures were down 0.2% to $48.56 per barrel in New York. Oil prices headed for a second straight weekly gain amid supply disruptions in Nigeria and wildfires near Canadian oil sands.  We'll have the latest data at the top of the hour, so refresh this page for updates. Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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WATCH: 'Worst Ever' Riots Erupt At GREEK Border Migrant Camp

Migrants on the border between Greece and Macedonia have rioted, lit fires, charged police and attempted to block a railway during a protest ...

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ROK to Hold Bilateral Joint Committee Meetings with Greece and...

… Affairs Lee Tae-ho will visit Greece and Belarus for the second … on their alliance forged by Greece's participation in the …

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Pressure Mounting on Medical Supplies for Migrants Detained in Greece

… a familiar story on the Greek islands, Koutsoumani says the biggest … are going to remain in Greece or go to another country …

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Body part, seats and passengers' suitcases found in EgyptAir searchThe defence minister of Greece, which has also been scouring the Mediterranean, said Egyptian authorities had found a body part, luggage and a seat in the sea just south of where the…

… controlled by Greece for air space controlled by Egypt. Greek Defence Minister … before vanishing from Greek radar screens. According to Greece's civil aviation chief, calls from Greek air traffic …

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Greece: Searchers see body part, seats, luggage from plane wreckage

… p.m. Greece's defense minister says Greek authorities have received … the south of the Greek island of Crete Friday. The plane dropped … area south of the Greek island of Crete on Friday to search …

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Greek Strike to halt border crossing

Greek Strike to halt border crossing Friday, 20 May 2016 Greek customs … to cross the Macedonian - Greek border on foot at the …

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Crete gives up a great and terrible adventure story, 75 years in the telling

… on a tour of the Greek isles: white beaches, dreaming mountains … and Greek troops watched in awe as the sky above Crete bloomed … on Crete, having withdrawn from the military disaster that was the Greek …

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European Commission Grants Greece 56 Million Euros Worth of Funds

The European Commission (EC) has awarded Greece emergency funding worth 56 million euros to improve conditions for migrants in the country, to increase the capacities of the Greek authorities to register newly arriving migrants and to process their asylum ...

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Dijsselbloem: Gave Sec. Lew Positive Message on Greece

May 20-- Eurogroup President and Dutch Finance Minister Jeroen Dijsselbloem discusses Greek debt and his meeting with U.S. Treasury secretary Jack Lew. He speaks with Bloomberg's Francine Lacqua on "Bloomberg Surveillance."

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Plane goes down off GREECE, death toll 60

CAIRO: An EgyptAir flight from Paris to Cairo with 66 people aboard crashed in the Mediterranean Sea on Thursday after swerving wildly in flight, ...

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World NewsIMF lays out GREECE'S debt options: here's what they all mean

Ahead of the latest meeting of eurozone finance ministers on May 24, the IMF repeated yesterday that it would only take part in GREECE'S €86bn bailout ...

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Syrian refugee wins appeal against forced return to Turkey

Decision by Greek asylum service to overturn deportation order throws EU-Turkey migration deal into chaos The EU-Turkey migration deal has been thrown further into chaos after the Greek asylum service ruled against sending a Syrian refugee back to Turkey, potentially creating a precedent for thousands of other similar cases. In a landmark case, officials upheld the appeal of an asylum seeker who had been one of the first Syrians listed for deportation under the terms of the EU-Turkey deal. Related: From war in Syria to a Turkish sweatshop for child refugees Related: Syrians returned to Turkey under EU deal 'have had no access to lawyers' Continue reading...

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Gold might be about to defy 'conventional wisdom'

[india saffron gold ceremony]Gold is off to a blistering start in 2016. Through the first five and a half months of the year, the precious metal is up an astounding 18.5% near $1260 per ounce. The strength in the precious metals has come amid both increased demand from central banks and renewed demand from everyday people.  But, prices have pulled back in response to hawkish rhetoric from Fed officials and the release of the April FOMC minutes. On Tuesday, Atlanta Fed president Dennis Lockhart and San Francisco Fed president John Williams (a voting member) both suggested a June rate hike couldn't be ruled out. Then, on Thursday, Richmond Fed president Jeffrey Lacker indicated he would be comfortable with four more rate hikes this year. The hawkish Fedspeak, coupled with Wednesday's release of the April FOMC minutes, suggesting a June rate hike is on the table if the economic data aligns, hasn't been kind to gold. The precious metal has fallen about 2% since Tuesday morning, and is back down to its lowest levels since the end of April. However, support in the $1250 area has so far managed to hold.   [Gold]Mario Tama/Getty Images In a Friday note to clients, Julian Jessop, head of commodities Research at Capital Economics, reiterated his belief the Fed will hike rates twice in 2016, and that Fed rate hikes won't derail gold's rally. Here's Jessup (emphasis his): The conventional wisdom, of course, is that Fed tightening is bad for gold, mainly because higher US rates can strengthen the dollar and increase the opportunity cost of holding commodities. Prices have indeed faltered this week in the wake of the hawkish FOMC minutes. However, there is surely more to say than this; after all, GOLD AND SILVER PRICES ACTUALLY RALLIED IN THE WEEKS AND MONTHS AFTER THE FED FIRST RAISED RATES LAST DECEMBER. [GOLD]MARIO TAMA/GETTY IMAGES Jessup says a couple of things are at work here. Initially, the resilience in gold was the result of safe-haven flows related to fears of a slowdown in the global economy. This was evident as gold prices gained as money plowed into the front-end of the US yield curve at the start of the year.  Once yields stabilized, gold continued to rally. And Jessup attributes the strength to two things: persistent weakness in the dollar and renewed interest in inflation hedges. Here's Jessup again (emphasis ours): The upshot is that GOLD CAN STILL RALLY ESPECIALLY IF US WAGE AND PRICE PRESSURES CONTINUE TO BUILD. Indeed, even our forecasts assume that the Fed will continue raising rates only gradually and to a still- low level by past standards, which may fuel concerns that it is falling behind the curve on inflation. So where does Jessup see gold going from here? He thinks $1350 at the end of 2016.   And Jessup isn't the only one who likes gold right now. Russ Koesterich, head of asset allocation for BlackRock’s Global Allocation Fund, says, "This is exactly the type of environment that has historically been most favorable to gold." Specifically, Koestrich says conditions are favorable for the yellow metal because real rates are low and inflation inflation is on the rise. He cites Bloomberg data, which shows gold has gained in 11 of 12 years that fit that description since 1971, averaging a return of more than 35%.  NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Wall Street is going long Russia

[Screen Shot 2016 05 20 at 9.35.46 AM]Deutsche Bank The Russian ruble's had a good couple of months. It's been one of the best performing currencies in the wake of the oil price rebound. Brent prices have soared by about 75% since mid-January, while the ruble has strengthened by about 20% against the dollar in the same time frame. And the FX team at Deutsche Bank thinks the ruble still has some room to go. "We recommend going long RUB vs. basket (0.55 USD + 0.45 EUR), as crude stabilization should continue to drive carry-seeking inflows and shift the focus to improving macro fundamentals," wrote a Deutsche Bank's Gautam Kalani in a recent note to clients. "Growth and activity data are improving, current account is in surplus, FX reserves are more than adequate, inflation is moderating, and the CBR remains relatively hawkish," they added. The ruble has historically tracked Brent crude prices closely. Or, in English, whenever oil has rallied, the ruble has strengthened — and vice versa.  However, interestingly, Kalani argues that even if oil prices don't continue to surge, the ruble might still have some room to go. Via his note (emphasis ours): "RUB has the highest beta in EM FX to crude, and thus if crude gradually grinds higher, RUB is in prime position to benefit. Long RUB is a relatively clean, high carry way to position for a crude pickup. EVEN IF CRUDE DOES NOT PICK UP APPRECIABLY BUT REMAINS STEADY WITHIN THE CURRENT RANGE, EXPECTATIONS OF A MAJOR CRUDE DOWNTURN (A REAL WORRY IN JANUARY) WILL CONTINUE TO FALL. THIS WOULD ENCOURAGE CARRY-SEEKING INFLOWS INTO RUB, AND ALSO TURN THE FOCUS TO THE IMPROVING MACRO FUNDAMENTALS. Further, RUB has outperformed EM FX since March, as crude has grinded higher while S&P has faltered: we expect this to continue as crude has decoupled from S&P (and thus RUB has decoupled from broad EM FX)." Notably, the Deutsche Bank FX team isn't the only group of people going long the ruble.  Zach Schreiber, the CEO of PointState Capital who made $1 billion betting against oil two years ago, announced at the Sohn Investment Conference that he's long the Russian currency. And, moreover, Bloomberg's Elena Popina reported that managers are various funds around the world have been buying Russian ruble assets. [Screen Shot 2016 05 20 at 9.50.10 AM]Deutsche Bank NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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EU plan to send Syrian refugees back to Turkey jeopardised by GREEK court

refugee-lesbos.jpg Refugees disembark from a dinghy after their arrival from Turkey on the GREEK island of Lesbos, on Saturday, Dec. 12, 2015 AP.

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GREEK appeals committee halts deportation of Syrian, ruling Turkey 'unsafe'

A GREEK appeals committee has upheld an appeal by a Syrian refugee against a rejected asylum application, deeming that Turkey is an "unsafe ...

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GREEK officials: Human remains, luggage found near EgyptAir crash site

That's what GREEK officials, citing their Egyptian counterparts, say searchers have found so far in the effort to locate EgyptAir Flight 804, which is ...

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TUI Group: Greece Is the Big Winner this Year in Bookings from Austria

Greece has ousted Turkey from first place in the preferences of Austrian holidaymakers this year according to bookings made so far, a spokeswoman of international tourism company TUI Group said, during an event in Vienna on Thursday. “This year Greece is ...

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Fears of Grexit and Drachma Drives Greeks to Unload Hidden Cash in Real-estate

As the outrage mounts in Greece over even tougher austerity measures and €5.4 billion budget cuts, the fear of a Grexit and revival of the drachma is a subject of much discussion throughout the country. In fact, according to a recent Kapa Research poll released last month, only 49.5% percent of Greeks think that over

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Mikis Theodorakis Interview: Disappointed in Tsipras, Status Quo

During an interview with Vima 99.5 FM, Mikis Theodorakis, the famous Greek composer and songwriter spoke of many topics that touch the hearts of the Greek people such as his own personal work, the state of the country and politics. “Nobody loved Greece as much as I do. Everyone who suffered for and loved Greece

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The Latest: Greece sends 51 migrants back to Turkey

Greece has sent 51 people, including five children, back to Turkey from Greek islands as part of the European Union-Turkey agreement to stem the flow of migrants across the Aegean Sea toward Europe's prosperous heartland. Police said 23 people were sent ...

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EgyptAir flight MS804: Body part, seats, luggage found in search

GREEK defence minister has said that body part, seats, luggage found have been in EgyptAir search. Egyptian military scouring the Mediteranean Sea ...

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Existing home sales rise more than expected in April

[An existing home for sale is seen in Silver Spring, Maryland February 21, 2014. REUTERS/Gary Cameron ] Existing home sales rose 1.7% at a seasonally adjusted annual rate of 5.45 million in April, according to the National Association of Realtors.  Homebuying rose for a second straight month despite lofty prices and low inventory, although the biggest gains were recorded in the affordable Midwest region, according to NAR chief economist Lawrence Yun. In March, sales rose by an upwardly revised 5.7%, at a rate of 5.36 million. Economists had forecast that sales of existing condos, co-ops and single-family homes slowed to 1.3% at a seasonally adjusted annual rate of 5.4 million, according to Bloomberg.  "Except for in the West — where supply shortages and stark price growth are hampering buyers the most — sales are meaningfully higher than a year ago in much of the country," said Yun, who expects entry-level and mid-priced homes to remain competitive through the summer.  Low mortgage rates supported sales in April. But "low inventory of homes for sale continues to dampen homebuyers' ability to find properties in the face of solid job and wage growth," according to Ralph McLaughlin, Trulia's chief economist.  The two biggest trends in the housing market — rising prices and low inventory — persist. The median price for an existing home in April was $232,500, up 6.3% year-on-year. That was the 50th straight month that home prices rose year-on-year.  And, total housing inventory increased 9.2% to 2.14 million existing homes for sale on the market. But that's still down almost 4% from last April.  SEE ALSO: JOHN DEERE IS GETTING WHACKED BY A 'GLOBAL FARMING RECESSION' Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Wall Street loves this petro-currency

[Screen Shot 2016 05 20 at 9.35.46 AM] The Russian ruble's had a good couple of months. It's been one of the best performing currencies in the wake of the oil price rebound. Brent prices have soared by about 75% since mid-January, while the ruble has strengthened by about 20% against the dollar in the same time frame. And the FX team at Deutsche Bank thinks the ruble still has some room to go. "We recommend going long RUB vs. basket (0.55 USD + 0.45 EUR), as crude stabilization should continue to drive carry-seeking inflows and shift the focus to improving macro fundamentals," wrote a Deutsche Bank's Gautam Kalani in a recent note to clients. "Growth and activity data are improving, current account is in surplus, FX reserves are more than adequate, inflation is moderating, and the CBR remains relatively hawkish," they added. The ruble has historically tracked Brent crude prices closely. Or, in English, whenever oil has rallied, the ruble has strengthened — and vice versa.  However, interestingly, Kalani argues that even if oil prices don't continue to surge, the ruble might still have some room to go. Via his note (emphasis ours): "RUB has the highest beta in EM FX to crude, and thus if crude gradually grinds higher, RUB is in prime position to benefit. Long RUB is a relatively clean, high carry way to position for a crude pickup. EVEN IF CRUDE DOES NOT PICK UP APPRECIABLY BUT REMAINS STEADY WITHIN THE CURRENT RANGE, EXPECTATIONS OF A MAJOR CRUDE DOWNTURN (A REAL WORRY IN JANUARY) WILL CONTINUE TO FALL. THIS WOULD ENCOURAGE CARRY-SEEKING INFLOWS INTO RUB, AND ALSO TURN THE FOCUS TO THE IMPROVING MACRO FUNDAMENTALS. Further, RUB has outperformed EM FX since March, as crude has grinded higher while S&P has faltered: we expect this to continue as crude has decoupled from S&P (and thus RUB has decoupled from broad EM FX)." Notably, the Deutsche Bank FX team isn't the only group of people going long the ruble.  Zach Schreiber, the CEO of PointState Capital who made $1 billion betting against oil two years ago, announced at the Sohn Investment Conference that he's long the Russian currency. And, moreover, Bloomberg's Elena Popina reported that managers are various funds around the world have been buying Russian ruble assets. [Screen Shot 2016 05 20 at 9.50.10 AM] SEE ALSO: MIDDLE EASTERN OIL AND POLITICS ARE SQUEEZING THIS NEARBY STATE Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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