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How the world sees Greece
Tuesday, October 16, 2012
IMF: pace of austerity must depend on economy
MARKET WATCH: Spain Bailout Chatter Lifts European Stocks
 Sky News Australia | MARKET WATCH: Spain Bailout Chatter Lifts European Stocks Wall Street Journal By Sara Sjolin. LONDON (MarketWatch)--Spain led European stocks to higher ground Tuesday, with banks pacing sharp gains after reports suggested the country is one step closer to making a formal bailout request and may get Germany's support. The Stoxx ... EURO GOVT-Bunds fall on data, speculation over Spanish aid Opposition wanes to Spanish aid request Euro Hits One-Week High on Spain Hopes |
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Downton Abbey gay kiss cut by Greek state television
NET accused of succumbing to political and religious pressure, but channel says kiss was edited in line with parental guidelines
Greek state television has come under fire from the country's main opposition party and critics for editing out a gay kiss on the premiere of the British period drama Downton Abbey.
Greek people took to social networking sites including Twitter to complain about the NET channel's decision to axe a scene from episode one of the series showing a kiss between a visiting duke and Downton's unscrupulous footman Thomas. NET defended its move, citing parental guidance viewing rules.
"As incredible as it may seem for a democratic country in the 21st century, officials of the NET television channel censored the scene of a kiss between men from the TV drama Downton Abbey," the Syriza party said in a statement.
"This is of course an obvious case of censorship, an extreme act of homophobia and discrimination which unfortunately, after what has been happening recently, we cannot characterise as unprecedented."
The Syriza politician Dimitris Papadimoulis questioned in a tweet whether the omission was due to pressure from the far-right Golden (GD) Dawn party or religious authorities: "NET 'cut' a gay kiss on the premiere of a top TV series. Who decided this censorship? (Bishop) Seraphim of Piraeus and GD?"
Greek state television said the kiss was not censored but edited out to comply with rules on the time slot and parental consent label given to the show, which was aired at 10.05pm on Monday. An unedited version would be broadcast later on Tuesday night, it said.
"The love affair between the two men … was not censored," said Costas Spyropoulos, managing director of the Hellenic Broadcasting Corporation. "The kiss was not shown because of the time the programme was broadcast and the corresponding parental guidance warnings."
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Greek state television channel criticised for cutting Downton Abbey gay kiss
Greek state television came under fire from the country's main opposition party and critics for editing out a gay kiss on Monday's primetime premiere of popular British period drama Downton Abbey.
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Greek state TV slammed for cutting Downton Abbey gay kiss
Greek state TV slammed for cutting Downton Abbey gay kiss Reuters ATHENS (Reuters) - Greek state television came under fire from the country's main opposition party and critics for editing out a gay kiss on Monday's primetime premiere of popular British period drama "Downton Abbey". Greeks took to social networking ... |
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Greek Afterlife: Sigma Phi Epsilon house continues eternal playdate with ghost ...
Greek Afterlife: Sigma Phi Epsilon house continues eternal playdate with ghost ... Red and Black Greek Afterlife: Sigma Phi Epsilon house continues eternal playdate with ghost girl. Story · Comments. Print: Create a hardcopy of this page; Font Size: Default font size: Larger font size. HauntedSigEp_C.B.Schmelter002.jpg. C. B. Schmelter ... |
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Markets climb on Spanish bailout talk but British Airways owner IAG loses altitude
Airlines group falls back on worries about recovery and problems at Spanish subsidiary Iberia
Markets have moved higher on hopes of a solution to Spain's financial problems, but one company linked with the country has bucked the upbeat trend.
International Airlines Group, the owner of British Airways and Spain's Iberia, lost 2.4p to 155.6p after downbeat comments from an executive and an analyst sell note.
Speaking to the British-Swiss Chamber of Commerce in Geneva on Monday, BA chief executive Keith Williams said the airline industry had been too optimistic about economic recovery and adding capacity beyond sustainable levels. According to Reuters, he said he had predicted in 2009 that it would be 2018 before it saw a real recovery - and events have shown that was not unduly pessimistic.
Meanwhile analyst Peter Hyde at Liberum Capital moved his recommendation from hold to sell, saying IAG trades at a premium to the sector despite a number of issues. One of these was the problem of sorting out Iberia, where a growth plan had failed to produce results:
Iberia's 2012 losses could be over €400m. The scope of restructuring (capacity cuts and brand switch) will depend on the current Iberia Express arbitration discussion in the Spanish courts and the employee's (un)willingness to change. We assume a €300m cash cost, spent in 2013.
Whilst third quarter trading volumes were relatively strong, second half forecasts need to take into account bmi and Iberia losses, Olympics' price discounting and recent large moves in currency and spot fuel prices ($870 per tonne to $1,090 per tonne).
We have reduced our IAG forecasts (2012 €116m loss from €79m profit, 2013 €232m from €635m). Analysis suggests that even if BA generates earnings of more than €500m in 2013 Iberia losses of €259m will leave IAG's 2013 earnings at only €232m, well below consensus.
This, he said, would have an effect on its finances, even before taking in account the costs of any Iberia restructuring.
On top of that, Spain's Bankis has a 12% stake in IAG which it needs to sell, which is likely to overhang the market until its disposal.
Overall the FTSE 100 finished 64.93 points higher at 5870.54, its biggest one day rise for two weeks. Despite some setbacks during the day, investors were optimistic about the eurozone crisis, with some clarification as to how a Spanish bailout could work and continuing, albeit disrupted, talks between Greece and its international creditors.
So banks and miners - the riskier end of the spectrum - led the way higher. Lloyds Banking Group ended 2.44p to 42.76, helped by reports of regulatory clearance for an asset swap with its Scottish Widows insurance subsidiary which should boost its balance sheet. Royal Bank of Scotland rose 11.9p to 280p and Barclays was 9.25p better at 246.1p.
But GKN, the automotive and aerospace group fell 7.1p to 204.8p or nearly 3.5%, after it said European markets continued to be challenging, offset by better performances in China and the US. The company said:
Macroeconomic conditions have deteriorated in recent weeks and some softening in order books is now evident, particularly regarding European automotive and industrial markets.
The fourth quarter is anticipated to show the usual seasonal improvement although the softening markets are expected to have some impact on performance.
The slump in European car sales announced earlier will have done little to lighten management's mood. Andrew Gollan of Investec kept his hold recommendation on GKN but cut his price target from 240p to 224.
Insurer Resolution dipped 0.1p to 217.9p. after it said it was in talks to sell its 30% stake in a Malysian joint venture as part of its strategy to cut costs and boost shareholder returns.
Among the mid-caps, home shopping group N Brown, the company behind brands like Simply Be and Jacamo, added 37.2p to 306.9p after it said six months profits fell 4.5% to £42m, with like for like sales up 3.7% compared with a 1.9% increase in the first 17 weeks. In the first six weeks of the second half, sales soared 10.1%,
Chip designer Imagination Technologies closed 34.9p better at 478.9p after upgrades from both Numis and Liberum Capital.
Finally Petropavlovsk, the Russia-focused miner formerly known as Peter Hambro Mining, reported a hike in gold production in its latest three montly report, pushing its shares up 13.2p to 440p. It said third quarter production was up 39% to 219,400 ounces compared to the previous three months, soothing investors who have seen missed targets in the past.
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