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  • EU leaders agree to smaller budget | Business Spectator
    Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu EU leaders agree to smaller budget 13 Nov 2013 2 10 AM Politics International News Europe Economy Global News European Crisis New budget will focus on growth jobs and innovation European Union says You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP European Union institutions have reached agreement on the 2014 budget after tough overnight negotiations the bloc says Under the compromise deal the budget will include 135 5 billion euros 195 50 billion in payments and 142 6 billion euros in commitments it said in a statement on Tuesday Negotiations stretched into early Tuesday to resolve a split over next year s spending between the bloc s three bodies the 28 member states the European parliament and the executive European Commission The austerity minded governments had wanted to keep payments under 135 billion euros which was 1 billion and 1 5 billion euros less than sought by the EU executive and parliament respectively We have agreed to reinforce the financing of such priority areas as economic growth jobs innovation and humanitarian aid said Algimantas Rimkunas the deputy finance minister of Lithuania which currently holds the six month rotating EU presidency EU agencies dealing with migration asylum and border control were strengthened as were European financial supervisory authorities he said in a statement The 2014 budget is more than nine per cent lower than the previous year spending is 9 4 per cent less while payments are 9 5 per cent lower than the budget of 2013 Ministers and MPs are due to approve the new budget on November 19 and 20 The budget agreement also paves the way for the European parliament

    Original URL path: http://www.businessspectator.com.au/news/2013/11/13/europe/eu-leaders-agree-smaller-budget (2014-01-12)
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  • Bank bailouts still possible: EU official | Business Spectator
    real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Bank bailouts still possible EU official 13 Nov 2013 1 18 AM Politics International News Europe Industries Financial Services Economy Global News European Crisis New approach to send problem banks to investors first taxpayers last You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password The vice president of the European Commission says taxpayer funded bank bailouts remain a possibility if the latest stress test of Europe s biggest banks reveals significant capital shortfalls or if the debt crisis were to really flare up again However Joaquin Almunia repeated the governments preferred method remains to force investors such as shareholders bondholders and ultimately depositors to pay first Speaking at a conference in London Almunia said on Tuesday that Europe s new approach to dealing with troubled banks has created some debate Logically investors want clarity on the backstops that will be used he said Let me clarify our position He said that troubled banks in need of new capital will have to seek it from private external sources and then internally via their own shareholders or junior bondholders In unusual or dire cases such as occurred in Cyprus a bank restructuring could involve imposing losses on senior creditors including depositors Of course if financial stability were at risk the new rules provide for an exception clause he said In this exceptional case public backstops can intervene before the bail in takes place He that in an emergency situation the commission would approve the use of public money to save a big bank However bank investors would still suffer

    Original URL path: http://www.businessspectator.com.au/news/2013/11/13/financial-services/bank-bailouts-still-possible-eu-official (2014-01-12)
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  • EU seeks to end budget row | Business Spectator
    mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu EU seeks to end budget row 12 Nov 2013 7 01 AM Politics International News Europe Economy Global News European Crisis EU ministers struggle to find agreement on 2014 budget as deadline looms You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP EU ministers are seeking to end a simmering 1 5 billion euro 2 14 billion row within EU institutions over the bloc s 2014 budget With the bloc s three bodies the 28 member states the European Parliament and the executive European Commission split over next year s spending ministers began compromise talks ahead of a Wednesday midnight deadline At stake is a call by austerity minded governments to keep 2014 payments under 135 billion euros which is one billion less than sought by the Commission and 1 4 billion under the 136 44 billion euro budget demanded by the parliament But even the last figure would be six per cent below the 2013 budget due to economic constraints still severely undermining Europe Lithuania which currently holds the rotating EU presidency was chairing conciliation talks between the three institutions shuttling back and forth in a process that EU diplomats forecast could last well into the early hours of Tuesday Lithuanian Vice Minister for Finance Minister Algimantas Rimunkas began the talks in upbeat mode saying they were taking place in a very constructive atmosphere But he conceded that this year we are under complex constraints with fiscal difficulties for quite a number of member states Our proposals are realistic and fair said his Irish counterpart Brian Hayes The mood music is good A

    Original URL path: http://www.businessspectator.com.au/news/2013/11/12/european-crisis/eu-seeks-end-budget-row (2014-01-12)
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  • EU-IMF told to go easy on Greece | Business Spectator
    energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu EU IMF told to go easy on Greece 29 Oct 2013 3 14 AM Politics International News Europe Economy Global News European Crisis Greek president says his citizens can give no more in austerity push You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP Austerity hit Greeks have nothing left to give Greek President Karolos Papoulias has told the country s EU IMF creditors ahead of a fiscal audit tied to fresh loans Greeks today have given what they can to overcome the crisis and this must be respected by Europe 84 year old Mr Papoulias said at the close of a military parade in Thessaloniki honouring Greece s resistance to fascism The Greek people can give no more this is our message And they should not think that we will succumb to blackmail We never have said Papoulias who often admonishes the country s EU IMF creditors in his speeches A team of auditors from Greece s so called creditor troika the European Union International Monetary Fund and the European Central Bank are to resume an inspection of the country s bailout reforms early in November Their report will determine the release of a 1 0 billion A1 45 billion loan instalment from Greece s outstanding rescue package According to the troika s estimates Greece is facing a financial shortfall of 10 9 billion by 2015 including 4 4 billion in 2014 They are expected to push for more cuts but the fragile coalition government of Antonis Samaras has warned that the recession hit country cannot afford to lower wages and pensions any further Greece plunged into recession in 2008 when the global economic crisis hit and rising borrowing costs on its massive debt forced the country to seek financial aid in 2010 So far the EU and International

    Original URL path: http://www.businessspectator.com.au/news/2013/10/29/europe/eu-imf-told-go-easy-greece (2014-01-12)
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  • Europe furious over US spying claims | Business Spectator
    in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Europe furious over US spying claims 25 Oct 2013 3 37 AM Politics International News Europe USA European leaders unit in escalating row over claims US spied on allies You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP Europe s leaders have united behind Germany and France as an escalating row over claims of US snooping on its traditional allies overshadowed a key summit German Chancellor Angela Merkel whose mobile phone was reportedly the latest target of covert surveillance by the US National Security Agency NSA set the tone Spying between friends that s just not done she said as she joined leaders of the 28 nation European Union for a summit initially called to discuss boosting employment and the digital economy We need trust between partners and such trust needs to be re established French President Francois Holland made no statement on entering the two day talks but a diplomatic source said he and the German chancellor would discuss how to coordinate their response to the allegations on the margins of the two day meeting Both leaders phoned President Barack Obama this week demanding clarification over claims the NSA spied on millions of French phone calls and on the German leader personally We want the truth said Italian Premier Enrico Letta as leaders of Belgium Finland Malta and others told reporters that Washington must provide an explanation and Europe must take a joint stand to protect its citizens The EU executive the European Commission called for a strong and united stand as its President Jose Manuel Barroso warned against a slide towards totalitarianism Data protection must apply no matter if it concerns the emails of citizens or the mobile phone of Angela Merkel said EU Justice Commissioner Viviane Reding Now is the time for action and not only for declarations at the EU summit Merkel has warned that proof of snooping on her phone would be considered a breach of trust Rattled by the latest exposure based on leaks from US intelligence contractor Edward Snowden the White House has

    Original URL path: http://www.businessspectator.com.au/news/2013/10/25/europe/europe-furious-over-us-spying-claims (2014-01-12)
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  • EU warns on US default risk | Business Spectator
    Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu EU warns on US default risk 15 Oct 2013 2 56 AM Politics International News Europe USA Economy Global News European Crisis US Economy Markets Financial Markets US default would have dramatic consequences for global economy Olli Rehn says You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP A possible US debt default would have dramatic consequences for the global economy EU Economic Affairs Commissioner Olli Rehn says It is very important that the US overcomes its fiscal gridlock Mr Rehn said on Monday as he arrived for a meeting of eurozone finance ministers Otherwise it could have potentially dramatic consequences on the world economy and on the still nascent recovery in Europe he said His warning follows remarks in a similar vein by the governor of the French central bank Christian Noyer in the French newspaper Le Figaro Noyer a former vice president of the European Central Bank who sits on the ECB s policy making body said If we were to have an accident over the American debt it would be as the IMF has said a thunderbolt for the financial markets Noyer said such an event would generate extremely violent and profound turbulence around the world An EU official speaking last week warned too about the possible huge impact of a US debt default saying there was very little that could be done to prepare for such an eventuality The United States faces the prospect of a first ever sovereign debt default on Thursday if no accord is found in Washington Republicans and President Barack Obama s Democrats have been at war over the country s finances with some government services already shut down for want of funding Often acrimonious talks between the

    Original URL path: http://www.businessspectator.com.au/news/2013/10/15/politics/eu-warns-us-default-risk (2014-01-12)
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  • Greece on track to meet deficit target | Business Spectator
    efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Greece on track to meet deficit target 11 Oct 2013 4 02 AM Politics International News Europe Economy Global News European Crisis Greece defends progress despite IMF warning of darkened outlook You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP Greece says it s due to meet a key deficit cutting target this year but the International Monetary Fund has warned the country s outlook remains dark and new cuts will be needed Deputy Finance Minister Christos Staikouras said the budget deficit for January to September was 2 66 billion A3 82 billion significantly less than the 8 27 billion target Excluding the cost of debt servicing there is a 2 62 billion surplus better than the target for a roughly equivalent deficit The first positive signs of the country exiting the crisis are there he said The IMF however poured cold water on Greece s hopes forecasting the country would need to pass new cost savings through 2016 Greece had hoped to not have to make any more such austerity measures which have ravaged the economy Because the IMF is giving Greece rescue loans alongside eurozone countries its views carry weight It is unlikely to allow the payment of more bailout loans which are issued in quarterly instalments unless it finds Greece s debt outlook is sustainable Finance Minister Yannis Stournaras however ruled out any new income cuts or tax increases saying it is out of the question Greece s debt is due to reach 175 5 per cent of GDP this year and must fall below 110 per cent by 2022 The IMF says Greece s European bailout creditors will have to forgive some of the loans the country owes them to render the debt manageable an unpalatable outcome for major creditors such as Germany The unemployment rate the highest in the 28 member European Union reached 27 6 per cent in July from 27

    Original URL path: http://www.businessspectator.com.au/news/2013/10/11/european-crisis/greece-track-meet-deficit-target (2014-01-12)
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  • French trade deficit narrows in Aug | Business Spectator
    a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu French trade deficit narrows in Aug 8 Oct 2013 11 49 PM Politics International News Europe Economy Global News European Crisis France making progress in critical effort to reduce its trade deficit You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP The French trade deficit a critical issue for the government fell slightly in August and the trend has improved sharply official data showed on Tuesday France is running a big structural trade deficit in contrast to a huge surplus by Germany and this largely reflects the difference in economic performance between the two top eurozone countries The left wing government in France has made improving the competitive position of French industry a key plank of its economic policy The latest data from the customs service showed that in August the monthly deficit fell by 200 million A290 30 million to 4 9 billion from the figure for July owing to a fall in energy imports In the 12 months to the end of August the trade balance showed a cumulative deficit of 60 0 billion down from 67 2 billion in the whole of 2012 Supplies of energy and to the space industry fell in August They also fell with regard to chemical and agricultural products and for jewellery the customs service said Exports fell slightly however owing to a weaker performance by the pharmaceutical industrial equipment oil refining and military equipment sectors Exports amounted to 36 0 billion showing a fall of 500 million from the figure for July Exports to Europe were firm but exports to the Americas and to Africa fell But exports to Asia and the Middle East increased Imports fell by 700 million to 40 9 billion In Germany official data showed that in adjusted terms which take account of a northern

    Original URL path: http://www.businessspectator.com.au/news/2013/10/8/european-crisis/french-trade-deficit-narrows-aug (2014-01-12)
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