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  • Greece on track for bailout exit | Business Spectator
    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 AFP Greece will exit its European Union International Monetary Fund bailout agreement as scheduled in 2014 and will require no further loans Prime Minister Antonis Samaras says In 2014 we will make the big step to exit the loan agreement Samaras said in a nationally televised address on Monday In 2014 Greece will venture out to the markets again and start becoming a normal country he said In the new year Greek debt will be officially declared viable meaning there will be no need for new loans and new bailout agreements he said Greece was first bailed out by the European Union the International Monetary Fund and the European Central Bank for 110 billion euros A172 billion in 2010 When that failed veering Greece dangerously close to exiting the eurozone the country got a second rescue in 2012 worth 130 billion euros plus a private sector debt write off totalling more than 100 billion The second bailout is set to end in mid 2014 and there is strong belief that Greece s weakened economy will require more EU IMF assistance The creditors are worried the country can not afford to meet its 4 4 billion loan repayments set for next year The impending financial hole could rise to 10 9 billion by 2015 Greece is experiencing a sixth year of recession and an unemployment rate of more than 27 per cent However the government expects slim growth to set in 2014 alongside a small budget surplus not counting debt servicing costs Bailed out Ireland this month became the first eurozone nation to exit an EU IMF rescue program and head back to the markets for its government borrowing Ireland did so without maintaining some sort of credit line with the troika and despite widespread doubts rescued Portugal said it hopes do the same when it exits its program in May 2014 Print this page Related articles 10 Jan The ECB is failing to do whatever it takes 10 Jan NAB UK exit expected soon 09 Jan ECB holds rates at 0 25 09 Jan BoE keeps rates steady 09 Jan Greece unemployment rate lifts More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy Tony Holland Tue 2013 12 31 09 34 You have got to marvel at Samaras hes gone from a healthy majority in his Parliament to just 2 with his deputy PM the leader of PASOK named in a corruption scandal last week which could see him jailed or indicted on criminal charges soon Its not immediately clear to me that Samaras will make it

    Original URL path: http://www.businessspectator.com.au/news/2013/12/31/european-crisis/greece-track-bailout-exit (2014-01-12)
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  • EU ready to offer Portugal more help | Business Spectator
    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 ready to offer Portugal more help 31 Dec 2013 9 02 AM Economy Global News European Crisis Union to offer more aid when bailout expires so long as reforms continue 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 AFP The European Union is ready to offer Portugal further aid once its current bailout expires in May Economics Affairs Commissioner Olli Rehn says Europe will keep its word and continue to help Portugal but only on condition it continues reforms already under way Rehn wrote in an editorial for business daily Diario Economico The absolute priority is to successfully conclude the current program Rehn wrote while warning that it was indispensable that Portugal maintain budgetary discipline and structural reforms in the upcoming years Portugal has been living under the strict rules of a 78 billion A121 9 billion rescue program agreed in May 2011 with the so called troika of the EU the International Monetary Fund and the European Central Bank In exchange for rescue loans Portugal agreed to push through austerity measures and deep reforms that have sparked recession pushed up unemployment and met with increasing resistance from unions and voters While spearheading the bailout program the government of Pedro Passos Coelho has so far faced the growing opposition which is often made worse by high court decisions that slap down austerity measures as illegal Earlier this month the constitutional court struck down another austerity proposal this time a plan to cut public servant pensions above 600 euros by 10 per cent a centrepiece measure of the 2014 budget On Monday the junior minister tasked with defending the pension cut Helder Rosalino was shuffled out of

    Original URL path: http://www.businessspectator.com.au/news/2013/12/31/european-crisis/eu-ready-offer-portugal-more-help (2014-01-12)
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  • Britain to be largest EU econ by 2030 | Business Spectator
    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 Britain to be largest EU econ by 2030 27 Dec 2013 4 51 PM 4 Economy Global News European Crisis Study shows UK will surpass France Germany would gain from exiting union 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 AFP Britain will surpass France and Germany to become Europe s biggest economy by 2030 according to a study British research group the Centre for Economics and Business Research CEBR predicts that Britain s output will outstrip France s by 2018 before displacing Germany by around 2030 But it will be overtaken by India and Brazil over the same time period the study said Germany is forecast to lose its position as the largest Western European economy to the UK around 2030 because of the UK s faster population growth and lesser dependence on the other European economies the report said If the euro were to break up Germany s outlook would be much better A Deutsche Mark based Germany certainly would not be overtaken by the UK for many years if ever The think tank s chief executive claimed that Britain s economy would grow even faster if it left the European Union My instinct is that in the short term the impact of leaving the EU would undoubtedly be negative Douglas McWilliams told The Daily Telegraph My suspicion is that over a 15 year period it would probably be positive Print this page Related articles 10 Jan The ECB is failing to do whatever it takes 10 Jan NAB UK exit expected soon 09 Jan ECB holds rates at 0 25 09 Jan BoE keeps rates steady 09 Jan Greece unemployment rate lifts More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy Graham Middleton Sat 2013 12 28 13 06 Could be a bit

    Original URL path: http://www.businessspectator.com.au/news/2013/12/27/european-crisis/britain-be-largest-eu-econ-2030 (2014-01-12)
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  • European Crisis | Business Spectator
    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 European Crisis UK jobless rate at four year low Numbers beat expectations latest sign of improvement in UK economy 2 16am December 19 Britain approves banking reforms New regulations will include ring fencing of retail investment divisions 11 53pm December 17 1 comment UK inflation hits four year low Official data show inflation now at 2 1 year on year 11 42pm December 17 Tough choices for a troubled euro To bring Europe back to life its leaders must stop acting in their own short term self interest and make brave decisions on monetary and fiscal policy even if it costs them votes at home by Christopher Pissarides 1 54pm December 17 4 comments Portugal bailout gets approved EU IMF give approval for next tranche of bailout funds 4 47am December 17 Eurozone PMI rises Recovery of business activity in key economic region remains uneven 1 57am December 17 Not the banking union Europe is looking for In order for a European banking union to succeed the bank resolution fund needs a credit line to cope with contingencies Without this it will be little more than a micro level kitty by Wolfgang Munchau FT 9 16am December 16 Ireland exits bailout program To re enter money markets alone still trekking long road to recovery 3 07pm December 15 Eurozone industrial output falls sharply Latest figures show recovery in key economic region is fragile 3 45am December 13 Sovereign debt in EU stress tests Mario Draghi says tests will go beyond banks ECB ready to act on inflation 11 56pm December 12 Greece resumes talks with troika EU IMF and ECB to determine whether to release more bailout funds 3 41am December 12 EU ministers closing on Banking Union Finance ministers hope deal will limit impact of future financial crises 3 04am December 11 ECB key to recovery Lagarde IMF chief says eurozone has plenty more hills to climb on recovery trek 2 29am December 11 Europe not facing deflation cycle Draghi ECB president confident low inflation won t lead to Japan like problems 2 25am December 11 Italy escapes two year contraction Third biggest eurozone economy stagnates in third quarter data show 1 56am December 11 Eurozone rates decoupled ECB Central bank says decoupling from US allows time to decide next move 1 30am December 11 The West is losing faith in its own future

    Original URL path: http://www.businessspectator.com.au/economy/global-news/european-crisis?page=1 (2014-01-12)
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  • European Crisis | Business Spectator
    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 European Crisis The ECB is failing to do whatever it takes The European Central Bank is too focussed on the long term outlook when eurozone countries need desperate and immediate relief Failing to cut rates last night will lead to further disinflation and slower growth by Callam Pickering 8 34am January 10 16 comments NAB UK exit expected soon Analysts forecast bank to divest UK assets as economic recovery takes shape by Michael Bennet The Australian 1 14am January 10 3 comments ECB holds rates at 0 25 Mario Draghi hints at more stimulus if recovery continues to stutter 11 57pm January 09 BoE keeps rates steady UK central bank maintains stimulus despite signs of economic recovery 11 45pm January 09 Greece unemployment rate lifts Jobless rate now at 27 8 per cent no sign of recovery 11 39pm January 09 Eurozone confidence lifts Economic sentiment in region surged to two year high in December 11 04pm January 09 Athens 2014 is not Sarajevo 1914 The centenary of World War I will see many commentators looking to draw parallels between the political ructions of today s Europe and the calamity that led to the Great War It should not be used as justification for failing European integration by Oliver Marc Hartwich 7 03am January 09 9 comments Greece to claim EU presidency Rotating presidency to be assumed by recession hit Greece 5 51am January 09 US urges German investment Treasury Secretary calls on Germany to further drive eurozone recovery 3 06am January 09 EU in talks on bank rules Eurozone looking toward new bank regulatory system in wake of crisis 1 40am January 09 UK house prices up 7 5 Price growth for 2013 a sign of economic recovery in Britain 11 50pm January 08 Eurozone jobless unchanged Unemployment rate remains near record highs retail sales offer hope 11 45pm January 08 German unemployment stable Major eurozone economy sees rate hold steady at 6 9 per cent 11 41pm January 07 Eurozone inflation dips again December inflation slips back to 0 8 per cent all eyes on ECB 11 39pm January 07 The international economy in 2014 2014 will present brighter prospects for the US and UK although some fiscal adjustment is needed Volatile capital flows will trouble emerging economies and debt forgiveness will be needed for a European recovery by Stephen Grenville 7 42am January 07 20 comments German inflation lifts Inflation creeps higher in December stays below 2 per cent 12 29am January 07 UK Treasury to

    Original URL path: http://www.businessspectator.com.au/economy/global-news/european-crisis?destination=taxonomy/term/2961 (2014-01-12)
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  • Investment banks reformed: Rankin | Business Spectator
    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 Investment banks reformed Rankin 7 Jan 6 58 AM 1 Industries Financial Services Economy Global News Global Financial Crisis Deutsche Bank s corporate banking head says sector has turned corner report 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 Robert Rankin one of the most powerful Australians in global banking is adamant the investment banking industry has rid itself of the wild behaviour that marred the sector in the lead up to the global financial crisis according to The Australian Financial Review Mr Rankin who serves as Deutsche Bank s head of corporate banking and securities described the past 18 months as the toughest in his career but believes the sector will come out of it healthier We as an industry have had to go on a big cultural reform agenda and in some ways that s been the hardest management task Mr Rankin told the AFR The Deutsche executive said that the dark cloud of financial penalties and regulatory uncertainty would remain over the sector for much of the year but the dust will settle soon By the European summer of 2014 I think we will know what the new norm looks like he told the paper Print this page Related articles 10 Jan NAB could consider MLC split report 08 Jan New bank rules help small lenders 07 Jan Planners to have strong 2014 06 Jan JPMorgan to pay 2bn in Madoff probe 03 Jan Super posts best returns in 13 yrs More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan

    Original URL path: http://www.businessspectator.com.au/news/2014/1/7/financial-services/investment-banks-reformed-rankin (2014-01-12)
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  • BoE governor spots global recovery | Business Spectator
    Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu BoE governor spots global recovery 10 Dec 2013 5 00 AM Economy Global News European Crisis Global Financial Crisis Mark Carney sees global growth acceleration ahead in 2014 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 Dow Jones Newswires Gloomy warnings that advanced economies have entered a long period of stagnation are overdone but central bank support will be needed to nurture a sustained global recovery Bank of England Governor Mark Carney said Monday In a speech in New York Mr Carney said economic growth in the United Kingdom and the world economy is poised to accelerate in 2014 after several years of disappointingly sluggish activity In the UK economic growth has already picked up inflation has fallen and jobs are being created at the rate of 60 000 a month Mr Carney said The BOE last month said it expects the UK economy to expand by about 2 8 per cent in 2014 as a whole For the first time in a long time it seems reasonable to expect the hopes and dreams of the holiday season to be fulfilled he said according to a text of his remarks Mr Carney credited Britain s burgeoning recovery to repairs to the financial system that got lending flowing again and an improvement in household finances and consumer confidence developments that he said are also underpinning recovery in the United States The Ghost of Christmas Present is a cheerful spirit As uncertainty diminishes credit conditions improve and balance sheet repair progresses monetary policy is gaining traction he said In his first big speech outside the UK since taking the helm at Britain s 319 year old central bank in July the Canadian central banker challenged proponents of secular stagnation such as former US Treasury Secretary Lawrence Summers who contend that advanced economies are facing years of little or no growth thanks to high levels of debt ageing populations and dwindling technological innovation Mr Carney said there are few reasons to suppose advanced economies can t recover to past growth rates and added that aggressive action by central banks can help The BOE and the Federal Reserve have both cut interest rates to near zero and engaged in massive bond buying programs to jump start growth They are now augmenting those efforts with so called forward guidance a strategy designed to encourage spending by reassuring households and businesses that borrowing costs will stay low until economic recovery is secure A recovery may be gaining pace but our economies are a long way from normal Mr Carney

    Original URL path: http://www.businessspectator.com.au/news/2013/12/10/european-crisis/boe-governor-spots-global-recovery (2014-01-12)
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  • Growth in advanced economies stalling: OECD | Business Spectator
    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 Growth in advanced economies stalling OECD 19 Nov 2013 12 12 AM Economy Global News Global Financial Crisis Eurozone economic recovery slows as growth outlook appears mixed 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 United States and British economies speeded up slightly in the third quarter but expansion in several other economies slowed leaving OECD area growth at 0 5 per cent the OECD says The latest provisional OECD data released on Monday painted a picture of overall 1 4 per cent growth over 12 months but of faltering recovery stuck at 0 5 per cent growth in the last two quarters Recovery of the eurozone and wider European Union economies slowed down from the second to third quarters with the French and Italian economies shrinking the Organisation for Economic Cooperation and Development said However compared with output 12 months earlier in the third quarter of last year growth for the OECD area accelerated to 1 4 per cent compared with 1 0 per cent in the second quarter the OECD said Among the major seven OECD economies Japan recorded the highest growth rate 2 6 per cent and Italy the biggest contraction minus 1 9 per cent the organisation said The second third quarter figures from the OECD which is a policy forum for 34 advanced democracies are broadly in line with recent data notably from countries in Europe and from the European Commission The economies of the entire OECD area grew by 0 5 per cent in the third quarter the same figure as in the second quarter Growth of the US economy increased by 0 7 per cent from 0 6 per cent in the second quarter and British growth picked up to 0 8 per cent from 0 7 per cent The Bank of England asserted last week that the recovery of the British economy was now firmly in place In Japan expansion slowed sharply in the quarter with activity growing by 0 5 per cent down from 0 9 per cent in the second quarter Output by the eurozone rose by 0 1 per cent and in the European Union by 0 2 per cent down from growth rates of 0 3 per cent in the second quarter This latest data is in line with

    Original URL path: http://www.businessspectator.com.au/news/2013/11/19/global-news/growth-advanced-economies-stalling-oecd (2014-01-12)
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