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French bank Societe Generale to cut over 1,000 jobs
French bank Societe Generale has revealed that it would slash at least 1,000 jobs worldwide, in a move to save 900 million euros by 2015.
The bank reported the job cuts on Tuesday after its first-quarter profit fell to 364 million euros, far below the 674.6 million euro profit expected by the analysts.
General Manager Jean-Francois Sammarcelli told French radio that the number of job cuts would be substantially higher than the 1,000 announced.
He added that about 550 jobs at the bank’s headquarters in Paris are included in the number.
Societe Generale said in a statement that the full effect of the cuts and layoffs would be achieved at the end of 2015 when a total of 1.45 billion euros is expected to be saved compared to the figures at the beginning of 2012.
The bank already cut costs by 550 million euros last year.
The announcement comes as… Continue reading
Greece’s people show the politicians how to fight Golden Dawn
Greeks are becoming increasingly vocal in their disgust at the presence of fascists on their political scene
For many Greeks, Orthodox Easter is a chance to see friends and family, to eat good food or to worship. But for the neo-Nazis in Golden Dawn, who only recently made the switch from “Hellenic” paganism to a professed love for Christianity, it has been an opportunity for propaganda. Last Thursday, the party made headlines with its attempt to stage a “Greeks-only” food distribution in Athens’s Syntagma square. The next day, when Athenians were driving back to home towns and villages, Golden Dawn members held open motorway toll booths – which have become a symbolic point of resistance against the rising cost of living in the wake of austerity – so cars could pass for free.
Such stunts have become common for a party that seeks to exploit anger at Greece’s social… Continue reading
IMF warn of tax evasion threat to Greek recovery
Greece has been ordered by the International Monetary Fund to do more to crack down on its ‘notorious’ tax evasion problem.
After completing its latest health check, the IMF yesterday concluded that Greece had made progress slashing debts and improving competitiveness.
But it said ‘very little progress’ had been made in tackling tax evasion.
It added: ‘The rich are not paying their fair share which has forced an excessive reliance on expenditure cuts and higher taxes on those earning a salary or a pension.’
Endemic tax evasion in Greece was a major factor in the collapse of its economy. But it is also making it harder for Greece to shore up its finances.
In a clear sign that patience is running out, the IMF said ‘decisive correction actions’ were needed, including a ‘deeper political commitment to tax administration reform’.
The IMF also said Greece must take more radical action to… Continue reading
Greece reaches $3.67bn bailout agreement
Athens and the ‘Troika’ of lenders- the European Commission, the International Monetary Fund, and the European Central Bank, have agreed on conditions for the next €2.8 ($3.67bn)bailout installment.
“We have a deal,” Greek Finance Minister Yannis Stournaras told reporters at the Eurogroup meeting April 15 in Athens.
“The recent steps taken by the authorities suggest that the March milestones are likely to be achieved in the near future,” the lenders said in a joint statement.
The new wave of aid comes after the three lenders evaluated Greece’s latest fiscal performance and deemed it was ‘on track’ with bailout targets, and its approval signals a stream of confidence in the economic recovery of the island nation.
“The mission’s view is that debt sustainability remains on track,” the Troika statement said.
The recapitalization effort, according to the Troika, is ‘nearing completion’ with a lion’s share… Continue reading
Turkey fears of Islamic challenge to secular state
Turkish pianist Fazil Say received a suspended 10-month jail term on Monday for mocking Islam on Twitter. Secular Turks have become increasingly concerned over what they see as the creeping Islamization of society.
“Honestly, we were not expecting this ruling, and all I can say is, both legally and for the country, it’s a sad decision,” Say’s lawyer Meltem Akyol told Reuters.
The blasphemy charges were brought against Say in June last year. In their suit, prosecutors cited several sarcastic messages about believers and Islamic concepts of Heaven. The musician, who has served as a cultural ambassador to the European Union, denied the accusations.
RT’s Maria Finoshina reported from Turkey how residents are concerned by the growing dominance of Islamic values: Censorship is imposed on TV shows, museums are turned into mosques, and attempts are even being made to introduce Ottoman-style uniforms for flight attendants.
Turkish… Continue reading
Government fears Russia may slip into recession by fall
The Russian economy could slip into recession by the fall if additional stimulus measures are not taken says Russia’s Economic Development Minister.
“We shall be proposing economic incentives. There will be a conference at the President’s office on this theme. There have been some under Prime Minister Dmitry Medvedev already,” Economic Minister Andrey Belousov said.
He added that “such measures must be taken urgently, because we need to get out of the situation we are in now in order to avoid a recession.”
On Thursday the Economic Ministry cut a number of macroeconomic forecasts for 2013. The growth of GDP, industrial production, capital investment will be smaller than expected, while the capital outflow from the country will increase.
According to the Ministry, industrial production in Russia will increase only 2% in comparison with the previously predicted figure of 3.6%.
Expectations for industrial capital investment have also fallen from… Continue reading
Greece reaches $3.67bn bailout agreement
Athens and the ‘Troika’ of lenders- the European Commission, the International Monetary Fund, and the European Central Bank, have agreed on conditions for the next Greek bailout installment.
“The recent steps taken by the authorities suggest that the March milestones are likely to be achieved in the near future,” the lenders said in a joint statement.
The new wave of aid came after the three lenders evaluated the latest fiscal performance and deemed it was ‘on track’ with bailout targets, and its approval signals a vote of confidence economic recovery in Greece.
“The mission’s view is that debt sustainability remains on track,” the Troika statement said.
The recapitalization effort, according to the Troika, is ‘nearing completion’ with a lion’s share of the €50 billion bailout aid already distributed to Greek banks.
The bailout talks, which have been ongoing since March, “have wrapped up, we have… Continue reading
German ‘anti-euro’ political party calls for ‘orderly dissolution’
A new political party has been formed in Germany with the sole aim to get the country out of the Euro amid the rising economic burden that Germans share to keep the currency afloat in wake of the ongoing financial crisis in the bloc.
Some 1500 delegates from the Alternative for Germany Party (AfD) met in Berlin on Sunday to officially launch the organization, openly calling for “orderly dissolution of the euro.” AfD also asks for the return of some sovereignty from the EU to the member states, as well as the introduction of Swiss-style referendums at the federal level.
“The euro is dead. What we do right now is we put it under special surgery, we give it infusions. But actually it is already dead, but our politicians haven’t recognized that yet ,” AfD member Paul Hampel told RT.
The party – created by economists… Continue reading
Serbia mourns 13 killed in shooting rampage
Serbia mourns 13 killed in shooting rampage
http://www.aljazeera.com/news/europe/2013/04/2013410203625485134.html
Serbia holds national day of mourning as police search for possible motives in Balkan nation’s worst peacetime massacre.
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Serbia mourns 13 killed in shooting rampage
Serbia mourns 13 killed in shooting rampage
http://www.aljazeera.com/news/europe/2013/04/2013410203625485134.html
Serbia holds national day of mourning as police search for possible motives in Balkan nation’s worst peacetime massacre.
Sent by gReader
