Greece’s CCH Q2 profit down 11 pct, lags forecast

July 29 (Reuters) – Greece-based bottling company Coca-Cola Hellenic (CCH) (HLBr.AT) said on Thursday second-quarter net profit fell 11 percent year-on-year, due to a windfall tax imposed by the debt-laden Greek government.

CCH, the world’s second-largest bottler of Coca-Cola (KO.N) soft drinks, posted comparable net profit of 172 million euros ($223.8 million) from 193.5 million in the same period last year, versus an average forecast of 177.9 million in a Reuters poll. (Reporting by Angeliki Koutantou)

Greece, Spain bonds good for China -EU trade chief

July 22 (Reuters) – China’s purchases of bonds from Greece and Spain are a good investment and will keep their value, European Trade Commissioner Karel De Gucht said on Thursday.

The several hundreds of millions of euros bought pose no risk for China, De Gucht told reporters at a news conference. (Reporting by Farah Master; Writing by Jacqueline Wong; Editing by Edmund Klamann)

Germany and Nordics top global list for parental leave

(Reuters Life!) – Germany and the Nordic countries have topped a list of 21 high-income nations when it comes to generosity of paid parental leave, with Australia and the United States tying in last place.

Researchers associated with the U.S.-based Center for Economic and Policy Research examined the parental leave policies of 21 countries with their study published in the peer-reviewed social science Journal of European Social Policy.

They found Sweden ranked highest for gender equality in parental leave practices, while Germany and Sweden were the most generous with paid parental leave, both offering 47 weeks.

They were followed by Norway offering 44 paid weeks, Greece with 34 weeks, Finland with 32 weeks and Canada with 29 weeks.

Neither the United States nor Australia guarantee any paid parental leave and were tied for the lowest ranking in terms of overall generosity of paid leave.

“The United States (and Australia have) the least generous parental leave policies of all 21 economies compared in this study,” said researcher Janet Gornick.

“We pay a high price for our meager policy, because parental leave improves the health and well-being of children and their parents and paid leaves provide families with crucial economic support at such an important time.”

The study looked at parental leave policies according to three criteria: total time guaranteed for parental leave and whether paid or unpaid, total paid leave, and gender equality of the parental leave such as leave and pay available to fathers.

Gornick said while all 21 countries protected at least one parent’s job for a period, there were great differences across these countries on each of the three criteria.

France and Spain came highest in terms of total guaranteed leave, each giving over 300 weeks, while Switzerland and the United States ranked at the bottom, with 24 and 14 weeks respectively.

Australia and Switzerland ranked near the bottom in terms of both generosity and gender equality of parental leave.

While bottom of the paid leave table, the United States scored better on the gender equality index, coming 10th in the list.

Japan ranked near the bottom of the gender equality index at 19 but came 7th in terms of overall generosity for giving 26 weeks of paid parental leave.

(Reporting by Belinda Goldsmith, Editing by Michael Perry)

Systemair AB: Systemair acquires Poliplevro in Greece

Systemair has acquired the assets in Poliplevro SA, a Greek distributor of ventilation
products. “Poliplevro has suffered heavily from the Greek crisis and sales has dropped
rapidly in the last years. We see an opportunity to develop the sales of Systemairs
products on the Greek market with the Poliplevro business as a platform. We expect sales
of approximately SEK 10 millions the first year” says Gerald Engström, CEO of Systemair.

For further information contact:
Gerald Engström, CEO, + 46 222 44 001, + 46 70 519 00 01
Anders Ulff, Finance Director, + 46 222 44 009, +46 70 577 40 09

Systemair AB, 739 30 Skinnskatteberg, 0222-440 00, www.systemair.com

http://www.systemair.com/

Systemair in brief
Systemair is a leading ventilation company with operations in 38 countries in Europe,
North America, the Middle East, Asia, Africa and Australia. The Company had sales of SEK
3.2 billion in financial 2009/10 and currently employs about 2,200 people.
Systemair has reported an operating profit every year since 1974, when the Company was
founded. During the past 15 years, the Company’s growth rate has averaged about 15
percent.

Systemair has well-established operations in growth markets. The Group’s products are
marketed under the Systemair, Frico, VEAB and Fantech brands. Systemair shares have been
quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007.
The Group comprises about 60 companies

HUG#1427869

Press Release (PDF) http://hugin.info/138279/R/1427869/375450.pdf

Greek pension reform to be fair, viable – PM

June 25 (Reuters) – Greece’s pension reform will be fair and is needed to make the system viable, Prime Minister George Papandreou told parliament ahead of a cabinet meeting meant to agree a pension reform plan.

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“Today we want to succeed on two fronts, to have a pension system that is viable … and fair,” the Prime Minister said on Friday.

Opinion polls show a very large majority of Greeks oppose the pension reform and unions will stage a general 24-hour strike on June 29.

The cabinet meeting is meant to agree on a major overhaul of the debt-choked country’s ailing pension system and to ease labour rules to make it easier to fire staff, key requirements of a 110-billion euro EU/IMF bailout programme. (Reporting by Tatiana Fragou and Ingrid Melander)

Greece 2010 deficit reduction on target – PDMA slides

June 22 (Reuters) – Greece’s plan to reduce its budget deficit in 2010 is on target, prepared slides for the head of the country’s debt management agency (PDMA) at a bond conference in London showed on Tuesday.

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The slides for PDMA chief Petros Christodoulou showed the government had already achieved a 40 percent reduction in deficit in first five months of 2010.

This was before the full implementation of the additional measures introduced in March and May, according to the slides. (Reporting by Emelia Sithole-Matarise and Ian Chua)

Nikkei hovers near resistance, securities firms up

June 15 (Reuters) – Japan’s Nikkei average edged up 0.1 percent in thin trade on Tuesday, hovering near a key resistance level as the impact of Greece’s debt downgrade to junk status ebbed.

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Nomura Holdings (8604.T) and several other securities firms gained after a brokerage upgrade.

The benchmark Nikkei .N225 edged up 8.04 points to 9,887.89, while the broader Topix was flat at 878.83.

Seoul shares end flat;foreign buying lends support

June 15 (Reuters) – Seoul shares ended flat on Tuesday, with Moody’s downgrade of Greece’s debt weighing on sentiment but continued foreign buying and firm gains in automakers such as Hyundai Motor (005380.KS) helping the market.

Financials

The Korea Composite Stock Price Index (KOSPI) finished down 0.03 percent at 1,690.03 points.

(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)

European stock index futures signal early losses

June 15 (Reuters) – European stock index futures pointed to a lower open on Tuesday, as a downgrade of Greece’s credit rating prompts investors to cash in some of the hefty gains made over the past four sessions.

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By 0601 GMT, futures for the STOXX Europe 50 STXEc1, for Germany’s DAX FDXc1 and for France’s CAC FCEc1 were down 0.3-0.6 percent.

(Reporting by Blaise Robinson)

Bookies see Europe stocks down on Greece downgrade

June 15 (Reuters) – Financial bookmakers expect leading European benchmark indexes to fall on Tuesday as a downgrade of Greece’s credit rating prompts investors to book some profits after a brisk four-session winning run. Financial spreadbetters expect Britain’s FTSE 100 .FTSE to open 31 to 33 points lower, or as much as 0.6 percent, Germany’s DAX .GDAXI to open 26 to 30 points lower, or as much as 0.5 percent, and France’s CAC-40 .FCHI to open 13 to 16 points lower, or as much as 0.4 percent. (Reporting by Blaise Robinson; Editing by James Regan)

UPDATE 1-ECB’s Wellink: EU should have helped Greece earlier

June 11 (Reuters) – The European Union should have stepped in earlier than it did with a rescue package for Greece, European Central Bank board member Nout Wellink said on Friday.

“They should have stepped in earlier. Let me also say, they should have stepped in years ago. Greece ran a budget deficit for years,” Wellink told reporters.

“There should have been peer pressure on Greece years ago… The whole country lived beyond its means and the public sector lived beyond its means,” Wellink said.

But Wellink, who is also governor of the Dutch central bank, said it was too early to talk about further expansion of the European Union’s massive package to aid countries unable to cope with ballooning debt.

“It seems to me a little bit early to talk about further expansion,” Wellink said.

He said the most important part of the package is that “the Germans decided to really support the euro. Otherwise they wouldn’t have been prepared to take part in this huge programme”.

Current market uncertainty was reflected in increased use of the ECB’s deposit facility, but inflation expectations in the euro zone were better anchored than in the United States, he also said.

“For a fair assessment you have to consider that inflation expectations are anchored more solidly in Europe than in the U.S.,” Wellink said. (Reporting by Boris Groendahl, editing by John Stonestreet)

U.S. to play Euro teams in tune-up for basketball worlds

(Reuters) – The U.S. national team will play France at New York’s Madison Square Garden in an August tune-up for the FIBA world championships, USA Basketball announced Wednesday.

Sports

China will meet Puerto Rico in the second game of the August 15 exhibition double-header, USA Basketball said in a statement.

The games are part of a four-day New York festival ahead of the August 28-September 12 world championships in Turkey.

The Americans also will meet top teams Lithuania, Spain and Greece in tune-up games for the championships, USA Basketball said.

The Lithuanian game will be played August 21 in Madrid with Spain to face the United States the following day in the Spanish capital.

The Greece game is set for Athens on August 25.

“In order to get our team as best prepared as possible for the world championships we believe it is important to face top competition in challenging settings,” USA Basketball chairman Jerry Colangelo said.

(Reporting by Gene Cherry in Raleigh, North Carolina, editing by Justin Palmer)

Italian CDS marks record high of 250 bps – Markit

June 1 (Reuters) – The cost of protecting Italian government debt against default hit a record high on Tuesday, according to CDS monitor Markit, as investors fretted over sovereign rating risks.

The cost of potecting France debt against default also rose.

Five-year credit default swaps (CDS) on Italian government debt climbed to 250 basis points from 200.6 bps in Europe on Monday, figures from Markit showed.

It means the cost rises to 250,000 euros to protect 10 million euros worth of Italian government bonds.

French CDS rose by 7 bps to 76 bps, closing in on the UK’s 84 bps.

Peripheral issuers Greece, Portugal, Spain and Ireland also saw CDS prices rise.

“Credit and equity markets capitulating as risk aversion regains the ascendancy,” said Markit. (Reporting by George Matlock)

French CDS rises on market jitters over ratings

June 1 (Reuters) – The cost of protecting government debt against default in France as well as other peripheral euro zone countries rose on Tuesday as investors remained anxious about sovereign ratings.

Five-year credit default swaps (CDS) on French government debt rose to 74.6 basis points from 68.6 bps at the New York close on Friday, according to CDS monitor CMA DataVision. New York markets were closed on Monday.

It means the cost rises to 74,600 euros to protect 10 million euros-worth of French government bonds.

The French CDS was nearing a record high 80.6 bps set on May 6.

France’s Budget Minister Francois Baroin said on Sunday that keeping the country’s triple-A rating was “a stretch”. [ID:nLDE64T0B8]

Peripheral sovereign CDS also rose, including those of Spain and Greece. Late on Friday, Fitch Ratings downgraded Spain to double-A plus. (Reporting by George Matlock)

Factbox: Many nationalities in Gaza flotilla

The majority were Turkish.

There were also nationals from the following countries:

The United States, Britain, Australia, Greece, Canada, Malaysia, Algeria, Serbia, Belgium, Ireland, Norway, Sweden, Kuwait.

Three German parliamentarians were aboard the Turkish boat which was stormed. There were also two Palestinian Knesset members.

Swedish author Henning Mankell was also on board the flotilla.

China’s Wen: second global downturn possible

May 31 (Reuters) – Chinese Premier Wen Jiabao warned on Monday that global economic growth remained vulnerable to sovereign debt risks and the possibility of a second downturn, while saying his own country’s growth remain on track.

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“The world economy is stable and beginning to revive, but this revival is slow and there are many uncertainties and destabilising factors,” Wen told a meeting with Japanese business leaders in Tokyo.

Wen mentioned problems of countries including Greece and added: “Is this phenomenon over? Now it seems that it is not so simple.” (Reporting by Chris Buckley)

What economic crisis? Thousands of Greeks head to World Cup

Athens, May 26 (DPA) Greeks may be feeling of the pinch of the economic crisis but one area where austerity has been cast aside is on the playing field as thousands of fans will be heading to the World Cup.

More than 4,000 Greek fans have already booked their tickets to travel to South Africa and have purchased all available tickets for the final match between Argentina June 22.

Travel agencies in Athens said phones have been ringing off the hook by fans looking to secure four-day packages priced at 2,090 euros (about $2,500) and 11-day packages at 3,500 euros.

‘It may be expensive but it is worth it to see our team play,’ said Giannis Dervezoglou, who will travel to South Africa with his wife and son.

Greece will take on South Korea June 12, Nigeria June 17 and Argentina in Group B.

‘Will run naked if Argentina win Cup’

Diego Maradona has promised to run naked through the centre of Buenos Aires if Argentina win the World Cup. The Argentina coach made the promise during a radio show. The unpredictable Maradona was speaking a day after Argentina defeated Canada 5-0 on Monday in their final warm-up match before the World Cup.

“If we win the World Cup, I’ll get naked and run around the Obelisk,” he said, referring to the tall monument that marks the centre of the city and serves as its most famous landmark.

Maradona’s response came after a reporter asked him in the interview what he would do if his team returned to Argentina with their third World Cup title.

In the same interview, Maradona said he had to explain to Lionel Messi why he did not play against Canada. Messi is the reigning FIFA player of the year, but sat out the match to protect him against any possible injury. “If something would have happened to you in that match, I’d have been shot – you know where,” Maradona said he told Messi.

Argentina play in Group B, opening against Nigeria on June 12. The team also face Greece and South Korea.

No pressure, says Messi

Meanwhile, Messi has said he doesn’t feel any pressure to deliver at the World Cup.

Messi heads to the tournament in South Africa having won a string of personal honours and titles with Barcelona, largely due to his extraordinary playmaking and scoring prowess. “I don’t feel the pressure,” Messi said. “The truth is I’m arriving in good shape. I have a strong desire to do as well as I can, as do my teammates. We want to give our best for Argentina and we hope things turn out well.”

Finland finmin: Greece problems could spread

HELSINKI, May 5 (Reuters) – Finland’s finance minister said on Wednesday there was still a risk that Greece’s financial problems could spread to Spain or Portugal.

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“Our economies are so linked that a risk that problems spread from a country to another is very high,” Finance Minister Jyrki Katainen said in an interview with Finnish broadcaster MTV3.

(Reporting by Helsinki Newsroom; Editing by Michael Roddy)

Flights cancelled as Greeks strike

All flights in and out of Greece have been cancelled as workers stage their third general strike in as many months.

Tens of thousands of public sector workers are expected to protest against the government’s economic cutbacks.

Anger over the austerity measures is rising as people calculate how much money they are going to lose in order to provide the funds to enable Greece to escape bankruptcy.

Government employees are furious they are being punished for a crisis that was not their fault.

Tens of thousands of civil servants who are eligible to retire have submitted their resignations before Parliament votes in the emergency measures.

The would-be retirees want to secure the lump sum to which they are entitled, otherwise they will lose it forever.