Tag Archives: Europe

French Police Ordered to Crack Down on Uber After Strike Turns Violent

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“Yesterday’s protest made big news when it turned violent and ensnared Courtney Love, who tweeted the incident, saying her car had been ambushed and her Uber driver attacked. Like the shutting down of highways and other transportation links, violence too is a common tactic of the striking French taxi driver. For several years taxi drivers have targeted and attacked Uber drivers and their passengers. Earlier this week France 24 reported about a French man who was attacked by a cabbie after pointing out he couldn’t tell if the taxi was on-duty and noting that that was why Uber outcompeting the taxi drivers.”

http://www.cnn.com/2015/06/26/europe/france-paris-uberpop-protests/

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Shell cuts 6,500 jobs as oil price slump continues

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“Shell sees no quick end to the slump in oil prices and plans to further slash annual spending, sell off assets and bring the total number of job cuts to 6,500 by the end of 2015.  But the Anglo-Dutch group has vowed to press on with its expensive and controversial exploration programme in Arctic Alaska, saying it was a ‘long-term play’ that could not be influenced by current energy prices.  Capital expenditure will be reduced by a further $3bn (£1.9bn) meaning a fall of 20% overall across 2015 compared to last year while more than $30bn assets are to be disposed of by 2018 once its takeover of BG is complete. The company insisted its planned £47bn merger with rival BG was still a good bet.”

http://www.theguardian.com/business/2015/jul/30/shell-to-cut-6500-jobs-due-to-continuing-oil-price-slump

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Italy’s Saipem Plans 8,800 Job Cuts After Oil Price Falls

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“Saipem SpA, Italy’s biggest oil and gas contractor, will cut jobs and exit businesses as writedowns led to an unexpected loss and an earnings target reduction.  The company, controlled by Italian oil producer Eni SpA, posted a second-quarter net loss of 997 million euros ($1.1 billion), after total writedowns of assets for 929 million euros. Analysts were expecting a 39.1 million-euro profit.  ‘The further steep fall in the oil price has resulted in a major disruption, which is not likely to be reversed in the short-to-medium term,’ Chief Executive Officer Stefano Cao, who replaced Umberto Vergine in April, said in a statement.”

http://www.bloomberg.com/news/articles/2015-07-28/italy-s-saipem-plans-8-800-job-cuts-after-unexpected-loss

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Buy Greek Shippers Now and Start Earning a Double-Digit Yield

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“Investor sentiment about Greece is nearing the point of maximum pessimism… the point at which almost nobody wants to buy.  Prices of Greek stocks have already crashed headfirst into the pavement. The Athens Stock Exchange General Index is down more than 84% from its 2007 peak. We’re close to the best time to buy. As Baron Rothschild advised, the time to buy is when there’s blood in the streets.  We’re not the only ones who see tremendous value in Greece. Recently, legendary investor Warren Buffett reportedly bought the Greek island of Agios Thomas for €15 million.  For the average investor, though, we believe that the best opportunity is in Greek shipping companies.”

http://www.internationalman.com/articles/buy-now-and-start-earning-a-double-digit-yield

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Why it’s time to double down on Greek stocks

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“There are signs that some sectors have already reached competitiveness, with hotels enjoying a bumper season after slashing prices.  We’re also attracted by the bargain-basement nature of Greek stocks, which trade at a cyclically adjusted price/earnings ratio (Cape) of three, and at a hefty discount to the reported value of their net assets. Obviously, the banking sector is one downside risk. It’s possible that it could be taken over by the state, with shareholders getting little or nothing. However, banking stocks only account for around a fifth of the Greek stockmarket.  So we think it’s worth taking a punt on Greece.”

http://moneyweek.com/double-down-on-greek-stocks/

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Greek bank stocks hammered again

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“Stocks have fallen to roughly the level they were at in 1990 and, while not as low as they were in 2012, are some 52 percent down on last year’s high. Greece said it expects to conclude a bailout deal with international lenders by Aug. 18. It has been estimated by both the banks themselves and the creditors that between 10 billion and 25 billion euros ($11 billion-27.5 billion) is needed to recapitalizes Greek banks. The economy, meanwhile, has reversed course and is heading back into recession. A survey on Monday showed Greek manufacturing activity plunged to a record low as new orders plummeted and the three-week bank shutdown caused serious supply problems.”

http://www.reuters.com/article/2015/08/04/us-eurozone-greece-stockmarket-idUSKCN0Q90NU20150804

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Greek stocks plunge, banks hammered, after five-week crisis shut down

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“Greece’s stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears that the country was about to be dumped from the euro zone.  Bank shares plummeted 30 percent before loss limits kicked in to stop investors selling any more. The main Athens stock index ended down 16.2 percent, recovering slightly after plunging nearly 23 percent at the open.  It was the worst daily performance since at least 1985 when modern records began, including a 15 percent fall when Wall Street crashed in 1987.  Furniture maker Dromeas SA gained almost 29 percent after clinching a 30 million-euro deal to supply European Commission offices.”

http://www.reuters.com/article/2015/08/03/us-eurozone-greece-stockmarket-idUSKCN0Q807720150803

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Skype Co-founder Funds Blockchain Based Startup Marketplace

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“Funderbeam, an Estonian company that offers data-intelligence on startups for angel investors, has announced it will launch a blockchain based trading platform for startup-investment. By doing so, the company that is – among others – funded by Skype co-founder Jaan Tallinn sets out to create liquidity in the startup marketplace.  Using colored coins, all members of a syndicate will own a digital representation of their stake in that syndicate. These stakes are then immediately tradable on Funderbeam’s blockchain based market platform. As such, backers can for instance sell their share once they have made a decent return – or if they want to cut their losses.”

http://cointelegraph.com/news/115007/skype-co-founder-funds-blockchain-based-startup-marketplace

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Google rejects French order on global ‘right to be forgotten’

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“Google is rejecting an order by the French data privacy agency to remove search results worldwide upon request, saying European law allowing the ‘right to be forgotten’ doesn’t apply globally.  In a statement posted late Thursday, Google said bowing to CNIL’s request would force it also to agree to similar requests worldwide from any government that doesn’t agree with how the company posts content. ‘The Internet would only be as free as the world’s least free place,’ the company wrote on its Europe policy blog.  Europe’s highest court ruled in May 2014 that people have the right to control what appears when their name is searched online.”

https://www.yahoo.com/tech/s/google-rejects-french-order-world-forgotten-082428875–finance.html

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In this London pub, drink prices rise and fall like stocks

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“This may be the one market where every trader is rooting for a crash.  At the new Reserve Bar Stock Exchange in the City of London’s ‘Square Mile’ financial district, drink prices swing up and down according to supply and demand, sending thirsty City workers on a roller-coaster ride in their hunt for the best-priced bender.  With its real-time exchange screens, rapidly fluctuating prices and secondary markets, it has the feel of a trading floor, without the unnerving risk of a market tumble. The worst-case scenario — or best, if you will — occurs when drink quotes climb too rapidly, triggering a ‘market crash.’ This results in cheap booze all around.”

http://www.marketwatch.com/story/when-this-market-crashes-traders-get-trashed-2015-07-17

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