EU


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UK emerging SMEs to receive EU funds

LONDON | The UK’s Coalition government launched Tuesday a new joint enterprise capital fund that will invest at least £40 million in high-growth potential small and medium sized companies in the country. The fund is called Notion Capital and is the eleventh and largest finance support programme for SMEs in the European Union. According to the official press release, a total of £62.9m has already been committed to it from the…


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Weekend link fest

A curated selection of links we hope can enlighten us all; some come from our corner, some do from other corners of the net. And as always, our comment widgets are anxious to get your suggestions. A weird US town teaches a lesson on small business survival La Camorra never sleeps European banks and capital reserves: never enough? Arguments inside the IMF Ha. Traders protest the system is not fair US…


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“The ECB liquidity has been more stabilising than the bailout funds”

By Tania Suárez, in Madrid | Alberto Matellán, director of Strategy and Macroeconomics at Inverseguros SVB, considers that the effect of the ECB liquidity auctions will fade away and that, in the end, fundamentals will have a bigger influence. In order to stabilise the euro zone situation, is it a reasonable option the simultaneous use of the rescue funds? The bailout funds are a mechanism for ‘buying time’; so, from that viewpoint,…


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How much cheaper would they want Europe to be to make a good deal?

NEW YORK | Yields on Greek bonds are the highest ever. Spanish and Italians are pretty good also. If they pay back, it could be a very sweet deal for every savvy investor. And private assets are on sale too. In 2010, Apollo Global Management bought a portfolio of distressed property loans owned by Credit Suisse for about $1.2 billion, a roughly 50 percent discount to the face value, according…


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“Most bankers cannot see beyond the daily negative headlines about Greece”

By Begoña Castiella, in Athens |Yorgos Peristeris is CEO at the Greek construction company Gek Terna and chairman of Terna Energy, specialised in renewable energy. Peristeris smiles from his desk at the top floor of the company’s headquarters, an interesting building designed by Michael Hopkins in Athens. Gek Terna is a renowned construction company, while Terna Energy is the first Greek renewable energy company working outside Greece, although both are listed on…


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Until Spain’s new budget shows austerity muscle, Brussels must tread carefully

By Juan Pedro Marín Arrese, in Madrid | Once again Spain is riding the storm. The sharp reduction witnessed in risk premium over the last months is vanishing. A sharp budget deficit coupled with gloomy growth prospects and soaring unemployment rates are melting confidence down. Claims on a rather subdued debt position fail to impress markets. Fear that financial situation might end up in a plight is deeply ingrained. Worries…


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UK warned to lift unfair exit tax on companies moving to other EU countries

LONDON | The European Commission said Friday it had formally requested the United Kingdom to amend its legislation providing for exit taxes on companies. As it stands, the UK legislation that has risen concerns results in immediate taxation of unrealised capital gains in respect of certain assets when the seat or place of effective management of a company is transferred to another European Union or European Economic Area member State. On…


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Why Geithner wants the EU to increase their firewall

NEW YORK | There has been a lot of anxiety in the US with the European crisis, no doubt of that. The New York Times has published an enormous amount of editorials (not counting Krugman’s op-eds) complaining about Merkozy not increasing the firewall enough to contain contagion from Greece and saying that they were not putting any measures in place to tackle the lack of growth in the southern countries….


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Europe toughens powers to grab higher share in crime loot

The European Commission wants new rules for more effective and widespread confiscation of funds and other property acquired through crime. An enhanced legal framework will increase member states’ ability to confiscate assets that have been transferred to third parties, it will make it easier to seize criminal assets even when the suspect has fled and will ensure that authorities can temporarily freeze assets that risk disappearing if no action is…