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  • Editor’s Picks / 50 minutes ago

    Greek shipping less help to Greece than GDP shows

    "A Reuters analysis of corporate filings and economic data suggests shipping's heroic role in Greece's economy is largely a myth," writes Reuters correspondent Tom Bergin. According to official statistics, shipping generates around 4% of Greece GDP. But Reuters analysis shows that so little of the Greek shipping industry's income ever lands in the country that its GDP contribution is perhaps only around a quarter of what the official data show. "Shipowners have resisted any effort to ditch the tax breaks they enjoy, and no government has dared touch them," Bergin writes. Greek shipowners include in their statistics billions of dollars which never enter the Greek economy. If Greece counted only payments to Greek companies and individuals - as other countries do - the deep-sea shipping industry's contribution would be equal to around 1 percent of GDP, Bergin says. For Greece, the cost of the tax breaks to shipowners runs into hundreds of millions of euros, he adds.
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  • Article / 1 hour ago

    Thankful for market respite on Thanksgiving

    Director / Accumen Management
    United Kingdom
    Thankful for market respite on Thanksgiving
    Forex markets have gone quiet thanks to the Thanksgiving holiday in the US, which brings some welcome respite. The Australian dollar took a hit overnight from much weaker-than-expected capital expenditure figures. And our tight position on Cable has proved beneficial over the past 24 hours.
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  • 2h
    Mads Koefoed Mads Koefoed
    "Instead, I prefer to point out and hold accountable any trade group that makes misleading forecasts based on questionable methodologies on behalf of their members to promote...
    Michael S. McKenna Michael S. McKenna
    Risholtz appears to have formed something of an identity around his criticism of NRF figures, and as such I agree that his article this year was strangely...
  • Editor’s Picks / 4 hours ago

    ECB failure spoils 'short of a lifetime'

    The ECB quantitative easing programme's failure to lift inflation back onto the right path has kept European bonds strong, spoiling what US investor Bill Gross called the short trading opportunity of a lifetime, says Bloomberg View columnist Mark Gilbert. Betting on a drop in the value of German government debt initially produced good returns, as the 10-year bund fell as much as 7.4% in the weeks after Gross's remarks in April. But the bund has since rallied off lows and is now down only 2.3% from when Gross first recommended the transaction, Gilbert says. "The initial success of Gross's trading suggestion reflected market expectations that the European Central Bank's QE programme would be a success," Gilbert writes. But instead of lifting inflation towards target, the ECB's €60-billion-per-month bond buying has left Eurozone inflation near zero, and $2 trillion of euro-denominated debt offers negative yields, which means investors are willing to pay to keep their money in safety.
    Read article on Bloomberg
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  • Article / 5 hours ago

    From the Floor: Turkish lira woes reveal tensions

    Saxo Bank
    From the Floor: Turkish lira woes reveal tensions
    Asian markets were mixed and mildly positive overnight, but nervousness over the standoff between Russia and Turkey after the downing this week of a Russian aircraft was reflected in a sharp drop in the Turkish lira after Turkey's government released documents which omitted the word "independent" from a description of the central bank.
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  • Calendar event / 7 hours ago

    SE Foreign trade

    Low Trade Balance-NSA (SEK)
    Low Net Exports-NSA (SEK)
    Low Net Imports-NSA (SEK)
  • 5h
    Martin O'Rourke Martin O'Rourke
    EURUSD is firmly entrenched towards the lower end of a 1.0605-15 range this morning. Graph courtesy of SaxoTraderGO
    Charles Asmar Charles Asmar
    Hi Martin, Do you have any suggestion for EURGBP? Short...
  • Calendar event / 7 hours ago

    ES Final GDP

    Med GDP, Q/Q%
    Med GDP, Y/Y%