Two historic Greek newspapers, including the country’s best-selling daily, will cease publication, the debt-ridden Lambrakis Press Group announced on Saturday. “To Vima weekly and Ta Nea daily are forced to cease their publication within days due to financial reasons,” the company said in a statement, The Guardian reported. Lambrakis Press Group (DOL) “is lacking any available resources and as a result it can’t support the printing of its newspapers and, of course, can’t ensure the unhampered operation of the other media outlets it owns,” it added.
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The Royal Bank of Scotland said on Thursday that it would set aside an additional $3.8 billion in its fourth quarter for investigations and litigation in the United States, even as rivals have reached settlements with the American authorities, the International New York Times DealBook blog reported. The bank, which is 73 percent owned by the British government after a bailout during the financial crisis, is looking to address legacy legal issues as its chief executive, Ross McEwan, aims to turn around the lender’s prospects.
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Greece hopes stronger than expected public accounts in 2016 will convince its lenders to sign off on a bailout review without demanding more austerity, government officials said on Thursday, the International New York Times reported. After meeting his euro zone counterparts in Brussels, Finance Minister Euclid Tsakalotos said that last year's primary surplus - which excludes debt servicing costs - reached 2 percent of gross domestic product, beating a target of 0.5 percent of GDP set in its bailout plan.
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A court in the Netherlands on Thursday postponed until Feb. 2 a decision on whether to enforce bankruptcy proceedings against two subsidiaries of phone carrier Oi SA, which is under creditor protection in Brazil, said two sources briefed on the matter who were not authorized to discuss it publicly, Reuters reported. The ruling was expected to be made on Thursday, according to a statement from Oi on Jan. 12. One of the sources said the reasons for the delay were unclear. The second source declined to elaborate.
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A sell-off in eurozone government bonds has left German yields at their highest level in a year, challenging investors who have long become accustomed to low inflation and weak economies keeping market interest rates at record low levels, the Financial Times reported. In France, Germany, Italy, Spain and Austria bond yields have broken through 12-month highs as investors focus on the accelerating pace of inflation, grapple with extra supply and question the longevity of the aggressive central bank stimulus that has dominated fixed-income markets.
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UK banks risk losing their privileges to do business in the European Union, unless the British government agrees to abide by financial regulation decided in Brussels even after Britain leaves the union, the head of the group of euro-area finance ministers said, the Irish Times reported. “It is unthinkable that the EU will allow UK-based financial institutions full access to do business in the internal market without a sustainable coupling of future dynamic UK standards to the EU framework,” Eurogroup chairman Jeroen Dijsselbloem said in a speech in Brussels on Tuesday.
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Greece's prime minister on Wednesday marked two years in office, promising "not another euro" of new austerity measures by his left-wing government, as talks with bailout lenders over deeper cuts remain at an impasse, the International New York Times reported. Alexis Tsipras , 42, defeated established political parties in elections on Jan. 25, 2015 on a promise to scrap existing bailout agreements and austerity measures.
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A European Central Bank executive board member has reignited debate over how quickly the bank should end its aggressive monetary stimulus, saying conditions were in place for a further rise in eurozone prices, the Financial Times reported. Sabine Lautenschläger, seen as the most hawkish member of the executive board, said she was “optimistic that we can soon turn to the question of an exit” from the loose monetary policy. “All preconditions for a stable rise in inflation exist,” she said in a speech in Hamburg.
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Reducing debt in 2017 may be the best course of action for SAP SE, The Wall Street Journal reported. The German software maker is not under much pressure to repurchase shares and make acquisitions, analysts say. Finance chief Luka Mucic told analysts on a conference call Tuesday that share repurchases are an option in the second half of the year, depending on the company’s cash position. Free cash flow increased 21% year-over-year to €3.63 billion ($3.89 billion). Net liquidity improved by almost €2.5 billion or 44% in 2016, Mr. Mucic said. Mark Moerdler, an analyst at Sanford C.
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Swiss commodities trader Glencore Plc is considering additional sugar and ethanol mills takeovers in Brazil, where it recently bought a second plant, to ramp up operations in the world's No. 1 sugar producer, three people familiar with the plan said on Tuesday. According to the first source, who asked for anonymity because the plans remain private, Glencore is seeking to add another mill to the portfolio of two it already has in order to expand its production cluster in Sao Paulo state. The person declined to elaborate on potential targets.
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