Greece awaits ECB decision on emergency aid
Athens scrambles to pay wages and pensions after becoming the first EU country to default on its debts.
Greece is waiting to hear whether it will be granted emergency aid from the European Central Bank, as it scrambles to pay wages and pensions without the financial lifeline of an EU bailout.
The country is insolvent and almost bankrupt after five years of €240bn (£170bn) in European bailouts dried up at the stroke of midnight and it became the first EU member to default on its creditors.
China calls for Greek debt talks to continue
China's Foreign Ministry on Wednesday called for talks between Greece and its creditors to continue, after the country defaulted on a loan with the International Monetary Fund.
The IMF said that Greece had not made its scheduled 1.6 billion euro ($1.8 billion) loan repayment to the fund. As a result, IMF Managing Director Christine Lagarde will report to the global lender's board that Greece is "in arrears," the official euphemism for default.
Chinese Foreign Ministry spokeswoman Hua Chunying said that China wanted to see a united European Union and a strong euro.
Conservatives and business groups have bitterly opposed the idea, warning that it will cost jobs. The National Retail Federation, a trade group, has argued that expanded overtime will “add to employers’ costs, undermine customer service, hinder productivity, generate more litigation opportunities for trial lawyers and ultimately harm job creation.”
China's Foreign Ministry on Wednesday called for talks between Greece and its creditors to continue, after the country defaulted on a loan with the International Monetary Fund.
The IMF said that Greece had not made its scheduled 1.6 billion euro ($1.8 billion) loan repayment to the fund. As a result, IMF Managing Director Christine Lagarde will report to the global lender's board that Greece is "in arrears," the official euphemism for default.
Chinese Foreign Ministry spokeswoman Hua Chunying said that China wanted to see a united European Union and a strong euro.
Conservatives and business groups have bitterly opposed the idea, warning that it will cost jobs. The National Retail Federation, a trade group, has argued that expanded overtime will “add to employers’ costs, undermine customer service, hinder productivity, generate more litigation opportunities for trial lawyers and ultimately harm job creation.”
Indian coal giant Adani has halted engineering work related to Australia’s largest proposed mine, say industry sources, raising speculation that the company is set to abandon the contentious project.
Adani last week advised four major engineering contractors to stop work on projects around the Carmichael mine in Queensland including a joint venture rail line and the expansion of Abbot Point port, Guardian Australia has been told.
Industry sources said the move to suspend preparatory work by WorleyParsons and Aecon, Aurecon and SMEC at this stage of a project was unheard of and made no sense as a savings measure even amid delays.
This new report reveals that if all of the Galilee Basin coal was burned, an estimated 705 million tonnes of CO2 would be released each year – more than 1.3 times Australia's current annual emissions.
Indian coal giant Adani has halted engineering work related to Australia’s largest proposed mine, say industry sources, raising speculation that the company is set to abandon the contentious project.
Adani last week advised four major engineering contractors to stop work on projects around the Carmichael mine in Queensland including a joint venture rail line and the expansion of Abbot Point port, Guardian Australia has been told.
Industry sources said the move to suspend preparatory work by WorleyParsons and Aecon, Aurecon and SMEC at this stage of a project was unheard of and made no sense as a savings measure even amid delays.
China and Japan show hints of healing, rest of Asia still struggling
Growth in China's services sector picked up in June while big Japanese companies planned to ramp up spending at the fastest pace in a decade, offering hope that prospects are improving for Asia's largest economies despite sluggish factory growth.
Wednesday's data fueled expectations that the wobbly global economy may start leveling out in the second half of the year, but the outlook remains murky, with fears that Greece's debt crisis could splinter the euro zone and worries about whether China can avoid a stock market crash keeping investors on edge.
Activity in China's factory sector expanded slightly in June though not as much as expected, official surveys showed, suggesting the economy may be starting to slowly level out after a raft of support measures including interest rate cuts and more infrastructure spending.
Swindle Alert: How To Spot The Fed’s
Impending Bailout Of Europe
The Greek crisis is dominating headlines this week, and promises to be the most important economic and financial topic of conversation through the weekend and into Monday. Neither the Greek government nor the European Central Bank (ECB) seem to be prepared to give an inch, and there’s every indication that things could come to head next week. If Greece does default, and if there is a resulting crisis in European markets, will the Federal Reserve get involved? To quote Sarah Palin, “You betcha!” How would the Fed do this? Read on to find out.
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