Credit Agricole SA, France’s third- largest bank by market value, posted a 67 percent decline in second-quarter profit on losses in Greece and a writedown of its stake in Intesa Sanpaolo SpA. (ISP)
http://www.businessweek.com/news/2012-08-28/credit-agricole-second-quarter-net-drops-67-percent-on-greece-intesa
If Spain is going to be saved, someone better convince Spanish citizens because Deposit flight from Spanish banks hits 15-year high as bailout rumours grow
http://globaleconomicanalysis.blogspot.ca/2012/08/capital-flight-in-spain-hits-15-year.html
Pna: EU funded training in Territories, from fashion to food
Programme of four years implemented by German agency
(ANSAmed) - BRUSSELS, AUGUST 20 - The European Union is funding a programme to improve Technical and Vocational Education and Training (TVET) in the Palestinian territory, aiming for a better match-up between training and labour market demand.
According to the Enpi website (www.enpi-info.eu), the EU and the Palestinian Authority signed five implementation agreements for TVET development projects in the following fields: car mechatronics, food production & waitering, air conditioning & refrigerating, office & home appliance, and fashion designing.
With a budget of 4 million euros, this four-year EU funded programme is being implemented by the German Agency for International Cooperation (GIZ). It aims at strengthening and scaling up TVET institutions in three pilot regions of the Governorates of Bethlehem, Nablus and Hebron, as well as encouraging partnership between local institutions for technical and vocational education and labour market (LET Councils) and the private sector. It will focus on curriculum development, training of trainers and teachers, the upgrading of equipment, and capacity building in educational administration, with the aim of making TVET institutions more effective and attractive learning places, which are relevant to labour market demand.
According to the Enpi website (www.enpi-info.eu), the EU and the Palestinian Authority signed five implementation agreements for TVET development projects in the following fields: car mechatronics, food production & waitering, air conditioning & refrigerating, office & home appliance, and fashion designing.
With a budget of 4 million euros, this four-year EU funded programme is being implemented by the German Agency for International Cooperation (GIZ). It aims at strengthening and scaling up TVET institutions in three pilot regions of the Governorates of Bethlehem, Nablus and Hebron, as well as encouraging partnership between local institutions for technical and vocational education and labour market (LET Councils) and the private sector. It will focus on curriculum development, training of trainers and teachers, the upgrading of equipment, and capacity building in educational administration, with the aim of making TVET institutions more effective and attractive learning places, which are relevant to labour market demand.
The Greek government said it is planning to launch Chinese-style “economic zones” with special tax and regulatory breaks in a desperate bid to attract foreign investment.
http://www.telegraph.co.uk/finance/financialcrisis/9504185/Greece-risks-EU-clash-with-plans-for-China-style-economic-zones.html
http://www.telegraph.co.uk/finance/financialcrisis/9504185/Greece-risks-EU-clash-with-plans-for-China-style-economic-zones.html
Spain:3 and 6-month bonds auctioned at low interest rate
Economy speeds up recession, second quarter -0.4%
(ANSAmed) - ROME, 28 AUG - The outlook looks promising for the Spanish treasury who today placed 3 and 6 month 'bonos' at 3.6 billion, above the expected target and with a significant drop in interest. 1.674 billion euro of three month bonds were sold, with a return of 0.988% compared to 2.650% at previous auction; and 1.933 billion euros of six month bonds went at 2.1% against 3.95% at previous sale. Interest on three month bonds will be reduced by 60%, and 46% on six month securities.
Spain's treasury must find 79.968 billion euro to finance outstanding debts and public deficit by the end of the year. Maturities between August and December totaled 45.968 billion euro to which half the public deficit forecast for 2012 (6.3%) is added, amounting to around 30 billion euro, as well as 4 billion euro that the government must pump into the regions.
Spain's treasury must find 79.968 billion euro to finance outstanding debts and public deficit by the end of the year. Maturities between August and December totaled 45.968 billion euro to which half the public deficit forecast for 2012 (6.3%) is added, amounting to around 30 billion euro, as well as 4 billion euro that the government must pump into the regions.
The auction coincides with the news that Spanish economy has boosted recession in the second quarter with a 0.4% fall in GDP from the previous quarter and between 1-3% over the year, according to data released today by the National Institute of Statistics (INE).
The decrease is attributed to lower household consumption. A 1-3% contraction in GDP over the year is higher than the 1% quoted by the INE late July. The INE revised the quarterly figures for 2011 and 2010 when GDP grew 0.4% as opposed to the 0.7% previously indicated, and contracted 0.3% rather than the 0.1% previously published
The decrease is attributed to lower household consumption. A 1-3% contraction in GDP over the year is higher than the 1% quoted by the INE late July. The INE revised the quarterly figures for 2011 and 2010 when GDP grew 0.4% as opposed to the 0.7% previously indicated, and contracted 0.3% rather than the 0.1% previously published
urkey: private security officers now their own "army"
About 217,000 people work in this sector
(ANSAmed) - ANKARA, AUGUST 28 - The number of Turkish private security officers has reached 217,000, greater than the combined military forces of Austria, Belgium, Portugal, Holland, Norway and the Czech Republic, Anatolia news agency reports quoting data from a sector organization. "Even though there aren't specific figures as to the size of the sector's economy, we believe that in general it ranges between 3-6 billion USD," Private Security Associations Federation President Bulent Perut told Anatolia news agency. In Turkey, 886,000 people hold private security certificates, confirming that one has received appropriate education and training in the field. Some 604,000 of these people also hold a security ID, the state authorization to work as a guard. Perut said that many security guards preferred other jobs when they are available, because of the low wages and poor level of social rights in the security sector. Currently there are 1,430 security firms in Turkey, and 737 training centers for private security officers, according to the Security Headquarters' Private Security Department's figures. Candidates receive non-armed certifications after 90 hours of training, but an armed certification requires a further 30 hours. Although sector data is not that accurate, Perut estimates the rate of private guards who are armed at between 25 and 30%. The increase in security firms and guards is closely related to urbanization, Perut said. As people tend to live in smaller families, the need for secure residences increases, he said. Some 60% of the private security guards in Turkey are employed in the three large cities. Istanbul tops the list.
The hitchhiker's guide to getting into serious trouble in Turkey :-D
Iranian spies caught in Turkish border town
Turkish authorities detain 9 individuals, one of them an Iranian national, in the eastern city of Igdir. The suspects are believed to be working for Iran's SAVAK spy agency.
It is alleged that the suspects wanted to start a popular movement (Turkish euphemism for revolt) in eastern and southeastern Turkey and had been passing information to the SAVAK on the Syrian opposition's activities. The investigation began when about a year earlier passengers travelling in a minivan registered 04 D 3759 were seen to be shooting pictures of the local gendarmerie headquarters. The police went after the minivan as it slipped outside city limits and arrested the two Iranian nationals in it. It was discovered that the Iranian suspects, named Shahram Zargham Kohei and Mohammad Reza Esmaeilpour Ali Marek, had taken pictures of many strategically located military outposts and police stations in the region.
In his first statement to the police, Kohei claimed that he was working for a company that installs lifts and had photographed the buildings for professional purposes. The police searched the house that they were staying in and found recordings of some suspicious telephone conversations. The MIT (Turkish intelligence) has determined that the suspects had been passing on to Iran sensitive information on the region in encrypted telephone conversations and had been in contact with the PKK. Kohei and Malek were arrested and charged with item 327 in the penal code: "acquisition and transfer of information pertinent to security of the state." The public prosecutor ordered everybody who had come into contact with the suspects to be put under surveillance. It was discovered that two other individuals who had come in from Iran and settled in Igdir had been regularly travelling to eastern and southeastern provinces since the Syrian events began. Intelligence units widened the net and followed the suspects at every step. Yesterday morning 6 individuals in Igdir, 1 in Agri, 1 in Van and another individual in Gebze were taken into custody in ten simultaneous raids. However, Yaghoup Ahnoukhosh who is said to have been passing information to the SAVAK, has managed to flee to Iran over the border. Searches of homes and workplaces belonging to the suspects revealed one Kalashnikov, one hunting rifle, a pile of secret correspondence with Iran and recordings of phone conversations with certain people working for the PKK. It is alleged that these nine individuals who were passing on to Iran photographs of the Syrian refugee camps, were also gathering information on the locations and strengths of military units and public buildings.
http://www.hurriyet.com.tr/gundem/21328036.asp
Iranian spies caught in Turkish border town
Turkish authorities detain 9 individuals, one of them an Iranian national, in the eastern city of Igdir. The suspects are believed to be working for Iran's SAVAK spy agency.
It is alleged that the suspects wanted to start a popular movement (Turkish euphemism for revolt) in eastern and southeastern Turkey and had been passing information to the SAVAK on the Syrian opposition's activities. The investigation began when about a year earlier passengers travelling in a minivan registered 04 D 3759 were seen to be shooting pictures of the local gendarmerie headquarters. The police went after the minivan as it slipped outside city limits and arrested the two Iranian nationals in it. It was discovered that the Iranian suspects, named Shahram Zargham Kohei and Mohammad Reza Esmaeilpour Ali Marek, had taken pictures of many strategically located military outposts and police stations in the region.
In his first statement to the police, Kohei claimed that he was working for a company that installs lifts and had photographed the buildings for professional purposes. The police searched the house that they were staying in and found recordings of some suspicious telephone conversations. The MIT (Turkish intelligence) has determined that the suspects had been passing on to Iran sensitive information on the region in encrypted telephone conversations and had been in contact with the PKK. Kohei and Malek were arrested and charged with item 327 in the penal code: "acquisition and transfer of information pertinent to security of the state." The public prosecutor ordered everybody who had come into contact with the suspects to be put under surveillance. It was discovered that two other individuals who had come in from Iran and settled in Igdir had been regularly travelling to eastern and southeastern provinces since the Syrian events began. Intelligence units widened the net and followed the suspects at every step. Yesterday morning 6 individuals in Igdir, 1 in Agri, 1 in Van and another individual in Gebze were taken into custody in ten simultaneous raids. However, Yaghoup Ahnoukhosh who is said to have been passing information to the SAVAK, has managed to flee to Iran over the border. Searches of homes and workplaces belonging to the suspects revealed one Kalashnikov, one hunting rifle, a pile of secret correspondence with Iran and recordings of phone conversations with certain people working for the PKK. It is alleged that these nine individuals who were passing on to Iran photographs of the Syrian refugee camps, were also gathering information on the locations and strengths of military units and public buildings.
http://www.hurriyet.com.tr/gundem/21328036.asp
Productivity of Germany’s wind power
Spotted this on WUWT blog just now
Just recently, German figures were released on the actual productivity of the country’s wind power over the last ten years. The figure is 16.3 percent!
Due to the inherent intermittent nature of wind, their wind power system was designed for an assumed 30% load factor in the first place. That means that they hoped to get a mere 30% of the installed capacity – versus some 85-90% for coal, natural gas, nuclear and hydroelectric facilities. That means that, when they build 3,000MW of wind power, they expect to actually get merely 900MW, because the wind does not always blow at the required speeds. But in reality, after ten years, they have discovered that they are actually getting only half of what they had optimistically, and irrationally, hoped for: a measly 16.3 percent.
Even worse, after spending billions of Euros on subsidies, Germany’s total combined solar facilities have contributed a miserly, imperceptible 0.084% of Germany’s electricity over the last 22 years. That is not even one-tenth of one percent.
Moreover, the actual cost of Germany’s wind and solar electricity is far and away higher than its cost of coal and nuclear power. So much for “free” solar and wind. So much for all the German jobs that depend on reliable access to plentiful and affordable electricity.
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