618.01 nautical miles at a 25.75 knots (47.7 km/h) average…just broke the world sailing 24-hour distance record

618.01 nautical miles at a 25.75 knots (47.7 km/h) average…just broke the world sailing 24-hour distance record

This 70-year-old Silicon Valley billionaire just broke the world sailing speed record

That’ s a real human – nature – tecno show …. what else to be engaged in a challenge and to get the achievement

Between 0530 UTC Friday and 0530 Saturday, Comanche, with 20 crew aboard, covered 618.01 nautical miles at a 25.75 knots (47.7 km/h) average, beating the previous 596.6nm record set in 2009.

The boat was about 1300 miles from Newport, Rhode Island in the North Atlantic when a low pressure brought winds of around 25 knots on a reasonably flat sea to push the boat along at high speed.

As skipper Ken Read explained, Comanche was built with the ability to sail it using just human power, which allows it to qualify for record attempts. So Read set the boat to manual power configuration and nailed the record.

http://www.businessinsider.com/billionaire-jim-clarke-just-broke-the-world-sailing-speed-record-2015-7

GettyImages 460832774

Even a bailout deal can’t help Greek Banks

Even a bailout deal can’t help Greek Banks

Greece finally has a deal. But the country’s banks may not be feeling relieved this morning.
Over the weekend, Greek Economy Minister George Stathakis said that though he believes banks could open in just a week, capital controls will be in place for months to come.
A note from Barclays Monday morning outlines just what a dreadful shape Greece’s banks are in right now. Take a look at those massive deposit outflows:
Barclays greek banks

In just a couple of months of the current crisis, the system reversed more than two years of progress in terms of getting deposits back into banks. Deposits are now officially barely half of what they were in 2009, before the euro crisis began.
The damage done to the Greek economy over recent years means there are a lot of non-performing loans out there. In fact, at Greece’s four big banks, an average of 41% of loans are non-performing, meaning payments are overdue by more than 90 days.
Greek banks non performing loans

The deal does mean that banks will be recapitalised, which should give the financial system a much-needed boost. But there’s a catch. Here’s the relevant section from the bailout agreement Greece agreed to this morning:
Valuable Greek assets will be transferred to an independent fund that will monetize the assets through privatisations and other means. The monetization of the assets will be one source to make the scheduled repayment of the new loan of ESM and generate over the life of the new loan a targeted total of EUR 50bn of which EUR 25bn will be used for the repayment of recapitalization of banks and other assets and 50 % of every remaining euro (i.e. 50% of EUR 25bn) will be used for decreasing the debt to GDP ratio and the remaining 50 % will be used for investments.
In short, Greece’s bank recapitalisation is now tied to its ability to privatise a huge amount of state assets. At the last estimate, the European Commission suggested that Greece had raised about €2.6 billion ($2.88 billion, £1.85 billion) from 2010 to the end of 2013, and expected a further €1.5 billion ($1.66 billion, £1.07 billion) to be raised in 2014.
So the €50 billion ($55.42 billion, £35.55 billion) is colossal in comparison to what’s been raised so far — and may be unachievable. If so, the funds to pay back the bailout for Greece’s banking nightmare would have to be found somewhere else.

http://www.businessinsider.com/a-greek-bailout-deal-cant-help-greek-banks-2015-7

What’s next for Greece after the ‘aGreekment’…alternative ways out? ESM negotiations cannot begin without many parliaments OK

What’s next for Greece after the ‘aGreekment’…alternative ways out? ESM negotiations cannot begin without many parliaments OK

There will be no eurozone exit for Greece after eurozone leaders Monday morning agreed on a third bailout deal for the country in exchange for strict reform measures.

Speaking after a marathon weekend summit, President of the European Council Donald Tusk said the leaders had reached an agreement in principle to start negotiations on financial aid through the eurozone’s bailout fund, the European Stability Mechanism, or the ESM.

“Today we had only one objective — to reach an agreement. After 17 hours of negotiations we have finally reached it. Someone can say we have an ‘aGreekment,’” he said.

“The decision gives Greece the chance to get back on the track for support from European partners. It also avoids the social, economical and political consequences that a negative outcome would have brought,” he added.

The deal will now have to be approved by national parliaments, including the Greek parliament, before the formal ESM negotiations can begin. The formal decision is expected by the end of the week.

To help Greece meet its short-term financing needs, eurozone finance ministers will discuss so-called bridge financing, Tusk said.

Eurogroup head Jeroen Dijsselbloem also touched on the issue of Greece’s future financing needs, saying a fund will be set up to tackle the debt and recapitalization of the country’s banks. The total size of the fund would be around 50 billion euros ($55.32 billion) and be made up of state-owned assets slated to be privatized or wound down in coming years, according to The Wall Street Journal.

“Once approximately €25 billion needed to recapitalize the banks have been used, 50% of the remaining funds will be used to bring down debt even more, and 50% can be invested in Greece by the Greek government,” he said. “This is one of the key elements on both debt sustainability and to let growth return to Greece.”

Greek Prime Minister Alexis Tsipras defended the deal after the all-night meeting, saying it allows his country to stand on its own feet again.

http://www.marketwatch.com/story/grexit-avoided-after-agreekment-is-sealed-say-eurozone-leaders-2015-07-13

Accordo per la Grecia

Pare che l’accordo ci sia, i dettagli e l’implementazione saranno molto importanti da capire e monitorare.

Ciò che conta invece è che VI HANNO DATO ANCORA UN PO’ DI TEMPO…..ora è il tempo dell’azione, la vostra.

MALTA è piena di soluzioni per il patrimonio, il business, gli investimenti, l’immobiliare…Maltaway è la via di accesso a MALTA

A Malta la qualità della vita e i continui flussi di capitale e di cervelli, pieni di energia, idee e soluzioni, collocano questo paese a competere e vincere con il NORD EUROPA e nel mondo…..la prova che la latitudine non conta

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The eurozone summit on Greece’s debt crisis has delivered a bailout deal, European officials said Monday. “EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support,” Donald Tusk, the President of the European Council, said in a post to Twitter on Monday. Discussions between eurozone leaders on the reforms needed from Greece to unlock more aid funding began Sunday and continued for more than 15 hours before breaking. No details on the third bailout deal have been released, with Athens earlier resisting a German demand that it move 50 billion euros ($559 billion) in assets outside Greece as collateral, and with Greece pushing to exclude the International Monetary Fund from involvement in any bailout, media reports said. The agreement eases the risk that Greece will be forced to leave the euro in a “Grexit”.

S&P: Malta’s exposure to Greece ‘limited’, Economic growth outlook positive

S&P: Malta’s exposure to Greece ‘limited’, Economic growth outlook positive, debt/GDP 55%, real GDP +3,5%

Maltaway is your gateway to access Malta’s stability,banking system, growth and competitiveness….why the gap…

Standard and Poor’s rate Malta’s economic growth outlook ‘positive’, revised upwards from ‘stable’ • Events in Greece unlikely to have a material bearing on Malta’s credit profile

Malta’s economic growth prospects remain strong relative to its EU and ‘BBB’ rating category peers, credit rating agency Standard and Poor’s said last night.

Malta’s budgetary consolidation is expected to continue, leading net general government debt to decline to 55% of GDP in 2018, from 59% in 2014.

S&P is also of the opinion that the ongoing financial crisis in Greece will not have a material bearing on Malta’s credit profile.

“The positive outlook reflects a one-in-three likelihood of an upgrade within the next 24 months if medium-term economic growth prospects are maintained and fiscal consolidation continues, while no bank- or nonfinancial public enterprise-related contingent liabilities or external risks materialize.”

Malta’s real (not nominal) GDP grew by 3.5% in 2014. This is projected to expand by close to 3% annually on average in 2015-2018.

“We believe Malta’s economy will continue to outpace the eurozone as a whole, notably because of investments in the energy sector,” S&P said referring to the interconnector and the Delimara LNG project.

Beyond 2016, further diversification of the economy–particularly into information and communication technology and medical tourism–could boost investment. Domestic demand is expected to be backed by stronger private consumption, resulting from government-mandated cuts to utility tariffs that have reduced electricity prices by 25%.

Lastly, consumption trends are being supported by rising real wages and, more importantly, broader female participation in the labor market.

“On the external side, we view Malta as an open, services-oriented economy. We expect the tourism sector will continue to perform well on the back of a favorable euro/pounds sterling exchange rate, the increased perception of terrorism-related risks in some other Southern Mediterranean countries, and the current turmoil in Greece.”

Malta’s exposure to Greece ‘limited’

“We do not believe events in Greece will have a material bearing on Malta’s credit profile. Like all eurozone members, Malta is exposed through common monetary, fiscal, and development institutions such as the European Central Bank, the European Financial Stability Facility, and the European Investment Bank.

“Apart from contingent liabilities associated with those institutions, Malta’s exposure to Greece is limited. Malta’s trade with Greece is small and direct financial links are few. We assess the external debt of Malta’s domestic banks as sufficiently contained such that Malta would cope with a permanent real increase in external funding costs spilling over to eurozone markets from Greece.”

Financial services

The low corporate tax rate has attracted significant foreign investment into Malta’s banking, insurance, and gaming industries, implying that the economy would be sensitive to potential pressure for a eurozone-wide standardization of corporate tax regimes.

“We expect that Malta will run a small current account surplus over our 2015-2018 forecast horizon, and remain in a narrow net external asset position of about 16% of current account receipts (CARs) on average during 2015-2018.

Offshore banks dominate Malta’s international investment position and it is understood that foreign banks use Malta as a booking center for their own financing needs.

Economic growth

S&P believes that Malta’s favorable economic growth prospects support further

budgetary consolidation. It forecasts general government consolidation to progress gradually through 2018, primarily owing to increased tax receipts from strengthening domestic demand and the expected decline in current expenditure from 2016 onward.

Net general government debt is expected to decrease to 55% of GDP by 2018, from 59% in 2014. General government gross debt forecasted to be 68% of GDP in 2015, excluding the guarantees related to the European Financial Stability.

General government interest payments forecasted tol average 7.1% of general government revenues per year over 2015-2018.

Enemalta

Malta’s contingent fiscal liabilities stemming from NFPEs derive mostly from

Enemalta’s government guaranteed debt (9.7% of GDP as of end-March 2015). Enemalta will likely not generate profits until 2017.

“We note that the current drop in international oil prices is helping Enemalta’s expected return on investments. Nevertheless, other state-owned enterprises also represent fiscal risks, as exemplified by this year’s government financial support to Air Malta, estimated at 0.5% of GDP.”

Government guarantees of NFPE debt totaled 16% of GDP at year-end 2014.

Reforms needed to avoid straining public finances

S&P reports that without further reforms in the pension and health care systems, public finances will become strained in the medium term.

“Under our criteria, we see contingent fiscal risks to public finances coming from the banking sector. Malta’s domestic banking sector operates alongside a large offshore sector which, we believe, the government would not support in case of financial distress.

“However, dislocations in their funding could affect the island’s reputation as a financial center.”

Assets of the total banking sector are nearly 7xGDP while assets of core domestic banks amounted to about 2x GDP. Domestic systemically important banks include 25% state-owned Bank of Valleta (total assets €7.7 billion or about 8% of GDP) and HSBC Malta Bank (total assets €5.15 billion).

To this list, S&P would add fast-growing Mediterranean Bank (total assets €2.2 billion), which the agency expects to join the other two under ECB supervision soon.

Euro area membership

Membership in the eurozone anchors Malta’s monetary policy and provides its banks access to funding at low nominal interest rates. Nevertheless, S&P believes that membership in a monetary union increases the onus on member governments to support competitiveness through fluid labor, product, and services markets, and to build up fiscal buffers against future shocks.

This is more the case now than a year ago, given that the ECB is undershooting its medium-term price stability target of close to, but lower than, 2% for the eurozone as a whole.

“We note that nominal unit labor costs have been increasing at one of the fastest rates in the euro area, posing risks for competitiveness when many euro area neighbors are undertaking structural reforms and internal devaluations.”

http://www.maltatoday.com.mt/news/national/54999/maltas_exposure_to_greece_limited__economic_growth_outlook_positive_says_sp#.VaJCQfntmko

TOURIST ARRIVALS UP 5.6% IN MALTA IN FIRST FOUR MONTHS OF 2015

TOURIST ARRIVALS UP 5.6% IN MALTA IN FIRST FOUR MONTHS OF 2015

The number of tourists visiting Malta in the first four months of the year has risen by 5.6 per cent, according to new figures.

Maltaway viaggi is your on line travel to Malta and everywhere in the world, for vacation or business your personal traveller with web prices

In a statement, the Malta Tourism Authority said Malta was outperforming most of Europe as tourist arrivals continue to grow as a faster rate.

According to the the World Tourism Organisation, international tourism demand continued to be ‘robust’.

Prospects for the May-August period remained upbeat, with close to 500 million tourists expected to travel abroad during these four months.

The MTA said it shared this optimism as inbound tourism to Malta was expected to continue to grow in summer.

A spokesman for the Malta Tourism Authority said: ‘From the Maltese perspective, it is satisfying and encouraging to note that Malta’s tourism performance during the first four months of the year shows that inbound visitors to Malta increased by an impressive 5.6 per cent.

‘This implies that Malta’s performance continues, yet again, to exceed the growth rates for both the entire World and Europe: proof that Malta is sustaining its trend of outperforming overall growth rates at global, continental and regional levels’.

http://www.bay.com.mt/index.php/top-stories/392-tourist-arrivals-up-5-6-in-malta-in-first-four-months-of-2015.html