BGN Entrepreneur

Greece should not up for the euro, a former head of the German central bank, which has been central to policy making in the euro zone currently are joined, said. But Ernst Welteke, the Bundesbank president from 1999-2004, was told the BBC that none of the euro-zone problems would be solved if Greece will leave.

He added that there should be more transfer of wealth from richer parts of the euro zone to be poorer parts. He said he was confident that measures were in place to secure the euro’s survival. “The euro is not in such danger as is often recorded,” said Mr. Welteke Business Daily on the BBC World Service. The euro has long [for] 10 years stable, both within and outside the European Monetary Union (EMU).

He said that, in retrospect, it was clear that Greece was not ready for the euro. We can say that Greece should not have joined the EMU, but that does not help. He said that Greece only accounts for 3% of economic output in the euro zone, “when Greece to monetary union will leave monetary union will still work. But I do not think Greece will solve no problems left. The country would devalue the new currency, which means Greece would struggle to repay their euro-denominated debt, he said. This would lead to major problems for European banks that lent the money Greece.

Amazon has reduced to better than expected profits for the world’s largest retailer, the costs and revenues released its Kindle tablet and digital products.

Amazon shares rose by almost 15% in after-hours trading in New York, said that according to the quarterly net income was $ 130m (£ 80m). The company was the introduction of new products such as lighting the fire, a tablet that competes with Apple’s iPad. It had to be nervous for some investors that the introduction of new products would be a drain on profits. According to Stifel Nicolaus analyst Jordan Rohan, Amazon, which has spent heavily on expansion, begins to get a grip on costs.

The results have “something for everyone to meet the growth and margins for investors,” he added. Amazon said that sales rose 34% to $ 13.18bn in the first three months of 2012. In a conference call, executives said they are using Amazon’s growth in sales of digital content that the Kindle and Kindle fires are designed to speed were pleased.

The rating agency Standard & Poor’s has cut Spain’s credit rating and warned of risks to come. S & P cut Spain by two notches to BBB + and warned that the country would have to more debt to support its banks. It has also put Spain on negative outlook, meaning there is a risk of further downgrades to come.

S & P forecasts the Spanish economy will shrink by 1.5% this year, having previously forecast 0.3% growth. In 2013, it expects the economy to shrink by 0.5%, having previously predicted 1% growth. S & P also gave a damning assessment of the situation in the rest of Europe, said: “From our perspective, the strategy to manage the European sovereign debt crisis continues to lack of efficacy.”

“We think credit conditions and hence the economic outlook for Spain, could worsen now more than we expected at the beginning of this year, unless offsetting euro-zone policies are implemented to support investor confidence and stabilize capital flows with the rest of the world. The Agency proposed that such measures could harmonize a pooling of resources and responsibilities between the countries of the euro area and policy, the wages of the currency bloc are.

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The oil and gas multinational–Royal Dutch Shell just unveiled a recommended cash bid of £1.12bn for the Aim-listed energy group–Cove Energy after agreeing to increase its initial valuation of Cove to 220p a share, facing the rival takeover interest from Asia.
However, according to Shell, it is said that the competing offers could still be made for Cove, whose presence in Mozambique has also attracted Thailand’s PTT Exploration and Production, as well as India’s Oil and Natural Gas Corporation and Gail India.
PTT responded via issuing a statement, indicating that the company was considering its options and would make a further announcement when appropriate.

According to Associated British Foods, it is said that the high sugar prices went on boosting the profits at the retail and food conglomerate, and would help provide the foundation for “substantial growth” in full-year earnings, even as consumer spending remains under pressure.
According to chief executive of ABF–George Weston, it is announced that the group is expecting a substantial growth in both adjusted operating profit and adjusted earnings per share for the group for the full year.
By contrast the lower prices of another commodity, cotton, has also benefited ABF as it owns value clothing chain–Primark. However, ABF still sounded a note of caution, adding that “consumer demand can be expected to remain under pressure” in the euro zone, which accounts for around 20% of its sales.

The FTSE 100 communications company–Vodafone has agreed the £1bn cash acquisition of the troubled UK telecoms group–Cable & Wireless Worldwide winning the bidding battle to take over the company. Vodafone’s bid overcame a competing approach from Tata Communications.
Following the news, shares in C&WW jumped 16.5% in early London trading, while Vodafone was little changed at 171.45p.