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According to Greece’s central bank governor, it is announced that the fiscal and structural reforms of Greece had slowed but ruled out a debt restructuring as “not necessary” and “not desirable”.
According to George Provopoulos, it is said that Greece should intensify efforts to implement reforms to improve competitiveness. It is warned that the economy was set to shrink by at least 3% in 2011, on top of a 4.5% contraction in 2010. But a debt restructuring could still be avoided, provided reforms get back on track.

The French luxury goods firm–LVMH beat expectations with a 17% jump in first-quarter sales as wealthy shoppers went on to shrug off the downturn and snap up top-end brands.
LVMH is not only the owner of Tag Heuer and Dior, but also owner of the Givenchy and Celine fashion brands. All divisions of the firm reported double-digit growth except the perfumes and cosmetics business. The global luxury retailer posted sales of €5.25bn for the first three months of the year up from €4.47bn a year earlier, which is much higher than the analyst’s expectations of €4.95bn.

Reckitt–the makers of Gaviscon is now sued at the High Court for nearly £90m for overcharging the National Health Service for the heartburn treatment when a cheaper one was available. The pharmaceutical giant has already been fined £10.2m by the Office of Fair Trading after admitting breaking UK and EU competition law for its sale of Gaviscon to the NHS.
The alleged abuse centres on Reckitt Benckiser’s Gaviscon Original treatment.

Asian stores of Tesco are looking to ring up record profits of the company. However, Tesco still counts on its domestic market for more than two-thirds of its sales but there is unlikely to be any relief from dismal sales in the UK.
With over 5,000 stores in 14 countries, the supermarket chain will announce the full scale of the divide between UK and its overseas markets when it delivers its first set of full year results ever since the departure of its previous chief executive–Terry Leahy.
According to the analysts, it is expected that Leahy’s successor–Philip Clarke will report record pre-tax profits of around £3.75bn, up on last year’s £3.2bn. Given Tesco’s reliance on a difficult UK market, there is little room for positive surprise in the coming year.

The biggest consumer electronics in Europe–Philips is now offloading 70% of its loss-making TV business as its former flagship products can no longer compete with lower-cost competitors and have dragged down the company’s profit.
The agreed 30/70 joint venture with Chinese monitor maker TPV came as Philips announced a 31% fall in first quarter profits to £122m. The Dutch company can sell its minority share to TPV in six years should it wish to.

From sofas to curtain poles to posters, freecycle is a grassroots worldwide network, where people give away stuf they don’t want any more for free, rather than taking it to the municipal tip as landfill waste.
There is a valuable social element to this project in that it is not only ecologically beneficial but it matches up people who don’t want stuff with people who want stuff. However, there is a secondary benefit for those out there who are prepared to do a little work.
If you are a bit skint, it is an honourable way to make some money. The idea fits in particularly well if you are developing your eBay or car booting methods of making some extra cash.