Reuters also reported that the firm is preparing a 3-billion-euro ($4.1 billion) capital increase , citing people familiar with the matter. On a more upbeat note, shares of Electricite de France SA /quotes/zigman/396068 FR:EDF +2.20% climbed 2.2% as the utility firm closed in on sealing a 14-billion-pound ($22.4 billion) deal to build and operate nuclear reactors in the U.K. Heavyweight Vodafone gained 0.8% after the telecom firm said it completed the takeover of Kabel Deutschland Holding AG /quotes/zigman/590596 DE:KD8 +0.30% . U.S. deadlock More broadly, the losses in Europe came 14 days into the U.S. government shutdown and three days before the country is expected to reach its borrowing limit, unless lawmakers break a stalemate and raise the nations debt ceiling. On Sunday, Senate Republicans and Democrats leaders continued attempts to find a way to break the fiscal impasse between the Republican-led House and President Barack Obama. Read: Fed shutdown and your retirement: Remain calm Treasury Secretary Jack Lew has warned the U.S. will run out of borrowing authority on Oct. 17 unless Congress agrees to raise the debt ceiling. A failure to increase the limit could lead to a technical default, which some fear will drag the economy back into recession . U.S.
Europe’s Strategic Future: Implications of the Eurozone Crisis
These principles are both laudable and well-meaning, but when looked at from the cold-hearted perspective of economic growth, they generate problems. As demonstrated by the travails of the eurozone economies since 2008, the efforts to maintain the socio-economic arrangements prevalent in European economies have led to sluggish growth, unemployment, and even measures that run counter to the implicit and explicit guarantees that states have made to their populations, as was the case in Cyprus in 2013, for example. Of particular significance for European and, ultimately, global economic security, is the fact that the political nature of the European project often does not favor straightforward economic solutions or unified policy decisions. Indeed, the political aspects appear to have increasingly trumped the economic ones. The measures proposed to date and likely to be put forward in the future persist in addressing the liquidity of member-states, while the actual underlying problem, exposed initially during the global financial crisis was, and remains, solvency. In addition, the proposed approaches of more Europe tighter European integrationare clashing with the visions of the populations of a number of member-states that seek to have their own economicand even foreignpolicy, independent of Brussels, Berlin, or Paris. Instead, there is a need to address the fundamentals and rediscover the wellspring of economic growth, even in stronger economies, as well as of seeking new forms of leverage that would make Union-wide policies acceptable for all member-states. It is imperative to resolve from where growth will come, and how the economies within the Union are to achieve a level of competitiveness and improve productivity. In essence, the future power of Europe and the future of the European project itself may be considered to be down to the future of Germany. Today, Berlin bemoans the lack of fiscal discipline of southern Europe, knowing full well that Germany itself was a major source of financing the perceived excesses of those same economies. The government and the business elites recognize the need for continued financing of what are ultimately customers for German goods. On the other hand, the increasing unhappiness of the German population about bailing out the rest of Europe is imposing restrictions on how much the German government can be seen to help others. In addressing the problems of Europe, the government of Angela Merkel is challenged by the convergence of contradictory political considerations that curtail its ability to react to the crisis.
McCann Eastern Europe Named ‘Agency Network of the Year’
Markets closed McCann Eastern Europe Named ‘Agency Network of the Year’ RECOGNITION FOLLOWS ASIA PACIFIC ‘NETWORK OF THE YEAR’ AND NEW YORK’S ‘AGENCY OF THE YEAR’ HONORS Press Release: McCann Worldgroup 9 hours ago 16.93 0.0000 PORTOROZ, Slovenia, Oct. 14, 2013 /PRNewswire/ –McCann Worldgroup was recognized as “Agency Network of the Year” at the Golden Drum’s 20th Annual Awards.The Golden Drum Awards competition is Central and Eastern Europe’s most prestigious advertising awards festival, and recognises the best work globally of the year in print and broadcast advertising, digital, public relations, mobile and integrated work. “This is an outstanding moment for our region and all of our agencies in Central and Eastern Europe,” said Gustavo Martinez, President of McCann Worldgroup, Europe and Asia Pacific, and Member of the Office of the Chairman. “The team has done a superb job helping not only to contribute to the success of our clients, but in helping to solidify our reputation as one of the best agencies in the region.” “It’s an incredible honor and one of the most satisfying moments in my career. This is a wonderful affirmation of what happens when you build positive camaraderie and relentlessly focus on doing great work,” said Adrian Botan, VP Creative Excellence at McCann Worldgroup Central and Eastern Europe. The “Agency Network of the Year” is a special award given to the agency with the most cumulative winning points per entry. McCann Erickson received two Grand Prix, five Golds and 11 Silvers. The Grand Prix were awarded to McCann Bucharest for Rom (“Bucharest Not Budapest”) and McCann Estonia for KredEx. “We’re proud that so many agencies from across the region contributed,” said Richard Bonner-Davies, President, Central and Eastern Europe, McCann Worldgroup.”And, the great work being recognized tonight wasn’t just done for one or two brands, but a really broad range of our clients.” In addition to the Golden Drum honors, McCann Worldgroup’s global awards recognition in 2013 includes: The Spikes Asia Festival of Creativity in Singapore, where McCann Worldgroup was named “Network Of The Year” and McCann Melbourne was named “Agency Of The Year”; The Cannes Lions International Festival where the network was recognised with an unprecedented five Grand Prix making McCann Melbourne’s “Dumb Ways to Die” campaign for Metro Trains Australia the most awarded campaign in the history of show; “Agency Of The Year” for McCann New York at the 2013 Art Directors Club Awards; The Webby awards where McCann Worldgroup won the most awards of any network; D&AD recognition of McCann Melbourne as the most awarded agency and its campaign for Metro Train’s “Dumb Ways To Die” as the most awarded of the show; Best Of Show at the Global One Show awards; and finally, recognition from The EFFIE Awards that ranked McCann Worldgroup as the third most effective agency network in the world. McCann Worldgroup,part of Interpublic Group ( IPG ),is a leading global marketing company with 23,000 employees in more than 120 countries comprising McCann Erickson (advertising), MRM (digital marketing/relationship management), Momentum (event marketing/promotion), McCann Health (professional/dtc communications), CRAFT (global adaptation and production), UM (media management), Weber Shandwick (public relations), and FutureBrand (consulting/design). @yahoofinance on Twitter, become a fan on Facebook Related Content Chart Your most recently viewed tickers will automatically show up here if you type a ticker in the “Enter symbol/company” at the bottom of this module. You need to enable your browser cookies to view your most recent quotes. Search for share prices Terms Quotes are real-time for NASDAQ, NYSE, and NYSEAmex when available. See also delay times for other exchanges .