Issue link: https://maltatoday.uberflip.com/i/430850
maltatoday, WEDNESDAY, 10 DECEMBER 2014 12 Business Today European equities suffer after Greek share slump European shares fell to a two-week low on Tuesday, led down by a slump in Greek stocks after an un- expected decision to bring forward the country's presidential election in which the anti-bailout Syriza party is well placed to do well. The FTSEurofirst 300 index of top European shares was down 2 percent at 1,367.45 points by 1435 GMT, hitting its lowest since late November and set for its biggest fall since mid-October. Greek stocks sank 11.3 percent, set for their biggest single-session fall since November 1987, the Athens Stock Exchange said. The government said on Monday it would bring forward a presidential vote by two months in a political gamble that heightened uncertainty over the country's transition out of its bailout. Greek banks fell sharply, with National Bank of Greece down 17.6 percent and Alpha Bank dropping 12.8 percent. Other countries on the periphery of the euro zone also saw stocks fall, with Spain's IBEX and Italy's FTSE MIB down 2.7 percent and 2.5 percent respectively. "Compared to the height of the euro zone crisis, the political uncertainty is being limited to Athens at the moment, but that could change if the left-wing party win later in the month," Brenda Kelly, chief market strategist at IG, said, referring to Syriza. The party, which has vowed to end cooperation with lenders and reverse austerity measures, is leading in opinion polls. Across Europe, Britain's FTSE 100 fell 1.8 percent, Germany's DAX was down 1.8 percent and France's CAC dropped 2.1 percent. The STOXX Europe 600 Oil and Gas index dropped 2.4 percent after Brent oil slipped to a five-year low below $66 on prospects of a swelling supply glut, a trend that has short- term benefits but could also feed into concerns of deflation. India and Russia to form energy partnership India and Russia will strike an en- ergy partnership when Prime Min- ister Narendra Modi hosts Presi- dent Vladimir Putin on Thursday to prepare the way for two Siberian oil deals and chart a route for a first pipeline between the two countries. But a joint 'vision' document is likely to lack hard details, with terms still being thrashed out for ONGC Videsh to acquire an interest in Rosneft's Vankor and Yurubcheno- Tokhomskoye oilfields, officials and industry sources on both sides say. There are doubts over the viability of proposed oil and gas pipeline routes that would either cross conflict-ridden Afghanistan and Pakistan - India's arch enemy - or mountainous tracts of inner China. Russia, isolated by the West over its annexation of Crimea and backing of an armed uprising in eastern Ukraine, has a friendship with India that dates back to the Soviet era. "In the present circumstances, when Europe is trying to isolate Russia, Putin wants to show that he has friends in the world," said Gulshan Sachdeva, head of the Centre for European Studies at Jawaharlal Nehru University in New Delhi. "Modi and Putin are similar leaders. They like to announce big schemes," Sachdeva added. "It might make sense to do so - whether or not they come to fruition is another matter." New Delhi explicitly rules out joining Western sanctions against Russia although Modi has struck up an increasingly warm friendship with President Barack Obama since winning power in May, and will host the U.S. leader in January. Putin has been a regular visitor to India since becoming president in 2000 but the trip will be a one-day affair. A proposal for him to address parliament was quietly dropped. Russo-Indian trade, at $10 billion, is only one-ninth of the volume between Russia and China. SmartCity Malta supports trade promotion in Dubai SmartCity Malta and Malta Enter- prise would like to invite companies within the knowledge industry to a Trade Mission in Dubai from 22 to 26 February, 2015. Companies operating within the knowledge industry, such as software, specialised education, services and technology, as well as health and construction industries, AV productions and related technologies are encouraged to attend the event early next year. The Trade Mission will comprise of one-to-one meetings based on the participants' requirements with potential business partners in Dubai, including those within the business parks managed by TECOM in Dubai. TECOM has seen astounding success through its 11 business parks across 5 sectors in Dubai. These business parks in the Middle East currently attract 50,000 knowledge workers every day. During the mission, the Maltese attendees will have the opportunity to initiate leads with potential collaborators, while gaining a better understanding of the business culture and competitive environment of the UAE market, as well as to consolidate and follow up existing contacts. While direct financial assistance is not available for this mission, Malta Enterprise will strive to attain good quality meetings for participants, with the assistance of SmartCity Malta. The trade mission will be restricted to a maximum of 8 companies on a first come, first served basis, for companies which qualify within the scope of the mission. An expression of interest should reach Malta Enterprise by the 10 December 2014. For further details, kindly contact the Export Support and Clusters Unit on 25423294 or by email on exportsupport@maltaenterprise. com. www.gourmettoday.recipes