Europe to help finance Lithuanian LNG
No, this one comes from 12-year-old Carly O’Connell. O’Connell and three other young investors are the winners of the annual InvestWrite essay competition, and they visited New York in late June for a victory lap. The trip included a stint on the floor of the New York Stock Exchange and a stop at the New York Federal Reserve Bank to see the Fed’s gold vault. The contest — run by the financial markets educational nonprofit Sifma Foundation and sponsored by media/textbook giant McGraw Hill — is open to teams of students who play the Stock Market Game, a decades-old simulation that lets students invest an imaginary $100,000 portfolio. In a required essay, contestants discuss an investment scenario and recommend asset allocations.
Euro Finance Chiefs Said to Back $3.9 Billion Greek Aid Payment
The EIB said it was lending energy company Klaipedos Nafto more than $111 million to help finance the construction and operation of an LNG import facility in the Lithuanian port city of Klaipeda. “This investment is critical for Lithuania to diversify and secure its energy supply as well as provide backup in the event of gas supply failures,” the EIB said in a statement. Lithuania and other Eastern European countries are trying to add more diversity to an energy sector dominated by Russia. EIB Vice President Pim van Ballekom said the project would help ensure a sustained supply of natural gas for energy and increase competition in the country’s energy sector. The LNG facility will include about 10 miles of pipeline that will connect the terminal to the Lithuanian natural gas grid.
Zimbabwean Former Finance Minister Backs Tsvangirai in Election
The decision means there will be no holes in Greeces finances in the foreseeable future, Dijsselbloem said. If there is a financing gap it will be at the end of 2014, which will allow us enough time to deal with it, he said. Creditors unlocked the financing after the troika of European Commission, IMF and European Central Bank labored through the weekend to seal an accord with Samarass government on economic and deficit-reduction steps. The final go-ahead wont come until later in July, once lawmakers in countries including Germany give their assent.
He spoke at a joint press conference with Tsvangirai, leader of the Movement for Democratic Change in Harare, the capital. The alliance follows a July 5 coalition between the Zimbabwe African Peoples Union, which draws its support mainly in the western region of Matabeleland, and a separate faction of the MDC led by Welshman Ncube. Zimbabweans will vote in presidential and parliamentary elections July 31 after the Constitutional Court turned down applications, including one prompted by the Southern African Development Community , to delay the ballot. The election will bring to an end a power-sharing agreement brokered by SADC after the regional body said elections held in March and June 2008 were marred by violence.