Unemployment in Greece spirals to 219 per cent in March as austerity

ATHENS, Greece – Greece’s unemployment shot up to 21.9 per cent in March, rising sharply from the 15.7 per cent rate in the same month last year and up from 21.4 per cent in February, the country’s statistics agency said Thursday.Greece has been struggling through a financial crisis for the past two years, and has been relying on billions of euros in international rescue loans from other eurozone countries and the International Monetary Fund since May 2010. In return, it has made deep spending cuts and imposed major tax hikes, leaving the country mired in a deep recession.The statistics agency said Thursday that unemployment was up 37.8 per cent in March compared with the same month last year. Compared with February 2012, there were 21,625 more people unemployed this March, a 2.1 per cent increase.Young people have been the most affected by the job losses, with more than half — 52.8 per cent — of those in the 15-24 age group out of work in March, compared to 42 per cent in the same month last year.Greece’s financial crisis has also triggered political turmoil. Voters furious at spending cuts that have led to reductions in pensions and salaries and ever increasing taxes punished the two main political parties, the New Democracy conservatives and socialist PASOK, in May 6 elections, turning to smaller and more radical parties on the right and left of the political spectrum.No party won an outright majority on May 6 and coalition talks collapsed after 10 days, forcing the country into new elections on June 17. New Democracy has been running head-to-head with the radical left-wing Syriza party in recent opinion polls. Syrisza has vowed to pull Greece out of its bailout commitments if elected. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by News Staff Posted Jun 7, 2012 6:11 am MDT Unemployment in Greece spirals to 21.9 per cent in March as austerity takes its toll read more

Fluor awarded FEED contract for Danakalis Colluli potash project

first_imgFluor Corporation has been awarded a front-end engineering, design and optimisation (FEED) contract by Danakali Ltd in Eritrea, East Africa for the Colluli Potash Project following a competitive tendering process initiated and completed in 2016. Fluor will book the undisclosed contract value in the first quarter of 2017.“Fluor will provide a highly qualified design and optimisation team with world-class process infrastructure credentials for this important fertiliser project,” said Rick Koumouris, President of Fluor’s Mining & Metals business. “In addition to working with Danakali to maximise project capital efficiency during the study and execution phases of this project, Fluor will bring top-notch project financing expertise and assistance to help Danakali advance this project to the next phase.”“We are delighted to be working with Fluor as we progress the Colluli project,” said Paul Donaldson, Managing Director of Danakali. “The combination of Fluor’s values, people, reputation, optimisation approach, mining and metals expertise, experience in Africa, and potash-specific experience will benefit the project significantly as it progresses towards construction.”Colluli is one of the most advanced greenfield sulfate of potash developments in the world and demonstrates outstanding economics including industry leading capital intensity, bottom quartile operating costs, close proximity to the coast and key markets, and unrivaled product diversification potential. Sulphate of potash is a high quality potash fertiliser used for farming crop development and yield maximisation around the globe.The Colluli deposit is located in the Danakil region of Eritrea, East Africa. Colluli is approximately 177 km southeast of the capital, Asmara, and 180 kilometers from the port of Massawa (230 km by road), which is Eritrea’s key import-export entry.Approval of the social and environmental impact assessment for the project was given by the Ministry of Land, Water and Environment in December 2016. The award of the Mining Agreement and Mining License for the project is well progressed. Danakali is an ASX-listed company and 50% owner of the Colluli Potash Project in Eritrea, East Africa. The company is currently developing the Colluli Project in partnership with the Eritrean National Mining Company (ENAMCO).last_img read more