Greece Will Leave Austerity 'Humiliation' Behind

Shake Shack Shares Sizzle On Market Debut

Written By Unknown on Sabtu, 31 Januari 2015 | 14.47

By Sky News US Team

Shake Shack, a former New York City food cart which is now a gourmet burger chain challenger to McDonald's, rocketed upon its stock market debut on Friday.

Shares spiked nearly 120% to close at $45.90 on Friday, valuing the chain at $1.6bn (£1bn).

Shake Shack has hit on a winning formula with millennials by serving up hormone and antibiotic-free beef, crinkle-cut fries, shakes and beer.

Fifty-six-year-old founder Danny Meyer's 21% stake was worth about $390m based on the trendy company's opening day high.

It served burgers free of charge on Friday to the public out of food trucks on the street outside the New York Stock Exchange, where it was trading under the ticker symbol "SHAK".

The company has 63 locations in nine countries, but most of them are along the US East Coast. Others are in Las Vegas, Chicago, London and Istanbul.

It plans to use some of the cash raised from its initial public offering to open restaurants in new markets and to renovate existing stores.

The company said it expects eventually to have 450 locations.

Shake Shack started out in 2001 as a hot dog cart in Manhattan's Madison Square Park, before establishing itself as a kiosk three years later.

Its flotation comes two days after McDonald's dumped its chief executive amid its worst US sales slump in more than a decade.

Shake Shack is still a fraction the size of McDonald's, which has more than 36,000 locations around the world, including more than 14,000 in the US.

But it is one of the so-called "fast-casual" upstarts, including Five Guys and burrito-maker Chipotle, which is taking a bite out of the fast-food behemoth's market share.

Americans ordered nine billion burgers at US restaurants last year, up 3% on the year before, according to market research group NPD.

14.47 | 0 komentar | Read More

Pay Crash Hit Those In Twenties Hardest

A report examining the damage to wage levels following the financial crisis has found that people aged between 22 and 29 have been hit hardest.

The research by the Institute for Fiscal Studies (IFS) said that wage levels remained below their peak in 2008, with those in their twenties suffering a 9% fall.

Average hourly wages in 2014 were 4.7% lower in real terms than they were pre-crisis, the IFS said, with rates for men still 7.3% down.

Women were taking home 2.5% less, the think-tank reported.

It said one of the reasons for the discrepancy was that women were "significantly" more likely than men to work in the public sector, where pay has fallen by less than in the private sector.

Britain is currently enjoying record employment levels and wages are now rising faster than inflation, but it will take years to make up lost ground on salaries which endured six years of pain.

Jobs were slashed and pay levels were static or cut following the banking crisis of 2008 when lending dried up and the coalition Government later moved to cut the deficit and limit national debt growth by trimming spending.

Jonathan Cribb, an author of the report and a Research Economist at the IFS, said, "Almost all groups have seen real wages fall since the recession.

"The pay of young adults remains well below its pre-crisis level after particularly large falls between 2008 and 2011, while the average pay of those aged 60 and over has already recovered.

"Women have seen much smaller falls than men. Falls for the low-paid have been somewhat smaller than for those on higher pay, driven by trends since 2011."

14.47 | 0 komentar | Read More

US Economic Growth Slows To 2.6% Annual Rate

US economic growth slowed in the final quarter of 2014, but its performance was enviable when compared to new woes for the eurozone and Russia.

It was confirmed on Friday that the fastest pace of US consumer spending since 2006 was offset by lower business spending and a wider trade deficit in the three months to December.

The annualised measure for the period came in at 2.6% - meaning gross domestic product (GDP) rose 2.4% for 2014 as a whole - only behind that of Britain in the major industrialised economies.

Consumer spending, which accounts for more than two-thirds of US economic activity, advanced at a 4.3% pace in the fourth quarter - they key holiday season for retail.

Improved jobs and wage figures, coupled with a 43% fall in petrol prices since June, have meant that Americans have more to spend.

The strong pace of consumer spending was overshadowed by a drop in capital expenditure.

Business spending on equipment fell at a 1.9% rate - the largest contraction since the second quarter of 2009 - possibly reflecting cutbacks in the oil industry given the plunging prices.

Economists did not see a connection to world economic weaknesses denting confidence.

The growth figures were released as other economic developments highlighted pressures facing much of the rest of the world.

It emerged that negative inflation deepened in the struggling eurozone last month.

Price growth was measured at an annual rate of -0.6% amid the crash in oil values, which is actually expected to support economic activity ahead of the European Central Bank's €1.1tn quantitative easing programme starting in March.

The central bank action is aimed at halting a slide towards deflation - an entrenched period of falling prices, which tends to put consumers and businesses off making purchases in case they can secure goods and services cheaper, later.

Russia's reliance on its oil revenues - coupled with the impact of Western sanctions over Ukraine - is set to tip the country's economy into recession.

Its central bank confirmed on Friday that such was its concern about its economic outlook, it would cut its core interest rate from 17% to 15%.

It was moved to the higher rate just late last year to try and shore up the rouble, which has dived in value against the dollar, and prevent inflation soaring out of control.

14.47 | 0 komentar | Read More

Tesco Drink Recalled Over 'Disgusting Smell'

Written By Unknown on Kamis, 29 Januari 2015 | 14.47

Tesco has recalled one of its own-brand squash drinks after customers complained of a "disgusting smell" and some children were reportedly left vomiting.

Some parents have raised the possibility that it could have caused their children's upset stomachs.

The supermarket said it had withdrawn the Tesco No Added Sugar Double Concentrate Apple and Blackcurrant 750ml and 1.5-litre products.

A flavour additive was added in error to the squash, but Tesco said it posed no food safety risk.

A post on the PlayPennies website which had alerted users to the recall led to a flurry of replies from those who said they had opened the squash and noticed an unusual odour.

Others reported their children had been physically sick after drinking it.

One poster wrote: "I bought 2 bottles of this squash over a week to a fortnight ago.

"We opened one and it smelt absolutely disgusting ... the only way to describe the smell was that it had been mixed with used toilet water..."

Clairedavies85 said: "Had this other day. The smell was horrendous but drank it anyway as I thought they just changed it.

"Since then both my daughter and partner have had bad bellies."

MrsD32 posted: "We finished a bottle of this yesterday and opened a new one last night.

"My eldest 2 children are off school today, one with diarrhoea and the other was sick all night. I hope this is a coincidence Tesco but it's not looking very likely!"

Swilly26 wrote: "I gave this to my son on Sunday then Sunday night he was sick. He's had some more today and been sick again..."

A message on the Tesco website said: "Sorry, this product is currently not available."

A Tesco spokeswoman said: "We have investigated with our supplier complaints about Tesco No Added Sugar Double Concentrate Apple and Blackcurrant 750ml and 1.5l.

"A flavour additive, which is not part of the ingredients for this product, has been added in error. The additive is called Dimethyl Disulphide and is a common ingredient in food products.

"It is an approved additive and poses no food safety risk. However, it does have a strong odour, similar to garlic, which customers are likely to find unpleasant.

"Only products bought since the New Year may be affected, they will have a best-before date of October 2015.

"Any customers can return this product, open or unopened, to any Tesco store."

It is the latest in a string of problems for the company, including falling sales and a £263m profits overstatement.

Tesco announced last month it would close 43 stores as it moved to save costs, and has now revealed the locations, placing 2,000 jobs at risk.

14.47 | 0 komentar | Read More

Briton Named New Chief Executive Of McDonald's

A Briton has been named as the new chief executive of McDonald's, as the fast food chain tackles disappointing sales worldwide.

Steve Easterbrook will become the new president and CEO of the company in March. His predecessor, Don Thompson, had only held the position for two-and-a-half years.

Net income at McDonald's plummeted by 21% in the fourth quarter to $1.1bn (£726m), as customers shopped around for healthier, cheaper and more customisable alternatives.

Sky's Business Presenter, Ian King, said: "This is really quite noteworthy - as one thinks of McDonald's as being an all-American company.

"Mr Easterbook has been with McDonald's since 1993. He came to the attention of the US board after what he did running the UK business, which had been going through a really sticky time a decade ago."

The company's board of directors believe Mr Easterbrook can "effectively lead the company to improved financial and operational performance".

Last Friday, McDonald's announced drastic changes to its menu - with plans to offer custom-made Big Macs and allow diners to place orders on their mobile phones.

McDonald's is still smarting from a food safety scare in China, where it faced allegations of using contaminated beef and chicken in its products.

The chain is expecting weak sales for the first half of 2015, and also plans to open fewer restaurants in regions with the poorest growth.

14.47 | 0 komentar | Read More

Facebook's Status Update: Huge Leap In Profits

Facebook made a profit of $696m (£460m) in the final three months of 2014 - up 33% on the same period the previous year.

For the seventh quarter in a row the social network beat profit and revenue forecasts, with mobile phone advertising behind the increase.

The company, formed in 2004, began offering mobile phone adverts in 2012 in the same year is stock began publicly trading.

Revenue grew to $3.85bn (£2.54bn), up from $2.59bn (£1.71bn) in 2014, with advertising revenue also jumping 53% to $3.59bn (£2.37bn), its latest financial results said.

Facebook reported a 13% increase in its number of users, to 1.39 billion, at the end of the year.

The company, which also owns photo-sharing app Instagram and messaging service WhatsApp, has launched stand-alone mobile apps of its own.

Shares in the California-based company are down less than 2% on the year.

The firm's stock closed up 49 cents at $76.27 after the report. In the last 12 months it has gained around 39%.

Earlier this month, Facebook and Instagram denied hackers were behind problems that left millions of users shut out of its services.

14.47 | 0 komentar | Read More

Apple Achieves Largest Quarterly Profit Ever

Written By Unknown on Rabu, 28 Januari 2015 | 14.47

Apple has reported quarterly profits of $18bn (£11.8bn) for the final three months of 2014 - the largest ever made by a public company.

The technology giant's financial performance was driven by a new range of larger iPhones, with 74.5 million handsets sold between October and December.

Its net profit far exceeds the previous record-holder, ExxonMobil, who reported earnings of $15.9bn (£10.5bn) during the second quarter of 2012.

Experts had predicted that Apple's total revenues would be $53.6bn (£35bn) for the quarter - but according to Apple's CEO, Tim Cook, this was closer to $74.6bn (£49bn).

According to technology analysts, it took Apple a long time to get to grips with the fact that the public wanted larger screens - causing their market share to plummet.

Gartner's Van Baker said: "They finally closed the gap on a feature they were missing, which their competition had capitalised on."

Some investors are concerned about how Apple will perform financially in the coming year, with iPad sales down 22% in the last quarter, and warnings that growth in the smartphone sector is beginning to slow.

The iPhone accounts for two-thirds of Apple's revenue and China sales rose 70% on the year, thanks to the larger screens of the iPhone 6 and iPhone 6 Plus.

Analysts now estimate the company is leading the smartphone market in China, despite its products costing double those of domestic rivals.

Although the California-based firm is planning to launch a smartwatch in March, it remains unclear whether the device will be a big hit with customers.

Other companies have been disappointed with demand for similar offerings, amid concerns that the battery life is insufficient for a whole day's use.

Apple is currently the world's most valuable company, with a market capitalisation of $651bn (£428bn).

14.47 | 0 komentar | Read More

Military Signs Deal For 'Next Gen Passwords'

By Pete Norman, Sky News Business

The US military is developing a new identity verification system that could replace passwords and biometric systems for web users.

The technology is being created under a multimillion-dollar contract for researchers at West Point, home of the army's military academy.

The focus of West Point's work is on "cognitive fingerprints" rather than physical characteristics such as palms, face, DNA or iris recognition.

The biometric application programme interface (API) is based on the emerging field of behavioural-based biometrics, where algorithms are used to confirm identity by recognising the way a person uses desktop or mobile device.

It may include observing the rhythm of writing, how a mouse or cursor is moved, frequent typographical errors and typing speed.

It is a major step forward from existing identity checks and is described in a contract document seen by Sky News.

"Just as when you touch something with your finger you leave behind a fingerprint, when you interact with technology you do so in a pattern based on how your mind processes information, leaving behind a 'cognitive fingerprint'," the document explains.

"The biometrics program is creating a next generation biometric capability built from multiple stylometric/behavioural modalities using standard Department of Defence computer hardware."

Stylometrics includes the analysis of how text is constructed, with existing technology used for checking for academic authorship and plagiarism.

The military expects to develop the system for encrypted data communications across all of its services, as part of the Defence Advanced Research Projects Agency active authentication programme.

With eventual transfer to the civilian world, it is expected to be used for personal verification in online banking, shopping and control of numerous future home devices as part of the "internet of things".

West Point has become a key hub for the US military in developing the system, which is now in its fourth phase.

International Biometric Group (IBG) has been awarded a $3m (£2m) contract to carry on previous security identification work undertaken for West Point.

IBG was bought by Novetta Solutions in 2012, which described its capabilities as "biometrics and virtual identity management".

At the time Novetta boss Peter LaMontagne described the company's work as spanning "the full spectrum of cutting edge technical challenges, from big data and cyber security to social media and gaming, all in a national security context".

Tech strategy consultant Sharif Sakr from ViaTheWire told Sky News: "We're living the Wild West era of the internet and anybody can get away with fraud, harassment and spying on an industrial scale because there is no effective way to identify people online.

"For this reason, any tech that passively and rapidly identifies internet users could be an essential step towards making the web a more civilised place."

But privacy campaigners are expected to oppose the concept of invisible and seamless identification, as it may allow for wider monitoring of society.

14.47 | 0 komentar | Read More

Protesters To Rally Against Fracking Proposals

By Mike McCarthy, North of England Correspondent

Demonstrators from around the UK are expected to gather in Lancashire today, ahead of a controversial decision on the future of fracking in the county.

It is the first time that Cuadrilla, an exploration company, has applied to develop new fracking sites since being blamed for creating earth tremors in Blackpool three years ago.

The firm suspended test drilling and abandoned its site near the seaside resort following the quakes in 2011.

The Preese Hall site remains the only place in the UK where modern fracking techniques have been used so far.

And the new areas sit on the same massive reserve of shale gas which experts say could help revolutionise Britain's energy market.

But groups opposed to fracking say it would industrialise the countryside and pollute the environment.

Cuadrilla has applied to Lancashire County Council for permission to frack two sites in a rural area between Preston and Blackpool.

Officers at the authority have recommended that councillors vote against the proposals because of concerns over noise and road safety.

If the councillors accept the recommendations, it will be seen as a major blow to the efforts to kick-start Britain's shale gas industry.

Anti-fracking campaigner Tina Rothery said: "Like many people in the anti-fracking movement, we have completely put our own lives on hold for four years just to get this done - because how do you walk away from this?

"Every door I would look to walk out of would have my granddaughter's face on it. I can't walk away and go 'It's okay - they'll take care of it' because it's too big."

Fracking, or hydraulic fracturing, is the process of drilling a mile or more into the earth before water, chemicals and sand are injected under high pressure into rock, releasing the shale gas trapped inside.

In recent years, it has become one of the most divisive issues in the UK, leading to violent scenes between police and protesters at proposed sites in Manchester, Lancashire and Sussex.

Supporters such as Blackpool businessman Tony Raynor claim his interest in fracking was prompted by the local earth tremors several years ago.

"Like most people, I was ambivalent to shale gas, but the tremors made me want to find out more. Now I'm in favour," he said.

"There are fewer jobs here now than there were in 2004 and we all worry about the brain drain (from the area) and our children finding opportunities in this region. We need economic activity happening in Blackpool."

The anti-fracking movement has built up considerably over recent years. Its supporters say pollution in the US has shown the process is environmentally unsustainable.

However, supporters argue that it has considerably reduced America's dependence on imported energy supplies and helped to bolster the economy.

Cuadrilla has asked that the local authority allows more time to consider its proposals for minimising the environmental impact at fracking sites. If Lancashire councillors do reject Cuadrilla's plans, the company is expected to appeal.

14.47 | 0 komentar | Read More

Russia's Credit Rating Cut To Junk Status

Written By Unknown on Selasa, 27 Januari 2015 | 14.47

Russia's sovereign credit rating has been downgraded to junk status by Standard & Poor's which cited growing economic weaknesses.

The ratings agency's cut brings the country's rating, essentially a threat level, below investment grade for the first time in a decade.

The decision risks raising borrowing costs in Russia as many investment and pension funds have rules that prevent them buying any product not classed as investment grade.

It also makes it more difficult for banks and other companies to refinance themselves.

S&P said it had cut the rating from BBB- to BB+ because of the growing impact of low oil prices and Western sanctions over the Ukraine crisis.

The move, while widely expected, triggered a further weakening of the rouble - falling more than 7% at one stage to 70 to the dollar.

Banking stocks were also badly hit while the cost of insuring Russian sovereign debt for five years rose, in a sign of investors' concern.

Finance Minister Anton Siluanov played down the situation.

"The decision taken shows the excessive pessimism of the agency. It fails to consider a series of factors which characterise the strong side of the Russian economy: the accumulation of large international reserves, including in the sovereign funds," he said.

Russia's international reserves, managed by the central bank, have collapsed since early last year following heavy spending to prop up the rouble which has fallen more than 40% against the dollar in the last year.

Russia's economy is expected to slide into recession this year as a result of soaring inflation and the weak oil price.

A 60% fall in oil costs since June last year has depressed export revenues.

Oil is the biggest contributor to the Russian purse and president Vladimr Putin has admitted a failure to diversify the country's economy, pledging to publish soon an economic plan to combat the crisis.

1/10

Gallery: Fierce Fighting Continues On Front Line In Ukraine

A Ukrainian serviceman fires a weapon during fighting with pro-Russian separatists in Pesky village near Donetsk

Ukrainian President Petro Poroshenko accused Russia on Wednesday of sending 9,000 troops to back separatist rebels in the east of his country, something Russia strongly denied

]]>

14.47 | 0 komentar | Read More

Aer Lingus Deal With BA Owner Moves Closer

The board of Aer Lingus says it is willing to recommend the financial terms of an approach by the owner of British Airways.

The Irish flag carrier's statement was seen as support for the proposed £1bn (€1.36bn) takeover by International Consolidated Airlines Group (IAG) but it said the bid's success was in the hands of major shareholders which include Ireland's government.

It said: IAG has indicated that it would only proceed with its third proposal with an indication from the Board of Aer Lingus that it would be willing to recommend the financial terms of the Revised Proposal.

"Having considered this request, the Board has indicated to IAG that the financial terms are at a level at which it would be willing to recommend, subject to being satisfied with the manner in which IAG proposes to address the interests of relevant parties.

"The Board notes IAG's intentions regarding the future of the company, in particular that Aer Lingus would operate as a separate business with its own brand, management and operations, continuing to provide connectivity to Ireland, while benefiting from the scale of being part of the larger IAG group."

IAG said: "IAG believes that the proposal would secure and strengthen Aer Lingus's brand and long term future within a successful and profitable European airline group, offering significant benefits to both Aer Lingus and its customers.

"IAG recognises the importance of direct air services and air route connectivity for investment and tourism in Ireland and intends to engage with the Irish government in order to secure its support for the transaction."

Aer Lingus was privatised nine years ago, leaving the Dublin government with a current 25% stake.

It will want assurances from IAG over its plans for the key Dublin to Heathrow route.

No-frills carrier Ryanair, which owns 29.8% of Aer Lingus following a series of failed takeover attempts, may be tempted to sell as it has been told by UK competition authorities to draw down its stake on competition grounds.

14.47 | 0 komentar | Read More

Websites Including Facebook And Instagram Go Down

Websites including Facebook, Tinder and Instagram have temporarily gone down - leaving millions of users worldwide unable to log in.

Facebook users in the UK, US, Asia and Australia complained of being locked out of the world's largest social network.

Instagram - owned by Facebook - told users via its Twitter account that it was aware of an outage and was working on a fix.

AIM and Hipchat are also thought to have been affected.

There was no immediate statement from Facebook, which went down for around an hour before normal service resumed.

Hacking group Lizard Squad - which recently claimed responsibility for a Christmas Day attack on PlayStation and Xbox Live services - said on Twitter that it was responsible for the problems.

The incident came a day after the group said it had hacked the Malaysia Airlines website - posting the message: "404 - Plane Not Found. Hacked by Cyber Caliphate".

Facebook had 1.25 billion monthly active users at the end of September.

More follows...

14.47 | 0 komentar | Read More

Energy Bills: SSE Latest Firm To Cut Gas Cost

Written By Unknown on Senin, 26 Januari 2015 | 14.47

Another of the so-called 'Big Six' energy firms, SSE, has confirmed it is to trim its household gas costs and said it will extend its promise not to raise bills.

The company said it would reduce household gas prices by 4.1% but not until 30 April.

It added that its commitment not to raise gas and electricity costs would run for an extra seven months until July 2016.

Alistair Phillips-Davies, SSE's chief executive, said: "Customers are at the heart of SSE's business, and our work to secure their energy supplies in wholesale markets last spring enabled us to guarantee that prices would not increase until at least January 2016, showing we are committed to treating all of our customers fairly and to giving them stable prices over the long-term.

"We're being true to that commitment with a 4.1% reduction in the typical gas bill and an extended guarantee meaning gas and electricity prices won't go up before July 2016 at the earliest.

"The challenging business environment we identified at the start of this financial year is likely to continue into the new financial year and we believe that addressing the resulting issues directly is the right thing to do for customers and the best way of safeguarding the interests of investors.

"That is why, at the same time as reducing tariffs for customers, we're continuing to make sure our own house is in order for the future, with a clear focus on our value programme to make sure SSE is well-positioned for the long term."

The company announced the price changes in a trading update for the first nine months of its financial year in which it said profits for the full-year would be broadly in line with those for the previous 12 months.

SSE said the prolonged period of mild weather to 31 December 2014 meant that average consumption of electricity was estimated to have fallen by 5.6% while average consumption of gas dropped by almost 16%.

It also confirmed a fall in the number of households taking its gas and electricity - with 8.71 million customers registered on 31 December, down from 9.10 million on 31 March 2014.

More follows...

14.47 | 0 komentar | Read More

Greece Lightning: Could Syriza Success Spread?

By Robert Nisbet, Europe Correspondent

As car horns blared in the capital's streets, few doubted this had been a seismic night in European politics.

Five years of swingeing cuts have shrunk Greece's economic output by a third and delivered a primary budget surplus, but the price has been too high for many of the electorate.

A third of people in Greece live below the poverty line, a quarter are out of work and pensioners have seen their income dwindle.

That generalised anger finally found its expression at the ballot box.

While previously Syriza's core supporters had been students and a loose coalition of Marxists, Maoists, Trotskyites and environmental campaigners, it acted as a lightning rod across society.

Many of the squeezed middle class wanted to punish the political parties they felt had sold Greece's future prosperity to protect the banking system.

Alexis Tsipras now has something of a dilemma though: he wants to keep Greece in the single currency but the European Union, the European Central Bank and the IMF won't want the country to renege on its promises.

There were strings attached to the €240bn which have kept the country afloat and the likes of Germany are unlikely to agree to allow Greece to restructure more of its debt.

But if Mr Tsipras softens on his vow to "finish the troika" in order to prevent a default and a so-called Grexit, he may anger his core support base.

The wider repercussions could be felt outside the country's borders.

There are a host of other anti-austerity parties in Europe waiting to challenge the consensus, most prominently Podemos in Spain where an election must be held this year.

If this election grows into a pan-European movement, the plumbing of the global economy could face some determined opposition.

Syriza's progress might well embolden those willing to take on established political parties, which could have far reaching consequences.

14.47 | 0 komentar | Read More

Greece Will Leave Austerity 'Humiliation' Behind

We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

The leader of the Syriza party has vowed to end the "humiliation and anguish" of Greek citizens after his party took victory in the country's election on an anti-austerity platform.

Alexis Tsipras told thousands of supporters in Athens that Greece will leave behind the "catastrophic austerity" measures imposed by European creditors.

The left-wing party - which was widely tipped to win the poll - looks likely to win 149 seats in the 300-seat parliament.

This indicates the party would be two seats short of an overall majority.

With 92% of the votes counted, Syriza was 8.5 points ahead of the conservative New Democracy party of Prime Minister Antonis Samaras, who has conceded defeat.

1/12

Gallery: Alexis Tsipras Celebrates Victory For His Anti-Austerity Party

A young child supporting anti-austerity party Syriza takes part in celebrations after the first exit polls in Athens

Syriza supporters await the final result of the Greek election at the party tent

]]>

Members of the conservative New Democracy party watch as exit polls shows a significant victory for Syriza

]]>

Celebrations continue for supporters of Syriza leader Alexis Tsipras in Athens

]]>

An anti-austerity voter is overcome with emotion as news of the results breaks

]]>

"Greece leaves behinds catastrophic austerity, it leaves behind fear and authoritarianism, it leaves behind five years of humiliation and anguish," Mr Tsipras said in his victory speech.

The win raises the prospect of a stand-off with European creditors, with Mr Tsipras promising to renegotiate the repayment terms of Greece's debt.

Financial markets have reacted nervously to the result, fearing conflict with other Eurozone governments that could put strain the currency bloc.

The euro fell to a fresh 11-year low against the dollar shortly after the result became clear while stocks were tipped to take a hit - with the FTSE 100, German DAX and the CAC in France all forecast to fall 1% in early trading.

Greece was forced to undertake deep budget cuts and fiscal reforms as a condition for a €240bn bailout in 2010 from the so-called "Troika" - the group of creditors made up of the European Union, the International Monetary Fund and European Central Bank.

Many in Greece feel slashed public spending has hit the most vulnerable hardest, while leaving the tax evasion and corruption of the apparent elites untouched.

Mr Tsipras said he would cooperate with fellow Eurozone leaders for "a fair and mutually beneficial solution", but said the Greek people come first.

"Our priority from the very first day will be to deal with the big wounds left by the crisis," he said.

"Our foremost priority is that our country and our people regain their lost dignity."

He added: "The verdict of our people means the Troika is finished.

"The new Greek government will be ready to cooperate and negotiate for the first time with our peers a just, mutually beneficial and viable solution."

Germany's Bundesbank has warned Greece needs to reform to tackle its economic problems, while the euro fell nearly half a US cent.

Mr Samaras had insisted voters would be making a huge mistake to elect Syriza at a time when painful fiscal reforms may be about to pay off.

After conceding defeat, he told supporters: "My conscience is clear because I told the truth to the Greek people until the very end.

"I received a country that was almost destroyed and I was asked to hold a hot potato and I did that."

Recommended by Outbrain Recommended by Outbrain

Raskin Dollar

Mengenai Saya

Popular Posts Today

Shake Shack Shares Sizzle On Market Debut

Written By Unknown on Sabtu, 31 Januari 2015 | 14.47

Pay Crash Hit Those In Twenties Hardest

US Economic Growth Slows To 2.6% Annual Rate

Tesco Drink Recalled Over 'Disgusting Smell'

Written By Unknown on Kamis, 29 Januari 2015 | 14.47

Briton Named New Chief Executive Of McDonald's

Facebook's Status Update: Huge Leap In Profits

Apple Achieves Largest Quarterly Profit Ever

Written By Unknown on Rabu, 28 Januari 2015 | 14.47

Military Signs Deal For 'Next Gen Passwords'

Protesters To Rally Against Fracking Proposals

Russia's Credit Rating Cut To Junk Status

Written By Unknown on Selasa, 27 Januari 2015 | 14.47

Aer Lingus Deal With BA Owner Moves Closer

Websites Including Facebook And Instagram Go Down

Energy Bills: SSE Latest Firm To Cut Gas Cost

Written By Unknown on Senin, 26 Januari 2015 | 14.47

Greece Lightning: Could Syriza Success Spread?

Greece Will Leave Austerity 'Humiliation' Behind

Top Stories

Top Stories

Links

Arsip Blog