first_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoammoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com ONE should always have a Plan B, an emergency exit strategy. Offices, cinemas and restaurants always have a way out in the event of a fire; nobody would want to travel on a boat without life rafts in working order. It is bizarre, therefore, that such common sense has until now been absent from economic and financial planning.Financial institutions grew into giant behemoths without anybody working out what would happen if things went wrong – there were no living wills, no special resolution procedures to unwind bust banks without taking down entire economies, no real plan of action to deal with catastrophe. The assumption appeared to be either that Armageddon would never happen or that the government would always be able to step in and sort everything out easily if it did. It was the same with the single currency. Countries that took part purchased a one-way ticket on the Titanic. There was no way of exiting, no mechanism to allow states that ultimately couldn’t cope to pull out. Problems were defined away: in theory, bailouts were illegal and all member states were contracted to pursue sustainable policies. In the case of the Eurozone, this was deliberate: political projects of that magnitude need to feel inevitable if they are ever to have a chance of getting off the ground. Lots of work has taken place on trying to devise special bankruptcy procedures for banks, especially in America. Yet progress has been slow and none of this is ready for Ireland’s fallen giants. But it is not too late for a new plan to allow weaker countries to exit the euro at a minimum economic cost to the rest of us. George Osborne was right to warn Eurosceptics that “I told you so isn’t much of an economic policy” but that doesn’t mean that endless bailouts are the answer either. Imagine what would happen were the contagion to reach Italy or Spain. The European Central Bank would step in, purchasing hundreds of billion of euros worth of bonds from those countries, paid for by freshly created money. This would outrage the Germans, who only put up with the euro because they think the European Central Bank shares the Bundesbank’s hawkishness. German citizens would rightly hate to see the value of the euro in their pocket being put at risk by the ECB monetising the debt of profligate Club Med countries. They would be even more angered by the next step, an Irish or Greek-style bailout. The disenchantment would work both ways. There have been dozens of IMF bailouts over the years, mainly of countries in Africa and Latin America; rarely do the recipients thank their “rescuers”. Bailouts always come with strings attached and invariably fuel rage, protectionism and nationalism. It would be no different in the EU.So it is looking grim for the single currency. One option would be for troubled countries to be booted out. Unfortunately, replacement currencies would lack credibility and slump instantly, making it impossible for countries to repay any euro-denominated debt. They would have to peg their new currencies to a commodity, such as gold, but that would require a credible economic policy. Another option would be for the Eurozone to break into two, with the core – led by Germany – adopting a strong currency and the periphery a weaker one. Again, this would be fraught with problems. One thing is certain, however: now is the time to begin working on a plan B for the Eurozone. 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first_imgPharma-Deko Plc (PHARMD.ng) listed on the Nigerian Stock Exchange under the Pharmaceuticals sector has released it’s 2019 interim results for the third quarter.For more information about Pharma-Deko Plc (PHARMD.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Pharma-Deko Plc (PHARMD.ng) company page on AfricanFinancials.Document: Pharma-Deko Plc (PHARMD.ng)  2019 interim results for the third quarter.Company ProfilePharma-Deko Plc manufactures, packages and markets a range of pharmaceutical and consumer products in Nigeria. Pharmaceutical products include Parkalin cough syrup, Revitone blood tonic, Salins liniment, Hexdene mouth wash, Brett mouth wash, Omepraz, Pharmadec drops and syrups, Phardol suppository and drops, Amycin dry powder and capsules, Anuproct suppositories, Vitacee drops and syrups, Antasil tablets, garlic tablets, Amoquin anti-malarial tablets and Parkprim suspension and tablets. The company also produces and sells a non-sugar cream soda; and manufactures and packages pharmaceutical and consumer products under contract. Established in 1962 and formerly known as Parke-Davis & Company (US), the company changed its name to Pharma-Deko Limited in 1990. It is now known as Pharma-Deko Plc. The company head office is in Ogun State, Nigeria. Pharma-Deko Plc is listed on the Nigerian Stock Exchangelast_img read more

first_imgFirst Capital Bank Limited (FCA.zw) listed on the Zimbabwe Stock Exchange under the Banking sector has released it’s 2020 abridged results.For more information about First Capital Bank Limited (FCA.zw) reports, abridged reports, interim earnings results and earnings presentations, visit the First Capital Bank Limited (FCA.zw) company page on AfricanFinancials.Document: First Capital Bank Limited (FCA.zw)  2020 abridged results.Company ProfileFirst Capital Bank Limited (formerly Barclays Bank of Zimbabwe) was founded in 1912 and is an iconic institution in the local banking sector; operating across the full spectrum of retail and business banking, and corporate and investment banking with 38 branches nationwide. In addition to mainstream financial products, First Capital Bank offers motor, home, travel, business and personal insurance services. After more than a century operating under its parent company, Barclays plc has sold its majority stake in Barclays Bank of Zimbabwe to FMB Capital Holdings, the Mauritius based holding company, that has banking operations in Botswana, Malawi, Mozambique and Zambia. FMB Capital Holdings is listed on the Malawi Stock Exchange. First Capital Bank Limited is listed on the Zimbabwe Stock Exchangelast_img read more