Eurozone crisis live: UK manufacturing slump raises risk of triple-dip

Britain’s factory output drops 1.5% unexpectedly painting a grim picture of the economy. Greek international lenders to discuss reforms with Samaras. Carney meets treasury officials to discuss bank remit. Cyprus and the Troika negotiate a small bailout…

Powered by article titled “Eurozone crisis live: UK manufacturing slump raises risk of triple-dip” was written by Josephine Moulds and Nick Fletcher, for on Tuesday 12th March 2013 16.19 UTC

4.16pm GMT

Cyprus and troika reportedly negotiating small bailout

Meanwhile Cyprus and the troika are negotiating a smaller bailout package, Dow Jones is reporting:

Earlier of course German finance minister Wolfgang Schaeuble was saying the Bundestag could vote on a bailout package for Cyprus next week. If the deal gets done this week, that timetable looks plausible.

Updated at 4.19pm GMT

4.09pm GMT

Samaras and troika meeting reportedly delayed

Still with Greece, the meeting between prime minister Antonis Samaras and visiting troika officials, due to take place this evening has now apparently been postponed until tomorrow…

3.59pm GMT

ECB funding to Greek banks rises in January

Greek banks turned to cheaper ECB funding in January, new figures have shown.

ECB funding to the country’s banks rose from €19.35bn in December to €76.22, while emergency liquidity assistance from Greece’s central bank fell from €101.85bn to €31.42bn. Tapping European Central Bank funds is around 2 percentage points cheaper than the ELA.

3.27pm GMT

Germany’s second largest bank, Commerzbank, is preparing a capital increase of between €700m and €800m, according to a report in Manager Magazin.

Updated at 3.35pm GMT

3.23pm GMT

Germany could vote on Cyprus package next week

Germany could vote on an aid package for Cyprus as early as next week.

That is what finance minister Wolfgang Schaeuble has told conservative politicians, although that is dependent on a decision from eurozone finance ministers that the country require financial assistance.

The Bundestag lower house of parliament would be deciding on a €17bn aid package for Cyprus, mainly to help recapitalise its banks.

Updated at 3.27pm GMT

3.01pm GMT

And with that I’ll hand the blog over to my colleague Nick Fletcher.

3.01pm GMT

UK GDP forecast to drop by 0.1% in February

Respected forecaster NIESR estimates that the UK economy declined by 0.1% in February. That would point towards a 0.1% decline in GDP over the three months to February.

But the thinktank would not be drawn on whether the economy will shrink over the three months to March and therefore slide into a triple-dip recession.

Simon Kirby of NIESR said:

It’s going to be a very close run thing. The obsession with triple-dip distracts us from the more important point that the UK has been effectively flat for over two years. The real risk for the economy is an absence of growth throughout 2013. It’s the risk that this trend of stagnation will continue through 2013.

He said the trade figures today may have looked positive but, in fact, demonstrated the weakness of imports, which highlighted the lack of domestic demand.

NIESR defines a period of depression as one in which the economy languishes below its pre-recession peak, which they pinpoint as January 2008. The UK economy is still 3.25% below that level and NIESR says this period of depression is likely to continue until 2015.

But he notes the disputes over the term ‘depression’.

Quite often people think about a depression in terms of a very, very, very severe recession, like the experience of Germany in 1930s. That is quite clearly not the case for the UK at the moment.

Updated at 3.28pm GMT

2.15pm GMT

Greek PM gears up for meeting with troika

Over in Greece, our correspondent Helena Smith says officials are putting on a brave face ahead of prime minister Antonis Samaras’ crunch meeting with visiting troika mission chiefs.

She writes:

Ahead of the talks, which begin at 6pm local time, Greece’s technocrat finance minister Yannis Stournaras today held back-to-back meetings with technical teams representing foreign lenders at the EU, ECB and IMF.

As the debt-stricken country’s next €2.8bn installment of aid depends on the outcome of tonight’s discussions, the rush to reach consensus on a series of outstanding issues has assumed what one official described as “dramatic proportions.”

Although the climate between Greece and its creditors has much improved since the conservative-led coalition assumed power last June, more divides the two than unites them, say analysts who agree that a breakdown would be a severe blow.

Far away from the optimism expressed by Stournaras in his interview with the Guardian, few observers in Athens believe the eurozone’s weakest link has overcome the crisis. Most see the autumn as a make-or-break time following general elections at the end of September in Germany.

Taxes, debts and public sector lay-offs have topped the list of disagreements with visiting troika inspectors. Creditors are pushing for the highly controversial property tax, levied through electricity bills, to be extended through 2013.

At a time when liquidity has all but dried up and Greece is undergoing a form of internal default, with no one paying anyone else, the prospect of the measure being prolonged has been met with protests and derision.

Auditors are also demanding faster implementation of civil servant staff reductions – a demand that has elicited fierce opposition from Samaras’ two junior leftwing partners at a time when unemployment is nudging towards a European high of 27%. What compromises are made – and more importantly how they are made – will determine tonight’s result.

Updated at 3.28pm GMT

1.40pm GMT

Banking union vital for eurozone – ECB board memeber

A banking union is “vital” for better financial integration of the eurozone, ECB board member Benoît Coeuré said today.

A highly integrated financial system is necessary to ensure that the impulses coming from our monetary policy diffuse homogeneously through financial markets across the euro area as a whole.

He said a “strong and independent supranatural supervisor” for the banking sector would help the monetary union function more smoothly and aid the restoration of confidence in the banking sector.

Regaining such confidence, in turn, is also key to reversing financial fragmentation and restarting fully functioning cross-border markets.

You can read the full speech here.

Updated at 1.42pm GMT

1.30pm GMT

Carney meets UK treasury official to discuss bank remit

The incoming governor of the Bank of England, Mark Carney, has met the UK treasury’s top civil servant to discuss changes to the central bank’s remit, according to Bloomberg.

Carney and Nicholas Macpherson are reported to have discussed the options in Ottawa ahead of the budget next week, when it is thought chancellor George Osborne may announce changes to the Bank of England’s role. (Cynics might suggest this would be an interesting diversionary tactic.)

Theophilos Argitis of Bloomberg reports:

Carney has signaled support for allowing the bank more flexibility in meeting its 2% inflation goal and promoted the idea of issuing guidance on longer-term policy.

In a speech in December, Carney put forward the idea of targeting nominal GDP rather than inflation. He then said in a treasury select committee.

The benefits of any regime change would have to be weighed carefully, not only against the potential risks but also against the effectiveness of other unconventional monetary measures under the proven, flexible inflation-targeting framework.

This was particularly notable as Carney was the first to suggest the inflation-targeting framework was “flexible”.

12.04pm GMT

UK industrial production hits lowest point in two decades

Despite the focus on today’s manufacturing data out of the UK, it is worth pointing out just how bad the industrial production figures were, falling to their lowest level since May 1992, a near 21-year low.

11.59am GMT

UK in danger of falling into depression – economist

With all the talk of the UK dropping into an economic depression in the comments below, it may be worth looking at how significant a threat this is.

First off, Investopedia defines an economic depression as follows:

A depression is a sustained and severe recession. Where a recession is a normal part of the business cycle, lasting for a period of months, a depression is an extreme fall in economic activity lasting for a number of years.

Shaun Richards, an independent economist who writes the blog Mindful Money, says the UK is in danger of falling into a depression and blames it on “a clear policy error in the UK to emphasis monetary policy as a response to the credit crunch”.

The “quick fix” has not worked and indeed it cannot now be quick and it plainly is not working either. Splashing money into the system and devaluing the currency are not working and yet we get more of it.

He cites the possible expansion of quantitative easing, plans to put Funding for Lending on steroids, and the decline of the pound. Instead, he says, the government should be concentrating on reforming the banks.

11.30am GMT

EC’s Rehn accuses Krugman of lying

The claws are out. The EU’s top economic official Olli Rehn has hit back at critics of austerity and called US economist Paul Krugman a liar in the process.

The fight between the two bubbled up last month when the European Commission published forecasts showing the recession in southern European countries applying tough austerity policies would be deeper and last longer than previously projected.

At the time, Krugman accused the commissioner for economic and monetary affairs of a “Rehn of Terror” for arguing that EU countries’ austerity policies had restored market confidence.

Rehn responded in an interview in a Finnish newspaper this morning, using a parliamentary euphemism for a lie:

Krugman put words in my mouth that would be termed in the Finnish Parliament a modified truth.

Reuters reports that Rehn said Krugman and other critics had distorted the findings of an International Monetary Fund study published last year on so-called “fiscal multipliers” and the consequences of austerity policies to attack European policies.

In the paper, IMF economists acknowledged they may have underestimated the impact of government spending cuts in dampening growth.

Rehn said:

It is essential that the IMF paper does not give rise to the conclusion that economic adjustment would not be desirable.

He added that Brussels and the IMF agree on the importance of structural economic reforms to boost growth.

Responding to those who argued for a slower pace of fiscal consolidation to ease the pain on citizens, Rehn said that might have been possible if unlimited cheap funding had been available from either the private sector or other euro zone countries.

What I don’t understand is where on earth the stimulus money could have come from,” he said, adding: “I sincerely hope that people who are cleverer than me will suggest alternative ways of getting credit flowing into Europe.

So far, distinguished economic experts had not suggested any financially or politically realistic alternatives, Rehn was quoted as saying.

Updated at 2.22pm GMT

11.12am GMT

UK data – Guardian wrap

Here’s our economics correspondent Philip Inman on the UK data.

The UK’s third recession since the financial crash is almost certain after a dive in manufacturing in January.

According to official data, a sharp fall in the production of pharmaceuticals and building materials pushed manufacturing 1.5% lower than December and 3% lower than the same month last year.

A wider measure of industrial production fell 1.2% compared with a poll of economists for Reuters that showed they expected a 0.1% rise.

Alan Clarke, UK economist at Scotia Bank said only a strong rise in the services sector could rescue the economy from a triple dip recession. “It is looking unlikely,” he said.

Critics of the government’s economic policies blamed the fall on a slump in demand that followed the UK and continental Europe’s pursuit of austerity before growth has regained momentum.

Manufacturing employers group EEF warned that many firms were holding back production and investment while customers at home and abroad remained “jittery”.

The figures are likely to increase pressure on the Bank of England to inject further funds into the economy. Last month the central bank’s monetary policy committee balked at boosting the total spent as part of its quantitative easing policy from £375bn.

Full story here.

11.09am GMT

Spanish borrowing costs fall

While Italian borrowing costs are rising (see 10.12am), Spain’s have dropped to their lowest level since April 2010 – just before the international rescue was announced for Greece.

The Spanish treasury sold €5.8bn of six and 12-month treasury bills, beating the target amount of €5.5bn.

The one-year debt came in at an average yield of 1.363% – compared with 1.548% in February.

Six month-debt came in at an average yield of 0.794%, compared with 0.859% a month earlier.

Jose Luis Martinez at Citi said:

It was a very positive auction, with strong underlying demand… with lower yields. What more can you ask for?

10.56am GMT

Trends in the UK trade balance

This is interesting. Markit shows how the increase in the UK’s trade of services has been more than offset by the decline in the UK’s trade of goods since the year 2000, with little sign of a change in the trend any time soon.

10.45am GMT

Bank of England under pressure to do more QE – economist

There’s a growing chorus of economists calling for more stimulus from the Bank of England and the government, following the poor UK data.

Here’s Chris Williamson of Markit:

The data will pile more pressure on the Bank of England, to inject more stimulus into the economy at its next policy meeting, and on the chancellor, to accept that more needs to be done to boost growth in next week’s budget. With such a weak start to the year, the economy is facing an increased risk of falling into a triple-dip recession and the much-vaunted rebalancing remains elusive. In fact, recent data suggest the UK is moving in the opposite direction: away from goods production and is becoming ever-more dependent on consumer spending.

10.40am GMT

UK needs export strategy – BCC

Britain needs a national export strategy says the British Chambers of Commerce, following poor manufacturing data.

David Kern chief economist BCC said:

More effective action is needed to ensure that the considerable untapped potential of many British exporters can be used to drive a sustainable recovery. The government must implement the measures it has already announced to support companies seeking to break into new markets. We clearly need a national export strategy that focuses on key areas such as trade finance, promotion, and insurance, and would enable British companies to compete in the global arena.

Updated at 10.40am GMT

10.34am GMT

German central bank chief says inflation risks declining

Meanwhile, the head of Germany’s central bank says the risk of inflation in the eurozone is declining.

Germany is seen as the main impediment to the European Central Bank cutting rates because of its fear of inflation. But Jens Weidmann, who is a member of the ECB’s governing council, said in a statement this morning there was no reason to stir up concerns about inflation.

In the short term, we in the euro area have, if anything, declining inflation risks.

He said Germany’s economy is still shaken by the eurozone crisis, which poses the biggest risk to the outlook for the country’s economy.

Only some of the confidence lost as a result of crisis has been recovered so far.

But he expects Germany’s growth to strengthen as the year progresses.

10.25am GMT

UK manufacturing down but trade balance improves – Reuters wrap

Here’s the Reuters report on the UK data:

British manufacturing output fell in January at the fastest pace since June, wiping out the previous month’s gains and reinforcing fears that the economy made a weak start to the year.

Manufacturing output dropped 1.5% on the month, the Office for National Statistics said on Tuesday, noting that snowy weather at the end of January had had little impact.

The wider reading of industrial output, which includes energy production and mining, fell 1.2% after a 1.1% rise in December, partly due to a shutdown of a North Sea oil field that typically accounts for 3%-6% of Britain’s oil production.

Economists had predicted broadly steady readings for both manufacturing and industrial production. The latest figures will worry finance minister George Osborne as he prepares to deliver his annual budget to parliament next week.

The sluggish trend may persist. A survey of purchasing managers revealed earlier an unexpected contraction in the manufacturing sector in February, raising the risk that Britain is entering its third recession since the 2008 financial crisis.

However, separate ONS data released at the same time showed a rare improvement in Britain’s trade position. The goods trade deficit shrank to £8.195bn in January from £8.738bn in December, versus forecasts for a modest deterioration to £9bn.

10.20am GMT

Here’s a graph of the plunge in sterling on the UK data, courtesy of CMC Market’s Michael Hewson.

10.14am GMT

The change in the UK’s inflation basket (see 9.46am) prompts the inevitable horsemeat jokes…

10.12am GMT

Italy’s borrowing costs rise

Over to Italy, where there is more bad news. Hit by the political instability in the country, its borrowing costs have risen in the latest auction of one-year debt.

Italy paid a yield – effectively the interest rate – of 1.28% in an auction of €7.75bn of one-year debt, the highest rate since December.

But it could be a lot worse. After an initial shock, the markets recovered and appear relatively sanguine about the current political impasse.

10.07am GMT

British manufacturing slides back

Here’s a chart from the ONS that shows the slide in industrial production and manufacturing, despite the odd bounce.

10.03am GMT

Here’s Howard Archer of IHS Global Insight on the “worrying” set of UK data.

The manufacturing figures are awful even if it is possible that the snow had more of a negative impact than the Office for National Statistics indicate and are a real blow to first quarter growth prospects.

A rebound in manufacturing output in December and some reasonable survey evidence for January had lifted hopes that the manufacturing sector could be emerging from a torrid time but the January output figures and a poor purchasing managers’ survey for February indicate that manufacturers are still finding life very tough.

On the face of it, the sharply reduced trade deficit in January is better news for hopes that the economy can grow in the first quarter. But even here the headline figure masks some worrying trends as the reduced deficit occurred because UK imports fell more than exports. This indicates that UK exporters are currently still finding life very tough while domestic demand is weak

All in all, a pretty worrying set of data for both the Bank of England and the Chancellor to contemplate.

Updated at 10.24am GMT

10.02am GMT

UK sliding towards triple-dip – economist

David Tinsley at BNP Paribas, meanwhile, says the UK is headed for its third recession in four years.

They are extremely disappointing manufacturing production numbers. Perhaps the story is not the weather behind the overall picture and it’s not just down to oil output that has led to distortions in the data over the last six months or so. Basically it’s a very bad start to January and therefore the first quarter. Unless the service sector delivers solid growth, we are likely to see a contraction in the first quarter.

Updated at 10.02am GMT

10.01am GMT

Osborne under pressure to deliver stimulus – economist

Here’s Philip Shaw of Investec on the “appalling” manufacturing data, which he says piles pressure on George Osborne to announce some kind of stimulus in next week’s budget.

The manufacturing figures are appalling. They represent a very poor start to 2013 for the factory sector. This may be a snow story once again, but one should be wary about putting too much of the blame onto weather conditions.

Our view is that the UK will probably avoid a triple-dip recession but these figures hardly inspire confidence in that view.

The softness of the numbers, irrespective of special events really puts the pressure on the chancellor to deliver some sort of stimulus to the economy.

Clearly on the fiscal side, there is no room to relax policy, either by cutting taxes or raising spending. What he seems likely to do would be to give the monetary policy committee more licence to be aggressive on policy as suggested by newspaper headlines last week. And there remains the question of trying to channel credit to SMEs.

Updated at 10.23am GMT

9.58am GMT

Britain’s trade position improves but points to weak demand

To recap, UK manufacturing output fell in January at its fastest pace since 2009 (ignoring the Jubilee weekend last year), wiping out December’s gains.

Separately, the ONS said Britain’s trade position showed a rare improvement in January, driven by a drop in oil imports.

Some instant reaction to the data, courtesy of Reuters:

James Knightley economist at ING:

With the February PMI manufacturing index coming in so weak and with orders numbers also disappointing it looks as though this sector is going to be a major drag on growth in the first quarter of 2013.

We have already has poor construction numbers for the start of the quarter so the prospect of yet another return to technical recession is very real.

This will intensify the pressure on the Bank of England to do more to help support the economy, given government officials suggest they have no intention of letting up on austerity.

Admittedly the trade balance has improved, but this is more to do with weakness in imports than a pick-up in exports. As such it underlines the weak domestic demand story in the UK.

9.50am GMT

FTSE rises on hopes of more stimulus

The UK stock market rose on the poor data, which commentators put down to hopes that the Bank of England will pump more money into the economy to revive the economy, via its quantitative easing programme.

9.46am GMT

Blueberries drop into the inflation basket

On a lighter note, the Office for National Statistics has updated the basket of goods it uses to calculate inflation.

In come… ebooks, set-top boxes, white rum, hot chocolate, deli type meats and blueberries, and packets of daily disposable contact lenses

Out go… on-sale champagne and (inexplicably) basin taps.

Updated at 9.47am GMT

9.40am GMT

Steve Collins of London & Capital Asset Management notes that the last time UK manufacturing was this bad was a result of the many bank holidays over the Jubilee weekend. Ignoring that, this is the worst showing from the sector since the dark days of 2009.

9.38am GMT

Pound tumbles on poor UK data

The pound dropped to a new two-and-a-half year low on the miserable UK data, down by half a cent against dollar to $1.4854 (and still falling).

9.35am GMT

UK industrial output misses forecasts

Taking a closer look at the figures, the 1.5% month-on-month decline in manufacturing output is the steepest drop since June last year.

Industrial output also missed forecasts of a 0.1% increase, to drop 1.2% in January.

9.31am GMT

UK manufacturing slump raises prospect of triple-dip

UK manufacturing figures are in and they look bad. Economists were expecting factory output to be flat in January, but instead it dropped 1.5%, according to the Office for National Statistics.

January was blighted by snow, but these figures will all be fed into the GDP calculator and suggest the UK could be headed for its third recession in four years.

Just to recap, the UK economy shrank by 0.3% in the last quarter of 2012. A technical recession is defined as two consecutive quarters of contraction, so a decline this month would push the UK into a dreaded triple-dip.

The news will come as a blow to the chancellor, George Osborne, who is due to present his budget next week.

We’ll have analyst reaction on those figures as it comes in.

Updated at 10.20am GMT

9.12am GMT

Stournaras says Greece is out of the woods

The Greek finance minister Yiannis Stournaras says Greece is close to overcoming its financial crisis and can look forward with optimism, in the Guardian this morning.

Speaking to our correspondent in Athens, Helena Smith, Stournaras said:

To a large extent, Greece is out of the woods. No one talks about Grexit now – even economists who advocated Grexit have apologised for it.

As far as fiscal adjustment is concerned, we have covered two thirds of the goal. As far as competitiveness is concerned, we have covered three quarters of the distance to the goal. Greece has paid a very high price in terms of austerity … But I think the worse is behind us and we can look at the future with hope.

Prompting some derision on Twitter…

Updated at 10.19am GMT

9.06am GMT

Denmark’s triple-A status confirmed

Denmark’s triple-A rating was confirmed this morning by ratings agency Fitch, with a stable outlook.

Fitch said Denmark merited the top-notch rating because of its…

Track record of macro-financial stability reflected in low and stable inflation, current account surpluses and the stable banking sector despite a high level of household indebtedness and weakening housing market.

Eurozone outsider, Denmark is one of the few European countries to retain its triple-A rating. But the country of bicycles crime dramas has not been completely impervious to the crisis. The Danish economy shrank more than expected at the end of last year, putting government forecasts for growth in doubt.

A burst property bubble hit confidence and private consumption and put the banking sector under pressure. Sluggish exports also hampered economic recovery, as demand in the eurozone stayed weak.

Fitch remained unworried, saying this morning:

Concerns for the banking sector arising from the bursting of the
housing bubble in 2008 and the global financial crisis in 2009 have eased, and large Danish banks in particular have improved balance sheets and capitalisation.

Though it notes the country’s sensitivity to the eurozone crisis, as a potential risk.

As a small open economy with extensive trade and financial linkages to the rest of the world and eurozone, a material worsening of the global economic outlook and/or intensification of the eurozone crisis would affect Denmark’s economic recovery and potentially place pressure on public finances and the financial sector.

8.33am GMT

German inflation hits two-year low

Inflation in Germany slowed to its lowest level in more than two years in February, according to official data.

The statistics office confirmed previous estimates that the cost of living in Germany increased by just 1.5% on a 12-month basis this month, down from 1.7% in January.

That could help pave the way for an ECB rate cut. IMF chief Christine Lagarde said last week that the ECB should cut rates and noted that restoring the balance in the EU might mean allowing somewhat higher inflation and wage growth in countries like Germany.

8.17am GMT

Hollande hits the road

In France, embattled president François Hollande is attempting to reverse a vertiginous decline in his popularity with a road trip around the country.

Our Paris correspondent Angelique Chrisafis reports:

François Hollande tried today to reverse his record unpopularity by embarking on old-fashioned, lingering trips to the provinces in the style of Charles de Gaulle, whose made-to-measure bed he will pointedly be sleeping in on his first trip in Dijon.

Several polls have shown Hollande’s approval ratings to be the lowest of any modern French leader 10 months into a presidency. French military intervention in Mali, which the Socialists hoped would improve his presidential stature and neutralise the right’s charges of dithering, produced only a slight, short-lived bounce.

The latest TNS-Sofres poll found only 30% of French people had confidence in him to solve France’s problems. An Ifop poll for Paris Match found only 37% of the French approved of his politics.

Hollande’s unpopularity is linked to the growing economic crisis and rising unemployment. No French leader has ever managed to climb in the popularity stakes while joblessness was rising fast. French unemployment is at a 14-year high and has steadily grown for almost two years. It threatens soon to reach the 1997 record of 3.2 million without work.

Updated at 8.19am GMT

7.57am GMT

Today’s agenda

We’ve got industrial and manufacturing data out of the UK today. And respected thinktank NIESR will make its estimate of UK GDP in February, which will be closely watched for indications that the economy is sliding into a triple-dip recession.

As Michael Hewson of CMC Markets notes:

With the pound continuing to sink on the currency markets and investors continuing to focus more on the UK’s fragile fundamentals every piece of economic data is being subject to greater and greater scrutiny ahead of next week’s budget, as the pressure continues to build on the Chancellor to come up with some creative measures to help boost the UK’s struggling economy.

  • Germany inflation (February): 7am
  • France current account (January): 7.45am
  • UK industrial and manufacturing data (January): 9.30am
  • UK trade balance (January): 9.30am
  • Germany Bundesbank’s annual report for 2012: 10am
  • UK GDP estimate from NIESR (February): 3pm

In the debt markets, Spain and Italy are selling short-term debt, and Germany is selling €1bn of a bond due in 2023.

Updated at 10.15am GMT

7.54am GMT

Good morning and welcome to our rolling coverage of the eurozone crisis and other global economic events.

Greek prime minister Antonis Samaras will meet the troika mission chiefs in Athens this afternoon in an attempt to agree on key reforms. The result of the meeting will decide whether Greece’s international lenders release the next installment of the country’s €173bn bailout.

The meeting comes at the end of a marathon visit from the troika, which has been extended after officials got bogged down in a spat over public-sector layoffs.

Greece has promised to cut the civil service by 150,000 workers by the end of 2015. So far, it is on track to meet that target through attrition but the government has yet to actually sack anyone.

We’ll have updates on that meeting later today and other economic events from around the world. © Guardian News & Media Limited 2010

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