Closing post
Time to recap….
Anglo American has rejected a second takeover approach by Australian rival BHP that values the London-listed mining company at £34bn.
BHP said that Anglo’s board had not engaged with its offer, which came after an initial £31bn offer was also rejected last month. Anglo rejected the second offer on Monday, BHP said.
A takeover of Anglo, a member of the FTSE 100, would create a global player in markets for commodities including copper, potash, iron ore and metallurgical coal used for steelmaking. Copper is in high demand as a crucial raw material in the low-carbon energy transition because it is essential in manufacturing components for renewable energy projects and electric vehicles.
Anglo American had said the initial offer “significantly undervalues” the company, but some shareholders have indicated they would be willing to consider a higher offer.
BHP said it was disappointed by Anglo’s failure to engage…
…but Anglo insisted that the structure of the deal was ‘highly unattractive’, and that it would provide a detailed investor update tomorrow.
In other news:
UK housebuilding slumped by 20% in the first quarter of this year, adding to the challenge of moving into the housing ladder.
Affordability problems are forcing more young people take out ultra-long mortgages, which will run until they are in retirement….
…while renters are becoming more affluent as lower-income families are priced out of the market.
The UK government has trimmed its stake in NatWest to below 27%, ahead of a share sale to the public this year.
Output across the UK picked up in April, lifting hopes that the economy had turned a corner.
The former UK chancellor Nadhim Zahawi is to become the chair of Very Group, the online retailer owned by the billionaire Barclay family, days after announcing that he would step down as a Conservative MP at the next general election.
The Japanese tech investor SoftBank made a profit for the second consecutive quarter as it tries to turn its performance around before big planned investments in artificial intelligence.
Is renting becoming the preserve of the rich?
Lower income tenants are being priced out of the rental market as the cost of renting increases, according to analysts Capital Economics.
Households in the private rental sector are getting richer, and not because people are “hutching” up, or deciding to couple up and rent together, boosting average incomes.
Rents are shooting up because of stronger demand from two sources: first time buyers are having to rent for longer because mortgage rates are so high, and net migration has sharply increased, tripling compared to rates in the 2010s. Eight of ten new migrants rent in the private sector, the ONS has found.
Analysts conclude that this is one reason for the rising number of people on the waiting list for social housing, in temporary accommodation or sleeping rough.
Waiting lists for social housing rose to a decade high of 1.3 million in March this year, while there were similar increases in the number of people rough sleeping or in temporary accommodation.
UK rents have risen faster than usual since 2022, eclipsing UK wage growth. Since 2022, pay growth has increased at the average annual rate of 5% a year while rents have shot up by 12% a year.
BHP’s new offer for Anglo still falls short of expectations, says Jamie Maddock, energy and mining analyst at Quilter Cheviot:
“BHP’s upwardly revised offer for Anglo still falls someway short of reasonable expectations. It appears to overlook the superior quality and the unique characteristics of Anglo’s portfolio of assets. Additionally, there are significant questions about the level of political support and the intricate nature of the proposed transaction.
“With Anglo poised to reveal its standalone potential at the forthcoming investor update, the market will gain a far clearer understanding of the company’s true worth and future direction.”
Gamestop shares double after Roaring Kitty returns
Shares in US electricals retailer Gamestop have more than doubled at the start of trading in New York, as meme stock fever grips Wall Street again.
Gamestop’s shares have surged by 110% to $36.70, having closed at $17.46 on Friday night.
As covered earlier, the rally appears to have been sparked by the return to social media of the man at the center of the pandemic meme stock craze of 2021.
Keith Gill, better known as “Roaring Kitty,” made his first post on X (formerly Twitter) for three years on Sunday night, when he posted an image of a man sitting forward in his chair, a meme used by gamers when things are getting serious.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Gill was the driving force behind the surge in Gamestop’s shares in 2021, when he published bullish analysis arguing that the company was undervalued. That triggered an intense short squeeze; it’s share price rose, hurting hedge funds and other speculators who had bet against it.
Kathleen Brooks, research director at XTB, points out that Gamestop’s shares are in their strongest performance since March 2021, at the peak of the meme stock craze.
Brooks adds:
Monday’s move in Game Stop rounds off a good month for the company, its stock price has surged more than 60% in the past month, fueled mostly by demand from retail traders.
There has been no direct catalyst for this move. Its first quarter results were horrible: net income was down by $27.7mn, while earnings per share was negative by $0.09, suggesting that the company is not profitable.
Thus, the move in the stock price in recent weeks, is not driven by fundamentals. This is one of the key risks of trading meme stocks – there is no clear driver aside from momentum and social media hype, which can reverse very quickly. It is worth keeping in mind that Game Stop is lower by more than 16% year to date.
Anglo chairman hits out at 'highly unattractive' offer
Stuart Chambers, chairman of Anglo American, says:
“The latest proposal from BHP again fails to recognise the value inherent in Anglo American. Anglo American shareholders are well positioned to benefit from increasing demand from future enabling products while the increasing capital intensity to bring greenfield supply online makes proven assets with world class resource endowments ever more attractive.
The Anglo American team is focused on delivering against its strategic priorities of operational excellence, portfolio simplification and growth and is set to accelerate delivery in order to unlock this inherent value.
The BHP proposal also continues to have a highly unattractive structure. This leaves Anglo American, its shareholders and stakeholders disproportionately at risk from the substantial uncertainty and execution risk created by the proposed inter-conditional execution of two demergers and a takeover.”
Updated
Anglo to provide detailed investor update tomorrow
Anglo American adds that it has accelerated plans for delivery of its standalone strategy and will provide a detailed investor update on 14 May 2024.
Anglo confirms it has rejected new proposal from BHP
Newsflash: Anglo American has confirmed that has rejected a second takeover approach from BHP Group.
In a statement to the City, Anglo says it received the “second unsolicited, non-binding and highly conditional combination” on 7 May (as BHP revealed about 90 minutes ago).
Anglo says this offer “continues to significantly undervalue Anglo American and its future prospects”. Accordingly, the board of Anglo has unanimously rejected it.
Anglo says it has conducted “extensive engagement” with its shareholders and stakeholders since the approach from BHP became public on 24 April 2024.
It also continues to criticise the structure of the bid – under which it would distribute its shares in Anglo American Platinum Limited and Kumba Iron Ore Limited to its investors.
Anglo says:
Aside from significantly undervaluing Anglo American, the Latest Proposal continues to contemplate a structure which the Board believes is highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent, and significant execution risks.
Ashwin Pillay, senior associate at law firm Charles Russell Speechlys, says:
A second rejection from Anglo-American signals that the company is a hot commodity to global investors, showcasing the FTSE’s ongoing resilience. A combination of interest rate cuts, slowing inflation, and a depreciating pound have all led to a stellar performance by the FTSE 100.
With a general election on the horizon amidst ongoing economic uncertainty, the question remains as to whether the FTSE can maintain its upward momentum, or whether it will continue being outstripped by markets in the US and Europe.
We’re currently witnessing a surge in international M&A activity, indicating a potential dynamic change in the global business environment that could redefine cross-border economic interactions.
Industry analyst David McKay of Miningmx suggests Anglo is ready to start its takeover defence:
Anglo today rejects a revised BHP takeover proposal, tabled on May 7. Given its now May 13, that could suggest Anglo is ready to start its takeover defence. https://t.co/o6EZDUNRRR
— David McKay (@davidaamckay) May 13, 2024
The pressure is now on Anglo to show shareholders how it can deliver more value on its own, says Bloomberg, while BHP will need to improve its offer again for a deal to happen.
Top executives of both companies are at a conference in Miami this week…..
BHP: Second Anglo American takeover offer has been rejected
Newsflash: Mining giant BHP Group has made a second takeover offer for Anglo American, and been rebuffed again.
BHP has told the City that it made its approach on 7 May (last Tuesday), and was “disappointed” to be given the thumbs down today.
BHP says:
The Revised Proposal was rejected by the Anglo American Board on 13 May 2024. BHP is disappointed that the Anglo American Board has chosen not to engage with BHP with respect to the Revised Proposal and the improved terms.
BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders.
BHP’s new proposal values Anglo American at £34bn, around three billion more than its initial offer of £31bn.
The new all-share offer is worth £27.53 per Anglo American ordinary share, with BHP still proposing that Anglo sells its stakes in Anglo American Platinum and Kumba Iron Ore, returning cash to shareholders.
BHP’s original proposal was worth £25.08 a share. But since the deal came to light last month, Anglo’s shares had surged to around £28 this morning.
Mike Henry, BHP chief executive officer, insists that the deal makes sense, saying:
BHP and Anglo American are a strategic fit and the combination is a unique and compelling opportunity to unlock significant synergies by bringing together two highly complementary, world class businesses.
The combined business would have a leading portfolio of high-quality assets in copper, potash, iron ore and metallurgical coal and BHP would bring its track record of operational excellence to maximise returns from these high-quality assets.
Shares in Anglo American are now falling – they’re down 2% at £27.22.
Updated
1,500 homes to be built at Asda's Park Royal site
More property news: Asda has flagged plans to sell and leaseback further sites after teaming up with property developer Barratt to build more than 1,500 homes as part of a redevelopment of its 10-acre supermarket site in Park Royal, north west London.
The heavily indebted company, which has previously been involved in plans for building homes above stores in Basildon and the Isle of Dogs in London, said the Park Royal plan was a first of a kind as it involved the sale of the site’s freehold under the condition that homes would be built and Asda would leaseback its store site at a peppercorn rent.
If planning permission is granted, the development is intended to create a new town centre for the area and include about 500 affordable homes. Previous mixed-use developments have been in relation to leasehold stores.
Ian Lawrence, head of mixed-use developments at Asda, said:
“By working with leading developers like Barratt London, we are able to maximise the full potential of our property portfolio for the first time.”
“We are also unlocking further opportunities to release value from our extensive property portfolio, which can be reinvested back into the business to fund other initiatives and support our long-term growth ambition to become the UK’s second largest supermarket chain.”
The National House Building Council (NHBC) is optimistic that housebuilding will pick up this year following its Q1 slump – as the economic picture improves.
Steve Wood, CEO at NHBC, explains:
“Build volumes are anticipated to rise in the second half of the year as economic conditions begin to improve and consumer confidence starts to recover. Any new home-buyer incentives ahead of the general election would also have a positive impact on house-building activity.
“We are seeing early signs of growth returning to the private sector, and affordable house building is holding up well, but skills and planning challenges must be addressed to truly accelerate market recovery.”
In terms of house types, there were declines of 43% in new bungalow registrations.
In comparison, construction of terraced properties fell by 26%, while detached homes were down 24%.
Apartment registrations saw the lowest fall (-12%) due to “the relative strength of the rental and affordable sector”, NHBC says.
The biggest drops in new home registrations were recorded in East Midlands (-43% year-on-year), Wales (-43%) and North West and Merseyside (-41%).
Registrations were up in London (+2%), Scotland (+4%) and Norther Ireland and the Isle Of Man (+23%), NHBC report.
UK housebuilding slumps amid high interest rates and wet weather
UK housebuilding activity tumbled in the first quarter of this year, new industry data shows, as high interest rates and wet weather hit the construction sector.
A total of 21,967 new homes were registered to be built in the first quarter of this year, the National House Building Council (NHBC) reports today, a 20% tumble on the 27,619 registered in Q1 2023.
Figures released today show new home registrations were down 20% in Q1 compared to last year, with 21,967 #newhomes registered to be built, according to @NHBC. Read more: https://t.co/WFjjmJqMAT #roofing pic.twitter.com/ez0MaPOnNb
— Roofing Today (@RoofingToday) May 13, 2024
The slump reflects ‘prevailing market conditions’, says Steve Wood, CEO at NHBC, including the series of storms that dampened the UK this year.
Wood explains:
Rises in the Bank of England’s base rate have driven mortgage rates higher, leading to a drop in new home purchases and a slowdown in house price growth.
Prolonged wet weather has also hampered house building output in Q1, with the south of England experiencing its wettest February since 1836, according to the Met Office, and many parts of southern England recording well over twice the average rainfall.
Wood adds that house builders are “cautiously optimistic”, poinging out that registrations have increased month-on-month since January.
Last Friday’s GDP report showed that UK construction sector shrank by 0.9% in the first quarter of this year, lagging behind the wider economy which grew by 0.6%.
Gamestop shares jump 20% as Roaring Kitty returns
There’s a flurry of meme stock excitement in the markets again today.
Shares in Gamestop, the electronics retailer, have surged by over 19% in pre-market trading, rekindling memories of its surge in early 2021 when small traders took on Wall Street investors who had short-sold its stock.
The rally comes after the analyst who sparked the Gamestop short squeeze, Keith Gill, made his first online post through his Roaring Kitty persona in three years.
Gill tweeted a meme of a man holding a smartphone leaning forward in an intent pose – which is being taken as a sign that something may be afoot….
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
A Solana memecoin called $GME, created to mark the Gamestop drama, has surged by around 500%.
UK government's stake in NatWest drops below 27%
The UK government’s stake in NatWwest has dipped again – just as a US investor builds up a stake.
The government’s holding has now fallen to 26.95%, due to its ongoing trading plan through which UK Government Investments (UKGI) has been trimming its stake.
UKGI is still NatWest’s biggest shareholder; it stopped holding a controlling stake in March when its holding fell below 30%.
The stake dates back to the rescue of Royal Bank of Scotland, as NatWest was then called, in 2008 – which left the government owning 86% of the bank.
The government is hoping to sell its stake to the public this summer.
The Guardian reported yesterday that Los Angeles-headquartered Capital Group, which is one of the world’s oldest and largest investment firms, with more than £2.5tn under management, has bought more than £110m worth of NatWest shares, pushing the group into the bank’s top 30 shareholder list.
June cut to UK interest rates now more then 50% chance
A cut to UK interest rates next month is now more likely than not, according to the money markets.
LSEG data this morning shows there is a 54% chance that the Bank of England lowers base rate to 5% at its June meeting, and a 46% chance that it leaves rates on hold at 5.25%.
Last week, BoE governor Andrew Bailey told reporters that a June rate cut was neither “ruled out” nor a “fait accompli” – it would depend whether economic data showed inflation was falling sustainably to its 2% target.
Last week, a June rate cut was basically a coin-toss, with ‘no change’ slightly more likely….
The money markets also suggest that a rate cut by August is fully priced in, and that the BoE will manage a second cut to 4.75% by December.
Updated
Residential fixed mortgage rates rose last month
Back in the UK housing market, borrowers are being squeezed by rising mortgage rates.
New data from Moneyfacts shows that the average two- and five-year fixed mortgage rates rose in April.
Mortgage rates increased as the City dialled back its expectations for interest rate cuts, with just two quarter-point reductions expected this year. That prompted several major lenders to raise their rates
Moneyfacts reports:
The overall average two- and five-year fixed rates rose between the start of April and the start of May, to 5.91% and 5.48% respectively. The average two-year fixed rate stands 0.43% higher than the five-year equivalent, the biggest difference seen in six months (November 2023 – 0.43%).
The average ‘revert to’ rate or Standard Variable Rate (SVR) remained at 8.18%, just shy of the highest recorded (8.19%) during November and December 2023.
The average two-year tracker variable mortgage fell to 6.12%.
Jobcentre security guards strike over pay
Jobcentre security guards across the UK are on strike today in a dispute over pay, PA Media reports.
The GMB said more than 1,000 of its members employed by G4S for the Department for Work and Pensions walked out for the day.
The union said more than two thirds of the guards are paid the minimum wage.
Eamon O’Hearn, GMB national officer, said:
“Jobcentre security guards are eking out a living on just above the minimum wage, despite facing horrific violence and abuse while on the job.
“G4S can afford to pay these workers what they deserve, unless they do they are going to face a prolonged period of industrial action.”
A G4S spokesman said:
“We’re disappointed that the GMB have refused to take our improved pay offer to their members.
“We are continuing to try to reach an amicable agreement, and have implemented contingency plans to minimise disruption to our customers.”
The London stock market could soon get a boost, if Cambridge-based computer company Raspberry Pi chooses to float in the City.
The Sunday Times reported that Raspberry Pi could be valued at up to £500m, and could float within the next 10 days (unless the current sunny market conditions deteriorate).
The first Raspberry Pi was launched in 2012 – it’s a very small, very cheap and very powerful computer, which aims to help children learn to code.
It was created as a philanthropic effort to create a modern equivalent of the BBC Micro, which helped an earlier generation of children get a BASIC grasp of computers (and very exciting it was too!).
By the end of 2019 Raspberry Pi had sold 30 million units.
If Raspberry Pi does float in London, it could help the stock exchange shake off its reputation as a Jurasssic Park with few tech companies to boast of.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, says:
It’s been a challenging period on the IPO front and the City has been pedalling hard to attract new IPOs, with help from the government’s listing rules shake up, but it’s been an uphill struggle.
However, London’s recent record run is likely to help instil more confidence that investors will greet new listings with enthusiasm. Clinching the Raspberry Pi floatation would be a coup, particularly given the reputation the UK is trying to foster as a breeding ground for tech startups.
Heathrow accuses government of ‘curtailing UK’s global connectivity’
Heathrow Airport has accused the government of curtailing the UK’s global connectivity through bad policies.
In its latest traffic update, Heathrow says the government is failing to support UK aviation and help it compete globally.
It says:
Initiatives like the introduction of unnecessary visas for transiting passengers, the absence of tax-free shopping and the recently proposed hike in business rates, underscore the need for Ministers to take a cross-Government approach to policymaking that supports UK aviation’s global competitiveness.
Last month, Heathrow urged ministers to scrap a new £10 charge for overseas travellers using UK airports to connect to other flights.
Despite these problems, Heathrow reports that it handled 6.7m passengers in April, bringing the total for the year so far up to 25.2 million. It says it “remains on-track” for a record-breaking number of passengers in 2024.
Friday 19 April was its busiest day since the pandemic, with 1,337 flights.
Heathrow CEO Thomas Woldbye says:
As we continue to grow, our focus is on making Heathrow fit for the future, delivering reliable journeys for all our customers today and getting ready for the challenges and opportunities of tomorrow.
But to unlock our full potential to help grow the country’s economy, we need the Government to implement policies that support UK aviation’s ability to compete globally, and thus make the UK more competitive overall.
Updated
Trading in the City of London has begun cautiously, with the blue-chip FTSE 100 rising by 6 points or 0.08% to 8440.
On Friday night it hit a new intraday high of 8,455 points, before ending at a new closing high amid relief that the UK economy had left recession.
Distribution group Diploma are the top riser, up 6.5% to a record high, after it upgraded its revenue and profit warning forecasts for this year.
Updated
Zahawi to chair The Very Group
Former UK chancellor Nadhim Zahawi has become the chair of one of Britain’s biggest online retailers, just days after announcing he will step down from parliament at the next election.
The Very Group, which operates digital retailers Very and Littlewoods and is owned by the Barclay family, has announced that they have appointed Zahawi as non-executive chair and board member.
Zahawi will replace current non-executive chair Aidan Barclay, who took on the job on a temporary basis back in February.
Zahawi, currently MP for Stratford-on-Avon, announced last week that he will stand down as an MP at the next election, declaring “My mistakes have been mine.”
Those mistakes include failing to declare that HMRC were investigating his tax affairs – a breach of the ministerial code, leading to his dismissal as chancellor. Yesterday, Zahawi admitted for the first time he paid nearly £5m to the tax authority to settle his tax affairs.
Zahawi, who also served as vaccine minister in the pandemic, also co-founded polling company YouGov.
Aidan Barclay says he’s an ideal candidate to lead the Very board, explaining:
“I am delighted to welcome Nadhim to the Board of The Very Group. With a proven track record in digital growth and innovation, and highly respected in the UK and global markets, he is ideally suited to lead our Board as the company enters its next stage of strategic development and growth.”
“The Great Resignation” is over; now it's “The Big Stay”
“The Great Resignation” that gripped the UK economy is over, according to the Chartered Institute of Personnel and Development (CIPD).
CIPD’s latest Labour Market Outlook report has found that 55% of employers are looking to maintain their current staff level - the highest level since winter 2016/17 – rather than taking on more workers to handle increased demand.
Instead, CIPD reports that the UK labour market is now less dynamic and competitive, leading more workers to stick with their currrent jobs rather than risk a move.
James Cockett, labour market economist for the CIPD, says
“When the economy reopened post-pandemic, turnover and vacancy levels rose in response to the hot recruitment market. Now, the so-called ‘Great Resignation’ is well and truly over and has been replaced by ‘The Big Stay’, with more people opting for job stability. Falling staff turnover and vacancies also mean the balance of power in the labour market is moving in the direction of employers and away from workers.
“Based on the trends in our report, there’s likely to be further falls in both turnover and vacancy levels in 2024. Employers will need to look forward and factor in this lower attrition when making decisions around staffing levels and the future of their workforce. We are now entering a more stable period, as recruitment trends bounce back to pre-pandemic levels.
The report also found that British employers expect to raise wages by 4% over the coming 12 months. That would still mean a rise in real wages, as inflation is expected to fall to around 2% this spring.
"Shocking" rise in ultra-long mortgages
A former pensions minister has warned that young home buyers are being forced to gamble with their retirement prospects by taking on ultra-long mortgages.
Steve Webb is concerned that 42% of new mortgages agreed in the fourth quarter of 2023 - or 91,394 - had terms going beyond the state pension age. That’s up from 31% in the last quarter of 2021.
Many of those loans are being taken out by 30- to 39-year-olds, who would typically be expected to be taking out their first mortgage, or those in their 40s.
Demand for such long loans has increased following the rise in mortgage rates; taking out a longer loan lowers the monthly repayment cost (even though the total interest bill may end up higher).
Webb, a partner at the pension consultants LCP, obtained the data via a freedom of information request to the Bank of England.
He says the number of mortgages set to run past state pension age is “shocking,” and may make it harder for people in retirement.
Webb explains:
“The challenge of getting on the housing ladder is forcing large numbers of young homebuyers to gamble with their retirement prospects by taking on ultra-long mortgages.
“We already know that millions of people are not saving enough for their retirement and if some of that limited retirement saving has to be used to clear a mortgage balance at retirement they will be at even greater risk of poverty in old age. Serious questions need to be asked of mortgage lenders as to whether this lending is really in the borrower’s best interests.”
Here’s the full story:
Introduction: UK economy at turning point as output rises
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Having exited out of recession strongly last Friday, the UK economy appears to have turned the corner after a tough couple of years.
The latest Business Trends report, released by accounting and business advisory firm BDO this morning, shows that output rose last month to its highest level in almost two years.
BDO reports that UK business output and confidence rose in April, as the inflation pressures that have dogged firms for months ease.
This upturn has pushed up BDO’s output index by 2.09 points to 103.92 in April – the highest level since May 2022.
The UK’s services sector led the bounceback in April, says BDO, thanks to consumers having more money to spend at hospitality, retail and leisure companies as energy bills fall.
Hopes of a cut to UK interest rates by the autumn helped lift business confidence. Last week, Bank of England governor Andrew Bailey said it was “likely” that Bank Rate will be cut over the coming quarters, after the BoE left rates on hold again.
Worryingly, though, BDO’s employment index fell for the 10th month running, to its lowest level since February 2013, suggesting the UK jobs market is cooling.
Kaley Crossthwaite, partner at BDO, says:
“Cautious optimism is the order of the day for UK businesses hoping for an interest rate cut this summer.
“It’s heartening to see a turning point begin to materialise for the economy, with the services sector driving the bounce back so far from last year’s technical recession. But businesses across the board need more certainty from the government and we urge them to provide a clear, stable and long-term tax roadmap as soon as they’re able to, alongside much needed reforms to the apprenticeship levy.
Only once businesses have this will we start to see the more stable optimism, investment and hiring intentions needed for a robust recovery.”
The latest Regional PMI survey data from NatWest confirm that business activity continued to rise across almost all UK nations and regions last month.
London saw the fastest growth, followed by the West Midlands and Northern Ireland.
Yorkshire & Humber was the only area where activity fell.
Firms across the UK also reported a rise in cost inflation last month, driven by a rise in staff pay (partly due to the rise in the minimum wage at the start of April).
Sebastian Burnside, NatWest chief economist, explains:
“Most areas of the UK are enjoying a revival in business activity, with growth even accelerating in most cases in April.
“Yorkshire & Humber is the one area where we are yet to see the economy kick into gear, though the region’s firms are optimistic about their prospects for the coming year, as is the case across the UK.
The agenda
10am BST: China’s current account for Q1 2024
1pm BST: India’s inflation report for April
3pm BST: Eurozone finance ministers meet for Eurogroup meeting
