Opening Bell: IMF calls for Greek debt relief, Spotify losses widen, Facebook tweaks its news curation process

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The International Monetary Fund (IMF) says that Greece needs "upfront and unconditional" debt relief.

It warns that without such action the country's economy will continue to struggle for decades.

The Washington-based body says that there is no prospect of the country meeting the constrictive terms of its existing bailout deal.

Eurozone finance ministers will meet today, the ongoing Greek debt crisis is expected to dominate the conversation.

A standoff is developing between the ECB and the IMF regarding the structure and timetable of future Greek debt repayments.

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Spotify, the music streaming firm, has announced widening losses over the past year.

Net losses grew by 7% during the 12 months to €173m - the company has never returned a profit.

However, revenue did grow by 80% - compared to 45% growth in 2014. 

The Swedish app had 89 million active monthly users by the end of 2015, and 28 million paying for the subscription premium service. The company makes 90% of its revenues from this 30% of its users.

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Facebook will alter its 'trending' news curration process to guard against bias.

The world's largest social network told senators in the US that there is "no evidence of systematic political bias" after its own investigation into whistleblower claims that conservative ideas were being suppressed by the company.

It acknowledged that "isolated improper actions or unintentional bias" could influence workers' decisions, and said that it will "minimise risks where human judgment is involved."

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David Cameron has warned the British public that family holidays to Europe could become - on average - £230 more expensive if the UK leaves the EU.

The UK prime minister's latest claims are backed by Easyjet, BT and Vodafone.

He says Treasury analysis suggests the pound's value will fall, making things like accommodation and food cost more.

The Leave camp strongly disputes the calculations and says the government is scaremongering.

 

Additional reporting by IRN