Eurozone finance ministers were to confer by telephone on Saturday after 12 hours of talks in Athens failed to produce a breakthrough on a deal to bail out Greece, the Greek finance minister said. Evangelos Venizelos added that a planned meeting by eurozone ministers on Greece originally scheduled for Monday would now be held on Wednesday. "I will participate in a Eurogroup telephone conference at 1230 GMT" to discuss details of a rescue deal for Greece worth 130 billion euros ($171 billion) which officials have been trying to seal since October, the minister said in a statement. "Critical issues pertaining to the country's ...
Australia's flood crisis deepened Saturday as authorities braced for waters to peak in Queensland where one woman is missing after being swept away while elsewhere thousands remain stranded by the surge. Prime Minister Julia Gillard said eight military helicopters would help in search, evacuation and resupply missions in the eastern state, where days of heavy rainfall have prompted hundreds of evacuations and dozens of rescues. "The helicopters will be available to assist in rescue operations as required until the immediate crisis has passed," Gillard said in a statement. In the inland Queensland town of Charleville authorities are on alert amid fears a temporary ...
Tens of thousands people are braving the bitter cold at two major rallies in downtown Moscow on Saturday as a power play between champions of political liberalization and supporters of Prime Minister Vladimir Putin continues to unfold. The first demonstration demands fair elections at the March 4 presidential polls, at which Putin is expected to secure a third term in the Kremlin. It also calls on Russians “not to give a single vote” to Putin. The opposition rally is widely seen by analysts as a litmus test of protesters’ ability to maintain momentum after two earlier protests against alleged vote fraud in favor of ...
German Chancellor Angela Merkel on Saturday wrapped up a visit to China where she tried to reassure her hosts on the strength of the euro and Europe's ability to overcome its debt crisis. During her three-day trip to the world's second largest economy, Merkel praised the advantages of the single currency and urged China to put pressure on Iran and to condemn Syria at the United Nations. Merkel, who was prevented from meeting journalists and a human rights lawyers, ended her official visit in the southern city of Guangzhou, Xinhua news agency reported. Merkel, who held talks with Premier Wen Jiabao and President ...
Norway’s government has said it wants non-European immigrants to carry residency cards equipped with data chips bearing their fingerprints. In a proposal presented on Friday, the justice ministry said the new identity cards would help tackle illegal immigration. “The residency card system will increase security surrounding residency permit documentation, thereby contributing to the prevention of illegal immigration and illegal residency,” said Justice Minister Grete Faremo (Labour Party) in a statement. The move follows pressure from the European Union to ensure that immigrants from outside the European Economic Area, of which Norway is a member, are provided with residency cards that include fingerprint details. Faremo ...
Greece expects its 2011 budget deficit will be smaller than expected at between 9.1 and 9.4 percent of GDP, thanks to an emergency property tax, a finance ministry official said on Friday, a development that could help Athens in its bailout talks with the EU and IMF. Greece, which is racing to complete talks with the EU and the IMF on a second bailout worth 130 billion euros, had previously estimated that the deficit would be above 9.5 percent of GDP. "The numbers aren't final yet but we believe the deficit will come in at between 9.1 and 9.4 percent (of GDP)," ...
China has rejected Japanese protests over alleged improper exploration of gas deposits in the East China Sea. The Foreign Ministry said Friday the recent activity had taken place within Chinese-controlled waters and was completely normal. A ministry statement said China was strongly dissatisfied with recent comments from Japanese officials. Japan's chief Cabinet secretary on Wednesday said Japan protested to China after a flare was seen a day earlier at a Chinese structure at an undersea gas deposit. The deposit, known as Kashi in Japan and Tianwaitian in China, sits near a median line in the countries' overlapping exclusive economic zones. Japan and China agreed ...
The leader of Russia's Islamist rebels ordered a halt to attacks on civilians, saying mass opposition protests showed the public no longer supported Vladimir Putin, according to a video posted Friday. Doku Umarov, whose Caucasus Emirate group claimed atrocities including a deadly Moscow airport bombing in 2011 and a metro attack in 2010, said from now only security objects and officials would be targeted. "I order all special groups that are carrying out or plan to carry out special operations in Russia to put a halt to these operations that could hurt the peaceful population," Doku Umarov said in a video address ...
China's Premier Wen Jiabao said Friday the Asian giant had neither the ability nor the intention to "buy Europe", amid concerns over growing Chinese investment in debt-stricken eurozone economies. China is "willing to cooperate with Europe to fight the current crisis. Some people say this means China wants to buy Europe", Wen told a German-China business forum in the southern city of Guangzhou. "This a concern and doesn't fit reality. China doesn't have this intention and doesn't have this ability." German Chancellor Angela Merkel, in China for a three-day visit to boost her host's confidence in Europe, also attended the forum along with ...
Energy Secretary Chris Huhne is to resign from the Government after it emerged he is to face prosecution over allegations that he asked his ex-wife to take a speeding penalty for him. The Liberal Democrat MP has been charged with perverting the course of justice after an investigation into the 2003 incident by Essex Police. His former wife, the economist Vicky Pryce is also facing charges of perverting the course of justice. They are due to appear before Westminster Magistrates' Court on February 16. The maximum sentence for perverting the course of justice is life in prison, the CPS and the Sentencing ...
The Royal Bank of Scotland has announced that its chief executive Stephen Hester has decided to waive his £1m bonus. It comes just hours after the Labour Party said it would force a House of Commons vote calling for Mr Hester to be stripped of his shares-only payment . Mr Hester had been facing mounting pressure to follow the bank’s chairman, Sir Philip Hampton , and forego the award. Sky News City editor Mark Kleinman said: “My... [more]
Up to five companies are keen to buy Saab, one of the bankrupt Swedish carmaker’s three administrators said Sunday. “I can’t comment on who we are in discussions with, but we are conducting dialogues with four to five interested parties who we consider are seriously interested,” Hans Bergqvist told the TT news agency. He said the aim was to sell all of Saab, which filed for bankruptcy on December 19, to a single... [more]
President Nicolas Sarkozy went on primetime TV Sunday to unveil plans for new taxes he hopes will fix France’s ailing economy and boost his credibility ahead of polls he is tipped to lose to a Socialist. The right-winger has not confirmed he will stand for re-election, but he gave his strongest hint yet he will be a candidate in the election that opinion polls predict will be won by François Hollande. “I have a rendezvous with... [more]
German Economy Minister Philipp Rösler backed beefed-up EU monitoring of Greece on Monday, after Athens dismissed calls for it to give up control over its budget. Rösler, who is also Germany’s vice chancellor, told the daily Bild that the European Union should step in to ensure that Greece toes the line of budget austerity as it struggles to emerge from a crippling debt crisis. “We need more leadership and monitoring in implementing... [more]
The proposed merger of Deutsche Boerse and NYSE Euronext — which now looks almost certain to fail — is not vital for the German company’s survival, say analysts and industry experts. According to NYSE Euronext chief executive Duncan Niederauer, there is only a “glimmer of hope” that the tie-up, which would create the world’s largest market operator, will be approved by European competition authorities. EU... [more]
The head of the International Monetary Fund says that some countries that use the euro have the flexibility to boost growth to help shore up the eurozone economy. Christine Lagarde says the eurozone should develop a “clear simple firewall” to contain the contagion of the debt crisis and restore trust. In addition, she says that the 17 countries that use the currency should continue tying their economies closer together over... [more]
Europeans are making progress to overcome the euro zone crisis but need to do more to boost their financial firewall, International Monetary Fund Managing Director Christine Lagarde said on Saturday, adding that the IMF is also ready to help. “There is work under way. There is progress as we see it,” Lagarde told a panel discussion at the World Economic Forum. “But it is critical that the euro zone members actually... [more]
Leading in opinion polls three months ahead of France’s presidential election, Socialist candidate François Hollande unveiled a manifesto on Thursday focused on new spending and scrapping tax breaks. Vowing to reverse the legacy of right-wing President Nicolas Sarkozy, Hollande promised €20 billion ($26 billion) in new spending by 2017, the creation of 60,000 new teaching jobs and 150,000 new jobs for young workers. He promised... [more]
When Megaupload executives arrive in court to answer charges that they orchestrated a massive online piracy scheme, they’ll be backed by a prominent lawyer who has defended Bill Clinton against sexual harassment charges and Enron against allegations of corporate fraud. Washington attorney Robert Bennett said Friday that he will represent the company, which was indicted in federal court in Alexandria Thursday on copyright infringement and... [more]
German drugstore giant Schlecker is declaring insolvency in a desperate attempt to save stores and keep the company afloat, the company confirmed on Friday afternoon. Schlecker managers said an insolvency petition would be delivered “shortly” to a court in Baden-Württemberg, where the company is based. A planned financing package is said to have fallen through, forcing the company’s hand. The move is not expected to have an immediate... [more]
