German drugstore giant Schlecker is declaring insolvency

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]

After protest, Congress puts off movie piracy bill

Caving to a massive campaign by Internet services and their millions of users, Congress indefinitely postponed legislation Friday to stop online piracy of movies and music costing U.S. companies billions of dollars every year. Critics said the bills would result in censorship and stifle Internet innovation. The demise, at least for the time being, of the anti-piracy bills was a clear victory for Silicon Valley over Hollywood, which has campaigned... [more]

Shut-down website founder in court

The founder and three employees of the Megaupload file-sharing website have appeared in court in New Zealand after being arrested in police raids. New Zealand police also seized guns, artwork, more than £5 million in cash and luxury cars valued at nearly £3 million after serving 10 search warrants at several businesses and homes around the city of Auckland. The Megaupload site was shut down on Thursday over US accusations that it facilitated... [more]

U.S. Likely to Lift Russia Trade Restrictions

The United States Congress is considered likely to scrap Cold-War era trade restrictions on Russia, a senior World Trade Organization official said on Thursday, Dow Jones reported. “There is great confidence that when the moment is right, the United States will do what it has to do,” Cheidu Osakwe, the WTO’s Director of Accessions told the Washington International Trade Association. Speaking on the day WTO members accepted Russia’s... [more]

Greece races for double debt deal in last-ditch talks

Greece on Friday raced for a double debt-saving deal in parallel negotiations with private creditors and its EU-IMF bailout partners ahead of a default deadline looming in March. Prime Minister Lucas Papademos was scheduled to meet again with global bank group representatives after late-night talks on Thursday as his finance minister held talks with senior EU-IMF auditors on a new eurozone rescue loan. Greece is seeking to slash around 100... [more]

Exxon to pay Montana $2.4 million in spill accord

Exxon Mobil Corp. would pay more than $2 million in penalties and cleanup costs toMontana for a pipeline rupture in July that spilled an estimated 1,500 barrels of oil into theYellowstone River, according to a proposed legal settlement unveiled on Thursday. Under the negotiated agreement between Exxon and the Montana Department of Environmental Quality, the Texas-based oil company would pay a fine of $1.6 million, the largest penalty... [more]

Euro stabilises after short-covering rally

The euro held steady against the dollar on Friday and was on track for its biggest weekly gain in three months, having rallied on short-covering following its recent drop to a 17-month low. Market players said position unwinding might give the euro a further lift in the near-term, with one possible upside target at $1.3077, the single currency’s high so far in January. Greece’s negotiations with creditors on a debt swap remain... [more]

France shrugs off downgrade with successful bond sale

France and Spain successfully raised funds at lower rates on the markets despite a raft of eurozone credit downgrades, while Greece got the prospect of more rescue loans from the IMF. In their first bond auctions since Standard & Poor’s downgraded their credit ratings last week, both Paris and Madrid demonstrated they can still borrow at affordable rates. Despite S&P having dropped Spain’s rating two notches from AA-... [more]

IMF seeks $600 billion in new funds, G20 to discuss

The IMF is seeking to more than double its war chest by raising $600 billion in new resources to help countries deal with the fallout of the euro zone debt crisis, but the plan faces roadblocks from the United States and other countries. The United States and Canada said on Wednesday Europe must put up more of its own money to resolve its sovereign debt crisis, raising doubts G20 talks in Mexico this week can lay the ground for a deal... [more]

Job summit ends with €429 spending commitment in France

A four-hour crisis jobs summit chaired by President Nicolas Sarkozy on Wednesday ended with a series of measures as well as plenty of criticism. The summit, held as France’s unemployment remains stubbornly at twelve-year highs, brought together union leaders, business representatives and ministers. “The gravity of the crisis obliges us to make decisions,” Sarkozy told them, according to a text provided by his office. A... [more]

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