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]

Stop trying to intimidate Falklanders, UK tells Argentina

Britain’s Foreign Secretary William Hague told Argentina to stop trying to intimidate the inhabitants of the Falklands, amid a war of words 30 years after the disputed islands sparked a real war. “If it (Argentina) is genuinely interested in progress it should stop these attempts to intimidate a civilian population,” Hague said in comments carried by The Times on Saturday. Buenos Aires “should agree to discuss how,... [more]

‘Anonymous’ hackers briefly hijack French Elysee website

The shadowy online hackers group Anonymous briefly hijacked the French presidential website on Friday in apparent retaliation for the US shutdown of file-sharing site Megaupload. The slogan “We Are Legion,” the group’s online rallying cry, was inserted into the navigation bar of the official Elysee site’s (www.elysee.fr). Before the end of the day, the site had been restored to normal. The group’s action appeared... [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]

Ex-Moscow Mayor Denied ‘Honorary Citizen’ Title

Moscow refused to award former Moscow mayor Yury Luzhkov the title of “Honorary Citizen of Moscow” on Friday, explaining that the statutory period after he was sacked had not yet expired. Luzhkov, Moscow’s long-serving mayor, was fired in September 2010 after a public row with President Dmitry Medvedev. The former government chief of staff, Sergei Sobyanin, replaced Luzkhov. “To award the title [of Honorary Citizen] it is necessary... [more]

Norway-Pakistan ties ‘unharmed’ by intel gaffe

Oslo and Islamabad insisted on Thursday that their relationship remains strong despite the resignation of the Norwegian domestic intelligence chief after she appeared to reveal that Norway has secret agents in Pakistan. The head of Norway’s Police Security Service (PST), Janne Kristiansen, widely criticised after the July 22nd attacks last year, informed the justice ministry on Wednesday night of her decision to give up her post. Amid... [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]

Swedish nuclear safety needs improving

Sweden should take steps to increase security against attacks at its nuclear plants, including introducing armed guards, according to a new government-sponsored report, published on Thursday. “A terror attack against a nuclear power plant can have the same consequences for the surroundings as a nuclear power plant accident,” the Swedish Radiation Safety Authority (Strålsäkerhetsmyndigheten) said in a statement. The authority,... [more]

Dutch government scraps grants for masters degree students

As expected, the government is pressing ahead with plans to scrap grants for students starting a masters’ degree from the next academic year. The decision means students living away from home will no longer get a grant of some €260 a month towards the cost of their degree. Instead, they will be able to borrow the same amount of money from the student loan service, according to the draft legislation sent to parliament on Thursday. ‘They... [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]

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