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 ...
German Chancellor Angela Merkel said Monday that an emergency trillion-dollar rescue package for crisis-hit eurozone countries would serve as bulwark for the beleaguered euro. “This package serves to strengthen and protect the common currency,” she told reporters, hours after the European Union announced an unprecedented intervention worth more than €750 billion backed by the International Monetary Fund and central banks... [more]
Europe has agreed a 500bn euro (£433bn) emergency package to stabilise the eurozone and stop the panic from the Greece crisis spreading further. It is made up of 440bn euro (£381bn) from eurozone members, and a 60bn euro (£52bn) top up of an existing EU budget fund for helping struggling economies. An additional 250bn euro package has also been offered by the International Monetary Fund. The monster bail-out came after 11 hours of talks... [more]
The block on flights began at 0600 GMT (0800 local time) and was expected to last until at least 1200 GMT. The closure would not affect the airspace in the eastern part of northern Italy and the airports of Venice, Trieste and Rimini would remain open, ENAC said. A bulletin issued on Sunday by the Volcanic Ash Advisory Centre said the ash was expected to stay over Italy until Sunday evening. Several Spanish airports in northern Spain including... [more]
Italy’s minister of culture said he would boycott next week’s Cannes Film Festival after a documentary on the L’Aquila earthquake in April 2009 he deemed propaganda was included in the programme. Sandro Bondi declined the invitation, expressing his “regret and his concern” over the selection of “a propaganda film, ‘Draquila’, which insults the truth and the Italian people”. “Draquila:... [more]
The Netherlands and Italy are embroiled in a high-profile row about cheap gas exports, the Financieele Dagblad reports on Friday. The paper says the Netherlands wants to end the special deal for Italy established in the 1960s in an effort to stop Italy buying cheap gas from Moscow. The Netherlands has been increasing the price since the 1980s. But now Dutch gas export firm GasTerra wants Italian oil firm Eni which imports the gas to pay... [more]
A leading credit ratings agency says the debt crisis enveloping Greece could spread to affect the banking systems of the UK, Ireland, Portugal, Italy and Spain. Moody’s Investor Service says that although banks in some countries were not heavily affected by the financial crisis, they could be hurt if the fiscal crisis intensifies outside of Greece. The agency said in a report: “The potential contagion of sovereign risks to banking... [more]
In a major shake-up, Fiat boss Sergio Marchionnesaid Wednesday that the auto group would spin off its non-car activities into a separate entity. “There is no longer any reason to keep them together,” Marchionne said. Truck maker Iveco, agricultural machines manufacturer Case New Holland and a part of engine maker Fiat Powertrain Technologies will be part of a new group to be called Fiat Industrial, he said. The new group will... [more]
Greece said Tuesday it could call on loan backup from the EU and the IMF by next month as its bond yields hit a record high and it was forced to once again pay steep rates to borrow money. The Greek finance minister insisted that the recession-plagued economy would not be “left hanging” whilst seeking to raise fresh loans in May and that it “will find funds” through an EU-IMF loan guarantee mechanism if necessary. The... [more]
European governments opened the continent’s airspace to new flights from Tuesday giving hope to passengers around the world trapped by the cloud of volcano ash that has grounded airlines there. But British air traffic chiefs warned that the Icelandic volcano at the source of the chaos had spewed a fresh cloud of ash that was headed for Britain. On Monday, as the dust that has blanketed much of Europe’s skies forced the cancellation... [more]
European Union transport ministers agreed on Monday to gradually ease restrictions in place in European airspace sinec an Icelandic volcano started hurling ash into the atmosphere. “There is an agreement by the ministers to introduce more flexibility,” in the restrictions, which grounded most flights in Europe for a fifth day Monday, the source said. The Irish Aviation Authority said in a statement that there would be “an... [more]
