German president raises pressure on divisive banker

German president raises pressure on divisive banker

German President Christian Wulff has increased pressure on the Bundesbank to dismiss its contentious board member Thilo Sarrazin, arguing that the central bank needed to limit damage to Germany’s reputation. Sarrazin has divided Germany with criticism of the country’s large Muslim community, and outspoken remarks asserting that Jews have a particular genetic makeup, sparking calls […]
Japan dilemma as economic dependence on China grows

Japan dilemma as economic dependence on China grows

Japan’s growing dependence on China for growth grates with concerns over its expanding military reach, deepening a dilemma over how to engage with its giant neighbour even as the two trade places in economic rankings. But while the interdependence raises the risks for the world’s second- and third-biggest economies if relations sour, it also boosts […]
Russia home to wealthiest expats, Eurozone lags

Russia home to wealthiest expats, Eurozone lags

Russia, Saudi Arabia and Bahrain are home to the wealthiest expats, with Eurozone countries falling behind when it comes to paying for foreign expertise, according to a survey of expats. The third annual report commissioned by HSBC Bank International found finances among expats were generally positive with two-thirds, or 66 percent, saying they have more […]
Double-dip fears hit stocks, yen near 15 year high

Double-dip fears hit stocks, yen near 15 year high

World stocks fell on Tuesday in markets dominated by concerns the US economy is sliding back into recession, prompting further flows into safe-haven assets. The yen – favoured for carry trades at times of economic stress – hovered back near 15-year high against the dollar after investors brushed off Japan’s attempt to weaken the currency, […]
Seadrill sees growth and M&A after Q2 beat

Seadrill sees growth and M&A after Q2 beat

Norway’s Seadrill Ltd, the world’s number two deepwater oil rig group, is ready to throw its weight around now that the Gulf of Mexico oil spill has made life harder for smaller players. “We see the current market volatility as a good opportunity to look for investment opportunities,” the group controlled by shipping tycoon John […]
Independent News revenue rises, advertising improves

Independent News revenue rises, advertising improves

Irish publishing group Independent News & Media has posted its first revenue growth in more than two years as recovering advertising pushed first-half sales up eight percent. Pretax profit excluding one-off items rose 39 percent. The Dublin-based group has had to sharpen its focus on titles in Ireland, as well as in South Africa, New […]
Fragile Romania goverment fights to defend IMF reforms

Fragile Romania goverment fights to defend IMF reforms

Painful cost cuts and tax rises have eroded support for Prime Minister Emil Boc’s centrist coalition. His opponents want tax cuts and could even topple the eight-month-old government. Whether Boc’s government survives or not, a divided parliament is likely to prevent much-needed reforms and leave Romania struggling to meet its commitments under a 20 billion […]
Dubai World prized assets on sale to cut debt

Dubai World prized assets on sale to cut debt

Dubai World is prepared to sell prized assets including previously ringfenced ports firm DP World in a bid to raise as much as $19.4bn to repay creditors, a document obtained by reporters shows. The document, presented on July 22 to creditors at Dubai’s lavish Atlantis Hotel, also revealed that the state-owned conglomerate’s debt stood at […]
Ukraine wants to revise gas deal with Russia

Ukraine wants to revise gas deal with Russia

The base price for Russian natural gas is still disadvantageous for Ukraine despite a new deal reached last April and the Kiev government will press Moscow to bring it down, Ukraine’s prime minister claims. “We have set as a goal a revision of the extremely unfavourable agreement with the Russian Federation and we will continue […]
Aggreko ups 2010 view after orders, profits jump

Aggreko ups 2010 view after orders, profits jump

Aggreko said events such as the Vancouver Winter Olympics and the soccer World Cup, for which it provided generators and chillers, brought its Local Business unit £48m ($74m) in revenues in the first half. “We believe that we will make further good progress in the second half and the outcome for the year as a […]