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Archives by Year:
Russia to join WTO; aid to Athens suspended
Late on Wednesday Russia reached an agreement with Georgia on a bilateral trade deal which will open the door for Moscow’s entry into the World Trade Organisation, said the country’s key negotiator Maxim Medvedkov. The talks ended Russia’s 18-year wait to join the WTO. Moscow’s main hurdle had been coming to an agreement with Georgia […]
Greeks to consider Europe bailout plan
Greece’s Prime Minister Georgios Papandreou remained determined on Wednesday to consult his people on the European rescue package that was reached at last week’s EU summit. Papandreou told parliament that “the referendum will be a clear mandate and strong measure inside and outside Greece on our course in Europe and our participation in the euro.” […]
Nomura plans $1.2bn cost cut after 3Q $590m loss
Tokyo-based investment bank Nomura Holdings on Tuesday announced a larger than anticipated quarterly loss, according to a company statement. The country’s largest brokerage by revenue posted a $590m net loss in the three-month period ending September. It announced that it is to increase its original $400m cost cutting target to $1.2bn which will lead to […]
Sarkozy aide: No China concessions to invest in EFSF
Europe will not offer China concessions in exchange for contributions to the eurozone’s beefed-up bailout fund, an advisor to French President Nicolas Sarkozy said on Monday. Eurozone leaders agreed in Brussels last week that emerging nations, led by China, could put money in a special purpose vehicle within the EFSF fund to help increase its […]
Europe looks to China for bailout funds
European officials responsible for the eurozone bailout fund commenced discussions on Friday with China to involve them in the EU rescue plan. The European Financial Stability is hoping the Chinese government will invest in a plan to help save EU member nations from their debt crises. The move comes after European leaders on Thursday clinched […]
Greece reaches 50 percent haircut deal with Europe
Europe’s leaders on Thursday came to agreement on a deal with EU banks to write off half of Greece’s bonds in a plan to reduce the country’s heavy debt load. The agreement, which was reached at the summit in Brussels, will also include a new €130bn bailout package between the IMF and the EU. The […]
Peabody to lead bid as ArcelorMittal pulls out of $5.1bn bid
ArcelorMittal, the globe’s biggest steel producer, late on Tuesday backed out of its Macarthur Coal joint $5.1bn purchase with Peabody Energy, according to the company. The group originally joined the deal, which will be the second largest coal takeover this year, to help advance its metallurgical coal supplies. The steel maker has now left partner […]
High-growth economies drive euro appreciation
The eurozone is experiencing the biggest challenge since its inception – it is currently at the worst point of the debt crisis that started two years ago. Contagion has already spread to Ireland, Portugal, Cyprus, Spain and Italy; and even France is starting to feel the pain. The crisis recently has also started to spread […]
UBS exceeds $1bn profit despite rogue trade loss
UBS on Tuesday said 3Q11 profits fell 39 percent owing to the financial loss of around CHF1.8bn ($2.2bn) from an unauthorised trading incident in September. The bank’s net profit beat analysts’ predictions however, as a better than expected $1.13bn was announced due to a large accounting gain which offset the shortfall. Figures were down from […]
S Africa buys into “made in China” brand
Deputy President Kgalema Motlanthe finished a trip to China on Friday by praising how it had mobilised state-owned-enterprises (SOEs) to construct a global power. Pretoria should learn from Beijing’s example, he added. “Markets on their own cannot lead such fundamental change,” said Motlanthe, regarded as a leading candidate to be the next president of Africa’s […]
