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Jul 3
MADRID – In the ashes of Europes debt crisis, some see the seeds of long-term hope.
Thats because the threat of bankruptcy is forcing governments to implement reforms that economists argue are necessary to help Europe prosper in a globalized world – but were long viewed as being politically impossible because of entrenched social attitudes.
Changes such as making it easier for companies to fire workers or stare down unions were until recently dismissed as simply not being the “European way.” Similarly, many were skeptical that European governments would or could tackle bloated public payrolls, trim entitlements or force people to retire later.
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UAE economy fine worst is over says Dubai ruler
Filed under NewsJun 25DUBAI – Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum has said that the economy of the United Arab Emirates is doing fine and that the worst for Dubai is over.
In an interview with CNN due to air on Friday, Sheikh Mohammed also said that Emirates airline, the largest carrier in the region, will place another order in July following a record purchase earlier this month.
“The worst is over and Dubai is looking for new opportunities for growth, according to Dubais ruler, Sheikh Mohammed,” CNN reported on its website, quoting parts of the interview.
Tagged as: Aabar, Abu Dhabi, airline, Akram Annous, Britain;, CNN;, crude oil;, Daimler AG, deputy fund manager, DFM General, dirham, Dubai World, Dubai;, Emaar Properties PJSC, EUR, Gulf Cooperation Council;, Iceland, Italys Unicredit Spa, Mohammed bin Rashid Al Maktoum, MSCI emerging markets, Prime Minister, Ruler, state-owned conglomerate, UAE;, UniCredit, United Arab Emirates;, United States;, US Commerce Department, USD;, vice president, worlds oil -
Eurozone debt could squeeze banks
Filed under NewsJun 7FRANKFURT – Eurozone banks could face a credit crunch as they compete with governments for funds in coming years, analysts and the European Central Bank say.
The ECBs Financial Stability Review said last week that banks must renew about 800 billion euros ($950 billion) in debt by the end of 2012, and that they would be competing head-on with governments in bond markets.
“In view of the considerable near-term funding needs of euro area governments, a particular concern is the risk of bank bond issuance being crowded out, making it challenging to roll over a sizeable amount of maturing bonds by the end of 2012,” the central bank said.
Tagged as: bank bond issuance, bank borrowing, bank refinancing, bank;, Barclays Capital;, Berlins Free University, Carsten Brzeski, chief economist, economist, EUR, Europe;, European Central Bank, European Union;, finance ministers, financial secretary, Frankfurt;, Greece, gross domestic product;, IHS Global Insight, ING, Ireland, Italy;, Marco Annunziata, Moritz Schularick, Portugal, said economics professor, senior economist, Spain;, The ECBs Financial Stability Review, Thorsten Polleit, Timo Klein, turn crimp bank, UniCredit, United States;, USD;, wholesale finance -
Greece announces 65b austerity plan
Filed under NewsMar 4EU backs new deficit cuts
ATHENS – Greece announced painful new austerity measures Wednesday worth ?4.8 billion ($6.5 billion) to deal with a financial crisis that has hammered the euro and unsettled financial markets.
The decisions were “not taken out of choice but out of necessity,” Prime Minister George Papandreou said as he briefed the countrys president on the new measures, which are aimed at winning European Union support for Greece and calming financial markets.
Tagged as: analyst, Angela Merkel, Athens, Chancellor, Christoph Steegmans, economy official, EU Commission, Europe;, European Commission, European Union;, eurozone finance ministers, Finance Minister, George Papandreou, Germany;, Greece, Greek government, gross domestic product;, head of a group, International Monetary Fund;, Jean-Claude Juncker, Jose Manuel Barroso, Luxembourg, President, Prime Minister, spokesman, spokesman for Merkel, Tullia Bucco, UniCredit, USD;, Wolfgang Schaeuble -
European shares rise as banks commods gain
Filed under NewsFeb 27LONDON – European shares rose on Friday at midday, with banking stocks taking the lead and commodity shares tracking higher crude and metal prices.
By 1139 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.4 percent at 1,001.14 points. The index, which gained nearly 26 percent in 2009, is down around 4 percent this year.
“Today is the day the markets have decided to have a rebound. Generally, corporate results have been good and have surprised on the upside in both the top line and the bottom line,” said Mike Lenhoff, chief strategist at Brewin Dolphin.
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Jan 29
DAVOS: Top policymakers warned on Thursday the world economy is not out of the woods and a global recovery is still far from secure, urging caution as central banks work on withdrawing critical support.
Chinas Vice Premier Li Keqiang, the man tipped to become the countrys next premier, said there were still twists and turns ahead as the world pulls out of recession, echoing calls to caution from bankers and other leaders at the annual World Economic Forum in the Swiss ski resort of Davos. There still remain many uncertainties in (the) domestic and external economic environment, Li said.
Tagged as: Africa;, Alcatel-Lucent, bank;, Ben Verwaayen, Bill Clinton, Chief Executive, Chinas Vice Premier, Davos;, deputy chief executive, Director General, European Union;, First Deputy Managing Director, George Papandreou, Greece, Haiti, head, International Monetary Fund;, Jacob Zuma, Jaime Caruana, John Lipsky, Jose Luis Zapatero, Lee Myung-Bak, Li Keqiang, location, Pascal Lamy, Premier, President, Prime Minister, Reuters;, Sergio Ermotti, South Africa;, South Korea;, Spains Jose Luis Zapatero, UniCredit, United States;, World Economic Forum; -
Jan 14
BERLIN: Germanys economy contracted 5 percent in 2009 amid the global economic downturn, by far its worst performance since World War II, official data showed Wednesday.
The figure published by the German Federal Statistical Office was in line with government predictions but slightly worse than the 4.8 percent contraction widely predicted by analysts.
What was striking in 2009 is that both exports and capital formation in machinery and equipment slumped heavily, the office said in a statement.
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