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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…
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…
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…
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…
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…
The origins of the Joint Combat Aircraft (JCA) programme can be found in plans developed in the 1990s to replace our carrier-borne aircraft. The aircraft selected to meet the JCA requirement is the Lockheed Martin F-35 Joint Strike Fighter (JSF). The JSF is an exceptionally capable fifth generation, multi-role, supersonic, stealthy aircraft containing cutting-edge technologies….
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…
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…
Federal regulators late on Wednesday charged a unit of Citigroup with negligence after they found it had sold $1bn worth of financial products linked to the flagging 2007 housing market. The bank’s Global Markets division had misled investors when it failed to inform them that the $1bn investment was doomed for failure, the SEC said….
