International

International
Friday, February 5th 2010 - 02:39 UTC

World markets collapse on fears of Euro zone debt problems

Jean-Claude Juncker, head of Euro-group Finance ministers said Portugal and Spain posed no risks to Euro stability

Concerns about the US economy and the potential spread of debt problems in the Euro zone (Greece, Portugal and Spain) have led to large falls in world stock markets. US and key European markets lost more than 2% while those in Spain and Portugal fell by more than 5%.

Thursday, February 4th 2010 - 23:21 UTC

Trichet forecasts Euro zone recovery at moderate path but with bumps

ECB President Jean Claude Trichet trying to defend Greece

The euro zone economy will continue to grow at a moderate pace but with bumps on its path to recovery, European Central Bank (ECB) President Jean-Claude Trichet said on Thursday.

Thursday, February 4th 2010 - 18:09 UTC

Closer ties with France and other allies in UK’s forces future

UK Defence Secretary Bob Ainsworth launches the Green Paper

The British Armed Services will have to rely more on France and other international allies as they face “tough choices” in the coming years, said UK Defence Secretary Bob Ainsworth on the launching of Government Green Paper that will pave the way for a full-scale strategic defence review after the General Election.

Thursday, February 4th 2010 - 17:36 UTC

Bank of England leaves rates unchanged but pauses pumping liquidity

Bank Governor Mervyn King warned about inflation on the short term

The Bank of England decided Thursday against further quantitative easing (QE), the policy designed to stimulate growth in the UK economy. Under QE, the Bank has pumped new money into the economy by buying assets such as government bonds, as a way to boost lending by commercial banks.
Last week, it revealed it had spent all of the £200 billion put aside for QE.

Thursday, February 4th 2010 - 17:25 UTC

UK readies for a major Strategic Defence review debate

According to the Green Paper the UK can not defend itself inside – or on – its borders alone.

A Green Paper posing fundamental questions for the future of the United Kingdom’s defence has been published Wednesday by the MoD, paving the way for a post-election (May) Strategic Defence Review (SDR).

Thursday, February 4th 2010 - 17:17 UTC

As China tries to cool economy asset bubbles fears emerge in Brazil

Nevertheless Guido Mantega remains unimpressed and enthusiastic about 2010 growth

Brazil, Latinamerica’s largest economy is feeling the consequences of China’s moves to rein in an overheated economy and global fears of asset bubbles in attractive fast developing economies. The strongest warning came this week from the Organization for Economic Cooperation and Development, OECD.

Thursday, February 4th 2010 - 17:13 UTC

Kraft sealed Cadbury takeover as shareholders accept the deal

Irene Rosenfeld, Kraft’s CEO

US food giant Kraft has sealed its takeover of British confectioner Cadbury after shareholders accepted the deal. The move means Kraft can press ahead with its five-month battle for control of Cadbury, which has 186 years of history as an independent company.

Thursday, February 4th 2010 - 16:24 UTC

Currency unions do not survive “without fiscal and political union”

New York University professor Nouriel Roubini, or “Dr. Doom”

The New York University professor who anticipated the financial crisis cautioned about the Greek situation and the Euro zone saying history indicates that no currency union has survived without a strong fiscal and political union.

Thursday, February 4th 2010 - 16:18 UTC

“Greek” syndrome hits Portuguese bonds and economic prospects

Bank of Portugal Governor Vitor Constancio pessimistic about short term outlook

Portugal's debt agency IGCP cut its planned T-bill placement to 300 million Euros from 500 million on Wednesday as yields soared 49% compared to January's placement, following on events in Greece and Bank of Portugal Governor Vitor Constancio's gloomy comments on the country’s economy.

Thursday, February 4th 2010 - 16:15 UTC

European Commission supports Greece drastic fiscal cuts

EC Economic and Monetary Affairs Commissioner Joaquín Almunia

The European Commission on Wednesday adopted Greece's fiscal cuts plan but placed the country under surveillance, while it decided to start procedures against Greece for failing to deliver credible fiscal statistics in the past.

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