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| Top Regional Business and Finance News |
| Hollande tells France the worst is over. Recession blamed on austerity measures |
| ABW - 19 May, 2013 |
| Marseille // Facing hostility at home and rising tension with Germany as Europe suffers the ravages of economic crisis, the French president, Francois Hollande, used a rare news conference yesterday to insist the worst was over. One day after the anniversary of him taking office, which coincided with France slipping back into recession, Mr Hollande also outlined a bold plan for full political union within the beleaguered euro zone. ¬ The president warned that recession was beginning to »threaten the very identity of Europe«. ¬ In a further challenge to the policies of the German chancellor, Angela Merkel, he put the blame for the crisis on the austerity measures she strongly favours. ¬ This echoed controversial comments by Pierre Moscovici, Mr Hollande´s finance minister, who also held austerity responsible for France´s economic woes. ¬ Mr Hollande called for a central economic government for the single-currency area with a full-time president, its own budget and a harmonised tax system. ¬ Few of his comments are likely to appeal to Berlin. The contrast for those recalling how closely Mr Hollande´s conservative predecessor, Nicolas Sarkozy, worked with Mrs Merkel in seeking to get to grips with crisis could not be more stark. Mr Sarkozy himself has accused Mr Hollande of undoing all the progress he claims to have made with the German chancellor. ¬ Her position was illustrated yesterday in comments to the German media by an influential political supporter. Michael Meister, deputy parliamentary leader of the chancellor´s Christian Democrats, said France and Italy had to do more to resolve structural problems within the EU. ¬ But the French president and his ministers believe the answer to Europe´s debt and unemployment lies in measures to stimulate growth and getting people back to work. ¬ In his broadcast live on television from the Elysee Palace, Mr Hollande went further, praising the EU Commission for »starting to understand the risks and threats« of relying on belt-tightening. ¬ The southern EU nations, in particular, are showing little sign of easing themselves out of the collective financial predicament. ¬ Mr Hollande said he saw it as his duty to lead Europe out of its lethargy. »With Mrs Merkel, we do not have the same political sympathies, but we do share the responsibility to find a compromise between France and Europe,« he said. ¬ »We have always sought compromise and it has often taken time, but we´ve always managed. That had to continue, because otherwise there is the risk that it will be the end of Europe. » ¬ He also said that whereas the first year of his mandate had concentrated on tackling France´s economic problems and correcting injustice, the second would be devoted to bringing down unemployment - and promoting his European initiative. ¬ Mr Hollande this week won a two-year EU extension of France´s deadline for bringing its deficit to within 3 per cent of gross domestic product (GDP). It was originally required under the EU´s collective response to the debt crisis to meet the target by the end of this year, a target now seen as unattainable. ¬ Hopes of domestic recovery, however, were simultaneously hit by the announcement that GDP had shrunk by 0.2 per cent for the second quarter in succession. And the respite won in Brussels was accompanied by a demand from José Manuel Barroso, the European Commission president, that France should »present a credible reform programme« aimed at improving competitiveness. ¬ Discontent in France is evident in everyday conversation as much as media comment. While public opinion is notoriously capricious, polls consistently suggest record unpopularity for a president so early into his five-year mandate. ¬ His image took another battering on the eve of his Elysee broadcast, only his second since taking office, when a television documentary portrayed him as a weak leader derided by his own officials and henpecked by his partner, Valerie Trierweiler. ¬ With his stock so low on the domestic front, it came as little surprise that he should dwell on international issues yesterday. ¬ He referred first to France´s military intervention to help drive Islamist militants from power in northern Mali. Mr Hollande said this week that popular Malian support for French engagement meant there was no risk of creating another Afghanistan. ¬ The Pew Research Centre, based in Washington DC, warned this week that support for the EU in eight member countries it surveyed, including France, had fallen from 60 to 45 per cent in the past year. »The European Union is the new sick man of Europe,« it said.foreign.desk@thenational.ae * With additional reporting from Reuters Copyrights |
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| Qatar buys 40% stake in Milan's Central Business District |
| ABW - 18 May, 2013 |
| Qatar Holding has bought a 40 percent stake in a new 290,000-square metre skyscraper project near the centre of Milan, it was announced on Friday . Porta Nuova represents one of the most prestigious city center mixed use developments in Europe with a market value in excess of ae 2 billion. The project is transforming the city of Milan by creating a new central district. The central building of Porta Nuova Garibaldi, which is leased to Unicredit, is Italy's tallest structure and a new beacon for the city. The deal is expected to bring in much relief to the Italian property market , which has plummeted in recent years, and help the fragile economic system of the country. Qatar had in 2012 set up a joint venture with Italy with a 2.0 billion euro fund to invest in Italian business including in fashion, food, tourism and design. Qatar Holding's investment in Porta Nuova further diversifies its global portfolio in general, and increases its participation in the Italian real estate market in particular. The landmark project is expected to have a transformative impact for Milan and create value for all stakeholders. Jeff Hines, Hines President and CEO, said "Porta Nuova represents one of the most important developments for the firm and for our investors. Hines has invested in the future of Italy not only Porta Nuova, but also with the creation of a significant in-country investment management platform." Manfredi Catella, Hines Italia SGR CEO, said "The partnership with Qatar Holding represents a strategic step for our investors and for Hines Italia SGR and confirms Porta Nuova as one of the most attractive investment in Italian real estate. Italy's territory is one of the most important natural resources of the country that can support economic growth in the future." Qatar Holding , a wholly-owned subsidiary of Qatar Investment Authority, is a global investment institution and a preferred partner of choice for investors, financiers and other stakeholders. Key investments of Qatar Holding include Agricultural Bank of China, Barclays plc, Canary Wharf Group (via Songbird Estates), Costa Smeralda resorts, Credit Suisse Group, Harrods Group, Hassad Food Company, Iberdrola SA, J Sainsbury plc, London Stock Exchange, Lagardere, Porsche, Qatar Exchange, Qatar Telecom, Qatar national Bank, Santander Brasil and Volkswagen AG. |
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| Shell Suspends Gas Supplies to Nigeria After 'Leak' in Rivers Pipeline |
| All Africa Global Media - 17 May, 2013 |
| Shell announced its decision on Thursday. |
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| S&P says Cypriot deposit grab may set eurozone precedent |
| ABW - 16 May, 2013 |
| THE GRAB on bank deposits that accompanied Cyprus' bailout could be repeated elsewhere in the eurozone, and the bloc's banking union may not be strong enough when it is introduced, Standard & Poor's said yesterday. |
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| European Central Bank disagrees with Germany on rules for handling failing banks |
| ABW - 15 May, 2013 |
| Brussels: The European Central Bank (ECB) set up a clash with Germany as Executive Board ... |
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| Turkey signs agreement with Exxon Mobil on oil exploration in Iraqi Kurdish autonomy |
| ABW - 15 May, 2013 |
| Azerbaijan, Baku, May 15 / Trend, A.Taghiyeva / |
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| Consumer service lawsuit looms for Google in Germany |
| ABW - 11 May, 2013 |
| A lawsuit against Google's customer service practices in Germany is looming after the company declined to sign a document promising German consumer organizations to start answering customer emails individually. |
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| Private equity set to pounce as mining houses sell assets |
| ABW - 11 May, 2013 |
| Mining firms led by BHP Billiton are holding the biggest sale of assets this year just as commodity prices head into a bear market. What is bad timing for the mining houses may be the opposite for private equity. |
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| G7 nations meet as US pressures Europe over austerity |
| ABW - 11 May, 2013 |
| Finance ministers and central bank chiefs from the Group of Seven leading economies will meet in the English countryside on Friday for talks on spurring |
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| Cyprus bank heist flags up a major systemic problem in the eurozone |
| ABW - 11 May, 2013 |
| It is astounding to us how quickly the Cyprus bank heist has been brushed under the carpet. The problem is that it is not going to stay there. You can't have banks in the eurozone stealing depositors money. It sets a precedent. |
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| Top Press Releases |
| Deal snapshot: TELEFONICA TO SHED STAKE IN C AMERICAN ASSETS TO CMI |
| MTN - 16 May, 2013 |
| Spanish telecommunications major Telefonica SA (MCE:TEF) said it would sell 40% in its El Salvador, Guatemala, Nicaragua and Panama operations to Corporacion Multi Inversiones (CMI) for USD500m (EUR381.2m).Country: Panama, Nicaragua, Guatemala, El SalvadorSector: TelecommunicationsTarget: Telefonica operations in Central AmericaBuyer: Corporacion Multi Inversiones (CMI)Vendor: Telefonica SADeal size in USD: 572mType: DivestmentStatus: Agreed |
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| * Rio Tinto CEO: "Constructive" Talks With Mongolia Over Oyu Tolgoi Continue |
| OsterDowJones - 14 May, 2013 |
| (MORE TO FOLLOW) Dow Jones Newswires |
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| DJ Germany's Inflation Continues to Slow |
| OsterDowJones Select - 14 May, 2013 |
| FRANKFURT--Consumer price inflation in Germany eased further below the European Central Bank's target in April, thanks to falling prices for fuel and heating oil. |
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| DJ African Barrick Gold Review Identifies Savings >ABG.LN |
| OsterDowJones - 14 May, 2013 |
| LONDON--Miner African Barrick Gold PLC (ABG.LN) said Tuesday that the operational review it launched in the first quarter has resulted in the company implementing a series of measures that will reduce expenditure, including a $50 million reduction in sustaining capital and a reduction of $25 million in exploration spend. |
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| Daimler Q1 net profit decreases |
| Datamonitor - 13 May, 2013 |
| Daimler AG, a Germany-based company that develops, manufactures and distributes a range of automotive products, has reported that net profit attributable to shareholders of the company for the first quarter ended March 31, 2013 was E536 million, or E0.50 per share, compared to E1.35 billion, or E1.26 per share, for the first quarter ended March 31, 2012. |
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| DJ Draghi: ECB Not About To Buy Repackaged Loans From Euro-Zone Banks |
| OsterDowJones Select - 11 May, 2013 |
| By Geoffrey T. Smith |
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| Lot to be done to catch up with iPhone, Samsung Galaxy: Nokia's Stephen Elop |
| ABW - 10 May, 2013 |
| New Delhi, May 10 -- Although Nokia has regained part of the market share it had ceded to rivals in India because of the success of its cheaper Asha phones, the once dominant Finnish handset maker has a lot of work to do to catch up with Apple Inc.'s iPhone and Samsung Galaxy in the more expensive smartphones market, said Stephen Elop, president and chief executive of Nokia Corp. |
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| Volkswagen Is Germany's Most Attractive Employer |
| MARKETWIRE - 12 Mar, 2013 |
| WOLFSBURG, GERMANY -- (Marketwire) -- 03/12/13 -- Volkswagen is Germany's most attractive employer. This is a result of a survey of about 13,000 people working in 17 sectors conducted by Focus news magazine and the Xing professional and career network. |
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| Google Glass Glasses Soon in Germany at pcfritz.de Store |
| MARKETWIRE - 27 Feb, 2013 |
| HALLE, GERMANY -- (Marketwire) -- 02/27/13 -- The BERLINER TAGESZEITUNG newspaper recently discovered that Mike Mahlow, the founder of the internet portal www.pcfritz.de, is aiming at a far-reaching campaign in the online sector where the negotiations on this side are just about to arrive at a successful conclusion. |
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| BASF Increases Sales and Income From Operations in 2012 |
| MARKETWIRE - 26 Feb, 2013 |
| LUDWIGSHAFEN, GERMANY -- (Marketwire) -- 02/26/13 -- |
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| Other Regional Headlines |
| Hollande set to sign gay marriage into French law |
| ABW - 18 May, 2013 |
| The final hurdle preventing the gay marriage bill from becoming law was overcome on Friday when the legislation was passed by France's Constitutional Council, after it turneddown a challenge by the opposition.The issue of gay marriage and adoption for same sex couples has divided France with mas street protests being held by opponents of the bill, some of which have ended in violence.France made history on April 23 when it became the 14th country to vote gay marriage into law but opposition UMP deputies referred the bill to the Council, which has the right to throw it out if it is against the country's constitution.However "Les Sages" as the council members are known has suggested they would not intervene with the wishes of parliament and on Friday they stuck to their word.A statement by the Council said same-sex marriage "did not run contrary to any constitutional principles," and that it did not infringe "basic rights or liberties or national sovereignty."The council also said that gay adoption did not automatically mean the "right to a child" and that the "interest of the child" would be the overriding factor in such cases.All that remains now is for Francois Hollande to sign the bill into law. Immediately after the council's decision the president, eager to put the bill to bed, announced he would sign the bill into law as soon as Saturday.The first gay wedding can be held 10 days after Hollande signs it into law, although some mayors across the country have refused to administer the ceremonies.On Saturday, France will become the 14th country to legalise same-sex marriage, joining a club of eight other European nations -- the Netherlands, Belgium, Spain, Norway, Sweden, Portugal, Iceland and Denmark.Friday's decision by the council will delight supporters of the bill but will further anger protestors, who have stage mass street rallies in recent months to demonstrate their opposition to the proposal.Despite parliament having passed the bill another protest is planned for May 26th.A Parisian socialite who goes by the name of Frigide Barjot and has become the public face of the movement opposing gay marriage said the council's go-ahead was a "provocation," adding that France was trying to change "civilisation."Barjot whose assumed name is a play on the name of French film star Brigitte Bardot, a sex symbol in the 1960s, and translates as Frigid Loony told AFP: "It's an institutional revolution," adding: "We are in the process of changing civilisation."When parliament passed the bill in April Justice Minister Christiane Taubira hailed the adoption of the bill as a "historic" moment in French history."It grants new rights, stands firmly against discrimination (and) testifies to our country's respect for the institution of marriage," she said in a statement shortly after the vote."This law... brightens the horizons of many of our citizens who were deprived of these rights," she said. |
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| Our View: Government needs to get its priorities straight |
| ABW - 18 May, 2013 |
| IT IS DIFFICULT not to share the anger of deputies over the government's decision not to open the four regional ambulance stations that are ready for operations, because of the freeze on new recruitments in the public sector. The 49 paramedics, who received a year's training at a cost of ae500,000 to the taxpayer, in order to man the four stations, will not be hired because of the recruitment freeze, which has been blamed on the troika.Blaming everything on the troika is convenient for the government, but the fact is that while the troika may set state spending targets, it does not decide what the spending priorities should be. This is decided by the ministry officials and minister. For instance, the troika did not stop the government funding the Medical School of the Cyprus University, a vanity project that would cost tens of millions of euros to operate. Why had the troika not applied the recruitment freeze to the Medical School, the payroll of which would be several millions of euro but prevented the opening of four ambulance centres the operation of which would cost about ae500,000? It is obvious that this misguided decision had been taken by the government, presumably because the opening of the Medical School was an election promise of President Anastasiades. But we fear the government has got its priorities wrong. Ambulance stations manned by paramedics would save lives and as such should take precedence. A medical school is not a priority, by any stretch of the imagination -we survived without one for decades - at a time of economic depression and an acute shortage of state funds.Admittedly, it is not a case of one or the other because amount is not comparable - the operation of the ambulance stations would cost a small fraction of what the Medical School would need - but the government needs to get its priorities right and it needs to take all steps to ensure a quick and effective response time of the ambulance service to all parts of the island. There are countries in which the guaranteed, ambulance response time is 12 to 15 minutes, because saving lives is considered very important. Obviously the technocrats of the finance ministry and government politicians do not subscribe to this view, but because they are embarrassed to admit it they blame the troika for their shameful decision. As for the health minister, who should have been championing the right of all people to a prompt ambulance service, he was more concerned about giving assurances that the Medical School would go ahead. For the government, the saving of lives can wait until the economic recovery arrives. |
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| Obama, Cameron to discuss Syrian civil war at White House |
| United Press International - 13 May, 2013 |
| Syria's convulsive civil war will be a key topic when President Barack Obama and British Prime Minister David Cameron meet Monday, the White House said. |
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| Italian court upholds Berlusconi 4-year fraud conviction |
| Xinhua News Agency - 08 May, 2013 |
| An appeal court in Italy's Milan on Wednesday upheld former premier Silvio Berlusconi's four-year conviction for tax fraud on broadcasting rights bought by his television company. |
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| France - FranAois Hollande heads into second year amidst mass protests |
| ABW - 05 May, 2013 |
| French President François Hollande celebrates his first year in office tomorrow, as his approval ratings are at their lowest. Far-left party leader Jean-Luc Melenchon said on Sunday that he expected 100,000 people at his protest in Paris for a “6th French Republic," to create a new France. |
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| France's Hollande in Dire Straits |
| ABW - 04 May, 2013 |
| Paris, Asharq Al-Awsat-Francois Hollande would not be president of France if the elections were to take place today, a recent poll has revealed.A poll conducted by CSA for BFMTV released this week suggests that not only would President Hollande not be elected if the presidential elections were held today, he would be knocked out of the first round of the vote by Marine Le Pen and his predecessor Nicolas Sarkozy. The poll revealed that just 19 percent of the French electorate would be prepared to vote for Hollande today; in comparison to 23 percent for Miss Le Pen and 34 percent for Sarkozy. |
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| Cyprus passes bailout MoU; Vote as divisive as ever |
| ABW - 30 April, 2013 |
| The 10 bln euro bailout agreement scraped through parliament in a razor-thin vote Tuesday, with Cyprus narrowly escaping default in the most trying 40 days of its recent history. |
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| Soaring Demand for Metals Calls for Rethink of Recycling Practices, Says International Resource Panel |
| African Press Organization - APO - 24 April, 2013 |
| BERLIN, Germany, April 24, 2013/African Press Organization (APO)/ -- The growth in demand for metals, which could see needs rise by almost ten times current levels, calls for a rethink of recycling practices in order to address negative environmental impacts, according to two reports released today by the UNEP-hosted International Resource Panel. |
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| It's Time To Celebrate All Women! |
| Marketwired - 10 April, 2013 |
| LONDON, UNITED KINGDOM -- (Marketwired) -- 04/10/13 -- TV presenter and designer, Holly Willoughby puts real women on the runway for Summer 13 with a campaign to celebrate the female form. |
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| Volkswagen Group to Reduce CO2 Emissions to 95 g/km by 2020 |
| MARKETWIRE - 05 Mar, 2013 |
| GENEVA and WOLFSBURG, GERMANY -- (Marketwire) -- 03/05/13 -- |
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| Europe Market Roundup |
| Cyprus |
88.84 |
+0.01 |
+0.01% |
20May |
| France |
369.97 |
+1.89 |
+0.51% |
20May |
| Greece |
1,135.83 |
-16.77 |
-1.46% |
20May |
| Israel |
1,108.79 |
+3.42 |
+0.31% |
21May |
| Italy |
18,563.15 |
-118.11 |
-0.63% |
20May |
| Norway |
330.47 |
+0.38 |
+0.12% |
27Feb |
| Spain |
8,515.20 |
-67.20 |
-0.78% |
20May |
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