Developing

  • Kuwait finmin resigns after push by opposition

    Reuters - Thu, May 24, 2012

    KUWAIT (Reuters) - Kuwait's Finance Minister Mustapha al-Shamali resigned on Thursday after a questioning session led by opposition lawmakers over alleged financial irregularities in departments he oversees. The 69-year-old Finance Ministry veteran repeatedly had denied allegations of mismanagement on his watch. His resignation marked fresh political discord between the government and parliament, which was only elected three months ago. ... More »Kuwait finmin resigns after push by opposition

  • Mercedes see progress in F1 contract talks

    Reuters - Thu, May 24, 2012

    MONACO (Reuters) - Mercedes hinted at progress on Thursday in talks to secure their long-term future in Formula One. More »Mercedes see progress in F1 contract talks

  • Citadel lost $30 million in Facebook fiasco - source

    Reuters - Thu, May 24, 2012

    NEW YORK (Reuters) - Citadel Securities' market-making business lost around $30 million (19.1 million pounds) due to Facebook Inc's botched initial public offering on Nasdaq OMX Group Inc's U.S. stock exchange, a source with knowledge of the situation said. Citadel's hedge fund was not affected, the source said on Thursday. (Reporting By John McCrank; Editing by Gerald E. McCormick) More »Citadel lost $30 million in Facebook fiasco - source

  • Airlines say carbon law cutting EU off from growth

    Reuters - Thu, May 24, 2012

    BRUSSELS (Reuters) - Rising tensions with India and China over the European Union's "arrogant" law on carbon emissions could rob the region of the markets that can rescue it from economic malaise, airline leaders said on Thursday. They also said they had prepared contingency plans for a possible exit of Greece from the euro, as part of the industry's extensive crisis management, and they were worried about a domino effect of more countries' being forced out of the currency bloc, with implications for all businesses. ... More »Airlines say carbon law cutting EU off from growth

  • Eurozone strains intensify as 'massive shock' looms

    AFP - Thu, May 24, 2012

    Eurozone tensions rose Thursday after grim news on the economic outlook and as investors sought safety in Germany on growing doubts over Greece's future in the currency union. More »Eurozone strains intensify as 'massive shock' looms

  • German parties make progress on fiscal pact deal

    Reuters - Thu, May 24, 2012

    BERLIN (Reuters) - Germany's government and opposition parties edged closer on Thursday towards a compromise deal that would pave the way for parliamentary approval of Europe's new fiscal pact and permanent bailout fund. The opposition Social Democrats (SDP) also appeared to give ground on their insistence on euro bonds to tackle the euro zone's debt crisis, a day after Chancellor Angela Merkel reaffirmed her opposition to them at a summit in Brussels. ... More »German parties make progress on fiscal pact deal

  • BG to spend $30 billion on Brazil offshore oil by 2025

    Reuters - Thu, May 24, 2012

    RIO DE JANEIRO (Reuters) - BG Group Plc. plans to spend at least $30 billion (19.16 billion pounds) to expand oil and natural gas output in Brazil by 2025, an investment expected to provide the British energy company with about a third of its future worldwide output, a top BG executive in Brazil told Reuters. The investment estimate would fund BG's share of Brazilian oil ventures with Brazil's state-led Petrobras , Spain's Repsol and two Portuguese companies, Galp Energia SGPS and Partex Oil and Gas, said Henrique Rzezinski, corporate affairs vice president at BG's Brazil unit. ... More »BG to spend $30 billion on Brazil offshore oil by 2025

  • Vatican Bank head ousted as Holy See fights scandal

    AFP - Thu, May 24, 2012

    The Vatican Bank ousted its president on Thursday after he failed to clean up the image of an institution that has come to symbolise the opacity and scandal gripping the Holy See's administration. More »Vatican Bank head ousted as Holy See fights scandal

  • U.S. set against recognising Iranian right to enrich

    Reuters - Thu, May 24, 2012

    BAGHDAD (Reuters) - Iran's insistence that world powers acknowledge what it sees as its right to enrich uranium emerged as a significant difference in international talks on its nuclear energy programme this week, a senior U.S. administration official said. Speaking after two days of discussions between Iran and six world powers aimed at trying to defuse fears of a covert Iranian effort to develop nuclear bombs, the official added that looming additional sanctions were likely to raise pressure on Iran to seek an agreement ahead of a further round of talks in mid-June. ... More »U.S. set against recognising Iranian right to enrich

  • Microsoft wins ruling against Motorola over texting

    Reuters - Thu, May 24, 2012

    FRANKFURT (Reuters) - A German regional court ruled in a hearing on Thursday that Motorola Mobility infringed Microsoft patents by offering the option on its mobile phones to send a longer text in a batch of several messages. "We're pleased the court agreed today that Motorola has infringed Microsoft's intellectual property, and we hope Motorola will be willing to join other Android device makers by taking a license to our patents," Microsoft said in a statement, referring to Google's Android operating system for mobile phones. ... More »Microsoft wins ruling against Motorola over texting

  • Irish budget watchdog says NAMA overpaid for loans

    Reuters - Thu, May 24, 2012

    DUBLIN (Reuters) - Ireland's so-called bad bank paid a premium of 20 percent for the loans it acquired from lenders and will struggle to recoup its costs, the country's budget watchdog said in a report on Thursday. Created to purge the Irish banks of billions of euros worth of risky land and development loans, the National Asset Management Agency (NAMA) is one of the world's largest property group and needs to revive Ireland's moribund commercial property sector to avoid further write-downs to its portfolio. ... More »Irish budget watchdog says NAMA overpaid for loans

  • Nasdaq caused $35 mn loss in Facebook IPO: broker

    AFP - Thu, May 24, 2012

    A New York broker has asked Nasdaq to compensate it for up to $35 million in losses on the Facebook initial public offering due to the market's computer problems on the first day of trade. More »Nasdaq caused $35 mn loss in Facebook IPO: broker

  • Italy must be ready for Greek euro exit -minister

    Reuters - Thu, May 24, 2012

    ROME (Reuters) - Italy must prepare itself for the possibility of Greece leaving the euro zone, though it aims to avoid that happening, Italy's Deputy Economy Minister Vittorio Grilli said on Thursday. "We always have to be ready in any case," Grilli said when asked by reporters on the sidelines of a business conference if Italy was preparing for a Greek exit. "All options are possible though our objective is to avoid that happening," he said. ... More »Italy must be ready for Greek euro exit -minister

  • ECB preference is for Greece to stay in euro-Asmussen

    Reuters - Thu, May 24, 2012

    SOPOT, Poland (Reuters) - The European Central Bank's strong preference is for Greece to stay in the euro zone, ECB policymaker Joerg Asmussen said on Thursday, adding this was the bank's "Plan A" and that he would not speculate on any possible "Plan B". "On Greece, I can simply state that it's our strong preference at the ECB that Greece stays within the euro area," Asmussen told a financial conference in Poland. "This is 'Plan A'. We are working on this. If I start to speculate about Plan B, C, D, immediately Plan A will not work. Others can do this, they have a different job ... ... More »ECB preference is for Greece to stay in euro-Asmussen

  • Why are Greek and Italian politicians so bad?

    Reuters - Thu, May 24, 2012

    ROME (Reuters) - In Greece, conservative leader Antonio Samaras insisted on calling an election earlier this month that slashed his own party's share of the vote and set the country down a path that could see it crashing out of the euro. In Italy, politicians led by scandal-plagued premier Silvio Berlusconi were forced to admit they could not handle a crisis that brought the country close to financial catastrophe last year and handed over to technocrat Mario Monti to save the day. ... More »Why are Greek and Italian politicians so bad?

  • Draghi urges govts to take "courageous leap" to save euro

    Reuters - Thu, May 24, 2012

    ROME (Reuters) - European Central Bank President Mario Draghi on Thursday called on governments to take a "courageous leap" of political imagination to safeguard the future of the euro zone. In a speech in Rome, Draghi said it would take time for the full benefits of the ECB's cheap three year loans to banks to be seen, and now the onus was on banks, and especially governments, to take their own decisive action. "We are living a crucial moment in the history of the EU," Draghi said in the Italian version of his speech. ... More »Draghi urges govts to take "courageous leap" to save euro

  • EU urges Greece to stay in euro, but plans for possible exit

    Reuters - Thu, May 24, 2012

    BRUSSELS (Reuters) - European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout programme. After nearly six hours of talks held during an informal dinner, leaders said they were committed to Greece remaining in the euro zone, but it had to stick to its side of the bargain too, a commitment that will mean a heavy cost for Greeks. ... More »EU urges Greece to stay in euro, but plans for possible exit

  • Di Resta is a huge asset, says Mallya

    Reuters - Thu, May 24, 2012

    MONACO (Reuters) - Force India expect Paul Di Resta to stay with them next season but would be understanding if the highly-rated British Formula One driver wanted to move elsewhere, team owner Vijay Mallya said on Thursday. Di Resta won the German touring car championship with Mercedes in 2010 and has been touted as a possible replacement at that team for Michael Schumacher should the 43-year-old seven times champion decide to call it a day. Schumacher's contract expires at the end of 2012. ... More »Di Resta is a huge asset, says Mallya

  • Iran insists on enrichment at nuclear talks

    Reuters - Thu, May 24, 2012

    DUBAI (Reuters) - Iran emphasised its right to continue to enrich uranium during crucial talks with world powers in Baghdad aimed at resolving Western concerns over its nuclear programme, Iranian chief negotiator Saeed Jalili said on Thursday. "Of the main topics in using peaceful nuclear, energy is the topic of having the nuclear fuel cycle and enrichment. We emphasise this right." "This is an undeniable right of the Iranian nation ... especially the right to enrich uranium," Saeed Jalili said during a televised news conference after the talks had drawn to a close. ... More »Iran insists on enrichment at nuclear talks

  • Syria would need $11.5 billion quickly post-Assad

    Reuters - Thu, May 24, 2012

    ABU DHABI (Reuters) - Syria would need $11.5 billion (7.3 billion pounds) in reconstruction funds in the first six months after the collapse of President Bashar al-Assad's rule, mainly to support its currency and pay public sector wages, the main Syrian opposition said on Thursday. The Syrian National Council, whose international support has been undermined by internal squabbling and power struggles, presented an economic reconstruction plan at a meeting of the Friends of Syria working group for economic recovery and development in the United Arab Emirates. ... More »Syria would need $11.5 billion quickly post-Assad

  • Spain may forge one bank from failed lenders-source

    Reuters - Thu, May 24, 2012

    MADRID (Reuters) - Spain may create one nationalised bank out of its failed lenders including problem lender Bankia if the state cannot find buyers for state-rescued banks, a senior Economy Ministry source said. The country's weak banks are central to the European debt crisis as many investors believe the government will only be able to support them by seeking international aid. Spain announced a bailout of at least 9 billion euros ($11.3 billion) and full state takeover for fourth-biggest bank Bankia on Wednesday. ... More »Spain may forge one bank from failed lenders-source

  • Text of statement by EU's Ashton after Iran talks

    Reuters - Thu, May 24, 2012

    BAGHDAD (Reuters) - Following is the text of a statement issued by European Union (EU) foreign policy chief Catherine Ashton at the conclusion of talks between Iran and six world powers in Baghdad on Thursday. "First of all, I would like to thank the Iraqi government, and in particular Foreign Minister Zebari, for the excellent hospitality and organisation of these talks. ... More »Text of statement by EU's Ashton after Iran talks

  • Iran, powers set more nuke talks for June

    Reuters - Thu, May 24, 2012

    BAGHDAD (Reuters) - Iran and world powers will meet in Moscow on June 18-19 for more talks to try solve a long-standing dispute about an Iranian nuclear energy programme, European Union (EU) foreign policy chief Catherine Ashton said on Thursday. Speaking after two days of discussions between envoys from Iran and six leading powers to try to defuse Western fears of a covert Iranian effort to develop nuclear bombs, Ashton said it was clear both sides wanted progress and had some common ground but they also had significant differences. ... More »Iran, powers set more nuke talks for June

  • Sudan, South Sudan agree to resume talks next week

    Reuters - Thu, May 24, 2012

    KHARTOUM/JUBA (Reuters) - Sudan and South Sudan agreed to restart talks next week with the aim of ending hostilities and settling disputes after border clashes scuppered an earlier round of negotiations, both sides said on Thursday. The two armies clashed last month in a disputed oil region near the poorly drawn border, coming closer to all-out war than at any time since South Sudan's independence last July. ... More »Sudan, South Sudan agree to resume talks next week

  • Air France-KLM admits overstaffing problems

    AFP - Thu, May 24, 2012

    Air France-KLM, the struggling Franco-Dutch airline group, warned Thursday it was overstaffed but said it was still seeking ways to avoid forced departures as part of its turnaround plans. More »Air France-KLM admits overstaffing problems

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