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France and German square off over strong euro
Wed, Feb 6, 2013
1:29 | 2 views
How worried should eurozone policymakers be about the rise in the value of the euro? Is the region set to lose out in a new currency war involving the euro, the dollar, the pound, the yen and the Swiss franc? Having a strong currency puts the euro area at a disadvantage in terms of exports, growth and jobs. In the last three months the euro has risen around 20 percent against the yen, eight percent against the pound, seven percent versus the dollar and three percent compared to the Swiss currency.
No rights fight between Liberty and BSkyB
Wed, Feb 6, 2013
0:43 | 1 view
US firm Liberty Global has said it is not going to get into bidding wars for content with Rupert Murdoch’s BSkyB once it owns British cable TV group Virgin Media. Liberty Global’s billionaire owner John Malone is buying Virgin – Britain’s second largest pay-TV provider – for 11.6 billion euros. That pits him against old rival Murdoch, who’s BSkyB satellite group is the biggest in the UK. Malone and Murdoch went head-to-head a decade ago over control of DirecTV, the largest US satellite TV broadcaste
German bank reform law not as tough as feared
Wed, Feb 6, 2013
0:45 | 0 views
Germany is proposing new banking laws that stop short of forcing most lenders to separate the riskier side of their business from high street banking. The draft law, approved by Finance Minister Wolfgang Schäuble and Chancellor Angela Merkel’s coalition cabinet on Wednesday, would force separation only when such activities involved assets of more than 100 billion euros or 20 percent of a bank’s balance sheet. Schäuble said that would be no more than a dozen banks. There is also provision for jailing
German bank reform law not as tough as feared
Wed, Feb 6, 2013
0:45 | 0 views
Germany is proposing new banking laws that stop short of forcing most lenders to separate the riskier side of their business from high street banking. The draft law, approved by Finance Minister Wolfgang Schäuble and Chancellor Angela Merkel’s coalition cabinet on Wednesday, would force separation only when such activities involved assets of more than 100 billion euros or 20 percent of a bank’s balance sheet. Schäuble said that would be no more than a dozen banks. There is also provision for jailing
Fed downplays hack attack
Wed, Feb 6, 2013
0:30 | 1 view
The Federal Reserve has admitted that one of its internal websites was hacked, raising questions about cyber security at the US central bank. It stressed that none of its critical functions were affected. “The Federal Reserve system is aware that information was obtained by exploiting a temporary vulnerability in a website vendor product,” a Fed spokeswoman said. “Exposure was fixed shortly after discovery and is no longer an issue. This incident did not affect critical operations of the Federal Re
Fed downplays hack attack
Wed, Feb 6, 2013
0:30 | 0 views
The Federal Reserve has admitted that one of its internal websites was hacked, raising questions about cyber security at the US central bank. It stressed that none of its critical functions were affected. “The Federal Reserve system is aware that information was obtained by exploiting a temporary vulnerability in a website vendor product,” a Fed spokeswoman said. “Exposure was fixed shortly after discovery and is no longer an issue. This incident did not affect critical operations of the Federal Re
Dell goes private to aid restructuring
Tue, Feb 5, 2013
0:50 | 2 views
Personal computer maker Dell is no longer to be a publicly traded company. The world’s third-biggest maker of PCs plans to buy back all its shares, spending the equivalent of 18 billion euros. Founder and Chief Executive Michael Dell said by going private he will be able to press ahead with plans to turn the company around by diversifying away from personal computers. The money will come from Michael Dell himself, private equity firm Silver Lake, and a two billion dollar loan from Microsoft. Th
Bank of Japan head to quit early
Tue, Feb 5, 2013
0:25 | 0 views
Bank of Japan Governor Masaaki Shirakawa is to step down three weeks before his five-year term was due to end. That makes possible an earlier than anticipated shift to more aggressive monetary easing. Japan’s Prime Minister Shinzo Abe has been pressuring the central bank to do more to lift the economy and had made it clear he wanted someone in the job who will be bolder than Shirakawa. The governor’s term was due to end on April 8, but his two deputies’ are scheduled to leave on March 19. Shirakawa t