Hungary’s Malev airline halts operations
BY Deutsche Welle | PHOTO
PUBLISHED 12:27, February 4, 2012
Hungarian national airline Malev halted operations on Friday, leaving more than 7,000 passengers stranded after the European Union ordered it to pay back government aid.”Since the government can no longer provide resources due to the EU’s decision and there is no feasible partner in sight, the company’s operations became impossible,” Malev chief Laszlo Berenyi told a news conference.”Every [partner] has asked for payments in advance, and claims accelerated incredibly,” he added. “No company can honor payments months in advance.”Managing Director... [Full article]
India, Russia, US, China plan anti-carbon tax talks
BY EUbusiness
PUBLISHED 12:29, February 4, 2012
India, Russia, the United States, China and other countries will meet in Moscow this month to decide whether to retaliate against the EU’s decision to impose a carbon tax on air travel, a report says.The European Union (EU) imposed the tax with effect from January 1, but over two dozen countries, including India, Russia, China and the United States, have opposed the move saying it violates international law.The Press Trust... [Full article]
Gazprom cuts gas supplies amid cold snap
BY Financial Times
PUBLISHED 12:34, February 4, 2012
Russia has sharply cut gas supplies to nine European countries as it struggles to cope with a cold snap that has gripped the continent and seen a jump in demand for energy.The reduction in natural gas flows has led to a blame game, with Russia’s Gazprom saying a freezing Europe is demanding more than the company is required to deliver. “Gazprom has agreed contractual volumes that it is obliged to... [Full article]
Greece: reform struggles or death throes?
BY Euronews
PUBLISHED 12:36, February 4, 2012
As angry public service workers protested again outside the Finance Ministry in Athens inside they were still struggling on Friday to come up with a formula to save the country from bankruptcy.Finance minister Evangelos Venizelos again met the officials who control the bailout money in a bid to agree details on wage cuts and bank recapitalisation that then have to be approved by the country’s political leaders.In parliament he pleaded for support saying: “Yes, the people have become poorer. Yes, we are living dramatic times. Yes, the standard of living has fallen. Yes, it is tragic to have to cut pensions and wages. But the alternative of what we may face is unthinkable, and that is what we’re trying to... [Full article]
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Chinese group places bid for Swedish firm
BY Hürriyet Daily News
PUBLISHED 12:37, February 4, 2012
Chinese group Youngman has placed a bid for bankrupt Swedish carmaker Saab, Agence France-Presse reported on Thursday, quoting the Swedish Radio.“A first bid has been submitted for carmaker Saab,” the radio said, adding that several unidentified sources had named the bidder as Youngman.The radio provided no other details, saying only... [Full article]
EU crisis response not job-friendly: Think tanks
BY EurActiv
PUBLISHED 12:43, February 4, 2012
Leading European think tanks have expressed doubt that the EU leaders’ pledge to create jobs and growth will be successful, adding to a growing wave of criticism over the outcome of this week’s EU summit. Meeting in Brussels on Monday, EU leaders issued a seven-page statement detailing measures to promote... [Full article]
UK services growth boosts hopes recession can be avoided
BY The Guardian
PUBLISHED 12:47, February 4, 2012
Britain’s services sector enjoyed a much stronger start to the year than expected, according to a survey that has boosted hopes recession may still be averted.Services companies, which make up more than two-thirds of the economy, enjoyed their strongest growth in activity for almost a year in January, according to... [Full article]
A Trio of Crises – Merkel Looking for Help During Visit to China
BY Der Spiegel | PUBLISHED 09:40, February 3, 2012
German Chancellor Angela Merkel needs help — and in China this week, she has not been afraid to... [Full article]
Almunia plans to modernise EU state-aid rules
BY European Voice | PUBLISHED 09:33, February 3, 2012
Joaquín Almunia, the European commissioner for competition, will today announce proposals to modernise the European Union’s state-aid rules,... [Full article]
Bets on Raw Materials Rising Most Since ’06 as Factories Grow: Commodities
BY Bloomberg | PUBLISHED 09:31, February 3, 2012
Investments in commodities are expanding at the quickest pace in six years on signs of rising economic growth,... [Full article]
Markets hold ranges before U.S. jobs data
BY Reuters | PUBLISHED 09:26, February 3, 2012
Asian shares and the euro fell on Friday as debt restructuring talks between Greece and its creditors dragged... [Full article]
Spain Coaxes Banks to Merge to Purge Losses
BY Bloomberg | PUBLISHED 09:23, February 3, 2012
Spain’s new government gave banks an extra year to recognize losses if they agree to merge, as it... [Full article]
Spectre of forced selling haunts rallying Italy debt
BY Reuters | PUBLISHED 09:16, February 3, 2012
Italy’s bonds have made sizzling returns this year but fears the country will lose its investment-grade status are... [Full article]
Euro zone woes will widen London-UK property gulf
BY Reuters | PUBLISHED 09:03, February 3, 2012
The gulf in commercial property values between London and the rest of the UK will widen in 2012... [Full article]
Farmers find old and new ways to market
BY The Prague Post | PUBLISHED 14:12, January 28, 2012
Shopping at farmers’ markets, traveling shops and organic grocery e-shops is catching on as an alternative to supermarkets,... [Full article]
Moscow in top 20 worldwide for commercial realty investment
BY The Moscow News | PUBLISHED 14:10, January 28, 2012
Moscow has found itself in the top 20 cities worldwide in terms of commercial real estate investment, Jones... [Full article]
Germany wants Greece to give up budget control
BY Reuters | PUBLISHED 14:08, January 28, 2012
Germany is pushing for Greece to relinquish control over its budget policy to European institutions as part... [Full article]