Category Archives: business
Glencore, Xstrata hammering out final deal details (NEWS.GNOM.ES)
CAPE TOWN/LONDON (NEWS.GNOM.ES) – Top executives at trader Glencore (GLEN.L) and miner Xstrata (XTA.L) are hammering out the final details of an $80 billion tie-up to seal the industry’s largest ever takeover, which could be announced as early as Tuesday. Xstrata, in which Glencore already has a 34 percent stake, announced last week it had been approached by the world’s largest diversified commodities trader and was in discussions over an all-share “merger of equals,” a deal that would be the largest in the sector since Rio Tinto’s takeover of Alcan in 2007. The agreement is set to be announced this week, potentially Tuesday, when Xstrata is due to publish 2011 results. Continue reading
Euro zone insists no Greek rescue without reforms (NEWS.GNOM.ES)
BRUSSELS (NEWS.GNOM.ES) – Euro zone finance ministers told Greece it could not go ahead with an agreed deal to restructure privately held debt until it guaranteed to implement reforms to secure a second financing package from the euro zone and the IMF. Euro zone ministers had hoped to meet on Monday to finalize the second Greek bailout, which has to be in place by mid-March if Athens is to avoid a chaotic default, but the meeting was postponed because of Greek reluctance to commit to reforms. Instead, the ministers held a conference call on Saturday to take stock of progress on the second financing package, which euro zone leaders set at 130 billion euros back in October. Continue reading
Oil prices rise after drop in US hiring expands (AP)
NEW YORK – A surge in U.S. hiring lifted oil prices for the first time in a week. Continue reading
Most Germans want Greece to quit euro: poll (NEWS.GNOM.ES)
BERLIN (NEWS.GNOM.ES) – The majority of Germans feel the euro currency bloc would be better off if debt-crippled Greece left it, a poll published in mass-selling newspaper Bild am Sonntag showed on Sunday. The Emnid poll said 53 percent of Germans surveyed thought Greece should return to its former currency, the drachma, while only 34 percent felt it should keep the euro. Euro zone ministers had hoped to meet this coming Monday to finalize the second Greek bailout, which must be in place by mid-March to prevent a chaotic default, but the meeting was postponed because of reluctance in Athens to commit to reforms. Continue reading
France says Greek PSI talks going "relatively well" (NEWS.GNOM.ES)
PARIS (NEWS.GNOM.ES) – France’s finance minister said on Sunday talks were moving “relatively well” on the private sector portion of a Greek bailout, but discussions designed to bring its debt down to 120 pct of GDP level by 2020 were difficult. Euro zone finance ministers told Greece on Saturday it could not go ahead with an agreed deal to restructure privately held debt until it guaranteed it would implement reforms needed to secure a second financing package from the euro zone and the IMF. Continue reading
Olympus to hold shareholder meeting on April 20 (NEWS.GNOM.ES)
TOKYO (NEWS.GNOM.ES) – Japan’s troubled Olympus Corp said on Sunday it will hold an extraordinary shareholders meeting on April 20, when it is expected to seek approval of a new management team. The maker of cameras and medical equipment is struggling to emerge from a $1.7 billion accounting scandal and is continuing operations under a hobbled board, of which six members, including company president Shuichi Takayama, plan to quit by April. Fujifilm Holdings, Sony Corp and Panasonic are among firms speculated to be potential partners for Olympus Continue reading
Wen says China has stake in helping Europe (NEWS.GNOM.ES)
BEIJING (NEWS.GNOM.ES) – China has a stake in helping euro zone countries get through their debt crisis, Chinese Premier Wen Jiabao said in comments published on Sunday, pointing to Europe’s importance as a market and hinting at more possible support for beleaguered exporters. Wen’s remarks, reported by the official Xinhua news agency, built on comments he made during German Chancellor Angela Merkel’s recent visit to China, when he said Beijing was considering increasing its participation in rescue funds to address the European debt crisis Continue reading
Markets rally after forecast-busting US jobs data (AP)
LONDON – Stocks spiked sharply higher on Friday after forecast-busting U.S. jobs figures reinforced hopes that the recovery in the world’s largest economy is gathering pace at a time when other regions, notably Europe, may be heading back into recession. Continue reading
Micron appoints Durcan CEO after Appleton’s death (NEWS.GNOM.ES)
SAN FRANCISCO (NEWS.GNOM.ES) – Memory chipmaker Micron Technology’s board appointed company veteran Mark Durcan as chief executive a day after longtime Chairman and CEO Steve Appleton was killed in a plane crash. Hours after Appleton’s death on Friday morning, Micron’s board named Durcan, the president and chief operating officer, as temporary CEO and analysts speculated he could be asked to stay on full- time Continue reading
Clock ticks on Greece’s bailout deadline (NEWS.GNOM.ES)
ATHENS (NEWS.GNOM.ES) – Greek Prime Minister Lucas Papademos faces a critical task of convincing international lenders and political party leaders on Sunday to agree to the stringent terms of a 130 billion euro ($171 billion) rescue plan to stave off looming default. Greece on Saturday warned it had just one day left to clinch the bailout plan with political leaders and impatient lenders who accuse it of dragging its feet on promised reforms. “There is great impatience and great pressure not only from the three institutions that make up the troika but also from euro zone member states,” said Finance Minister Evangelos Venizelos on Saturday after what he called a “very difficult” conference call with euro zone counterparts. Continue reading