Fitch ratings agency is warning of a possible downgrade of Greek bonds, adding pressure on the Socialist government as it debates the 2011 budget in parliament. Get the full story »
Filed under: International
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Dec. 20, 2010 at 12:42 p.m.
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Filed under: Defense, Government, International, Telecommunications Boeing snags $1B Mexico satellite contract
Boeing Co. said it won a contract valued at about $1 billion to build a communication-satellite system for Mexico’s government that will be used for national-security and civil-communications needs.
The system will consist of three satellites, two ground sites and related network operations systems and other equipment. Get the full story »
‘Austerity’ is top-searched word in a rocky year
It provoked protests in European capitals from Athens to Brussels, hurt sales of Heineken beer and stole the spotlight at a June G20 summit in Canada. “Austerity” is now Merriam-Webster’s top word of 2010.
“Austerity,” which the Springfield, Massachusetts-based publisher defines as “enforced or extreme economy,” spiked to the top of the company’s top ten list based on the number of searches at its website, www.merriam-webster.com.
Coupled with No. 2 “pragmatic,” the list reflects a year when searchers were still worried about a rocky world economy, said Peter Sokolowski, the dictionary’s editor at large. Get the full story »
Russian potash miner Uralkali to buy Silvinit
A Russian billionaire set the terms on Monday for a merger of Russia’s top two producers of potash, Uralkali and Silvinit to create the world’s No. 2 player.
The deal marks another step in consolidation in the global potash business, where a battle for dominance spurred BHP Billiton’s attempt to take over Potash Corp., which ultimately failed. Get the full story »
Nigeria drops charges against Cheney, Halliburton
Nigeria’s anti-corruption agency said Friday that it had formally dropped bribery charges against former U.S. Vice President Dick Cheney and oil services company Halliburton after the company agreed to pay a fine.
“It was formally dropped today,” Economic and Financial Crimes Commission spokesman Femi Babafemi said. He said the Nigerian government had agreed to an offer made by Halliburton to pay fines totalling up to $250 million.
Halliburton could not immediately be reached for comment.
U.K. OKs CME European clearinghouse
CME Group Inc.’s European clearinghouse won U.K. regulatory approval Thursday, paving the way for the biggest U.S. futures exchange operator to expand globally.
CME plans to launch CME Clearing Europe in early 2011, the Chicago-based company said in a statement. The clearinghouse will start by clearing over-the-counter commodity products, to be followed “soon after” by over-the-counter financial products, it said. Get the full story »
FedEx unit to buy Mexican counterpart
FedEx Corp. on Thursday signed an agreement to acquire Mexican express-package-delivery company MultiPack, allowing the FedEx Express business unit to enhance its capabilities in the Mexican domestic-delivery market.
FedEx did not provide further details on the deal, but expects to close the acquisition during the second quarter of 2011, subject to regulatory approvals and customary conditions. Get the full story »
Dec. 15, 2010 at 10:36 a.m.
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Filed under: Agriculture/Farming, China, Construction, International, Manufacturing Deere to build 6th plant in China
Deere & Co., the world’s largest maker of agricultural equipment, will invest $50 million in a new manufacturing plant in China to make construction equipment. Get the full story »
McDonald’s to double China restaurants by 2013
McDonald’s Corp. plans to double the number of its restaurants in China to 2,000 by 2013, a senior executive said on Wednesday as it speeds up expansion in the fastest growing major economy.
The top global fast food chain, which opened its first outlet in the southern boom town of Shenzhen 20 years ago, is facing fierce competition with Yum Brands Inc., the parent of Pizza Hut and KFC, which has roughly 3,700 outlets in China. Get the full story »
Beleaguered UBS tries to dress up its image
UBS is aiming to polish its tarnished image with a new dress code, as it seeks to regain the faith of retail clients after posting the biggest loss in Swiss corporate history during the financial crisis.
A 52-page internal document seen by Reuters advises customer-facing staff in five pilot scheme branches on how to make a good impression with customers by choosing flesh-colored underwear and stockings and avoiding smelly foods and tobacco. Get the full story »
Germany signs on to EU capitalization plan
European Union paymaster Germany said on Tuesday that it would support giving the European Central Bank more capital to help fight a sovereign debt crisis that continues to shake the euro zone.
ECB sources told Reuters the bank’s governing council would consider at a meeting on Wednesday and Thursday whether to seek a capital increase from euro zone members to cover the risk of losses on government bonds it has bought to support the 16-nation single currency area. Get the full story »
Dec. 14, 2010 at 10:54 a.m.
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Filed under: International, Internet, Investigations, Technology France steps up Europe’s scrutiny of Google
France’s antitrust regulator on Tuesday put Google on notice not to abuse what it said was its dominant position in online search advertising.
In the latest sign of growing regulatory scrutiny of Google in Europe, the watchdog said Google’s market power was not necessarily bad or illegal but its practices needed to be monitored to avoid anticompetitive impact. Get the full story »
Nissan, Mitsubishi strengthen ties in Japan
Nissan Motor Co. and Mitsubishi Motors Corp. said Tuesday that they will supply more models to each other and explore jointly developing vehicles as they look to spark sales in the sagging Japanese market and to meet increasing demand in emerging markets.
The two Japanese carmakers said that Nissan will provide a light van and upper-end sedans to Mitsubishi Motors to broaden its lineup in the domestic market, while Mitsubishi will provide a sport-utility vehicle model to Nissan to enhance its growing SUV segment in the Middle East. Get the full story »
U.S. likes WTO ruling on Chinese tire duty
The U.S. government on Monday welcomed a World Trade Organization ruling that upheld President Barack Obama’s controversial decision last year to slap duties on Chinese-made tires to protect U.S. workers from a market-disrupting surge in imports.
“This is a major victory for the United States and particularly for American workers and businesses,” U.S. Trade Representative Ron Kirk said in a statement. Get the full story »
OPEC set for no change despite $90 oil
OPEC will not raise oil supplies at a meeting on Saturday, Saudi Oil Minister Ali al-Naimi said, leaving traders to ask what price the group requires to open the taps and prevent fuel inflation hurting global economic recovery. Get the full story »
