Italy's modern-day conqueror falters under weight of eurozone crisis (via The Christian Science Monitor) Things are not going well for Italian President Mario Monti. The elegant economist’s entry into politics in November, to replace disgraced former President Silvio Berlusconi, was at first greeted with great enthusiasm. Some even likened him to Lucius Quinctius Cincinnatus, an Italian…
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Carlos Slim buys stake in recently nationalized YPF – Full story
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Carlos Slim buys stake in recently nationalized YPF (via AFP) Mexico’s Carlos Slim, the world’s richest man, has acquired an 8.4 percent stake in YPF, the recently nationalized Argentine subsidiary of Spanish oil firm Repsol, filings show. Ratings agency Moody’s had downgraded YPF another notch on Tuesday, a month after Buenos Aires seized control of…
European Crisis, Latest Business Headlines
French bank transfers assets from Greek subsidiary – Full story
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French bank transfers assets from Greek subsidiary (via AFP) French bank Credit Agricole has taken control of assets in Albania, Bulgaria and Romania of its Greek subsidiary Emporiki Bank, it said in a statement, amid concern over a possible Greek euro exit. “This intra-group transaction is the last step of a process developed since the…
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Britain, Argentina joust over Falklands 30 years on – Full story
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Britain, Argentina joust over Falklands 30 years on (via AFP) President Cristina Kirchner demanded that Britain start talks with Argentina over the Falkland Islands in a UN speech on the 30th anniversary of the end of their war over the disputed territory. The two countries held rival commemorations to mark the end of Britain’s military…
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Protests are looking permanent in Russia
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Protests are looking permanent in Russia (via The Christian Science Monitor) Tens of thousands of protesters marched through the streets of downtown Moscow today in a show of opposition force which is the clearest indication yet that the pro-democracy movement brought to life by widespread perceptions of electoral fraud last December has become a permanent feature…
European Crisis, Latest Business Headlines
Fitch cuts ratings on 18 Spanish banks
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Fitch cuts ratings on 18 Spanish banks (via AFP) Fitch Ratings downgraded 18 Spanish banks on Tuesday, twisting the knife on a country being pummelled on the financial markets despite a massive banking bailout. Fitch, which slashed Spain’s sovereign debt rating by three notches last week to BBB and downgraded the two biggest banks Santander…
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New York ban on big sodas faces new hurdle: New Yorkers
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New York ban on big sodas faces new hurdle: New Yorkers (via The Christian Science Monitor) Public opinion has been flowing ever since Mayor Michael Bloomberg last month announced effort to end super-sized soda guzzling in New York City. Now, New Yorkers will have a chance to weigh in officially on the controversy. The city’s…
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GM chief blames weak share price on Europe
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GM chief blames weak share price on Europe (via AFP) The head of General Motors blamed the automaker’s weak share price on the unsettled economic climate in Europe Tuesday as he prepared to address an annual shareholder’s meeting. “There is a lot of uncertainty generally about the strength of a major trading partner,” chairman and…
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India assures US of economic vigor – Full story
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India assures US of economic vigor (via AFP) India insisted Tuesday that its economy would regain vigor and satisfy foreign investors as it fended off US accusations of a worsening business climate ahead of high-level talks. Secretary of State Hillary Clinton on Wednesday holds an annual dialogue on the shape of the growing relationship, fresh…
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Fake Chinese bank magnate detained for fraud – Full story
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Fake Chinese bank magnate detained for fraud (via AFP) A man who was given a key political role in east China after claiming he bought a US bank that was later found not to exist has been detained for an alleged separate fraud scheme, police and media said. Lin Chunping last November shot to fame…
