France and Germany make deal on Greek bailout July 21, 2011 Germany and France have reached a common position on a second bailout of Greece in their effort to prevent the country’s debt crisis from spreading through Europe, officials said on Thursday. The accord came after seven hours of talks late into Wednesday night between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin, [...]
French socialists turn hawkish July 17, 2011 France’s two top Socialist leaders cast themselves as tough on public finances and the Eurozone debt crisis yesterday, in a challenge to President Nicolas Sarkozy ahead of an election next year. Martine Aubry and Francois Hollande, both candidates to run for the Socialists in the 2012 presidential election, called for radical action to deal with [...]
Lagarde confirmed as first female boss of IMF June 28, 2011 FRENCH finance minister Christine Lagarde was confirmed as the new head of the International Monetary Fund (IMF) last night, the first woman to be appointed to the role. Lagarde’s success was effectively sealed earlier in the day when US Treasury secretary Timothy Geithner added the American government’s support to her candidacy. Geithner praised Lagarde’s “exceptional [...]
Banks and commodities lift FTSE June 28, 2011 The FTSE 100 tracked gains in Asia and on Wall Street this morning as fears of an economic meltdown in Greece were eased with France moving to give the country a reprieve. Banking and commodity sectors saw a lift as new life was breathed into global markets. French President Nicolas Sarkozy said his country’s banks [...]
US stock rise may only be short-lived June 27, 2011 US stocks rose from three days of losses yesterday, led by banks after news of more favourable capital requirements and optimism over Greece’s austerity plan, but investors cautioned against high hopes. Yesterday’s gains were a welcome sign but investors were cautious about reading too much into them. The S&P 500 has fallen as much as [...]
G20 hits deadlock over financial regulation during food price talks June 22, 2011 THE G20 economic powers agreed on proposals to address volatility in food commodities last night, with the exception of financial regulation issues, a source close to the negotiations revealed. While the subject of financial regulation remains a sticking point, negotiators approved other measures such as the creation of a global data-sharing scheme, the source said. [...]
CRUNCH TIME FOR STRICKEN GREECE June 19, 2011 ALL eyes are on Luxembourg this morning as the Eurogroup meets for a second day of crucial talks to thrash out another bailout for Greece, which needs an estimated €90-€120bn (£80-£97bn) to avoid a bankruptcy that would bring down the euro. As Eurozone ministers threatened to withhold half of the next €12bn tranche of Athens’ [...]
Sarkozy blames speculation June 14, 2011 FRENCH president Nicolas Sarkozy lashed out at commodity speculators yesterday, arguing that tighter controls would prevent spiralling global prices. Sarkozy, head of the G20 group of the world’s leading economies, said he wants to see new rules requiring minimum cash deposits with a central authority for all commodities derivatives deals, not just those on formal [...]
THE WEEK AHEAD in association with GFT June 12, 2011 COMPANIES ● Today, the recently listed Glencore will release its first quarter trading statement to 31 March. On the same day, Majestic Wine and Advanced Computer Software will announce for the year. ● Carphone Warehouse and Oxford Instruments will announce on Tuesday. The latter was the first commercial spin-out company from Oxford University. Investors will [...]
Facebook boss: don’t regulate us May 26, 2011 FACEBOOK founder Mark Zuckerberg defended the internet’s freedom of speech to world leaders at the Group of Eight summit in France yesterday. Smart-suited Zuckerberg (below) and Google chief executive Eric Schmidt both hit back at plans by French President Nicolas Sarkozy to regulate the world wide web, arguing that it aided democracy and free expression. [...]