That stock News

Due to the magnitude of the agreement of BSkyB, the European Commission was obliged to launch a probe for reasons of competition photo: Reuters

Review of the agreement for reasons of competition Brussels widely expected to obtain the regulatory procedures.

However, it is the plurality of the media investigation by regulator Ofcom communications raised most of questions, which should provoke a referral Commission of competition by Business Secretary Vince Cable. OFCOM is supposed to makes its decision no later than 31 December.

OFCOM has a duty to inform the Secretary of State on the question of whether the merger is in the public interest through the application of the public interest under the regime of control of amalgamation under the Corporations Act tests. The Secretary of State will decide and then return the merger to the Competition Commission.

Ivan Lewis, the shadow culture Secretary says. "Decision of the Commission underlines the importance of transparency and robustness of the process UK". OFCOM shall remain to examine the impact on the UK proposed, free of undue pressure policies or media purchase media pluralism. Their recommendations will have a profound impact on the future of the media in the digital age is changing rapidly. ?

Decision Mr. Cable to OFCOM for a test of opposition rival media groups followed media pluralism. In a letter from the combined media groups asked Mr. Cable block plans for fear that the agreement represents a threat to competition and media pluralism. Due to the magnitude of the agreement, the European Commission has been obliged to launch a probe for reasons of competition. If the Commission chooses a phase II further investigation, it could be 125 working days.

"I am confident that this merge not weaken competition at the United Kingdom." Effects on the plurality of the media are an issue for the British authorities, said Joaquín Almunia, European Commissioner in charge of the competition.

News Corporation stated that it "welcomes today's decision by the Commission European clearing its proposed acquisition of BSkyB shares it does not already have unconditionally."

View the original article here

LONDON (AFP) – European stock markets closed firmer on Monday, with the London FTSE 100 index of leading shares up 0.34 percent to 5,891.61 points.

In Paris, the CAC 40 added 0.46 percent to reach 3,885.08 points and in Frankfurt the DAX put on 0.52 percent to close at 7,018.60 points.

View the original article here

LONDON (AFP) – European shares edged upwards on Thursday before an EU summit aimed at creating a permanent financial rescue fund for debt-laden eurozone nations, dealers said.

London's FTSE 100 added 0.17 percent to 5,892.18 points, Frankfurt's DAX 30 index gained 0.15 percent to 7,026.94 points and the Paris CAC 40 advanced 0.19 percent to 3,887.72.

The European single currency rebounded briefly after Madrid conducted a successful bond auction, in a eurozone sovereign bond market heavily skewed by the readiness of the European Central Bank to buy up government debt, as an exceptional step to defend the eurozone.

But the Spanish IBEX 35 shares index dropped 0.21 percent to 9,989.50 points.

"The focus today is the EU summit, where markets are looking for a coherent and unified approach from policymakers to address the debt and banking crisis," said VTB Capital economist Neil MacKinnon.

European leaders will gather in Brussels to seek a permanent financial rescue fund to calm markets for good and turn the page on a roller-coaster year marked by Greek and Irish bailouts and fears for Spain.

"The EU summit which starts today could be the last significant market event of the year," added Rabobank analyst Jane Foley.

Heads of state and government are holding a two-day summit amid stubborn concerns that Portugal and even wealthier Spain could tumble into the debt crisis that has rocked the euro. The summit is scheduled to begin at 1600 GMT.

EU leaders now want to replace a 750-billion-euro (one-trillion-dollar) joint EU-IMF rescue mechanism, which was created in May and expires in 2013, with a permanent fund to shield the single currency for the long run.

The European Central Bank, which has bought billions of euros in government bonds to ease the eurozone debt crisis, has urged political leaders to beef up the European Financial Stability Facility (EFSF).

"There is likely to be support for permanent rescue mechanism to replace the EFSF," MacKinnon said.

Sentiment was hit on Wednesday after ratings agency Moody's announced it could cut Spain's credit rating again, one day after Standard & Poor's lowered its outlook for Belgium from stable to negative.

Spanish bond yields had soared close to a record high on Wednesday after the Moody's downgrade warning.

Markets were also on edge after Athens was rocked by fresh riots against the debt-laden government's austerity measures.

However, investors drew some comfort after the Irish parliament voted in favour of an 85-billion-euro bailout from the EU and the International Monetary Fund on Wednesday, seven months after a similar rescue of Greece.

In London, BP shares bucked the upwards trend, after overnight news that the United States has launched legal action against the embattled company over the devastating Gulf of Mexico oil spill disaster.

BP shares plunged almost two percent as investors responded to the latest news.

The US government filed suit on Wednesday for the first time against BP and eight other companies for uncounted billions of dollars in damages from the massive oil spill, which was the worst in US history.

BP's share price dropped 1.95 percent to 467.25 pence in morning London trade.

Asian stock markets traded mixed on Thursday as traders weighed upbeat US data against a potentially deepening eurozone crisis and the possibility of further steps by China to cool its economy.

Tokyo ended the session flat, Sydney closed up 0.34 percent, while Hong Kong fell 1.33 percent.

View the original article here

Historically, Forbes Media, in which elevation partners - Bono of U2 - capital company has a great game, has chosen to expansion in the West, emerging markets. Mr. Forbes, President and editor in Chief of Forbes Media, said the reason to launch a European title is that "there is a coming recovery" and European had become more and more interested by the businesses and entrepreneurs.

He said that advertising revenues had improved, with seeing a year group further increased 20pc. Automotive and financial services industries had begun to pick up, he said.

Forbes Europe will be based in London or Paris and it will likely launch in 2011. Mr. Forbes said that he had spoken to European advertisers and there has been much interest in Europe of Forbes.

"While everyone focuses on the Ireland Greece, Portugal and Spain, there is a coming recovery." And this is precisely the right time to move in. We want it [Forbes Europe] to be entrepreneurial. "It's the right time for a European magazine," he said.

The company currently publishes Forbes and Forbes Asia who together to reach a global audience of more than 6 m readers. There is also holder editions in many countries of China in Croatia.

Editions of the holder are Forbes, local language versions contained Forbes, such as Forbes Asia, would be in English with original local content.

In August 2006, elevation partners became a minority shareholder in a newly created company, Forbes Media, Publisher of Forbes Forbes.com magazine and other media properties.

Mr. Forbes also offered its advice to the Government of the United Kingdom. "Don't think because you're cutting spending you should raise taxes." Do what is just to get the economy moving and then people will forgive you for how you arrived.

"What you need to do is combine rigorous measures measures which will be conducive to encouraging the growth,"he said.""

"If [George] Osborne and the Bank of England reinforce the pound sterling, exporters will scream, but if believe in pound new then that would be a good thing for the euro."

He said that Britain should adopt a similar to some Asian territories tax code.

"Give the UK code similar to Singapore tax or Hong Kong." You have very low rates and generous exemptions. You would make Britain a harbour capital.

"You can do so because you are growing." The net asset value back if people see the future. ?

He said that he had sent a copy of his book about the benefits of the flat tax on David Cameron.

Mr. Forbes said that the group present not paywalls on the Forbes magazine Web sites.

Earlier this year, Mr. Forbes renounced his role as Chief Executive at Forbes. Quarterly Editor Mike Perlis brought Chief Executive gentleman.

View the original article here

Sunday Telegraph has learned that frames on the site Web of popular social conversation - has proved a success, with President Barack Obama and Stephen Fry, among others - met real estate agents in London last week.

Twitter representatives are known to visited websites in the West End and adjacent properties in London of the so-called "Silicon roundabout.

It is understood that Twitter is under pressure to select Office near "Silicon roundabout", more commonly known as the street of the old roundabout - of which the Government is committed to 400 m ￡ funding to create a new "Tech city" and encourage innovation in American style.

Office in London for Twitter, which will open next year, will be used at the head of European operations for the company. It will be used primarily as a sales office as Twitter tries to turn his popularity in money from advertising and sponsored tweets. Currently announcements are only sold around the world, but it is understood has plans to sell space on a basic country by country.

Office, Twitter first outside of the United States will be led by Katie Jacobs Stanton, new Director of international strategy company and Special Advisor to the Department Office of State innovation.

A spokesman for Twitter said: "there were few of us in London this week." We envision London and other European locations to create a small initial presence in 2011. ?

View the original article here

Michel Barnier is renamed in the United Kingdom for its position on complex parts of town commerce photo: Reuters

Mr Barnier announced proposals for a public consultation on the review of the European Commission in Brussels for business investment, the markets in financial instruments (Mifid) directive key regulatory framework.

Mr Barnier, which is renamed to Britain for its position on the complex parts of commerce of the city, said: "the initial objective of this master piece of European legislation, Mifid, was to create a strong common regulatory framework for Europe's securities markets." In many respects, it was a success. But the world has changed.

"My goal is to make the revision of the Mifid lead to a regulatory framework more loudly, adapted to new trends and stakeholders in the financial markets." And a framework leading to greater transparency and efficiency, so that more protection for investors in the market.

Proposals draw plans for a radical expansion of the existing rules as well as more stringent regulations and greater transparency.

Published Wednesday, explains the consultation will be central to "provide a robust regulatory framework covering all the activities of services investment and appropriately to avoid the risks associated with non-covered activities".

Mr Barnier vision includes extending rules of transparency, which currently covers only actions, to include some of the more opaque areas of the financial markets, including the so-called "dark pools" and "over-the-counter" derivatives.

The politician has requested that regulations fight against the "high frequency" that uses computers to buy and sell shares and bonds trade quickly.

The practice was suspected of triggering of the so-called "flash crash" in may, when the Dow Jones plunged almost 10pc in minutes.

Study also examine the causes of the recent volatility of the prices of raw materials, for example in the markets of copper and silver, with a particular control of the derivatives markets.

In the document, regulators said they will consider "reporting requirements may be necessary to improve the flow of information, and if the position limits must be regarded as".

Consultation will remain open until 2 February 2011 to make legislative proposals in the spring of next year.

View the original article here

LONDON (AFP) – European stock markets surged higher Tuesday, with Frankfurt hitting a 2.5 year-high and mining shares boosted by record metals prices, amid hopes of further stimulus measures for the US economy.

In late morning deals, London's FTSE 100 index rallied 1.02 percent to 5,829.23 points, boosted also by a upbeat trading update from retail giant Tesco.

Across in Germany, Frankfurt's DAX 30 index climbed briefly above 7,000 points for the first time since June 6, 2008, while the Paris CAC 40 soared 1.83 percent to 3,817.76 points.

Commodity markets rallied sharply, with both copper and gold striking record high points, while crude oil traded at the best levels for more than two years.

"The FTSE 100 powered higher ... on the back of a strong performance in the mining and retail sector," said analyst Joshua Raymond at financial spread-betting firm City Index.

"The miners are benefitting from correlated strength in commodity prices, with copper prices rallying in London hitting a record in the process, whilst crude oil prices have also edged higher."

On the London Bullion Market, gold rose to a record pinnacle at 1,428.55 dollars per ounce, dragging sister metal silver to another 30-year high.

And on the London Metal Exchange, copper for delivery in three months soared to an all-time peak 9,014 dollars a tonne.

Equities were also buoyed as traders mulled the chance of the US Federal Reserve launching a fresh round of monetary stimulus if the world's biggest economy remains stuck in the doldrums.

Fed chief Ben Bernanke said in an interview to CBS television broadcast Sunday that "it's certainly possible" that the Fed might inject into the markets more than the 600 billion dollars decided on last month.

In addition, analysts said that a promise by US President Barack Obama to extend tax cuts by two years would also bolster financial markets.

Obama, bowing to his Republican foes in their first major battle since the November election, agreed to extend tax breaks for the wealthiest Americans under a sweeping deal aimed at averting a big 2011 tax hike.

The President yielded in the deal announced late Monday, which extends tax cuts enacted under former president George W. Bush for all income brackets despite his earlier push to exclude top earners.

"Obama's extension of the Bush-era tax credits has the prospect to add some seasonal cheer but the eurozone debt issue continues to linger," said IG Markets analyst Chris Weston.

Later on Tuesday, investors will revisit those concerns, as debt-riddled Ireland unveils its latest austerity budget.

Irish finance minister Brian Lenihan will deliver a 2011 budget that will contain a combined 6.0 billion euros (8.0 billion dollars) of taxation hikes and spending cuts.

The statement will be the first in a series of budgets to implement a total fiscal correction of 15 billion euros over the next four years.

The deal with the EU and the International Monetary Fund for 67.5 billion euros in external loans and guarantees, plus 17.5 billion taken mostly from Ireland's public pension fund, has angered citizens.

In Brussels this week, European finance ministers gathered to discuss possible new bailout plans for debt-burdened member states.

Wall Street had closed mixed on Monday as traders weighed remarks by Bernanke signaling the central bank was ready to introduce new stimulus steps if the economy fails to take off.

Asian markets mostly rose on Tuesday as dealers brushed off a report that China will hike interest rates soon, but Japanese shares sank as the yen surged against the dollar.

The greenback has fallen hard against the Japanese unit following comments by US Federal Reserve head Ben Bernanke that the bank could pump more money into the economy.

View the original article here

NEW YORK--Wall Street was lower at the beginning of negotiation Tuesday, as investors concerned by the crisis current debt in Europe and digested new optimistic about U.S. consumer confidence.

The Dow Jones industrial average fell some 100 points in the course start, falling below 11,000 psychologically significant.

But the market has been recently prune its losses soon after the monthly survey of the Committee of the Conference of the consumer confidence showed confidence of the American economy is passed in November at the highest level in five months.

Reading is an encouraging sign at the beginning of the holiday shopping season. But confidence is low as u.s. grapple with high unemployment rate.

The report, published in the course of early shows that US consumer confidence index now resisting 54.1, involvement of 49.9 revised in octobre.Les analysts expected to 52, 0.Novembre reading marks the highest point since 54.3 June.

Economists carefully monitor confidence because consumer spending accounts for about 70 percent of U.S. economic activity and is essential to a strong recovery. It takes a reading of 90 to indicate a healthy economy.

On the European markets were also lower and the euro fell briefly below $1.30 for the first time since mid-September, as traders expressed concern that Portugal or possibly the Spain will require external aid to deal with their debt.

To open it, a new report showed the price of single-family homes fell in September, more than twice as fast as expected in the months before, while compared to the previous year prices have increased more slowly than expected, according to a widely viewed in the United States index prices published on Tuesday.

New businesses, Baldor Electric Co. shares jumped after that Fort Smith, Ark.-based manufacturer of industrial motors.said he agreed to be acquired by based at Zurich ABB Ltd. to $63.50 share, well above course Baldor $45.11 Monday closing.Baldor changed hands for $63.06 in prior ecommerce.

Google Inc. shares decreased by 1% to $576.20 after that regulators prior negotiation European launch an investigation to determine if the company has abused its dominant position on the market b.c online search ' is the first major probe in the giant online business practices.

Barnes & Noble Inc., most large traditional book seller nation, is scheduled to report its second fiscal quarter earnings before the market opens.

Abroad, the concerns that Portugal or possibly the Spain will require external aid to deal with their debt continued to worry investors .the ' euro fell briefly below $1.30 for the first time since mid-September .the Asian markets fell on the growing expectations that China will have to increase the rate of interest to keep inflation in check.

European markets were mixed .the ' key actions British FTSE 100 index was down 0.2%, while the DAX Germany increased 0.2 the Japan %.Nikkei fell 1.9% and Hang Seng fell Hong Kong 0.7%.

The Associated Press and Reuters have contributed to this report.

View the original article here

NEW YORK – Stocks fell sharply in early trading Monday as concerns about the European debt crisis took the edge off a strong weekend of holiday sales.

The euro fell to a two-month low and investors flocked to the safety of the dollar and U.S. Treasurys after the European Union signed an agreement Sunday to provide nearly $90 billion in rescue loans for Ireland.

The move is designed to shore up Ireland's cash-strapped banks, but it does little to relieve investors' concerns about other European countries, including Portugal and Spain.

"The good news is they're making progress with Ireland," said Alan Gayle, senior investment strategist for RidgeWorth Investments. "The concern is that there is more work left to do for the EU going forward."

As a result, traders largely ignored the upbeat news on holiday retail sales in the U.S. The National Retail Federation, a trade group, estimated that 212 million shoppers visited stores and websites during the first weekend of the holiday season, up from 195 million last year.

Online spending also rose more than 14 percent from Thanksgiving Day through Saturday, according to IBM's Coremetrics. A fuller picture on spending will come Thursday when retailers report their November revenue.

Investors have been hoping that consumers, who have generally been spending cautiously since the recession, would feel more comfortable about shopping during the holidays. Many economists believe that consumers will have to spend more freely for the economy to put together a stronger recovery. However it's too soon to tell if sales will remain strong through Christmas.

The Dow Jones industrial average fell 114.74 points, or 1 percent, to 10,977.26 in late morning trading. Twenty-seven of the 30 stocks in the average fell. It was the first time since last Tuesday that the Dow surrendered the 11,000 level in intraday trading.

The Standard & Poor's 500 index fell 9.75, or 1 percent, to 1,179.65. Nine of the 10 industries in the S&P 500 fell. Financial stocks eked out a minor gain, rising 0.1 percent.

The technology-heavy Nasdaq composite index dropped 26.03, or 1 percent, to 2,509.11

European stocks also traded sharply lower. In London, the FTSE 100 index was down 1.6 percent. Germany's DAX fell 1.8 percent. The CAC-40 index in France fell 1.8 percent.

Oil prices rose $1.03 to $84.78 a barrel. Gold for February delivery rose $1.60, or 0.1 percent, to $1,365.80 an ounce.

The dollar rose 0.8 percent against an index of six other currencies.

Bond prices rose as investors shifted money out of riskier assets like stocks and commodities and into defensive investments. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.86 percent Monday from 2.87 percent Friday.

Investors were also cautious as they awaited the week's economic reports, including the government's monthly employment report due out on Friday. Also due this week are the Conference Board's survey of consumer confidence on Tuesday, and the Institute for Supply Management's assessments of the manufacturing and services industries.

View the original article here

NEW YORK – A shares fell sharply Monday as the concerns of European debt crisis took the wide edge a weekend of holiday sales.

The euro is fallen to a minimum of two months and investors poured-security dollar Treasurys to the United States after a Sunday agreement was signed between the European Union to nearly 90 billion in loans for the Ireland rescue.

The move is designed to the shore of the Ireland cash-strapped banks, but it is unlikely to ease the concerns of other European countries, including the Portugal and the Spain investors.

Accordingly, largely ignored merchants new optimistic on .the National Federation of retail trade group trade United States holiday retail sales found 212 million shoppers visit stores and Web sites during the first week of the holiday season end up to 195 million last year.

Expenses also increased more than 14 percent of the day of Thanksgiving to Saturday, according to IBM's Coremetrics Online.A more complete picture on spending come Thursday when retailers declare their incomes in November.

Investors have been hoped that consumers who have usually spent carefully since the recession, feel more comfortable on the races during the vacances.beaucoup economists believe that consumers will have to spend more freely to the economy develop a stronger recovery.However, it is too early to tell if sales remain strong by Christmas.

The Dow Jones industrial average fell 155.61 points and 1.4%, 10,936.39 in the first hour of the trade.

Standard & Poor 500 index fell 12.90 or 1.1%, to 1, 176.04 .the ' technology-heavy Nasdaq composite index dropped 30.18 or 1.2%, 2,503.73.

European stocks also significantly traded lower.

Commodity prices have been mélangés.Cours oil pink $18 cents to 83,94 baril.Or for February delivery fell $5,70, or 0.4 per cent, to $1,358.60 an ounce.

The dollar rose by 0.8% compared to an index of six other currencies.

Silver Pink price link moved risky stocks and commodity base and investment défensives.Le performance Note Active investors face price 10-year Treasury Board, moving, fell to 2.82% 2.87% Friday Monday.

Also, investors were cautious because they waited of the week, including the report of the Government economic reports monthly employment due out by the Conference Board consumer confidence vendredi.Sondage Tuesday and the Institute for manufacturing and service industries supply management assessments are also due this week.

? 2010 The Associated rights Press.Tous réservés.Ce hardware cannot be published, broadcast, rewritten or redistributed.

View the original article here

LONDON (AFP) – Europe's main stock markets slumped on Friday, with heavyweight miners struck down by fears over Chinese inflation, as shares also came under pressure from concerns over eurozone debt and Korean tensions.

In morning deals, London's benchmark FTSE 100 index shed 1.32 percent to 5,623.73 points, Frankfurt's DAX 30 lost 1.21 percent to 6,795.77 points and in Paris the CAC 40 declined 1.60 percent to 3,700.19.

The Stoxx 50 index of leading eurozone companies dropped 1.76 percent to 2,715.65 points.

"Much of today's weakness in European indices has been triggered by a sell off in the mining sector, which is tracking a fall of 1.7 percent in copper prices," said Joshua Raymond, an analyst at City Index trading group.

"Much of this weakness is a knee-jerk reaction to what is happening in China and fears that they may make further moves to cool excessive growth."

Inflation pressures are growing in commodities-hungry China, a senior central bank official said this week, because of flows of capital into the country and expectations of a revaluation of the yuan.

The nation's consumer price index rose 4.4 percent year-on-year in October, well above the government's full-year target of three percent, with the prices of 18 types of vegetable rising by more than 60 percent.

"There are also undoubtedly fears of a further escalation in tensions in the Korean peninsula," said Raymond.

"The Asia region has been crucial to demand for resources and any escalation of instability in that region, particularly that of which may drag China into the drama could create some added volatility for the key miners in Europe."

In London, the biggest FTSE 100 faller was British resources giant Vedanta, whose share price plunged 4.75 percent to 2,041 pence. Anglo-Australian miners Rio Tinto and BHP Billiton each fell by about 3.5 percent in morning deals.

Asian stock markets closed mostly lower on Friday in quiet trade overshadowed by tensions on the Korean peninsula and the eurozone's debt woes.

With markets in the United States closed on Thursday for the Thanksgiving holiday, dealers lacked a strong peg to buy on.

But Seoul tumbled 1.34 percent after a warning from North Korea that the region could move closer to war if the South and the US go ahead with planned military exercises.

The threat comes days after an exchange of artillery fire between the North and South on Tuesday that left four people dead on a South Korean island, the worst crisis to hit the peninsula since the end of the Korean War.

"European stocks have opened sharply lower this morning following a weak session in Asia overnight amid continued military tensions in Korea and continued fears surrounding the ongoing sovereign debt crisis in Europe," said Edward Keeling, an analyst at Dublin-based stockbrokers Dolmen.

Spain on Friday ruled out any chance of an Irish-style rescue and Portugal said it was under no pressure either, but debt risk premiums nevertheless soared as investors feared Ireland's problems would spread.

The Dublin stock market was down 0.84 percent and Madrid dived 2.38 percent early on.

Ireland's government was bracing for the result of a by-election which is expected to cut its slim parliamentary majority, while trade unions prepared for a mass weekend protest.

As German Chancellor Angela Merkel and French President Nicholas Sarkozy urged a rapid conclusion to negotiations on a bailout worth 85 billion euros (114 billion dollars), it emerged that an announcement could be made Sunday.

Defeat for Prime Minister Brian Cowen's Fianna Fail party in the by-election in Donegal, in the rural northwest of Ireland, could add to the pressure on his government.

View the original article here

LONDON – Stocks and the euro slid Friday as investors fretted over a report suggesting Portugal's partners in the European Union were urging the country to seek aid to prevent a sustained attack from bond market speculators.

The report from FT Deutscheland, which cites unnamed European Central Bank officials, was denied by the European Commission, the ECB and the German government. It comes after indications the EU is willing to boost the size of its financial backstop facility and that officials in Dublin are considering forcing Irish bank bondholders to take a hit in the country's rescue plan.

Germany and France have meanwhile said they would like faster progress in solving the debt crisis.

With so much uncertainty surrounding Europe's response to its continuing debt crisis, sentiment in the markets took a turn for the worse.

"This confusing 'pea-soup' of indecision, vacillation and disunity by the EU is beginning to create unnecessarily seismic waves of fear in international bond and money markets," said David Buik, markets analyst at BGC Partners.

In Europe, the FTSE 100 index of leading British shares was down 89.54 points, or 1.6 percent, at 5,609.39 while Germany's DAX fell 92.10 points, or 1.3 percent, to 6,787.56. The CAC-40 in France was 64.69 points, or 1.7 percent, lower at 3,695.73.

Wall Street was poised to open lower on its return from the Thanksgiving break — Dow futures were down 90 points, or 0.8 percent, at 11,065 while the broader Standard & Poor's 500 futures fell 15.10 points, or 1.3 percent, to 1,184.30. U.S. markets will be open only for a half day.

Stocks weren't the only financial assets feeling the heat Friday. The euro was down another 0.8 percent on the day at $1.3241, just above its earlier fresh two-month low of $1.3199.

Meanwhile, the cost of borrowing for the countries at the epicenter of Europe's debt crisis ratcheted up again, in a fresh sign that Ireland's request for a massive bailout last weekend has done nothing to ease fears that another country, possibly Portugal, or more dangerously Spain, will be the next victim.

The prevailing view in the markets is that Europe may be able to support Portugal but that a bailout of Spain would test the limits of the existing bailout fund, putting the euro project itself in jeopardy if governments don't put up more cash. Spain accounts for around 10 percent of the eurozone economy, in contrast with the other three countries, which account for around 2 percent each.

Spain's yield on its ten-year bond yields rose 0.05 percentage point to 5.22 percent, while Portugal's remained elevated just above 7 percent.

Portugal was in focus Friday as its Parliament approved a plan to hike taxes and cut salaries and welfare benefits next year. The minority government insists it won't need financial rescue, saying the austerity measures will restore fiscal health.

Investors are clearly not so confident.

"There has been no respite this week for the eurozone as the financial markets remain unconvinced about the future viability of monetary union in its current format," said Neil MacKinnon, global macro strategist at VTB Capital. "There is an uncomfortable brew of growth-deadening fiscal contraction that dents economic growth, which is actually worsening the ability of these economies to bring their government's debt dynamics back onto a sustainable basis."

As if Europe's debt crisis wasn't enough, tensions on the Korean peninsula ratcheted up again after fresh artillery fire was heard hours after North Korea warned it was on the brink of war.

The current bout of unease started on Tuesday when four South Koreans were killed after North Korea unleashed a brief hail of artillery against the small South Korean island of Yeonpyeong.

With this geopolitical tension rising, the dollar garnered strength thanks to its perceived status as a safe haven asset — it was up 0.3 percent at 83.85 yen and 0.5 percent firmer against the British pound, at $1.5680.

Earlier in Asia, worries about an escalation between the Koreas weighed heavily on stocks, with Japan's Nikkei 225 stock average closing down 0.4 percent to close at 10,039.56 and South Korea's Kospi 1.3 percent lower at 1,901.80.

Hong Kong's Hang Seng shed 0.8 percent to 22,877.25 but Australia's S&P/ASX 200 bucked the trend, adding 0.1 percent to 4,598.30.

Chinese shares fell amid worries over tightening of monetary policy. The benchmark Shanghai Composite Index declined 0.9 percent to 2,871.70, while the Shenzhen Composite Index for China's smaller, second exchange edged 0.4 percent lower to 1,332.90.

In the oil markets, benchmark oil for January delivery was down 85 cents to $83.01 a barrel in electronic trading on the New York Mercantile Exchange.

____

Associated Press writer Pamela Sampson in Bangkok contributed to this report.

View the original article here

LONDON (AFP) – European stocks were mixed on Thursday as concerns over the eurozone debt crisis offset positive US economic data, traders said.

In morning deals, London's FTSE 100 index rose 0.17 percent to 5,666.26 points and Frankfurt's DAX 30 gained 0.10 percent to 6,830.50 points but the Paris CAC 40 fell 0.46 percent to 3,730.26.

Earlier Thursday, Asian markets mostly rose after a strong showing on Wall Street overnight but European markets remained concerned about a massive debt bailout for Ireland after Dublin announced a new 4-year austerity package.

Wall Street is closed Thursday for a public holiday, leaving European investors short of a lead later in the day.

Ireland's austerity measures are designed to smooth the way towards a huge series of loans from the International Monetary Fund and the European Union.

Meanwhile, the head of the European Union's multi-billion-euro bailout fund sought to allay fears the money could run out if the Irish debt crisis spreads to other eurozone nations.

Speaking to Germany's biggest daily Bild, Klaus Regling said: "The safety umbrella would be big enough for everyone" although he also stressed: "The fact is that only Ireland has asked for help."

Dublin's main stock index was down 0.88 percent and Madrid dropped 1.13 percent on Thursday.

Spain's debt risk premium rose to a record high Wednesday as the Irish banking and debt catastrophe deepened concern about the eurozone's weakest economies.

Investors are punishing the country because the Irish crisis reawakens fears about the Spanish property-dependent economy and banking sector.

Spain's economy is far larger. It accounts for 12 percent of economic output among the 16 nations that use the euro currency, equal to twice that of Ireland, Portugal and Greece combined. Some analysts have described it as 'too big to fail' but also 'too big to save.'"

Greece received a huge EU bailout earlier this year, while there are fears that Portugal may also go the same way as Greece and Ireland.

Asian stock markets edged higher on Thursday following strong gains on Wall Street overnight.

US stocks soared on Wednesday as traders set aside global concerns to focus on a slew of local economic data offering a broadly positive picture ahead of the all-important holiday shopping season.

Retailers led the way, as data pointed to increased consumer spending and an improved jobs market as the retail buying season gets into full swing.

US markets were shut Thursday for the Thanksgiving holiday.

View the original article here

LONDON (AFP) – European stocks sank on Tuesday, after heavy Asian losses, as investors dumped risky assets on the back of fading enthusiasm over Ireland's bailout and a spike in tensions between North and South Korea.

Financial markets were also hit by an overnight raid by FBI agents on three hedge fund firms as part of a vast insider-trading probe, and Chinese efforts to cool its booming economy.

"Markets are trading 'risk off' this morning on a combination of factors," CMC Markets analyst Michael Hewson told AFP.

"Irish bailout fears and political uncertainty, the Korean situation and FBI raids on hedge funds ... have made a heady cocktail for investors to digest.

"This has caused significant risk aversion this morning with the US dollar and gold gaining as a result."

Asian stocks slumped on Tuesday, unnerved also by the eurozone debt crisis, firing on the Korean peninsula and expectations that China will take further steps to rein in inflation.

In late morning trading, Dublin's stock market dived 1.94 percent, with the main fallers being in Ireland's battered banking sector.

London fell 0.54 percent, Frankfurt weakened 0.09 percent and Paris dipped 0.70 percent.

The European single currency slid to 1.3592 dollars from 1.3622 in New York late on Monday, as the greenback was boosted by its safe-haven status in times of economic and geopolitical uncertainty.

European shares rallied early on Monday but finished in the red as optimism over Ireland's bailout gave way to fears it might not ease pressure on other weak eurozone states, six months after a rescue for Greece.

"Another bailout -- and investors fear this won't be the last," said Vincent Chaigneau, head of fixed income strategy at French bank Societe Generale.

"The market reaction to the bailout news was fairly positive ... but the mood did not last .. Overall, the reaction to the rescue package was not quite what policymakers had hoped for," he said.

"We had warned ... that there might have been too much optimism on that front. The rescue is seen as a salve but does little to fix the structural problems."

Markets also fell on the back of political tensions in Dublin, as Irish Prime Minister Brian Cowen's governing coalition appeared to fall apart.

The turmoil intensified on Tuesday after Cowen promised to call a general election in the New Year once parliament passes a budget at the centre of the international bailout.

Cowen revealed late Sunday that his administration had applied for aid from the European Union and the International Monetary Fund, adding that it would be less than 100 billion euros (137 billion dollars).

Ilya Spivak, currency strategist at trading site Daily FX, agreed that Tuesday's fierce sell-off in risky assets on Tuesday was rooted in eurozone worries and Korea fears.

"The sell-off is being chalked up to a mixture of renewed sovereign risk concerns on the eurozone periphery ... overlaid with geopolitical concerns after North Korea shelled an island near the disputed Western border with its Southern counterpart," Spivak said.

North Korea fired dozens of artillery shells onto a South Korean island on Tuesday, killing one person, setting homes ablaze and triggering an exchange of fire as the South's military went on top alert.

In Asia, Hong Kong shares tumbled 2.67 percent, Shanghai shed 1.94 percent and Sydney lost 1.17 percent. Tokyo was shut for a holiday.

Wall Street closed mixed on Monday as Ireland's bailout renewed fears that other European states may require similar aid and as a large US insider-trading probe accelerated.

View the original article here

M. Lenihan, "the key issue is that we do not have a collapse of the banking sector," said in an interview.

He acknowledged that the Irish banks have become too dependent on ECB finance and had to be "weaned" a means of financing.

M. Lenihan describes the funding being requested as "Emergency Fund" and does not say that it would necessarily be collected.

Details on the rescue - conditions - plan will be subject to discussions.Toutefois, the Irish Government has received a stark warning of some largest American companies in Ireland on the risk of a mass exodus if the country's low corporate tax rate is raised.

Warning - Executive at Microsoft, Hewlett-Packard (HP), Bank of America, Merrill Lynch and Intel - talks about the "detrimental impact" on "Ireland the ability to gain and retain investment" should the country of the corporate tax rate rose from 12 5pc.

Members of the Irish Government, the European Union and the international monetary fund were in talks 24 hours a day on a set of financial aid to strengthen the banking system at Bay.

Although Brian Lenihan, Minister of finance Irish said 12 5pc Ireland society – the lowest in the euro - area rate will not be raised, a number of factions within the European Union is known for having pushed so that it can be increased in exchange for the bail-out.

French President Nicolas Sarkozy said yesterday that all by increasing taxes would not be a condition of bail, he expects Ireland to increase its rate of corporation tax.

"It is clear that in a situation like this, there are two levers to use: spending and the recettes.Je cannot imagine that our Irish friends in full sovereignty [do not use] this because they have a greater room for manoeuvre than others, their taxes being lower than others,"said.""

Lionel Alexander, President of the Chamber of commerce American Ireland and a senior HP wrote U.S. warning.

Foreign investment amounts to €110bn - or only 70pc - export companies employ more than 100,000 workers.

While corporations do not threaten directly leave at this stage, the statement - signed by each of the four companies mentioned - Irish leaders emphasize that, although the tax rate of the Ireland is low at the European level, not when compared to places like the India Singapore, China.

The letter explains: "the IMF, the European Central Bank and the European Commission must realize that any increase in our corporate tax rate would be ultimately make us more economically dependent, not less so on our partners in the European Union."

Separately, John Herlihy, head of the European headquarters of 2,000 - strong Google in Dublin, said The Belfast Telegraph that "everything which overflows on the competitiveness of the Ireland is will be a great thing for Google."

Mohamed A. El-Erian, CEO of PIMCO, large investor link in the world, written in Sunday Telegraph today reports that all proposed bailout may be enough to consolidate Ireland written it finances: "the Ireland and official partners must convert a liquidity in the short term in a more sustainable long-term solution approach dealing with credit, growth and economic restructuring.

Collective warnings came as the Irish Government held a day of the meeting of the cabinet today to try to finalize the two separate restructuring plans: a plan for four years for the economy, containing some €15bn sections and the other on the banking sector itself .the Government should publish both on Tuesday, after which, it is likely formally request aid from the EU and the IMF in support of its objectives of austerity.

It appears that the sale of certain assets of the State is included in the mesures.Il can be 25pc Government stake in Aer Lingus, the national carrier, as well as its separate gas in the country and electricity boards and national lottery licence.

View the original article here

LONDON (AFP) – Europe's main stock markets rose on Tuesday and gold pushed to a fresh record high, while the euro recovered after an initial slump as investors fretted over weak recovery in certain eurozone nations.

London's benchmark FTSE 100 index of leading shares won 0.76 percent in late morning trade, Frankfurt's DAX 30 gained 0.63 percent and the Paris CAC 40 added 0.72 percent.

The European single currency, which has been hampered this week by resurgent concerns over eurozone sovereign debt, fell as low as 1.3824 dollars before clawing back to 1.3923 dollars.

Gold soared to a record 1,414.85 dollars per ounce on the London Bullion Market as the dollar fell.

"European equities have swung back into positive territory as the US dollar gave up its early gains," said analyst David Morrison at trading website GFT.

"We are in a transitional area now with all the major US news out of the way and a renewed focus on eurozone sovereign debt," he told AFP.

"The euro/US dollar will now dominate trading, but in the absence of concrete news out of the European peripherals like Ireland and Greece, the single currency is likely to swing between technical support and resistance levels. This will lead equities."

Gold has surged to fresh pinnacles this week, boosted by its safe-haven status and the weaker US currency, which makes dollar-priced commodities cheaper for buyers with stronger currencies.

"Gold and silver continue to soar and this is a real warning to investors that all is not well with the global financial system," added Morrison.

"Precious metals are a safe haven and ultimate store of value. The outbreak of a full-blown currency war will only increase their appeal."

Later this week, investors will pay close attention to Group of 20 summit talks in South Korea, dealers said, amid simmering tensions between China and the United States over economic and monetary policy.

Super-loose US monetary policy has been cited as a factor roiling currency markets, hammering the dollar and prompting a wave of speculative money to pour into Asia and drive up regional currencies.

That has sparked concerns over a damaging "currency war" in which nations compete to weaken their currencies to protect exports.

Meanwhile on Tuesday, equities also won modest support from a batch of upbeat results from British mobile phone giant Vodafone and retailer Marks & Spencer, while Barclays bank also gained despite news of flat profits.

M&S, watched as a barometer of mid-range spending habits, reported a surge in first-half net profits, aided by rising clothing and food sales, but warned of "challenging" trading conditions in the coming months.

Earnings after tax rose by 16.4 percent to 261.2 million pounds (304 million euros, 421 million dollars) in the 26 weeks to October 2, compared with the equivalent period of the group's previous financial year.

Vodafone said Tuesday that it had agreed to sell its SoftBank interests to the Japanese telecoms firm for about 5.0 billion US dollars, as it posted soaring interim profits.

Earnings after tax soared by 56.5 percent to 7.5 billion pounds (8.8 billion euros, 12.2 billion dollars) in the six months to September, compared with the same part of 2009.

View the original article here

LONDON – European stock markets fell modestly Monday as investors took a breather following last week's big gains, which sent many of the world's major indexes above where they were when Lehman Brothers collapsed in September 2008.

In Europe, the FTSE 100 index of leading British shares was down 8.93 points, or 0.2 percent, at 5,866.42 while Germany's DAX fell 9.41 points, or 0.1 percent, to 6,744.79. The CAC-40 in France was 8.21 points, or 0.2 percent, lower at 3,908.52.

Wall Street was poised to open modestly lower, too — Dow futures were down 26 points, or 0.2 percent, at 11,350 while the broader Standard & Poor's 500 futures fell 2.4 points, 0.2 percent, to 1,219.50.

Stocks have been buoyed in recent weeks by expectations the Federal Reserve would be pumping more money into the U.S. economy in its latest attempt to shore up the recovery and get the unemployment rate down. Last Wednesday, the Fed announced it will plough up to $600 billion more into the financial system to lower market interest rates and inspire lending. However, if the U.S. data continues to beat expectations and points to stronger than anticipated growth, the Fed has suggested it may not need to buy the full amount of assets over the next eight months.

With little scheduled economic news Monday, investors have started the week cautiously.

"It's difficult to imagine that the coming days won't see a degree of reflection over that latest move," said Chris Weston, research analyst at IG Markets.

The tepid start to the week is unsurprising in the context of last week's bumper gains.

In the U.S., the Dow Jones index ended the week 2.8 percent higher while the S&P 500 closed up 3.5 percent — both hit their highest levels since September 2008. In Europe the FTSE in London rose 3.5 percent to a 29 month high and in Asia, Japan's Nikkei index surged 4.6 percent and Hong Kong's Hang Seng climbed 7.7 percent.

The early point of interest this week has centered on the debt problems in Europe, most notably in Greece and Ireland.

A strong performance by the government led by Prime Minister George Papandreou in local elections have helped to shore up market confidence that the austerity measures will continue for a while yet.

"Papandreou has now ruled out calling snap national elections, pleasing the IMF who had become nervous over the prospect of political instability which would further complicate fiscal consolidation efforts," said Lee Hardman, currency economist at the Bank of Tokyo Mitsubishi UFJ.

"Still, the Greeks' attempts to eliminate the budget deficit from over 15 percent of GDP, and stabilize debt at just below 150 percent appears to be a Herculean task backing up the market's conviction that debt restructuring is inevitable," Hardman added.

Though the Greek election results generated a sigh of relief, Ireland's budget crisis appears to be getting worse.

There are growing market jitters over whether the Irish government will be able to push through more spending cuts next month after the main opposition party said it would not be backing another dose of austerity.

In the currency markets, the euro continued to drop back from recent highs, trading 0.9 percent lower at $1.3934, while the dollar was 0.2 percent lower at 81.09 yen.

The main issue for currency traders this week will be the meeting on Thursday and Friday of the leaders of the Group of 20 industrial and developing nations in Seoul. Last week's move by the Fed has caused a degree of concern in China and Germany in particular, who also seem reluctant to back a U.S. plan to target current account surpluses to 4 percent of GDP.

"Currencies will nonetheless remain the major topic of discussion although expectations of a global agreement are likely to be disappointed," said Mitul Kotecha, head of global foreign exchange strategy at Credit Agricole.

Earlier in Asia, stocks outperformed their counterparts in Europe as investors responded to the better than anticipated U.S. jobs report for October, with Japan's Nikkei doing particularly well, closing up 1.1 percent at 9,732.92. South Korea's Kospi closed up 0.2 percent at 1,942.41. Hong Kong's Hang Seng rose 0.4 percent to close at 24,964.37.

In China, the benchmark Shanghai Composite Index gained 0.9 percent to 3,159.51, to hit its highest close since April while the Shenzhen Composite Index for China's smaller, second exchange gained 1.8 percent to 1,376.29.

Bucking the trend, Australia's S&P/ASX 200 slipped 0.5 percent to 4,778.4.

Benchmark oil for December delivery was up 57 cents at $86.28 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 36 cents to settle at $86.85 on Friday.

___

Pamela Sampson in Bangkok contributed to this report.

View the original article here

LONDON (AFP) – Europe's main stock markets accelerated opening gains on Thursday, as investors welcomed news that the US Federal Reserve launched a second wave of quantitative easing measures overnight.

In morning trade, London's benchmark FTSE 100 index of top shares leapt 1.74 percent to 5,849.01 points, Frankfurt's DAX 30 added 1.42 percent to 6,711.69 points and in Paris the CAC 40 soared 1.99 percent to 3,919.48.

At the same time, the US dollar plunged to the lowest level against the euro for more than nine months on the back of the move.

"Although the Federal Reserve's decision to pump further funds into the US economy hardly came as a surprise, it certainly seems to have kick-started the equity market this morning," said ETX Capital trader Manoj Ladwa.

"The FTSE has smashed through the previous high of 5,800 points and with the positive momentum, 6000 seems to be the next level for traders to gun for."

Asian equities also responded positively after the Fed announced overnight that it will launch a new 600-billion-dollar (423-billion-euro) asset-buying plan, known as quantitative easing (QE), to bolster the sluggish US recovery.

Tokyo soared 2.17 percent in value and Shanghai added 1.85 percent to finish close to a seven-month peak.

The US central bank's move was slightly higher than market expectations for around 500 billion dollars of additional QE measures.

However, sentiment remained cautious in Europe ahead of interest rate announcements from the Bank of England and the European Central Bank later on Thursday.

"The Fed chose to abstain from doing harm to the markets by announcing QE2 details roughly in line with what the majority of market participants have been expecting all along," said Societe Generale analyst Vincent Chaigneau.

Wall Street won some ground on Wednesday as traders weighed the Fed's multi-billion-dollar move, alongside a Republican victory in Congress.

The blue-chip Dow Jones Industrial Average rose 0.24 percent to close at 11,215.13 points.

The Federal Open Market Committee (FOMC) said Wednesday it would buy up new Treasury debt at a rate of around 75 billion dollars a month, a scale not seen since the depths of the 2008-2009 economic crisis.

While the Fed took similar measures during the crisis and has rolled over those expiring purchases, the expanded spending is unprecedented when the economy is not teetering on the edge of collapse.

The move followed Tuesday's mid-term elections in which control of the House of Representatives shifted to Republicans, who have called for less government interference in the US economy.

View the original article here

The consortium aims to build a fleet of tankers at least four shipping with 3 - 4 compressed natural gas (CNG) in the whole of the Caspian Sea to pipelines in Azerbaijan cubic metres.

Koen Minne, honorary consul of Turkmenistan, of the EU, which directs the regime, said a consortium of companies of two European energy and a financial institution, have been pushing to strike an agreement for the supply of gas with Turkmenistan at the end of November, with the first gas potentially entering Europe in 2014.

"Our calendar is to reach an agreement in principle for the month of November," he said. "Feasibility study was completed in the middle of September, and we are back to our conclusions on the commercial side.?

The consortium aims to build a fleet of tankers at least four shipping with 3 - 4 compressed natural gas (CNG) in the whole of the Caspian pipelines in Azerbaijan, where it could be shipped to the Turkey cubic metres.

Last month, Paolo Scaroni, Executive Director of ENI, the Italian oil group, has confirmed his participation.

European Union has long sought a direct access to gas from Turkmenistan to reduce dependence on the Russie.Les reserves of Turkmenistan's reserves are ranked fourth in the world.

As part of continued failure of the five countries of the Caspian Sea to agree on their border, which makes it easy for the Russia block an agreement EU preferred option, a gas pipeline in the Caspian Sea that could carry up to 10 times more than gas CNG, regime did not successfully forward.

View the original article here

LONDON (AFP) – Europe's main stock indices mainly rose on Monday following a similar picture in Asia on the back of strong Chinese manufacturing data and ahead of a busy week for financial markets.

London's FTSE 100 index of leading shares climbed 0.26 percent to 5,689.89 points in late morning trade.

Frankfurt's DAX 30 gained 0.24 percent to 6,616.42 points while in Paris the CAC 40 dipped 0.02 percent to 3,832.61.

The Stoxx 50 index of top eurozone companies nudged down 0.09 percent to 2,840.84 points.

"This is a big week for the financial markets whichever way you look at it," said Simon Denham, head of trading firm Capital Spreads.

"Mid-term elections in the US tomorrow, then the FOMC rate announcement, Bank of Japan will follow as well as the Bank of England and European Central Bank.

"If that wasn't enough we end the week with US employment data, the data release of all data releases."

Ahead of Wednesday's US Federal Reserve rate call, traders digested data showing that Chinese manufacturing activity hit a six-month high in October, in a sign that recovery in the world's second-biggest economy has consolidated.

The HSBC China Manufacturing purchasing managers index (PMI) rose to 54.8 in October from 52.9 in September as production and new orders continued to rise.

A reading above 50 means the sector is expanding, while anything below 50 indicates a decline.

"The markets are starting the week on a positive bias as manufacturing data from China has given the FTSE a boost," said Denham.

In company news, the share price of Ryanair fell 2.0 percent to 4.0 euros despite an announcement from Europe's biggest no-frills airline that net profits climbed during its first half thanks to higher passenger numbers and ticket prices.

Profit after tax jumped 13.5 percent to 424 million euros (592 million dollars) in the six months to the end of September compared with the equivalent period in 2009, the Irish carrier said in an earnings statement.

"Volatility could really pick up this week with so much important economic data to be released and the European earning season getting into full swing," added Denham.

"Clients seem to be just sitting on the sidelines for now, unsure of whether the recent retracement in equities is offering up a good buying opportunity or there maybe a better buying opportunity in a week's time."

Meanwhile weeks of speculation and nervous trade on Wall Street will reach an apex in the coming days with a Federal Reserve meeting expected to yield a new economic stimulus plan and key elections.

View the original article here