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Euro zone loses patience with Greece

admin — Sun, 05 Feb 2012 01:58:46 +0000

BRUSSELS (Reuters) – 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. 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. …

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Eurogroup’s Juncker warns of possible Greece default

admin — Sat, 04 Feb 2012 23:59:12 +0000

BERLIN (Reuters) – The possibility of a sovereign default by Greece cannot be ruled out, Jean-Claude Juncker, head of the Eurogroup of finance ministers from the single currency zone, said in a German magazine on Saturday. In an advance copy of comments to news weekly Der Spiegel, Jean-Claude Juncker was quoted as saying Greece could no longer expect solidarity from other euro zone members if it cannot implement reforms it has agreed. …

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Walgreen sales hit by exit from Express Scripts

admin — Sat, 04 Feb 2012 22:11:30 +0000

(Reuters) – Walgreen Co is being hit by its withdrawal from the Express Scripts Inc pharmacy network and by a much-weaker-than-expected flu season, leading it to temper its expectations for the number of prescriptions it will fill this year. Walgreen said on Friday that it now expects prescriptions filled in fiscal 2012 to be around the low end of its previous forecast of 97 percent to 99 percent of the prescriptions it filled last year. Walgreen said January sales at stores open at least a year, or same-store sales, fell 4. …
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Protests erupt at Syrian embassies around the world

admin — Sat, 04 Feb 2012 21:12:07 +0000

Angry scenes erupted outside the Syrian embassy in London today just hours after a number of demonstrators were arrested for storming into the building.

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Micron CEO dies in plane crash, industry stunned

admin — Sat, 04 Feb 2012 19:58:37 +0000

BOISE, Idaho/SAN FRANCISCO, Feb 3 – Micron Technology Inc Chief Executive and Chairman Steve Appleton died in a small plane crash on Friday, a major loss for a U.S. memory chipmaker already struggling with sluggish computer sales and declining prices. The 51-year-old Appleton, a three-decade industry veteran who performed stunts at airshows, died after the small plane he was piloting crashed at an airport in Boise, Idaho, where the chipmaker is headquartered. His death stunned the tight-knit semiconductor industry. …

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Deutsche Boerse board member wants CEO out: paper

admin — Sat, 04 Feb 2012 17:59:25 +0000

FRANKFURT (Reuters) – Deutsche Boerse’s chief executive Reto Francioni should step down following the collapse of its $ 7.4 billion plan to merge with NYSE Euronext , a member of the German exchange operator’s supervisory board told a newspaper. “The question needs to be asked whether there have to be consequences (for management),” Johannes Witt, a board member representing the interests of labour, told German weekly Euro am Sonntag in comments published on Saturday. …

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Greece says bank recapitalization agreed, but issues remain

admin — Sat, 04 Feb 2012 16:01:37 +0000

ATHENS (Reuters) – Greece has agreed with euro zone partners on how to recapitalize Greek banks after a planned bond swap, but has yet to resolve issues related to labor reform and spending cuts in talks with lenders, the country’s finance minister said on Saturday. Evangelos Venizelos described a conference call on Saturday with counterparts from fellow euro zone nations as “very difficult” and said talks related to Greece’s rescue plan must be concluded by Sunday night. “The Eurogroup teleconference was very difficult,” Venizelos told reporters. …

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Fire crews tackle Mayfair blaze

admin — Sat, 04 Feb 2012 15:13:23 +0000

One hundred firefighters are tackling a blaze in one of London’s most exclusive streets.

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Hungary seeks 15-20 billion euro IMF/EU credit line: official

admin — Sat, 04 Feb 2012 14:01:07 +0000

BUDAPEST (Reuters) – Hungary is seeking an international credit line of 15 to 20 billion ($ 20 to $ 26.3 billion) euros, the secretary of state heading the prime minister’s office, Mihaly Varga, was quoted on Saturday as saying. Hungary is seeking backup from the International Monetary Fund and the European Union to reassure investors it has financing even if it gets cut off from debt markets later this year. …

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Caterpillar to close London, Ont. locomotive plant

admin — Sat, 04 Feb 2012 12:13:50 +0000

(Reuters) – Caterpillar Inc has decided to close its Electro-Motive locomotive plant in London, Ontario, and lay off at least 450 workers following several months of unsuccessful contract negotiations with the Canadian Auto Workers union. The move deals a tough blow to the Canadian labor market, which has been under pressure from a strong Canadian dollar and the struggle to persuade unionized workers to accept deep concessions in a relatively stable economy. …
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