Author Archive: Jeremy Parkinson
Zynga IPO prices hit top of the range
Online games producer Zynga late on Thursday managed to raise $1bn in its initial public offering after it priced shares at the top end of a preliminary $8.50 to $10 market range. The creator of games including “FarmVille” and “CityVille” sold 100 million shares of Class A common stock at $10 a share in the […]
Brazil sues Chevron for $10.6bn oil spill damage
Brazilian federal prosecutors late on Wednesday sued US-based Chevron and rig operator Transocean for $10.6bn in damages following environmental harm alleged to have been caused by an oil leakage in early November. Prosecutors also asked the court to force the companies to shut down operations at the Frade field in Brazil until the case is […]
Olympus meets earnings deadline to stay in TSE
Japanese optical equipment manufacturer Olympus has submitted long delayed earnings reports on Wednesday, only hours before a crucial deadline to avoid being removed from the Tokyo Stock Exchange. The TSE, the world’s second largest bourse, has now removed the company from its watch list for automatic ejection. However, Olympus continues to be at risk of […]
Areva shelves projects and plans 1,500 job cuts amid $1.6bn loss
Areva, the globe’s largest supplier of nuclear fuel and services, on Tuesday said it is to suspend building work at sites including Africa, the US and France. The news comes a day after it announced it is expecting to post an operating loss of between $1.4 and $1.6bn this year. The French company also unveiled […]
German president criticises G20’s crisis approach
German President Christian Wulff criticised efforts by the Group of 20 nations to contain the global financial crisis, saying they were too small in scale and had achieved little. Last month’s summit of G20 leaders in France failed to bring progress which the world urgently needed, Wulff said, citing regulation of the financial sector and […]
Eurozone moves with fiscal union, UK stands its ground
Europe divided on Friday in a historic rift over building a fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to move ahead with a separate treaty, leaving Britain isolated. Twenty-three of the 27 leaders agreed to pursue tighter integration with stricter budget rules for […]
Pakistan flood pain lingers
The 2010 floods in Pakistan started late in July, following heavier than normal monsoon rains in Balochistan, the Punjab, Sindh, Pakhtunkhwa and the Khyber; in fact the whole Indus River Basin was affected. At one stage nearly 20 percent of Pakistan’s land area was covered with water, a total of some 307,374 square miles (796,095 […]
State entities in Dubai show $101.5bn debt
Moody’s Investors Service on Tuesday said Dubai and its state-owned non-financials have outstanding debt of $101.5bn and could require further financial support to meet their obligations. The credit rating agency’s report showed that it remains concerned about the emirate’s maturing debt in spite of the “significant process” made by the authorities and state-owned companies to […]
Italian cabinet approves radical austerity measures
Italy’s new Prime Minister Mario Monti announced late on Sunday and ahead of a crucial EU summit on Thursday and Friday, that his cabinet has approved a €30bn package of austerity measures to help “reawaken” the Italian financial system. Europe’s third biggest economy is scheduled to present the plan to parliament today in a bid […]
IMF says swift action is needed to steady Europe’s banks
A quick recapitalisation of European banks is necessary to steady markets and avert the economy from falling into another recession, IMF Europe Director, Antonio Borges, said late on Wednesday. The price tag for such a move was estimated in the range between €100bn and €200bn, he said. According to the IMF report, the eurozone debt […]
