Germany drafts Ä9bn defence savings plan
German defence ministry experts have drawn up a list of potential savings in weapons and equipment worth Ä9.3bn in the long-term, according to newspaper reports. German daily Bild reported the number of A400M military transport aircraft would be reduced and 15 Transall transport planes taken out of service immediately. Under the proposal, Germany would buy […]
Spyker avoids more debt in final Saab payment
Dutch carmaker Spyker Cars used internal funding rather than external debt to pay General Motors the final $24m purchase price for Sweden’s Saab, ending concern over how it would foot the bill. Niche carmaker Spyker, which has never made a profit, took over the larger Saab from GM earlier this year and is now working […]
Japan business mood best in two years
Japanese business confidence was at its best in two years in the three months to June and big firms revised up capital spending plans, a Bank of Japan survey showed, in a sign the export-driven economic recovery is taking hold. The tankan survey showed Europe’s sovereign debt woes and the sharp appreciation in the yen […]
StanChart stumps up $500m for AgBank IPO
Asia-focused bank Standard Chartered Plc said it will invest $500m as a cornerstone investor in Agricultural Bank of China’s IPO in Hong Kong. AgBank is seeking to raise more than $20bn in a Hong Kong and Shanghai IPO, and sources had previously told reporters that Standard Chartered would invest $500m. The listing is expected to […]
Stocks fall as bank funding worries intensify
World stocks hit a 2-1/2 week low on Tuesday while oil and the euro also slipped as investors grew nervous over the funding situation of banks about to repay 442 billion euros ($545.5 billion) to the European Central Bank. Banks must repay the money borrowed a year ago at rock bottom rates on Thursday, leaving […]
Cuts expected to reduce police numbers
The government said on Tuesday it was cutting police red tape by scrapping two targets introduced by the ousted Labour administration ahead of budget cuts expected to see a reduction in officers. Police minister Nick Herbert said sweeping away bureaucracy would allow officers to “do more with less” but accepted that “substantial” funding cuts were […]
Asia stocks rise as US bank bill fears ease
Most Asian stock markets rose on Monday, with Europe set to follow, as fears eased that Washington would draft a harsh bill for regulating the banking sector and after an unremarkable conclusion to a Group of 20 leaders’ summit. G20 leaders meeting in Toronto agreed to take their own paths to ensuring economic growth and […]
Shanghai stocks slip, AgBank IPO pricing eyed; HK firm
China’s key stock index was down 0.6 percent by midday Monday, with volume slipping further as tight liquidity conditions worsened by Agricultural Bank of China’s looming stock offering starved the market of momentum for near-term gains. The Shanghai Composite Index (SSEC) ended the morning at 2,537.2 points, slipping for a fourth day in a row […]
India fuel hike threatens strikes
India’s opposition parties are gearing up for a national strike to protest the government’s move to hike fuel prices, putting pressure on Prime Minister Manmohan Singh’s coalition before the next parliament’s session. Last Friday’s hikes in petrol, diesel and kerosene were seen as a bold reform with which to attack India’s fiscal deficit and that […]
