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    Moody’s: Eurozone a danger to UK’s AAA rating

    Britain’s AAA credit rating could be at risk due to the crisis in the eurozone, Moody’s said in its UK end of year assessment late on Tuesday. In spite of a “stable” rating, Moody’s warned that Britain may face a downgrade if no policies are implemented to help stabilise markets. According to the agency, the current rating is based on its strong institutions, government finances and low susceptibility to external event. It cautioned, however, that the future of the ranking is dependent on whether or not a resolution is found for the sovereign debt crisis. “The significant increase in the government’s deficit and debt stocks sinc...
    On December 21, 2011 / By
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    Indonesia, Australia launch UN-backed $30m forest CO2 project REDD

    Indonesia and Australia have launched a A$30m project to fight deforestation in Sumatra as part of efforts to cut greenhouse gas emissions and boost a planned forest-carbon trading scheme. The project, to target Sumatra’s Jambi province that has suffered rapid deforestation, is the second joint venture between the neighbouring countries keen to learn how to save forests by giving local communities incentives to keep the trees standing. Indonesia, like Brazil, is on the front line of efforts to curb deforestation that is a major contributor to mankind’s greenhouse gas emissions that scientists blame for heating up the planet. Australia and...
    On December 20, 2011 / By
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    AT&T kills $39bn takeover bid for T-Mobile

    After months of opposition from regulators and rivals, AT&T late on Monday dropped its controversial $39bn takeover bid for T-Mobile USA, the company said. The FCC, which was against the takeover since it was announced in March, said that the bid would reduce competition and choice, and increase prices for consumers. AT&T announced it will now have to take a $4bn charge for dropping the offer, of which a $3bn breakup fee will go to T-Mobile’s parent company Deutsche Telecom. In addition, AT&T said it plans to enter into a roaming agreement with T-Mobile....
    On December 20, 2011 / By
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    SEC sues ex-Freddie Mac and ex-Fannie Mae executives

    The Securities and Exchange Commission late on Sunday filed securities fraud charges against six former Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) executives. The SEC court filing showed that executives had claimed that their company’s exposure from 2007 to 2008 was between $2bn and $6bn, when it was actually as high as $244bn. Those alleged of fraud include former Fannie Mae CEO Daniel Mudd, vice president of Single Family Mortgage, Thomas Lund, and chief risk officer Enrico Dallavecchia. The names for Freddie Mac executives include CEO Richard Syron, Vice President Patricia ...
    On December 19, 2011 / By
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    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 IPO. The initial share price gives the group a valuation of an estimated $7bn. Zynga’s offering is the largest by a US internet company since Google’s IPO raised $1.9bn in 2004, Bloomberg data showed....
    On December 16, 2011 / By
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    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 resolved. The Frade field site, where the spill occurred, is Chevron’s biggest capital investment. “During an investigation, the attorney general’s office found that Chevron and Transocean were not capable of controlling the damage from a spill of 3,000 barrels of oil, proving a lack of environmental ...
    On December 15, 2011 / By
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    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 being delisted pending results of an investigation into the group’s accounting practices. The camera maker reported net assets of ¥46bn as of the end of September, according to its surrendered financial report for the second quarter....
    On December 14, 2011 / By
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    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 plans of limiting its dividend payout to 25 percent of net profits for the next 24 months, according to CEO, Luc Oursel. Areva will slash up to 1,500 jobs in Germany and has suspended a nuclear plant project in the US to help offset losses, Oursel unveiled in a statement....
    On December 13, 2011 / By
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    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 setting stricter guidelines for the operations of major banks as examples of the group’s failures. “The approaches that have been tried so far are too modest to match the scale of the problems that the crisis has exposed,” Wulff said in a speech to businessmen on Monday during a visit to Abu Dhabi, c...
    On December 12, 2011 / By
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    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 the single currency area, but Britain said it could not accept proposed amendments to the EU treaty after failing to secure concessions for itself. After 10 hours of talks, all 17 members of the eurozone and six countries that aspire to join resolved to negotiate a new agreement alongside the EU treaty with a tougher ...
    On December 9, 2011 / By