Karl-Friedrich Stracke, chief executive of US carmaker’s European operation quashes reports of sale as ‘pure speculation’
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Opel dismisses rumours of GM sell-off
Group nears settlement with Indian drugmakers over low-cost versions of the company’s medicines that were impounded within the European Union
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Eli Lilly to settle dispute over drug copies
Proposals by the European Commission to impose minimum size orders for off-exchange trading venues could reduce consumer choice and raise costs
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Credit Suisse warns over dark pool reform
The US Treasury made a veiled counterattack against Michel Barnier, the European commissioner, ahead of a meeting that could expose faultlines on financial regulation
In the video below, Terrence Keeley at Sovereign Trends LLC discusses Greek restructuring, why Germany backed down on restructuring, and what it ultimately means. The video is outstanding, please play it. If the video does not play here is the Bloomberg link Sovereign Trends’ Keeley InterviewTerrence Keeley, senior managing principal at Sovereign Trends LLC and a Bloomberg Television contributing editor, discusses the outlook for additional aid to Greece from the European Union. EU officials …
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"The Longer you Wait the Higher the Haircut. Greece is not Even in the EU’s Hands. Let this be a Warning to the U.S."
With myopic eyes focused solely on problems in the US, I am wondering what would it cost to bail out the ECB? Please consider The Hidden Cost of Saving the Euro on Der Spiegel International. While Europe is preoccupied with a possible restructuring of Greece’s debt, huge risks lurk elsewhere — in the balance sheet of the European Central Bank. The guardian of the single currency has taken on billions of euros worth of risky securities as collateral for loans to shore up the banks of …
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Bailing Out the ECB; Hidden Cost of Saving the Euro; ECB Time Bombs Continue to Tick
News Corp chief executive announces plans to target educational technology for digital investment during speech to internet entrepreneurs and European policymakers
Bloomberg offers a nice summary of recent Euro-Zone friction in How the Strauss-Kahn Case Damages EuropeStrauss-Kahn’s departure from the scene couldn’t have come at a worse moment. Little noticed in the U.S., but momentous inside Europe, was Denmark’s unilateral decision on May 11 to check the papers of people arriving from other European nations. That’s the equivalent of New York asking for papers at the Lincoln Tunnel crossing from New Jersey, and appears to violate the 1985 Schengen …
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Norway, Iceland Suspend $42 Million in EEA Greek Development Funds; Euro-Zone Friction, Protectionism, Mistrust; Why Shouldn’t There be Mistrust?
Munib Islam, the former chief of European equities at Highbridge Capital, is to head equities research at US activist Third Point Partners – the firm he left three years ago
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Fund manager rejoins Third Point
By now, most realize that Greece used currency swaps with Goldman to hide debt. However, Bloomberg has some new details about those transaction in its report Greece Had 13 Currency Swaps With Goldman, Eurostat SaysGreece had 13 off-market derivative contracts with Goldman Sachs Group Inc. (GS), most of which swapped Japanese yen into euros in a 2001 transaction aimed at concealing the true size of the nation’s debt, according to the European Union’s statistics office. The amount borrowed …
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New Disclosures on Currency Swaps with Goldman to Hide Greek Debt; Tip of the Iceberg says Former Bond Trader "Dr. Evil"
The operator of US and European cash equities trading venues has filed for an IPO that would transform it into one of the largest publicly held stock exchange operators
Portuguese Prime Minister Prime Minister Jose Socrates is singing the praises of a $116 bailout on good terms, even though two weeks ago he denied the need for Portugal to take a loan at all. The bond market responded with a big yawn. Please consider Portugal Says It Has Negotiated a Bailout Loan of $116 BillionPortugal has reached agreement with the European Union and International Monetary Fund on a three-year bailout loan of 78 billion euros or about $116 billion, the caretaker Prime …
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Portugal Negotiates $116 Billion Bailout Loan, Bond Market Yawns
Global sports groups are circling the Titleist golf brand, which sponsors European Ryder Cup player Rory McIlroy, ahead of a May deadline for bids for the business, which is being sold by Fortune Brands of the US
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Global brands circle Titleist golf brand
Some US fund managers have been able to take advantage of the financial crisis and make big inroads into the European market
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Funds find happy hunting grounds in overseas markets
Courtesy of Google Translate, please consider Portugal again revised upwards the deficit in 2010 Portugal’s public deficit stood at year-end 2010 to 9.1 percent of Gross Domestic Product (GDP), five tenths above the 8.6 percent reported three weeks ago. Early estimates on the Portuguese executive deficit in 2010, which received clearance from Brussels, they set a decline in the deficit to 7.3 percent, which Portugal is ranked as one of the countries of the European Union ( EU) with a greater …
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TPortuguese Budget Deficit Revised Up Second Time to 9.1%
(From PRWEB) — Highlighting the critical importance of talent management in driving competitive success in today’s global marketplace, the New York based Center for Work-Life Policy (CWLP), and its consulting arm Sylvia Ann Hewlett Associates, announced today the opening of a London office—its first outside the U.S. This expansion will extend the scope and reach of the CWLP’s cutting-edge research and allow the consulting team to work much more closely with UK and European companies, helping them leverage talent across the divides of gender, generation and culture. Companies headquartered outside of the US already working with CWLP include Barclays, BT Group, Lloyd’s Banking Group, Schlumberger, Siemens, and Unilever. “Talent management practices are often too U.S.-centric,” says Sylvia Ann Hewlett, President and Founder of the Center for Work-Life Policy. “The Center is addressing this issue head-on with a growing focus on the UK, Europe and emerging markets, and increased involvement with global companies.” Read more .
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Center for Work-Life Policy and Sylvia Ann Hewlett Associates Open First UK Office to Expand Global Impact on Talent Management
Storm clouds are gathering over the global economy but few investors see them as bullish sentiment on equities and bearish sentiment on the US dollar mount. The European economy is hugely imbalanced yet the ECB is tightening, the property bubble in Australia has popped, cutbacks in state budgets will hit the US, and China Raises Reserve Ratios as Zhou Pledges More Tightening in order to combat inflation an rampant property speculation.China increased banks’ reserve requirements to lock up …
A group of advertising companies and publishers has launched a set of guidelines to help the industry cope with new European regulations around adverts based on browsing habits
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Online advertisers issue tracking code
ECB President Jen-Claude Trichet insists “excludes Greek debt restructuring”, but doubts persists in Germany as German Finance Minister Warns on Greek Debt.Germany warned that deficit-scarred Greece might need more financial relief, reviving European debt concerns just as Portugal seeks an 80 billion-euro ($116 billion) aid package. German Finance Minister Wolfgang Schaeuble said it is unclear whether Greece, the root of the year-old debt crisis, will need another cut in its bailout …
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German Finance Minister Warns on Greek Debt
For the first time in 40 years, the European benchmark rate has risen before the US. ECB president Jean-Claude Trichet is concerned about wage growth fueling inflation. There may be reasons to hike, but wage growth is not one of them. For starters, the only place wages are likely to rise is Germany. Secondly, the idea that wage growth causes inflation is potty. After months of denial, Portugal is asking for a bailout. The next step is negotiating the terms. Like the Fed, the Bank of …
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Trichet Hikes, Two More Expected; Bank of England Holds; Fundamental Factors Affecting Currencies; Is Trichet’s Move the Right Move?
The US hedge fund that has embarked upon a series of high-profile European boardroom battles has taken big stakes with an eye for changing the way companies are run
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Elliott carves out reputation for ruling with iron fist
US software group formally registers its concerns with European antitrust regulators about its competitor’s online search dominance in the region
The US bank has appointed Stuart Popham, one of the City’s best-connected lawyers, to a senior role within its European business as the group shores up its regulatory expertise
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Citigroup picks top London lawyer
In the wake of the collapse of the Portuguese government comes the not unexpected news Portugal May Need $99 Billion RescueA bailout for Portugal may total as much as 70 billion euros ($99 billion), two European officials with direct knowledge of the matter said, as credit-rating cuts threatened to deepen Portugal’s debt woes. Preliminary calculations put the cost of a lifeline from 50 billion to 70 billion euros, said the officials, who declined to be named because the issue is confidential. …
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S&P Nightmare Scenario: Spanish Housing Prices Drop by 45%, GDP Drops by 20%, Interest Rates Hit 17%; Portugal May Need $99B; Missteps by Merkel
Advertisers cannot use keywords that correspond to trademarks if this will confuse online consumers as to the origin of the goods or services, a senior legal adviser at the European Union’s highest court has said
Once again the New York Times leads the way with excellent coverage of happenings in the Mideast and Africa. Please consider Qaddafi Pledges ‘Long War’ as Allies Pursue Air Assault on Libya A day after American and European forces began a broad campaign of strikes against the government of Col. Muammar el-Qaddafi, the Libyan leader delivered a fresh and defiant tirade on Sunday, pledging retaliation and saying his forces would fight a long war to victory. He was speaking in a telephone …
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Qaddafi Pledges "Long War"; Photographs of the Wreckage; Usurpation of Legislative Power
Inquiring minds are once again watching central banks intervene in the forex markets. Please consider Yen falls after G7 deal, further downside seenJapanese Finance Minister Yoshihiko Noda said Japan agreed with central banks of the United States, Britain and Canada as well as the European Central Bank to jointly intervene in the currency market, the first joint action in over a decade. The dollar jumped nearly 3 percent on the day to as high as 81.48 yen, extending a rebound from a record …
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Coordinated G-7 Yen Intervention in Progress; Currency Interventions Never Work
Investors praised European policymakers for moving more quickly than expected to tackle the problems of the eurozone’s peripheral economies after a market sell-off
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Investors praise policymakers’ rescue deal
Eurozone leaders met in Brussels on Friday hoping to solve the European sovereign debt crisis. At the last minute Europeans Reach New Deal to Fight Debt Crisis.European leaders agreed early Saturday to new measures intended to end the euro zone debt crisis, offering the debt-laden Greece a cut in its interest rate and injecting more flexibility into the way a bolstered bailout fund for the euro can be used. The deal, which went further than had been expected at Friday’s meeting of 17 euro …
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European "New Deal" Debt Agreement is Same Useless Peer Pressure Model
Leaders of 17 eurozone countries meet on Friday in Brussels to discuss the sovereign debt crisis and the stabilization pact, but don’t expect much of anything to come from it. Instead, expect to see a lot of bickering interspersed with agreements to agree on non-critical issues. Please consider Germany Sets Steep Price to Shore Up Euro ZoneFaced with financial turmoil that has resisted every emergency fix the European Union has adopted, European leaders are considering a radical step: giving …
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ECB Stuck in Sovereign Debt Garbage, Seeks German Help to Unload It; Anger in Greece, Ireland; Germany Sets High Price for Bailout Changes
The European Commission has tried to bolster the US’s uncertain commitment to global standards by suggesting that it could lose international influence if it does not sign up
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Brussels pushes US on accounting
The final quarter of 2010 was the most disappointing earnings season for European companies since 2008 as groups confronted the rising cost of global commodities
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Commodity costs hit Europe’s earnings
Many European and Asian asset managers are still failing to prepare for the arrival of the new Dodd-Frank regulations in the US, and a number are holding off registration with the SEC
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Countdown to registration
The country’s banks survive the financial crisis in far healthier condition than their US and European counterparts due in part to a more conservative lending culture and robust regulation
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Canadian lenders outperform rivals
Boeing has clinched a fiercely contested contract to supply the US Air Force with refuelling aircraft, beating out rival EADS, the European aerospace and defence company
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Boeing beats EADS to $35bn US tanker prize
Media owners have voiced growing concern about Apple’s new rules for content subscriptions on its iPhone and iPad devices, after European publishers warned after a heated meeting that they may have to take ‘antagonistic actions’
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Media concerns grow over Apple subscriptions
CEO says next challenge is to persuade European mobile operators and retailers to trust his brand again
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Motorola plans European comeback
The US drug company says the move comes amid setbacks for an anti-bloodclot drug and uncertainties over the impact of US healthcare reform and European austerity programmes
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Merck cuts long-term earnings view
I just received an email from songwriter “Merle Hazard” on the European Sovereign Debt Crisis. Merle writes …Hi Mish My alter-ego, Merle Hazard, is doing a song series this week on the Euro zone crisis. This is for Paul Solman’s Making Sen$e page at the PBS NewsHour web site. The first song, on Spain, is out today. It’s the shortest, by a wide margin, in this week’s series. It’s really just an appetizer to get people started. More songs to follow daily, four new ones in …
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Merle Hazard on the European Sovereign Debt Crisis, Lyrics on Spain
Reflections on a Wise College Major For more on the student loan scam, please see Budget Deficit Accounting Fraud and the Off-Balance-Sheet Student Loan Scam; Time to Scrap Entire Student Loan Program Solar Energy Madness in Europe In an effort to spur solar energy in France, Germany, Spain and other European countries, bureaucratic dunces decided to pay as much as 10 times market rates for those supplying energy to the power grid. In response, farmers in France have started building …
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Sunday Funnies 2011-01-23 Student Loans; Solar Energy Madness in Europe
Southwest Airlines would consider buying aircraft from the European group for the first time if Boeing chooses not to develop a more fuel-efficient version of its leading single-aisle jet
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Southwest warns on switch to Airbus
Intel is fighting to avoid a full probe by European competition regulators into its proposed $7.7bn acquisition of McAfee, the US security software company
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Intel fights full probe into McAfee deal
Pimco co-CEO Mohammed El-Erian says European Bond Investors Must Accept Losses”The main issue right now is the integrity of the eurozone is getting weaker and weaker as we delay the problem,” El-Erian tells CNBC. “They are simply kicking the can down the road.” “Ultimately there will be a haircut to bonds issued by certain governments in the eurozone, and the longer we delay that recognition the bigger the problem and the more disorderly the process will be.” El-Erian …
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Pimco CEO says "Europe is Kicking the Can, Bondholder Haircut Coming"
Portugal is the recent flashpoint, but Spain and Belgium are on deck. Note too that sovereign spreads in Ireland and Greece are at record highs in spite of the alleged bailouts. In response to the clearly not-contained crisis, Germany is considering expanding the bailout fund from 750 billion-euro ($966 billion) by as much as 25%. Meanwhile, it’s time to look beyond Portugal to Belgium and Italy, and of course Spain. Why stop there? Interest rates are soaring in European countries outside …
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Looking Beyond Portugal; Bundesbank President Says "Optimism Seems Premature"; Polish 10-Year Yields Hit 6.18%, Highest in 16 Months
At long last, and after decades of trying, Japan may have found a way to weaken its currency: buy European bonds. The irony is that is not Japan’s intent. The non-plan to weaken the Yen could conceivably “work” if done in size, although I rather doubt Japan commits that much. Regardless, it sure won’t do a damn thing to “Save the Euro”. Please consider Japan Joins China in Assisting Debt-Crisis-Hit EuropeJapan plans to buy bonds issued by Europe’s financial-aid funds, its …
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"World Comes Together to Save the Euro"; Japan Officially Joins the Battle
This Clarke and Dawe video on PIIGS bailouts and the European sovereign debt crisis went around long ago but is even more pertinent today. Mike “Mish” Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post ListMike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market …
Portugal is the spotlight du jour in the sovereign debt crisis. Belgium is not far behind. On Saturday Reuters claimed Germany and France want Portugal to accept aid, citing Der Spiegel.Germany and France want Portugal to accept an international bailout as soon as possible in order to prevent its debt crisis spreading to other countries, German magazine Der Spiegel reported on Saturday. Without citing its sources, the magazine said government experts from both European heavyweights were …
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France, Germany Pressure Portugal to Take Aid; No Gov’t in Belgium for 210 Days; Private Debt Placements in Portugal; Is China the Red Knight Savior?
A European commission has come up with a new proposal to shield taxpayers from the banking crisis via haircuts in senior bank bonds. The proposal only covers bank debt, not sovereign government debt, and supposedly it applies to some mythical time in the future, not now. However, sovereign yields have hit new record highs in Greece, and are close to record highs in Portugal, Spain, and Ireland, I fail to see how the crisis can possibly be contained, and I fail to see why it takes a commission …
In response to European Sovereign Debt Crisis in Pictures; PIIGS Spreads to Germany at or Near Record Levels I received this chart from Chris Puplava at Financial Sense. click on chart for sharper image Chris writes “In addition to foreign credit risk (Greece, PIIGS), I’m seeing my CINN STATE (CA, IL, NY, NJ) Credit Default Swap (CDS) composite moving higher again.” Mike “Mish” Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent …
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Credit Default Swaps PIIGS vs CINN Group (California, Illinois, New York, New Jersey)
Here are a few charts that show the current state of tension in regards to the European sovereign debt crisis. The charts also show why E-Bonds, the wet dream of Jean-Claude Juncker, is not going to happen. Jean-Claude Juncker is President of the Euro Group and Prime Minister of Luxembourg (not to be confused with Jean-Claude Trichet, President of the ECB). Junker’s plan, supported by the IMF is to combine the bonds of all the Eurozone countries into one entity, with a statement that E-bonds …
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Spotlight on European Government Bonds; Current State of the Sovereign Debt Crisis in Pictures