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BANK MEDICI MAY COLLAPSE AFTER LOSSES IN MADOFF SCHEME

Posted by Gilmour Poincaree on December 31, 2008

December 31, 2008

by Suzy Jagger – Times Online

PUBLISHED BY ‘THE AUSTRALIAN’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

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Posted in AUSTRIA, BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FINANCIAL SERVICES INDUSTRIES, FRAUD, HOUSING CRISIS - USA, INTERNATIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

EURO CURRENCY TURNS 10; SEEN FULFILLING PROMISE – TEN YEARS AGO, EUROPE LAUNCHED ITS GRAND EXPERIMENT WITH A SHARED CURRENCY – AND WATCHED IT PLUNGE IN VALUE BEFORE RECOVERING

Posted by Gilmour Poincaree on December 28, 2008

Sunday, December 28, 2008 at 11:35 AM

by Matt Moore and George Frey – Associated Press Business Writers

PUBLISHED BY ‘THE SEATTLE TIMES’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE SEATTLE TIMES’ (USA)

Posted in AUSTRIA, BANKING SYSTEMS, BELGIUM, CENTRAL BANKS, COMMERCE, CURRENCIES, CYPRUS, ECONOMIC CONJUNCTURE, ECONOMY, EURO, EUROPEAN CENTRAL BANK, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FRANCE, GERMANY, GREECE, INTERNATIONAL, INTERNATIONAL RELATIONS, LUXEMBOURG, NETHERLANDS, PORTUGAL, RECESSION, SLOVAKIA, THE EUROPEAN UNION | Leave a Comment »

AIR FRANCE SEEKS PROBE INTO AUSTRIAN AIRLINES SALE

Posted by Gilmour Poincaree on December 12, 2008

Thursday, 12.11.08

Associated Press

PUBLISHED BY ‘THE MIAMI HERALD'(USA)

PARIS – Air France-KLM Group said Thursday it has lodged a complaint with the European Commission, accusing German rival Lufthansa of benefiting unfairly from state aid in its deal to acquire Austrian Airlines.

The French-Dutch carrier dropped out of the running for the Austrian carrier, while Lufthansa agreed last week to buy the Austrian government’s stake in the ailing national airline and offered to buy any outstanding shares.

Air France-KLM said in a statement it “strongly believes that the sale of Austrian Airlines to Lufthansa is not being conducted in the best interest of Austrian Airlines stakeholders and at a fair market price.”

The sale “entails state aid elements that need to be thoroughly investigated by the European Commission,” it said.

Under the agreement, the Austrian government will assume up to euro500 million of the carrier’s debt, which amounted to euro900 million as of last month. Air France-KLM said the deal doesn’t follow the instructions imposed on it during the bidding process.

Lufthansa said it was “convinced that the transaction agreed to last week on the acquisition of Austrian Airlines is in compliance with corresponding statutary requirements.”

Lufthansa also said that the Austrian state holding company had obtained legal opinion showing that the deal conformed to law.

The agreement signed by Lufthansa and officials of the Austrian government’s privatization agency gives the German carrier the state’s 41.56 percent share in Austrian Airlines.

That deal carries a price tag of euro366,000 ($465,000) but foresees additional payments of up to euro162 million depending on whether, and to what degree, Austrian turns profitable again.

Lufthansa has also offered to buy the rest of Austrian Airlines for euro4.44 per publicly held share.

Austria’s government decided in August to sell its share in the country’s flagship carrier. Air France-KLM and S7 of Russia had previously expressed an interest but then dropped out of the bidding.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE MIAMI HERALD'(USA)

Posted in AIR TRANSPORT INDUSTRY, AUSTRIA, BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FRANCE, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, TRANSPORT INDUSTRIES | Leave a Comment »