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Europes Stoxx 600 Index Approaches 5-Year High on M&A, Growth
European stocks rose, with the Dow Jones Stoxx 600 Index approaching a five-year high, on speculation takeovers will increase and the U.S. economy will fuel earnings growth.
Endesa SA paced a rally by power producers after E.ON AG boosted its bid for the company to $47.1 billion and Actividades de Construccion & Servicios SA paid $2.7 billion for a stake in Iberdrola SA. BHP Billiton and Nokia Oyj led exporters higher.
The Stoxx 600 climbed 0.6 percent to 341.41 at 1:14 p.m. in London, 2.4 points from a five-year high reached on May 9. The Stoxx 50 and the Euro Stoxx 50, a measure for the 12 nations sharing the euro, both rose 0.5 percent.
More : bloomberg.com
Free Markets? In Europe
Call it a case of two rights making a wrong.
Thanks to a series of rapid-fire developments ranging from Dusseldorf down to Madrid and back up to Brussels, it looks like the worlds largest utility company is about to get a whole lot bigger.
As Euro-investors surely know, Spanish electric utility company Endesa (NYSE: ELE) has been on the auction block ever since local suitor Gas Natural first bid $27 billion to acquire the firm last September. But no sooner had this deal received the blessing of the Spanish regulatory authorities (the National Energy Commission, or CNE) in February, than it was derailed by a rival bid of $34 billion from German juggernaut E.ON (NYSE: EON)
More : fool.com
GM Focuses on Europe Profit; Thoughtful on Alliance
General Motors Corp. Chief Financial Officer Fritz Henderson said the worlds largest automaker is focused on increasing profits in Europe and will give a thoughtful analysis to a proposed alliance with Renault SA and Nissan Motor Corp.
Were by no means generating an adequate level of profitability or return on investment in Europe and GM will seek to boost its profit margin there, Henderson, 47, told analysts today at a JPMorgan Chase & Co. conference in Paris.
As part of its corporate turnaround effort, the Detroit- based automaker is giving careful study to a proposed alliance with the French and Japanese automakers, Henderson said. Powertrain technology and vehicle development are potential areas where the three companies could mutually benefit, he added.
More : bloomberg.com
Europe Set to Endorse Romania and Bulgaria
Romania and Bulgaria were set to receive qualified endorsement today to join the European Union on Jan. 1, but the bloc was to warn that expansion must then halt until the E.U. overcomes its current institutional impasse.
Speaking on the eve of the decision on Romania and Bulgaria, the European Commission president, José Manuel Barroso, said that the admission of the two Balkan countries marked the last phase of integration in an E.U. that had been stretched beyond capacity.
The upcoming enlargement with Bulgaria and Romania will be the last stage of enlargement allowing the reunification of Europe, he said Monday. We are not in a position to further integrate Europe without further institutional reform. There are limits to our absorption capacity.
More : nytimes.com
Daimler might sell Chery cars in Europe
DaimlerChrysler is in talks with Chery about selling small cars made by the ambitious Chinese manufacturer in Europe and the US, according to insiders at both companies.
The two carmakers are discussing making small vehicles under the Dodge brand for sale in the developed world, said one Chery executive involved in the talks.
The negotiations are part of DaimlerChryslers efforts to build a low-cost manufacturing base for small cars after deciding that it was not economically viable to do so in the US. They are also likely to add to concerns in the US car industry about competition from China.
More : msnbc.msn.com
Europe beat US, win Ryder Cup
Europe retained the Ryder Cup in emphatic style as they beat the US on Sunday with a record-equalling 18-and-a-half points to nine-and-a-half points margin at the K Club in Ireland to claim the trophy for a record third successive time.
Europes eight-time Ryder Cup talisman Colin Montgomerie kicked off the final day in torrential rain against David Toms. The Scot won one up at the 18th, having never been behind.
Spaniard Sergio Garcia, bidding to win all five matches, went off second but came home before Montgomerie after a 4&3 defeat by the in-form Stewart Cink, who fired seven birdies.
More : ibnlive.com
Europe ride high on a tide of emotion
Amid scenes of high emotion, Europe defeated the US 181/2-91/2 yesterday for an unprecedented three Ryder Cup victories in a row to spark one of the biggest parties Ireland has known.
The atmosphere around the Palmer course in County Kildare was wet and heavy, but that failed to dampen the spirit of 45,000 fans who chanted and cheered throughout a long day during which the US never threatened.
It was the first time Europe had won every one of the five sessions. The two fourballs and foursomes at the K Club were all won 21/2-11/2 to give a 10-6 lead going into the singles which Europe won 81/2-31/2 for a final result that was the same as two years ago at Oakland Hills.
More : theherald.co.uk
Teamwork and tears as Europe celebrates
Darren Clarke provided the emotion, Colin Montgomerie the leadership and Sergio Garcia the inspirational golf as the Europeans handed the Americans another lopsided Ryder Cup beating.
Ian Woosnams players scored a 18½-9½ triumph on Sunday to make it three victories in a row and five of the last six.
If it wasnt for a very difficult Sunday at Brookline, wed have been six out of six, Montgomerie said. So thats fairly dominant.
More : msnbc.msn.com
Sierra Leone: Reparations Tribunal to Try Europe and USA for Crimes Against Africans
An international reparations conference will take place at the Mary Kingsley Auditorium, Fourah Bay College from September 25-26, 2006 as part of a process to build an international tribunal on reparations for African people scheduled to happen in Berlin, Germany around June 2007.
The tribunal intends to put on trial the United States, Europe and other imperialist nations for the theft and plunder of Africas resources and other crimes committed against Africans during the last five hundred years.
The conference is the first of series of other meetings we intend to hold in West Africa as part of this process to build the tribunal, Africanist Movement Director, Chernoh Alpha M. Bah who is also head of the Tribunals West Africa Committee said, adding, we want to identify and involve other reparations organizations, groups, individual experts and civil society activists in this region to discuss and participate in the process of building this tribunal. Bah, who was speaking at a Press Conference held at Paddys Beach Bar, Aberdeen in the westend of Freetown says the efforts to build the tribunal is the result of an immediate response to a decision made in Berlin, Germany in October of 2005 by Africans from the United States, United Kingdom, Germany, Holland, France, Ghana, Angola, Democratic Republic of Congo, British Virgin Islands, Zimbabwe, Namibia, Uganda, Ethiopia and Israel amongst others.
More : allafrica.com
US practice upsets Ryder Cup fans
The United States team were booed by frustrated spectators as strong winds disrupted their plans on the second day of practice for the Ryder Cup.
The US team, playing as a group of 12 rather than in pairs, chose not to play off tees at the longer holes, preferring to work on approach shots.
The decision meant they disappointed the fans waiting at the first tee.
We left everybody sitting in the stands by the first tee waiting. It was a mistake, said US captain Tom Lehman.
More : news.bbc.co.uk
Cuban volleyballers to train in Europe ahead of World Championship
Cuban womens volleyball squad will fly to Russian capital Moscow on Monday to finish the last period of their training ahead of the sports World Championship.
The 14-woman squad will stay in Russia until Oct. 11, playing local clubs, before flying to the Netherlands for a seven-day visit and a friendly game against the Dutch national team. On Oct. 18. Then they will play several club teams in Japan where the championship will take place.
Cubas first championship game is on Oct. 31 against Turkey.
The championship ends on Nov. 16, which will see the final match for gold and silver and the play-off for bronze.
Source : english.people.com.cn
Europe warns on rice imports from U.S.
BRUSSELS The European Union said Thursday that it would reinforce controls on U.S. long-grain rice imports, after Dutch officials found an unauthorized genetically modified variety in shipments that arrived in the port of Rotterdam last month.
Philip Tod, a European Commission spokesman, said the EU executive body had alerted officials in Britain, France and Germany that some of the genetically modified long-grain rice might have entered their markets.
He said that the imports of long-grain rice were certified as genetically unmanipulated. Yet spot checks by Dutch officials found traces of Liberty Link Rice 601, a genetically modified variety developed by Bayer CropScience in the United States, he said.
More : iht.com
Four MTV Europe nods for Chilis
The Red Hot Chili Peppers are the band to beat at this years MTV Europe Music Awards, with nominations in four categories including best album.
Christina Aguilera, Madonna, Shakira and Nelly Furtado are up for three awards, as are Kanye West and Muse.
Justin Timberlake will host the 2 November event, to be held at the Bella Center Conventional Hall in Copenhagen before an audience of 3,000 people.
An additional 10,000 are expected at Copenhagens Radhuspladsen Town Square.
More : news.bbc.co.uk
MTNL eyes east Europe, BSNL broadband
As the Mahanagar Telecom Nigam Ltd (MTNL) enlarges its footprint in east European countries on the GSM platform, Bharat Sanchar Nigam Ltd (BSNL) is planning to invest Rs 1,500 crore to expand its broadband service to 1,000 more cities.
BSNL is also carrying out trials for its Wi-MAX services in six cities and four towns.
MTNL officials said the company would bid for GSM licences, when they open up, in some countries in eastern Europe. These countries include Belarus, Bulgaria, Czech Republic, Hungary, Poland, Moldova, Romania, Slovakia and Ukraine.
BSNL will expand its broadband service to 1,400 cities from the present 400.
More : business-standard.com
Britons could all too soon become slaves of Europe
We have been lulled into a dangerous sense of complacency towards the evils capable of being inflicted upon us, our country and our way of life by the EU. Our proposed membership of the euro is, it seems, a dead letter. The French and the Dutch buried the EU constitution more than a year ago. However, something that could prove even more poisonous to our liberties than either of those anti-democratic impositions could be about to be foisted on us.
This Friday, in Tampere in Finland, there will be a meeting of EU interior and justice ministers. Up for debate is the matter of introducing qualified majority voting (QMV) on criminal justice matters: or, to put it more plainly, surrendering our veto on these. The potential for damage to our freedoms if this happens is awesome: the end of habeas corpus, a threat to trial by jury and the capability of the EU to interfere in hitherto sovereign matters such as sentencing policy are but three of the consequences should our veto go.
More : telegraph.co.uk
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