The German government has agreed to take a 25-percent share in Commerzbank. The move signals the first time the government has taken a stake in a major private bank and comes as Commerzbank is set to buy Dresdner Bank. Commerzbank, Germany's second largest bank, is to be recapitalized again as the state takes a 25-percent-plus-one-share stake in return for 10 billion euros ($13.6 billion) in fresh funds. The capital comes on top of the 8.2 billion euros that SoFFin, the state rescue fund for the banking sector, already granted Commerzbank in November. SoFFin will pay 6.0 euros per share. According to a statement from Commerzbank, the German government "is clarifying all further details with the EU Commission." Analysts say Commerzbank requires the additional cash as it moves to acquire another struggling bank, Dresdner Bank, from insurance giant Allianz at the end of January.
Commerzbank, Germany's second largest bank, is to be recapitalized again as the state takes a 25-percent-plus-one-share stake in return for 10 billion euros ($13.6 billion) in fresh funds.
The capital comes on top of the 8.2 billion euros that SoFFin, the state rescue fund for the banking sector, already granted Commerzbank in November. SoFFin will pay 6.0 euros per share.
According to a statement from Commerzbank, the German government "is clarifying all further details with the EU Commission."
Analysts say Commerzbank requires the additional cash as it moves to acquire another struggling bank, Dresdner Bank, from insurance giant Allianz at the end of January.
German Chancellor Angela Merkel and French President Nicholas Sarkozy have warned the US not to block attempts to build an international financial regulator, calling for a new economic body similar to the UN's Security Council. "I've always in my political life been a supporter of a close alliance with the United States but let's be clear: in the 21st century, a single nation can no longer say what we must do or what we must think," said Mr Sarkozy at an international symposium in Paris on Thursday (8 January), shortly before US president-elect Barack Obama enters office. Mr Sarkozy and Ms Merkel say capitalism needs new global oversight The French leader had originally called the Paris meeting - "New World, New Capitalism" - a global "summit," but limited his ambitions after few international leaders deigned to attend. "We'll take our decisions on 2 April in London," he went on, referring to an upcoming meeting of the G20. "Perhaps the United States will join us in this change."
German Chancellor Angela Merkel and French President Nicholas Sarkozy have warned the US not to block attempts to build an international financial regulator, calling for a new economic body similar to the UN's Security Council.
"I've always in my political life been a supporter of a close alliance with the United States but let's be clear: in the 21st century, a single nation can no longer say what we must do or what we must think," said Mr Sarkozy at an international symposium in Paris on Thursday (8 January), shortly before US president-elect Barack Obama enters office.
Mr Sarkozy and Ms Merkel say capitalism needs new global oversight
The French leader had originally called the Paris meeting - "New World, New Capitalism" - a global "summit," but limited his ambitions after few international leaders deigned to attend.
"We'll take our decisions on 2 April in London," he went on, referring to an upcoming meeting of the G20. "Perhaps the United States will join us in this change."
I don't think Sarko's being as bold as he'd like to come off here (shocking, I know). Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Obama has offered Harvard law professor and author Cass Sunstein the job of running the Office of Information and Regulatory Affairs. Having Sunstein, a close Obama friend, in the position suggests that Obama is keen to overhaul the regulatory system. In Obama's speech today on his stimulus package, he had nothing but bad things to say about past regulatory efforts.
Foreign Policy has just bought half of the American IR blogosphere...
EUOBSERVER / BRUSSELS - The Czech EU presidency is to begin the complicated task of providing the legal guarantees for the political concessions that Ireland has received on the rejected Lisbon Treaty. Work will soon begin between Irish lawyers, the legal services of the Council (representing member states) and the European Commission, to firm up EU promises to that the treaty will not affect Irish neutrality, abortion or tax laws. The Lisbon treaty was signed in 2007, but ratification is proving harder Europe ministers meeting in Prague on Thursday (8 January) had a brief discussion on how to proceed with the pending EU charter, which Ireland rejected in a referendum last June. Irish Europe minister Dick Roche used the gathering to stress the importance of putting the concessions in legally watertight language. He also told counterparts that reflections about when to hold a referendum on the treaty - an issue of burning interest to other member states - were well advanced, an EU diplomat said.
EUOBSERVER / BRUSSELS - The Czech EU presidency is to begin the complicated task of providing the legal guarantees for the political concessions that Ireland has received on the rejected Lisbon Treaty.
Work will soon begin between Irish lawyers, the legal services of the Council (representing member states) and the European Commission, to firm up EU promises to that the treaty will not affect Irish neutrality, abortion or tax laws.
The Lisbon treaty was signed in 2007, but ratification is proving harder
Europe ministers meeting in Prague on Thursday (8 January) had a brief discussion on how to proceed with the pending EU charter, which Ireland rejected in a referendum last June.
Irish Europe minister Dick Roche used the gathering to stress the importance of putting the concessions in legally watertight language.
He also told counterparts that reflections about when to hold a referendum on the treaty - an issue of burning interest to other member states - were well advanced, an EU diplomat said.
EUOBSERVER / BRUSSELS - The area surrounding the Atomium, an atom-shaped structure seen on every Brussels postcard, might become a location for some of the European Commission's buildings, according to a draft project developed by the city of Brussels and seen by EUobserver. The draft, entitled "Application file for the Heysel plain to host a new European quarter," dates back to 15 September 2008. The European Commission's next location could have a view of the Atomium. Placed right next to the Atomium, the Heysel area lies four kilometres north from the centre of the Belgian capital and the European quarter where the commission currently sits. "By establishing itself in Heysel, the EU would affirm its imprint on the capital city and would extend its zone of influence outside the Leopold quarter," the draft paper argues.
EUOBSERVER / BRUSSELS - The area surrounding the Atomium, an atom-shaped structure seen on every Brussels postcard, might become a location for some of the European Commission's buildings, according to a draft project developed by the city of Brussels and seen by EUobserver.
The draft, entitled "Application file for the Heysel plain to host a new European quarter," dates back to 15 September 2008.
The European Commission's next location could have a view of the Atomium.
Placed right next to the Atomium, the Heysel area lies four kilometres north from the centre of the Belgian capital and the European quarter where the commission currently sits.
"By establishing itself in Heysel, the EU would affirm its imprint on the capital city and would extend its zone of influence outside the Leopold quarter," the draft paper argues.
Police in Athens have clashed with protesters in a resumption of the violence that flared after last month's killing of a teenager by police. Hooded youths broke away from a student march against education reforms and threw stones and flares at riot police, who fired tear gas and flash grenades. The centre-right Greek government has pledged to crack down on the rioting.
Police in Athens have clashed with protesters in a resumption of the violence that flared after last month's killing of a teenager by police.
Hooded youths broke away from a student march against education reforms and threw stones and flares at riot police, who fired tear gas and flash grenades.
The centre-right Greek government has pledged to crack down on the rioting.
French Justice Minister Rachida Dati has come under fire from women's groups for returning to work just five days after giving birth. Ms Dati attended a cabinet meeting on Wednesday, hours after leaving a Paris clinic with her new daughter, Zohra. Activists said the move set a bad example for women, and put pressure on new mothers to return to work quickly. Ms Dati, who gave birth by Caesarean on 2 January, told reporters she felt fine on her first day back at work. "This is scandalous," Maya Sturduts from the National Collective for the Rights of Women told AFP news agency. "Employers can now use this to put pressure on women," she said, especially during the current economic crisis when many companies are looking to reduce the number of staff.
French Justice Minister Rachida Dati has come under fire from women's groups for returning to work just five days after giving birth.
Ms Dati attended a cabinet meeting on Wednesday, hours after leaving a Paris clinic with her new daughter, Zohra.
Activists said the move set a bad example for women, and put pressure on new mothers to return to work quickly.
Ms Dati, who gave birth by Caesarean on 2 January, told reporters she felt fine on her first day back at work.
"This is scandalous," Maya Sturduts from the National Collective for the Rights of Women told AFP news agency.
"Employers can now use this to put pressure on women," she said, especially during the current economic crisis when many companies are looking to reduce the number of staff.
Tony Blair for president of Europe? Interview suggests he wants the job | Politics | guardian.co.uk
Former PM was given four opportunities to dismiss the idea in an FT interview, but did not once do soAs well as giving an interesting speech at the New World, New Capitalism conference in Paris yesterday, a, Tony Blair found time to give a video interview to the editor of the Financial Times, Lionel Barber.On the advice of Patrick Hennessy at Three Line Whip, I've just been watching it. And my conclusion is that Blair is still very, very interested in becoming president of Europe.He didn't exactly put it like that, of course. But he was given four opportunities to dismiss the idea of being a candidate, and not once did he try to do so.I got the impression that he wants the job quite keenly: watch for yourself and make your own mind up. The issue comes up right at the end, after the questions on Gaza. Here is a transcript of the key exchange.
As well as giving an interesting speech at the New World, New Capitalism conference in Paris yesterday, a, Tony Blair found time to give a video interview to the editor of the Financial Times, Lionel Barber.
On the advice of Patrick Hennessy at Three Line Whip, I've just been watching it. And my conclusion is that Blair is still very, very interested in becoming president of Europe.
He didn't exactly put it like that, of course. But he was given four opportunities to dismiss the idea of being a candidate, and not once did he try to do so.
I got the impression that he wants the job quite keenly: watch for yourself and make your own mind up. The issue comes up right at the end, after the questions on Gaza. Here is a transcript of the key exchange.
