The US and Poland have reached an agreement that will see sections of the American missile defence system based in the former Eastern Bloc nation, according to officials from both countries. Poland's deputy foreign minister, Witold Waszcykowski has said that he had completed negotiations with US negotiator John Rood on the matter on Tuesday (1 July), according to the AP. The US defence system looks set to have 10 interceptor missiles based in Poland Officials from the Bush administration confirmed the conclusion of the deal, but remained nameless as the deal must still be approved by the Polish prime minister, Donald Tusk. The US wants 10 interceptor missiles to be based on Polish territory. Washington says the system is necessary for defence against possible nuclear attacks from Iran. Russia however, which is steadfastly opposed to a US missile defence being based in EU countries, argues that the system is targeted at itself, and diminishes its nuclear deterrent.
The US and Poland have reached an agreement that will see sections of the American missile defence system based in the former Eastern Bloc nation, according to officials from both countries.
Poland's deputy foreign minister, Witold Waszcykowski has said that he had completed negotiations with US negotiator John Rood on the matter on Tuesday (1 July), according to the AP.
The US defence system looks set to have 10 interceptor missiles based in Poland
Officials from the Bush administration confirmed the conclusion of the deal, but remained nameless as the deal must still be approved by the Polish prime minister, Donald Tusk.
The US wants 10 interceptor missiles to be based on Polish territory. Washington says the system is necessary for defence against possible nuclear attacks from Iran. Russia however, which is steadfastly opposed to a US missile defence being based in EU countries, argues that the system is targeted at itself, and diminishes its nuclear deterrent.
Negotiations between Poland and the United States over the location of the proposed missile defense shield will continue, despite reports suggesting an agreement had already been reached. After a senior US State Department official stated on Wednesday, July 2, that a "tentative agreement" had been reached after two days of talks between Polish and US officials, Polish Defense Minister Bogdan Klich revealed that no consensus has been reached on plans to station the US missile shield in Poland. "The negotiations have not ended -- another round of talks was concluded -- for the time being we are not at the finish line," Klich told Poland's private Radio Zet. "We completed an important, a significant, round of talks two days ago but the finish line of talks is still ahead of us," he said, adding that "July is a long month." Daniel Fried, the Assistant Secretary of State for European and Eurasian Affairs and a former ambassador to Poland, told reporters that the last round of talks between the US and Poland had made real progress but refused to confirm that an agreement had been reached.
After a senior US State Department official stated on Wednesday, July 2, that a "tentative agreement" had been reached after two days of talks between Polish and US officials, Polish Defense Minister Bogdan Klich revealed that no consensus has been reached on plans to station the US missile shield in Poland.
"The negotiations have not ended -- another round of talks was concluded -- for the time being we are not at the finish line," Klich told Poland's private Radio Zet. "We completed an important, a significant, round of talks two days ago but the finish line of talks is still ahead of us," he said, adding that "July is a long month."
Daniel Fried, the Assistant Secretary of State for European and Eurasian Affairs and a former ambassador to Poland, told reporters that the last round of talks between the US and Poland had made real progress but refused to confirm that an agreement had been reached.
UK Foreign Secretary David Miliband on Wednesday (2 July) backed French plans to boost European defence, saying they were not incompatible with NATO and stressing they did not mean creating a European army. "The countries of Europe need to be better at using hard power. That is why I strongly welcome President Sarkozy's proposals to reintegrate France into NATO's military structure and support his call for the EU to play a greater role in crisis management," Mr Miliband told Progress, an independent organisation of Labour Party members, Reuters reports. Mr Miliband backed France's plans to boost European defence - but reiterated his opposition to creating a "European army." Paris has said that strengthening Europe's defence policy would be one of the main priorities of its six-month EU presidency, which started on 1 July, and securing the backing of the UK as another military heavyweight in the EU was seen as essential in that respect. Mr Miliband's statements are the first to openly support Mr Sarkozy's defence plans coming from a UK politician of this rank. Britain has traditionally been wary of such ideas - fearing they could undermine NATO, or pose a threat to its national sovereignty.
UK Foreign Secretary David Miliband on Wednesday (2 July) backed French plans to boost European defence, saying they were not incompatible with NATO and stressing they did not mean creating a European army.
"The countries of Europe need to be better at using hard power. That is why I strongly welcome President Sarkozy's proposals to reintegrate France into NATO's military structure and support his call for the EU to play a greater role in crisis management," Mr Miliband told Progress, an independent organisation of Labour Party members, Reuters reports.
Mr Miliband backed France's plans to boost European defence - but reiterated his opposition to creating a "European army."
Paris has said that strengthening Europe's defence policy would be one of the main priorities of its six-month EU presidency, which started on 1 July, and securing the backing of the UK as another military heavyweight in the EU was seen as essential in that respect.
Mr Miliband's statements are the first to openly support Mr Sarkozy's defence plans coming from a UK politician of this rank. Britain has traditionally been wary of such ideas - fearing they could undermine NATO, or pose a threat to its national sovereignty.
PARIS: A housing market in shambles, inflation at the highest level in years and signs that the economy is headed for, or already in, recession. Sound familiar? The British economy, like its counterpart across the Atlantic, has fallen on hard times, and in many ways the experience appears to be mirroring that in the United States. Indeed, the run last September on a British mortgage lender, Northern Rock, was one of the events that helped to embed the terms "credit crisis" firmly into the global consciousness. "A recession is more likely than not by the end of the year," Peter Newland, who covers the British economy for Lehman Brothers in London, said Thursday, summarizing a recent string of dismal economic data that have led economists to revise their growth forecasts downward. "Activity seems to be declining across the economy," he said. The FTSE 100, the benchmark London stock index, has fallen about 19 percent from the high of 6,732.4 that it hit in June 2007 - just short of the 20 percent decline that is commonly said to define a bear market. It gained 50.3 points, or 0.93 percent, to close at 5,476.9 on Thursday.
PARIS: A housing market in shambles, inflation at the highest level in years and signs that the economy is headed for, or already in, recession. Sound familiar?
The British economy, like its counterpart across the Atlantic, has fallen on hard times, and in many ways the experience appears to be mirroring that in the United States. Indeed, the run last September on a British mortgage lender, Northern Rock, was one of the events that helped to embed the terms "credit crisis" firmly into the global consciousness.
"A recession is more likely than not by the end of the year," Peter Newland, who covers the British economy for Lehman Brothers in London, said Thursday, summarizing a recent string of dismal economic data that have led economists to revise their growth forecasts downward. "Activity seems to be declining across the economy," he said.
The FTSE 100, the benchmark London stock index, has fallen about 19 percent from the high of 6,732.4 that it hit in June 2007 - just short of the 20 percent decline that is commonly said to define a bear market. It gained 50.3 points, or 0.93 percent, to close at 5,476.9 on Thursday.
The retailer Marks & Spencer sent shockwaves along the high street and across City trading floors yesterday when it warned that sales and profits are tumbling as consumer confidence evaporates.More than £1.25bn was wiped off the stock market value of the food and fashion group after the retailer became the first big store chain to show the full extent of the damage caused by the economic downturn. Shares dived by 25% to 240p, their lowest since 2001. Little more than a year ago they were changing hands at more than 740p and the company was valued at nearly £12bn. Last night it was worth barely £4bn.Sales of M&S clothing over the past three months are down 6.2% on last year's levels. Food sales are down 4.5% at a time when supermarket sales figures should be being helped by rising inflation.M&S chairman Sir Stuart Rose said: "This is the fastest and most serious downturn since the early 1990s. We have a very unpleasant set of economic circumstances."He said people were shopping locally rather than at out-of-town shopping centres to avoid using petrol, and trading down to bargain retailers to cut the cost of their shopping bills. "People's purses are being squeezed," he said. "A seismic shift [in shopping habits] is going on."
The retailer Marks & Spencer sent shockwaves along the high street and across City trading floors yesterday when it warned that sales and profits are tumbling as consumer confidence evaporates.
More than £1.25bn was wiped off the stock market value of the food and fashion group after the retailer became the first big store chain to show the full extent of the damage caused by the economic downturn. Shares dived by 25% to 240p, their lowest since 2001. Little more than a year ago they were changing hands at more than 740p and the company was valued at nearly £12bn. Last night it was worth barely £4bn.
Sales of M&S clothing over the past three months are down 6.2% on last year's levels. Food sales are down 4.5% at a time when supermarket sales figures should be being helped by rising inflation.
M&S chairman Sir Stuart Rose said: "This is the fastest and most serious downturn since the early 1990s. We have a very unpleasant set of economic circumstances."
He said people were shopping locally rather than at out-of-town shopping centres to avoid using petrol, and trading down to bargain retailers to cut the cost of their shopping bills. "People's purses are being squeezed," he said. "A seismic shift [in shopping habits] is going on."
British economy falling into American-style slump
I think an American-style slump will look pretty good from Britain's perspective before all is said and done. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
President Dmitry Medvedev acknowledged Thursday that domestic political competition was critical for Russia's development but said it must be "rational" and overseen by a strong executive leader. In an interview with media outlets from G8 countries, the new Russia leader also called for creation of a "multi-currency" world economic system relying less heavily on the United States and its dollar. "To ensure that our country remains competitive on a global scale, we must have political competition" at home, Medvedev said in the wide-ranging interview ahead of next week's G8 summit in Japan. "But it must be rational," he added. "It must be competition built on the law."
President Dmitry Medvedev acknowledged Thursday that domestic political competition was critical for Russia's development but said it must be "rational" and overseen by a strong executive leader.
In an interview with media outlets from G8 countries, the new Russia leader also called for creation of a "multi-currency" world economic system relying less heavily on the United States and its dollar.
"To ensure that our country remains competitive on a global scale, we must have political competition" at home, Medvedev said in the wide-ranging interview ahead of next week's G8 summit in Japan.
"But it must be rational," he added. "It must be competition built on the law."
Hmm, wonder if Don King is still available? As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
Environment ministers from the EU's 27 member states meet in Paris for a two-day meeting starting July 3 with the aim of clearing some of the many obstacles besetting their goal of slashing carbon emissions by 2020. Taking charge of the first top-level environmental debate of the French EU Presidency, French Ecology Minister Jean-Louis Borloo was expected to ask his counterparts to identify two key areas of national concern to help spur the negotiation process. "I find the mood is good, there's no posturing, no-one's playing games, but at the same time we are dealing with a question that's tough, there are very tough things here," Borloo told reporters. "To put things in perspective, the economies of 27 countries with a variety of backgrounds in energy and industry are being asked to make a somewhat radical shift using everyday budgets," he said. "At the moment, no other region in the world is attempting something on this scale."
Taking charge of the first top-level environmental debate of the French EU Presidency, French Ecology Minister Jean-Louis Borloo was expected to ask his counterparts to identify two key areas of national concern to help spur the negotiation process.
"I find the mood is good, there's no posturing, no-one's playing games, but at the same time we are dealing with a question that's tough, there are very tough things here," Borloo told reporters.
"To put things in perspective, the economies of 27 countries with a variety of backgrounds in energy and industry are being asked to make a somewhat radical shift using everyday budgets," he said. "At the moment, no other region in the world is attempting something on this scale."
the new member states have 177 billion euros of EU structural and cohesion fund money pouring in up to 2013.
so far they have deemed it appropriate to allocate just over 2 percent of this bonanza to energy efficiency and renewables, while at the same time prioritising carbon-intensive development modes:
http://bankwatch.org/newsroom/releases.shtml?x=2100862
MPs today bowed to Government demands for restraint and awarded themselves a 2.25 per cent pay rise for this year. But they also voted by a majority of 28 to keep the so-called John Lewis list, which allows MPs to use taxpayers' money to buy furniture and household goods for their second homes. Voting was 172 to 144 for an amendment by Labour former minister Don Touhig that will retain the Additional Costs Allowance (ACA) and subject it only to internal audit - rather than external audit. The pay decision was taken without a vote after a backbench move to raise salaries by up to 2.3 per cent this year and about 4.7 per cent next year was rejected by 196 votes to 155, majority 41. A move to boost salaries with £650 a year "catch-up" payments over the next three years was also rejected by 224 to 123, majority 101.
MPs today bowed to Government demands for restraint and awarded themselves a 2.25 per cent pay rise for this year.
But they also voted by a majority of 28 to keep the so-called John Lewis list, which allows MPs to use taxpayers' money to buy furniture and household goods for their second homes.
Voting was 172 to 144 for an amendment by Labour former minister Don Touhig that will retain the Additional Costs Allowance (ACA) and subject it only to internal audit - rather than external audit.
The pay decision was taken without a vote after a backbench move to raise salaries by up to 2.3 per cent this year and about 4.7 per cent next year was rejected by 196 votes to 155, majority 41.
A move to boost salaries with £650 a year "catch-up" payments over the next three years was also rejected by 224 to 123, majority 101.
Germany this week recorded a significant drop in its unemployment rate. But such figures tend to reflect recent history rather than the near future. And most experts see clouds forming on the horizon. An estimated 1,000 jobs are being created in Germany each day. Germany this week announced its lowest number of unemployed in 15 years. The boom in the labor market led to a drop in the number of jobless in June by 528,000 compared to the same time last year, with the total number of unemployed at 3.16 million and a jobless rate of 7.5 percent (down from 8.8 percent one year ago). The country's Federal Labor Agency says those figures may improve even further in autumn, and German Labor Minister Olaf Scholz of the Social Democrats said Berlin is moving toward its goal of steering Germans toward full employment. Modern economists today describe full employment as a situation in which fewer than between three and five percent of a country's working-age residents are jobless. According to the German financial daily Handelsblatt, only a dozen labor offices (out of 180 nationwide) are reporting full employment, in the relatively prosperous southern German states of Bavaria and Baden-Württemberg.
Germany this week recorded a significant drop in its unemployment rate. But such figures tend to reflect recent history rather than the near future. And most experts see clouds forming on the horizon.
An estimated 1,000 jobs are being created in Germany each day. Germany this week announced its lowest number of unemployed in 15 years. The boom in the labor market led to a drop in the number of jobless in June by 528,000 compared to the same time last year, with the total number of unemployed at 3.16 million and a jobless rate of 7.5 percent (down from 8.8 percent one year ago).
The country's Federal Labor Agency says those figures may improve even further in autumn, and German Labor Minister Olaf Scholz of the Social Democrats said Berlin is moving toward its goal of steering Germans toward full employment.
Modern economists today describe full employment as a situation in which fewer than between three and five percent of a country's working-age residents are jobless. According to the German financial daily Handelsblatt, only a dozen labor offices (out of 180 nationwide) are reporting full employment, in the relatively prosperous southern German states of Bavaria and Baden-Württemberg.
EUOBSERVER / BRUSSELS - The European Central Bank (ECB) on Thursday (3 July) raised its key interest rate - from 4 to 4.25 percent - for the first time in more than a year in response to soaring inflation in the euro area. The ECB's chief, Jean-Claude Trichet, said the bank's decision was motivated by its assessment of the ever increasing risk to price stability in the past few months. Rising prices - an important concern to citizens "Against this background, it is imperative to ensure that medium to longer-term inflation expectations remain firmly anchored at levels in line with price stability," he told a press conference in Frankfurt. Earlier this week, EU figures showed that consumer prices in the 15 countries using the euro had climbed to four percent in June - which is twice the rate of the ECB's inflation goal of "below, but close" to two percent. These inflations rates are also the highest since 1999. "Inflation is now the number one concern of our fellow citizens. There are 320 million of them [in the eurozone] and they are counting on us to be the anchor of price stability," the bank's chief said.
EUOBSERVER / BRUSSELS - The European Central Bank (ECB) on Thursday (3 July) raised its key interest rate - from 4 to 4.25 percent - for the first time in more than a year in response to soaring inflation in the euro area.
The ECB's chief, Jean-Claude Trichet, said the bank's decision was motivated by its assessment of the ever increasing risk to price stability in the past few months.
Rising prices - an important concern to citizens
"Against this background, it is imperative to ensure that medium to longer-term inflation expectations remain firmly anchored at levels in line with price stability," he told a press conference in Frankfurt.
Earlier this week, EU figures showed that consumer prices in the 15 countries using the euro had climbed to four percent in June - which is twice the rate of the ECB's inflation goal of "below, but close" to two percent.
These inflations rates are also the highest since 1999.
"Inflation is now the number one concern of our fellow citizens. There are 320 million of them [in the eurozone] and they are counting on us to be the anchor of price stability," the bank's chief said.
EUOBSERVER / BRUSSELS - Stars from the realms of pop, rock, opera, and cinema - including Bee Gee Robin Gibb and soundtrack composer Patrick Doyle - came to Brussels on Thursday to try to convince the European Commission's competition tsars that there is such a thing as too much competition when it comes to changing the rules about who collects royalties on musicians' behalf. Musicians are worried that changes to the system of collecting societies will have a negative impact on songs in minority languages The commission is currently considering whether to put an end to the national monopolies held by collecting societies. These are the agencies that collect payments for the right to play tunes. They gather these royalties from entities as big as commercial radio stations and as small as the corner hairdressing salons that puts on a steady rotation of Julio Iglesias hits on the stereo for its customers to enjoy. Currently, there is one such society for each national jurisdiction. The commission however, according to a series of leaks, is believed to be favouring a decision that will open up this process so that the different collecting agencies will be able to compete for each others' business.
EUOBSERVER / BRUSSELS - Stars from the realms of pop, rock, opera, and cinema - including Bee Gee Robin Gibb and soundtrack composer Patrick Doyle - came to Brussels on Thursday to try to convince the European Commission's competition tsars that there is such a thing as too much competition when it comes to changing the rules about who collects royalties on musicians' behalf.
Musicians are worried that changes to the system of collecting societies will have a negative impact on songs in minority languages
The commission is currently considering whether to put an end to the national monopolies held by collecting societies.
These are the agencies that collect payments for the right to play tunes. They gather these royalties from entities as big as commercial radio stations and as small as the corner hairdressing salons that puts on a steady rotation of Julio Iglesias hits on the stereo for its customers to enjoy.
Currently, there is one such society for each national jurisdiction. The commission however, according to a series of leaks, is believed to be favouring a decision that will open up this process so that the different collecting agencies will be able to compete for each others' business.
EUOBSERVER / BRUSSELS - Although nuclear energy continues to be a "strongly" divisive subject in the European Union, support for the controversial source of electricity generation has grown "significantly" over the last three years, a new European Commission survey suggests. A "permanent, safe solution" to managing radioactive waste seems to be the decisive factor when it comes to a possible shift in opinion about nuclear energy. In total 15 EU states have nuclear power plants, accounting for nearly a third of electricity generated in the EU Should such a solution be found to safely storing the waste, some 39 percent of people say they would change their mind about nuclear energy, according to the poll released by the commission on Thursday (3 July). Dutch, Belgians, Lithuanians, Britons, the French, Slovenians and Finns are the most open to new arguments. Half the opponents in these countries would change their view regarding nuclear energy should a solution to waste be developed. However, 48 percent of Europeans - mainly in Austria, Greece, Bulgaria, Portugal and Germany - would stick to a firm No irrespective of any solution to waste. Eight percent are convinced there is no solution to be found.
EUOBSERVER / BRUSSELS - Although nuclear energy continues to be a "strongly" divisive subject in the European Union, support for the controversial source of electricity generation has grown "significantly" over the last three years, a new European Commission survey suggests.
A "permanent, safe solution" to managing radioactive waste seems to be the decisive factor when it comes to a possible shift in opinion about nuclear energy.
In total 15 EU states have nuclear power plants, accounting for nearly a third of electricity generated in the EU
Should such a solution be found to safely storing the waste, some 39 percent of people say they would change their mind about nuclear energy, according to the poll released by the commission on Thursday (3 July).
Dutch, Belgians, Lithuanians, Britons, the French, Slovenians and Finns are the most open to new arguments. Half the opponents in these countries would change their view regarding nuclear energy should a solution to waste be developed.
However, 48 percent of Europeans - mainly in Austria, Greece, Bulgaria, Portugal and Germany - would stick to a firm No irrespective of any solution to waste. Eight percent are convinced there is no solution to be found.
Contracts to build two Royal Navy aircraft carriers, the largest and most potent warships to be designed and built in the UK, have been signed by the MOD and industry today, Thursday 3 July 2008. ... The contracts, worth in the region of £3 billion, were signed with a new UK maritime joint venture, formed by BAE Systems and VT Group, called BVT Surface Fleet, and the Aircraft Carrier Alliance onboard existing aircraft carrier and Fleet Flagship HMS Ark Royal at Portsmouth today, Thursday 3 July 2008.
Aside from military porkers, who needs these things?
Dumbest thing that Europe could do is get into the Army, Navy, and Air Force business.
eggs-actly...if you're lucky, it ends up rusting, expensive to deconstruct and useless to god or man.
Mutually Assured Impoverishment... ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
EUOBSERVER / FOCUS - As more and more young Europeans study in member states other than their own, this has serious implications for how governments manage their social assistance for students. Next month, in a keenly awaited opinion, the European Court of Justice, will give a preliminary answer to a key question: To what extent do foreign students have the right to be treated equally to national students. The ruling will have implications for the EU member states' grant systems for education The answer - the Advocate General's opinion is generally followed in the final judgement by the court - is set to a large extent to determine whether member states can continue with generous educational grants and whether they can prevent what is known as scholarship tourism. The particular case concerns a German student Jaqueline Foerster who went to study in the Netherlands in 2000. Ms Foerster did the minimum number of hours of work in order to be eligible for a Dutch grant - one of the criteria in the Netherlands is that foreign students need to work. But the Dutch scholarship board, which initially granted the student aid to her, in 2005 demanded a partial refund because Ms Foerster had not worked in the second half of 2003.
EUOBSERVER / FOCUS - As more and more young Europeans study in member states other than their own, this has serious implications for how governments manage their social assistance for students.
Next month, in a keenly awaited opinion, the European Court of Justice, will give a preliminary answer to a key question: To what extent do foreign students have the right to be treated equally to national students.
The ruling will have implications for the EU member states' grant systems for education
The answer - the Advocate General's opinion is generally followed in the final judgement by the court - is set to a large extent to determine whether member states can continue with generous educational grants and whether they can prevent what is known as scholarship tourism.
The particular case concerns a German student Jaqueline Foerster who went to study in the Netherlands in 2000.
Ms Foerster did the minimum number of hours of work in order to be eligible for a Dutch grant - one of the criteria in the Netherlands is that foreign students need to work. But the Dutch scholarship board, which initially granted the student aid to her, in 2005 demanded a partial refund because Ms Foerster had not worked in the second half of 2003.
Brussels, 3 July 2008 - Green campaigners today urged the European Union to 'push for fuel efficiency' and agree tough targets for reducing the fuel consumption of cars. As European officials come under mounting pressure from car manufacturers to weaken proposed legislation, Friends of the Earth Europe and other environment groups pushed vehicles around European capital cities and called on environment ministers meeting at the informal Environment and Energy Council in Paris to push ahead with targets to reduce the fuel consumption of new cars by 25 per cent by 2012. In Brussels, a symbolic 'race' for fuel efficiency was staged outside the European Parliament in which activists pushed a vehicle round a track, each lap representing a year between now and 2012 when rules governing new vehicles will come into force. Similar stunts were also staged in Berlin, Madrid and Paris. The EU is discussing regulation to reduce the CO2 emissions of new cars by 25 per cent to 120g/km by 2012, but according to environmental organisations manufacturers are attempting to delay and weaken the targets. Friends of the Earth Europe points to the wealth of evidence that 120g CO2/km by 2012 is easily achievable, and that a majority of EU citizens would be prepared to pay more for a car which consumes less, although more efficient cars do not have to be more expensive
As European officials come under mounting pressure from car manufacturers to weaken proposed legislation, Friends of the Earth Europe and other environment groups pushed vehicles around European capital cities and called on environment ministers meeting at the informal Environment and Energy Council in Paris to push ahead with targets to reduce the fuel consumption of new cars by 25 per cent by 2012.
In Brussels, a symbolic 'race' for fuel efficiency was staged outside the European Parliament in which activists pushed a vehicle round a track, each lap representing a year between now and 2012 when rules governing new vehicles will come into force. Similar stunts were also staged in Berlin, Madrid and Paris.
The EU is discussing regulation to reduce the CO2 emissions of new cars by 25 per cent to 120g/km by 2012, but according to environmental organisations manufacturers are attempting to delay and weaken the targets. Friends of the Earth Europe points to the wealth of evidence that 120g CO2/km by 2012 is easily achievable, and that a majority of EU citizens would be prepared to pay more for a car which consumes less, although more efficient cars do not have to be more expensive
Bradford & Bingley has confirmed that its plan to raise £400m has been rescued after an investor pulled out of a deal to buy a stake in the UK bank. US private equity firm Texas Pacific Group (TPG) walked out on a deal to pay £179m for a 23% stake in B&B. The sudden move prompted Bradford & Bingley to increase the amount it needs to raise from its investors in a rights issue from £258m to £400m.
Bradford & Bingley has confirmed that its plan to raise £400m has been rescued after an investor pulled out of a deal to buy a stake in the UK bank.
US private equity firm Texas Pacific Group (TPG) walked out on a deal to pay £179m for a 23% stake in B&B.
The sudden move prompted Bradford & Bingley to increase the amount it needs to raise from its investors in a rights issue from £258m to £400m.
The Telecom letters saying you are sacked are arriving. 5000 straight away and 10,000 to follow. An office worker has sent us his letter. It's subject is "Dismissal to reduce personnel - art.24 of law n.223/1991". The letter specifies that Telecom "intends to start the "mobility procedures" for 5,000 workers that are in excess of its technical-organisational needs". The letter is a showcase of bureaucracy, sub-articles, articles, laws, and arrangements that have a single meaning: "You are sacked. Your family can no longer count on your salary." Telecom gives 3 reasons for your sacking: 1 "on the technological side, from the simplification of the production processes that have had an impact on the functions of specialist support, as well as on the provisioning activities of the network and of services, with the consequent need to rationalize the address and government structures and the territorial ones." 2 "for the market structures, from the recomposition of the activities and the responsibilities of the positions in the functions of the company (for example the pre- and post-sales, and the commercial programming), the significant reduction in the profitability in the more traditional business, of the progressive defocalisation of the outbound activities and in the simplification of back end activities." 3 "for the Staff functions, from the need to rationalize the company structures connected to the completion of the company and organizational merging of Telecom Italia S.p.A and TIM S.p.A., as well as the integration of the central staff with the staff of the former Operations and Corporate". The former Telecom employee will thus be able to explain to his children that he has been sacked for "progressive defocalisation of the outbound activities and in the simplification of back end activities." Or alternatively for "simplification of the production processes that have had an impact on the provisioning activities of the network and of services". The children will be able to ask if these are the only reasons or whether the company has been plundered with the sale of the productive parts of the company, of buildings, of foreign investment to give dividends to Tronchetti and stock options to Buora, and Ruggiero and salaries among the highest in Europe to the trusted directors and to the members of the Board of Directors. The children could ask why the one who has put their family out into the streets has been rewarded with millions of euro as a golden handshake instead of being taken to court by Telecom.
a little KY jelly should help simplify those 'back end utilities' ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
