Kate Gosselin Gets New Single Digs Near Bodyguard
Posted by: europenewsonline on: July 30, 2009
Kate Gosselin
Kate Gosselin seems to have begged for an escape from her surreal life and is finally getting a break.
We all know that Jon Gosselin has spent last month cavorting in Europe and New York City with much younger women, and that he recently settled into a bachelor pad in Manhattan for $5,000 a month (which those of us New York dwellers know doesn’t score him much more than a toilet and a hot pot). And now Kate is getting some revenge by landing a sweet little spot of her own in glamorous…Rockville, Maryland?
According to the Hollywood Gossip, Rockville is said to be a ritzy suburb of Washington, D.C. Why would Kate want to settle in that particular locale? Well, turns out her studly bodyguard Steve Neild stays there. Remember the rumors that the two of them had something going on? Looks like there may still be a little spark, as Kate’s apartment is just a block away from his office.
Kate’s getaway works well for the joint custody arrangement she and Jon have worked out, in which one of them will juggle the children while the other gets some kiddy QT. Jon returned to a shrieking brood last week after his pseudo-celebrity escapades, and said he’s focusing on family first and career second. He told People last weekend that he’s really looking forward to “[hanging out with my family], to turning my phone off, playing with my kids in the pool and being the dad.”
Reality Check From ArcelorMittal
Posted by: europenewsonline on: July 30, 2009
ArcelorMittal has injected a dose of reality into investor expectations of the steel industry’s turnaround. The sector is off rock bottom earlier than expected, but the pace of recovery remains sluggish.
That’s particularly the case in Europe where ArcelorMittal makes a third of its steel. Eurofer, an industry association, is forecasting a 14% rise in steel consumption next year but that’s after a 33% slump in 2009. ArcelorMittal now faces the delicate task of preparing for a modest pick-up in orders while demand remains weak.
That means continued pressure on ArcelorMittal’s balance sheet despite months of frenetic refinancing. Crucial is its banks’ agreement to temporarily loosen the 3.5-times net debt to Ebitda covenant on the facilities that make up much of its $22.9 billion in net borrowings. The covenant, assessed every six months, is now 4.5 times for the end of this year and four times for end-June 2010.
The message is clear. ArcelorMittal has little chance of making the $6.4 billion in full-year Ebitda it would have needed to meet the original covenant. Second-quarter earnings of $1.2 billion, up from $883 million the previous quarter, were at the low end of analysts’ expectations.
The steelmaker expects to do only moderately better in the current three months. The recent improvement in working capital, worth $2.4 billion in cash in the second quarter, will reverse as ArcelorMittal gears up production, cut back by 50% earlier this year, for the likely upswing in first-quarter orders further squeezing cash flow.
ArcelorMittal’s shares fell 4% on management’s cautious outlook. But the stock is still up 41% this year and still looks expensive. The shares trade on 13 times 2009 forecast Ebitda, a premium to the European sector and recent historical valuations.
Such exuberance is hard to square with the risk too much steel capacity might come back on the market in Europe too soon, delaying a return to mid-cycle profitability. Europe’s response has been to slap ill-judged protectionist tariffs on Chinese steel-pipe imports. But the only real solution is to shutter high-cost steel capacity for good — something no producer, ArcelorMittal included, has been prepared to contemplate.
CLIA Sees Opportunity in European Cruise Sales
Posted by: europenewsonline on: July 17, 2009
“On top of the already incredible value on offer throughout the industry, CLIA member lines are making Europe irresistible with phenomenal savings including two-for-one pricing, free airfare from North America, “kids sail free” plans and other incentives. Add in the opportunity to sail on some of the very newest ships and the choices for European cruising become truly exciting, whether it’s a luxurious trip on legendary rivers, exploring the antiquities of Rome, Greece and Turkey, and discovering the wonders of the Baltic,” said Terry Dale, CLIA’s president and CEO.
European Cruise Lines
Here is a sampling of what CLIA member cruise lines are offering in Europe:
AMA Waterways: With Europe as its core product, AMAWATERWAYS is offering discounts of $500 per person on new bookings for several river cruises including their Legendary Danube, Blue Danube Discovery, Europe’s Heartland, Black Sea, Russian Waterways, Provence and Spain and Portugal and Spain itineraries. There is a $1,000 discount on longer voyages, including the Magnificent Europe, Ultimate River Cruise and Grand Danube itineraries. The savings apply to select sailings throughout 2009.
Azamara Cruises: With both its 694-guest, deluxe ships in Europe this summer and next, Azamara Cruises is poised to offer travelers unique, off-the-beaten-path vacations. With Azamara butler service in every stateroom, complimentary specialty dining, concierge-style in-stateroom amenities, no formal nights, open seating in the main restaurant and incredibly warm and personalized service, guests who vacation with Azamara in Europe will cruise in rich yet relaxed style through the Greek Isles, Black Sea, Adriatic and Ionian Coast, Icelandic Fjords, Norwegian Fjords, Scandinavia, British Isles and other regions. Azamara’s Europe cruises mainly range from 12 to 18 nights in length; many of these feature at least one in-port overnight stay. In 2010, the line will visit 93 European ports throughout 39 sailings in the region. Azamara also offers cruisetours – a pre- or post-cruise, fully escorted, land-based tour combined with a cruise – in Europe.
Carnival Cruise Lines: The new 130,000-ton Carnival Dream, the largest “Fun Ship” ever constructed, will debut in Europe on September 21, with a series of three 12-day Grand Mediterranean voyages from Rome (Civitavecchia) featuring seven ports: Naples, Livorno and Venice, Dubrovnik, Messina, Monaco and Barcelona. The ship will then make a 16-day transatlantic crossing from Rome with stops in Barcelona, Palma de Mallorca, Malaga, the Canary Islands and Bermuda. The ship will feature Ocean Plaza, an indoor/outdoor cafe and entertainment venue, and numerous other innovations.
Celebrity Cruises: With Celebrity Cruises’ newest ship, Celebrity Equinox, set to debut later this summer in Southampton, England, the line will offer two of its highly-buzzed-about Solstice-class vessels in Europe for much of its 2009 season there. Celebrity Solstice, the 2,850-guest ship that Celebrity launched in late 2008, offers 10- and 11-night Eastern Mediterranean voyages this summer, roundtrip out of Rome. When Celebrity Equinox sets sail on July 31, she will offer two one-time voyages before presenting a remainder-of-season series of 13- and 14-night “Ancient Empires” cruises roundtrip out of Rome. The stylish new class of ships offers brand-defining, industry-first features, including a half-acre Lawn Club with real, growing grass; a glassblowing show and studio developed with the Corning Museum of Glass; 10 unrivalled dining venues; widely varied entertainment, including shows with breathtaking aerial acts; and a new, spa-inspired “AquaClass” category of staterooms.
Costa Cruises: Known for its European character and spirit, Costa Cruises inaugurated two new ships this year, the 2,260-guest Costa Luminosa and the 3,000-passenger Costa Pacifica. The company is offering several incentives to cruise in the Mediterranean this summer. Seven-night Mediterranean sailings begin at just $549 per person and discounted air offers of up to $300 off per person are also available. Additionally, Costa features “Kids Sail Free” specials.
Crystal Cruises: Crystal offers Europe-bound cruisers several ways to save this summer. An “All Inclusive-As You Wish” program provides up to $1,000 per person in spending credit to be used for everything from shore excursions to cocktails while “Celebrations Savings” features savings of up to $1,500 per person on most 2009 European itineraries. In addition, there are Business Class air add-on fares for Baltic, northern Europe and Mediterranean sailings starting at just $799. And, cruisers who sail in 2009 can save 20 percent on 2010 Crystal cruises.
Cunard Line: Guests booking either of two upcoming European cruises on Queen Victoria can save at least $600 per stateroom, based on double occupancy. The November 7, 2009 “Wonders of the Mediterranean” is a 16-day roundtrip voyage from Southampton, visiting Malaga, Palermo, Dubrovnik, Venice, Split, Corfu and Gibraltar. The 10-day “Winter Wonderland” roundtrip voyage departs Southampton on December 9, 2009 and will call on Hamburg, Stavanger, Oslo, Copenhagen and Zeebrugge.
Disney Cruise Line: Responding to customer demand, Disney will return to Europe in 2010. Disney Magic will offer a five-month season of Northern European and Mediterranean cruises, including a 12-day “Northern European Capitals” voyage from Dover, England featuring an overnight in St. Petersburg and Scandinavia. An 11-night Mediterranean itinerary will feature Barcelona, Malta, Tunis, Naples, Rome, La Spezia, Corsica and Villefranche. A 10-night Mediterranean cruise also will be available.
Holland America Line: Six Holland America vessels, including the newest, the Signature-class ms Eurodam, will cruise to 166 ports on 75 itineraries in Europe this year ranging from the Arctic Circle to the shores of North Africa and the Black Sea. From six to 47 days, the voyages will include 16 new ports for Holland America guests. As well as other features, guests may take advantage of free or reduced cruise fares for a third or fourth person in a stateroom, upgrade savings and 25 percent discounts on most pre-and post-cruise hotel packages.
Hurtigruten: Depending on the cruise, Hurtigruten offers numerous ways to save in Europe this summer and shoulder season. First, the “Norwegian Coastal Value Package” featuring air, hotel, cruise and transfers for one-stop shopping. Not only that, 2 can sail for the price of 1 on select Coastal voyages from Sept – Dec. from as little as $680 per person. In addition there’s the special Greenland to New York expedition aboard the luxurious MS Fram departing September 22 for only $4,249. The kicker – pay off your cruise with the Layaway Getaway, a hassle-free, no interest monthly payment plan.
MSC Cruises: MSC’s newest ship, the 3,274-passenger MSC Splendida, debuts this summer in Europe, making seven-night “Splendid Mediterranean” cruises featuring Barcelona, La Goulette, Tunisia, Malta, Messina, Rome, Genoa and Marseille. Special savings include MSC’s Kids Sail Free program and a Boomer/Senior Saver in Europe. On select 2009 Mediterranean and northern Europe itineraries on nine ships, boomers and seniors can save at least 60 percent. One traveler must be at least 50 years of age.
Norwegian Cruise Line: This summer, Norwegian sails three of its newest Freestyle Cruising ships in Europe. Norwegian Gem sails a seven-day Western Mediterranean cruise from Barcelona; Norwegian Jade, which homeports in Europe year-round, sails a series of 12 and 14-day Mediterranean cruises; and Norwegian Jewel sails a 12-day Baltic Capitals itinerary from London (Dover), England. In 2010-2011, Norwegian will continue its largest ever deployment with three ships positioned there, but for the first time ever, NCL will homeport Norwegian Gem in Venice, sailing two different seven-day Adriatic, Greek Isles and Turkey cruises. Norwegian Jade will homeport in Barcelona sailing seven-day Western Mediterranean cruises and Norwegian Sun will sail a 12-day Baltic Capitals itinerary round-trip from London (Dover), England.
Oceania Cruises: Oceania Cruises has announced its 2010 European Collection of cruises with free airfare from 20 North American gateway cities and $2,000 price reductions off of two-for-one cruise fares. Oceania will offer 34 different itineraries next year, three quarters of them brand new for the line. They include off-the-beaten path destinations in Russia, Greece, Syria, Iceland, Turkey and some of the most chic yacht harbors in France, Italy and Spain. In all, the European Collection will feature 137 ports of call stretching from the ancient sands of Egypt and Israel to the great white lands of Iceland and the Polar Ice Barrier.
Princess Cruises: Princess Cruises will offer its most extensive European season ever this year. In total, the program will feature a six-ship fleet sailing on 90 voyages of 36 different itineraries to 132 ports and destinations. Sailing choices range from seven to 31days during a season that runs through November 30 and encompasses the entire Mediterranean and Adriatic, and western and northern Europe. Among the eleven new ports of call are Sochi, on the Black Sea; Murmansk, the largest city north of the Arctic Circle; Klaipeda in Lithuania; Barrow, for visits to England’s Lake District; Ceuta, in Morocco and others.
Regent Seven Seas: Cruises Regent Seven Seas is making the Baltic a bargain this July and August. On select sailings of the Seven Seas Voyager, guests can take advantage of free shore excursions; free roundtrip airfare in business or economy class; 35 percent Extended Early Booking savings for voyages departing July 17 and July 24; and two-for-one pricing on cruises departing July 31, August 7, August 14 and August 21. Seven Seas Voyager offers all-suite, all-balcony accommodations for 700 guests, single seating dining in four venues, complimentary beverages, including wine and spirits and more. Pricing includes all onboard gratuities.
Royal Caribbean International: Royal Caribbean has announced that what is currently the world’s largest ship, the Independence of the Seas, will be based year-round in Europe in 2010, sailing from a home port of Southampton, England. Independence of the Seas will lose its title to RCI’s even larger ship, Oasis of the Seas arriving later this year, but will remain the largest ship sailing in Europe. It will be one of eight Royal Caribbean ships in Europe next year. Itineraries will range from four to 14 nights, with three- to five-night cruisetour vacation extensions.
Seabourn Cruise Line: The Yachts of Seabourn now includes the first new ultra-luxury cruise ship to enter the market in over six years. Seabourn Odyssey has been hailed as “a game-changer for the luxury segment.” The new 450-passenger vessel sails in the eastern Mediterranean and Black Sea for the rest of the summer and autumn on itineraries of seven to more than 30 days in length departing from several ports. The ship features ocean-view suites with private verandas, fine dining, the Spa at Seabourn and all the inclusive amenities and services travelers have come to expect. Seabourn Odyssey cruises are currently offered at savings of up to 65 percent off brochure fares.
SeaDream Yacht Club: In Europe through October, the 50-couple SeaDream I and SeaDream II will sail seven- to ten-day itineraries in the Mediterranean, the Adriatic Sea, the Aegean Sea, even down to Tunisia. Embarkation ports include Barcelona, Seville, Tenerife, Lisbon, Nice, Monte Carlo, Rome, Venice, Athens and Dubrovnik. Specializing in visiting some of Europe’s most elegant yacht harbors, SeaDream has added numerous new ports of call in France, Spain, Italy, Slovenia, Croatia, Greece and the Azores to the 2009 schedule. Travelers can currently take advantage of all-inclusive fares representing as much as 58 percent savings.
Silversea Cruises: Silversea Cruises has added 37 voyages that qualify for its $1,000 per suite “Onboard Spending Credit” promotion. Valid without limitation for spending onboard the ship or for shore excursions, the credit may also be combined with other discount programs including the Early Booking Incentive, an Advance Payment Bonus, Silver Sailing cruises, and free air programs. Silversea’s European schedule includes a new offering: a seven-day cruise on Silver Whisper departing September 12 from Istanbul to Athens. Silver Sailing fares feature a savings of 50 percent, plus free or reduced roundtrip economy air transportation from select North American cities.
Uniworld Boutique River Cruises: Offering river cruises throughout Europe and in Africa and Asia, Uniworld introduces two new ships in 2009 – the River Beatrice arrived in March and sails the Danube River and the River Tosca will debut in late September to make voyages along the historic Nile in Egypt. The company has added several new European itineraries, many combining Paris with river travel to Germany, Austria, even Romania. Uniworld is currently offering exceptional savings on many of their 2009 cruises, including 2 for 1 specials, single supplement waived, and special end of the season savings. Uniworld has also introduced a generous Pay-In-Full Savings program with up to $2000 per stateroom savings on their 2010 Europe river cruises.
Windstar Cruises: Windstar Cruises is offering inclusive air from New York on select 2009 Europe sailings booked by July 31 and is also offering a $500 per couple shipboard credit for guests who book a 2010 cruise by September 30, 2009. Sailing April through October and into early November, the seven-day voyages on three ships – Wind Surf, Wind Star and Wind Spirit – depart from several ports including Venice, Rome, Barcelona, Athens, or Istanbul and encompass most of the Mediterranean. Windstar offers a luxurious sailing experience carrying no more than 312 guests, making it easy to visit some of Europe’s most intimate harbors.
British Airways Plans to Raise 600 Million Pounds
Posted by: europenewsonline on: July 17, 2009
British Airways Plc, Europe’s third biggest airline, plans to raise about 600 million pounds ($979 million) in new funding as the recession hurts revenue and drains cash reserves.
British Airways Plans to Raise
The London-based carrier began a 300 million-pound sale of bonds convertible into a 20 percent stake, it said today in a statement. Pension-plan trustees also agreed to release bank guarantees to provide as much as $540 million in credit.
British Airways is in talks with unions about scrapping almost 4,000 jobs after first and business-class traffic fell 15 percent in June for a 10th consecutive monthly decline. The International Air Transport Association said yesterday that it sees no improvement until the end of 2009, reversing a projection that the slump may have bottomed out.
“Trade conditions are very difficult,” Chief Executive Officer Willie Walsh said today on a conference call. “That’s an issue the industry must address.”
British Airways rose 7.8 pence, or 5.9 percent, to 139.9 pence and was up 5 percent as of 9:45 a.m. in London. That pared the stock’s decline this year to 23 percent, valuing Europe’s third-biggest airline at 1.6 billion euros.
The financing would boost available cash to 2 billion pounds, and “relative to any of our competitors, that puts us in a very, very strong position,” Walsh said.
Operating Loss
The company today reported an operating loss of about 100 million pounds on revenue of 1.98 billion pounds for the fiscal first quarter ended June 30. The cash position at the end of June was 1.25 billion pounds, with another 130 million pounds available from general credit lines and 1.9 billion pounds in facilities for plane deliveries, Walsh said.
Chairman Martin Broughton said earlier this week that the airline was in talks on the bond sale because an extended slowdown in traffic “would be stretching” for cash reserves, which equal more than 15 percent of sales. Walsh said that today’s measures would boost that figure to 20 percent.
The carrier’s credit rating, already two levels into junk status, was lowered by one grade to Ba3 from Ba2 on July 9 at Moody’s Investors Service, which said declining traffic and higher fuel prices are likely to “further weaken metrics” in the fiscal year through March 2010.
The bonds going on sale today will mature in 2014 and can be converted to 15 percent to 20 percent of British Airways’ stock, the company said.
The credit line, until now accessible to trustees of BA’s defined-benefit pension plans only in the event of insolvency, “was just sitting there wasting,” so it was shifted back to the airline to bolster its cash position, Walsh said.
The facility was placed under the trustees’ oversight in 2006 and dates from a credit line British Airways arranged in 2003, according to Chief Financial Officer Keith Williams.
European Car Industry – Incentives Mask Europe’s Car Glut
Posted by: europenewsonline on: July 16, 2009
European Car Industry
Europe’s auto industry has weathered the worst downturn since World War II with help from government-backed scrapping incentives, but as these programs expire, the spotlight will shift back to a lingering issue that car makers failed to confront during the slump: overcapacity.
The European car industry has about 35% more production capacity than it needs, depending on market cycles, analysts say. That means production lines aren’t running at full steam and can even be idle.
Incentives, which typically offer consumers discounts on new vehicles if they scrap aging gas guzzlers, have inflated demand during the recession and meant auto makers haven’t been forced to address capacity, something observers say was necessary.
“Scrappage schemes are significantly distorting the dynamics of the European market, in our view, helping to protect jobs and prevent insolvencies — but at what cost?” said Credit Suisse Group analyst Stuart Pearson.
Registrations of new cars in Europe climbed 2.4% in June from a year earlier, the first growth in 14 months, largely thanks to scrapping incentives, the European Automobile Manufacturers Association said Wednesday. Take-up has varied from country to country. In the U.K., for example, new-car registrations, an indicator of sales, in June were down from a year earlier, but in Germany, which offers some of the most generous terms, registrations soared 40%.
But most incentives likely will be exhausted by the end of this year. Industry experts for months have said the incentives weren’t the answer to problems in the car industry and analysts expect a slump in sales in 2010 as demand dries up.
PricewaterhouseCoopers expects 14.8 million vehicles to be assembled in Europe this year and 15 million in 2010. However, there are enough plants and equipment to assemble far more.
“We estimate excess capacity in the European Union in 2009 as being 6.8 million units and for 2010 at 7.2 million,” said PwC analyst Calum MacRae.
In contrast, excess capacity in North America this year is estimated at 6.2 million vehicles, and that figure is expected to fall to 3.25 million by 2011.
Several European car makers, such as Volkswagen AG and BMW AG, have reduced headcount in recent years, though they have so far shied away from closing plants because of strict labor laws.
Volkswagen and Fiat SpA, with their extensive offerings of small cars, have been the biggest beneficiaries from the scrapping incentives and now face the biggest risk of a backlash. Volkswagen has enjoyed a strategic advantage thanks to its more diversified product portfolio.
French auto makers PSA Peugeot-Citroën SA and Renault SA also saw sales soar in some markets, fueled by incentives. But the underlying risk related to their strong exposure to the small-car segment was highlighted last month when Standard & Poor’s lowered Renault’s credit rating into junk territory.
Peugeot-Citroën and Renault didn’t return calls or emails seeking comment.
A broader consumer shift toward smaller cars has been a major concern for many auto makers amid heavy investments in green technology as smaller cars tend to have smaller profit margins. Mr. Pearson said he fears that the scrapping incentives might lead to “a permanent price erosion” for smaller cars.
That’s also a threat for the European operations of Ford Motor Co. and General Motors Corp., which both rely heavily on sales of compact cars and hatchbacks.
Luxury brands like BMW and Daimler AG’s Mercedes-Benz brand received less support from scrapping incentives because those measures mainly fostered demand for smaller vehicles.
Britney Spears Warsaw stop on European tour canceled
Posted by: europenewsonline on: July 16, 2009
Britney Spears European Tour Canceled
Britney Spears’ “Circus” won’t be coming to Warsaw following a dispute between her international and Polish organizers.
The singer, whose hits include “…Baby One More Time” and “I’m a Slave 4 U,” has been playing a series of shows this summer in Europe, including in Britain, France and Sweden.
The July 24 show in Warsaw was canceled because of a contractual dispute that could not be resolved, a statement released by her publicist said Wednesday.
Kinga Bocianowicz, the manager of the Polish company that has been selling tickets, Agencja Akwarium, said the show had to be canceled because AEG Live, the chief organizer of the international tour, presented the Poles with a contract that was “unacceptable under Polish law and hence by us.”
The Warsaw concert was to have been Spears’ second-to-last show in Europe before the “Circus” tour returns to the United States. She is scheduled to play at the 02 Arena in the German capital, Berlin, on July 26.
Bocianowicz said tickets to the Warsaw concert “had been selling, but I can’t say that the concert was sold out.”
The 27-year-old “Womanizer” singer is scheduled to embark on an Australian tour in November after performing a series of shows in the U.S. and Canada.
Mobile Markets in Eastern Europe Register Strong Growth
Posted by: europenewsonline on: July 9, 2009
The mobile communications markets in Eastern Europe are growing strongly from usage and revenues points of view. Defining these markets as emerging may no longer be accurate as they are demonstrating high growth and looking for new opportunities.
Mobile Markets in Eastern Europe Register Strong Growth
“Eastern European markets are fully penetrated and are rapidly adopting mobile broadband solutions,” notes Frost & Sullivan Industry Analyst Saverio Romeo. “The mobile phone is becoming critical for fast connectivity and innovative services, effectively substituting the lack of fixed infrastructures.”
The main challenge to the industry currently comes from the economic recession. The lack of credit for investments and the decrease in consumption will slow down the growth experienced by Eastern European countries. Moreover, regulatory limitations can hamper future developments.
The mobile industry’s response to this scenario consists of two main actions.
“Services and processes’ optimisation, in order to efficiently use existing resources and reduce the need for capital investments is critical,” advises Romeo. “Equally important is pursuing technological and strategic innovation through synergic cooperation between participants with different know-how with the aim to offer disruptive solutions to consumers at reasonable prices.”
The report concluded that cooperation between regulatory authorities and the industry to overcome the challenges of the market will be vital. Cooperation between public sector and the industry for high-intensive investments, mainly infrastructures, will enable sustained market expansion.
European leaders marks to fall the Iron Curtain in Hungary
Posted by: europenewsonline on: July 2, 2009
European leaders marked the 20th anniversary of the symbolic fall of the Iron Curtain, is often described as the first crack in the Berlin Wall and one of the key episodes leading up to the end of communism in Eastern Europe in Budapest on Saturday.
Presidents of Germany, Austria, Finland, Slovenia and Switzerland as well as senior officials from Poland, the UK and over 20 other countries attended the commemorative session in the Hungarian Parliament and the gala event at the Hungarian State Opera House.
On June 27, 1989, then-Ministers of Foreign Affairs of Hungary, Gyula Horn, and Austria, Aloys mock cut through some barbed wire on the border between the two countries as a symbolic end to the physical and psychological limit, which until then had little left.
“Looking at the whole chain of events, we rightly and deservingly celebrated June 27 as the day on which the division of Europe came to the end,” Hungarian President Laszlo Solyom said in the beginning of the special session of parliament. “We have all reason to celebrate together. Cut barbed wire fence was immediate character, which helped the world understand what is happening here in the heart of Europe.”
Hungary started to dismantle the Iron Curtain almost two months earlier, on May 2, 1989 – in part because the border guards, said it is in poor condition, such that even small animals are off false alarms on the electrified fence.
Most of it has not, officials had trouble finding even a small part of the Iron Curtain for Horn and model of staged photo opportunity with metal knives.
After allowing some of the “Ossies”, to leave for West Germany through Austria, in August and then a few weeks later, Hungary finally decided to share all the East Germans in September 11, 1989.
Within two months, on November 9, the fall of the Berlin Wall and the reunification of Germany was officially in October 1990.
On Saturday, German President Horst Koehler thanked the Hungarians for solidarity with East Germans and their contribution to German unity.
“I would like to express my gratitude to the Hungarian people for their courage, attitude and support to the East Germans,” said Koehler.
Austrian President Heinz Fischer hauled parallels between the 1989 transition to democracy in Eastern Europe and the current protests in Iran.
“1989 years has been dramatic, but it had a peaceful outcome,” said Fischer. “No dictatorship, however hard it may seem, can truly feel safe.”
“These are events that can motivate people in Iran to feel that their democratic views can be expressed,” Fischer said, making applause from hundreds of guests in the upper chamber of parliament of Hungary on the banks of the Danube.
Speaking on Friday evening memorial at the border with Hungary, Austrian Foreign Minister Michael Spindelegger events of 1989 is characterized as “the great triumph of the citizens of the former Eastern Bloc States.
“Today, watchtowers and barbed wire are part of the past. In peace project Europe” has prevailed with many successes, “Spindelegger said.
Credit risk indexes headed for best quarter year in Europe since’06
Posted by: europenewsonline on: July 2, 2009
Credit risk indices fell for a third day in Europe and are headed for their best quarter since the beginning of 2006, on speculation about recession is easing.
“Is feeling bullish”, said Philip Gisdakis, A Munich-based credit strategist at UniCredit SpA. “I think we will see that continue in the coming weeks and months until the beginning of September.”
Deutsche Bank AG raised the forecast for global economic growth next year as the outlook for investments and exports and improve the U.S. Treasury Secretary Timothy Geithner said yesterday that financial markets are stabilizing as the economy shows signs of emerging from its slump.
In the Markit iTraxx Europe index of credit-default swaps linked to 125 companies with investment grade ratings dropped 35.5 percent since the beginning of April and 3.75 basis points lower at 111.25 at 9:35 in London, JPMorgan Chase & Co. prices show. It is the best quarterly results since the beginning of 2006, according to CMA DataVision.
Index of U.S. consumer confidence probably rose this month to the highest since September, according to Bloomberg News survey of economists before the Conference of the Council a report later today. Confidence in the economic outlook for Europe increased more than economists forecast in June to 73.3, the highest since November, the European Commission in Brussels said yesterday.
Default Rate
The global default rate will be 8% to May 2010, after peaking to 13.8% in the fourth quarter of this year, Moody’s Investors Service forecast earlier this month. In the U.S., the default is expected to crest of 13.5 percent during the three months ended December, while in Europe rate can reach 17.9%.
Speculation that the improved economic outlook will help companies evade default also helped spur of the Markit iTraxx Crossover Index of credit swaps on 45 companies with the highest yield ratings of their best quarterly results since the beginning of 2006. According to CMA. The device fell 24 percent within three months and down 12 basis points to 713 today, JPMorgan prices show.
A basis point on a credit-default swap contract protecting 10 million euros ($ 14.1 million) of debt from default for five years is equal to 1000 euros per year.
Credit-default swaps pay the buyer face value in exchange on the basis of the securities or the cash equivalent should a company fail to adhere to its debt agreements. Fall signals improving perceptions of credit quality.
Talk in Europe: The Efficiency of Buildings, Applicances and Transport
Posted by: europenewsonline on: April 1, 2009
It’s been a busy day for energy and the environment in Europe. Here is a round-up:
A proposal from an influential committee of legislators in the European Parliament would require all new buildings constructed after December 31, 2018, to produce, on-site, as much energy as they consume. The European Renewable Energy Council, an umbrella organization for major renewable energy companies, praised the initiative, and particularly endorsed reduced tax rates for services related to renewable energy.
European Union governments supported measures to set mandatory energy performance requirements for televisions, refrigerators, freezers and washing machines. The measures are expected to cut electricity consumption by the same amount consumed each year by Portugal and Latvia combined, by 2020, the European Commission said. But the European Consumers’ Organization said a decision to change the layout of energy labels attached to new TVs and white goods meant consumers will no longer be able to readily identify the most energy-efficient products on the market.
In a meeting with reporters in Brussels, Jacqueline McGlade, the executive director of the European Environment Agency, called for greater government investment in infrastructure like public transport to “change the way people move around,” and she criticized car companies for lobbying for weakened emissions limits. Ms. McGlade said the rate of increase in passenger traffic dipped 1 percent in 2005, from 1.4 percent a year earlier. Officials said that figure indicated that growth in car ownership was slowing. But, Ms. McGlade said Europeans were driving more than ever, clocking up an extra 65 million kilometers in 2006 compared with 2005. Moreover, Ms. McGlade attributed the change in car ownership to short-term factors like taxes and higher fuel costs.
