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European Business & Economy • Balkan leaders hold regional economic summit
(AP)
AP - Croatia's president urged Balkan leaders on Friday to boost economic cooperation as a means of limiting regional fallout from the global economic crisis.
• British PM Gordon Brown: No early election
(AP)
AP - British Prime Minister Gordon Brown said Friday he is not planning to call an early national election to capitalize on his widely praised handling of the financial crisis.
• UK electronics retailer DSG's shares jump
(AP)
AP - Shares in DSG International PLC rose 21 percent Friday from a 20-year low after Credit Suisse raised its rating of the stock to "outperform" on the basis that market concern over the economic slowdown had left the stock too cheap.
• Hypo Real Estate to receive euro20 billion loan
(AP)
AP - Troubled German lender Hypo Real Estate said Friday it has been granted euro20 billion ($25 billion) in loan guarantees from a government fund, which comes on top of a previous bailout to stabilize its business amid the financial turmoil.
• Germany's LBBW to receive euro5 billion injection
(AP)
AP - Landesbank Baden-Wuerttemberg, Germany's largest state bank, said Friday it would receive a euro5 billion ($6.3 billion) cash injection from its shareholders and that it expected a loss in 2008 as the financial crisis takes its toll.
• European stocks drop as Dow erases early gains
(AP)
<img src="http://d.yimg.com/us.yimg.com/p/ap/20081121/capt.fe52339f6def462daebb3b86f13a632e.south_korea_markets_sel101.jpg?x=130&y=84&q=85&sig=9D6CaBZkZXrzTqPiwPGhzg--" align="left" height="84" width="130" alt="An employee uses her mobile phone in front of an electronic stock board at the Korea Stock Exchange Market in Seoul, South Korea, Friday, Nov. 21, 2008. The Korea Composite Stock Price Index jumped 55.04 points, or 5.8 percent, to close 1,003.73. (AP Photo/Ahn Young-joon)" border="0" />AP - European markets fell further Friday as early gains on Wall Street were wiped out amid mounting fears about the U.S. economy and the future of banking giant Citigroup Inc. in particular. Asian stocks closed mostly higher earlier in the day.
• EU calls for boost in public spending, tax breaks
(AP)
AP - The European Commission urged the 27 EU governments Friday to boost public spending and provide tax breaks to help industry overcome the accelerating economic slowdown that has already pushed several countries into a recession.
• Netherlands: ABN-Fortis won't be sold before 2011
(AP)
AP - The Dutch government named former finance minister Gerrit Zalm as chief executive of the recently nationalized ABN Amro and Fortis banks on Friday, and said the combination will not be privatized before 2011.
• ECB rate setters point to another rate cut in Dec.
(AP)
AP - The chances of another interest rate cut by the European Central Bank increased Friday after some of the bank's governors said borrowing costs may have to fall further to offset a worsening economic outlook and dropping inflation.
• Michael Jackson's assistant: Sheik gave him gifts
(AP)
<p>AP - Michael Jackson's former personal assistant told a British court Friday that a Bahraini sheik who is now suing the singer was a generous friend, eager to give Jackson money and other gifts.
• Report: 215,000 German jobs threatened by crisis
(AP)
AP - The German economy could lose up to 215,000 jobs in 2009 amid the global economic crisis, Germany's Bild newspaper said Friday, citing a survey it compiled.
• French consumer spending slides in October
(AP)
AP - French consumer spending, the main driver of growth in the euro zone's second-largest economy, fell abruptly in October, suggesting France may yet follow its neighbors Germany and Britain into recession.
• Report: Ford Germany needs no state bailout money
(AP)
AP - Bernhard Mattes, chief of Ford Motor Co.'s German unit, said that while the company can survive without a bailout from the German state, it hopes the European Union will help the ailing auto industry with a loan package.
• Ford 'wants 40bn euros in EU loans' for industry
(AFP)
<p>AFP - The European Union should make around 40 billion euros (50 billion dollars) in loans available to the continent's ailing auto sector, the head of Ford Germany said in comments published Friday.
• Greece: economy to slow to 2.7 pct growth in 2009
(AP)
AP - Greece's economy will slow to a 2.7 percent growth rate next year as the global economic crisis takes its toll, the conservative government predicted on Friday.
• FTSE-100 up 27.94 at 3,902.93
(AP)
AP - Share prices on the London Stock Exchange were higher at midday Friday.
• Geithner rallies stocks but Citi still ailing
(Reuters)
</a>Reuters - President-elect Barack Obama wants New York Federal Reserve President Timothy Geithner as his Treasury secretary, news that sparked a stock market surge on Friday and fostered confidence that Obama may be taking up the U.S. economic reins before his inauguration in January.
• Germany to borrow an extra euro8 billion in 2009
(AP)
AP - Germany will have to borrow an extra euro8 billion ($10 billion) next year, as it expects to spend more even while revenues slump, the parliamentary budget committee said Friday.
• US dollar down, gold up in Europe
(AP)
AP - The U.S. dollar was mostly lower against other major currencies in European trading Friday morning. Gold rose.
• Survey shows euro-zone economy shrinking in Nov
(AP)
AP - The downturn in the euro-zone economy, particularly within the manufacturing sector, gathered pace in November amid mounting recession fears and the deepening financial crisis, a closely watched survey showed Friday.
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