World Bulletin / News Desk
Euro zone governments and the European Central Bank are preparing to intervene on financial markets to help bring down Spanish and Italian borrowing costs, French afternoon daily Le Monde reported on Friday.
The newspaper, which cited unnamed sources, said the ECB was willing to take part in the action on condition that governments agreed to tap the bloc's bailout funds, the European Financial Stability Facility and the European Stability Mechanism.
Under the plan, the EFSF could be activated first to purchase Spanish and Italian debt on the primary market, followed by the ESM in September, after it becomes operational.
The ECB would at the same time buy Spanish and Italian government bonds itself on the secondary market.
The newspaper said the plan was days or possibly weeks away from being finalised and that officials were holding consultations on Friday about it.
A source close to French President Francois Hollande said that he planned to speak to German Chancellor Angela Merkel at around 1100 GMT about implementing decisions taken at a June EUsummit that proposed new measures for tackling the debt crisis.
ECB President Mario Draghi pledged on Thursday to do whatever was necessary to preserve the euro, sending a strong signal that it might take action on Spanish and Italian borrowing costs.
The move away from the U.S. dollar is yet another reaction to Western sanctions placed on Russia since it annexed Crimea from Ukraine in March.
Norwegian oil company Statoil and Shell won an exploration license in the southeastern part of Algeria.
Under EU rules, if the Commission's suspicion that the tax treatment amounted to illegal state aid is proven, the company could be forced to pay that money back to the Irish government.
The court ordered searches of all known offices and residences of the former first lady and Congresswoman Imelda Marcos in Manila and Ilocos Norte in a bid to recover the works of art.
British energy expert Nick Butler said Israel should use its gas reserves domestically as it cannot compete with other markets.
After several rounds of talks brokered by the European Union, Moscow and Kiev reported progress at a meeting last week in Berlin.
The company's stock price has regained some of its recent losses but a European Union investigation could spell trouble for the tech giant.
U.S. planes are flying about 60 reconnaissance sorties per day, and some 1,600 U.S. troops are being deployed in Iraq.
"There are good reasons to continue the energy partnership with Russia," she said and noted that within the European Union different countries had different levels of dependency on supplies
Osborne said he would clamp down on technology companies which "go to extraordinary lengths to pay little or no tax here" as part of his plans to fix the budget shortfall.
Union wants Lufthansa to maintain a scheme that allows pilots to retire early at the age of 55 and still receive up to 60 percent of their pay
The pilots decided to end the strike without reaching an agreement with the French airline even though talks resumed
Ozkan Yorgancioglu, prime minister of the Turkish Republic of Northern Cyprus, said Israel's gas should be sent to Europe via Turkey and Cyprus
Rosneft and U.S. energy giant ExxonMobil have found huge oil reserves in the Kara Sea region
Cy Tokmakjian sentenced to 15 years in prison for bribery and other economic charges in a case his company
Exxon and Rosneft signed a $3.2 billion agreement in 2011 to develop the region.