At a business forum in the southern province of Guangdong during a state visit by German Chancellor Angela Merkel, Mr. Wen said China is "willing to cooperate with Europe to fight the current crisis." German Chancellor Angela Merkel and Chinese Premier Wen Jiabao visited a factory in Guangzhou on Friday during the German leader's diplomatic visit. "Some people say this means China wants to buy Europe. This is a concern and doesn't fit reality,'' he added. "China doesn't have this intention, and doesn't have this ability." Mr. Wen didn't elaborate on the concerns that he was referencing, but he may have been alluding to a common analysis that European governments will need to offer political concessions to China to secure aid in overcoming the euro-zone sovereign-debt crisis. On Thursday, in a joint appearance with Ms. Merkel, Mr. Wen dangled the possibility of increased Chinese investment in Europe's bailout funds. But he stopped short of outlining any specifics, merely staying that China was "investigating and evaluating ways" to become "more deeply involved" in Europe's twin bailout funds, the European Financial Stability Facility and the not-yet-established European Stability Mechanism.GERMANY’S leading bank Deutsche Bank has reported an increase in profits for 2011 despite a fall in after-tax earnings in the fourth quarter. Net profit stood at €4.3bn last year, up from €2.3bn the previous year but earnings dropped at the end of the year. "Once again, Deutsche Bank has proved its ability to deliver substantial earnings in challenging conditions," said chief executive Josef Ackermann. "In 2011, our classic banking business produced record earnings, thus counterbalancing the impact of weak markets in investmment banking. We also significantly strengthened our capital base, boosted our liquidity reserves and reinforced our funding position.". Mr Ackerman scheduled to step down in May after 10 years at the helm.
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French airline industry workers are to strike next week to protest against a legislative Bill they fear will damage their labour rights.
Labour unions representing ground crews, cabin crews and pilots have announced the planned strike from Monday to Thursday - likely to disrupt flights in and out of France.
The unions are angry about a Bill put forward by President Nicolas Sarkozy's conservatives that would require workers to give more advance notice before going on strike.
The lower house of parliament has passed the Bill, and the Senate is to take it up on February 15.
Unions representing Air France workers said in a statement that the Bill was a "set-up" - timed in part ahead of France's presidential election this spring.
HUNGARIAN airline Malev has grounded its fleet after running out of money.
The move came a month after the EU said the company had to pay back millions in state aid received in the three years to 2010.
A flight from Dublin to Budapest was one of those cancelled.
However, the Hungarian government has introduced a guarantee to ensure people who have bookings with the airline will be compensated for three days after the closure.
Yesterday, the government had warned it was preparing for a possible grounding of all flights on the State majority owned airline.
"Counterparties cannot void or walk away from prior agreements entered into with Malev,” the Government said.
“The validity of the airline's official licences are automatically extended."
- Independent.ie reporters
GERMANY’S leading bank Deutsche Bank has reported an increase in profits for 2011 despite a fall in after-tax earnings in the fourth quarter.
Net profit stood at €4.3bn last year, up from €2.3bn the previous year but earnings dropped at the end of the year.
"Once again, Deutsche Bank has proved its ability to deliver substantial earnings in challenging conditions," said chief executive Josef Ackermann.
"In 2011, our classic banking business produced record earnings, thus counterbalancing the impact of weak markets in investmment banking. We also significantly strengthened our capital base, boosted our liquidity reserves and reinforced our funding position.".
Mr Ackerman scheduled to step down in May after 10 years at the helm.
The economic news and economic data, including today’s data, has been surprising to the upside. I need to see significant deterioration in the economy and some threat of deflation or inflation moving significantly below our inflation target before I would consider more QE. Inflation is coming down but at least for now it is above our inflation target [of 2pc]. We will see how things develop. But I am also more bullish on the economy as a whole. I do think we have momentum coming out of 2011
How does it work when your country is subjected to an IMF style structural plan? The IMF promises you funds and in exchange you're supposed to implement its policy. But when the IMF has delivered the funds, what prevents you from delaying, not implementing etc? Is there some kind of "échéancier" (don't know the english word), money delivered drip by drip?
Short answer is Yes.
IMF delivers money in tranches (which may come from the French) and these are dependent on the borrowing government meeting progress targets.
Can't remember which they are on for the current Greek programme but there have been several times when funds have been delayed until the Greeks pledged to do better.
Any 2nd support programme would also be delivered in tranches but Greece needs the first to by 23rd March to avoid a messy default
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