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News of the 08/13/2008

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Dollar rises vs Swiss franc in late trading
Russia, Ukraine take gas row case to Europe
Analysis: Deficit spending is tough medicine
    

Australian bank posts 7 pct rise in annual profit

  
Australia's largest bank by market value, Commonwealth Bank of Australia Ltd., posted on Wednesday a 7 percent rise in annual profit and forecast the local economy to grow modestly amid continued headwinds from the global credit crunch.
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ING, Zurich weather credit turmoil with solid results

  
European financial groups ING <ING.AS> and Zurich Financial Services <ZURN.VX> reported quarterly profits that met or exceeded expectations on Thursday, helped by strong insurance businesses and limited investment writedowns.
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Russia calls halt to 5-day invasion of Georgia

  
Declaring "the aggressor has been punished," the Kremlin ordered a halt Tuesday to Russia's devastating assault on Georgia -- five days of air and ground attacks that left homes in smoldering ruins and uprooted 100,000 people.
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Deutsche Bank named most shareholder-friendly European bank

  
Deutsche Bank has been voted the most shareholder-friendly bank in Europe in Institutional Investor's third annual survey of Europe's Most Shareholder-Friendly Companies.
According to the poll's participants, of all European banks, Deutsche Bank is the
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Britain drops plan to bar size zero fashion models

  
London Fashion Week organizers have dropped plans that likely would have barred many size zero models from the catwalk, saying industry executives around the world felt they were not needed.
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Dollar falls against Swiss franc

  
The dollar slipped against the Swiss francs late Tuesday night in New York. The U.S. currency was worth 1.0851 Swiss francs, below the 1.0880 francs it bought in the late afternoon.
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US dollar mixed, gold higher in European trading

  
The U.S. dollar was mixed against other major currencies in European trading Wednesday morning. Gold rose.
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Belgacom Executive Vice President Scott Alcott Chairs IEC's Broadband World Forum Europe 2008 in ...

  
The International Engineering Consortium's (IEC) Broadband World Forum Europe 2008 takes place next month at the Brussels Expo with Belgacom as the Official Host Sponsor
CHICAGO – August 12, 2008 – World leaders from the telecommunications industry ar
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China Oilfield Service gets OK for Awilco purchase

  
China's largest offshore oil-services provider said Wednesday that it has won government approval to buy Norway's Awilco Offshore ASA for about $2.5 billion, as it expands its drilling operations and taps broader international markets.
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Euro drops against dollar to $1.4900

  
The euro lost more ground against the dollar Wednesday after a new report showed that the U.S. trade deficit shrank slightly in June as the weaker dollar helped boost American exports abroad.
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Roof falls in on European Parliament building

  
The European Parliament says that part of the roof of its Strasbourg chamber has collapsed.
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E.ON's 2Q, 1H net profit slips lower

  
Utility E.ON AG said Wednesday its second-quarter and six-month profit both slipped but that sales rose as demand for electricity and natural gas did not waver.
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Violence flares in Georgian town

  
There are reports of looting in the Georgian town of Gori, where Russian tanks are out on the streets despite a truce.
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Rusal sues Lukoil for breach of contract

  
The world's biggest aluminum producer, Rusal, said Wednesday it is suing oil firm Lukoil for cutting the supply of oil coke to Rusal's facilities by almost half.
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This year's Calif. table olive crop is the pits

  
Extra olives with your martini? Bartenders soon may think twice about that, with table olive prices expected to go up as California growers face their second-lightest harvest in more than a decade.
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Continental rejects Schaeffler offer again

  
German auto parts maker Continental AG on Wednesday again declined a bid by rival Schaeffler KG to take it over, leaving the door open to more talks.
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Germany remembers Berlin Wall construction

  
Germany marked the 47th anniversary on Wednesday of the Berlin Wall's construction, and the country's parliament speaker said the barrier's ultimate collapse proves that any regime's effort to isolate its citizens is doomed to failure.
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Olympic cyclist gets help from Idaho knife maker

  
A Boise company that usually makes industrial knives to slice up Idaho potatoes into millions of McDonald's french fries added an unusual custom touch to the racing bicycle that Team USA's Kristin Armstrong rode to an Olympic gold medal in the women's time trial in Beijing.
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Abkhazian separatist fighters grab land in Georgia

  
A few dozen fighters from the separatist region of Abkhazia crossed a thin slice of land dotted with Georgian villages Wednesday and planted their red, white and green flag in Georgian territory in a brazen challenge to the country's sovereignty.
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Construction of Finnish nuclear site investigated

  
Finland's nuclear safety officials on Wednesday demanded that power utility TVO explain alleged irregularities during the construction of the country's new 1,600-megawatt atomic power plant.
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