World Business

Europe funds another $172 billion bailout

BRUSSELS, Belgium — The bailout has saved Europe, for now, but it’s unlikely to save Greece.

The C130 billion ($172 billion) rescue — agreed to Tuesday after an all-night summit of European ministers — prevented an uncontrolled bankruptcy and calmed investors worried that a Greek default would have started a chain reaction across Europe. But it left key problems unresolved. READ

Greece awaits bailout decision, but issues remain over spending controls, debt levels

Eurozone governments are expected to sign off on Monday a long-awaited rescue package for Greece, saving it from a potentially calamitous bankruptcy next month, according to senior officials. READ

Obama cites manufacturing rebound

WASHINGTON — President Barack Obama says the painful restructuring of America’s manufacturing base means a lot of jobs are gone forever, but not that Americans must “settle for a lesser future.” READ

6-century history of French franc ending

PARIS — Six centuries after the first one was minted and a decade after they went out of circulation, the last French francs are being exchanged for euros, severing France’s final link to its former national currency. READ

Leaders optimistic a Greek bailout deal will be reached

BRUSSELS, Belgium — Greece’s hopes to finally get its bailout and dodge default next month were boosted Friday, when key European leaders, including German Chancellor Angela Merkel, sounded confident a deal could be agreed. READ

General Motors Co. to freeze pension plan, offer bonuses

DETROIT — General Motors Co. plans to freeze its U.S. pension plan for longtime white-collar workers and give all salaried employees annual bonuses but not pay raises in an effort to hold down expenses, officials announced Wednesday. READ

Greece fails to deliver

Two steps forward, one step back. So goes the frenzied effort across Europe to bail out Greece and save it from a potentially devastating default on its debts. READ

Bailout deal still faces obstacles

Greece faces further hurdles and delays before it can receive a second, C130 billion ($171 billion) bailout in spite of its lawmakers voting through more austerity measures in the face of violent protests. READ

Iraq opens new oil terminal

Iraq inaugurated a new offshore oil export terminal in the Persian Gulf on Sunday in a vital step to ease infrastructure constraints and to bring sorely needed cash for reconstruction after decades of war and international sanctions. READ

Iraq opens new oil export terminal

Bernanke says weak housing market leads to to spend less spendin

WASHINGTON — Ben Bernanke said declines in home prices have forced many Americans to cut back sharply on spending and warned that the trend could continue to weigh on the U.S. economy for years. READ

Spain approves key labour market reforms

MADRID, Spain — Spain’s new conservative government approved sweeping labour market reforms on Friday as part of a drive to revive a sick economy and solve Europe’s worst unemployment nightmare. READ

Austerity plan doubted

Not long after Greece made the politically unpopular decision to slash government spending to ease its debt crisis, Germany’s finance minister questioned whether the deal goes far enough to earn approval of a crucial C130 billion bailout. READ

Apple to unveil new iPad in March: report

NEW YORK — A news report says Apple plans to unveil a new iPad early next month. READ

Watchdog clears State Department of impropriety in Keystone pipeline review

WASHINGTON — The State Department’s internal watchdog cleared the agency Thursday of any impropriety in its review of a permit for a controversial pipeline that would carry oil produced from Alberta’s oilsands to refineries along the Texas Gulf Coast. READ

Kodak to phase out it camera, digital picture frame business

ROCHESTER, N.Y. — Picture it: Except for a few disposable point-and-shoots, Kodak is exiting the camera business. READ

Agreements prompt talk of free trade

BEIJING — A raft of agreements between Canada and China may see the two countries ready to set sail on free trade talks. READ

State Department cleared of impropriety in Keystone pipeline review

States reach $25 billion settlement over foreclosure abuses

WASHINGTON — U.S. states reached a landmark $25 billion deal Thursday with the nation’s biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst. READ

Greek deal on cuts appears to not yet fulfil bailout conditions: German finance minister

ATHENS — Not long after Greece made the politically unpopular decision to slash government spending to ease its debt crisis, Germany’s finance minister questioned whether the deal goes far enough to earn approval of a crucial C130 billion bailout. READ