Headlines

German Chancellor Angela Merkel indicated Thursday that healthier members of the euro zone aren't prepared to abandon Greece and other heavily indebted countries in the currency bloc, The Wall Street Journal reported. Ms. Merkel's comments were the first by a senior European figure in recent days to focus on shared obligations among members of Europe's monetary union, after a flurry of statements by European politicians and ECB officials emphasizing Greece's need to act.

The Dutch financial services group ING, which came close to collapse last year, said Friday that this month it would repay half of the €10 billion provided by the government during the height of the financial crisis, The New York Times reported. The bank joins other lenders in Europe and the United States, like UBS of Switzerland and Bank of America, in repaying at least some government funds earlier than anticipated. The Dutch state injected the funds into ING in October 2008 by purchasing nonvoting preferred shares.

French President Nicolas Sarkozy is considering a tax on 2009 banker bonuses exceeding €27,000 ($39,800), following the U.K. government’s introduction of a similar levy, said two French government officials, Bloomberg reported. French banks would pay the charge, though the rate hasn’t been set, said the officials, who declined to be identified because they’re not authorized to speak to the press. Chancellor of the Exchequer Alistair Darling said yesterday all banks in the U.K. awarding discretionary bonuses of more than 25,000 pounds ($40,000) must pay a one-time levy of 50 percent.

Ukraine has made an urgent appeal to the International Monetary Fund for about $2 billion in emergency loans to ease “an extremely difficult situation” in meeting its external obligations and avoid the danger of a “spill-over effect” on other economically vulnerable states, the Financial Times reported. “The next three months are crucial,” said Hryhoriy Nemyria, Ukraine’s deputy prime minister. Mr Nemyria’s warning seems aimed at putting public pressure on the IMF, the US and the European Union at a difficult time in financial markets.

The Airbus military transport plane A400M took off for its maiden flight on Friday in Seville, Spain. But the project is now €5 billion over budget and EADS would like European governments to help cover the shortfall, Spiegel Online reported. Airbus parent EADS is hoping that the governments of seven European countries, which have ordered 180 of the gigantic, military transport aircrafts, will agree to renegotiate the original contract -- one which placed the burden of budget overruns squarely on the shoulders of Airbus.

Hollinger Canadian Publishing Holdings Co., Conrad Black’s former newspaper holding company that sold its operations, won bankruptcy protection to restructure benefit and pension plans for more than 3,000 former employees, Bloomberg reported. Ontario Superior Court Judge Colin Campbell today granted the protection from creditors following a hearing in Toronto. Hollinger Inc. held 50.5 percent of newspaper publisher Southam Inc. through Hollinger Publishing, and acquired the remainder of Southam in 1998 for $386 million.

Dutch shareholders association VEB and Dutch insurer ASR Nederland said on Friday they had requested a Dutch court to order an inquiry into company policy at bankrupt Dutch brokerage Van der Moolen Holding, Reuters reported. Van der Moolen, one of the most prominent names on Wall Street in the 1980s and 1990s, sought creditor protection in August due to a "very weak" liquidity position and was declared bankrupt in September.

A four-year bankruptcy battle for control of Asarco finally ended Wednesday when the Tucson-based mining company emerged from Chapter 11 and into the arms of its long lost parent, Grupo Mexico, The AmLaw Daily reported. It was the largest environmental claims settlement in bankruptcy history--and probably worth more than $200 million in billable hours to legions of lawyers. The matter entered its final stage last month in the border city of Brownsville, Texas, when U.S. district court judge Andrew Hanen approved a $2 billion plan by Grupo Mexico to reacquire Asarco out of bankruptcy.

GM Europe's new business plan for restructuring is likely to be delayed to January instead of December as previously planned, GM Europe President Nick Reilly said on his blog Thursday. Reilly said constructive talks continue with employee representatives and other officials but more work needs to be done to put a plan in place for restructuring Opel and Vauxhall, and consultations shouldn't be rushed, Dow Jones reported.

President Nicolas Sarkozy is to follow Britain’s lead and impose a one-off tax on bonus pay-outs by banks operating in France. The French government intends to include the 50 per cent tax in the budget bill going through parliament. It will be levied on bonuses above €27,000 and will be paid by the banks, bringing Paris in line with London. France and the UK want similar one-off taxes to be adopted across the European Union.