Greece - Down to wire on bond swap? those who do not sign up will get nothing.

Published on Mar 7, 2012 by Euronews

http://www.euronews.com/ There was more anger in Athens on Wednesday as the deadline approached for Greece's bond swap with its investors, which is a vital step in the country getting its international bailout.

Union members, including police officers, protested that their pension funds are included in the debt swap deal. That means steep losses on the government bonds they hold, potentially reducing the value of their future pensions.

A leader of the civil servants union, Ilian Vrettakos, complained: "The coalition government and the troika are implementing the most barbaric plan against the social insurance funds and those insured. Instead of leaving out pension funds from the losses, they are making more cutbacks to the funds, which means a reduction in pensions and benefits."

Private investors hold 206 billion euros worth of government bonds. Athens has said at least three quarters of them have to agree to take part in the bond swap for it to go ahead.

After months of tortuous negotiations, over 30 major European banks and insurers, along with Greece's largest banks and most of its pension funds, confirmed on Wednesday that they will swap their bonds for others of lower value to be paid back over a longer term. That process will wipe out almost three quarters of the value of their investments.

The rest of the investors have until Thursday evening to say whether they will take part.

Bankers and politicians said the outcome still remains uncertain.

Greece has said those who do not sign up will get nothing.

euronews hi-tech: Windows 8 talk of town at Barcelona mobile show

Published on Mar 7, 2012 by Euronews

http://www.euronews.com/ Some of the chatter at the recent World Mobile Congress was about Microsoft Windows 8 rather than phones, as the world got its first official look at the new operating system.

Middle East - Oil price rebounds on Chinese demand outlook

Published on Mar 7, 2012 by Euronews

http://www.euronews.com/ Oil prices rose on Wednesday from Chinese plans to increase its energy imports this year.

Beijing also said it will keep policies to ensure stable export growth, which it expects to improve in the second half of the year.

However Brent - and its equivalent US benchmark - remained well below last week's near four-year highs.

That is because Iran's offer of talks on its nuclear programme has eased concerns about supply disruption.

US President Barack Obama said an announcement of six-power talks with Iran offered a diplomatic chance to defuse a crisis over its nuclear program and quieted the "drums of war."

"It was getting quite worrying but tensions have eased and it's looking more like both sides could come out of this without losing face," said David Morrison, market analyst at GFT.

China's plans on energy imports reinforce a view that Asian demand will continue to support oil prices, even as demand from developed economies is seen as sluggish.

"China's comments are a timely reminder that the Chinese and Asian economies are still growing strongly," said Ric Spooner, chief market analyst at CMC Markets. "Even though China's target growth rates are down for this year, it's still growing and that means more energy needs overall

Norway - Anders Behring Breivik formally charged with acts of terror

Published on Mar 7, 2012 by Euronews

http://www.euronews.com/ The man who killed 77 people during twin attacks in Norway was formally charged with committing acts of terror on Wednesday.

Anders Behring Breivik was read an 18-page indictment at the prison near Oslo where he has been held since last July.

The 33-year-old is due to go on trial next month.

Breivik set off a bomb near government offices in Oslo killing eight people, before driving to Utoya island, where a summer camp for the youth-wing of the Norway's governing party was being held.

Over the course of an hour, dressed as a police officer, he shot dead 69 people.

Breivik could face up to 21 years in prison or be sent to a psychiatric hospital if he is found to be criminally insane.

He has confessed to the attacks but denies criminal responsibility.