Top officials from the U.S. and Turkey emerged from a meeting offering no indication that the two countries had bridged their differences.» Read More
*May invest 1 bln euros in the right wind project. MUNICH, Germany, Oct 10- The low interest rate environment is increasing pressure on Allianz to cut costs because it undermines the insurer's ability to earn adequate returns on investment, Chief Financial Officer Oliver Baete said.
ROME-- Italy raised 11 billion in a pair of short term auctions but had to pay slightly higher interest rates to get investors to part with their cash. Over recent weeks, Italy has not been a primary focus in Europe's debt crisis.
Alcoa kicked off the latest round with a warning that demand for aluminum was lower than anticipated largely because of a slowdown in China. Alcoa's warning about global demand came as the International Monetary Fund lowered its global growth forecast for this year to 3.3 percent from the previous estimate of 3.5 percent.
MOSCOW, Oct 10- The following are some of the leading stories in Russia's newspapers on Wednesday. -Russia's Defense Minister Anatoly Serdyukov introduced a draft law providing for the establishment of a military police, the daily writes.
BERLIN, Oct 10- German newspapers attacked "ungrateful" Greeks for the hostile public reception they gave Angela Merkel in Athens and some criticised the chancellor's generosity for promising they would stay in the euro zone- a message welcomed in Greece.
BERLIN, Oct 10- Germany's surcharge for renewable energy will rise to 5.3 cents per kilowatt hour in 2013 from 3.6 cents, a government source told Reuters on Wednesday. The increase reflects the fact that increasing amounts of electricity are generated from renewable sources and that this power is bought from producers at guaranteed prices above market rates.
Credit Suisse recommends investing in global small and mid capitalisation European companies, saying that cheap valuations support a bullish outlook despite the headwind of regional outlook concerns. "European small caps have not performed as strongly as expected in 2012," Credit Suisse analysts say in a note.
Oct 10- Low yields from investment income as a result of lastingly low interest rates could drag on the financial strength of German insurers, says Standard& Poor's Ratings Services today in the report "Low Interest Rates Are Testing The Financial Strength Of German Insurers."
BERLIN, Oct 10- Germany's Finance Agency, the federal government's debt management office, sold 1.17 billion euros in a top up of its 0.10 percent, 2023 inflation-linked bond at the lowest price of 105.1, the Bundesbank said on Wednesday. AUCTION DATE 10/10/12 23/05/12 AVG. YIELD -0.38 pct 0.24 pct AVG.
WARSAW, Oct 10- Poland valued local utility ZE PAK at 1.72 billion zlotys in a prospectus issued on Wednesday, close to the lower end of brokers' estimates as optimism about the stock is scaled back. Fund managers also have concerns about the age of ZE PAK's power plants and the amount of CO2 they emit.
Economists attributed the rise to Greece's export industry, which has benefited from falling labour costs as the country has implemented policies laid out under its bailout deal.
The rating reflects the strong support mechanisms that apply to all members of the German Federation, including the six German federated states involved in the joint issue, and the extensive liquidity facilities they benefit from, which ensure timely debt and debt service payment.
LISBON, Oct 10- Portugal's global trade deficit shrunk by 37 percent in the three months between June and August compared to the same period last year as exports rose 10 percent and imports by the bailed-out nation fell 1.5 percent, the National Statistics Institute said on Wednesday.
MILAN, Oct 10- Italy's one-year borrowing costs rose at an auction on Wednesday as persistent uncertainty over whether Spain will request a bailout cut investor appetite for short-dated peripheral debt. ï¿ ½ The Treasury sold 8 billion euros bills maturing on Oct. 14 2013 at yield of 1.94 percent, in line with the market price and compared with 1.69 percent at an equivalent sale in mid-September.
SOFIA, Oct 10- Bulgaria's government approved on Wednesday a 2013 budget draft that aims to keep the fiscal deficit down and also allow a hike in state pensions after a three-year freeze, Finance Minister Simeon Djankov said.
LONDON/ MOSCOW, Oct 10- Russian president Vladimir Putin backs BP's plan to sell its 50 percent stake in TNK-BP to state oil group Rosneft, the Financial Times reported on Wednesday, citing an interview with Rosneft Chief Executive Igor Sechin.
SEOUL, Oct 10- Samsung Electronics Co plans to unveil a smaller version of its popular Galaxy S III flagship smartphone in Europe on Thursday, the head of Samsung's mobile business said, raising competition against Apple Inc's.
Oct 10- The decision by the US House Intelligence Committee to label Huawei and ZTE as threats to US national security- largely on the premise of potential Chinese state influence- underlines once again the difficulties facing the Chinese telecom equipment makers as they seek to expand across major developed markets.
ZAGREB, Oct 10- Croatia will choose by next April its strategic partner in the construction of a 500- megawatt thermal power plant in the northern Adriatic, Deputy Prime Minister Radimir Cacic said on Wednesday. The bidders were Italy's Edison, KOSEP from South Korea, Marubeni from Japan and Poland's POL-MOT.
AMSTERDAM/ BRUSSELS, Oct 10- EU antitrust regulators will next week tell United Parcel Service Inc that its bid for TNT Express is anti-competitive, a person close to the matter said on Wednesday, ratcheting up pressure on the U.S. company to offer concessions.