 | German Cabinet approves bank nationalisation law
German Chancellor Angela Merkel's cabinet has approved a bill that would allow the government to nationalise banks that have been hit hard by the global financial crisis. If approved by parliament and signed into law by the president, this would allow the government to seize control of the troubled lender Hypo Real Estate. The bank has already received more than 100 billion euros in state loan guarantees. The measure, which is only to be used as a last resort, would mark the first time in modern-day Germany that bank shareholders could face possible expropriation. Finance Minister Peer Steinbrück told reporters in Berlin that the legislation was needed to ensure that Hypo Real Estate is not allowed to fail. If this happened, he said, it would send a shockwave through Germany's entire financial system. |  | | GM Europe ready to discuss possible partnerships
German-based carmaker Opel says it is prepared to discuss possible partnerships to help secure the long-term success of its business. That's according to a joint statement released by Opel management and employee representatives. This comes a day after Opel's US parent company, General Motors, announced plans to cut 47,000 jobs globally by the end of the year. That's almost 20 percent of its work force. It also said that 26,000 of those job cuts would come at GM facilities outside of the United States. | | | Obama outlines $75bn programme to stem foreclosures
US President Barack Obama has outlined a 75 billion dollar plan to tackle mortgage foreclosures. He said the plan would help up to nine million Americans who were at risk of losing their homes. The initiative was designed to help up to 5 million borrowers refinance, and provided incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure. It is the latest component of the incoming administration's plan to address what could be the most serious recession since the Great Depression of the 1930s. | | | Obama increases troops for Afghanistan
United States President Barack Obama has authorised the deployment of at least 17,000 extra troops to Afghanistan to meet urgent security needs. Obama said in a White House statement that two brigades are to be sent. This first major troop deployment under Obama comes as his administration reviews US policy in Afghanistan. The anouncement came on the same day as President Obama has also had his first telephone talk with Afghan President Hamid Karzai. Obama assured Karzai of the US commitment to fight terrorism in the region. The US already has about 14,000 troops serving with the Nato-led mission, ISAF. There are also 19,000 US troops under sole US command fighting Taleban and al-Qaeda insurgents. . | | | Clinton advocates comprehensive partnership with Indonesia
US Secretary of State Hillary Clinton has underlined Washington's committment to building a comprehensive partnership with Indonesia, the world's largest Muslim nation. Speaking during a visit to Jakarta, Clinton said that relations with Indonesia were critical to Washington's efforts to mend ties with the Islamic world. Indonesian Foreign Minister Hassan Wirajuda said he and Clinton had discussed stronger cooperation in areas such as trade climate change and security. He said the two also discussed global issues such as the Israeli-Palestinian conflict and the Middle East in general. US President Barack Obama, who has promised rapprochement with the Islamic world, is a popular figure in Indonesia and lived in Jakarta for four years as a child. | | | Zimbabwe court remands MDC's Bennett until March 4
A Zimbabwean court has rejected an application to throw out charges against a senior MDC party official of planning terrorism and insurgency. The Mutare magistrates court ruled that the ministerial candidate Roy Bennett was to remain in custody until March 4. The judge gave leave for Bennett's defence to appeal the ruling to the High Court. The ruling is a blow for Bennett's Movement for Democratic Change, which wants the 52-year-old former farmer to be part of a new coalition government. He is the MDC's designated deputy agriculture minister and was scheduled to participate in a swearing in ceremony for junior ministers this week. Prime Minister Morgan Tsvangirai, a longtime opposition leader, called Bennett's arrest last week an attempt by factions in President Robert Mugabe's party to derail the country's unity government. | | | Steinmeier opens German consulate in Arbil
German Foreign Minister Frank-Walter Steinmeier has been wrapping up his two-day visit to Iraq with a trip to the city of Arbil. There, he has held talks with leaders of the autonomous Kurdish region of northern Iraq. He has also attended the official opening of a German consulate there. Earlier, Steinmeier met with Prime Minister Nouri al-Maliki and other senior Iraqi officials in Baghdad, and signed several bilateral memoranda of understanding with Iraq. | | | Czech lower house approves EU reform treaty
The lower house of the Czech parliament has approved the European Union's Lisbon Treaty, a key step in ratifying the document. The treaty aims to reform the EU's institutions to make the bloc more flexible in the wake of its recent expansion. The Czech Senate still needs to ratify the treaty, a process which is expected to take some time. The Czech Republic currently holds the six-month rotating presidency of the 27-member bloc.
| | | Israel makes soldier's release condition for truce
Israel's security cabinet says that the crossing points into the Gaza Strip will not be fully opened until Hamas releases an Israeli soldier it captured two-and-a-half years ago. Interior Minister Meir Sheetrit told Israel Radio that the cabinet agreed it could not accept an Egyptian-brokered truce until the radical Islamist group releases Gilad Shalit, who was captured in June 2006. Hamas, which rules the Gaza Strip, has made the opening of the borders a key demand in truce negotations. It also says it wants Israel to free hundreds of Palestinian prisoners in exchange for Shalit's release. Egypt has been attempting to broker a truce between the two sides since January 18, when Israel ended a 22-day offensive in the Gaza Strip. | | | Kati Wilhelm wins gold at Biathlon championships
At the Biathlon world championships in South Korea, German Kati Wilhelm has won another gold medal. 32-year-old Wilhelm won the 15-kilometre individual race. Wilhelm has already won gold in the women's sprint and silver in the pursuit. | | | | |
German Cabinet Approves Bank Nationalization Plans
