WSJ Europe

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What's News Europe

BP Seals $7 Billion Offshore Brazil Deal

The British oil giant agreed to acquire a big swath of oil assets from Devon Energy for $7 billion, in a deal that will vault BP into the hot new oil region off the shores of Brazil.

Pope to Meet on German Abuse Cases

Pope Benedict XVI will meet with a German archbishop who is expected to update him about cases of alleged sexual abuse by priests that have unsettled the pontiff's native land.

Data Theft Hits HSBC Clients

HSBC said a former employee stole data on about 24,000 accounts in its Swiss private bank that wound up in the hands of French authorities.

Farallon Regroups After Knockdown

Farallon Capital is shrinking and reorganizing as the giant hedge-fund firm emerges from the rockiest period in its 24-year history.

Avastin Fails Prostrate-Cancer Trial

Roche said its Avastin product didn't live up to expectations in a late-stage prostate cancer study, dealing a blow to the drug's prospects of becoming a universal cancer treatment.

India's ONGC in Talks With Russia

India's state-run Oil & Natural Gas Corp. is in talks with Russian oil majors OAO Gazprom, OAO Rosneft and Sistema to explore oil and gas opportunities in Russia.

Audi Case Set Template for Toyota's Troubles

The Audi sudden-acceleration scare of the 1980s helped set the template for the high-stakes auto-safety scandal Toyota faces today.

Pink Floyd Wins Downloads Suit

Britain's High Court has ordered record company EMI to stop selling downloads of Pink Floyd tracks individually rather than as part of the band's original albums.

Greece Grinds to a Halt Amid Strike

Violence broke out between police and protesters in Athens as 30,000 people gathered to demonstrate against the government's austerity program as part of a nationwide general strike.

Spain Moves to Tame Savings Banks

As a deepening credit crunch threatens to prolong Spain's recession, the government and central bank are coming under increasing pressure to clean up the country's ailing savings banks.

BA Worker Charged in Bomb Plot

A British Airways computer expert was charged with plotting suicide bombings—including one he allegedly planned to carry out himself.

With opinion polls predicting poor results for his ruling conservative party, the two-round regional ballots that start Sunday could turn effectively into a no-confidence vote against French President Sarkozy.

Geithner Warns Europe on Fund Legislation

Geithner has warned the European Commission that its proposals for more restrictive regulation of alternative fund managers could affect cross-border investment, demonstrating how the controversial European Union directive could have transatlantic ramifications.

High Interest Costs Burden Greece

The high interest rates Greece must pay to borrow money are threatening the country's aggressive projections of a reduced budget deficit, and raising again the specter that it may need external aid.

BMW's 2009 Profit Slides 36%

BMW reported a 36% slump in 2009 net profit in a year that saw a steep downturn for luxury car makers, but said it is cautiously optimistic for 2010.

Broadcaster RTL Cautious on 2010

RTL, Europe's largest broadcaster, said business has started to pick up following last year's advertising slump, but it cautioned that it expects no quick recovery—echoing recent comments from other large media companies.

Trichet Comments Leave Door Open to EMF

The jury is still out on what will be the ECB's position on the proposed monetary fund for the currency union—but it's not an outright "no," comments by ECB President Trichet showed.

Brown Sticks to Budget Plans

The U.K. prime minister reiterated that he won't be using the upcoming budget to accelerate his government's debt-reduction plan, a controversial topic that has split economists and other experts.

Wall Street Moves to Shape CDS Rules

Some on Wall Street acknowledged that changes to CDS are inevitable, with some suggesting remedies that might increase transparency while forestalling greater government intervention.

Turkey Ends IMF Loan Talks

Turkey won't conduct further talks with the IMF on a potential new standby loan until at least May, ending more than a year of on-and-off talks on a loan facility favored by economists but resisted by the government.

Ex-Cazenove Partner Found Guilty

Malcolm Calvert, a City veteran and former partner at U.K. stockbroker Cazenove known by his peers as 'Streaky,' was found guilty of five counts of insider trading.

Ukraine Names New Premier

Ukraine's president, moving swiftly to end years of political paralysis, secured a majority coalition in parliament and won its approval for a close ally to serve as prime minister.

Lufthansa: 2010 Profit to Rise

The German flagship airline expects operating profit and revenue to rise in 2010, but said risks remain that could jeopardize an improvement of its business performance.

EMI Music Chief Leaves Abruptly

Beleaguered music company EMI said the chief executive of its recorded-music division, Elio Leoni-Sceti, is leaving the firm after less than two years.

Price War Hits Delhaize Results

Supermarket operator Delhaize posted a 10.1% drop in fourth-quarter net profit, but said it expects its 2010 operating profit to grow between 7% to 10%.

U.K. Inflation Expectations Edge Higher

U.K. public inflation expectations for the year ahead rose in February, while public satisfaction with the way the BOE is doing its job rose to its highest level since May 2007.

Shell Stops Gas Sales to Iran

The Anglo-Dutch oil major said it is no longer selling gasoline to Iran, the latest company to make such a move during threats of tougher sanctions against the Islamic republic.

Trans-Atlantic Defense Deals Falter

Northrop and EADS's decision to drop out of a $40 billion competition to build aerial-refueling tankers for the Air Force is the latest example of how trans-Atlantic defense ventures have faltered.

Barclays Plans Swiss Expansion

Barclays plans to start trading operations in Switzerland and is hiring Swiss franc currency traders, people familiar with the situation said Wednesday.

Portugal Raises $1.35 Billion

Portugal raised $1.35 billion in a key bond auction, suggesting the government's austerity plan is easing market concerns about the country's ability to pay off its high debts.

Newspapers Publish Prophet Drawing

At least three Swedish newspapers published a cartoon depicting the Prophet Muhammad with the body of a dog after an alleged plot to murder the artist who created it was uncovered in Ireland.

FSA Outlines Tougher Stress Tests

U.K. banks have been getting more optimistic, but the regulator is assuming a more-severe fall in GDP in the U.K. than in previous scenarios.

Northern Rock Loan Surges

Northern Rock, the mortgage lender nationalized by the U.K. government after its near-collapse, said its net loss narrowed in 2009, while its government loan rose sharply.

BA Talks With Union Break Down

BA said talks with a cabin crew union aimed at averting a strike have broken down with no agreement.

Deal Close for Tullow Assets

China's Cnooc and French oil major Total are each expected to acquire a third of Tullow Oil's oil assets in Uganda.

Deal Talk Lifts Tullett Prebon

Shares in U.K. interdealer broker Tullett Prebon jumped after the company said it is in early talks that could lead to a takeover bid.

Euro Zone Recovery Still Weak

Industrial data show that the economic recovery in the euro zone remains feeble and prone to setbacks, despite an industrial pickup in France and Italy.

Airlines Offer to Cede Slots

The European Commission said British Airways, American Airlines and Iberia have offered to lease four pairs of daily take-off and landing slots to competitors on specific trans-Atlantic routes in a bid to push through their bid to gain antitrust immunity.