Monti to form new Italian government

Monti to form new Italian government

rome

Economist Mario Monti accepted the monumental task Sunday of trying to form a new government that can rescue Italy from financial ruin, expressing confidence that the nation can beat the crisis if its people pull together.

His selection came a day after Silvio Berlusconi reluctantly resigned as premier, bowing out after world markets pummeled Italy’s borrowing ability, reflecting a loss of faith in the 75-year-old media mogul’s leadership.

The 68-year-old economics professor is no pushover, earning a reputation for staring down challenges as a tough EU competition commissioner.

US companies hit by European crisis

new york

The tremors from Europe’s financial upheaval have reached U.S. shores, rattling consumers and companies.

The consequences have been limited so far. Yet the United States and Europe are so closely linked that any slowdown across the Atlantic is felt here. U.S. makers of cars, solar panels, drugs, clothes and computer equipment have all reported effects from Europe’s turmoil.

Worries that Europe’s crisis could worsen and spread are spooking investors and consumers just as the holiday shopping season nears. Some fear U.S. consumers could rein in spending. Europe’s sputtering growth is already dragging on some U.S. companies’ profits and could further slow the U.S. economy.

Dubai airline orders 50 more Boeing 777s

dubai, united arab emirates

Dubai’s fast-growing airline Emirates kicked off the Middle East’s biggest airshow Sunday with a huge order for 50 Boeing 777s, marking the U.S. aircraft maker’s biggest single order in dollar terms.

Emirates and Boeing Co. valued the unexpectedly large deal for an extended range version of the 777-300 at $18 billion — the total by list price — though the carrier is unlikely to pay that much.

Airlines typically negotiate big discounts, especially when buying in bulk.

Emirates has an option to buy another 20 777s as part of the order. That would push the deal’s face value to $26 billion.

The deal further establishes Emirates as Boeing’s best customer for the twin-engine 777, a workhorse of the carrier’s long-haul fleet.

Vindicator wire reports