G20 Puts Italy Under Watch

G20 puts Italy under watch, but no new aid for eurozone

Leaders of the world's top economic powers Friday pushed Europe in to acting to cease France following Greece in to a debt crisis, but failed to come up with new money to boost the IMF war chest.


While the G20 summit agreed in principle to increase IMF funding, the leaders did not settle on any exact figure or timetable, kicking the issue down the road. Financial markets were unimpressed.


Nor was there any let-up in pressure on debt-laden Greece, whose ongoing political & economic crisis still hung heavily over Cannes' rain-lashed seafront summit venue, as an example of the threat facing France.


The risk premium on Italian bonds shot up to a brand spanking new record & eurozone stock markets tumbled, with London's FTSE-100 index closing down 0.33 percent, Paris' CAC-40 down by two.25 percent & the Frankfurt DAX by two.72.


"Put basically, the world faces challenges that put our economic recovery in danger," said US President Barack Obama, reflecting concerns Europe has failed to get to grips with its sovereign debt debacle.


"With respect to Europe, they came to Cannes to discuss with our European friends how they will move forward & build on the plan they agreed to last week to resolve this crisis."

Bangladesh Fund

Bangladesh Fund's public shares have received huge local and foreign responses, the Investment Corporation of Bangladesh (ICB) says.

ICB managing director Mohammad Fayekuzzaman told bdnews24.com on Saturday, "I went abroad and talked to many non-resident Bangladeshis. Besides those, I also talked to many people and organisations in the country and got huge responses on this fund."

The sale of public shares worth Tk 35 billion might start from Oct 10, Fayekuzzaman said.

State-run ICB announced on Mar 6 the creation of this Tk 50 billion syndicated fund as part of measures to give the share market a shot in the arm, which has been reeling from repeated shocks.

Eight entrepreneurs of the fund had already pumped in Tk 15 billion and the rest will be collected from the market.

Earlier he told journalists on Sept 19, "We expect to start selling the public shares of Bangladesh Fund from Oct 2."

When asked about the rescheduling of the issue date, he said, "We are planning to inaugurate the sale of the shares in a big way. So we deferred the opening date."

"We plan to invest the entire fund of worth Tk 35 billion in the stock market," he said.

Besides ICB, the other co-sponsors of the fund are the four state-owned banks (Sonali, Rupali, Agrani and Janata), and Sadharan Bima Corporation, Jiban Bima Corporation and Bangladesh Development Bank Limited.

Fayekuzzaman said, "Almost all of the entrepreneurial part of the contingency fund—Tk 15 billion—has already been invested in the stock market." 

Tim Cook’s email to Apple employees

Tim Cook as new CEO of Apple, Steave Jobs resigns

Team:

Ars Technica has received what they feel confident is an email from new Apple CEO Tim Cook to all Apple employees. In it, Cook addresses his new role, and his confidence in Apple and his team going forward.

I am looking forward to the amazing opportunity of serving as CEO of the most innovative company in the world. Joining Apple was the best decision I’ve ever made and it’s been the privilege of a lifetime to work for Apple and Steve for over 13 years. I share Steve’s optimism for Apple’s bright future.
Steve has been an incredible leader and mentor to me, as well as to the entire executive team and our amazing employees. We are really looking forward to Steve’s ongoing guidance and inspiration as our Chairman.
I want you to be confident that Apple is not going to change. I cherish and celebrate Apple’s unique principles and values. Steve built a company and culture that is unlike any other in the world and we are going to stay true to that—it is in our DNA. We are going to continue to make the best products in the world that delight our customers and make our employees incredibly proud of what they do.
I love Apple and I am looking forward to diving into my new role. All of the incredible support from the Board, the executive team and many of you has been inspiring. I am confident our best years lie ahead of us and that together we will continue to make Apple the magical place that it is.
Tim