Panama Canal strike called off

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22 January 2012 Last updated at 23:22 GMT The canal is a vital artery of world trade Thousands of workers on a project to expand the Panama Canal have agreed to end a strike that had paralysed construction for a week.

The stoppage was called off after the consortium in charge of the works agreed to increase the minimum wage.

The $5.25bn (£3.4bn) project to widen the Panama Canal and double its capacity is due to be complete in 2014.

The waterway linking the Pacific and Atlantic Oceans already handles around 5% of world trade.

The multinational consortium Grupos Unidos por el Canal (GUPC) said workers had accepted a 13% increase to the minimum wage and would go back to work on Monday.

Union leaders said their members had accepted the deal, which increases the minimum hourly wage from $2.90 to $3.34.

The company had already agreed to give back pay for overtime and Sundays.

Centenary

The Panama Canal expansion project involves building a third set of locks and the widening of navigation channels so that some of the world's biggest ships can pass through.

The project is due for completion in 2014 - a century after the canal was first opened by the US.

Panama has been running the 82km (51 mile) waterway since 1999, when the US handed over control.

The canal is Panama's main source of revenue, and the government says its expansion will give a major boost to economic growth.

Source BBC

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Sarkozy called Israeli PM 'liar'

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8 November 2011 Last updated at 11:03 GMT The comments - embarrassing for President Sarkozy - have only just emerged French President Nicolas Sarkozy called Israeli Prime Minister Benjamin Netanyahu a "liar" in remarks to US President Barack Obama overheard by journalists.

"I can't stand him any more, he's a liar," Mr Sarkozy said in French.

"You may be sick of him, but me, I have to deal with him every day," Mr Obama replied.

The exchange at the G20 summit was quoted by a French website, Arret sur Images, and confirmed by other media.

The remarks - during a private conversation - were overheard by a few journalists last week but were not initially reported, the BBC's Christian Fraser in Paris says.

Journalists at the bilateral press conference had been handed translation boxes but had been told not to plug in their headphones until the backroom conversation had finished. But those who did heard the revealing comments.

For several days there was media silence in France about the exchange - a decision had been taken not to embarrass the French president, our correspondent says.

A correspondent for Le Monde newspaper referred to the conversation without the quotes.

But Israeli newspapers have reported it in full.

It is said Mr Obama was taking Mr Sarkozy to task for voting in favour of the Palestinian bid for full membership of the UN cultural organisation, Unesco, a bid that was approved despite American opposition.

The remarks indicate a breakdown of trust with the Israeli leader which could have wider implications for the Middle East peace process, our correspondent says.

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ECB called for Italy budget cuts

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29 September 2011 Last updated at 10:45 GMT Not all the reforms wanted by ECB president Jean-Claude Trichet were introduced The European Central Bank told Italy to make sweeping changes to its labour laws and take tough action to cut the deficit, a leaked letter has shown.

In the letter, sent to prime minister Silvio Berlusconi in August, the ECB said the severity of Italy's economic situation made "bold and immediate" action "essential".

The ECB said its list of demands should be enacted by the end of September.

The letter was published in the Italian media on Thursday.

Dated 5 August, the letter came from ECB president Jean-Claude Trichet and his designated successor, Bank of Italy Governor Mario Draghi.

In unusually clear language, the signatories told Mr Berlusconi to make deep reforms, including opening up public services and overhauling pay bargaining and hiring and firing rules.

The ECB called for "pressing action", "essential to restore the confidence of investors" as markets panicked over fears that Italy could be the next country to succumb to the eurozone debt crisis.

Days after the letter was sent, the ECB began its controversial programme to buy Italian bonds, a move aimed at reducing the country's borrowing costs.

The ECB has always rejected suggestions that its bond-buying programme was linked to demands for austerity cuts.

Continue reading the main story Use the dropdown for easy-to-understand explanations of key financial terms:AAA-rating GO The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule.The letter, published in Corriere della Sera, said Italy should aim to bring the deficit down to 1% of gross domestic product by 2012 and balance the budget by 2013, a year ahead of schedule, "mainly via expenditure cuts".

It said: "In view of the severity of the current financial market situation, we regard as crucial that all actions listed" be ratified by 30 September.

"We trust the government will take all the appropriate actions," it ends.

The Italian parliament passed a 60bn-euro austerity package earlier this month.

'Eye-watering' costs

While some tax and budget changes were introduced, others, including pay and pension reforms, were implemented either partially or not at all.

On Thursday, opposition parties in Italy said the disclosure of the letter proved that Mr Berlusconi had placed Italy under the "trusteeship" of the ECB.

The ECB's bond-buying programme has as yet failed to dent Italy's borrowing costs.

On Thursday the central bank sold 6.9bn euros of bonds, but at sharply higher interest rates. The yield on the 10-year bonds rose to 5.86%, up from 5.22% last month.

David Schnautz, rate strategist at Commerzbank, described the yield as "eye-watering".

He said: "Obviously it's not a comfortable level on a sustained basis and the headlines don't help. Despite ECB intervention for more than one month Italy is still printing at these levels to get the paper out of the way."

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