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Russia opposes the Arab League’s decision to suspend Syria and believes Western nations are inciting opponents of President Bashar al-Assad to seek his removal, Foreign Minister Sergei Lavrov was quoted as saying on Monday.

Russian news agencies said Lavrov had also reiterated Moscow’s opposition to any new international sanctions on Iran over its nuclear programme and said other countries were whipping up tension to justify imposing unilateral sanctions.

His remarks underscored the Kremlin’s disagreements with the West and other nations on how to end months of violence in Syria and persuade Iran to address international concerns that it could be seeking nuclear weapons.

“We believe it is wrong to suspend Syria’s membership of the Arab League,” state-run RIA news agency quoted Lavrov as saying during a flight back to Moscow from a Pacific Rim summit in Hawaii, where he accompanied President Dmitry Medvedev.

“Those who made this decision have lost a very important opportunity to shift the situation into a more transparent channel,” said Lavrov, whose country often warns that too much pressure on recalcitrant governments can be counter-productive.

The Arab League suspended Syria and called on its army to stop killing civilians on Saturday, a surprise move that some Western leaders said should prompt tougher international action against Assad.

Syria has called for an emergency Arab summit in an apparent attempt to prevent the suspension.

Russia, which has close ties to Assad’s government and has sold arms to Syria, joined forces with China in October to veto a Western-backed UN Security Council resolution that would have condemned Syria’s crackdown on pro-democracy protesters.

Moscow has called on Assad to implement promised reforms faster but has said his opponents share the blame for the violence and, singling out the United States and France, accused the West of discouraging dialogue in Syria.

“There has been and continues to be incitement of radical opponents (of Assad’s government) to take a firm course for regime change and reject any invitations to dialogue,” Interfax news agency quoted Lavrov as saying.

He said there were “undeniable instances” of covert arms supplies to government opponents, Interfax reported.
“Weapons are being delivered to Syria through contraband channels via Turkey, Iraq and other countries,” he said.

After abstaining from a Security Council vote in March that led to a NATO air campaign that helped oust Libya’s Muammar Gaddafi, Russia has hardened its opposition to Western pressure on Syria and Iran.

Lavrov suggested widespread attention to a UN nuclear agency report last week that deepened Western suspicions abut Iran’s intentions was aimed to “to whip up passions in public opinion and lay the groundwork for new bilateral sanctions”.

“We consider the sanctions track on Iran to have been exhausted,” Interfax quoted him as saying.

Photovoltaics is a term that is used to describe the technology required to convert sunshine into electricity that can be stored and ultimately used as an energy source for a number of different applications. As interest in alternative energy production has increased, investors who are attracted to the idea of getting in on the ground floor of the solar energy industry have begun to look closely at companies that produce photovoltaics panels for use in such systems. In fact investors from many parts of the world, ranging from the United Kingdom to South Africa and from South America and the United States are buying stock in companies that produce these types of panels.

One of the main reasons for the interest in photovoltaics is that there is a growing concern surrounding the consumption of more traditional energy sources, such as oil deposits and coal. Where once solar energy was considered an environmentally friendly, but somewhat impractical solution to the problem, developments in technology have made setting up solar energy systems much more cost effective. This in turn has meant that not only are more individuals considering this option, but also more companies and even entire countries. From this perspective, the possibility of earning a significant return from investing in photovoltaics is tremendous.

Companies such as Con Edison in the United States, Singfo Solar in China and Axitec in Germany are only three of the companies involved with photovoltaics, both in terms of producing panels and providing financial support for research and development to enhance current technology. Many companies, focused solely on photovoltaics, are beginning to turn a profit, although in some cases that profit is modest. What is important is that stocks are still somewhat affordable and the degree of risk is dwindling, possibly down to levels that even conservative investors may want to take a second look.

The real value of investing in photovoltaics right now is the growth potential. It is safe to say that solar energy is here and it is not going to go away. All the predictions point to expansion within this type of energy production, since even some nations are looking to augment production on traditional power grids with this type of technology. This means that a savvy investor can purchase shares now, hold them for several years and likely sell them for a significant return. In the interim, as more and more solar production companies begin to generate profits, that also means dividends for investors from time to time.  

As with any type of investment strategy, investors need to investigate the background and stability of any photovoltaics producer they are thinking of investing in before making any commitment. The goal is to ensure the company is relatively stable, has the backing necessary to continue production and move toward profitability and will actually be able to compete in the world market as interest in solar energy continues to increase. While it may take some time to evaluate all the different investment options related to this type of opportunity, choosing the right photovoltaic investment and sticking with it for several years is likely to result in excellent returns.

Prime Minister Silvio Berlusconi on Wednesday confirmed he would resign after implementing urgent economic reforms demanded by the European Union, and said Italy must then hold an election, in which he would not stand.
“We have to give Europe and the world an urgent, strong signal that we are taking things seriously,” he told a morning television show by phone.

After failing to secure a majority in a vote in the lower house on Tuesday night, Berlusconi said he would quit as soon as parliament passed budget reforms to help Italy stave off a debt crisis that is threatening the entire euro zone.

Berlusconi, who has been under pressure to resign for weeks as markets pummelled Italy, also said his decision to resign was “a gesture of responsibility” to the country.

But he said he was opposed to any form of transitional or national unity government – which the opposition and many on the markets favour – and that an early election was the only alternative.

Markets showed little or no relief that a man they saw as an obstacle to economic reform planned to leave office.

The yield on Italy’s 10-year benchmark bonds rose sharply to near 7.00 percent, a level widely seen as unsustainable at which Portugal, Greece and Ireland were forced to seek a bailout. Italy’s FTSE MIB index fell 3.0 percent.

Alfano proposed
In a separate interview with La Stampa newspaper, Berlusconi said he saw an election being held at the start of February and that PDL party secretary and former justice minister Angelino Alfano would be the centre-right’s candidate for prime minister.

“I will resign as soon as the (budget) law is passed, and, since I believe there is no other majority possible, I see elections being held at the beginning of February and I will not be a candidate in them,” he told La Stampa newspaper.

Berlusconi’s delayed resignation is highly unusual in Italy and several leftwing newspapers suggested he might be playing for time and would not eventually step down. But he gave a string of interviews on Wednesday underlining that he would resign.

Commentators said the fact that President Giorgio Napolitano had announced the resignation plan in an official statement would make if extremely difficult for Berlusconi to renege. They suggested his priority now was to keep his centre-right coalition in power.

Votes on the economic reforms in both houses of parliament are likely this month. Opposition leaders may try to bring them forward in order to end as soon as possible the flamboyant billionaire media tycoon’s 17-year dominance of Italian politics.

Worries about the Berlusconi government’s ability to implement reforms to boost Italy’s sluggish growth and cut its huge debt have helped fuel a rise in Italy’s borrowing costs to unsustainable levels, weighing on the euro and stock markets.

Global equity markets and the euro rose after Berlusconi’s decision on hopes that a new leader will act more aggressively to tackle the crisis in the euro zone’s third largest economy, which is jeopardising Europe’s single currency project.

Consultations
Napolitano said he would start consultations with all political parties after the new budget measures were approved.

When a government is defeated or resigns, it is the president’s duty to appoint a new leader to try to build a majority in parliament, or call an election.

Pier Luigi Bersani, leader of the opposition centre-left Democratic Party, repeated a proposal to form a transitional government spanning the political spectrum.

Berlusconi and his closest allies a government of technocrats – an option favoured by markets and, it is thought, Napolitano — would be an undemocratic “coup” against the 2008 election result.

EU inspectors were due to arrive in Rome on Wednesday to begin a monitoring mission aimed at ensuring economic reforms are carried out as part of an agreement reached at a G20 summit last week.

Even when Berlusconi goes, there is no guarantee that reforms will be quickly implemented, and relief on markets may not last long.

The cost of using Italian bonds to raise funds rose after the clearing house LCH.Clearnet SA increased the margin Italian debt.

When LCH.Clearnet took similar action on Portuguese and Irish debt as bond yields soared, it added to selling pressure on the paper. Both countries were later forced to seek bailouts.

US-based electricity company Dynegy said that its Dynegy Holdings unit and four of its wholly owned subsidiaries had filed for Chapter 11 bankruptcy late on Monday.

The Houston power producer reached an agreement with some of its bondholders to complete a debt restructuring of around $1.4bn. The deal would be completed by August 2012 via a court-endorsed bankruptcy scheme.

The group’s court petition showed that Dynegy holds assets worth around $13.77bn, while its debt is estimated at about $6.18bn.

Dynegy last year announced a $234m net loss for 2010 after a drop in electricity prices following a slump in the US economy. At the start of November the group missed a $43.8m interest payment and began discussing debt load management with various bondholders.

Mining giant Anglo American has agreed to purchase Oppenheimer family’s 40 percent stake in diamond minor De Beers for $5.1bn in cash.

The deal with CHL Group, which represents the Oppenheimer family interest, will raise Anglo American’s share in the globe’s largest diamond company to up to 85 percent.

Under the current agreement Botswana, the globe’s top diamond producing nation, has pre-emption rights over CHL shares and could raise its ownership to 25 percent if it wanted to exercise its rights in full.

Cynthia Carroll, CEO at Anglo American, said: “This transaction is a unique opportunity for Anglo American to consolidate control of the world’s leading diamond company, De Beers. Today’s announcement marks our commitment to an industry with highly attractive long term supply and demand fundamentals. Underpinned by the security of supply offered by a new 10-year sales agreement with our partner, the Government of the Republic of Botswana, this forms a compelling proposition.”

Nicky Oppenheimer noted: “This has been a momentous and difficult decision as my family has been in the diamond industry for more than 100 years and part of De Beers for over 80 years. After careful and deliberate consideration of the offer, and what is in the best interests of the family, we unanimously agreed to accept Anglo American’s offer.”

Late on Wednesday Russia reached an agreement with Georgia on a bilateral trade deal which will open the door for Moscow’s entry into the World Trade Organisation, said the country’s key negotiator Maxim Medvedkov.

The talks ended Russia’s 18-year wait to join the WTO. Moscow’s main hurdle had been coming to an agreement with Georgia following a five-day war between the nations in 2008.

The final clash had been over how to deal with Georgia’s breakaway provinces, South Ossetia and Abkhazia.

According to the World Bank, entry to the WTO could add up to three percent of Russia’s economy in the medium term and up to 11 percent in the long-term. The WTO accounts for around 97 percent of world trade.

Meanwhile, European leaders have given Greece an ultimatum on the euro. A Greek referendum will take place in five weeks to decide on its Euro membership. A halt has been put on further aid by troika until after the referendum.

Greece’s Prime Minister Georgios Papandreou remained determined on Wednesday to consult his people on the European rescue package that was reached at last week’s EU summit.

Papandreou told parliament that “the referendum will be a clear mandate and strong measure inside and outside Greece on our course in Europe and our participation in the euro.”

The deal offers Greece a 50 percent write down of international bank debt, however it would continue to face a draconian austerity programme, and will be left owing 120 percent GDP.

The decision to take the bailout plan to the voters has shocked European leaders who are expected to meet with the Greek premier later on Wednesday ahead of the G20 summit in Cannes.

Tokyo-based investment bank Nomura Holdings on Tuesday announced a larger than anticipated quarterly loss, according to a company statement.

The country’s largest brokerage by revenue posted a $590m net loss in the three-month period ending September. It announced that it is to increase its original $400m cost cutting target to $1.2bn which will lead to job losses and a setback to its overseas expansion plans.

Nomura’s first loss in ten quarters was blamed on unstable market conditions in Europe and the decline in income from trading, investment banking, and business oversees.

Europe will not offer China concessions in exchange for contributions to the eurozone’s beefed-up bailout fund, an advisor to French President Nicolas Sarkozy said on Monday.

Eurozone leaders agreed in Brussels last week that emerging nations, led by China, could put money in a special purpose vehicle within the EFSF fund to help increase its firepower.

French President Nicolas Sarkozy, who has said that China would have a “major role to play” in resolving the euro zone’s debt crisis, was accused over the weekend by political opponents at home of selling out Europe’s future to foreign powers.

“It is out of the question to negotiate counterparties. If China comes, it’s to invest in a fund that will play an important role in global stability,” presidential advisor Henri Guaino told Europe 1 radio.

The head of the EFSF (European Financial Stability Facility), Klaus Regling, was in Tokyo after trying to drum up support for the fund from Japan after he courted China.

China declined to commit at the weekend to putting cash into the mooted special purpose vehicle, and Japan told Regling on Monday only that it would continue to buy EFSF bonds.

Guaino said China’s interest in helping Europe to resolve its debt crisis was a positive signal.

“It’s a rather good sign, it shows that everyone really feels concerned and everyone wants to avoid a global catastrophe… I don’t understand the criticisms we are hearing from all sides, it is absurd,” he said.

The prospect of China contributing to the EFSF was still subject to negotiation, while leaders would also discuss the option of emerging nations contributing to the EFSF via the International Monetary Fund at a G20 summit this week in Cannes.

France is scheduled to hold a presidential election in around six months.

ArcelorMittal, the globe’s biggest steel producer, late on Tuesday backed out of its Macarthur Coal joint $5.1bn purchase with Peabody Energy, according to the company.

The group originally joined the deal, which will be the second largest coal takeover this year, to help advance its metallurgical coal supplies.

The steel maker has now left partner Peabody Energy to pursue the takeover on its own, saying: “ArcelorMittal has determined that it would no longer be appropriate to allocate substantial capital to the acquisition of a non-controlling, minority business interest.”

Peabody welcomed the news saying the deal will be fully accretive within 12 months, and is to be funded with cash and debt.

The origins of the Joint Combat Aircraft (JCA) programme can be found in plans developed in the 1990s to replace our carrier-borne aircraft. The aircraft selected to meet the JCA requirement is the Lockheed Martin F-35 Joint Strike Fighter (JSF). The JSF is an exceptionally capable fifth generation, multi-role, supersonic, stealthy aircraft containing cutting-edge technologies. It is the largest single aviation programme in US history.
JCA capabilities will enable the UK to contribute, from the outset of a campaign, to a variety of missions against a high-threat integrated air defence system. Having emerged from the same Lockheed Martin stable as the F-117 Nighthawk and the F-22 Raptor, JSF’s technological pedigree is strong. Designed to penetrate high threat airspace – and detect, identify, locate and attack targets – JSF utilises a powerful combination of survivability, lethality and multi-spectral sensors.

These capabilities extend JCA’s utility into areas not traditionally seen as the domain of combat aircraft. The advanced sensor fusion developed from the F-22 provides the pilot with an unrivalled picture of the battlespace across multiple spectrums. This information can be utilised immediately by the pilot or transmitted in real- or near-real-time directly to the ‘man on the ground.’ While the endurance and on-board processing power of strategic ISTAR platforms cannot be replaced by a single-seat manned fighter, the sensor performance and access afforded by JSF, in addition to its capability to deliver precision ordnance, make it a formidable Combat ISTAR platform and will significantly increase the probability of mission success.

From 2018, the JCA force will operate alongside Tornado GR4 and Typhoon. Greater JCA numbers may be required to satisfy the manned element of the UK Combat Airforce mix beyond 2030.

Economies of scale
The complexities inherent in creating a true multi-role aircraft in three distinct variants are significant, and the JSF programme is not without its challenges. However, there are real advantages to be found in the economies of scale and the UK continues to play an important role in influencing the programme to capitalise on through-life support efficiencies delivered through a single global solution.

The JSF programme reaches across all three fast jet operators in the US Military, and will replace a plethora of aircraft types. The joint support and political will behind it ensures the requisite pressure to control cost growth is maintained, although affordability will continue to be the greatest challenge as governments grapple with the weakened global economy. The total build when combined with the other partner nations, of which Britain is at the vanguard, is predicted to be in excess of 3,000 through-life. This will require a production capability until 2034, which at its peak will produce approximately 250 aircraft per year. This mass drives costs down, and allows nations such as the UK the ability to radically change the way fast jet capability is delivered.

Indeed, in the past the UK has had to procure fleets of aircraft, including through life attrition spares, over a short period to match relatively small production runs, inevitably resulting in large upfront costs. Such an approach has not allowed for the easy insertion of upgrades through-life; and attrition assumptions and force structure implications remain tied to decisions taken at a single moment in time. The long production run of JSF not only gives the UK government flexibility in overall procurement numbers: it also allows a bespoke build-up of capability to best manage introduction to and withdrawal from service, and a spend profile that can flex for fiscal or other reasons.

The ability to maintain valuable industrial skills is vital to industry, and strategically important to governments that wish to employ their military capabilities at a time and place of their choosing. Deciding to participate in a US programme would, at first sight, appear to be incongruous with this philosophy – meeting the desire for value for money at the expense of onshore capability and operational sovereignty. However, while Lockheed Martin is the largest defence contractor in the world, there are areas where the UK can provide considerable expertise. A significant number of contracts have been awarded to more than 100 UK companies on a best athlete basis, accounting for approximately 15 percent of the entire programme and assessed to be worth an estimated £35bn in production alone.

JCA will deliver an affordable, sustainable, expeditionary airpower capability for the UK and allow us to be interoperable with our key allies well into the future.

UBS on Tuesday said 3Q11 profits fell 39 percent owing to the financial loss of around CHF1.8bn ($2.2bn) from an unauthorised trading incident in September.

The bank’s net profit beat analysts’ predictions however, as a better than expected $1.13bn was announced due to a large accounting gain which offset the shortfall.

Figures were down from the CHF1.66bn reported for the same period last year but were equal to results published in the second quarter of 2011.

The lender said investigations into the loss were continuing. “Our financial, capital and funding positions remain solid and we believe the action we are taking now will strengthen the firm further”, a UBS statement said.

Federal regulators late on Wednesday charged a unit of Citigroup with negligence after they found it had sold $1bn worth of financial products linked to the flagging 2007 housing market.

The bank’s Global Markets division had misled investors when it failed to inform them that the $1bn investment was doomed for failure, the SEC said.

Director of the SEC’s enforcement unit, Robert Khuzami, said: “Investors were not informed that Citigroup had decided to bet against them and had helped select the assets that determined who won or lost.”

Following the ruling, Citigroup agreed to pay $285m to settle the claims. It steps into the footsteps of Goldman Sachs and JP Morgan Chase which agreed to pay $550m and $153.6m respectively earlier this year.