AP Business NewsBrief at 5:11 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Cyprus lawmakers work on economy-saving planNICOSIA, Cyprus (AP) _ Cypriot authorities were trying Friday to cobble together a plan they hope will convince international lenders to provide the money the country needs to avoid bankruptcy within days. As well as trying to forge an overall financing package, lawmakers were meeting to decide the fate of the country's second largest lender Laiki which was hardest hit from its exposure to bad Greek debt.
Crisis in Cyprus threatens EU role and legitimacyBERLIN (AP) _ By rejecting an EU bailout and turning to Russia for help, Cyprus is exposing growing frustration and dwindling solidarity within a bloc that was meant to bring the continent closer together after World War II. The chaos over the rescue plan, which the Cypriot parliament roundly rejected Tuesday, has renewed many of doubts about the legitimacy of the European project _ notably over perceived German dominance and threats to national sovereignty. The extraordinary spectacle of an EU member seeking salvation from the old Cold War enemy has raised deep questions about how far Europe can and will go to take care of its own.
Deal to sell Dell may be about to face competitionSAN FRANCISCO (AP) _ Is Michael Dell's attempt to gain more control over his company about to turn into a financial tug-of-war The answer could come Friday. That's the end of a 45-day period that Dell Inc.'s board of directors set to allow for offers that might top a Feb. 5 deal to sell the personal computer maker to CEO Michael Dell and a group of investors for $24.4 billion.
SKorea misidentifies China as cyberattack originSEOUL, South Korea (AP) _ South Korean investigators said Friday they had mistakenly identified a Chinese Internet address as the source of a cyberattack that paralyzed tens of thousands of computers at banks and broadcasters earlier this week. But they said they still believe the attack originated from abroad. The error by South Korean regulators raises questions about their ability to track down the source of an attack that hit 32,000 computers at six companies Wednesday and exposed South Korea's Internet security and vulnerability to hackers.
Lion takes on AirAsia with record jet ordersKUALA LUMPUR, Malaysia (AP) _ Indonesia's top discount carrier, which catapulted into the global aviation spotlight with record deals to buy Airbus and Boeing planes, is taking the battle for Asia's budget-minded travelers to the backyard of the airline that helped pioneer low cost flights in the region. Lion Air, hardly known beyond Indonesia until giving Boeing and Airbus their biggest orders ever, made its first foray outside its home market with the launch Friday of Malindo Air in Malaysia, the base of AirAsia, which after a decade of rapid growth dominates cheap travel in the region.
World markets muted amid Cyprus uncertaintyHONG KONG (AP) _ Japanese stocks tumbled Friday as investors were disappointed by a lack of specifics from the new central bank chief on boosting the economy. Elsewhere, markets were lower because of uncertainty over the restructuring of troubled banks in Cyprus. Britain's FTSE 100 fell 0.1 percent to 6,381.09. Germany's DAX lost 0.4 percent to 7,901.13. France's CAC-40 shed 0.5 percent to 3,757.50. Wall Street appeared headed for losses, with Dow Jones industrial futures falling slightly to 14,343 while S&P 500 futures down 0.1 percent to 1,537.60.
Sarkozy lawyer calls charges 'scandalous'PARIS (AP) _ A lawyer for Nicolas Sarkozy slammed an investigation into the campaign finances of former French president, saying he is being treated "scandalously." Thierry Herzog says Friday that Sarkozy remains "combative" but still considers that he "has been treated scandalously."
What makes SKorea cyberattacks so hard to trace NEW YORK (AP) _ The attacks that knocked South Korean banks and media outlets offline this week appear to be the latest examples of international "cyberwar." But among the many ways that digital warfare differs from conventional combat: There's often no good way of knowing who's behind an attack. South Korean authorities said Thursday that the attack, which shut down scores of cash machines and hampered business, had been traced to an "Internet Protocol" address in China. But that doesn't mean the attack was launched from there. The general assumption in South Korea is that the attack originated in North Korea.
French luxury group PPR changes name to KeringPARIS (AP) _ French luxury purveyor PPR says it is changing its name to Kering. The company behind Gucci and Yves Saint Laurent has been selling off its retail operations in recent years to focus more on its luxury brands. PPR stood for Pinault-Printemps-Redoute, but two of those brands have since been sold off.
Senate Democrats on track to pass budgetWASHINGTON (AP) _ Democrats controlling the Senate appear on track to pass their first budget in four years, promising a second, almost $1 trillion round of tax increases on top of more than $600 billion in higher taxes on the wealthy enacted in January. The nonbinding but politically symbolic measure would protect safety-net programs for the poor and popular domestic priorities like education, health research and federal law enforcement agencies from cuts sought by House Republicans, who adopted a far more austere plan on Thursday morning.
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