Morning in brief: Euro up on Merkel-Lagarde meeting, Germany warns on Tobin tax
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Today’s meeting between Germany and the International Monetary Fund’s (IMF’s) heads bolsters the euro, while the German chancellor says her government has not yet agreed on a financial transaction tax.
Markets
The euro advances for the second day running as markets show optimism ahead of German chancellor Angela Merkel’s meeting with Christine Lagarde, managing director of the IMF, according to Bloomberg.
Companies
Philips Electronics says its fourth quarter results have been harmed by weak demand, as the Dutch group holds onto stock it cannot sell in its lighting division and suffers delivery delays in healthcare products, the BBC reports.
Alcoa reports a pre-tax loss of $239m (£154.9m) for the fourth quarter – the aluminium company’s first quarterly loss on an underlying basis since 2009 – and blames the eurozone debt crisis, says the Financial Times.
International
Angela Merkel warns that the German government is split on the idea of Europe-wide financial transaction tax but reassures French president Nicolas Sarkozy that she will campaign in its support, according to the Daily Telegraph.
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