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Europe, Facing Abyss, Embraces German Might

For more than half a century, the legacy of World War II has meant that the mere mention of a new rise of German power sent shudders through European nations. Now, Germany is increasingly calling the shots for the entire continent — and few seem to mind.

Polish Foreign Minister Radek Sikorski — whose nation lost millions of people in the Nazi invasion and occupation — shocked many this week when he made a dramatic appeal for greater German influence.

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Zynga Hopes to Raise about $1 Billion in IPO

Hoping to harvest some fresh cash, the online game company behind "FarmVille" said Friday that it plans to raise $1 billion in an initial public offering of up to 100 million shares.

Zynga Inc. is the latest in a spate of IPOs by Internet companies this year, ranging from professional networking service LinkedIn Corp. to the online deals site Groupon Inc.

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U.S. Approves Google's Acquisition of Admeld

The US Justice Department on Friday approved Google's $400 million acquisition of Admeld, a company that provides an online advertising platform for publishers.

The Justice Department said that a review of the transaction by its antitrust division had concluded that it was "not likely to substantially lessen competition in the sale of display advertising."

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China Wants to Invest in U.S. Roads, Rails

China's commerce minister says his government wants to convert some of its huge holdings of U.S. government debt into investment in American roads and railways.

Chen Deming told a business group Friday his government wants to expand commercial and investment cooperation with the United States in infrastructure, clean energy and technology industries.

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Cisco, EIB, Riyada Enterprise Development Launch $50 Million Lebanon Growth Capital Fund

Under the patronage of Prime Minister Najib Miqati, Cisco, the European Investment Bank (EIB), and Riyada Enterprise Development (a member of the Abraaj group) jointly announced Thursday the launch of the US$ 50 million Lebanon Growth Capital Fund which will provide long-term capital and institutional support to small and medium enterprises (SMEs) in Lebanon.

The announcement was made at a high-profile ceremony in Beirut attended by the business community, investors, government, entrepreneurs and the media.

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Global Market Euphoria Runs Out of Steam

A rally on global markets stalled Thursday as euphoria over major central banks' coordinated cut to borrowing costs wore off and investors sought confirmation that European leaders will next week deliver a long-term solution to the debt crisis.

Markets had jumped on Wednesday when the central banks of Europe, the U.S., Britain, Canada, Japan and Switzerland made it cheaper for banks to borrow dollars, helping them to operate smoothly at a time of tight credit. China's central bank also acted to release money for lending and shore up growth by lowering bank reserve levels for the first time in three years.

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TVs are Hot Sellers This Holiday Season

In an unexpected twist, TVs are topping many Christmas shopping lists this year.

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EU on Brink of Rebirth or Breakup, ECB Sees No Magic Wand

The European Union began a nine-day battle over federal-style changes to save the Eurozone on Thursday with France presenting its policy on common budget control.

The European Central Bank cooled the air after shock action by central banks boosted markets, sending a strong message to EU leaders that it has no magic wand to shore up the Eurozone.

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BP Sells Canadian Gas Unit for US$1.67 Billion

British energy group BP said on Thursday that it had agreed to sell its Canadian natural gas liquids business to Plains Midstream Canada ULC for U.S.$1.67 billion in cash.

The deal, equivalent to 1.24 billion Euros, comes as BP seeks to unlock US$30 billion to meet compensation costs linked to last year's Gulf of Mexico oil spill caused by a blast on the BP-leased Deepwater Horizon platform.

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Lebanese Banks Tighten Control on Syrian Account Holders

Lebanese banks have adopted strict measures to ensure compliance with international sanctions against neighboring Syria and are scrutinizing transfers of existing Syrian clients, banking officials said on Thursday.

"Banks are taking extremely strong precautions to avoid bad surprises regarding people or institutions under sanctions," said one official who works at one of Lebanon's top banks. "No one wants to expose himself to pressure or problems.

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