Norris McLaughlin & Marcus, P.A.

Blogs > Business Without Borders

REWIND: International Business News #57

Posted on February 15th, 2013 | Author: admin

  • US Air and American to Merge: Earlier this week, US Airways and American Airlines announced an $11M merger which would create the nation’s largest airline. Recently, the U.S. air travel market has consolidated greatly as United merged with Continental, Delta merged with Northwest, and Southwest merged with AirTran. The proposed merger would create a fourth mega-airline and will be under the “American” name. The merger is still subject to regulatory approval and many are raising questions about whether increased consolidation will benefit consumers. Regardless, the spaces appears ripe for the entry of a low-cost carrier.
  • Russian Meteor Explosion Injures 1,000+ causes $33M in Damages: Sometimes Henny Penny is right – the sky really is falling! In Russia a meteor explosion early Friday morning has left over 1,000 people injured. Property damage estimates are north of $33 USD.
  • North Korean Nuclear Testing Destabilizes Region: North Korean saber-rattling continued this week as the communist North Koreans warned China that future tests would continue. According to published reports, the testing will continue so long as crippling U.S. sanctions remain in place. In recent months and in response to North Korean nuclear testing, the United Nations has imposing stringent sanctions which have isolated the tiny nation. China, seen as North Korea’s closest ally, is also believed to be reconsidering its position in light of the destabilizing influence a fully nuclear North Korea could have on the region.
  • German Financier to Head Vatican’s Bank: In one of his last moves before resigning the papacy, Pope Benedict XVI has appointed German lawyer and financial expert Ernst von Freyberg to head the Vatican’s bank.  Von Freyberg, though German, is not a close personal friend of the Pope and is currently the chairman of the German ship component group, Blohm+Voss. The The Istituto per le Opere di Religione (IOR), as the Vatican’s bank is known, has suffered a string of embarrassing mishaps culminating in the ouster of former head Ettore Gotti Tedeschi for incompetence.