UK Government is ready to offer conditional support to JLR

UK Government, in the wake of protecting interests of taxpayers has permitted to provide ‘conditional support’ to the JLR (Jaguar and Land Rover) being controlled by Tatas.

The official spokesperson at UK’s department of BERR (Business, Enterprise and Regulatory Reform) said that though provisions for helping the company exist, there are conditions to be fulfilled as interests of taxpayers needs to be protected.
Spokesperson from Tata though did ओot deny the talks being taking place but declined to disclose any information on the issue.
Tata group chairman Ratan Tata, while interacting with UL media said that UK government does not seem to care about manufacturing sector.

BERR also suspended reports, which hinted at the government’s reluctance to give loan guarantees to the brands because they were being controlled by a foreign company, an Indian in the present case.

Europe shares slip, constrained by euro zone woes

By Brian Gorman

LONDON, May 26 (Reuters) - European shares edged lower on Thursday, giving up some gains from the previous session, and strategists said the market would remain rangebound until there was some sort of resolution to the euro zone debt crisis.

Banks rose, but several other companies, such as luxury fashion retailer Burberry (BRBY.L), fell on cautious outlook statements.

Vince Cable rebuked by No 10 as he stirs euro crisis

George Osborne was forced to intervene yesterday after Vince Cable warned that Greece would have to delay paying some of its debts.

By James Kirkup, and Andrew Porter

Downing Street quickly made it clear that the Liberal Democrat Business Secretary was not authorised to set out government policy on the eurozone crisis.

Greece Readies Crisis-Fighting Steps

Greek Prime Minister George Papandreou’s Cabinet is set to endorse additional deficit cuts and asset sales, fending off speculation that the country is headed to a restructuring.

The cost to insure Greek debt against default rose to a record and the yield on its 10-year bonds increased to a euro- era high after Standard & Poor’s said May 20 it may cut Italy’s credit rating. That warning came hours after Fitch Ratings cut Greece three grades.

Deep in crisis, Portugal tries to transform

Melides, Portugal — A former physical education teacher, Manuel Araujo puts his energy to use now as mayor of this sleepy village in the Portuguese south, springing into action to aid a resident panicked by a snake in her house in the thick of night and marshalling town workers to help another local fend off a home invasion by stinging bees.