D-day in plane giant trade battle An agreement in principle has been reached to rescue the troubled Airbus project A400M military transport.
Spain’s defence minister said the governments that are buying the aircraft will go ahead with a rescue deal.
The alternative was to abandon Europe’s largest defence project, which has suffered spiralling costs and delays.
Britain, France, Germany, Belgium, Luxembourg, Spain and Turkey will issue a declaration of support for the project and Airbus’s parent EADS will get 3.5 billion euros to set against its losses.
The deal will leave EADS with losses of 1.7 billion euros on top of 2.4 billion already written off.
The aerospace group had wanted more than t3.5 billion and even threatened to abandon the project if it did not get that.
More about: Airbus, European UnionCopyright © 2012 euronews
Top Stories
Coalition members quit over Greece austerity plan
As Greeks took to the streets on Friday to show their anger at austerity measures, several politicians also walked off the job. The industrial action is the first day of a 48 hour…
Syria: 25 killed in Aleppo blast
At least 25 people have been killed following a twin bomb attack in Syria.
The violence has now…
Spain steps up jobless fight
Spain’s cabinet has approved further moves to try and reduced unemployment rates that are…
Corporate news
Alcatel-Lucent makes first annual profit- Renault’s low-cost Moroccan factory riles politicians
- Pepsi cuts jobs, boosts marketing chasing Coke
- Southern Europe hanging up on Vodafone
- Some shareholders baulk at Glencore-Xstrata merger
- Upbeat forecast from Toyota
- Gloomy outlook from UBS
- Boeing plays down 787 delamination problem
- Mitsubishi puts the brakes on European production
- Panasonic joins Sony and Sharp in sea of red ink
euronews on facebook
