(Photo: Tullio M. Puglia, Getty Images) SHARE 79 CONNECT 38 TWEET 8 COMMENTEMAILMORE Egypt’s state news agency says a boat has capsized off the coast of the city of Alexandria, killing 12 migrants and leaving 116 survivors. Meanwhile, Italy’s coast guard says many of the 200 migrants aboard a boat that capsized off Lampedusa have survived and helicopters are taking the injured to the Sicilian island. Coast guard spokesman Marco Di Milla says “a good number” of the estimated 200 people have been rescued. He says the coast guard received a satellite phone call from the boat and was able to locate it based on the satellite coordinates. A Maltese armed forces statement says that since the boat was in Maltese search and rescue waters, a Maltese aircraft was sent up and reported that the boat had capsized and that “numerous” people were in the water. The aircraft dropped a life raft and a patrol boat soon arrived at the scene. ALSO THIS WEEK: Italy detains suspected boat captain as death toll hits 275 Egypt’s state news agency says the coast guard received a call for help Friday from a boat carrying the migrants and naval forces went out to the rescue. It said the survivors were 72 Palestinians, 40 Syrians, and four Egyptians. The nationalities of those who drowned were not immediately available. Officials said rescue efforts continued.
Europe shares inch higher on prospect of U.S. debt deal
debt deal Fri Oct 11, 2013 4:10am EDT * FTSEurofirst 300 up 0.2 pct, Euro STOXX 50 down 0.1 pct * Euro STOXX 50 hovering around 2-1/2 year high * Stocks still in ‘sweet spot’, says Lyxor AM’s Asseraf-Bitton By Blaise Robinson PARIS, Oct 11 (Reuters) – European stocks inched up in early trade on Friday, extending the previous day’s rally, as investors waited to see if an agreement will be reached in Washington on the U.S. debt ceiling. At 0740 GMT, the FTSEurofirst 300 index of top European shares was up 0.16 percent at 1,247.09 points, after gaining 1.7 percent on Thursday. The euro zone’s blue-chip Euro STOXX 50 index was down 0.08 percent at 2,967.06 points, hovering just below a 2-1/2 year high hit earlier in the session. Stocks around the world had lost ground in the past three weeks after a deadlock in budget talks led to a partial shutdown of the U.S. government and sparked worries about negotiations on the country’s debt ceiling. On Thursday, President Barack Obama and Republican leaders appeared ready to end the deadlock after meeting at the White House, and talks continued into the night with one senior Republican saying an agreement could come on Friday. “Even though investors get nervous when political tensions rise, the backdrop for equities remains quite positive: very accommodative central banks, improvement on the macro front, and relatively good corporate fundamentals,” said Jeanne Asseraf-Bitton, head of global cross asset research at Lyxor Asset Management, which has $98 billion under management. “It’s sort of a ‘sweet spot’ for stocks. Now, with the earnings season set to start, we need to see an improvement in the earnings momentum. It has improved lately in Europe, although it remains negative for now.” Around Europe, UK’s FTSE 100 index was up 0.2 percent, Germany’s DAX index up 0.2 percent, and France’s CAC 40 down 0.1 percent. French hotel group Accor topped the FTSEurofirst 300 leader board, with a 2.5 percent rise after investment bank Citigroup’s upgraded the stock to a “buy”. Darren Courtney-Cook, head of trading at Central Markets Investment Management, said even a short-term extension to the U.S. debt limit would be enough to soothe investors’ nerves.
Energy leaders warn of blackouts across Europe
In a move that highlights the varying energy policies across Europe. the French constitutional court Friday upheld its ban on fracking in France , the Associated Press reported. The direction of EU policy and whether renewable energy initiatives should be state-funded has proved divisive among industry and governments. The European Commission, the EU executive arm, released a draft copy of its guidelines for state aid for energy production this week. In it, it dropped a reference to subsidies for nuclear power, which could affect whether governments can use public funding to help finance further plants. wants to expand its nuclear power resources with the help of public funds. ENEL’s Conti said that on the contrary to wanting more subsidies for the energy industry, subsidies had created a “very peculiar” situation in Europe where countries were abandoning nuclear power plans for “non-mature technologies and renewables.” “We want to eliminate subsidies,” he said on Friday. “Too many subsidies are being given on intermittent renewables, too many to local coal and all of these are [leading to] a disaster. ) The end result, Conti noted, was that the environment was not seeing any benefit to subsidies meant to encourage the development of greener energy anyway a moot point for the EU which has carbon emission targets for energy companies in the EU as it aims to get 20 percent of its energy from renewable resources by 2020. The shale gas revolution in the U.S. has further upset European energy companies’ competitiveness and their profits, however. While energy prices have fallen in the U.S.