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Argentina will make an offer to members of the Paris Club on Monday to renegotiate the terms of some $9.5 billion of debt it still owes to the group of creditor nations, an Argentine source said. _0"> Talks on the debt, which Argentina stopped servicing as part of its massive default in 2002, have been stalled for years. Paris Club members Germany and Japan between them hold about 60 percent of the outstanding amount. With Buenos Aires signaling it wants to settle disputes with its creditors, Paris Club members have been eager to get a concrete proposal for the debt to be repaid over a period of time to be determined in negotiations. "We will make an offer," the Argentine source told Reuters before a meeting between the delegation led by Economy Minister Axel Kicillof with Paris Club officials in the French capital. Speaking in Buenos Ares, Cabinet chief Jore Capitanich told reporters that the negotiation would have to respect Argentina's national interest

The Panama Canal Authority (PCA) has turned down an offer by the European Commission to mediate in a multi-billion dollar dispute with a Spanish-led construction consortium which threatens to halt work on widening the century-old waterway. The consortium, known as Grupo Unidos por el Canal (GUPC), had threatened to suspend work by Monday unless the Panama Canal Authority (PCA) paid $1.6 billion in cost overruns on one of the world's largest construction projects. But on Sunday the group backed down from the threat. The European Commission said on Monday GPUC, led by Spanish builder Sacyr ( id="symbol_SCYR.MC_0"> SCYR.MC ), had requested mediation by the European commissioner for industry Antonio Tajani, who accepted. But the PCA immediately rejected it. "The contract over a third set of locks has already mechanisms to resolve disputes and none of them includes the intervention of a third party," PCA said in a statement. "This will only be dealt wi

JPMorgan ( id="symbol_JPM.N_0"> JPM.N ) is suing Berlin's public transport provider in a British court to recover the $204 million plus interest it says it is owed over an "unfortunate" derivatives contract taken out before the financial crisis. The lawyer for the U.S. bank said Berliner Verkehrsbetriebe (BVG) was looking for anyone other than itself to blame for the losses on the collateralized debt obligation (CDO). "Rather than simply accepting that it had been unfortunate in the events that happened in the financial markets... BVG has decided to follow a course doing everything it could to avoid paying its debts... casting around for someone to blame other than itself," Laurence Rabinowitz told a London court on the first day of the trial. Problems arose simply because the transaction occurred just when serious cracks in the world's financial system were appearing, Rabinowitz added. BVG, which runs the German capital's underground

Deutsche Bank ( id="symbol_DBKGn.DE_0"> DBKGn.DE ) is to rein in global trading ambitions to put more emphasis on profitability than size at its core bond trading business where a sharp drop in revenues contributed to a big fourth quarter loss. The 1.15 billion euro ($1.56 billion) loss compounds problems that have dogged Germany's biggest bank over the past year, including a list of lawsuits and regulatory wrangles and the need to shore up its balance sheet. Co-Chief Executive Anshu Jain stuck by the bank's promise to meet its 2015 targets while predicting a tough 2014. "We are forecasting that 2014 will represent the turning point where the bulk of our legacy losses, litigation and derisking costs ... will be behind us," he told analysts in a conference call on Monday. Jain said Deutsche's debt downturn was structural and required shifting activities away from Europe and toward the more vibrant U.S., and away from size and towards profitabilit

Taking out complex call options or even buying a refinery are some of the measures airlines should consider as they try to combat volatile oil prices, air finance industry experts said. _0"> Jet fuel can account for anywhere from between 20 and 50 percent of an airline's operating costs, and predicting oil prices is a headache. "No one knows where oil prices will be in six months, let alone 10 years away," James Dempsey, Ryanair ( id="symbol_RYA.I_0"> RYA.I ) group treasurer, told a conference hosted by Airline Economics on Monday. "Oil prices are one of the biggest risk factors in the business." Delta Air Lines ( id="symbol_DAL.N_1"> DAL.N ) bought its own refinery in 2012 to address the risks from fuel prices. Even though the refinery turned only a small profit for the first time in the third quarter of 2013, over 60 percent of air finance executives polled at the conference on Monday believed this was a good move. So

French carmaker PSA Peugeot Citroen ( id="symbol_PEUP.PA_0"> PEUP.PA ) has taken a decisive step towards a tie-up with China's Dongfeng Motor Co. ( id="symbol_0489.HK 0489.HK ) as the board approved the outlines of a contentious survival plan that divided the founding Peugeot family. _1"> In a blow to Chairman Thierry Peugeot, who had championed an alternative plan, the board agreed in principle to a capital increase that would see the Chinese state-owned carmaker and French government acquire minority stakes and the family cede control, sources familiar with the matter said on Monday. Peugeot confirmed in a statement that it was looking to raise 3 billion euros ($4.1 billion) in a deal with Dongfeng, after unveiling a further 4.9 percent decline in global vehicle deliveries for 2013 earlier on Monday. The French government would subscribe to the share issue "on the same terms and conditions as Dongfeng", Peugeot said, an assertation later c

The rise and fall of U.S. home values during the housing bubble and bust disproportionately affected black and Hispanic homeowners, real estate website Zillow said in a study released on Thursday. Hispanic communities were hit hardest by the collapse of the real estate market, with home values in those neighborhoods falling an average of 46 percent from the height of the bubble to the bottom. Communities where blacks were the predominant group saw values drop 32 percent during the same period. In contrast, white and Asian communities saw drops of 24 percent and 20 percent respectively. The research shows that "minority home buyers are encountering difficulties that often aren't shared by white home buyers," said Stan Humphries, Zillow chief economist. U.S. home prices dropped more than 30 percent from their mid-2006 peak to the bottom in 2012. Fast-rising property values have helped solidify the sector's recovery. "Even after they achieve the dream, they