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EU leaders celebrate Nord Stream gas switch on
Leaders from across the EU were in Lubmin on Germany’s Baltic coast on Tuesday to celebrate the switch-on of a new gas supply route from Russia to Europe. The pipeline was four years in the planning and took one and a half years to build. The Nord Stream project is aimed at bringing a degree of security to Europe’s energy supply. “With Nord Stream gas from Russia and the electricity generated from it, it will contribute towards the reliable energy supplies for European consumers. So, we will strengthen the energy reliability in Europe and make life much more pleasant for many people in Europe,” explained Russian President Dmitri Medvedev at the ceremony. Politicians believe the 1,200 kilometre pipeline under the Baltic Sea, which cost 7.3 billion euros, will also strengthen ties with Russia. “With this project we show – in the presence of so many representatives from European countries – that we are going to rely on a secure and resilient partnership with Russia in the future,” said German Chancellor, Angela Merkel. Nord Stream is a joint project with Russian energy company Gazprom the main share holder, followed by Germany’s Wintershall. Dutch and French companies are also involved. Also read Gassing up Europe

Papademos, new Greek ‘shotgun’
Lucas Papademos, the new protagonist in the Greek drama, a 65-year-old career technocrat, sets out to seek consensus among his country’s political circles, international creditors and financial markets. He earned a physics degree from the prestigious Massachusetts Institute of Technology in the US in 1970, then a masters in electrical engineering and a doctorate in economics. In 1980 he joined the Federal Reserve Bank of Boston. Then he went to the Bank of Greece as its chief economist, and eventually became governor in 1994. He campaigned enthusiastically for his country’s entry into the euro single currency club, which he promoted as a shield for smaller economies in the rough and tumble of the wider world. In 2001, Greece made it in, though the euro member governments that allowed this did not rigorously apply the rules. Soon afterwards Papademos became the European Central Bank’s Vice President beside Jean-Claude Trichet. The Papandreou government in Athens called him home for help last year. Analyst Zsolt Darvas, of the Bruegel think tank, described his technical expertise and well-known profile in Europe as sure assets. Darvas said: “Lucas Papademos was a member of the ECB’s governor Council and as far as I know he is above the political parties and he can be a person who could unite the various political parties and could hold a government which is widely supported both by the current parliament and by the people.” His priorities will be to reduce Greece’s debt and deficit to avoid national bankruptcy, in the headwinds of ordinary Greeks’ objections to the biting austerity process. Papademos will ride shotgun over a coalition of the resolute, to fend off the predations of a merciless market and to try to somehow refit Greece for the rigours of the euro.

Berlusconi finally quits as Italian PM
Silvio Berlusconi has resigned as prime minister ending one of the most scandal-plagued eras in Italy’s post-war history. Hundreds of people gathered outside the presidential palace to cheer as he departed. There were also scenes of jubilation in other parts of Rome as news spread. Berlusconi’s departure paves the way for an emergency government and the adoption of a package of economic reforms intended to reverse a collapse of market confidence. His resignation also sparks a series of events over the weekend that will most likely conclude on Sunday night or Monday morning with the formation of new government headed by former European Commissioner Mario Monti.

Anti-EU protest at the Acropolis
Many ordinary Greeks have little faith in a new government to save them from financial ruin – but they are not too impressed with the European Union either. To show their feelings protesters gathered in front of the Acropolis. According to former banker, Christos Protopapas: “Each country is too busy just looking out for its own interests and operates accordingly. The lack of a common European policy has brought us to this state now and unfortunately they have not learned anything from the economic crisis of 2008.” Retired doctor, Niarchos Galanakis added: “It’s disappointing. European leaders have missed the boat ever since the Greek crisis began two years ago. Of course Greece plays a part in the blame, their leaders play a part in the blame, but basically it’s a general problem of leadership.” Despite such frustration with the institutions of Europe, a recent survey shows 80 percent of the population want to keep the euro rather than go back to the drachma.

Improved Fukushima lets the cameras in
The company behind Japan’s notorious Fukushima nuclear power plant has invited the cameras in. It is all part of a move to improve the plant’s image by showing how conditions for thousands of workers have changed since March when an earthquake and tsunami set off meltdowns and explosions. Nevertheless, 56-year-old TEPCO worker, Toshiro Iinuma, told reporters: “The environment here has got much better. I think it is much more stable. But we have a long road ahead and we still don’t know exactly what to expect.” At the height of the disaster, all but 50 TEPCO workers were evacuated but the situation has now stabilised enough for more than 3,000 to be there. They have restored cooling systems, repaired damaged buildings and machinery and conducted decontamination tasks. However, it is estimated their long-term goal of safely closing down the plant will take at least 30 years.

Euro zone’s largest economies stagnating
German says strong industrial output helped its economy grow in the third quarter but the region’s debt crisis will dampen through the end of this year and into the early part of 2012. The economy ministry said new orders, particularly of larger investment goods, are already declining, which is hitting output. The construction sector also recorded weaker demand. The Bank of France has estimated GDP expansion of just 0.1 percent in the third quarter and believes there will be no growth in October, November and December. The forecast is the central bank’s first for that period. It was made in its monthly business climate report, which highlighted further weakness in the services and industrial sectors in October in the euro zone’s second largest economy. Slowing growth has forced the Paris government to announce a new round of tax hikes and budget cuts worth 65 billion euros over five years so that its deficit-reduction targets remain within reach.

‘?��11m’ rare jewel to go on sale in Geneva
If you’ve got a spare 11 million euros burning a hole in your pocket, a rare 110-carat jewel is up for grabs in Geneva next week. Auction house Sotheby’s will put the ‘Sun-Drop Diamond’ on sale on November 15th. Said to be the largest of its kind, the diamond was discovered in South Africa last year.

The healing powers of new Portuguese PJs
Eczema and other skin conditions can make it difficult for children or even adults to sleep properly at night. In Portugal researchers are working on a special pair of pyjamas to help this; PJs which can help to calm chronic skin inflamations.

Palestine vote leads to US cutting UNESCO money
There will be no new UNESCO projects this year, following a cut in funding by the United States. Since UNESCO granted full membership to the Palestinians last month, Washington has withdrawn its support, along with Israel and Canada. The UN’s cultural agency, whose tasks include protecting heritage sites and working to improve literacy, has appealed to other member countries to donate more. America is responsible for contributing a fifth of the organisation’s money and UNESCO’s director general said the agency now has a funding gap of over 105 million euros. According to US law, money cannot be given to any branch of the UN that gives full membership to a group not internationally recognised as a state, such as the Palestinians.

Syria agrees to Arab League plan to end violence
There has been a cautious reaction to Syria’s acceptance of an Arab League plan to end seven months of violence. The US has expressed reservations about whether Damascus will live up to the deal and opposition protesters say it doesn’t include President Bashar al-Assad leaving. But Arab League representatives in Cairo were positive, only calling for the agreement to be implemented immediately. Qatari prime minister and current head of the Arab League, Sheikh Hamad Bin Jassim, said: “The Syrian government has agreed to the following: an end to all acts of violence, from whichever source, for the protection of Syrian citizens. Secondly, releasing the prisoners of the current unrest, thirdly, removing the armed forces from all cities and residential areas.” But activists say they will wait to see if the fine words translate to the streets – an unverified amateur video filmed in Homs as the deal was announced showed more violence. One activist reported that two people were killed on Thursday morning by tank shelling in the city. It’s claimed by activists in Syria that 20 people have been killed in the past 24 hours.