Hannover

BERLIN - Hannover Re AG says the sinking of the Deepwater Horizon oil rig will result in a net loss of around 40 million ($53 million) for the German reinsurer.

HANNOVER, Germany - Germany's leader prodded Greece to implement its austerity program on Monday at what she called a challenging time for the euro, voicing confidence that Athens "can do it." Faced with large public debt, the Greek government has announced a freeze on public sector salaries and hiring, while raising consumer taxes and retirement ages.