December 13, 2012 |
LONDON -- European officials Thursday took two more steps in their fight against the region's lingering debt crisis, agreeing on a deal to put big banks under the oversight of a single supervisor and releasing desperately needed loans for Greece to pay its mounting bills. The plan to have the European Central Bank supervise the Eurozone's major financial institutions lays the foundation for a deeper "banking union" across the 17-nation currency bloc, or a harmonization of rules governing the finance sector.
December 5, 2012 |
As the financial crisis has dragged on in Greece, bloody attacks unsettle Iraq and protests simmer after the revolution in Egypt, those and other troubled countries have lagged in corruption rankings, according to a global study released Wednesday. The Transparency International rankings gauge how corrupt each country is perceived to be, based on opinions from independent institutions. The group cautions that its index does not measure corruption itself, but provides a rough measure of expert beliefs about foul play in the public sector in 176 countries.
November 30, 2012 |
New data show the Eurozone crisis' increasing toll on the unemployed, particularly on young workers in Greece and Spain. The youth unemployment rate was worst in the monetary bloc's most financially troubled countries: 57% in Greece and 56% in Spain, according to data released by the official Eurostat agency Friday. In October, 3.6 million workers under the age of 25 were unemployed, up 350,000 from a year ago. The overall unemployment rate in the 17-member bloc rose to 11.7%, from 11.6% in September.
November 30, 2012 |
Financially strapped Greece is seeing a rapid increase in new HIV infections, driven by skyrocketing infection numbers among people who inject drugs, health officials said Friday. More than 300 people who inject drugs were found to be newly infected between January and August of this year, a more than twentyfold jump over two to five years ago, when 10 to 15 such cases were reported annually, according to the European Centre for Disease Prevention and Control. Health officials said by October, HIV infection numbers had ticked even higher, totaling 1,049 new cases, including 487 among intravenous drug users, the Associated Press reported.
November 26, 2012 |
Following the long Thanksgiving weekend, stocks fell in early trading Monday as worries over U.S. fiscal policy and the Eurozone debt crisis upstaged good news about the holiday shopping season. The Dow Jones industrial average fell 74 points, or 0.6%, to 12,936 shortly after the opening bell on Wall Street. The broader Standard & Poor's 500 index lost 6 points, or 0.4%, to 1,404. The technology-heavy Nasdaq lost 2 points, or 0.1%, to 2,965. Major U.S. stock indexes finished one of their best weeks of the year last week, though trading was abbreviated by Thanksgiving and a half-day session with light volume on Friday.
November 13, 2012 |
Stocks turned mixed after European leaders put off an aid payment to Greece, adding to investor worry over protraction of the Eurozone debt crisis. After initially opening lower, the Dow Jones industrial average turn slightly positive. The Dow added 5 points, essentially unchanged at 12,820. The Standard & Poor's 500 index was down 1 point, or 0.1%, at 1,379. The Nasdaq was down 10 points, or 0.3%, to 2,895. European finance ministers meeting in Brussels gave Greece an additional two years to meet conditions of its bailout package, the Associated Press reported.
November 12, 2012 |
Stocks edged higher Monday ahead of big meetings in the U.S. and Europe over continued crises: the so-called fiscal cliff and heavily indebted Greece. The Dow Jones industrial average added 15 points, or 0.1%, to 12,830 shortly after the opening bell. The Dow took a beating last week, dropping more than 300 points following election day as investors signaled they expect more gridlock in Washington. Quiz: Test your knowledge of business news The broader Standard & Poor's 500 index rose 3 points, or 0.2%, to 1,383.
November 8, 2012 |
ATHENS - As tens of thousands of protesters shouting "Resist!" swarmed the streets outside, Greece's Parliament on Wednesday narrowly approved its toughest batch of spending cuts yet in order to secure vital bailout funding from its European peers. The legislation, including a controversial slate of fiscal and structural measures intended to save the state about $17 billion and ward off a messy financial collapse, was backed by 153 lawmakers of the 300-seat Parliament. Voting no were 128 lawmakers, including three from the conservative and leftist parties supporting the ruling coalition government.
October 11, 2012 |
Maybe it was the soaring unemployment, or possibly the deep debt crisis. But as Greece struggles with its myriad troubles, its largest company, Coca-Cola Hellenic, is jumping ship to more stable ground. The company, one of the world's largest Coke bottlers, is the biggest Greece-based company by market value, at $7.6 billion. But on Thursday, the company said it is switching its main stock listing from Athens to London and relocating its corporate headquarters to Switzerland as it looks to "enhance liquidity" for shareholders.
October 9, 2012 |
Did you see that German Chancellor Angela Merkel took a nice trip south Tuesday to Greece? Went really well; 30,000 or so Greeks turned out to greet her. OK, well, "greet" might not be the right word. The Greeks can be fun-loving and laid back, but not when it comes to the leader whom, as The Times reported , “they blame for pushing Greece down the road to economic ruin through her relentless emphasis on austerity in exchange for emergency aid.” So it was kind of like President Obama going to a tea party rally.