The price of oil could rise to as much as $150 per barrel in the near term if investment in the oil-producing countries of North Africa and the Middle East is lower than required to meet growth in demand from emerging economies, the International Energy Agency said on Wednesday.
Lawmakers in the United States should scrap income tax in favor of a tax on household spending in order to get the ailing economy back on track, and could also supplement revenue by taxing “harmful activities” such as driving in congested city centers, Robert H. Frank, professor of economics at Cornell University told CNBC on Tuesday.
Confidence levels among European CEOs have seen a record fall over the past three months, with the situation expected to worsen further in the near term as the euro zone debt crisis threatens the stability of the region’s economy , according to a survey by the Young Presidents Organization.
As European leaders scramble to contain the euro zone debt crisis and make preparations for an orderly default for Greece, on e fund manager argues that Russia’s debt crisis in 1998 could hold an important lesson for the southern European nation.
As Greece edges ever close to a heavily anticipated default, the European Central Bank needs to step up measures to support growth if it wants to prevent the euro zone from slipping back into recession, Barry Eichengreen, Professor of Economics and Political Science at the University of California, Berkeley told CNBC.com.
Plans to force Europe’s banks to increase their equity capital to ensure they can withstand the worsening euro zone debt crisis and restore confidence in the sector have been met with criticism from analysts and business leaders, who fear the proposals will lead to dilution for shareholders and a further backlash.
Billionaire investor George Soros and 95 prominent politicians, business leaders and academics urged euro zone leaders to take swift action to resolve the crisis plaguing the region, calling for the creation of a euro zone treasury and stressing that the euro can only be saved if all 17 countries that share the currency act in unison.
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CNBC looks at how the computer systems in F1 cars have made their way into regular vehicles.
FIA President Jean Todt discusses his start with the Ferarri team and the current problems facing F1.
F1 experts discuss whether the quieter engine sounds are making the sport less attractive.