Countries around the world are raising taxes on the rich. But to sell them to voters, they're coming up with clever names.
As Portugal, Greece and Spain dominate the headlines with public protests, banking woes and bailouts, Ireland – one of the euro zone’s original crisis economies - is set to return to growth in 2013, according to Danske Research.
The differences in approach could not be more distinct — or telling. Fresh austerity measures were announced last week by Prime Minister Mariano Rajoy of Spain. Two of the most economically distraught countries in the euro zone, Greece and Spain, mapped out additional budget cuts last week, the New York Times reports.
Contrary to popular belief, bankers and politicians are not to blame for the financial crisis. Rather, it’s systemic flaws in the very nature of democracy that allowed financial imbalances to take root.
The London real estate market was abuzz. A wealthy Greek banker wanted to spend up to £60 million (nearly $100 million) for a home, and was in a hurry to make a deal. Evangelos Meimarakis, the president of the Greek Parliament, is among the more than 30 Greek politicians under investigation for possible tax evasion and the illegal accumulation of wealth, the New York Times reports.
Those who took part in the manipulation of the London interbank offered rate (Libor), the key benchmark rate, could face criminal prosecution even though Libor manipulation is not yet a criminal offense.
Car makers are hoping to battle a global downturn and Europe’s debt crisis with a series of new models and technologies at the Paris Motor Show this week, in the expectation that it will help boost flagging sales.
Worries that David Cameron, the first sitting UK Prime Minister to appear on the ”Late Show with David Letterman”, would embarrass himself were realized when he incorrectly answered key British history questions.
Stock markets across Europe returned to September’s rally on Thursday, despite well-publicized unrest on the streets of Greece and Spain.
The new U.K. Business Minister, Michael Fallon, has promised a “drive to cut red tape” to boost business growth to help the country out of recession. For one ice cream man this can’t come soon enough.
European Central Bank President Mario Draghi has said he will do “whatever it takes” to defend the euro and Ben Bernanke’s Federal Reserve has gone to infinity and beyond in an attempt to revive the U.S. economy, but a growing number of market watchers are beginning to doubt unconventional monetary policy will actually work.
The fallout from the euro zone debt crisis will continue to hurt the region for the next decade, accountants Ernst & Young have warned.
When it comes to confronting economic slowdowns, the Chinese government has not been shy about making bold moves. Faced with the contagion of global recession four years ago, policy makers created a $585 billion stimulus package that helped inoculate the nation against the economic malaise still sapping the United States and Europe.The NYT reports.
U.K. insurance group Lloyd’s of London, which comprises nearly 90 syndicates, reported an interim profit of 1.53 billion pounds ($2.48 billion) for the first six months of the year after a lack of major claims from natural catastrophes.
Germany and its two closest allies in the euro zone appeared to step back on Tuesday from a key agreement that would free Spain and Ireland of billions in debt incurred through bailing out their banks, the FT reports.
The British Bankers’ Association is expected to lose control over the interest rate at the center of a recent manipulation scandal, according to a person with direct knowledge of the matter.The NYT reports.
Chinese growth is set to stabilize in the coming months and will slow to 6 percent in the next decade, according to new research from Barclays.
Governing like a mafia boss, obsessed with power and the source of the euro zone’s misery – not the usual epithets ascribed to German Chancellor Angela Merkel. But these are latest to be leveled at her by Gertrud Höhler, author of “The Godmother: How Angela Merkel is Reconstructing Germany”.
More than a quarter of the work force in Spain or Greece is without jobs, but there is a city on the Danube north of Munich that has the opposite problem: not enough workers, the New York Times reports.
Bad news for U.K. politicians clinging to the notion that the nation’s AAA debt rating indicates a clean bill of financial health. Morgan Stanley expects the British budget shortfall to earn the dubious distinction as Europe’s largest in 2013-14, surpassing even the deficit in troubled Greece.