Europe: Economy
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As Spain tries desperately to meet its budget targets, it has been forced to embark on the same path as Greece, introducing austerity measures, cutting jobs, salaries, pensions and benefits. As a result, some residents are forced to salvage food from garbage cans.
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While financial markets remain focused on Spain, analysts are touting ex-Yugoslav Slovenia as another candidate to tap the euro zone’s new bailout fund, the European Stability Mechanism (ESM).
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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.
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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”.
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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.
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Nothing taxes the credibility of politicians like their promises and claims about taxes, and President Obama and Governor Romney top the list for testing the credulity of voters.
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Greek officials vehemently refuted weekend reports that the country will fail to qualify for further international aide until the country closes a 20 billion euro budget gap.
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"Super" Mario Draghi of the European Central Bank has a super problem: the markets might love him, the bankers might love him, politicians from Athens to Dublin might love him, but the German people don't. He's been called anything from "bankers' buddy" to "counterfeiter of coins", and depicted by the tabloid press as a devil sporting horns and a trident, set against a distinctly angelic Bundesbank president Jens Weidmann.
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The euro zone’s latest bailout fund hasn’t even come into existence yet, and there are already high-level discussions about whether it can be leveraged to more than $2.6 trillion - more than five times its planned lending capacity.
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The Senate unanimously passed a bill on Saturday that would shield U.S. airlines from paying for their carbon emissions on European flights, pressuring the European Union to back down from applying its emissions law to foreign carriers, the Christian Science Monitor reports.
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Three years into the global financial crisis, multinational companies that had made huge profits during the consumer boom that preceded it faced a major dilemma: people were no longer buying the expensive premium products that once sold well in Europe, the Global Post Reports.
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Euro zone leaders have been trying to keep the currency union intact, but some—including a high school teacher from Bavaria—say a better solution lies in local currencies, an idea that is now being pitched to Greek politicians.
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As gold prices hit a 2012 record of $1,787.40 per ounce on Friday, Bank of America Merrill Lynch analysts told CNBC the precious metal could soar to $3,000 or even $5,000 over the longer-term.
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Praise all around for Mario Draghi and his ECB's bold strategy of "conditional" bond buying across the euro zone, if and when deemed necessary. "This is the big game changer", insists Polish finance minister Jacev rostowski, echoing what virtually all of his colleagues both inside and out of the EU have voiced over these past weeks.
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The move by Bank of America and Nomura to shed large numbers of jobs is just scratching the surface of a redundancy wave that is set to hit the banking sector, Simon Maughan, financials sector strategist at Olivetree Financial Group, told CNBC on Friday.
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World trade will grow by a mere 2.5 percent this year, dragged down by Europe to less than half of the previous 20-year average, the World Trade Organization (WTO) said on Friday.
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Preaching austerity is easy, but the European Central Bank (ECB) has found that it can be difficult to put the virtue in the practice.
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Tech giants Google and Apple are the most notable to have experienced its impact, but many more companies across the globe have seen the effect a chief executive's illness can have on their share price. The uncertainty associated with a sudden announcement of medical leave hits some firms harder than others, and the level of understanding differs widely, experts told CNBC.com.
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Euro zone leaders may feel like they are amid the throes of the longest hangover ever as the region struggles with an addiction to debt and finds it hard to sober up. But never fear! CNBC is on hand to help with its Twelve Steps guide to put the euro zone back on the path to recovery.
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It may be the age of austerity for many in Britain. For a former doctor, Geoffrey Lipman, it is anything but. Dr. Geoffrey Lipman, who is retired, gets about $78,000 a year in his government pension.