Ludwik Sobolewski, CEO of the Bucharest Stock Exchange, discusses Romania's hopes of achieving an emerging market status by 2017.» Read More
The luxury sector is rebounding better-than-expected this year thanks in large part to wealthy Americans replenishing their wardrobes after a year of self-denial and nouveau riche Chinese indulging in a worldwide spending spree, according to a new study released Monday.
As the government of Prime Minster George Papandreou struggles to get the nation’s financial house in order — reducing the size of its bloated civil service, chasing after tax evaders and overhauling its pension system — it has also begun to tackle a much less talked about problem: the cozy system of “closed professions” that has existed here for decades, costing the economy billions of dollars a year.
New Hungarian government figures on the red sludge flood show that the volume of muck that escaped from a burst reservoir was almost as high as the blown-out BP oil well spewed into the Gulf of Mexico.
Despite mounting public protests across the Continent, an austerity drive unparalleled in modern, united Europe is building, reports the New York Times.
Every week without fail Lucy Elkin, a comfortably middle-class mother of two small children, receives a £33.20 child benefit payment, or about $52, from the debt-plagued British government, reports the New York Times.
In two weeks, Alexandra Mallosi, 29, will be packing her bags and leaving the quiet Athens suburb of Holargos for Abu Dhabi to start a job as a hotel sales manager. It was not a tough decision, reports the New York Times.
The Swiss franc's safe-haven reputation helped it hit a new high against the euro, but the currency's strength risks hurting those who have relied on its vigor.
For years, Anissa Benchamacha bought her meat in a parking lot, from vendors hawking near-expired products to Muslims eager to find food that met their religious requirements.
"No actor, no product, no sector, no territory should no longer be able to escape sensible and intelligent regulation and supervision," Michel Barnier, the EU Commissioner for financial services, warned in an interview with CNBC.
The world’s most developed economies, which have been racking up spending since the mid-1960s, face record levels of debt as a result of the 2008-9 financial crisis and have little room for maneuver, the International Monetary Fund warned on Wednesday. The New York Times reports.
Struggling to reduce traffic jams and a high crime rate, Maastricht is pushing to make its legalized use of recreational drugs a Dutch-only policy, banning sales to foreigners who cross the border to indulge.
The prehistoric monument of Stonehenge stands tall in the British countryside as one of the last remnants of the Neolithic Age. Recently it has also become the latest symbol of another era: the new fiscal austerity. The NYT reports.
Russia's reputation as a dangerous country for investors actually gives foreigners brave enough to invest there an advantage, Jochen Wermuth, CIO of Wermuth Asset Management, told CNBC Wednesday.
In many smart-money circles, listening to bears has become fashionable, the NY Times reports.
“The rise has gone unnoticed because all the attention was on wheat,” Abdolreza Abbassian, senior grain economist at the United Nations’ Food and Agriculture Organization in Rome, told the Financial Times.
The governor of the Hungarian Central Bank has it worse than most. Not only has the new government placed the blame on him, among others, for Hungary's stagnant economy, it has slashed his salary by 75 percent. The NYT reports.
A week after the authorities released results of stress tests on the largest European banks, market data is starting to provide an indication of whether the exercise had the desired effect on confidence. The answer: sort of. The NYT explains.
"They have a huge informal economy. Informal economies don't pay taxes but people eventually show up as they get older looking for pension and looking for health care," Edward Hugh, nicknamed "Europe's prophet of doom," told CNBC.
The financial crisis might have sapped Europe's growth for a long time, and there are fears that the slowdown is permanent, Polish central bank governor Marek Belka told TVN CNBC Tuesday.
Japan is vulnerable to a sovereign debt crisis in five to 10 years from now, warned Kenneth Rogoff, former chief economist the International Monetary Fund.