July 3, 2013 |
LONDON - Unemployment across the 17 European Union countries that use the euro hit another all-time high in May, official data showed Monday. Eurostat, the EU's statistics office, said the eurozone's unemployment rate rose 0.1 percentage point in May to 12.1 percent. April's unemployment rate was initially estimated to be 12.2 percent, but it was revised down to 12.0 percent thanks to new data, particularly from France. The figures will make sobering reading for the region's politicians as they gather in Berlin this week to tackle youth unemployment - nearly a fourth of people under 25 are out of work - and the damage it is doing to the eurozone's economy and social fabric.
June 1, 2013 |
LONDON - Unemployment across the 17 European Union countries that use the euro hit another record high in April - and appears to be on course to reach 20 million this year in what would be another gloomy landmark for the currency bloc. Eurostat, the EU statistics office, said Friday that the unemployment rate rose to 12.2 percent in April from the previous record of 12.1 percent the month before. In 2008, before the worst of the financial crisis, it was around 7.5 percent. A net 95,000 people joined the ranks of the unemployed, taking the total to 19.38 million.
March 30, 2013 |
NICOSIA, Cyprus - There were long lines of anxious people but no sign of trouble as banks in Cyprus opened Thursday for the first time in nearly two weeks, after an international bailout that sought to save the country from financial ruin. To stop a run on its banks, the government imposed a daily limit on how much people can withdraw - the first such action in the 14-year history of the euro. Cypriots took the measure in stride, aware that with their economy on the edge of collapse, panic would make the situation worse.
February 24, 2013
What a U.S. dollar buys (in commercial trades; consumer rates may be lower). Country Feb. 14Year ago Australia (dollar) 0.97 0.94 Austria (euro) 0.75 0.77 Belgium (euro) 0.75 0.77 Britain (pound) 0.65 0.64 Canada (dollar) 1.00 1.00 Denmark (krone) 5.59 5.69 France (euro) 0.75 0.77 Germany (euro)
February 22, 2013 |
FRANKFURT, Germany - The European Central Bank says Italian government bonds account for nearly half of its total holdings under a now discontinued bond-buying program launched in 2010 to ease the eurozone's debt crisis. The bank on Thursday detailed for the first time what countries' bonds it acquired under the so-called Securities Markets Program, which it started when the euro area's debt crisis flared in May 2010. The central bank for the 17 European Union countries that use the euro said it held bonds with a face value of 218 billion euros ($287 billion)
December 16, 2012 |
Question: I traveled to Europe on a codeshare flight between Delta Air Lines and KLM. Before I left the United States, I carefully checked the size and weight restrictions for my two bags on both the Delta and KLM websites, because I'm an artist and I needed to take rolls of paper with me. I made sure my bags complied. The trip from Portland, Ore., to Copenhagen, Denmark, went off without a hitch; I paid $50 to check a second bag. However, on the flight from Toulouse, France, to Portland, Ore., I had to pay 200 euros for the second bag. When the gate agent saw my second bag, she declared it "too long," she never measured it. Although the flight was on KLM, the airport staff worked for Air France.
November 23, 2012
NICOSIA, CYPRUS - Cyprus is "very close" to signing an agreement with potential creditors for a bailout to support its troubled banks and pay its bills, the crisis-hit country's president said Thursday. President Dimitris Christofias said that the "very limited" number of differences that remain could be bridged "very soon. " The statement was greeted with guarded relief in the country that was hit on Wednesday by another two-notch credit rating cut. Ratings agency Fitch sank Cyprus deeper into junk status amid worries over a weakening economy that the Cypriot finance ministry projected will shrink by 3.5 percent next year.
November 14, 2012 |
U.S. stocks closed lower after uneven trading Tuesday as fears about the fiscal cliff and Greece tipped major indexes between gains and losses. A surge in Home Depot's stock prevented a steeper drop for the Dow Jones industrial average. The Dow closed down closed down 58.90 points, or 0.5 percent, at 12,756.18. It would have been lower without support from Home Depot, whose stock jumped 3.6 percent after the big-box retailer beat expectations for its fiscal third-quarter earnings. Home Depot is benefiting from the gradual housing recovery and rebuilding efforts after Sandy.
November 7, 2012 |
ATHENS, GREECE - Greece's coalition government faces a crucial test in Parliament as unions on Monday launched three days of escalating strikes against austerity proposals that must win lawmakers' support if the debt-crippled country is to get more aid and stave off bankruptcy. The conservative-led coalition that has governed Greece since June on Monday presented the country's fourth austerity package in more than two years to Parliament. The drastic spending cuts and tax hikes demanded by the country's bailout creditors aim to save some $17.3 billion in 2013-14.
October 10, 2012 |
LUXEMBOURG - The European Union's financial affairs chief is "less pessimistic" about the future of the euro than he was earlier this year - but warned that the region still had a long way to go before the crisis over too much debt was solved. Olli Rehn, the EU's financial and monetary affairs commissioner, said the organization's ability to react to the financial crisis in the 17 countries that use the euro has much improved compared with two years ago when the crisis began. He also welcomed the official launch Monday of Europe's new $647.9 billion permanent bailout fund, the European Stability Mechanism (ESM)