European regulators have fined some of the world’s largest electronics companies a record of nearly $2 billion for fixing the prices of television and computer screens. The European Union’s antitrust chief, Joaquin Almunia, said the companies engaged in some of “the worst kinds of anti-competitive behavior” from the late 1990s through 2006, establishing prices they […]
Europe Fines Key Electronics Companies for Price-Fixing
Posted December 5th, 2012 at 4:50 pm (UTC-5)
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Greece Offers to Buy Back Bonds to Trim Its Debt
Posted December 3rd, 2012 at 10:30 am (UTC-5)
Greece is offering to spend $13 billion to buy back bonds held by private creditors in hopes of trimming its crippling debt. The Athens government said Monday it would try to repurchase $39 billion in debt, with investors selling their securities at slightly more than their current price on international financial markets but at substantially […]
Developing European Countries Get $38 Billion Aid Package
Posted November 8th, 2012 at 12:45 pm (UTC-5)
Three international development banks are sending a new aid package to central and southeastern European countries to help them cope with the fallout from the contracting economy in the neighboring euro currency bloc. The World Bank, European Investment Bank and the European Bank for Reconstruction and Development said Thursday they will send more than $38 […]
Eurozone Jobless Rate Hits Record High
Posted October 31st, 2012 at 2:55 pm (UTC-5)
Unemployment in the 17-nation euro currency bloc is rising. The European Union said Wednesday that the jobless rate in the eurozone hit 11.6 percent in September, up a tenth of a percentage point from August — a record high. The EU said another 146,000 workers lost their jobs, leaving more than 18 million people out […]
Merkel, Sarkozy Call for Quicker Debt Crisis Action
Posted January 9th, 2012 at 12:15 pm (UTC-5)
German Chancellor Angela Merkel and French President Nicolas Sarkozy pushed Monday to speed up Europe’s efforts to control the two-year governmental debt crisis. The German and French leaders met in Berlin, then called for a quick conclusion of European Union treaty negotiations to tighten spending controls over individual governments. Mr. Sarkozy said the new budget […]
Merkel, Sarkozy Call for Quicker Debt Crisis Action
Posted January 9th, 2012 at 10:00 am (UTC-5)
German Chancellor Angela Merkel and French President Nicolas Sarkozy pushed Monday to speed up Europe’s efforts to control the two-year governmental debt crisis. The German and French leaders met in Berlin, then called for a quick conclusion of European Union treaty negotiations to tighten spending controls over individual governments. Mr. Sarkozy said the new budget […]
European Court Orders Russia to Pay Victims of 2002 Theater Siege
Posted December 20th, 2011 at 11:50 am (UTC-5)
The European Court of Human Rights has ordered Russia to pay more than $1.3 million to victims of the government’s mishandled attempt to end the siege of a Moscow theater in 2002. The Strasbourg-based court ruled Tuesday that Russia had violated the European Convention on Human Rights by a lack of planning and poor execution […]
Weak Economy Raises Risk
Posted November 7th, 2011 at 2:55 pm (UTC-5)
Greece’s debt is equivalent to 165% of the nation’s Gross Domestic Product. George Mason University finance professor Gerald Hanweck says the Greek debt to GDP ratio is a problem because the economy is shrinking. The Greek economy is dependent on tourism and agriculture and has little capacity to generate the income needed to pay off […]
S&P Lowers Spain’s Credit Rating
Posted October 14th, 2011 at 4:15 am (UTC-5)
Standard’s and Poors has lowered Spain’s long term credit rating because of its weak economy and concern over bad bank loans. S&P downgraded Spain’s rating one level to AA- from AA. The rating change means it will likely cost Spain more to borrow money in the long term. The Fitch rating agency also downgraded Spain’s […]
Serbia Takes First Step Toward EU Membership
Posted October 12th, 2011 at 8:30 am (UTC-5)
The European Commission has recommended that Serbia become a candidate for membership in the European Union, but will not open formal accession talks until Serbia does more to normalize relations with Kosovo. In a report released Wednesday, the commission said Serbia had made progress in meeting political criteria related to stability of institutions that guarantee […]
