Europe’s debt troubles could undermine its currency, White House Economic Adviser Paul Volcker said Thursday. Volcker, a former Federal Reserve chairman and a widely respected economist, told students at the London School of Economics that it was difficult to have …
European insurers were buoyed by strong sales of life insurance and asset management products on the back of a reviving economy in the first quarter, offsetting big disaster damage claims. Germany’s Allianz, Italy’s Assicurazioni Generali, The Netherlands’ Aegon and Belgium’s …
Last weekend the leaders of the European Union finally realized that their dithering over a financial aid package for Greece had imperiled the entire continent’s financial structure. They acted to stem the tide by adopting – subject as usual to …
A $1 trillion global emergency rescue package to stabilize the euro reversed the slide in world financial markets on Monday but left longer-term questions about whether Europe’s weakest economies can manage their debt. The plan, hammered out by European Union …
German Chancellor Angela Merkel and the head of the IMF warned of financial contagion on Wednesday unless a euro zone debt crisis is stopped in Greece, while investors fled to the safe havens of the dollar and gold. Greek public …
A cloud of abrasive volcanic ash drifting south from Iceland disrupted flights to and from Ireland and Scotland anew on Wednesday. Two airports serving Glasgow, Scotland’s largest city, were closed until at least 1800 GMT, while flights from the Irish …
European finance ministers triggered a record €110 billion ($147 billion) bailout for debt-stricken Greece on Sunday, May 2, when Athens committed itself to years of painful austerity. After weeks of tough talk and procrastination due to fierce public opposition to …
Innovation vital for Europe’s future is at risk, because the global financial crisis has turned once-challenging emission reduction goals into easily achievable targets, the European Union’s top climate official said. Connie Hedegaard, European Commissioner for Climate Action, said the continent …
Last month’s huge earthquake in Chile might cost the insurance industry up to $7 billion in damage claims, the world’s top two reinsurers said, but it looks unlikely to raise reinsurance prices. World leader Munich Re said it expected the …
First Toyota, then Honda – who’s next? 2010 is not starting out as a good year for car companies. Japan’s Toyota Motor Corp. was already in the process of recalling approximately 8 million vehicles, due to problems with the accelerator …
