News Desk Archives - Page 276 of 401

Eurozone Unemployment and Inflation Creep to Record Highs

Unemployment in the euro zone has risen to its highest level since the introduction of the common currency even as inflation climbed, underlining the challenges facing European leaders as they gather in Brussels for a summit.

Eurostat, the statistics board of the European union, reported yesterday that unemployment rate rose to 10.7 percent in January across the 17 union states, the highest level since the introduction of the euro in 1999.

Apple’s Stock Price Could Hit $1,000, Says Co-Founder Steve Wozniak

Shares in Apple Inc has the potential to reach $1000 per share in the future, claimed the company’s co-founder Steve Wozniak during an interview with CNBC on Thursday.

Sweden Now The Worst-Performing Economy In Scandinavia Due To Eurozone’s Woes

Sweden’s over-reliance on exports to the eurozone has turned the country from the best-performing economy in the Scandinavia region to the worst, claimed a report by Bloomberg on Thursday.

The largest economy in Scandinavia have been particularly vulnerable from the eurozone debt crisis as more than 70 percent of its exports are sent to the region, with many manufacturing jobs depending on exports.

Bundesbank Furious By ECB’s Overly Generous Loans

Bundesbank President Jens Weidmann has expressed concern over the European Central Bank’s lending policies, after the ECB issued another round of cheap funding to the region’s banks that took the total loan programme to beyond the trillion euro mark.

ECB Opens Up $700 Billion Lifeline

The Frankfurt-based European Central Bank has announced it provided some 800 banks in the euro region with more than $700 billion in additional liquidity, in its second part of its long term refinancing operation (LTRO).

The central bank’s efforts in fighting the bailout crisis are now entering its third year and the ECB’s €529.5 billion ($712.81 billion) three-year low-interest loans have largely met the expectations of analysts and investors.

Ford Faces $600 Million Loss In Europe

Analysts at Ford Motor Co believe that the company could lose between $500-$600 million in its European auto sales market this year, as the ongoing debt crisis in the region continues to depress consumer spending.

“We’ve seen Europe get off to a tough start this year,” said Ford’s Chief Financial Officer Booth at the company’s global headquarters in Dearborn, Michigan. “We think Europe is much more likely now to be at the bottom end of the scale.”

Infographic: Apple’s A Billionaire, But Its Workers Are Dead Broke

Apple’s market capitalization traded past $500 billion yesterday, and its cult products like the iPad or iPhone sell for almost a thousand a pop. In shocking comparison, do you know how much an average Apple factory worker earns?

Apple’s business took some scrutiny during the recent news on Foxconn and their work integrity and social justice was questioned.

Following the New York Times’ exposé, Apple’s Tim Cook has promised to improve the working and living conditions for its hundreds of thousands of workers. But will it be enough?

Ireland To Hold Referendum on Fiscal Treaty

Ireland, who was among the first few countries to buckle under the weight of its debt, will hold a referendum on a new EU fiscal treaty that includes tougher budget rules for members of the currency bloc.

Irish prime minster Enda Kenny previously said he would sign the treaty at the end of a EU summit meeting this week, but the state’s attorney general stepped in to say a referendum was necessary to ratify the pact.

With the referendum, implementation of the new pact could potentially be delayed.

French Presidential Front-Runner Wants A 75 Percent Tax On The Rich

French Presidential candidate Francois Hollande, who is currently leading the incumbent President Nicolas Sarkozy in opinion polls, has vowed to implement a 75 percent tax rate on any citizen earning over 1 million euros ($1.35 million) a year, after lamenting on the “considerable increase” in French corporate executives’ pay.