European Union

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In Financial Crisis, Europe Leads the Way (for a Change)

Investment in banks proved better strategy than mortgage bailout

(Newser) - The US has long considered Europe to be the economic equivalent of a doddering old uncle, but this week it was oldster leading whippersnapper America by the hand through the most serious crisis since the Depression. Europe, seeing the need for a sturdier fix than the mortgage-bailout Band-aid Washington proposed,...

Global Markets Rally After Rescue Talks

Banks gain big in European trading

(Newser) - Asian and European markets were up today following announcements by global leaders of wide-ranging economic rescue packages. France's Cac 40 index and London's FTSE 100 index both bounced more than 5%, with banking shares posting some of the biggest gains, the BBC reports. Australia's main index jumped 5.6% and...

Euro Leaders Hope to Emerge With Crisis Action Plan Today

Europe scrambles to shore up banks

(Newser) - European leaders hoped to emerge today from a meeting in Paris with a detailed unified action plan to address the continuing worldwide economic crisis, Reuters reports. Banks continued to hold emergency talks today with officials in the British government, which is about to purchase major equity stakes in the nation's...

Russian Army Leaves Georgian Buffer Zones

Troops will stay in breakaway regions; EU forces to remain

(Newser) - Russian troops have withdrawn from the “buffer zones” that separate the secessionist republics of South Ossetia and Abkhazia from the rest of Georgia ahead of Friday's deadline, the BBC reports. Though Russia plans to keep 7,600 troops inside the breakaway republics themselves, the move "paves the way...

Europeans Seek Unified Credit Crisis Strategy

As individual states act, leaders scramble for coordinated measures

(Newser) - Finance ministers are meeting today to hash out a plan to steady Europe’s banking system, but resolution continued to be elusive, the New York Times reports. They raised the minimum level for deposit guarantees to €50,000, though some pushed for higher limits; the EU has not developed...

Some Georgians Doubt Russia Means to Leave

Troops build military road even as Friday pullout deadline looms

(Newser) - The fact that Russian troops continue to upgrade a dirt road that connects a town near Georgia’s capital with the capital of the breakaway area of South Ossetia has many Georgians in the area believing Moscow isn’t serious about Friday’s deadline to withdraw troops, the Christian Science ...

Europe Agrees to Take It One Financial Crisis at a Time

Sarkozy's hopes dashed amid other leaders' opposition

(Newser) - Leaders of Europe’s four biggest economies did not settle on a unified plan for tackling the financial crisis, the Washington Post reports. Instead, each country will deal with banking problems as they crop up. While France’s Nicolas Sarkozy hoped for a Europe-wide plan, British and German leaders were...

French Economy Enters Recession

After Ireland, it's the second EU nation in economic trouble

(Newser) - France has entered a recession. The national statistics agency projects that the economy will contract by 0.1% in the third and fourth quarters of 2008, meeting the generally accepted definition. Finance Minister Christine Lagarde blamed the troubles on high oil prices, the strength of the euro earlier this year,...

Somali Standoff Continues as Nations Move to Fight Piracy

EU plans force to combat maritime criminals, who took $30M in ransom in '08

(Newser) - With pirates still holding a munitions-laden ship off Somalia’s coast, the European Union plans a security force to crack down on maritime crime in the area, the BBC reports. The US Navy has surrounded the MV Faina to ensure the weapons aboard are not given to terrorists, and Somalia...

Russia Lets EU Monitors Into Georgia Buffer Zone

Unarmed patrol allowed near, but not in South Ossetia

(Newser) - Russian troops allowed unarmed EU monitors into the buffer zone around South Ossetia for the first time today, after France helped negotiate a truce between Russia and Georgia. The blue-beret-sporting French troops spent 90 minutes touring the heavily guarded area, the Guardian reports. The EU will be sending its monitors...

Hefty Carbon Tax Raised Norway's Emissions
Hefty Carbon Tax Raised Norway's Emissions
ANALYSIS
Sep 30, 2008 4:07 PM CDT

Hefty Carbon Tax Raised Norway's Emissions

Greenhouse gases up 15% despite system aimed to curb them

(Newser) - In 1991, Norway enacted a punishing carbon tax, but things haven’t turned out quite as expected, the Wall Street Journal reports. Greenhouse-gas emissions have actually risen 15%, and industries deemed vital to the nation’s economy or image were spared the tax or given sweet deals. Though the oil...

Georgia: Russian Spy Plane Downed

Moscow denies sending camera-equipped drone

(Newser) - Georgia says it shot down a Russian military drone yesterday just south of South Ossetia, the Moscow-backed breakaway province. Moscow officials deny the charge and have called the episode "the latest media provocation" by Georgia to "destabilize the situation," Reuters reports.

US Takes Early Ryder Lead
 US Takes Early Ryder Lead 
Sep 19, 2008 1:32 PM CDT

US Takes Early Ryder Lead

Americans haven't had a strong opening since 1991

(Newser) - For the first time since 1991, American golfers lead the Ryder Cup at the end of the opening session. The US is up 3-1 on the Europeans after the morning matches. Justin Leonard and Hunter Mahan claimed the first point for the US, Phil Mickelson and Anthony Kim rallied to...

Italians Protest English Words
 Italians Protest English Words 
Sep 10, 2008 2:29 PM CDT

Italians Protest English Words

Society not 'OK' with native speakers using Anglo shortcuts

(Newser) - One cultural institution is not "OK" with Italians speaking Anglitaliano, the BBC reports. "Weekend" and "OK" topped a list of least-favorite foreign words among visitors to the Dante Alighieri Society website. It shows Italians want more respect for their language, the group says.

EU Won't Put Ukraine on Membership Fast Track

Amid worries over Russian ambition, Sarkozy acknowledges 'European destiny'

(Newser) - Ukraine’s president left a summit with European Union leaders today without a firm promise of EU membership, the Guardian reports. While French President Nicolas Sarkozy offered Victor Yushchenko an “association agreement” and affirmed Europe’s commitment to Ukraine’s territorial rights, dissent from Germany, Italy and the Netherlands...

Russia Agrees to Leave Georgia Within Month

But Medvedev says nothing about South Ossetia, Abkhazia trouble spots

(Newser) - Russia promised to remove its troops from Georgia within a month, French President Nicolas Sarkozy announced today after meeting with Russian counterpart Dmitry Medvedev. But Medvedev made no mention of troops in the breakaway regions of South Ossetia or Abkhazia, promising only to remove them from the rest of the...

Brits Working Longer Days
Brits Working Longer Days
Sep 3, 2008 7:07 PM CDT

Brits Working Longer Days

UK employees put in 41.4 hours a week, up from 40.7 in 2006

(Newser) - Britons are among the hardest working Europeans, with only Romanians and Bulgarians working longer than the 41.4 hours our former colonizers put in at the office weekly. That's 2 more hours than the average European, the Telegraph reports, and it's up from 40.7 hours in 2006. Workers in...

EU Snubs Talks on New Russia Pact

Retaliation for invasion of Georgia

(Newser) - Europe has backed out of talks on a new partnership agreement with Russia in the wake of the invasion of Georgia, the BBC reports.  The decision followed an emergency European summit in Brussels. The commission president said Europe could not continue with negotiations "as if nothing had happened....

EU Holds Emergency Summit on Georgia

No sanctions or radical changes expected

(Newser) - European Union leaders gather in Brussels in an emergency session today to review their stance on Russia’s invasion of Georgia. It's the first emergency EU meeting since the run-up to the Iraq war in 2003. With conflicting positions from the UK, France and Germany, analysts say the summit will...

Georgia Cuts Diplomatic Ties With Moscow

Nation withdraws embassy staff from 'aggressor nation'

(Newser) - Georgia pulled its diplomats from Moscow today, charging that it cannot engage in diplomacy with an “aggressor country,” the AP reports. A spokesman for Russia’s Foreign Ministry said the Georgians’ cutting of diplomatic ties would not benefit relations between the two countries. Russian troops remain in Georgia,...

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