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Latest Europe news and updates

Money Matters - Simplified


US companies brace for imminent Grexit

Efforts by Greece to avoid defaults on its payments notwithstanding, US companies have already started preparing contingency plans to brace for imminent Grexit, the likely scenario of Greece exiting the Euro.

Profits of Renault show a downslide with plummeting sale figures

The famous French Car manufacturer Renault has testified that there has been a intense waning in the collection of profits this year. The sales have plummeted in Europe leading to a loss in revenue, which is a total opposite to the full-bodied rise of its upcoming markets business and its collaboration with Nissan from Japan. Even besides the sweepingly slow trade figures, Renault still holds fort that it is anticipating its worldwide vehicle sales to go up in 2012. The net profit in the first half of the year has shown a 39% drop in earnings.

Asia-Pacific region home to 3.3 million millionaires

There are more millionaires in Asia than there are in Europe, reveals the latest annual Merrill Lynch-Capgemini World Wealth Report.

Social Network Sites fail to safeguard Minors: EU Report

The chinks in Internet’s privacy armour have long been mounting worries for authorities around the globe. A latest EU study cements the cause of apprehension when it comes to privacy of teenagers using social networking sites.

Smoking responsible for earlier male deaths in Europe

Ever thought why women have been outliving men across the Europe? Well, it is not just that men have not been seeking health care more readily, the main reason is their practice of smoking which is responsible for the gender gap in death rates in the continent, a new research states.

First partial solar eclipse of 2011 visible on Tuesday

If good weather prevails and the skies are clear, millions of people in Europe, Africa, the Middle East and Asia will get to see the first partial solar eclipse of the New Year today, Jan. 4, 2011.

Netflix Gearing Up for International Expansion

Making the most of the truly global nature of the World Wide Web, Netflix (Nasdaq: NFLX) is gearing up for international expansion. Adweek is reporting that Netflix is in talks with advertisers and media agencies to map out overseas marketing strategies.

ECB says European banks still vulnerable

Frankfurt, Germany -- The European Central Bank said Thursday banks in Europe remain vulnerable due to sovereign debt issues, but they are healthier than six months ago.

In a biannual report on Europe's banks, the ECB said, "The overall economic and financial situation is still fraught with risks for financial stability.

"The main source of concern stems from the interplay between sovereign debt problems and vulnerabilities in segments of the euro area banking sector," the central bank said.

Economic growth, however, "is expected to further strengthen its (the banking sector's) resilience and profitability in the period ahead," the ECB said.

Crude oil prices steady Wednesday

New York -- Crude oil prices held steady on the New York Mercantile Exchange overnight with equities mixed in Asia and Europe and the dollar index up 0.25 percent.

Traders are waiting for an afternoon report on U.S. energy stockpiles and keeping an eye on weather reports that presume a seasonal increase in a demand for heating oil.

January delivery light, sweet crude oil in New York added 2 cents overnight to $88.71 per barrel. Heating oil prices rose 0.38 cents to $2.474 per gallon. Reformulated gasoline blendstock prices lost 0.2 cents to $2.321 per gallon.

Henry Hub natural gas prices added 15.9 cents to $4.552 per million British thermal units.

Banks fail to pass on business loan funds

Brussels -- Billions of dollars in funding intended to help small businesses in Europe were held up by banks, a watchdog group said Wednesday.

European Union finance ministers approved the $20 billion aid for small businesses as credit began to dry up in 2008, the EUobserver reported.
But a watchdog group, Bankwatch, based in the Czech Republic, said the European Investment Bank has only handed out 74 percent of the funds to commercial banks and that only 69 percent of what was disbursed was distributed through small business loans.

Commercial banks, the figures indicate, held onto half of the $20 billion funds that targeted small businesses.