Money Talks: Business News from the Heart of Europe
Money Talks
This week on Money Talks: The Economic Year in review – Euro zone welcomes its newest member – France debates Sunday shopping.2008: The Economic Year in ReviewFrom tax evading in
Liechtenstein, the crumbling of the auto industry around the world, and the financial crisis rocking the globe, 2008 was an interesting business year.There’s no denying it, 2008 was certainly
one of the ...
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This week on Money Talks: The Economic Year in review – Euro zone welcomes its newest member – France debates Sunday shopping.2008: The Economic Year in ReviewFrom tax evading in
Liechtenstein, the crumbling of the auto industry around the world, and the financial crisis rocking the globe, 2008 was an interesting business year.There’s no denying it, 2008 was certainly
one of the worst financial years the world has seen in a long time. Between oil prices skyrocketing through the roof and banks on Wall Street crumbling down, there was never a shortage of financial
news. Money Talks takes a look back on the economic happenings of the past year. Report: Clare AtkinsonEuro Zone Welcomes Its Newest MemberOn January 1, 2002 the euro was officially rolled out as
usable currency. Now the 15 nations of the euro zone, the group of nations which use the euro, is welcoming in their 16th member, but are they ready?Slovakia becomes the 16th member of the Eurozone
on January 1st, when it trades in the national currency – the koruna – for the euro. It's been a long and painful path to euro adoption – fiscal reforms introduced by the previous
centre-right administration were deeply unpopular – but now the small Central European country, which joined the EU in 2004, could be about to reap the benefits of security at a time of great
financial turmoil. Report: Rob CameronFrance Debates Sunday ShoppingOn most Sundays shops and markets in Europe are closed for a day of rest. Germany has been fighting for years to have the rule
rescinded, but has only gotten as far as having a select number of Sundays declared open for business. In France it’s much the same, but that might change is President Nicolas Sarkozy has his
way.The holidays are coming to an end and that can only mean one thing: sales, sales and more sales. Across the world people will flock to their local markets and mega malls looking for bargains on
the things the shops are trying to get rid of before next year’s items roll in. Because New Year’s Day falls on a Thursday this year, most people will only have Friday and Saturday to do
their shopping before returning to work next week. But at this time next year that may not be the case in France. A proposed new law was debated earlier this month by the French parliament. It calls
for stores to be able to open their doors on 10 Sundays a year, instead of the current five. President Nicolas Sarkozy was forced to significantly water down the legislation after he found himself
under attack from the left and right. Opponents said getting rid of the nation’s collective day off would change an important part of French culture. Report: Eleanor Beardsley
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Tue December 30 2008
This week on Money Talks: The Economic Year in review – Euro zone welcomes its newest member – France debates Sunday shopping.2008: The Ec...
read more
This week on Money Talks: The Economic Year in review – Euro zone welcomes its newest member – France debates Sunday shopping.2008: The Economic Year in ReviewFrom tax evading in
Liechtenstein, the crumbling of the auto industry around the world, and the financial crisis rocking the globe, 2008 was an interesting business year.There’s no denying it, 2008 was certainly
one of the ...
read more
This week on Money Talks: The Economic Year in review – Euro zone welcomes its newest member – France debates Sunday shopping.2008: The Economic Year in ReviewFrom tax evading in
Liechtenstein, the crumbling of the auto industry around the world, and the financial crisis rocking the globe, 2008 was an interesting business year.There’s no denying it, 2008 was certainly
one of the worst financial years the world has seen in a long time. Between oil prices skyrocketing through the roof and banks on Wall Street crumbling down, there was never a shortage of financial
news. Money Talks takes a look back on the economic happenings of the past year. Report: Clare AtkinsonEuro Zone Welcomes Its Newest MemberOn January 1, 2002 the euro was officially rolled out as
usable currency. Now the 15 nations of the euro zone, the group of nations which use the euro, is welcoming in their 16th member, but are they ready?Slovakia becomes the 16th member of the Eurozone
on January 1st, when it trades in the national currency – the koruna – for the euro. It's been a long and painful path to euro adoption – fiscal reforms introduced by the previous
centre-right administration were deeply unpopular – but now the small Central European country, which joined the EU in 2004, could be about to reap the benefits of security at a time of great
financial turmoil. Report: Rob CameronFrance Debates Sunday ShoppingOn most Sundays shops and markets in Europe are closed for a day of rest. Germany has been fighting for years to have the rule
rescinded, but has only gotten as far as having a select number of Sundays declared open for business. In France it’s much the same, but that might change is President Nicolas Sarkozy has his
way.The holidays are coming to an end and that can only mean one thing: sales, sales and more sales. Across the world people will flock to their local markets and mega malls looking for bargains on
the things the shops are trying to get rid of before next year’s items roll in. Because New Year’s Day falls on a Thursday this year, most people will only have Friday and Saturday to do
their shopping before returning to work next week. But at this time next year that may not be the case in France. A proposed new law was debated earlier this month by the French parliament. It calls
for stores to be able to open their doors on 10 Sundays a year, instead of the current five. President Nicolas Sarkozy was forced to significantly water down the legislation after he found himself
under attack from the left and right. Opponents said getting rid of the nation’s collective day off would change an important part of French culture. Report: Eleanor Beardsley
read less
Tue December 23 2008
This week on Money Talks: The IMF is heading to Turkey – Handmade goods are pushing out mass produced items – Christmas Markets with a twi...
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This week on Money Talks: The IMF is heading to Turkey – Handmade goods are pushing out mass produced items – Christmas Markets with a twist – Paul Krugman talks about the future of
the world’s economies.IMF to Bail Out TurkeyFor many nations, facing the world economic crisis is just too much for them to handle. Good thing the IMF is there. At the beginning of January the
I...
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This week on Money Talks: The IMF is heading to Turkey – Handmade goods are pushing out mass produced items – Christmas Markets with a twist – Paul Krugman talks about the future of
the world’s economies.IMF to Bail Out TurkeyFor many nations, facing the world economic crisis is just too much for them to handle. Good thing the IMF is there. At the beginning of January the
International Monetary Mund (IMF) is due to visit Turkey to negotiate a possible new agreement, expected to be worth around $20 billion. It would be the 20th Ankara has made with the fund. The last
program in 2001 helped to save the country from its worst economic crisis since World War II and this achievement has been held up as one the IMF’s great successes. With the Turkish stock
market and currency being hit hard by the world economic crisis, much of the Turkish business community is again looking to the fund for help. But the Turkish government is far from enthusiastic
about an IMF deal. Report: Dorian Jones Handmade Pushes Out Mass-ProducedThe onslaught of a recession is usually not a good time to think about buying anything with the words
‘hand-crafted’ on the label. But a German website is changing all that.Many people would rather buy a beautifully hand-crafted vase or a custom-made outfit instead of a standard item off
the rack. So it’s no surprise that the market for individually crafted goods has boomed over the last few years in Germany. In large cities, the demand for unique rather than mass-produced
items has led to an increase of small specialty shops. Even old workshops where the customized goods are produced are making a comeback. Report: Grit Krause / Kateri JochumBerlin Christmas Market
with a TwistTraditional German Christmas Markets can be found in just about every city, town and village in Germany at this time of year, but not everyone can afford to take part in the holiday cheer
they supply. Now a group in Berlin has tossed that idea out the window.In Germany, one sure sign that Christmas is on its way are the festive markets across the country. There’s music, and
decorations, and visitors can enjoy mulled wine and gingerbread, or shop for holiday gifts. With Germany officially in recession, it’s hard for some families to find much cheer in the season.
That’s especially the case in Berlin, which has some of the highest unemployment figures in the country. But Berlin’s low-income families won’t be left out of the holiday cheer this
year. Report: Susan StonePaul Krugman on the Economic CrisisNobel Prize winner and Princeton professor Paul Krugman sat down with Deutsche Welle to give his views on our economic past and what the
future might hold.Economics Nobel Prize winner Paul Krugman published the second edition of his book “The return of Depression economics – and the crisis of 2008” at the beginning
of December this year. In it he sets out to explain why the crisis has occurred and what should be done about it in the context of the US. Report: Sarah Stolarz
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Tue December 16 2008
This week on Money Talks: The EU agrees on economic recovery measures – Germany’s biggest credit card issuer in data theft scare – B...
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This week on Money Talks: The EU agrees on economic recovery measures – Germany’s biggest credit card issuer in data theft scare – British retail icon closing its doors for good
– Transforming former industrial areas into thriving urban spacesEU Summit Strategy for European Economic RecoveryAfter the two-day of meeting of EU leaders in Brussels that ended on the 12th
of Dec...
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This week on Money Talks: The EU agrees on economic recovery measures – Germany’s biggest credit card issuer in data theft scare – British retail icon closing its doors for good
– Transforming former industrial areas into thriving urban spacesEU Summit Strategy for European Economic RecoveryAfter the two-day of meeting of EU leaders in Brussels that ended on the 12th
of December there was agreement to spend the equivalent of 1.5 percent of the EU ‘s gross domestic product.This means around 200 billion euros will be used to stimulate demand among consumers
to steer the EU economy away from a deep recession. Member states have been given considerable latitude on how to act on this promise. Some eastern member states do not have the money while others
like Germany don’t see encouraging consumption as a sustainable solution to the economic downturn. (Report: Barbara Wesel/Diana Fong/Catherine Graue)LBB Credit Card Data TheftA new data theft
scandal is rocking Germany as tens of thousands of credit card holders are being called upon to check their accounts for unwarranted withdrawals.The scandal was disclosed after German daily newspaper
“Frankfurter Rundschau” received a parcel containing classified credit card information stolen from Landesbank Berlin. The parcel was sent anonymously, leaving police and bank officials
still guessing about the overall magnitude of the scandal. (Report: Uwe Hessler)British Retail Icon Woolworths Facing ClosureAs the credit crunch and consumer pessimism continues to bite, one of the
UK’s best loved high-street chains is closing after nearly a century of successful business.Woolworths Group PLC said it will launch a closure sale at its stores which could lead to the demise
of the retail icon which has been part of the British way of life for generations. Woolworths is holding a closing down sale after administrators could not find a buyer for the retail chain which has
over 800 stores. Woolworths staff are facing mass redundancies and the entire retail industry looks on with nervous concern. (Report: Lars Bevanger)Industrial Areas Redesigned for Business and
ArtsThe New Yorker hotel in Cologne offers not only hotel rooms but also an art gallery, a library, a night club and business conference rooms, all under the same roof.The founder, designer and
general manager is architect-turned-small-business-owner who decided to set up the hotel in Cologne because old industrial area of Deutz reminded him of the Meat Packing and Chelsea districts in NYC.
Money Talks looks at how former industrial sites are being revitalised into vibrant neighbourhoods. (Report: Alex Bakst)
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Tue December 09 2008
On this week's Money Talks: Irish pork industry hit by dioxin scare -- Spanish debt collectors thrive amid economic downturn -- How the Christmas mark...
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On this week's Money Talks: Irish pork industry hit by dioxin scare -- Spanish debt collectors thrive amid economic downturn -- How the Christmas markets in Germany & Austria are faring this
holiday season.Irish Pork Industry Hit by Dioxin ScareAuthorities fear that pork produced since the beginning of September may contain dioxins, which can cause cancer.The Republic of Ireland and
Northern I...
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On this week's Money Talks: Irish pork industry hit by dioxin scare -- Spanish debt collectors thrive amid economic downturn -- How the Christmas markets in Germany & Austria are faring this
holiday season.Irish Pork Industry Hit by Dioxin ScareAuthorities fear that pork produced since the beginning of September may contain dioxins, which can cause cancer.The Republic of Ireland and
Northern Ireland have both been hit by a scare over contaminated pork products. Tests have shown that some products had 200 times the level of dioxins onsidered safe. So, Irish pork products have
been recalled from over 20 countries around the world, including Germany. The recall is likely to cost the Irish pork industry millions of dollars and could lead to job losses. Report: Clare
AtkinsonSpanish Debt Collectors Thrive Amid Financial CrisisSpain, like other European countries, is entering recession and is particularly hard hit by the ongoing crisis.The once buoyant
construction industry has ground to a halt, and unemployment levels are at 11 percent – the worst in the European Union. In addition to the financial bailouts given to banks across the EU, the
Madrid government has taken some steps to try and alleviate the impact of the crisis on poorer Spaniards. For example, it’s offering financial help to those having difficulty with mortgage
payments. Although many people are struggling to make ends meet, there’s one business that’s doing very well. Report: Danny Wood Christmas Markets See Brisk Business Amid Economic
GloomDespite the financial crisis and Chancellor Angela Merkel's warning of a miserable economic outlook in 2009, Germans are still taking advantage of the gluhwein, roasted chestnuts and other
traditional treats.Reports show the consumer confidence index hasn’t shifted much heading into the Christmas shopping season in Germany, but there is speculation that shoppers might be spending
their money differently this holiday season. Our reporters have been checking the pulse of shoppers at Christmas markets in Cologne, Germany, and Salzburg in Austria. Reports: Emily Schwing &
Jodi Breisler
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Tue December 02 2008
This week on Money Talks: Merkel ignores calls for tax cuts to boost the economy -- A look at the economic climate in France -- Europe's Creative Indu...
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This week on Money Talks: Merkel ignores calls for tax cuts to boost the economy -- A look at the economic climate in France -- Europe's Creative Industries Brave the Crisis.Merkel Snubs Critics of
her Economic StrategyGerman Chancellor Angela Merkel has refuted charges that she is sitting on her hands while faced with a crippling recession and a global downturn.In a speech to her fellow
Christian...
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This week on Money Talks: Merkel ignores calls for tax cuts to boost the economy -- A look at the economic climate in France -- Europe's Creative Industries Brave the Crisis.Merkel Snubs Critics of
her Economic StrategyGerman Chancellor Angela Merkel has refuted charges that she is sitting on her hands while faced with a crippling recession and a global downturn.In a speech to her fellow
Christian Democrats at a party congress this week, Merkel said Germany had been well-served in the past 60 years by a reliance on fiscal responsibility and the Social Market Economy – a system
which she said ought to be exported to other countries in order to avert such turmoil in the future. The Chancellor also said her government would not join a ‘’senseless
race’’ to spend billions in a bid to boost the flagging economy. Money Talks asked Prof. Irvin Collier of the John F. Kennedy Institute for North American Studies at the Free University
in Berlin for his response to the Chancellor’s comments. Interviewer: Ranjitha BalasubramanyamFrance Rescue Plan to Focus on Saving Car IndustryThe OECD has warned that many leading
industrialised countries face their worst economic downturn for 25 years.The Organisation for Economic Co-operation and Development looked in detail at the world's 30 richest countries which account
for 60 percent of the global economy. The Paris-based institute forecast that unemployment would rise by eight million and house prices would continue to fall. France is preparing to launch a rescue
plan later this week to help the country’s economy to better face the financial crisis at hand. The plan is expected to have a special emphasis on saving the car industry. Report: Alasdair
Sandford Europe's Creative Industries Brave the CrisisApproximately six million Europeans work in creative industries -- many of them on the over 900 films produced annually across the European
Union.The markets are taking a tumble and jobs are disappearing on a daily basis. So it might come as a surprise that those in some more creative fields are doing rather well. Our reporter has been
talking to people who earn a living by producing sounds that make the box office jingle. Report: Jodi Breisler
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