Word: european
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Officials from 43 Asian and European nations gathered in Beijing Friday to discuss how to combat the global financial crisis. But even as the talks got underway, the markets were having their say, and it wasn't pretty. From Tokyo to Mumbai, markets plummeted again, a trend that was repeated when European markets opened a few hours later...
...solution to the crisis is dominating the Asia-Europe Meeting in Beijing, and why international leaders will meet again in Washington on Nov. 15 to discuss how to reform the world's financial system. "We are living in unprecedented times and we need unprecedented levels of global coordination," European Commission President José Manuel Barroso said in Beijing on Thursday. "It's very simple. We swim together or we sink together...
...than done. Despite being the global cheerleader for a united response to the crisis, French President Nicolas Sarkozy on Friday announced that France would be creating its own national sovereign fund to buy stocks in troubled private companies. On Tuesday, Germany had rejected Sarkozy's call to create a European-wide sovereign fund that could prevent Europeans waking up "to find European companies belong to non-European capital, bought when share prices were at their lowest point". Sarkozy also wants governments in countries that use the euro to have greater powers to manage it against other currencies, and to significantly...
...Currencies have been moving just as wildly. The U.S. dollar continued its surge against the euro by pushing below $1.27 against the European currency Friday - a dramatic rebound from its record low of $1.60 in April. As investors sell out of stocks in other parts of the world they are rushing back into dollar assets, a traditional safe haven. That would ordinarily be good news for Asian and European exporters, whose products have suddenly become more competitive. But with American consumers cutting back spending, there may not be anyone to sell...
...Russian's business interests. He angrily denied any impropriety in an interview with the BBC. "There has been innuendo in the newspapers that I gave favors or I gave benefits as Trade Commissioner to individuals because of my personal friendship with them," he said. "The entirety of the European Commission, the Director General for Trade himself has made clear that there is not one jot of truth in that...