Word: euros
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...Paris-based Organization for Economic Cooperation and Development (O.E.C.D.). Oil prices continue to spike - last week they briefly hit $49 per bbl. in New York, and a study by the International Energy Agency estimates that a sustained $10 rise in oil prices knocks about 0.5% off the euro zone's economic growth. But Jean-Philippe Cotis, the O.E.C.D.'s chief economist, says that unlike the oil shocks of the'70s and early'80s - when the price was almost double in today's dollars - the increases aren't prompting inflationary wage demands, and so far haven't hurt consumer demand...
...Asia began to grow again, and also from the run-up to E.U. enlargement, as exports to new members in Eastern Europe surged. "Germany remains an export machine that keeps running and running," says Holger Schmieding, an economist at Bank of America. "Despite the strong euro, even Germany is having a modest upswing...
...front, Zapatero's critics say he's still learning the ins and outs. He has an exemplary teacher in his Minister of Finance and Economy, Pedro Solbes. Holding the same position from 1993 to 1996, Solbes brought Spain's budgets into trim and got the country ready for the euro zone; then, since September 1999 as European Commissioner for monetary affairs, he was a fierce defender of E.U. budgetary rules. His presence has eased many of the fears Spain's business leaders might have had over the return of Socialists to power after the probusiness Aznar years. The government...
...stores. It hasn't been like this since the 1980s." Indeed, the fall collections are among the most extravagant in recent history, with fur trim and crystal beading showing up on every tweed coat and charmeuse evening dress. Thanks to the weak dollar against the euro, prices for these clothes are up a whopping 20%, but so are sales. Houses like Hermes, Louis Vuitton, Christian Dior and Gucci have all reported double-digit increases in the second quarter...
...cousin by an irrefutable 19 points, becoming the first Olympic squad to drop a game since the NBA started packing the team with stars in 1992, coach Brown said, "We got beat in every area. Every area." His mood did not improve following a clumsy 6-point victory over Euro doormat--but home favorite--Greece, and he was hardly buoyant after a 10-point win over Australia: "We've got athletes. They've got basketball players. They've got kids that are truly committed to being part of a team...