Word: euros
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...professionals arrived too. Today, the community's U.K. directory lists Polish accountants and cardiologists, a hypnotist and a youth theater. Tesco supermarkets import Polish cookies and pâtés, and Britain's best-known tabloid the Sun put out the Polish-language Polski Sun in honor of Euro...
...though, many Poles are returning home or seeking jobs in Sweden or Norway, which last year relaxed its work permit rules, or France, which did the same earlier this summer (and where salaries are paid in the soaring euro). "They can't find work here, and they came to work, not to get job benefits," says Jan Mokrzycki, president of the Federation of Poles in Great Britain. Earlier this summer, the Polish daily Dziennik Zwiazkowy reported that job offers for Poles in the U.K. and Ireland were down a third on last year, and a recent report by the Institute...
Still, catching BMW won't be easy. The Bavarian stalwart sold 1.5 million cars last year, nearly 336,000 of them in the States, and it is building cars at a plant in Spartanburg, S.C. That gives BMW a healthy cost advantage with the euro so strong--which is why Audi hasn't ruled out opening its own U.S. plant...
...challenge for the European Central Bank, too. Figures released on August 6, for instance, showed a shocking 2.9% fall in German manufacturing orders in June. The country, fuelled by a booming market for its exports, has lately helped drive growth in the 15 nations that use the euro. Rendered more costly by the recent strength of the currency, those exports are under pressure. The result: though inflation within the euro area stands at 4.1% - more than double the ECB's goal of 2% - the region's central bank announced earlier this month it, too, would keep rates on hold. "Both...
...this activism comes at a price. The Fed's rate cuts have fueled inflation and undermined the dollar, now trading at about $1.60 to the euro. The Treasury's willingness to backstop Fannie and Freddie, which together are on the hook for $5.2 trillion in mortgage debt--just slightly less than what the U.S. government owes investors--is already sparking a bit of worry about the soundness of T-bills and bonds. With more bailouts, that worry could snowball...