Word: euros
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Value of the euro against the U.S. dollar on July 13, an all-time high...
...1990s after the disastrous acquisition of Britain's Rover Group, but its fortunes have changed markedly since it ditched Rover in 2000. Production has increased steadily, and profits are buoyant. Pretax earnings last year rose 25%, to $5.5 billion, despite the soaring cost of raw materials and the strong euro. It has easily outpaced its historic rival, Mercedes (part of DaimlerChrysler), to become the leading premium-car brand. BMW is pushing a worldwide expansion. This spring it opened an assembly plant in India, and the company is building out a plant in Spartanburg, S.C., as part of its strategy...
Europe's open borders are a strong draw for traffickers, because they allow smugglers to move with relative ease across the Continent, which contains millions of people with money to spend. The strong euro is also a lure. A kilogram of uncut cocaine wholesales for about $40,000 in Spain - roughly double the U.S. price. (In Russia and Norway, one kilogram can fetch up to $120,000.) Divided into street-sized amounts, a kilogram can earn five times those figures. Since moving in on Europe in the mid-'90s, the cartels - overwhelmingly Colombian, but also Venezuelan and Mexican - have hugely...
...providing legal loopholes for seaside restaurants, nightclubs and hotels to operate along the coastline and effectively keep out the straying and non-paying public. "In my district alone," says Kortzidis, "20,000 residents haven't been able to walk to the beach for years, without paying a minimum seven euro [$9] entrance fee to some businessman. It's ludicrous! Who pays an entrance fee to enter his home...
...firmly when Russia tries to bully its neighbors. America should insist that Russia ratify the European Energy Charter to dispel fears of energy blackmail. The U.S. should continue to patiently draw Ukraine into the West so that Russia will have to follow suit or risk becoming isolated between the Euro-Atlantic community and a powerful China. And, above all, the U.S. should terminate its war in Iraq, which is so damaging to America's ability to conduct an intelligent and comprehensive foreign policy...