London (CNN) – At the height of the credit crunch the Franco-Belgian bank Dexia became one of the first eurozone banks to be bailed out. Three years on, it may need another helping hand.
This is largely thanks to some $21 billion worth of sovereign bonds Dexia holds on its books: debt issued by Greece, Italy and other peripheral eurozone countries, whose obligations are becoming riskier by the day as the region’s financial crisis intensifies.
Dexia posted its biggest loss ever in the second quarter, coming in at a whopping $5.5 billion after the bank wrote down the value of its Greek holdings. The result: the company’s stock has plunged 50% in the past six months. Newspapers including the Financial Times say Dexia’s management is considering setting up a ‘bad bank’ to unburden itself of the risk.
London (CNN) – The Russian capital of Moscow is Europe's most populous city. More than 11 million people call Moscow home - bringing with them nearly four million cars.
As Moscow's population continues to rise, it's becoming clear the city has outgrown its infrastructure. The vast highways that cut through the center are so clogged with traffic that parts of Moscow are almost always at a standstill. Even the imposing metro system is not keeping up with demand.
The city authorities say there's just one option – expansion. Over the next 20 years they plan to more than double the capital's size, swallowing up a huge area to the south.
Roads and rail will be improved, and eventually government offices, universities, and hospitals will move out of the historic centre. This week's Future Cities explores urban planning on a truly vast scale, and what the people really think about it.
London (CNN) – Love may make the world go round, but what happens when it's your job to sell it across the globe?
Meet Sean Cornwell, Vice President International of eHarmony.
He’s the newest member of The Boss – our series looking at what it’s actually like to for the people at the top a company.
You may have an image of them living the high life, but they’re giving us full access to see just how hard it can be. And for our newest boss, hard work means helping people find their special someone.
(CNN) – As chill autumn winds curl down Wall Street, the ghosts of Octobers past haunt global investors who stare in fright at the events unfolding in Europe; a bad September for most portfolios threatens to turn into an even worse October.
As CNNMoney writes, stocks have tumbled into the fourth quarter with the first day of trade on Monday. The ill wind followed the sun, with markets finishing down in a sell-off that stretched from Hong Kong to New York. The swoon began in Asia, where the Hang Seng index closed down about 4.4%, with heavy losses of some big Chinese banks signaling to investors that Beijing will not buoy global markets. If that didn’t scare investors, news that troubled Greece fell short of budget deficit targets did.
But the wild machinations of the past several months pale compared to the market drops that have earned October its Halloween reputation on Wall Street:
New Delhi (CNN) – For most Indians living in poverty, their interaction with technology is minimal. But now, every Indian has the opportunity to have their irises and fingerprints scanned using cutting-edge technology.
This is part of the government’s massive effort to give every Indian citizen a biometric, 12 digit identity card. If successful, India will become the only country in the world with a universal biometric identity system.
Indians are flocking to government offices to get their I.D. cards made, attracted by opportunities such as welfare benefits and the ability to apply for bank loans that were previously unavailable or difficult to obtain for undocumented citizens.
Supporters also say it could help alleviate India’s endemic problems with corruption, which has resulted in massive protests in the past year.
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