London (CNN) – The Greek government’s call for a referendum on its aid package is effectively a high-risk game of chicken with its people - and the eurozone peers who have kept the country afloat, analysts say.
Last night’s surprise move by Greek Prime Minister George Papandreou to seek the people’s voice on the unpopular rescue package plunged European markets deep in the red on open Tuesday, as they scrambled to understand the sudden lurch away from last week’s acceptance of the triple-pronged euro crisis response plan.
The European rescue plan - despite a lack of detail - was the substantive response markets had been seeking for months. But Papandreou’s move has thrown the plans into disarray.
Eurozone crisis fears are again sweeping the world - but this time, with more urgency than ever.
Singapore (CNN) – Singapore Airlines has launched a new long-haul budget airline called “Scoot” which will offer airfares at 40% less than full-services airlines.
Flights are expected to begin in mid 2012 with destinations in Australia and China. Specific cities will be announced in the months ahead, airline officials said.
The no-frills airline will have an initial fleet of four Being 777 aircraft, purchased from its parent company Singapore Airlines (SIA) which made an initial investment of $223 million.
The new airline is banking on creating a strong brand identity with its unusual name.
Beijing (CNN) – Nearly half of Chinese millionaires are thinking about leaving the country, while 14% have or are in the process of applying for emigration, according to a Hurun Research Institute and the Bank of China report.
Their joint “Private Banking White Paper 2011” talked to individuals with assets of more than 10 million yuan (US$1.57 million) in18 cities to find out how China’s super rich manage their wealth. The average asset holdings of the 980 surveyed are 60 million yuan (US$9.44 million), with the average age of 42.
Where do China’s millionaires want to move? North America is the top choice. The United States is the most popular immigration destination for Chinese millionaires, attracting 40% of the respondents who are interested in leaving China, followed closely by Canada (37%) followed by Singapore and Europe.
Cannes, France (CNN) - As the sun sets over the French Riviera, its capital of glitz and glamour feels more like a port in the storm than a tranquil retreat for the rich and carefree.
Cannes is a town more used to welcoming talking heads than heads of state; a place where panels pick their favorite motion picture, not monetary policy.
This week though Cannes will welcome a different kind of debate.
I've known France's Tinseltown since I was a toddler and the place has always appeared impervious to economic upheaval. Through boom and bust, Cannes has carried on regardless, doing what it does best: Catering to old money and oligarchs alike.
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