November 3rd, 2011
03:29 PM GMT
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London (CNN) - At last we have the battle-cry from the City of London, claiming its crown as Europe’s financial center. That’s despite Frankfurt’s fabulous financial futures set-up and the growing over-the-counter derivatives clearing capability in Paris. It’s about time Britain loosened its stiff upper lip to assert its place in Europe.

British PM David Cameron, shadow finance minister Ed Balls, Xavier Rolet, CEO of the London Stock Exchange and others have taken to the airwaves recently to hail London as the center of financial services in Europe.

The UK remains outside the single currency club, but it doesn’t escape challenge from its European peers. As Hubertus Vaeth, MD of Frankfurt Main Finance, tells Marketplace Europe: “Frankfurt is the main finance center …. we clearly have Russian banks coming in, we have Eastern European banks coming in.”
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November 3rd, 2011
06:10 AM GMT
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(CNN) – Have you ever been shaken down for a red envelope in China or hit up for a deal "sweetener" in Russia?

Companies from these countries are most likely to engage in bribery, according to a survey released on Wednesday by corruption watchdog Transparency International.

The two countries received the lowest scores on the 2011 Bribe Payers Index, which ranked the top 28 largest economies according to the likelihood of companies headquartered in these countries practicing bribery.  The scores were based on a survey of the perceptions of 3,016 business executives across 30 countries who had business dealings in those top 28 economies.

China and Russia were the only companies that scored below 7 on a scale of 10, with scores of 6.5 and 6.1, respectively. Companies based in the Netherlands and Switzerland tied for first place with scores of 8.8, with Belgium, Germany, and Japan rounding out the top five. FULL POST

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November 3rd, 2011
03:11 AM GMT
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Editor's note: As world leaders gather in Cannes for the G-20 summit, CNN's Diana Magnay and Phil Han are traveling around Europe this week to talk to European youths about the economic crisis.

Milan, Italy (CNN) – Phil, why are we driving these distances? 14 hours in two days, same still to go – I need to run to Marseille to get my legs working again!

But once again, our little group in Milan made it worth it. FULL POST



November 3rd, 2011
03:10 AM GMT
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Cannes, France (CNN)- It wasn't the kickoff to the Cannes G20 summit that we'd expected.

The official opening Thursday was hijacked by an emergency meeting late Wednesday evening hastily arranged by host French President Nicolas Sarkozy. In the dock: the Greek PM hauled in front of European leaders and banking chiefs to answer charges that he was jeopardizing the entire eurozone project after his shock announcement to call a referendum on the October 27 European Debt deal.

Things couldn't be worse, right?

Well maybe not. FULL POST



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