07:03 AM GMT, February 12th, 2013
(CNN) – Not even six months ago, eurozone watchers had been prognosticating a breakup of the 17-member bloc of nations as the euro plunged to a 25-month low against the U.S. dollar last July.
But since then, the euro has appreciated nearly 11% as its member countries battled to contain sovereign debt crises, rising unemployment and social unrest. The euro now stands at a 13-month high against the greenback.
And flying in the face of last year’s critics, Jean-Claude Trichet, the former chief of the European Central Bank told CNN’s Nina dos Santos that the euro “was never about to collapse” and that its viability as a currency is solid.
“The euro as a currency has never been put in question,” asserted Trichet while at the same time admitting the euro area’s financial stability and credit worthiness had been tested.
But as G20 finance ministers head to Moscow this week for another summit, fears of a currency war continue to loom large. Read more here to find out the details of what Trichet calls a euro "recipe for catastrophe".
03:48 PM GMT, February 7th, 2013
06:38 AM GMT, February 5th, 2013
(CNN) - In a first for a U.S. credit ratings agency, Standard & Poor's has received official notice from Washington that it will face a civil lawsuit over imprecise ratings - now criticized as being too high by analysts, U.S. lawmakers and even S&P itself - of mortgage-backed investments that eventually contributed to the 2008 financial crisis.
Many of those investments received AAA ratings, a grade which implies highest safety and least risk, but imploded as the U.S. housing bubble burst.
As S&P awaits further word from the U.S. Department of Justice, ratings agencies Moody's and Fitch will be watching to see if they are next.
06:19 AM GMT, February 5th, 2013
(CNN) – If you’re not South Korean, it may surprise you to know that Samsung is not just about smartphones. The hugely successful multinational has business investments in everything from military hardware to shipbuilding and hospitals. If you’re in the market for a new house you can buy a Samsung apartment. If you want to go to an amusement park there’s one made by Samsung outside the capital Seoul.
Daniel Tudor, author of Korea: The Impossible Country, tells CNN’s Matthew Chance that South Koreans view Samsung’s success with mixed emotions. On one hand, they are proud of a home-grown brand rising in prominence at home and abroad. On the other hand, Samsung has enormous economic, and thus, political clout which can lead to problems. Based on revenue, Samsung and all its interests account for a full one-fifth of South Korea’s entire economy.
06:46 AM GMT, February 1st, 2013
(CNN) – On January 30, a Hague ruling found that a Royal Dutch Shell subsidiary was in part to blame for oil pollution of the Niger Delta. Shell had alleged that criminals – who dug up its pipelines and drilled holes to steal product – were the root of the problem.
Peter Voser, Royal Dutch Shell CEO, spoke with CNN’s Nina dos Santos with his reaction to the court finding that all “all four cases were sabotage” and “not done by Shell”. Voser added the company applies global standards to its operations and the Nigeria incident “will not change the way we do business”.
06:45 AM GMT, February 1st, 2013
(CNN) - This week the European Union Chamber of Commerce released this survey on Chinese investor perceptions of Europe.
The study, which drew responses from 74 Chinese enterprises that have already invested in the EU, found that a full 97% would make future investments in the region; however 78% of those surveyed said they faced operational difficulties, mostly related to bureaucracy and high costs.
Pauline Chiou, CNN’s World Business Today anchor, spoke with Davide Cucino for his own reflections on the survey. The President of the European Union Chamber of Commerce said a transparent regulatory framework, good opportunities for merger and acquisition operations and a large market of 500 million potential consumers makes Europe an “ideal place to do business”.
While China demands more than a 50% stake in any Western company that sets up operations in Asia’s largest economy, the EU’s Cucino says the business environment of Europe will be “resiliently open”.
04:05 PM GMT, January 29th, 2013
03:48 PM GMT, January 29th, 2013
02:51 PM GMT, January 25th, 2013
Editor's note: CNN is at the World Economic Forum in Davos. Follow CNN's coverage here.
(CNN) Here in Davos Richard Quest frequently uses the term "DV." I am a DV, apparently, and so are a few of my CNN colleagues working here at the WEF. A DV is a "Davos Virgin" - someone experiencing their first taste of this often crazy place. Richard is definitely not a DV. Incredibly, John Defterios has been to Davos 22 times.
Reporting from here is a challenge. To begin with, there are the security checks. Entering or exiting the halls means going through airport-style security, and there are watchful eyes all over the building ensuring that no one transgresses the strict rules. Then there are the VIPs' own entourages. Out of nowhere a flock of suited people will glide past, usually with a president or prime minister safely cocooned at its center. Woe betides those who don't quickly jump out of the way.
The second challenge is eating. At Davos the color of your badge denotes whether or not you can partake in the spreads of food that suddenly appear in the main hall and elsewhere. I have a purple badge. Among other things, this means I may not taste these morsels. As there is nowhere to buy food in the conference, we must instead go off-site to buy the very expensive food on offer. As one of my colleagues put it: "They call it 'resilient dynamism,' I call it a 20 dollar pizza."
But actually a purple badge isn't so bad. An anchor from another network showed me her yellow badge. "It means we're basically cockroaches," she said. Like many journalists covering the event, she must travel back and forth from the media center to the conference hall in the snow.
At CNN we don't have to brave the cold quite so much, but there's a different kind of resilience needed to work in what we affectionately call "The Bunker." The Bunker is quite literally a bunker. It's a bomb shelter underneath the hall, with concrete walls and giant steel doors. There is no natural light, and it's very warm. Not only that, but there are up to 20 people working here at any time, touching elbows as they tap away on their laptops.
Meanwhile, up on the roof, camera crew and engineers toil away at our live position, as guests and their entourages are brought up and down the icy stairs by our producers.
But in spite of the conditions, there is fun to be had. You never know who you might bump into wandering along, and walking from an interview with Ehud Barak, bumping into Jacob Zuma and then the head of the WTO is perfectly possible in the space of a few minutes.
Richard calls these encounters "DMs" - Davos Moments. Davos may be grueling, but these DMs make working here a fascinating experience.
08:16 AM GMT, January 25th, 2013
(CNN) – The role of women in economic decision-making, religious tolerance in the 21st Century and the future of the eurozone stand out as a few of the must-watch panels Friday at the World Economic Forum in Davos, Switzerland.
While thousands of global economic, political and civil leaders have paid tens of thousands of dollars to personally attend this year’s summit, you can watch many sessions online and on-demand – without breaking the bank.
Friday’s highlights include the following:
1. “The Economic Malaise and Its Perils”
As the global economy continues its slow crawl back to health, this session looks at the impacts it has left in its wake including high unemployment, loss of wealth and political instability.
2. “Women in Economic Decision-making”
With women still greatly under-represented at the highest levels of global economic decision-making, this panel looks at ways to encourage more females to pursue degrees in business and economic-related fields and how to overcome mid-career development hurdles.
Featured speakers include Facebook COO Sheryl Sandberg, Harvard University President Drew Gilpin Faust and IMF Managing Director Christine Lagarde.
3. “Open Forum: Is Religion Outdated in the 21st Century?”
While religions are the oldest institutions in the world, they are the slowest to respond to modern issues such as drugs, homosexuality and family relationships. This session questions whether the world is becoming more or less religious, asks if religion teaches tolerance and delves into the balance of freedoms of speech and religion.
Speakers include Chief Rabbi of the Conference of European Rabbis (Russia) Pinchas Goldschmidt, U.K. National Office for Vocation Director Christopher Jamison, U.S. Catholic Health Association President Carol Keehan and Jakarta Globe Group Chief Editor Shoeb Kagda.
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