London (CNN) – As spring-time rain flooded London's streets and uncomfortable soundbites emerged from the Leveson inquiry, the UK government faced further misery: The UK is back in recession.
The revelation - a psychological blow, even if the figures are later revised up - will increase pressure on David Cameron’s government, already under pressure from the probe into its relationship with Rupert Murdoch’s media empire.
The “double-dip" recession is a loose phrase, but this slump is close enough to the 2008/2009 contraction to warrant the dreaded term. The last time the UK was in a double-dip recession was in the 1970s.
Berlin (CNN) – Roland was a border guard. For four years, he patrolled the Berlin Wall. He had a licence to kill his fellow East German citizens if they tried to escape. Roland is part of Berlin's past.
Lara is four. She has only ever known freedom and democracy. She is part of Berlin's future.
As the pair stroll, hand-in-hand, along one of the last stretches of the wall, memories are handed down.
This is a city that may have moved on, but has certainly not forgotten.
The need to remember echoes around Berlin, and the wall features prominently in blue prints for the future.
Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them.
(CNN) – In this episode of The Millennials, Milli travels to Cape Town looking for a new studio space, and Joe goes to Las Vegas.
Milli is visiting colorful Capetown, meeting with her business partner. But this isn't a shopping spree. Milli is here to look at a new studio space for their store MeMeMe.
Meanwhile, Joe is making his way to Las Vegas. The view and the lights are no distraction for this chief marketing officer. He is here for the world's largest consumer electronic show.
London (CNN) – Investors holding insurance to protect against Greece defaulting on its debts will collect just over $2.5 billion after an auction of the country’s bonds found their value to be 21.5 cents in the euro.
The payout gives relief to those who have long bet the country will be unable to pay its bills. Greece has avoided that outcome for months as it continued to be buffered by loans from the eurozone’s bailout fund and the International Monetary Fund.
A default, triggering payment of the insurance - or credit default swaps - was finally called after the country forced its creditors to take massive cuts in the value of their investments as part of a debt swap.
That so-called “credit event” was therefore tripped by a restructuring of the country’s debt, rather than straight non-payment.
The price was reached after an auction in which the country’s bonds - including new ones held by investors who participated in the debt restructuring - were traded by banks to find a price.
Those holding the credit default swaps will now be paid out 78.5 cents on the euro to close out the contracts.
Market participants said the auction went largely as expected, despite quirks created by the country’s debt restructuring.
One observer said the auction was essentially a “washing up” of the restructuring. One takeaway, he added, was that the “political furore” around credit default swaps - once held up by politicians as a highly destabilizing influence in the financial markets - had died down.
Editor's note: Goldman Sachs banker Greg Smith quit his job Wednesday, calling the investment bank "toxic" in an opinion piece in The New York Times. The firm responded with this memo.
March 14, 2012
Our Response to Today’s New York Times Op-Ed
By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.
In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.
While I expect you find the words you read today foreign from your own day-to-day experiences, we wanted to remind you what we, as a firm – individually and collectively – think about Goldman Sachs and our client-driven culture.
Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them. Here, Millennial and guest blogger David Lloyd - managing director of Intern Latin America, which brings international students to the region - writes on the unstoppable rise of Latin America.
Santiago, Chile (CNN) – “This 21st century will be our century, the century of Latin America,” wrote Sebastián Piñera, the president of Chile, in a recent article for The Economist. Piñera is right and the bet on “LatAm” as financiers like to refer to it, is a bet that is almost certain to come off.
London (CNN) – Greg Smith, executive director at Goldman Sachs, has written an open letter to The New York Times saying he will resign Wednesday and that the investment bank has become "toxic."
Goldman Sachs said it disagreed with the views expressed, "which we don't think reflect the way we run our business."
Smith calls bank’s environment "as toxic and destructive as I have ever seen it" and takes aim at its leadership.
The New York Times describes Smith as head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. It says he is resigning Wednesday.
London (CNN) – Greece’s private creditors will be frog-marched into taking a massive cut in the value of their investments on Thursday as the country again attempts to emerge from its financial hole.
After weeks of brinkmanship and last minute threats, Greece appears likely to force the deal on its creditors by invoking a collective action clause. The clause means creditors who want to hold out can be forced into the deal against their will.
Major creditors - including a committee of investors representing around 40% of the debt - have said they will participate.
Editor's note: Media magnate Rupert Murdoch, seeking to rein in a crisis over alleged illegal payments, told staff at his embattled The Sun newspaper in London that the company will launch a Sunday edition. Below is the memo sent to staff.
I've worked alongside you for 43 years to build The Sun into one of the world's finest papers. It is a part of me and is one of our proudest achievements. The Sun occupies a unique and important position within News Corporation.
I have immense respect for our heritage, your exceptional journalism and, above all, you, the talented women and men who work tirelessly every day to ensure our readers have access to such a trusted news source. I believe this newsroom is full of great journalists and I remain grateful for your superb work and for the stories you uncover to inform and protect the public. None more so than over the last three weeks.
London (CNN) – Greece is once again at risk of a potentially disastrous default on its bill payments.
The country, which has been embroiled in a debt crisis for almost two years, faces a bill payment of €14.5 billion ($19.1 billion) on March 20. It is in frantic negotiations with both its private sector creditors and international lenders to lighten its debt load and access more funds to pay its bills.
This week marks another crucial point in the battle to bring Greece’s finances under control. As a 48-hour strike called by trade union leaders marks its second day, focus is turning to parliamentary deliberations over the country’s stricken finances.
About Business 360
CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.