European

The sovereign debt crisis in Greece and many other European nations has, at least for the moment, opened a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. The average American is now more aware of the terrible costs of living in an artificially driven and [...]

The first step in what the New Jersey Nets hope is a quick turnaround is in place. New owner Mikhail Prokhorov is eager to get started on the rest. Prokhorov’s purchase of the team was approved Tuesday by NBA’s owners, who welcomed the first non-North American into their club. The financial transaction was closed at [...]

Finally someone speaks the truth. In an interview with Spiegel Magazine, former Bundesbank chief Karl Otto Pohl, says it how it is: “Without a “haircut,” a partial debt waiver, [Greece] cannot and will not ever [repay its debt]. So why not immediately? That would have been one alternative. The European Union should have declared half [...]

The Dow plunged Thursday amid buzz in the market that European banks have halted lending.   One trader, on the condition of anonymity, said he heard fixed income desks in Europe shut down early because there was no liquidity — basically European banks are halting lending right now.   “This is similar to what took place pre-Lehman [...]

SEATTLE – Boeing Co.‘s giant 747-8 freighter should make its first flight Monday after performing well on taxi tests and reaching a top speed of about 103.5 mph, the company said. At 250 feet long, the plane is the largest Boeing has ever built and about 18 feet longer than the existing 747-400 jumbo jet. [...]

The debt-fueled development boom that fueled the Dubai World crisis is creating headaches in Greece, Romania and other small European states as well NEW YORK (Fortune) — Dubai’s not the only onetime highflier that risks drowning in debt. The Middle East city-state’s investment arm, Dubai World, is working with creditors to restructure $26 billion of [...]