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Floods sweep through central Europe

Floods sweep through central Europe Helicopters dropped giant sandbags Thursday onto flooded Austrian towns to shore up dams that were threatening to collapse after two weeks of flooding left large swaths of central Europe under water. Authorities earlier this week ordered a partial evacuation of Duernkrut, a town of 2,100, after the swollen March River punched a hole in a dam, pushing the swirling waters close to the roof line on some abandoned houses. Across the flooded region northeast of Vienna, about 1,400 people were ordered to leave 620 homes as a precaution, Interior Minister Liese Prokop said Thursday. In the

Chinese juggling with yuan risks the wrath of Europe and Japan

Chinese juggling with yuan risks the wrath of Europe and Japan CHINA allowed its currency to break through the watershed of eight yuan to the dollar to its highest in a decade yesterday, but left room for scant if any gains against the euro and the yen in a policy that could vex Europe and Japan. The Chinese central bank, set yesterdays yuan central rate at 7.9982 against the dollar — the first time that it has gone past eight since the authorities revalued the yuan by 2.1 per cent last July. The move to let the yuan rise to the

Nike earnings up on US boost but sales in Europe, Japan down at heel

Nike earnings up on US boost but sales in Europe, Japan down at heel NIKE, the world's largest athletics shoe company, reported better than expected third-quarter earnings as robust sales in its core US market helped offset challenges in Europe and Japan. US sales rose 14 per cent to $US1.4 billion ($1.9 billion), spurred by demand for new footwear such as the $US160 Air Max 360 running shoe as well as the Air Jordan XXI and Kobe Bryant signature models. While Nike is faring well in the US, it faces pressure in Europe and Japan. Sales for Europe, the Middle East and

US seeks to limit Gazprom hold on Europe

US seeks to limit Gazprom hold on Europe The Bush administration is seeking to curb Moscows influence in the Caucasus and central Asia and weaken Gazproms growing hold over gas supplies to Europe with an effort to promote new oil and gas corridors that would bypass Russia and exclude Iran. US intentions were highlighted on Friday when President George W. Bush welcomed President Ilham Aliyev of Azerbaijan to the White House, stressing the importance of their security and energy relationship. Next weeks visit to Kazakhstan by Dick Cheney, the vice president, is further evidence that the US wants to shore up ties

OECD sees economic recovery spreading to Europe, Japan

OECD sees economic recovery spreading to Europe, Japan PARIS (AFX) - Global economic growth has remained robust in the face of rising oil prices and the economic recovery is now expected to spread to countries where growth has been weak until recently, the OECD said in its semiannual economic outlook. 'Already strong in North America and most of Asia, economic momentum now looks well established in Japan, and continental Europe is progressively recovering from its latest bout of weakness,' chief economist Jean-Philippe Cotis said. Global growth has been 'exceptionally vigorous', with the most resilient economies weathering the impact of higher oil