Luke BrowneMarch 26, 2012 13:20

Monday’s statement by the Munich-based firm comes two months after its Mini auto company announced it was recalling 235,000 of its vehicles around the world after discovering an electrical water pump fault that could also cause fires.

Nazi-seized poster art must be returned to Jewish heir

Luke BrowneMarch 16, 2012 09:31

Peter Sachs’ father, Hans, who fled to the US after being held in a concentration camp, is believed to have collected up to 12,500 rare late 19th century posters, only 4,529 of which have been identified.

Angela Merkel questions 2014 Afghanistan deadline

Luke BrowneMarch 12, 2012 12:31

During a surprise visit to northern Afghanistan Monday, Angela Merkel said the point had not yet been reached where Germany could say, “we can pull out today.”

Michael GoldfarbMarch 9, 2012 05:44

BMW says: Thank you, China

Massive rise in company's profits thanks to China sales

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(FABRICE COFFRINI/AFP/Getty Images)

this story is part of globalpost's continuing coverage of world business. for more visit our new business page.

You think China is the world's workshop (or sweatshop, if you're manufacturing Apple products)?

Well, when it comes to luxury goods, Europe is the world's workshop.

Nothing proves the symbiotic relationship between China's rapidly growing upper-echelon consumer demand and Europe's luxury goods industries than sales figures released yesterday by BMW.

Nazi hunter Beate Klarsfeld running for German presidency

Luke BrowneFebruary 28, 2012 14:01

Beate Klarsfeld, who spent decades fighting fascism and tracking down Nazis, will run against favorite Joachim Gauck in the race for the German presidency.

Amy SilversteinFebruary 28, 2012 12:21

Angela Merkel hit by beer (VIDEO)

During a Christian Democratic Union meeting at a fancy restaurant, a 21-year-old waiter drenched the back of Angela Merkel's jacket with beer. Here's the video.

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German Chancellor Angela Merkel (R) speaks with Lower Saxony's State Premier David McAllister at a session at a meeting of Germany's lower house of parliament on February 27, 2012 in Berlin. (John Macdougall /AFP/Getty Images)

The accident might actually be someone else's fault.

Europeans agree to review size of bailout fund

Luke BrowneFebruary 27, 2012 12:23

The size of the fund would be “essential input” when G20 nations consider providing more resources to the IMF to assist the region, finance ministers and central bankers from leading economies said in their final communiqué after two days of meetings in Mexico City.

Michael GoldfarbFebruary 24, 2012 12:54

Euro zone crisis: a pause for reflection

A Greek bail-out was agreed this week. Now what?

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The euro zone crisis at half-time, what's going to happen next? (Sean Gallup/AFP/Getty Images)

this story is part of globalpost's continuing coverage of world business. for more visit our new business page.

It's half-time in the euro zone crisis. So gather round and take a knee, and let's figure out what we've learned from the first half.

1. The bond markets work one way and the EU works another. Their methods are wholly incompatible. That's what caused the crisis to explode in the way it did. But a synthesis was reached between the two, because the EU's leaders ultimately showed the big institutional players in the bond market they were serious about tackling not just Greece's problems, but government deficits throughout the euro zone.

Government leaders who did not get with the program were removed. Once governance issues were resolved, the bond markets began to calm down.

This is a key lesson for American economic commentators to remember. Bond markets don't entirely rely on spread-sheet data. They care about unquantifiable things like good governance. Italy under Berlusconi was a joke, under Mario Monti it is a country whose governance gives hope of being as effective as its luxury goods businesses, which dominate their sector of world trade.

Boxing rivals Chisora and Haye brawl at press conference [VIDEO]

Hélène HofmanFebruary 19, 2012 18:09

Chisora: "If David don't fight me . . . I'm going to physically burn him"

Michael GoldfarbFebruary 15, 2012 09:09

European austerity by the numbers: in or out of the euro zone today's figures are grim.

Statistics prove yet again: cutting alone will not help an economy

this story is part of globalpost's continuing coverage of world business. for more visit our new business page.

The European economic numbers flow across my computer screen, not quite as quickly as the ticker tape crawl at CNBC or Bloomberg, but there are a lot of them and virtually every one is bad. And in or out of the euro zone, they all point to the same thing: austerity isn't working.

In Greece: the economy contracted by 7 percent in the last quarter. Since austerity budgets began to be implemented two years ago Greece's debt had jumped from 115 percent of GDP to 166 percent of GDP, the Guardian reports.

In Britain: Unemployment is at 8.4 percent according to the Office of National Statistics, a 16 year high (I have reported on other sources of unemployment statistics here).