At the Dubai Air show over the weekend, Boeing announced a deal to sell 50 planes to Emirates, the big Persian Gulf carrier based in Dubai. Boeing beat out Europe's Airbus for the $18 billion deal. And the deal also helps General Electric, which makes the engines.
Sharing a common currency with a group of fiscal losers has its benefits. The German economy gained strength over the past two years in large part because the European debt crisis weakened the euro. That made German exports more attractive to customers around the world.
President Obama has a low-key day in Hawaii Monday, before he flies to Australia and Indonesia. His weekend was full of diplomatic meetings at a summit of Asia-Pacific leaders. The president believes the U.S. has not paid enough attention to that region over the last decade. With the wars in Iraq and Afghanistan winding down, he's promising to devote more resources the Pacific Rim.
With technocratic governments being formed in Italy and Greece, the euro may get a short-term bounce from the markets. But there is concern the changes afoot may not happen fast enough to end the eurozone debt mess.
After a week of market turmoil over the worsening eurozone crisis, hopes are high that the appointment of economist Mario Monti to head a technocratic government in Italy will reassure lenders that the country can speed economic overhaul. Monti could face obstruction from lawmakers of outgoing Prime Minister Silvio Berlusconi's party.
The state's pension system is $9 billion in the red. It doesn't even have half of the money it needs to pay future retirees. If lawmakers do nothing, it's predicted that in seven years, 20 percent of the state budget will be mailed out in pension checks.
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