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Euro Zone

Euro Zone
The eurozone is an economic and monetary union (EMU) of 19 European Union (EU) member states that have adopted the euro as their common currency. Introduced in 1999, it is one of the largest economic regions in the world and currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Bulgaria, the Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, and the United Kingdom are EU members but do not use the euro. The global financial crisis of the late-2000s forced the eurozone to grant emergency loans to its member states on the condition they established economic reforms.
A Union flag flies near Big Ben in London, on Friday. Photo: AP
European Union

EU finance chief casts doubt on new UK clearing deadline

The comments came days before the EU announced it adopted a decision to extend an exemption to July 2028 that grants UK clearing access.

International Property

La Défense, Europe’s largest purpose-built business district, seeks Asian investors

China economy

Macroscope | Why Germany’s economic issues run just as deep as China’s

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International Property

Hong Kong home prices to reverse direction as rates have likely peaked: analyst

An imminent decline in global interest rates should boost housing markets, but any improvement in Hong Kong could be delayed until there is a broader recovery in the local and wider Chinese economies, Knight Frank’s Liam Bailey says.

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A residential project takes shape in Kai Tak, Hong Kong. The city’s housing market has cooled due to rising interest rates. Photo: Xiaomei Chen
International Property

Dubai luxury home prices rise the most, Hong Kong still most expensive city: Savills

Dubai’s luxury property prices rose the most among 30 cities in the first half of 2023, according to the latest study by Savills, and Hong Kong still has the world’s most expensive prime residential property.

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European Union

EU vows big reforms amid corruption scandal

Changes to include strengthening whistle-blower protections, ban on unofficial friendship groups and review of policing code of conduct rules after four people were charged with ‘criminal organisation, corruption and money laundering’.

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Macroscope

Macroscope | Risk of Asian currency crisis remains low even amid US dollar strength

Asian and G10 currencies are likely to continue to weaken against a strong dollar as the Fed stays hawkish on inflation. But fundamentals are solid in Asia and real interest rates in most economies remain above those in the US, which will support local currencies.

A currency exchange shop in Sheung Wan, Hong Kong, on September 27. Photo: Sam Tsang
International Property

In boost for Hong Kong buyers, UK home prices trail those in EU states

Growth in home prices in the United Kingdom has trailed peers in the European Union, but has provided Hongkongers buying property in London and other British cities more value for their money.

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counterfeit

Video | Inside EU lab spotting fake bills

Fame and celebrity

4 reasons to visit Cristiano Ronaldo’s home of Madeira

What is there to do on Madeira? Why, worship Cristiano Ronaldo, of course – from the stadium of his first professional club, CD Nacional, to the museum run by his brother, there’s plenty for fans to enjoy

Madeira is the proud home of Cristiano Ronaldo. Photos: @visitmadeira/Instagram, @cristiano/Instagram
International Property

Portugal’s new golden visa scheme may require investors to stump up more

Starting in the new year, investors seeking citizenship will have to buy commercial property rather than homes in Lisbon, Porto and the Algarve under revamped rules.

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A young man plays the violin as night falls in Lisbon, the Portuguese capital. Photo: AP
Currencies

Macroscope | The euro has more to fear from the yuan’s rise than the US dollar

Crumbling political unity and widespread failures in vaccine roll-outs have damaged confidence in the euro. Meanwhile, the Fed’s reputation is intact, interest rates and yields remain supportive and US recovery plans should benefit global growth.

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