Economy

Atletico Madrid president splits time between football and film
Atletico Madrid president splits time between football and film

Enrique Cerezo is best known in Spain as the longtime president of Atletico Madrid football club, the less glamorous cross-town rivals of Real Madrid. Success in the two fields is measured differently, said Cerezo, who has led Atletico Madrid to six European titles and four Spanish ones since he took over as president of the Spanish first division side in 2003.

Outdated rules, limited metro collide for 'unbearable' Athens gridlock
Outdated rules, limited metro collide for 'unbearable' Athens gridlock

Straining to squeeze his taxi between two hulking trucks blocking an Athens street, 66-year-old cabbie Damianos says he's never seen traffic congestion in the Greek capital this bad. According to transport ministry data analysed by AMVIR, there are over 2.2 million cars in the greater Athens area, in addition to over 16,000 taxis and tens of thousands of trucks of various sizes.

Volkswagen crisis pits homegrown leaders against each other
Volkswagen crisis pits homegrown leaders against each other

Volkswagen managers and workers representatives will start crunch talks in Hanover on Wednesday, following the German group's announcement that drastic cost-cutting measures are needed to keep the carmaker competitive. So it was all the more surprising when Volkswagen announced this month that it could cut thousands of jobs by closing factories in Germany.

High costs, slowing China: VW's perilous road ahead
High costs, slowing China: VW's perilous road ahead

After Volkswagen's bombshell announcement earlier this month that it could close factories in Germany for the first time, company management and unions will begin tense talks on a new pay deal Wednesday. Production costs in Germany are "clearly too high", said a leaflet from VW's management distributed to the workforce at several sites in the country ahead of the talks.

China cuts another key interest rate to boost economy
China cuts another key interest rate to boost economy

China's central bank on Wednesday said it would slash another key interest rate, a day after it unveiled a raft of new measures aimed at boosting its ailing economy. "China's slew of monetary easing measures have done little to stimulate the economy in recent years," China Beige Book's Shehzad Qazi, told AFP. "Rate cuts are no longer enough to boost growth in China," he said.