France asking for German Investment
France has proposed that Germany spend 50 billion euros on investment in the hope that it will stimulate Europe's economy. That's what the country's finance and economy ministers proposed Monday as they met with their counterparts in Berlin. All of this comes against the backdrop of major worries over slowing growth in Europe. France in particular faces serious problems including high unemployment and a ballooning budget deficit.
IBM pays to unload its semiconductor unit
US high tech giant IBM reported disastrous results and abandoned its 2015 operating earnings target on Monday. Earnings fell 16 percent in the third quarter. And the company announced a highly unusual deal to get rid of its money-losing semiconductor business.It's paying chip manufacturer Globalfoundries $1.5 billion to take over the troubled unit and be IBM's exclusive supplier of certain kinds of chips for the next ten years. And, it will gain access to the Big Blue's intellectual property. Globalfoundries is owned by the emirate of Abu Dhabi.
Indonesia: emerging economy in transition
Indonesia has a new President. Joko Widodo was sworn in as head of the world's third biggest democracy. He inherits an emerging economy in transition. Indonesia has been booming for years especially because of the country's rich deposits of oil, tin, nickel copper and even gold. But there are underlying problems. The gap between rich and poor is growing, there's not enough work for young people. Infrastructure is crumbling and there's also widespread corruption.