Progress in Brussels
A crucial part of a Eurozone Banking Union has been agreed on in Brussels. It says that failed lenders will no longer be bailed out by taxpayers' money. Instead, the banking sector will have to provide the necessary cash to ensure financing for closing down banks. Over the next 10 years, banks are required to pay 55-Bbillion euros into a European rescue fund.
Engineering Output Forecast
After feeble growth this year, the influential ifo institute says Germany's economy should pick up steam. And the all-important engineering sector is forecasting a record-beating year for 2014, with the industry association VDMA saying sales will hit more than 200 -Bbillion euros. The improvement in business sentiment was largely driven by an upturn in the mood among construction companies and manufacturers.
Does Chattanooga Need a Works Council?
There's trouble brewing at VW's 1-Bbillion euro plant in Tennessee. So far, Chatanooga is carmaker's only major plant that has no works council - yet. The biggest trade union in the US, United Auto Workers, would like to represent Volkwagen workers. Not everyone welcomes the idea.