The news at a glance
Austerity sparks mass protests; Top Microsoft executive pushed out; Stores open on Thanksgiving; Penney sales keep sliding; California launchescap-and-trade
Euro crisis: Austerity sparks mass protests
Anti-austerity demonstrations swept through much of Europe this week, as millions of workers in more than 20 countries walked off the job to protest government spending cuts and tax increases, said Peter Wilkinson in CNN.com. Spain, where the unemployment rate is over 25 percent, was the site of the biggest strikes, closing schools and paralyzing public transport. Workers also rallied in hard-hit Portugal, Greece, and Italy, where protest organizers said months of painful cuts are creating widespread anger and discontent. The austerity measures “are really bringing the people to ruin,” said Italian demonstrator Felice Nardi.
The depth of Europe’s woes was underscored by more gloomy economic data this week, said Lindsay Whipp in the Financial Times. Greece’s economy shrank 7.3 percent in the latest quarter from a year earlier, suggesting an accelerating decline. Portugal’s economy also contracted for the eighth consecutive quarter, and industrial production across the euro zone showed its steepest drop in more than three years in September. Even the Continent’s economic powerhouse is beginning to falter: European Central Bank head Mario Draghi said last week that Europe’s woes are “starting to affect the German economy.”
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Tech: Top Microsoft executive pushed out
An internal “power struggle” led to the abrupt departure of a top Microsoft executive this week, said Michael Liedtke in the Associated Press. Steven Sinofsky, the head of Microsoft’s Windows division and a 23-year company veteran, was reportedly pushed out by CEO Steve Ballmer less than a month after the long-awaited release of Windows 8. Ballmer is said to be “trying to dismantle fiefdoms within Microsoft.” Sinofsky was “not going to look kindly at someone coming in and telling him he has got to start sharing,” said tech analyst Rob Enderle.
Retail: Stores open on Thanksgiving
“At this rate, we may have to rename Thanksgiving ‘Black Thursday,’” said Abha Bhattarai in The Washington Post. In order to get a jump start on what is expected to be only a “mediocre shopping season,” big-box retailers like Walmart, Toys R Us, and Sears are opening at 8 p.m. on Thanksgiving Day, with Target following suit at 9 p.m. Not everyone is happy with sales trumping tradition. “We’re getting rid of Thanksgiving dinner, and for what?” said Anthony Hardwick, a former Target employee. “For a $300 flat-screen TV?”
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Companies: Penney sales keep sliding
J.C. Penney Co.’s sales are going from “bad to worse,” said Dana Mattioli and Karen Talley in The Wall Street Journal, with sales plunging 27 percent for the three months ending in October. It was the third consecutive quarter of steep sales declines, sending the retailer’s stock sharply lower. The department-store chain has been struggling to find its footing during an attempted turnaround by former Apple executive Ron Johnson, whose strategy of eliminating discounts in favor of broadly lower everyday prices has confused and alienated customers.
Energy: California launches cap-and-trade
California’s fight against climate change took a step forward this week with the debut of an emissions market, said Felicity Barringer in The New York Times. Wednesday’s auction of state-issued pollution allowances launched the state’s 2006 cap-and-trade program, which “sets limits on carbon dioxide emissions for virtually all sectors of California’s economy, the ninth-largest in the world.” Nearly all of the 23 million allowances given to utilities and other industries came at no charge. Over time, the number of allowances will be reduced, forcing businesses to reduce emissions or buy credits.
-
5 hilariously hypermasculine cartoons about Pete Hegseth's nomination
Cartoons Artists take on battlefields, mommy issues, and more
By The Week US Published
-
Teriyaki salmon skewers recipe
Recipe This delicious Asian-inspired dish is easy to make
By The Week UK Published
-
Gregg Wallace: a man out of time?
Talking Point MasterChef presenter's downfall shines spotlight on how mistreatment of junior staff has all too often been ignored
By The Week UK Published
-
The news at a glance...International
feature International
By The Week Staff Last updated
-
The bottom line
feature Youthful startup founders; High salaries for anesthesiologists; The myth of too much homework; More mothers stay a home; Audiences are down, but box office revenue rises
By The Week Staff Last updated
-
The week at a glance...Americas
feature Americas
By The Week Staff Last updated
-
The news at a glance...United States
feature United States
By The Week Staff Last updated
-
The news at a glance
feature Comcast defends planned TWC merger; Toyota recalls 6.39 million vehicles; Takeda faces $6 billion in damages; American updates loyalty program; Regulators hike leverage ratio
By The Week Staff Last updated
-
The bottom line
feature The rising cost of graduate degrees; NSA surveillance affects tech profits; A glass ceiling for female chefs?; Bonding to a brand name; Generous Wall Street bonuses
By The Week Staff Last updated
-
The news at a glance
feature GM chief faces Congress; FBI targets high-frequency trading; Yellen confirms continued low rates; BofA settles mortgage claims for $9.3B; Apple and Samsung duke it out
By The Week Staff Last updated
-
The week at a glance...International
feature International
By The Week Staff Last updated