The news at a glance

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.”

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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?”

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.