Italy's new prime minister, technocrat Mario Monti, wants to stimulate growth by boosting productivity and competitiveness. A new law that went into effect Jan. 1 allows shops, cafes and restaurants to stay open 24/7 all year long, holidays included. This deregulation puts Italy ahead of many European countries, but many Italians are resisting.
Friday — the Day of the Epiphany — was the first holiday of the year. In Rome, however, hardly anyone took advantage of the liberalized shop hours.
For the long-term unemployed, getting a job isn't always the end of the story.
Randy Howland spent most of this past year working at a $10-an-hour customer service job. He used to make six figures. With this job, he was settling, just so he could have the satisfaction of working. It was essentially a call-center job.
Thousands of people crowd Ipanema Beach in Rio de Janeiro, Brazil as summer gets going in the Southern Hemisphere.
Credit Vanderlei Almeida / AFP/Getty Images
Brazil is now the world's sixth biggest economy overtaking the U.K., according to the Centre for Economics and Business Research. As the Financial Times puts it, it's another milestone that's part of a larger trend where emerging economies outpace developed ones. China, they report, overtook Japan earlier this year.