Putin economy reshuffle to strengthen Kremlin: sources

MOSCOW (Reuters) - President Vladimir Putin will appoint Economy Minister Sergei Belousov as his chief economic adviser, in a reshuffle that will tighten the Kremlin's control over the management of Russia's $2 trillion economy, sources said on Friday.

Worse-Than-Cyprus Debt Load Means Caribbean Defaults to Moody’s

Three bond restructurings totaling about $9.7 billion in the Caribbean this year are failing to ignite economic growth and may not help the region avoid more defaults, according to Moody’s Investors Service.

China profit growth quickens, no harbinger of recovery

BEIJING: China's industrial profits growth quickened in April from the previous month, though the government noted that the pickup was due mainly to a low comparative base, indicating that the world's second largest economy still faces slack domestic and external demand.

Germany says 'no' to EU tariffs against China

BERLIN: Germany told the European Commission Monday that it rejected a proposal to slap tariffs on Chinese solar panel imports, its economy minister said.

U.S. only advanced economy with no guaranteed paid vacation

WASHINGTON, May 26 (UPI) -- The United States is the only country among advanced economies that does not require employers to provide paid vacation time, a non-profit group says.

'Yugonostalgia' as Croatia prepares to join EU

Forget the European Union, many in this Croatian village are saying. The group of nations being celebrated this weekend is one that died more than 20 years ago when Yugoslavia - now fervently remembered as a haven of peace, prosperity and equality - fell apart in a cascade of ethnic wars.

Germany reports sluggish first-quarter growth of 0.1%

Germany's economy barely grew in the first quarter of 2013 as exports and investment shrank, figures show. But higher domestic consumption - thanks to rising wages - helped offset the declines in foreign trade and capital investment, raising hopes it will help drive a sustained recovery.

Bank of England MPC member warns UK faces years of weak growth

Fears that Britain faces years more of weak growth were raised by a leading Bank of England policymaker when he warned that adjustment to the tougher post-crisis climate was only two-thirds to three-quarters complete.

'High risk' of deeper Cyprus recession: Cyprus central bank

NICOSIA: Cyprus's central bank governor said on Wednesday the country's teetering economy could fall deeper into recession than previously thought.

U.K. Inflation Rate Falls More Than Forecast to 2.4%: Economy

U.K. inflation slowed more than economists forecast in April to a seven-month low and producer prices rose the least since 2009 as fuel costs fell.

Thinking the Unthinkable: Quitting a Currency

Unemployment in Spain is at 27%. Young people are fleeing Portugal and Ireland. One-in-four Greeks say they have difficulty paying for food.

Canada Inflation Falls to Slowest Since 2009 on Gasoline

Canada’s annual inflation rate fell in April to its slowest in more than three years, taking it below the central bank’s target band and adding to evidence of growing slack in the world’s 11th largest economy.

UK trade may struggle to stand still after EU exit

GENEVA: As British Prime Minister David Cameron struggles to accommodate eurosceptics in his own party, trade experts warn that quitting the European Union would force Britain not just to rework trade relations with the EU, but also with the EU's trade partners and probably the World Trade Organization.

Bank of England upgrades economic growth forecasts

The Bank of England has upgraded its economic growth forecast and said that inflation should fall faster than previously predicted. In his last inflation report as the Bank's governor, Sir Mervyn King said inflation should drop to its target of 2% within two years.

Divisions hamper Europe's plans to tackle failing banks

BRUSSELS: The European Central Bank clashed with Germany on Tuesday over how quickly the euro zone should complete a system to deal with failing banks.

EU bailout fund releases Cyprus aid payment

BRUSSELS: The EU on Monday handed over the first two billion euros of loans agreed under the controversial Cyprus aid deal, the bloc's European Stability Mechanism said in a statement.

EU ministers to thrash out tax clampdown

BRUSSELS: As tens of millions languish on the dole with EU austerity blamed for deepening recession, finance ministers will switch their focus Tuesday from bailout negotiations to the pursuit of a trillion-euro annual tax-fraud bounty.

G7 smooths divisions over growth, deficit reduction

AYLESBURY: The Group of Seven advanced economies on Saturday appeared to smooth over US-European differences on how to balance deep austerity measures with ways to support fragile growth.

Canada Adds 12,500 Jobs in April as Manufacturers Hire

Canadian employment rose in line with economist forecasts in April as manufacturers added the most jobs in 11 months, adding to evidence of a modest expansion.

Slovenia adopts austerity action plan to avert bailout

LJUBLJANA: The Slovenian government on Thursday adopted an action plan aimed at avoiding a bailout that included privatisations, tax increases and austerity measures.

Britain faces 'sink or swim moment' in global economic race, says David Cameron

The Prime Minister said the Government is driving through tax reductions, welfare reforms, infrastructure investment and trade deals to ensure the UK stays competitive globally.

G20 Leaders: Changing Words on Fiscal Policy

Over the past five years, the leaders of the Group of 20 major economies have altered their message from endorsing stimulus (November 2008) to calling for “fiscal consolidation” (June 2010) to urging “countries with sufficient fiscal space” to prepare to do more than allow automatic stabilizers, such as unemployment compensation, to widen their deficit (June 2012.).

European Union in crunch talks on budget gap

BRUSSELS: Leading EU officials meet later Monday to try and break a deadlock on the bloc's budget for the rest of the decade with a summit of feuding national leaders looming on May 22.

Warren Buffett sees 'brutal' damage for savers from central bank money printing

Veteran investor Warren Buffett has warned that savers and bondholders are suffering a "brutal" erosion of their money as the US Federal Reserve and other central banks force yields to historic lows.

Asia's public services failing needy, need new approaches: ADB study

GREATER NOIDA: Public services in developing regions of Asia are frequently failing to reach the needy, says a new Asian Development Bank (ADB) study.

Recovery optimism grows, helped by services sector

LONDON (Reuters) - Britain's economy may be finally gaining some ground, with stronger-than-expected growth in the dominant services sector capping a week of relatively upbeat economic news.

OECD urges Italy to keep austerity as Rome balks

ROME (AP) — Italy must continue to bring down its public debt, the Organization for Economic Cooperation and Development said Thursday, even as the country's new premier seeks a greater focus on economic growth instead.

George Osborne warns Bank of England over economic recovery plans

George Osborne has warned the Bank of England that it risks derailing Britain's fragile economy if it uses tough new financial watchdog powers to clamp down too hard on the City.

Fed to keep priming economy's pump until next year, CNBC survey shows

Wall Street now firmly believes that the Federal Reserve will keep its foot on the accelerator well into 2014, with 40 of 46 respondents to the April CNBC Fed Survey forecasting asset purchases by the central bank next year.