Greek utility shelves plans for price increases

ATHENS: Greece's state-controlled utility PPC said on Saturday it had no immediate plans to raise electricity prices for households after their liberalisation on July 1.

China finds 'violations' in lending by state-owned banks

China's National Audit Office (NAO) has said that some state-owned banks "violated" lending regulations.

French auditor urges economic reforms to slash spending

France's national auditor has warned that further cuts in public spending are needed if the country is to get its ailing economy back on track.

Greece: the sequel (this time with even more tourists)

Long before the setting sun turns the sky above Mykonos into a blaze of crimson, they begin to arrive: super-yachts and pleasure boats and high-speed craft all vying for a spot in the Aegean isle's picturesque old port.

Asia stocks up on data showing stronger US economy

BANGKOK (AP) -- Asian stock markets staged a modest recovery Wednesday, boosted by strong data releases that portray a U.S. economy on the upswing.

G20 task force to study Libor reform

BASEL, Switzerland (Reuters) - The agency that sets rules for global banks will establish a task force to look at reform of Libor after a scandal in which three banks were fined for rigging the global interest rate benchmark.

German business confidence rises in June

Germany's Ifo index of business sentiment rose slightly in June, raising hopes that the eurozone's largest economy is returning to stronger growth.

UK retail sales sees strong rise in May

UK retail sales recorded a larger-than-expected rise last month, helped by a strong increase in food sales.

Japanese bank to pay NY $250M in laundering case

ALBANY, N.Y. (AP) — The Bank of Tokyo Mitsubishi-UFJ Ltd. will pay $250 million to the state of New York for laundering billions of dollars in transactions that violated economic sanctions against countries including Iran, Sudan, and Myanmar, New York financial regulators said Thursday.

Spain raises four billion euros in bond auction

MADRID: Spain raised four billion euros in medium and long-term bonds Thursday a day after the IMF said the outlook for the nation remained bleak.

Fed maintains pace of asset purchase

The US Federal Reserve has maintained the rate of its asset purchase programme at $85bn (£54bn) a month, aimed at boosting the economy.

Study: U.S. economy less open than Romania's

The United States may advertise itself as an economy that’s open to the world. But compared with Singapore and Hong Kong, we’re practically behind a Berlin Wall of tariffs and trade barriers, according to a new study of economic openness from the International Chamber of Commerce.

G8 faces uncertain recoveries, turbulent markets

ENNISKILLEN, Northern Ireland — Europe is mired in debt and recession. Financial markets have hit violent ups and downs on fears that U.S. stimulus efforts may soon be scaled back.

IMF urges repeal of 'ill-designed' US fiscal cuts

WASHINGTON: The International Monetary Fund on Friday urged the United States to repeal sweeping federal budget cuts that will be a severe drag on economic growth this year.

UK unemployment falls by 5,000

UK unemployment has fallen by 5,000, the Office for National Statistics (ONS) has said. ONS data indicated 2.51 million people were out of work in the three months to April.

Turkish economy depends on political stability

LONDON (AP) -- The escalation in the clashes between Turkey's government and protesters could hurt an economy that has become a source of growth and stability in a region hit by recession and unrest.

EU's Rehn upbeat on eurozone recovery in 2013

THE HAGUE: The eurozone's battered economies are slowly emerging from a crippling recession with growth expected to return by the second half of 2013, EU Economic Affairs Commissioner Olli Rehn said on Tuesday.

Britain readies banks for return to private ownership

LONDON: Britain will give its strongest indication yet that it is ready to return part-nationalised Lloyds Banking Group and Royal Bank of Scotland to private ownership later this month, political and industry sources said.

China data highlights weak economy, remedies in focus

BEIJING (Reuters) - China's growth could slow further after data released on Sunday showed subdued activity right across the economy in May in the face of sustained global weakness, raising the possibility of interest rate cuts.

British Employers See Value in Europe-Wide Labor Pool

LONDON — With several big construction projects under way in Britain, the multinational company CH2M Hill spent six months searching for a qualified tunneling engineer.

UK monthly exports to China hit £1bn for first time

Britain's monthly exports to China have hit the £1bn level for the first time amid signs that UK firms are diversifying away from the crisis-hit eurozone.

US regains wealth from recession, but not equally

WASHINGTON: America as a whole has regained all the household wealth it lost to the Great Recession and then some, thanks to higher stock and home prices.

European Union supports the agenda of Russia's G20 Presidency

The 31st Russia-EU Summit took place on June 4 in Yekaterinburg. During the summit, Vladimir Putin and EU leaders discussed current issues related to their cooperation, including as part of their preparations for the G20 Summit.

US manufacturing revival 'at risk', surveys suggest

The US manufacturing sector struggled to grow in May, two surveys have shown, underlining worries over the pace of economic recovery.

Swiss National Bank would not jump to the rescue insolvent banks: Chairman

ZURICH: The Swiss National Bank would not jump to the rescue of any banks that found themselves insolvent following fines to settle US tax evasion probes, the central bank's chairman said.

Japan's hard to budge obstacle in the fight with deflation

TOKYO: Vending machines stocked with sodas are ubiquitous here, tucked away, it seems, in every nook and cranny of the country.

Canada Economy Grows Fastest Since 2011 on Oil Exports

A surge in Canadian oil exports to the U.S. helped propel the country’s economy in the first quarter to its fastest growth pace since 2011, even as domestic demand expanded at the slowest rate since the 2009 recession.

Germans irked as Hollande says EU cannot dictate French reforms

(Reuters) - President Francois Hollande pledged on Thursday to carry out long overdue reforms of France's pension system and labor markets but said it was up to Paris, not the European Commission, to determine how they are implemented.