Canadian Consumers Entering 2014 Confident on Jobs Outlook

Canadian consumers are heading into 2014 with more confidence than a year ago, buoyed by optimism that jobs are more secure and real-estate prices will rise, according to the Bloomberg Nanos Canadian Confidence Index.

Mortgage rise will plunge a million homeowners into 'perilous debt'

More than a million homeowners will be at risk of defaulting on their mortgages and losing their properties in the wake of even a small rise in interest rates, a bombshell analysis reveals.

U.S. bank watchdogs to consider Volcker rule tweak

WASHINGTON: U.S. bank regulators said on Friday they would consider allowing banks to hold on to certain complex securities despite a new rule limiting risky investments.

Japan December manufacturing PMI at highest in more than 7 years

TOKYO: Japanese manufacturing activity expanded in December at the fastest clip in more than seven years as firms added workers at the quickest pace in over six years to help meet growing backlogs of unfilled orders, a survey showed on Friday.

Britain 'will be Europe's top economy by 2030'

A rising population, a low-tax regime and insulation from the worst of the eurozone's problems leave Britain on course to overtake Germany as Europe's biggest economy within the next two decades, according to a study released on Thursday.

EU bans arms exports to Central African Republic

(Reuters) - The European Union on Monday banned the export of arms and the sending of mercenaries to Central African Republic, which is racked by sectarian violence.

Christmas shopper numbers hit by bad weather

Bad weather and more online shopping has seen fewer shoppers hitting the UK High Street in the run up to Christmas this year, according to new figures.

China's $50 billion move to avert cash crunch

China's central bank has been forced to pump nearly $50 billion into the financial system to prevent a second damaging cash crunch this year.

Economic Growth in U.S. to Quicken Next Year, Lagarde Says

The International Monetary Fund is raising its outlook for the U.S. economy, as a budget deal in Washington and the Federal Reserve’s plan to taper its bond buying ease doubts about the future, IMF Managing Director Christine Lagarde said.

India Bonds Set for Best Week in Month on RBI Pause; Rupee Drops

India’s 10-year government bonds headed for their best week this month after the central bank unexpectedly refrained from raising interest rates.

France's Hollande flags need to cut labor costs

(Reuters) - President Francois Hollande said on Friday France needed to cut the high cost of labor in France to bring down stubbornly high unemployment in the euro zone's second-biggest economy.

Irish economy grows by 1.5 per cent in Q3

DUBLIN: Ireland's economy grew by 1.5 per cent in the third quarter, showing a tentative recovery may be gathering momentum and handing the government a boost as it emerges from an EU/IMF bailout.

Inflation tame, but Fed may still trim bond buying

WASHINGTON (Reuters) - Consumer prices were flat in November, but the lack of inflation pressures in the economy will probably not stop the Federal Reserve from scaling back its bond-buying program soon.

China's interest rates will have upside bias when freed: Central bank chief

BEIJING: China's borrowing costs will have a tendency to rise once controls on interests rates are lifted due to buoyant demand for funds, Central Bank Governor Zhou Xiaochuan said on Monday.

Japan pledges $19 billion in aid to ASEAN region

TOKYO (AP) -- Japan on Saturday pledged 20 trillion yen ($19.2 billion) in aid to Southeast Asian nations over the next five years to help close the region's development gap and improve its disaster preparedness.

Bank of England keeping an eye on UK 'microwave' housing market, says chief economist Spencer Dale

The Bank of England is closely monitoring the UK’s “microwave” housing market, its chief economist, Spencer Dale, said today.

R.B.S. to Pay $100 Million to Settle Inquiries Into Violations of Sanctions

The Royal Bank of Scotland is paying $100 million in fines to New York and federal banking regulators to settle civil investigations into accusations that some of its former employees helped conceal transactions involving customers from Iran, Sudan and other nations subject to international sanctions for about a decade.

Budget deal reached, government shutdown averted

WASHINGTON — President Barack Obama and congressional leaders reached a historic, last-minute agreement just before a midnight deadline to slash about $38 billion in federal spending and avert the first federal government shutdown in 15 years.

Italian economy ends two years of contraction: Official data

MILAN: The troubled Italian economy, the third-biggest in the eurozone, stagnated in the third quarter, ending two years of contraction, revised data showed on Thursday.

A Public Works Boom in Japan Has Echoes From the Lost Decade

SAGA, Japan — The bulldozers started up with a rumble this year in this bucolic corner of southern Japan, unleashing a construction frenzy — and a sinking feeling of déjà vu.

Russia-Ukraine 'closer on gas price' after Sochi talks

Russia says differences with Ukraine on reducing the price of Russian gas have been narrowed after talks in the Black Sea resort of Sochi.

Prime Minister hails 'historic' global trade deal which 'will give £613billion boost to world economy'

Prime Minister David Cameron has hailed a 'historic' global trade deal which he said could be worth £1 billion a year to British businesses and be a 'lifeline' for the world's poorest people.

US jobless rate falls to 5-year low in November

The US unemployment rate fell to a five-year low of 7% in November, according to the US Labor Department.

Autumn statement 2013: UK economic growth upgraded

Britain's economy will grow 1.4% this year and 2.4% next year, chancellor George Osborne said on Thursday as he unveiled big upgrades from the government's independent forecasters, the Office for Budget Responsibility.

Draghi Says Europe No Japan as Crisis Spurs Price Cuts

Henar Fuentes held out the white cardigan sweater as if she wanted nothing more in the world. It was on sale for 8.45 euros ($11.44) at a Madrid boutique just a few minutes’ walk from the Puerta del Sol.

Australia Urged to Buy Carbon Credits for Cheaper Emission Curbs

Buying carbon credits near record low prices in global markets would cost-effectively ensure Australia meets its pledge to cut emissions by 5 percent, an industry group told the nation’s new government.

Biggest drop in savings for 40 years, Bank of England figures reveal

Bank figures show £23 billion taken out of long-term savings in past 12 months, equivalent to £900 for every UK household.

East African trade bloc approves monetary union deal

(Reuters) - The leaders of five East African countries signed a protocol on Saturday laying the groundwork for a monetary union within 10 years that they expect will expand regional trade.

Swiss economy to pick up steam in coming months, KOF shows

ZURICH: Switzerland's economy will pick up more steam in coming months, helped by domestic consumption and the euro zone's emergence from recession, the country's leading indicator showed on Friday.

EU exit would be dreadful for Britain, says former PM Major

(Reuters) - A British exit from the European Union would be a dreadful decision that would cost billions of pounds and leave the world's sixth largest economy isolated, former Prime Minister John Major was quoted as saying on Friday.

Snowden docs: US spied on G20 summit

The United States spied on a G20 meeting in Toronto with the assistance of Canada's government, according to new documents leaked by former NSA contractor Edward Snowden.

Spain, France reverse roles as economic fortunes diverge

MADRID/PARIS, Nov 27 (Reuters) - One year ago, when Spain's Mariano Rajoy travelled to Paris to meet France's Francois Hollande for their annual bilateral summit, only one question was on the agenda: if and when Spain would seek a European bailout for its crippled public finances.

Regional Fed banks still split on discount rate cut/hike need

(Reuters) - One regional U.S. Federal Reserve bank continued to seek a quarter point cut in the discount rate last month while three other branches pushed for a matching hike, but the Fed Board in Washington decided to leave rates unchanged at 0.75 percent.

British Government Reports Assail R.B.S. Lending Practices

LONDON – Royal Bank of Scotland, the British bank principally owned by the government, said on Monday that it had hired the law firm Clifford Chance to examine its lending practices after government reports that criticized its operations, including claims that it pushed some business clients into serious financial difficulties.

Crippled By Sanctions, Iran's Economy Key In Nuclear Deal

Some of the sanctions against Iran will be eased under an agreement reached between Iran and six world powers over the weekend. In return, Iran promises to temporarily curb part of its nuclear program.

Australia hopes for China trade deal despite Huawei ban

Washington (AFP) - Australia said Friday it hoped to reach free trade agreements within months with China, as well as Japan and South Korea, despite a decision against telecom giant Huawei.

China money rates ease after central bank move, but still elevated

SHANGHAI, Nov 22 (Reuters) - China's money rates eased up this week after the central bank poured cash back into the market following an unusual mid-month spike last week, but traders remained on edge with rates elevated.

Labor market firming, but inflation still benign

(Reuters) - Fewer than expected Americans filed new claims for unemployment benefits last week and manufacturing activity hit an eight-month high in early November, hinting at some strength in the economy.

Bank of England says UK in sustained recovery

The UK is in a sustained recovery and does not face major inflation risks, Bank of England policymakers have said.

Norway needs to wean economy off oil: finance minister

OSLO (Reuters) - Weak productivity growth is the Norwegian economy's biggest challenge and reducing reliance on its massive offshore oil sector is the new government's main priority, finance minister Siv Jensen said on Tuesday.

China Reform Plan Sets Scene for Local Clampdown: Economy

China’s Communist Party signaled a bigger focus on fiscal concerns during President Xi Jinping’s tenure, setting the scene for a clampdown to control the finances of indebted regional authorities.

U.S. Appears More Open to Finance Discussions in Trade Talks With Europe

LONDON — American negotiators appear to be softening their resolve to keep financial services out of trans-Atlantic trade talks with the European Union.

Eurozone economic recovery falters in third quarter

The eurozone's economic woes persisted in the third quarter as Italy's longest recession continued and a contraction in French output dragged growth down to 0.1%.

US economy is growing within five years of collapse: Barack Obama

WASHINGTON: US President Barack Obama has credited the turnaround of American economy to the historic reforms in the Wall Street, put in place after the catastrophic financial crisis in 2008.

WTO deal in balance, trade chief urges last-ditch talks

Trading nations are achingly close to a draft deal on easing barriers to global commerce as a crunch summit looms and must redouble efforts to complete it, the WTO's chief said Tuesday.

Indonesia Unexpectedly Raises Key Rate

Indonesia’s central bank unexpectedly raised its benchmark interest rate, stepping up its campaign to contain inflation (IDCPIY) and shore up the rupiah.

The shutdown's surprise effect on jobs numbers

WASHINGTON: The government shutdown may have affected October's jobs numbers. But not in the expected way.

World Bank revamp: 'We're not cutting jobs out of spite,' insists president

When an organisation with more than 10,000 workers spread across 120 offices worldwide decides to streamline its operations to meet tough new targets and head off threats from rivals, it is bound to cause pain.

China Muni-Bond Stalling Shows Debt Threat as Party Meets

Two years after China started a trial municipal-bond program, plans to take it nationwide have stalled, leaving local authorities reliant on off-budget funding fueled partly by land seizures.

US economic growth likely slowed in third quarter

WASHINGTON: US economic growth is likely languishing in the second half of 2013, held back by federal policies and a slowdown in hiring that has kept consumers from stepping up spending.

Kenya Central Bank Governor Sees Inflation Slowing to Target

Kenyan central bank Governor Njuguna Ndung’u said adequate food and energy supplies in the next few months should guide inflation to within its target range as the shilling is poised to remain stable.

European Commission predicts 'turning point' in Europe

The European Commission has said the European economy has reached a "turning point", but the eurozone will grow less quickly than previously expected.

China's service sector growth hits one-year high

China's service sector grew at its fastest pace in a year in October, the latest sign of a recovery in the world's second-largest economy.

Britain must stay in EU, says business lobby group

Britain's business lobby group will set out its "unequivocal" support for Britain staying in the European Union on Monday, claiming that membership brings each household some £3,000 a year.

Spain’s Outlook Revised to Stable by Fitch

Fitch Ratings raised its outlook on Spain’s rating to stable from negative, saying the nation’s overhaul of banks has “advanced well” and financing conditions have improved.

Draghi’s Deflation Risk Complicates Recovery: Euro Credit

Mario Draghi is facing down a deflation threat with few options left to fight it. Consumer prices in the euro area are rising at the slowest pace in four years, well below the European Central Bank’s target of just under 2 percent.

Consumer borrowing grows at fastest rate since 2008 crash

The Bank of England has admitted to an error in its data and said consumer borrowing has been growing at its fastest rate since before the financial crisis five years ago.

ECB to boost banks with more cheap cash, say economists: Poll

LONDON: The European Central Bank will soon provide another shot in the arm for Europe's strained banks with a more cheap, long-term loans, according to a firm majority of economists polled by Reuters.

Markets Drift Lower After Fed Announcement

Stocks on Wall Street fell in volatile trading on Wednesday after the Federal Reserve said it would keep its stimulus program intact for the time being, as expected, though it also nodded to a weaker economic growth outlook.

Japanese households spending more, unemployment down

TOKYO: Japan's thrifty households boosted their spending last month while unemployment fell, data showed Tuesday, as the International Monetary Fund (IMF) gave a thumbs up to Tokyo's economic policy blitz.

US Federal Reserve to hold its fire this week, wants clearer economic view

WASHINGTON: Federal Reserve officials are unlikely to make any shift to monetary policy this week as they wait for more evidence of how badly Washington's budget battle has hurt the US economy.

China Starts Prime Loan Rate as New Benchmark in Market Push

China started publishing a new lending rate based on quotes from banks and signaled it may eventually replace the current benchmark set by the People’s Bank of China, deepening a shift to market-based interest rates.

Carney says the Bank of England is 'open for business'

The Bank of England intends to boost the availability of finance for banks, a move which could help them lend to consumers.

The biggest US economy killer: US government

The government shutdown and debt ceiling crisis inflicted a toll on the American economy, but that cost is only a fraction of the total damage that the federal government has been causing to the American economy.

Draghi wants European banks backstop in place by 2015

(Reuters) - A common resolution mechanism for dealing with troubled banks is a crucial part of the euro zone's banking union and the European Central Bank wants it in place by 2015, ECB President Mario Draghi told Reuters on Wednesday.

UK economy finally set for sustained growth, says Bank of England deputy

Britain is finally set for a sustained period of growth but the recovery will be modest by historical standards, Charlie Bean, the deputy governor of the Bank of England, has said.

Malta, Greece urge EU to share immigration 'burden'

VALLETTA: Malta and Greece called Monday for Europe to take decisive action on illegal immigration at summit talks this week, insisting EU states follow up on promises to share the "burden".

What the world economy can learn from Japan

By many measures, Japan's economic fortunes have turned up. The Tokyo stock market has surged about 65 per cent since last fall. In the second quarter, the economy expanded by 3.8 per cent, which is faster than other developed economies.

Bank of England makes less of a hash of Twitter debut than British Gas

It would not have happened at Threadneedle Street in Sir Montagu Norman's day. When Britain's first modern central banker was at the helm of the Bank of England between 1920 and 1944, tweeting was strictly for the birds.

Shutdown inflicted unnecessary damage to US economy: Barack Obama

WASHINGTON: President Barack Obama says the government shutdown ``inflicted unnecessary damage'' to the US economy and damaged America's credibility around the world.

Canada Consumer Sentiment Falls for Second Week on U.S.

Canadian consumer sentiment fell for a second week as budget disputes in the U.S. continue to weigh on views of the economy, according to the Bloomberg Nanos Canadian Confidence Index.

EU sees US default risk for world economy

LUXEMBOURG: A possible US debt default would have "dramatic consequences" for the global economy, EU Economic Affairs Commissioner Olli Rehn warned on Monday.

China inflation rate rises on higher food prices

Consumer prices in China rose more than forecast in September, fuelled mainly by a surge in food prices.

Has the G-20 Lost Its Way?

The Group of 20 leading economies was one of the main ways officials responded to the financial crisis that tipped the global economy into recession in 2008.

G20 gives U.S. a slap for the shutdown

The world’s top economic powers urged the U.S. to break its stalemate over the nation’s debt ceiling and budget, calling the standoff one of the world’s chief immediate economic risks.

G20, meeting in Washington, to seek answers on looming U.S. debt crisis

WASHINGTON (Reuters) - Top finance officials from the world's leading economies gathering later this week will look for straight answers from the United States over the political dysfunction that threatens to throw the world's largest economy into default.

Canada Official Says U.S. Budget Issue to Dominate G-20

The budget standoff in the U.S. will probably dominate discussions of Group of 20 finance ministers in Washington later this week, a Canadian official said.

G-20 Draft Says QE Withdrawal Volatility Poses ‘Important Risk’

The Group of 20 economies identified market turmoil from central banks’ withdrawal of monetary stimulus as a key risk to the global financial system, according to a draft communique for talks scheduled later this week.

East Asia growth forecast cut by the World Bank

The World Bank has cut its growth forecast for East Asia's developing countries from 7.8% to 7.1% for 2013.

Italy Services Sector Grows in September for First Time in More Than Two Years

ROME — Italy's services sector unexpectedly grew in September for the first time in more than two years spurred by new business, a survey showed on Thursday, suggesting the economy is slowly emerging from its longest recession in decades.

Japan warns of 'consequences' in US debt battle

Japan's finance minister and top central banker on Friday urged Washington to resolve its political gridlock, warning a debt default could lead to grim "consequences" for the global economy.

UK services growth reaches 16-year high

Activity in the UK services sector grew at its fastest pace since 1997 in the third quarter of the year, a closely-watched survey has indicated.

Christine Lagarde urges US that debt crisis threatens world economy

The head of the International Monetary Fund, Christine Lagarde, has urged America's warring politicians to settle their differences as she warned that an escalation of the budget row would harm the entire global economy.

Silvio Berlusconi U-turn keeps Italy's grand coalition afloat

Italy's grand coalition government looks certain to limp on after Silvio Berlusconi, the former prime minister who had brought it to the brink of collapse with a threat to withdraw his MPs, backed down at the last minute when it became clear that rebels from his own party would allow a confidence vote to pass.

Korean Middle Power Diplomacy: The Establishment of MIKTA

Amidst the flurry of diplomatic consultations that focused on Syria and Iran among other issues at the UN General Assembly, five countries that consider themselves as newly emerging middle powers and G-20 members have banded together in a little-noticed move to form a new consultative group and to create a new acronym: MIKTA (Mexico, Indonesia, Korea, Turkey, and Australia).

George Osborne targets budget surplus by 2020

George Osborne announced on Monday that a Conservative government would seek to run an overall budget surplus by 2020, a move that would put further pressure on welfare spending beyond the cuts already announced until 2017.

Abe Says Japan’s Door Open to China Talks Amid Island Dispute

Prime Minister Shinzo Abe said he would keep the door open to dialogue with China amid a lull in incursions by official Chinese ships into Japanese-controlled waters around a group of disputed islands.

Osborne Increases BOE Home-Plan Checks as Bubble Fears Rise

Chancellor of the Exchequer George Osborne will introduce annual checks with the Bank of England over his Help-to-Buy program as he responds to mounting concerns that the plan may fuel excessive house-price increases.

Economy in U.S. Expanded at a 2.5% Annual Rate Last Quarter

The economy expanded at faster pace in the second quarter from the previous three months, a sign the U.S. was weathering federal budget cutbacks and higher taxes.

Loans to eurozone businesses drop sharply: ECB

Lending to businesses in the debt-mired eurozone contracted sharply in August, data published by the European Central Bank showed on Thursday, souring recent positive sentiment about a nascent economic recovery.

US Treasury warns Congress of October deadline on debt ceiling

Treasury secretary Jacob Lew said Wednesday the government will have exhausted its borrowing authority by 17 October, leaving the United States just $30bn cash on hand to pay its bills.

Monte Paschi delays approval of new rescue plan

(Reuters) - The board of Monte dei Paschi di Siena (BMPS.MI), Italy's third biggest lender, delayed approval on Tuesday of a restructuring plan aimed at winning European Union approval for a 4.1 billion-euro ($5.5 billion) state bailout and averting nationalization.

European insurers wake up to cyber protection market

It's already a booming market in the United States, but in Europe, companies are also waking up to the idea of cyber insurance to protect themselves against Internet attack.

Canada Dollar Falls for Second Day Amid Renewal of Taper Bets

Canada’s dollar fell for a second day as traders started to price in a reduction in monetary stimulus after the U.S. Federal Reserve surprised markets this week by maintaining its $85 billion in monthly bond buying.

Fed need not rush to taper while inflation is low: Bullard

(Reuters) - Low readings on inflation allow the U.S. Federal Reserve to be patient in deciding when to scale back its pace of asset purchases, a senior Fed official said on Friday, cautioning that he would not back action until price pressures picked up.

Deep Thoughts by Alexander Mirtchev

Ashby Monk

For a variety of reasons, SWF employees are typically quite reserved and guarded when speaking to the press. Not so for Dr. Alexander Mirtchev, who is the Independent Director and a member of the Board of Directors of Kazakhstan’s $30 billion National Welfare Fund Samruk-Kazyna.

 

Alexander Mirtchev

The G-20: From unreal to surreal

Before we go more deeply into the Syrian swamp, a few comments on the recent G-20 summit.

Japan land prices fall at slowest pace in five years as deflation eases

(Reuters) - Japan's land prices fell the least since the global financial crisis in the year to July 1, while commercial land in the three biggest cities rose in value for the first time in the same period, the latest signs that deflation is easing its stubborn grip on the country.

Fed's dovish turn leaves Wall Street economists mulling taper timing: poll

(Reuters) - The Federal Reserve's surprise move on Wednesday to postpone the start of the wind down of its monetary stimulus of the U.S. economy has left Wall Street economists puzzled about the central bank's next move.

Analysis: Europe, waiting for Germany, could be disappointed

(Reuters) - European policymakers have higher hopes than expectations of change in German policies after a general election next Sunday that has kept much European business on hold for months.

Bank of England must limit house price booms, says Rics

The Bank of England should use its powers to limit house price increases to 5% a year to "take the froth out" of price booms, a surveyors' group says.

Is Federal Reserve ready to begin the great taper? Markets say yes

Is the Federal Reserve ready to put the Great Recession behind it? Is the US economy prepared for it?

The EY G20 Entrepreneurship Barometer

Today’s entrepreneurs play a unique role in spurring growth, creating jobs and acting as change agents in the countries where they do business.

US retail sales growth slower than expected in August

US retail sales grew at a slower-than-expected rate in August, despite increased demand for high-priced, one-off items such as cars.

Growth in G20 countries accelerates: OECD

Growth in the Group of 20 emerging and advanced economies accelerated in the second quarter of this year to 0.9 percent from 0.6 percent in the previous three month period, the OECD said Thursday.

IMF chief says bank union needs to be completed quickly

(Reuters) - International Monetary Fund chief Christine Lagarde urged euro zone governments on Tuesday to make quick progress on their proposed banking union, to put the bloc's crisis definitively behind it.

US Federal Reserve wants yet another tool in its swelled policy kit

NEW YORK/WASHINGTON: The Federal Reserve is developing yet another tool to help it keep borrowing costs on target when the era of zero-interest rates eventually ends, suggesting policymakers may doubt their existing ways and means can handle the task on their own.

Russia to Brazil Intervention Adds to U.S. Debt Distress

Investors suffering the worst losses in Treasuries since at least 1978 can add dollar sales by emerging-market central banks to their list of challenges.

Did the G20 fail?

DUSSELDORF, Germany, Sept. 9 (UPI) -- The Group of 20 summit in St. Petersburg, Russia, should have secured three achievements, which had been thoroughly discussed by officials in advance and which had nothing to do with Syria.

G20 Summit: Syria, World Economy Discussed

The Group of 20, a group of countries developed and emerging whose populations comprise two out of three people on Earth, saw their world leaders gather in St. Petersburg over the last two days.

G20 to say economy recovering, crisis not yet overcome: Russia

RUSSIA: The Group of 20 will say in its summit communique that the global economy is improving but it is too early to declare an end to crisis, a Russian official involved in its drafting said on Friday.

Pace of US manufacturing hit 2-year peak in August

WASHINGTON: US factories expanded last month at the fastest pace since June 2011 on a jump in orders. The report signals that manufacturing output could strengthen in coming months.

Global factory activity highest since June 2011 - PMI

LONDON: Global manufacturing activity grew at its fastest pace in over two years in August as new orders flooded in at a rate not seen since February 2011, a report showed on Tuesday.

Obama seeks support for Syria strike at G-20

WASHINGTON (AP) — Facing roadblocks at home and abroad, President Barack Obama this week plans to urge reluctant world leaders to back an American-led strike against Syria even though the prospects for military action depend on the votes of a fractured U.S. Congress.

Will G-20 Counter Power of Uncertainty?

By Alexander Mirtchev 

In 2009, G-20 leaders met in Pittsburgh and emerged with a mandate ‘to be the premier forum for international economic cooperation,' endowing the G-20 with a leading economic role on the global stage. It appeared at the time that the leaders of the G-20 had successfully defeated pessimism. However, the rising tide of global economic turmoil and problems ranging from sovereign indebtedness to consumption and saving imbalances have created a ‘perfect storm' that is far from abating.

Rupee Continues Decline on Weakness in Indian Economy

MUMBAI — The Indian rupee began slipping lower in currency markets again on Monday after a two-day respite, as further signs emerged of broad troubles in the Indian economy.

Economic worry shifts to emerging markets at Russian G20

MOSCOW: Long hailed as the hungry new tigers of the global economy, the world's biggest emerging markets will be the chief economic focus at the G20 summit in Russia this week as their once surging prospects suddenly dim.

British Chambers of Commerce: Recovery gaining momentum

The British Chambers of Commerce has sharply upped its 2013 growth forecast, saying the economy is gaining momentum.

G20 body says U.S. could improve financial risk spotting

LONDON (Reuters) - The United States could improve how it spots and prevents risks in the financial system from turning into destabilizing crises, a global regulatory task force said on Tuesday.

Free Trade and (Not So) Free Health Care: A Discussion in Advance of President Obama’s Visit to Sweden

President Obama will travel to Stockholm, Sweden, for a September 4-5 visit en route to the G20 Summit meeting in St. Petersburg, Russia.

China joins G20-led global crackdown on tax evasion

PARIS: Global efforts led by G20 countries, including India, to combat tax avoidance and evasion got a boost today with China signing a key convention to share tax records under the aegis of OECD here.

Lew to Congress: Raise debt ceiling before mid-October

The United States will reach the limit of its borrowing authority in mid-October, Treasury Secretary Jack Lew said Monday.

Euro-Area Consumer Confidence Rises More Than Estimated

Euro-area consumer confidence increased more than economists estimated in August, as the economy of the 17-nation currency bloc gathers strength after a record-long recession.

Greece may get another $13.36 billion: EU official

BERLIN: Germany's commissioner to the European Union says he expects a future aid package for Greece to amount to a little more than 10 billion euros ($13.36 billion) which is much smaller than the country's existing two rescue deals.

Fed policy under fire at Jackson Hole conference

(Reuters) - What a difference a year makes. Federal Reserve Chairman Ben Bernanke used the 2012 meeting in Jackson Hole as a platform to make his case for a third round of bond buys.

Gold flows from Britain to Switzerland surge in H1: Macquarie

LONDON: Britain's gold exports to Switzerland surged in the first half of this year, Australian bank Macquarie said on Monday, suggesting bullion being sold out of exchange-traded funds may be heading for Swiss refineries before being sold on in Asia.

Kenya Fights Off Port Competition With $13 Billion Plan: Freight

East Africa’s biggest port at Mombasa in Kenya is fighting off competition from neighboring Tanzania by expanding railways and building new berths to tackle congestion.

Greece will need more aid: German finance minister

BERLIN: Germany's finance minister says Greece will need another aid program, but it won't be granted a second debt writedown.

Thailand's economy falls into recession

Thailand has fallen into recession after the economy shrank unexpectedly in the second quarter of the year.

EU wants one definition of bad loans for bank tests: Source

LONDON/FRANKFURT: Banks across the European Union will be asked to use a single definition for bad loans in the upcoming review of their loan books, a senior EU regulatory source told Reuters, making it harder for banks to conceal the state of their businesses behind local conventions.

Industrial Output in U.S. Was Unchanged in July, Fed Says

Industrial production in the U.S. was unchanged in July as a slowdown at factories overshadowed an increase in mining. The reading for output at factories, mines and utilities followed a 0.2 percent gain the prior month that was smaller than previously reported, a report from the Federal Reserve showed today in Washington.

Portugal economy jumps back to life in second quarter

LISBON: Portugal's economy jumped back from a deep slump in the second quarter with gross domestic product rising 1.1 per cent after dipping 0.4 per cent in the first quarter, data showed on Wednesday.

China set to become world's biggest net oil importer

BEIJING: China is set to overtake the United States to become the world's largest net oil importer from October, according to US figures.

Greek recession eases to 4.6% in sixth year of crisis

ATHENS: Recession in the Greek economy eased in the second quarter, official data showed on Monday but some circles are sceptical that the country can climb out of crisis without new help.

Japan's economic growth slower than expected at 2.6%

Japan's economy grew 2.6% last quarter, slower than expected, as companies wary about the prospects for a sustained recovery kept a tight rein on investment.

Greek unemployment rate hit record high in May

Greece's unemployment rate hit another record high in May of 27.6%, according to the country's statistics body.

New Data Suggest a Pause in China’s Slowdown

HONG KONG — China’s economy faces major structural challenges in the coming years, but for now, the slowdown of the recent past may have bottomed out.

Mark Carney says forward guidance should boost economy

New Bank of England Governor Mark Carney has said that his new regime should boost the UK's economic growth.

Alternative Energy And Global Energy Security In Aftermath Of Rio+20

“Life always gets harder toward the summit–the cold increases, the responsibility increases.” These words by Friedrich Nietzsche aptly characterize the atmosphere among global leaders at June’s international summits.

Pension gap widens at FTSE 100 companies

The pension deficit at the UK's largest companies has grown slightly, according to a report by pensions expert LCP.

BIS blames Europe's creditors for eternal euro crisis

Europe's creditor powers bear as much blame as debtors for the eurozone's eternal crisis and are blocking recovery by failing to play a full part in righting the ship, according to the Bank for International Settlements.

Cross currents to slow but not halt Chinese growth

LONDON: China's monthly data deluge is likely to confirm that the world's second-largest economy is still moving down through the gears but is not about to come to a screeching halt.

U.S. consumer spending, inflation rise in June

(Reuters) - U.S. consumer spending increased and inflation pushed higher in June, which could strengthen expectations that the Federal Reserve will curtail its bond purchases later this year.

Merkel Challenger Steinbrueck Climbs Mountain to Raise Profile

German Social Democratic challenger Peer Steinbrueck took to the Bavarian hills with about 150 party sherpas, SPD members and media in tow, seeking to burnish his profile as poll ratings slump.

OECD and G20 tax reforms: key points

The Organisation for Economic Co-operation and Development (OECD) has won backing from the G20 group of industrialised nations for the first internationally co-ordinated attempt to clamp down on tax avoidance.

China manufacturing activity sees mixed data

China's manufacturing sector saw mixed fortunes in July, underlining concerns of a slowdown in its economy.

EU clears Peugeot restructuring plan, French state aid

BRUSSELS: The European Commission said Tuesday it has cleared a 7.5 billion euro restructuring plan by struggling French auto giant Peugeot Citroen, including the state aid to back it.

Fed policymakers expected to stay the course

WASHINGTON: The Federal Reserve holds a monetary policy meeting this week amid intense speculation about the timing of a wind-down of massive stimulus, although few expect a change in direction.

Lew says stubborn Congress risks repeating U.S. fiscal wounds

(Reuters) - U.S. Treasury Secretary Jack Lew on Sunday warned Congress against manufacturing a crisis over federal spending in the months ahead, as looming deadlines set the stage for a repeat of the political deadlock which two years ago triggered worldwide financial market turmoil.

CapitaLand to Alter Home Sizes to Tackle Curbs: Southeast Asia

CapitaLand Ltd. (CAPL), Singapore’s biggest developer, may alter the size of its apartments as it seeks to improve affordability to combat government measures aimed at curbing speculation and lowering prices.

Europe stocks rise after German data; Asia falls

TOKYO (AP) -- Asian stocks dipped Thursday as investors prepared for a slew of earnings reports in coming days that will give a reading of how confident companies are in the outlook for major economies.

Europe's factories signal return to growth

The strongest reading of private sector activity in 18 months may mean light at the end of a very long tunnel for the eurozone.

World Bank: Africa held back by land ownership confusion

Africa's economic growth is being held back by confusion over who owns vast swathes of agricultural land, according to a World Bank report.

Pope warns global crisis risks creating lost generation

Pope Francis on Monday warned that the global crisis risked creating a lost generation of jobless youth and slammed a cultural tendency to socially reject the elderly.

Britain sees signs of recovery, but who has been left behind?

Row upon row of Range Rovers and Minis gleam in the afternoon sun in the yards around Southampton docks, waiting to be driven on to huge cargo ships that will carry them to car-hungry emerging economies.

G20 sets growth priority to boost fragile recovery

MOSCOW: The G20 on Saturday agreed to make boosting growth and jobs, rather than deficit reduction, the short-term priority for the global economy as it battles to consolidate a "fragile and uneven" recovery.

Amazon told: time is up for tax avoidance

Tax structures used by Amazon to route billions of pounds from sales to British customers through Luxembourg, paying negligible UK tax, are among a series of international loopholes earmarked for closure in a programme of reforms backed by G20 nations.

S. Korean Cries for G-20 Focus on Yen Belied by Pick-Up: Economy

South Korea’s forecasts for faster growth and evidence of strength in sales from shipbuilders to carmakers are undercutting the nation’s warnings that neighboring Japan’s weakening yen poses a threat to its economy.

Greek MPs back public sector cuts amid protests

The parliament in Greece has narrowly approved a public sector reform bill that will see thousands of people lose their jobs. In a 153-140 vote, MPs backed the bill tied to the country's fresh 6.8bn euros (£5.8bn) of bailout loans, needed to keep Greece afloat.

G20 faces more market volatility: Russia

MOSCOW: The Group of 20 should brace for more market volatility even as an improving US economy allows the Federal Reserve to scale back its monetary stimulus, Russia's summit coordinator Ksenia Yudayeva said on Wednesday.

G20 to seek reassurance from Fed and China

(Reuters) - G20 summits don't always set the pulse racing but this week's gathering of finance ministers and central bankers in Moscow has a better chance than most of grabbing the attention of financial markets.

BOJ Beat: Kuroda No Longer Under G-20 Heat Lamp

When the top financial bigwigs from the Group of 20 industrialized and developing countries got together in the U.S. last April, Bank of Japan Gov. Haruhiko Kuroda came under the heat lamp with some of the developing countries who complained his policies could upend their economies.

Japan may press China on slowdown, shadow banking at G20

TOKYO (Reuters) - Japan may press China at a global meeting next week for more information about a slowdown in the world's No. 2 economy and risks posed by its "shadow" banking system, Tokyo's top financial diplomat said on Thursday.

U.S., EU negotiators say trade talks off to a good start

(Reuters) - Trade talks between the United States and the European Union got off to a good start, but hard bargaining will be required to reach a deal by the goal of late 2014, U.S. and EU trade officials said on Friday.

G20 needs clear, predictable policies - Russia

MOSCOW (Reuters) - The Group of 20 backs clear monetary policies, Russia said on Thursday, reflecting the concerns of developing economies that a withdrawal of U.S. monetary stimulus could cause market turmoil and capital flight.

Jobless claims rise, but labor recovery grinds on

(Reuters) - The number of Americans filing new claims for unemployment benefits rose last week, although the level still pointed to further healing in the labor market.

Asia-Pacific Bond Risk Declines, Credit-Default Swap Prices Show

The cost of insuring corporate and sovereign bonds in the Asia-Pacific region against non-payment dropped, according to credit-default swap traders.

IMF's Christine Lagarde says US "sequester" budget cuts inappropriate

AIX-EN-PROVENCE: The U.S. federal budget cuts are an inappropriate measure that will weigh on potential growth, IMF chief Christine Lagarde said on Sunday, urging Washington to present "credible" fiscal plans.

Portugal's leaders to detail coalition-saving pact

LISBON, Portugal (AP) -- Portuguese party leaders say a rift that threatened to bring down the government and caused turmoil on financial markets has been patched up with details of the coalition-saving pact to be announced Saturday.

Egypt Rating Cut by Fitch on Concern Turmoil to Curb Growth

Egypt’s credit rating was cut by Fitch Ratings on concern that the ouster of President Mohamed Mursi will damp economic growth and fan political instability.

Bank of England keeps stimulus program unchanged

LONDON (AP) -- The Bank of England refrained Thursday from pumping more money into the U.K. economy, citing improved signs of growth, as it held its first meeting since the arrival of the new governor, Mark Carney.

Gold at a huge premium as imports dry up; survival of small jewellers at stake

KOLKATA: India's gold imports in June are estimated to have fallen drastically to 35-40 tonne, less than a quarter of what the purchases in May were because of state restrictions, triggering a sharp rise in premiums in the local market and raising a question mark on the survival of small jewellers.

Closer to China by degrees

Recent news from China and America has caused some panic around the world and should reinforce the view that the Australian economy of the early 2000s will not come back, regardless of who is in power after 14 September.

Mortgage rates soar to 4.46% - biggest jump in 26 years

Rates on 30-year, fixed-rate home loans spiked 0.53 percentage points to an average of 4.46% this week -- the largest weekly increase in more than 26 years, mortgage giant Freddie Mac said Thursday.

UK avoided double-dip recession in 2011, revised official data shows

Britain never suffered a double-dip recession in 2012 but suffered a deepercollapse in output following the financial crash than previously thought, according to new data that show the economy is even further away from a full recovery.

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.

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.

Japan, Russia agree to revive talks on island dispute

MOSCOW (Reuters) - Russia and Japan said on Monday they would revive talks on resolving a territorial dispute that has prevented them signing a treaty formally ending their World War Two hostilities, and, wary of China's rising influence, agreed to bolster trade ties.

Abu Dhabi plans financial free zone, may resemble Dubai

ABU DHABI: The oil-rich emirate of Abu Dhabi is putting finishing touches to plans to establish a financial free zone that could resemble, and therefore compete with, the Dubai International Financial Centre, sources familiar with the matter said.

US growth falls short of forecasts, weakness ahead

WASHINGTON: The US economy regained speed in the first quarter, but not as much as expected, heightening fears it could struggle to cope with deep government spending cuts and higher taxes.

Greek private sector credit shrinks 3.5 per cent in March, decline slows

ATHENS: Bank lending to Greece's private sector contracted in March but at a slower pace compared to a month earlier, central bank data showed on Friday, as tighter credit conditions and a protracted economic slump sap demand for loans.

French unemployment at new high

The number of unemployed people in France rose to a fresh high last month, official data shows.

Britain dodges recession as economy grew in Q1

LONDON (AP) — Britain dodged recession after official figures showed the economy grew in the first quarter — a better-than-expected result that offered a bit of breathing space to a government facing criticism for its tough austerity policies.

US factory data shows new sign of slowing economic growth

WASHINGTON: US factory activity expanded at its slowest pace in six months in April, the latest sign that economic growth continued to lose momentum early in the second quarter, though the recovery has not been derailed.

George Osborne boosts funding for lending scheme before IMF visit

George Osborne will announce an expansion of the Bank of England's £80bn funding for lending scheme (FLS) ahead of a visit to Britain by the International Monetary Fund next month, as he seeks to head off calls for a softening of government austerity plans.

Blackstone boss backs $300 million Chinese university fund

BEIJING – Blackstone Group Inc. founder Stephen Schwarzman will personally donate $100 million to a scholarship fund at China's Tsinghua University as part of the largest internationally funded philanthropic project in the country's history.

UK business lending falls by £4.8bn

The Bank's April trends in lending survey showed that net lending to businesses fell by £4.8bn over the quarter, with lending down by £2.8bn in February alone.

G-20 finance officials decry lack of global growth, remain split on best approaches to take

WASHINGTON - World finance leaders say they are determined to attack a sluggish global economy in which growth is too weak and unemployment too high.

G20 feeling less heat over 'currency wars': Canadian official

OTTAWA: Finance officials from the world's leading economies will be less focused on "currency wars" at meetings this week despite recent attention on Japan's aggressive monetary policy, according to a senior Canadian finance official on Tuesday.

Is the Bank of Japan done?

Japan is in the midst of a high-wire act: It is trying to reawaken its economy while not sparking a currency war.

Africa to have robust 2013-15 growth, must work on poverty: World Bank

JOHANNESBURG (Reuters) - Sub-Saharan Africa's economic growth should accelerate to more than 5 percent over the next three years, far outpacing the global average, but the region must do more to convert this into reducing poverty, the World Bank said on Monday.

IMF keen to splash the cash in Egypt

Egypt is on the front line in the International Monetary Fund's battle to remain relevant despite the rapidly shifting balance of power in the 21st century global economy. IMF officials are in Cairo, haggling with the Muslim Brotherhood government about the conditions of a proposed $4.8bn loan.

U.S. Urges Japan to Refrain From Competitive Yen Devalue

The U.S. Treasury Department said it will press Japan to refrain from competitive devaluation while stopping short of accusing it of manipulating the yen in a report on exchange rates.

Cyprus sell-off fears send gold price tumbling

The price of gold fell to its lowest level in more than 18 months on Friday night amid fears that sales of the precious metal forced on Cyprus by its desperate financial plight would lead to wholesale dumping by hard-pressed countries in the coming months.

Fed minutes reveal disagreement over Ben Bernanke stimulus programme

Federal Reserve officials are increasingly split over chairman Ben Bernanke's $85bn-a-month stimulus programme, according to the minutes of their latest meeting.

Asian Development Bank forecasts fragile 2013 recovery

Asia's emerging economies will pick up in 2013 but the recovery will remain fragile, according to the Asian Development Bank (ADB).

German support for euro grows, poll shows

BERLIN (Reuters) - Some 69 percent of Germans want to keep the euro, a new poll showed on Tuesday, the highest level of support since the single currency was introduced in 2002, according to the paper which commissioned it.

Nigeria GDP rebasing likely delayed until 2014

ABUJA (Reuters) - The rebasing of Nigeria's GDP, which is expected to increase the estimated size of Africa's second largest economy by around 40 percent, is likely to be delayed until next year, the head of the statistics bureau said on Monday.

Lew to Press for European Policy Changes

WASHINGTON — Jacob J. Lew began his first trip to Europe as Treasury secretary on Sunday, a four-city tour in which he is expected to try to persuade finance ministers to pursue a little more growth and a little less austerity to improve the economic fortunes of the Continent and the world.

Rehn: big bank depositors could bear cost of bank failure

People with big deposits could suffer a ‘haircut’ under planned European Union law if a bank fails, the EU's economic affairs chief Olli Rehn said.

France drags on euro zone economy, Britain brighter

(Reuters) - A huge drop in French business activity meant the euro zone's recession dragged on in March but British services firms provided a rare glimpse of economic sunshine, posting their best month since August.

Cold weather clips UK construction

Britain's cold snap clipped construction activity in March, leading the sector to suffer its third consecutive month of shrinking output, although there were signs of optimism for the rest of the year.

IMF and Egypt discuss $4.8bn loan

International Monetary Fund (IMF) officials are in Cairo to hold talks with the Egyptian government about authorising a $4.8bn (£3.2bn) loan for the country.

Cypriot Finance Minister Resigns

PARIS — Michalis Sarris, the Cypriot finance minister who negotiated Cyprus’s bailout agreement with international creditors, resigned on Tuesday, citing the beginning of a government inquiry into the collapse of the country’s banking industry.

US manufacturing posts best quarter in 2 years: Markit

NEW YORK: US manufacturing growth picked up in March as new orders increased and hiring quickened, closing out the best quarter for the sector in two years, a survey showed on Monday.

Osborne defends welfare cuts after church attacks

LONDON (Reuters) - The government on Monday defended a raft of new welfare spending cuts, a key plank of efforts to rein in spending as the economy flounders, after church leaders attacked the changes as unjust.

Russia Seen Holding Rates as Inflation Tops Growth Worry

Russia will probably leave interest rates unchanged for a seventh month as inflation holds more than a percentage point above above the central bank’s target range.

US economy expands at 0.4 percent rate

WASHINGTON (AP) — The U.S. economy grew at a slightly faster but still anemic rate at the end of last year. However, there is hope that growth accelerated in early 2013 despite higher taxes and cuts in government spending.

UK services sector grew in January

The UK's services sector grew at its fastest pace for five months in January, raising hopes that the economy will avoid falling back into recession.

China's Austerity Starves a Gifting Economy

It is hardly a coincidence that the explosive growth of China’s luxury retail industry coincided with a government-directed stimulus of 4 trillion RMB ($586 million) in 2009 to fund massive infrastructure projects.

Cyprus rescue marks "game-changer" for Europe's banks

LONDON: If the bailout of Cyprus is a template for European rescue deals it marks a "game-changer" for banks that could raise funding costs, see deposits shift more quickly and delay the prospect of higher dividends.

Stevens Says G-20 Should Focus on Reform Implementation in 2014

Reserve Bank of Australia Governor Glenn Stevens said the Group of 20 should focus on implementing rule changes in the financial system rather than adding new reforms when Australia takes over the presidency next year.

Israel's new finance minister says painful cuts needed

TEL AVIV: Israel's new government will have to make painful spending cuts to tackle the country's huge budget deficit, finance minister Yair Lapid said on Sunday, just days after taking office.

Fed's Raskin bemoans low-wage nature of jobs recovery

(Reuters) - Too much of the recent growth in employment has been concentrated in low-wage and temporary jobs, leaving the recovery on shaky ground, a top Federal Reserve official said on Friday.

Cyprus MPs due to vote on new plan to secure bailout

MPs in Cyprus are due to begin voting on a series of bills that aim to raise the funds the country needs to secure an international bailout.

BRICS summit set to endorse plans for joint reserves pool, bank

WASHINGTON/BRASILIA: Leaders from the world's major emerging economies are likely to endorse plans at a summit next week to create a joint foreign exchange reserves pool and an infrastructure bank for developing countries, senior emerging market officials said on Thursday.

IMF head Lagarde's flat searched in Bernard Tapie probe

French police have searched the Paris apartment of IMF chief Christine Lagarde, as they investigate her role in awarding financial compensation to businessman Bernard Tapie in 2008.

Cyprus president to hold more bailout talks with Merkel

NICOSIA: Cyprus President Nicos Anastasiades has discussed the island's EU bailout with German Chancellor Angela Merkel and is to have more talks with her on Tuesday, a government spokesman said.

Treasury reassures British savers over funds held in Cypriot banks' London branches

The Treasury has moved to reassure British savers in UK-based branches of Cypriot banks after eurozone finance ministers imposed a tax of up to 10pc on all savers in return for a €10bn bail-out of the island nation’s financial system.

China Extends Zhou’s Record 10-Year Tenure as Central Bank Chief

China extended Zhou Xiaochuan’s record tenure as central bank governor, a signal the nation’s new leaders will deepen a shift toward making the financial system more market-driven.

World stocks flat ahead of US production data

BANGKOK (AP) — World stock markets mostly refrained from big moves Friday as traders waited for a report on U.S. industrial production.

G20 economies grow in late 2012, despite dip in Europe

PARIS: Economic growth in G20 countries climbed by 0.5 per cent in the fourth quarter of 2012, slowing only slightly from the 0.6 per cent pace recorded in the previous three-month period despite heavy contractions across Europe, preliminary estimates from the OECD showed Wednesday.

UK growth muted as outlook for OECD improves

The UK’s recovery is losing pace, according to the Organisation for Economic Co-operation and Development (OECD), underlining the pressure on the Chancellor ahead of next week’s Budget.

European Stocks Post Biggest Weekly Rally in Two Months

European stocks posted their biggest weekly advance in two months as employers in the U.S. increased their payrolls more than forecast and optimism mounted that central banks will continue to stimulate their economies.

Wall Street looks for Fed to continue asset purchase through 2013: Reuters poll

NEW YORK (Reuters) - Wall Street expects the Federal Reserve to continue its program of debt purchases through 2013 in an effort to prop up the economy despite evidence of an improved job market, according to a Reuters poll conducted on Friday.

Turkish decision on bank interest rates unfair: Banks association

ISTANBUL: A Turkish watchdog's decision to fine banks a record amount for collusion on interest rates was inconsistent and unfair, the country's banking association said on Saturday.

Canada private sector economists cut growth forecasts: Flaherty

OTTAWA (Reuters) - Private sector economists have cut their growth forecasts for the Canadian economy in 2013 due to volatile market conditions in the United States and Europe, Finance Minister Jim Flaherty said on Friday.

France calls on Europe to ease off austerity

BRUSSELS (AP) — France has called on fellow European nations to ease off on painful austerity policies to give the economy some breathing space and avoid social upheaval.

Analysis: Canadian dollar set to drop further as economy struggles

NEW YORK/TORONTO (Reuters) - The Canadian dollar, which has been declining against the U.S. dollar so far this year, is expected to slip further in the near term as a slowing Canadian economy and cooling housing market keep the nation's interest rates near historic low levels.

Latvia formally applies to join eurozone

Latvia has applied to join the eurozone next year, a sign of the faith in the troubled currency bloc as it looks to become the 18th member.

Greece, in trouble elsewhere, boosts cooperation with Turkey

ISTANBUL (Reuters) - Beset by economic crisis at home, Greece took a symbolic step towards improving relations with long-time arch rival Turkey on Monday by pledging to double annual trade with its eastern neighbor over the next three years.

Big US budget cuts begin as both sides trade blame

WASHINGTON: President Barack Obama and congressional Republicans have refused to concede any share of the blame for failing to stave off automatic spending cuts that will slash $85 billion in federal spending.

Egypt needs to fix economy, strike IMF deal-Kerry

CAIRO (Reuters) - Egypt's need to get the economy back on its feet is paramount and urgent, and the government should strike a loan deal with the IMF, U.S. Secretary of State John Kerry said on Saturday.

Canada seen recouping some past job losses in February

OTTAWA (Reuters) - The Canadian economy probably recouped some jobs in February that it lost earlier this year, but tepid growth most likely limited hiring to 8,000 net new positions, a Reuters survey of economists showed on Friday.

UK economy shrank in late 2012, recession in sight

LONDON (Reuters) - Britain's economy contracted by 0.3 percent in the last quarter of 2012 as first thought, keeping alive the danger of a third recession since 2008, although yearly growth was revised up, data showed on Wednesday.

Canada's Carney says more work needed to rebuild trust in banks

LONDON, Ontario (Reuters) - Banks and regulators must do much more to rebuild the trust in the financial system that was shattered in the recent crisis, Bank of Canada Governor Mark Carney, head of the G20's Financial Stability Board, said on Monday.

Bank of England mulls negative interest rates

Paul Tucker, the Bank’s deputy governor for financial stability, raised the possibility in front of MPs after expressing concerns that current policies are not “reaching as far into the SME [small and medium sized enterprises] sector as we would like”.

Egypt to reopen IMF loan talks next month as crisis bites

CAIRO (Reuters) - Egypt will reopen talks with the IMF next month on a $4.8 billion loan, a minister said on Monday, and the government laid out plans to reverse a slide in currency reserves and tackle the dire state of public finances.

Italy's Silvio Berlusconi slams Europe's 'lords of austerity'

ROME: Italy's Silvio Berlusconi on Saturday said Europe's "lords of austerity" had tried to get rid of him, speaking in apparent breach of rules for candidates to stay silent the day before elections.

ECB's Asmussen: G20's credibility is at risk

BERLIN (Reuters) - The Group of 20's credibility is at risk because it has been primarily equipped to deal with crises and is less effective during normal times, European Central Bank board member Joerg Asmussen said on Friday.

Budget Cuts Seen as Risk to Growth of U.S. Economy

WASHINGTON — The fresh round of federal spending cuts scheduled to begin next week would slow economic growth in the next year, though not nearly as much as going over the so-called fiscal cliff might have, economists said.

BoE governor backed more stimulus for UK economy

LONDON (AP) — The Bank of England expressed growing concern over Britain's economy and came surprisingly close to backing another monetary stimulus in a move that piled further pressure on the pound.

S&P warns risk of Cyprus default "material and rising"

Reuters) - Cyprus faces a "material and rising risk" of defaulting on its sovereign debt, especially if the euro zone and International Monetary Fund do not come up with aid, rating agency Standard & Poor's said on Wednesday.

G-20 toughens stance against efforts to influence exchange rates

Group of 20 finance chiefs sharpened their stance against governments trying to influence exchange rates as they sought to tame speculation about a global currency war without singling out Japan for criticism.

G-20 Signals Support for Japan Stimulus Without Yen Talk

Global finance chiefs signaled Japan has scope to keep stimulating its stagnant economy as long as policy makers cease publicly advocating a sliding yen.

G20 leaked communique doesn't single out Japan

Finance ministers of the G20 nations meeting in Moscow may not criticise Japan for weakening the yen, a leaked draft communique has indicated.

G20 host Russia struggles with chronic investor mistrust

LONDON: A $2 trillion economy, a seat at the top table of world powers and a stock market that trades at valuations cheaper than Pakistan - G20 host Russia is still struggling to gain the trust of international capital.

World Bank chief economist calls on G20 to coordinate policies

WASHINGTON (Reuters) - The World Bank's new chief economist on Tuesday urged Group of 20 finance leaders to better coordinate economic policies in order to prevent a possible global currency war.

G20 should give clear signal there is no currency war: Timothy Adams, IIF Chief

WASHINGTON: Finance ministers from the Group of 20 nations should send a clear signal to financial markets this week that they are coordinating policies and not embroiled in a "currency war," the head of a global banking group said on Monday.

EU leaders agree 3% budget cut deal in Brussels

EU leaders have reached an agreement on the budget for 2014-20 after lengthy talks in Brussels.

China's foreign trade surges by 25 per cent in January

BEIJING: In signs of China's export markets rebounding, its foreign-bound shipments rose by 25 per cent, the fastest pace since April 2011, in January, a report said.

Aso Says Pace of Yen Depreciation Too Fast as G-20 Set to Meet

Japanese Finance Minister Taro Aso said the pace of the yen’s weakening has been too fast, speaking a week before a meeting of global finance chiefs where Japan’s currency stance is forecast to be an issue.

European leaders inch towards deal on EU budget

European leaders are inching towards a deal on the EU's new seven-year €1tn (£860bn) budget that should allow David Cameron to argue he has succeeded in forcing a real cut in Brussels spending.

Give Greece a chance, says Angela Merkel's challenger Peer Steinbrueck

ATHENS: Greece must be given time to clean up its troubled finances, Peer Steinbrueck, the head of Germany's Social Democrats who will challenge Chancellor Angela Merkel in elections later this year, said on Wednesday.

G20 should focus on debts, not Japan-bashing: Russia

MOSCOW (Reuters) - Russia's top financial diplomat said the Group of 20 should focus on making new commitments to curb borrowing, and not rush to judge Japan's bid to reflate its economy when policy makers meet this month.

Will G-20 Counter Power of Uncertainty?

In 2009, G-20 leaders met in Pittsburgh and emerged with a mandate ‘to be the premier forum for international economic cooperation,' endowing the G-20 with a leading economic role on the global stage. It appeared at the time that the leaders of the G-20 had successfully defeated pessimism. However, the rising tide of global economic turmoil and problems ranging from sovereign indebtedness to consumption and saving imbalances have created a ‘perfect storm' that is far from abating.

The question before the G-20 summit in Cannes this year is whether to just distribute life jackets or endeavor to overcome political differences and set forth a concrete, viable roadmap that genuinely addresses the range of outstanding global economic security risks. Such a roadmap could go a long way towards countering the uncertainty that has gripped the global economy.

Although it is difficult to measure the economic effects of uncertainty, Professor Steven Davis at the University of Chicago Business School has created a ‘policy-related economic uncertainty index’ which underscores the fact that policy uncertainty exacerbates market volatility and has a negative impact on economic growth and the prospects for recovery. His data reveals that there were clear jumps in index values around the Lehman bankruptcy and TARP legislation, the Eurozone crisis and the U.S. debt-ceiling dispute. Looking ahead, Professor Davis’ estimates show that an increase in policy uncertainty foreshadows large and persistent declines in aggregate outcomes, with peak declines of 2.2 percent in real GDP, 13 percent in private investment and 2.5 million in aggregate employment.

Given these projections, as G-20 leaders struggle to address a range of economic issues that threaten global recovery, they might consider that continued policy paralysis exacerbates uncertainty and undercuts market confidence. Adding to the general sense of economic anxiety is the feeling that policy makers continue to be misdiagnosing the underlying problem.

For example, with regard to the immediate hurdle of the sovereign debt crisis, leaders appear to be primarily addressing a symptom – lack of liquidity, rather than the underlying cause - a lack of solvency. Only last week Germany’s Angela Merkel stated, ‘The path is closed for using the ECB to ease liquidity problems.' At the same time, two top Federal Reserve officials argued that the U.S. Central Bank should again consider resuming purchases of mortgage backed securities, in other words, QE3.

Admittedly it is difficult to distinguish between illiquidity and insolvency when dealing with countries; but there is, in fact, a difference and the responses to each can have crucial repercussions. Pumping liquidity in the ocean of debt will not improve solvency; instead it carries the danger of added inflationary pressures which further feeds economic turbulence. While debt restructuring may be unpalatable to creditors, it is, in all likelihood, a reality. Facing up to this reality with a transparent and viable plan can help diminish the uncertainty that is paralyzing private sector activity and fueling volatile market sentiment.

Furthermore, uncertainty often breeds fear and fear begets the temptations of protectionism. In this context, G-20 leaders could consider openly embracing the fact that tackling the economic issues that are plaguing the global economy does not mean reducing economic openness and integration in the world economy.

Richard Fisher of the Federal Reserve Bank of Dallas underscored the belief that uncertainty is a leading driver of stalled economic recovery when he said: “Right now, nobody knows what the tax regime is going to be. Nobody knows what the spending patterns are going to be. No one knows how much regulatory change is going to take place. The greater the clarity, the more you remove a factor of uncertainty. Even if (businesses) don't like it, they'll figure out a way to navigate their way through it. Right now, there are no decisions being made. And it undermines confidence.” While he was referring to circumstances in the U.S., his sentiment is just as applicable to much of the global economy.

At the end of the day, resolving the challenges facing the global economy requires a political solution. While it is difficult to determine whether such a solution will completely counter uncertainty, we do know that from whatever perspective one considers the choices to be made, they will not be easy ones. But difficulty is not a reason for inaction. Developing and implementing a viable roadmap that will help policy makers and business leaders navigate the maelstroms of this storm will go a long way towards reinvigorating sustainable economic growth and strengthening global economic security.

Alexander Mirtchev is President of the Royal United Services Institute for Defence and Security Studies (RUSI) International, President of Krull Corp., and a member of the Atlantic Council's Board of Directors and Strategic Advisors Group. This commentary was originally published on RealClearWorld.

Oil-dependent Kuwait growth to slow: Report

KUWAIT CITY: Oil-driven economic growth in the Gulf state of Kuwait is forecast to slow down this year and in 2014 as crude output is expected to remain flat, the National Bank of Kuwait said in a report today.

George Osborne wants 'Royal Bank of Scotland to meet Libor fines from bonuses'

Chancellor George Osborne has insisted that any fines imposed on the Royal Bank of Scotland over the Libor scandal must be met from bankers' bonuses.

Fed officials see brighter global economic outlook

(Reuters) - Two top Federal Reserve officials painted a picture of cautious optimism on Friday for the U.S. economy in 2013, helped by stronger global growth as the central bank aggressively prints money to curb the nation's lofty rate of unemployment.

UK manufacturing expands for second month

UK manufacturing had an promising start to the year, with activity expanding for a second month in a row in January and output growing at the fastest pace since September 2011 despite the snow.

Growth in Consumer Spending Slows

WASHINGTON — American consumers increased their spending in December at a slower pace, while their income grew by the largest amount in eight years, the Commerce Department said Thursday.

Italy's five and 10-year bond costs lowest since 2010

MILAN: Italy paid less to borrow over five and 10 years on Wednesday than it had since October 2010 as yield-hungry investors looked past forthcoming elections in the country and its poor economic prospects.

Iceland Wins Major Case Over Failed Bank

BRUSSELS — Iceland won a landmark case at a European court, ending an acrimonious legacy from the collapse of its banking system more than four years ago.

Fed waits for job market to perk up

LONDON (Reuters) - The Federal Reserve's ultra-loose monetary policy is a root cause of the "currency wars" that some see as a looming threat to the world economy, but don't expect the U.S. central bank to signal a shift back to normal any time soon.