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.