Bank Chiefs See Consolidation Among Lenders in Italy, Germany

Cooperative banks will be at the forefront of a wave of mergers among lenders in Italy and Germany, the chief executive officers of Intesa Sanpaolo SpA (ISP) and Commerzbank AG (CBK) said.

Bricks-and-mortar sales edge lower at start of holiday season; online surges: Data

(Reuters) - U.S. shoppers spent slightly less money at brick-and-mortar stores on Thanksgiving Day and Black Friday than across the same two days in 2013, while online sales surged to record highs, data showed on Saturday.

Growth slows less than feared, easing pressure for rate cut

NEW DELHI (Reuters) - A slowdown in India's economy in the last quarter will increase calls for Prime Minister Narendra Modi to step up reforms but was less severe than feared, giving the Reserve Bank ammunition to resist government pressure to cut interest rates.

ECB's Nouy says banks must show they can make profits

(Reuters) - Euro zone banks that failed or barely passed this year's health checks will have to demonstrate they can make sustainable profits and may need to sell off loss-making units, the European Central Bank's top banking supervisor said.

Russia Weighs Monetary Easing Next Year

The Bank of Russia is considering potential monetary easing starting from the second half of next year, Governor Elvira Nabiullina said.

European commission unveils €300bn infrastructure fund to kickstart growth

A three-year programme aimed at generating more than €300bn (£237bn) for huge infrastructure projects across the European Union is to be launched by the EU executive with the aim of kickstarting growth, combating unemployment and addressing the lack of investment in Europe.

Oil price slide and sanctions 'cost Russia $140bn'

The falling oil price is costing Russia up to $100bn a year, while Western sanctions have hit the country by $40bn, its finance minister has said.

Europe not at risk of full-blown deflation: ECB's Constancio

FLORENCE Italy (Reuters) - Europe is not at risk of sliding into "full deflation" but the current rate of inflation is dangerously low, European Central Bank Vice President Vitor Constancio said on Saturday.

Canada Inflation Exceeds All Forecasts on Gas and Clothes

Canada’s inflation rate accelerated faster than economists predicted in October, led by gasoline and clothing and suggesting the economy may be running hotter than the central bank had thought.

Government’s deficit target still off course despite strong October

The chancellor’s plan to cut the deficit this year still looks out of reach as he prepares to deliver the autumn statment next month, despite a surprise improvement in the public finances in October.

German Growth Outlook Dims as Manufacturing, Services Weaken

German manufacturing and services expanded at the slowest pace in 16 months in November, signaling that growth in Europe’s largest economy will remain sluggish.

Fed is creating risks to itself on credibility: Kocherlakota

(Reuters) - The Federal Reserve is risking its credibility by not acting aggressively enough to bring inflation back up to its 2 percent target quickly, a top U.S. central banker said on Tuesday.

G-20 and Australia had much riding on summit

CANBERRA, Australia (AP) -- The relevance of the Group of 20 exclusive club of nations and Australia's place on the world stage had a lot riding on the outcome of the weekend G-20 leaders' summit in the Australian city of Brisbane.

David Cameron warns of looming second global crash

David Cameron has issued a stark message that “red warning lights are flashing on the dashboard of the global economy” in the same way as when the financial crash brought the world to its knees six years ago.

G-20 Plans $2 Trillion Growth Boost to Uneven Global Economy

Group of 20 leaders agreed to take measures that would boost their economies by a collective $2 trillion by 2018 as they battle patchy growth and the threat of a European recession.

Moody's says uncertain Greece could fund itself after bailout

Nov 15 (Reuters) - Moody's said there was doubt that Greece would be in a position to finance itself without any assistance after its international bailout ends later this year, a senior executive at the rating agency told a Greek newspaper.

G20 growth plan has 'spillovers' for smaller countries: paper

(Reuters) - Efforts by the world's 20 major economies in boosting economic growth by a 2.1 percent target could deliver "spillovers" for smaller nations, The Australian newspaper reported on Saturday, citing a draft copy of the G20 Brisbane Action Plan.

German economy averted recession in third quarter: ministry

(Reuters) - The German economy dodged a technical recession in the third quarter, with private consumption and trade supporting modest growth, a senior official in the economy ministry said on Thursday, a day before quarterly GDP data are published.

Banks targeted as France confirms 2015 savings in mini-budget

(Reuters) - President Francois Hollande's government plans to remove a tax break currently available for banks as part of a package of additional measures aimed at getting the European Commission's green light for its deficit-reduction efforts.

Swiss Franc Intervention Looms on UBS Radar as Cap Nears

Switzerland’s franc retreated from within 0.1 percent of the level at which UBS AG, the nation’s largest lender, says the central bank may step in to defend its cap on the currency.

David Cameron warns of more cuts – (many, many more, adds IFS)

Get ready for more cuts. That was the message delivered by David Cameron to the CBI’s annual conference when he warned that more savings would have to be found in the next parliament. Just how big those savings will need to be is still a matter of conjecture.

U.S. labor market tightens, but wages still anemic

(Reuters) - U.S. job growth increased at a steady clip in October and the unemployment rate fell to a fresh six-year low, underscoring the economy's resilience in the face of slowing global demand.

G20 experts to act on corporations’ internal loans that help cut tax

Tax experts responsible for the G20-led shakeup of international tax rules are discussing radical measures to bar global corporations from using internal loans, that bear no relation to their borrowing needs, in order to avoid tax.

Bank of America adjusts results due to legal costs

Bank of America has set aside $400m (£253m) due to rising litigation costs associated with a probe into foreign currency manipulation at the bank.

UK interest rates remain at record low of 0.5%

The Bank of England has held UK interest rates at a record low of 0.5% for another month. It has also decided not to extend its quantitative easing programme, designed to stimulate lending in the economy, beyond the £375bn already spent.

Australia trade deficit doubles on commodity prices

Australia's trade deficit more than doubled to A$2.26bn (£1.2b; $1.96bn) in September, data showed.

Euro zone factory growth sluggish in October as prices fall: PMI

Nov 3 (Reuters) - Euro zone manufacturing activity expanded slightly slower than first thought last month as further discounts at the factory gate failed to drive up new orders, a business survey showed on Monday.

Why Excessively Low Inflation Can Damage Economies

In explaining its surprise move Friday to inject more stimulus into the financial system, the Bank of Japan cited one main factor: Prices that are too low.

U.S. third-quarter wage gains largest since 2008

Oct 31 (Reuters) - - U.S. labor costs rose more than expected in the third quarter as wages recorded their largest gain since 2008, a sign that a long-awaited pick-up in wage growth was underway.

George Osborne questions impact of regulations from Bank of England

George Osborne is calling on the Bank of England to consider the impact on lending to business and households as it toughens the regime to bolster the financial strength of the banking sector.

Consumer confidence falls at fastest rate for four years

Consumer confidence slumped in October as optimism about the general economic backdrop as well as personal finances waned. The YouGov/Cebr confidence index fell by 4.6 points over the month to 109.5.

Islamic bond market set to grow: experts

Dubai (AFP) - Investments in Islamic bonds known as "sukuk" are set to grow worldwide as financial centres vie to tap an increasing appetite for Muslim-friendly debt, experts and officials said Tuesday.

Ed Balls told to take clearer line on budget deficit

Shadow cabinet members are privately expressing concern that Ed Balls needs to adopt a more clearly defined position on the budget deficit after recent statements that have left many of them confused.

Ruble Weakens to Record on Concern Russia to Expedite Free Float

The ruble weakened to a record for the fifth day on concern Russia will quicken its move to a free float after more than $20 billion of currency interventions this month failed to halt the depreciation.

EU Stress Test Shows How Capital Rules Give Room to Hide

The European Union’s toughest-ever stress test was meant to leave banks with nowhere to hide. The results show how the bloc’s capital rules got in the way.

China's auto market growth may halve to 7 percent this year: industry body head

SHANGHAI (Reuters) - Growth in China's auto market, the world's biggest, will halve to 7 percent this year weighed down by a slowing economy, the head of an industry body said on Saturday.

ECB may struggle to buy enough corporate bonds

(Reuters) - Any extension of the European Central Bank's asset-purchase scheme to include company debt risks running into a familiar problem - the ECB may not being able to buy enough of them to make a difference.

Cyprus GDP Upgrade Boosts Bailout Exit Plans

A European Union accounting change has improved Cyprus’s public-finance outlook more than any other euro-zone nation, raising the prospects it will exit a bailout program ahead of schedule and sell bonds this year.

ECB's Mersch says European economy not out of danger zone

(Reuters) - The European economy is not out of the danger zone, European Central Bank Executive Board member Yves Mersch said, calling for further financial integration to overcome remaining impediments to growth.

China overseas direct investment seen rising 10 percent a year

(Reuters) - China's overseas direct investment is projected to rise at least 10 percent annually for the next five years, a trend that will soon make the country a net capital exporter, a senior commerce ministry official said on Wednesday.

Swedbank Cuts Jobs as Low Interest Rates Hurt Profit Outlook

Swedbank AB (SWEDA), Sweden’s biggest mortgage lender and the largest bank in the Baltics, will cut as much as 5.5 percent of its staff to try to adjust to the low rate environment created by unprecedented central bank easing.

Russia Rating Cut by Moody’s on Sluggish Economic Growth

Russia’s ruble dropped and sovereign bonds were little changed after the country’s credit rating was cut to the second-lowest investment grade by Moody’s Investors Service amid sanctions over Ukraine.

EU ready to help Greece in 'whatever way necessary'

(BRUSSELS) - The EU will help twice-bailed out Greece "in whatever way necessary," the bloc's top economics official said Thursday, as stocks plunged across Europe on fears of a return of the eurozone debt crisis.

U.S. consumer sentiment rises despite Ebola fears

(Reuters) - While the appearance of the deadly Ebola virus in Texas is worrying the nation, it has yet to lead Americans to take a more cautious view over how to spend their money, data suggested on Friday.

Euro Economy’s Managers Aren’t Blinking in Market Rout

German Chancellor Angela Merkel and European Central Bank President Mario Draghi aren’t blinking yet. The longest losing streak in European stocks in 11 years and the weakest inflation since 2009 has intensified pressure on the managers of the euro area’s already ailing economy to deliver fresh stimulus programs.

Euro exchange rate should help growth pick up in 2015: ECB's Nowotny

(Reuters) - The euro's EUR= recent fall is bolstering the euro zone economy and this should show up in stronger growth next year, European Central Bank Governing Council member Ewald Nowotny said in a magazine interview.

Exclusive: Fed's Williams downplays global risks, eyes U.S. inflation

(Reuters) - A bellwether Federal Reserve policymaker on Tuesday downplayed concerns about weakness in the global economy, saying the U.S. central bank should only delay an interest rate hike next year if inflation or wages fail to perk up.

Biggest fall in UK shopping since 2008

The weakest underlying performance by high street and online stores since the depth of the 2008-09 recession provided fresh evidence on Tuesday of a slowdown in the economy.

China's September trade data beats expectations

China's exports and imports in September were far higher than expected, according to official data. Exports were 15.3% higher than last year, while imports rose 7%, giving a trade surplus of $31bn for the month.

ECB's Noyer says fears of EU recession did not arise at IMF meeting

(Reuters) - European Central Bank Governing Council member Christian Noyer said he did not hear anyone express fears that the European Union will fall into a recession at the International Monetary Fund's fall meeting.

Eurozone and China risks trouble Bank of England

A revival of the eurozone crisis and the resilience of the Chinese economy are regarded by policymakers at the Bank of England as significant risks to financial stability.

Concerns rise over US-EU trade talks

There are rising concerns in Europe over negotiations to liberalise trade with the United States. The project, the Trans-Atlantic Trade and Investment Partnership, or TTIP, aims to remove a wide range of barriers to bilateral commerce.

U.S. Fed frets over strong dollar, global woes: minutes

(Reuters) - Federal Reserve officials want to tie an interest-rate rise to U.S. economic progress, but the minutes of their last policy meeting show they are struggling with how to come to grips with the dual threats of a stronger dollar and a global slowdown.

China services sector growth weakens slightly in September: HSBC PMI

(Reuters) - Growth in China's services sector weakened slightly in September as new business cooled, a private survey showed on Wednesday, reinforcing signs of a slowdown in the world's second-largest economy that could prompt more stimulus measures.

IMF warns of 'weak and uneven' global recovery

The International Monetary Fund has cut its forecast for global economic growth for both this year and next and warned the recovery is "weak and uneven". It is now forecasting 3.3% growth this year, down from its forecast in July of 3.4%.

German Factory Orders Slump Most Since 2009: Economy

German factory orders (GRIORTMM) plunged the most since 2009, underlining the risk of a slowdown in Europe’s largest economy.

George Osborne faces backlash after branding charities ‘anti-business’

George Osborne has triggered a backlash from charities after he urged companies to defend the economy against their “anti-business views” and those of pressure groups and trade unions.

CANADA FX DEBT-C$ drops almost 1 pct, nears 2014 low

TORONTO, Oct 3 (Reuters) - The Canadian dollar lost nearly 1 percent against the greenback on Friday, coming within a hair of touching its low for 2014 under pressure from disappointing domestic data and better-than-expected U.S. jobs growth.

Pound falls below $1.60 for first time since November on strong US data

Expectation-busting US data has hammered the pound, as it fell below the psychologically significant $1.60 level for the first time since November.

Banks boost equity, loan provisions in H1 ahead of ECB tests

(Reuters) - Attempts by the euro zone's 20 largest banks to anticipate the outcome of European Central Bank stress tests continued in earnest in the first half, as lenders boosted equity levels and set aside more money for bad loans.

UK manufacturing growth at 17-month low in September

The UK manufacturing sector grew at its slowest pace for 17 months in September as a result of the strong pound and eurozone weakness, a survey has said.

IMF urges greater infrastructure spending after 30-year decline

A decline in infrastructure spending over the last 30 years needs to be reversed to boost growth, according to the International Monetary Fund, which meets next week in Washington against a backdrop of slowing global growth.

China announces rule changes to jump-start Shanghai zone investment

BEIJING, Sept 28 (Reuters) - China has introduced a fresh round of regulatory changes in the Shanghai Free Trade Zone in a bid to jump-start interest in the district, which has been struggling to attract more overseas companies, a government website said on Sunday.

Australia Sees IPO of Largest Health Insurer Tempting Investors

Australia sees strong investor interest in the initial public offering of Medibank Private Ltd., the country’s largest health insurer, as the government presses on with sales of state assets to cut a budget deficit.

Consumer Sentiment in U.S. Rose in September to 14-Month High

Consumer confidence climbed in September to a 14-month high as Americans’ outlooks for the economy improved.

Russia Risks Recession as Oil Drop Seen Squeezing Budget

The easing of tensions in Ukraine will offer little respite to Russia as the lowest oil prices in more than two years threaten to tilt the $2 trillion economy toward recession, according to a Bloomberg survey of analysts.

Consumer Comfort in U.S. Falls to Lowest Since Early June

Consumer confidence fell last week to an almost four-month low as Americans’ views of the economy and their finances deteriorated.

Bank of Spain says domestic demand surge likely to slow in third quarter

(Reuters) - Growth in private consumption and new job creation, fundamental factors in the turnaround in Spain's crisis-torn economy, are showing signs of slowing in the third quarter, the country's central bank said on Wednesday.

Bank of England deputy calls for US co-operation over bank fines

The deputy governor of the Bank of England has called for better co-operation with US regulators over the scale of fines being levied on banks to ensure they do not weaken their financial position.

Oliver Says Canada Won’t Make Major House Finance Changes

Canada won’t make any sudden changes to the country’s system of housing finance, even as the government looks at ways to reduce its role in the market, Finance Minister Joe Oliver said.

G20 vows to breathe new life into world economy

G20 nations including the United States and China said on Sunday they can overcome geo-political tensions and financial risks to achieve extra combined growth of 1.8 percent, adding trillions of dollars to the world economy.

As G20 chases growth goal, members differ on how to get there

(Reuters) - Financial leaders of the Group of 20 top economies remain committed to chasing higher global growth, but were divided on how to achieve it as Germany pushed back at calls from the United States and others for more immediate stimulus.

Business 'relief' over Scotland's rejection of independence

Many businesses have spoken of 'relief' over Scotland's rejection of independence, but said the "No" vote was the start of a period of change.

Canada’s Oliver Eases Austerity Push as G-20 Gathers

Some Group of 20 countries may need more breathing room to meet their deficit targets with the global economy struggling to pick up steam, Canadian Finance Minister Joe Oliver said.

U.S. current account gap narrows in the second quarter

(Reuters) - The U.S. current account deficit unexpectedly narrowed in the second quarter, supported by a partial reversal of a large equity disinvestment that had occurred in the previous quarter.

Australia’s Hockey Says No Way G-20 Will Soften GDP Goal

Australian Treasurer Joe Hockey said there was “no way” Group of 20 nations would soften their commitment to increasing gross domestic product by an additional 2 percent.

Scotland could thrive on its own, says Wetherspoon boss

The boss of Wetherspoon, one of Britain's biggest pub chains, has said Scotland could thrive on its own, and the company is forging ahead with expansion plans north of the border.

Show us the money: EU seeks billions of euros to revive economy

(Reuters) - The European Union sought ways on Saturday to marshal billions of euros into its sluggish economy without getting deeper into debt, considering options from a pan-European capital market to a huge investment fund.

Osborne and Carney to miss G20 summit for Scottish referendum result

The chancellor, George Osborne, and the governor of the Bank of England, Mark Carney, are to miss next weekend's meeting of G20 central bank governors and finance ministers to ensure they are in the UK for the outcome of the Scottish referendum.

South African Manufacturing Slumps After Four-Week Strike

South African manufacturing declined the most in almost five years in July after a four-week strike disrupted factory output.

Unions oppose US trade deal with EU

Plans for a major EU-US trade deal have been denounced by trade unions on the last day of their annual conference.

France breaks 2015 deficit-cutting promise

(Reuters) - France announced on Wednesday it was breaking the latest in a long line of promises to European Union partners to cut its public deficit, conceding it now would take until 2017 to bring its finances in line with EU rules.

Canadian housing starts cool in August, seen moderating further

(Reuters) - Canadian housing starts cooled more than expected in August, while the previous month was also revised slightly lower, data showed on Tuesday, setting the stage for what is widely expected to be a slowing housing market as 2014 draws to a close.

Japan's economy shrinks more than initial estimates

Japan's economy contracted by 7.1% in the three months to June, more than initial estimates, and revised from 6.8% reported in August.

Obama: U.S. to 'start going on some offense' in ISIS fight

Russian policy makers are discussing non-standard monetary instruments they may use if the European Union tightens the stranglehold of sanctions over Ukraine, according to central bank First Deputy Chairman Ksenia Yudaeva.

China's new budget law to improve policy transmission -c.bank

BEIJING, Sept 5 (Reuters) - China's new budget law which allows regional governments to raise debt by themselves would improve the transmission mechanism of the country's monetary policy, a senior economist at the central bank said on Friday.

Standstill confirmed: eurozone growth has ground to a halt

The eurozone saw no growth whatsoever in the second quarter of this year, as ongoing tensions over Ukraine and weak demand weighed on output.

Bank of England holds rates despite robust recovery

(Reuters) - The Bank of England kept interest rates on hold on Thursday as Britain's economy continued to thrive, although risks to the recovery both at home and abroad remain.

Scottish independence has finally rattled the City of London

The City has had to wake up. For the past year, economists, investors and financial strategists have barely bothered to think what Scottish independence would mean for the pound, UK debt and short-term economic prospects on both sides of the border.

Obama renews pressure on Congress for minimum wage hike

President Barack Obama has said he will continue to press Congress to raise the federal minimum wage as the US rebounds from recession.

EU-US trade deal could add £10bn to UK economy a year, claims minister

The government has rebutted accusations that a vast free trade deal being negotiated between the EU and the US will act as a cover to privatise the NHS while also watering down food standards and banking regulations.

China orders salary cuts of top executives of State owned enterprises

BEIJING: Days after criticism by Chinese President Xi Jinping, the ruling Communist Party of China (CPC) has approved plans and decided to cut hefty salaries of executives of large state-owned enterprises (SOEs).

Nationwide: UK house prices picked up in August

UK house prices rose during August at a much faster monthly pace than expected, according to a survey by Nationwide on Friday that contrasted with other signs of cooling in the housing market.

Russian rouble falls to new low on sanctions threat

The Russian rouble fell to a record low against the dollar as investors fear further sanctions against the nation.

Scottish independence: Firms say 'Yes' vote would benefit economy

More than 200 business figures have signed an open letter backing Scottish independence. Stagecoach chairman Sir Brian Souter and Clyde Blowers boss Jim McColl are among signatories who say independence is in Scotland's economic interest.

Japan's growth outlook dims further, BOJ policy prospects unclear - Reuters Poll

TOKYO August 27 (Reuters) - Japan's economic outlook has dimmed further and inflation is stalling but analysts in a Reuters poll were split on whether the central bank would ease policy this year or wait until 2015 to try and revive growth.

Merkel says Ukraine crisis is hurting German economy

SANTIAGO DE COMPOSTELA Spain (Reuters) - German Chancellor Angela Merkel said the crisis in Ukraine was taking its toll on Germany, Europe's largest economy, which suffered a surprise 0.2 percent contraction in the second quarter.

Swedish Mortgage Cap May Be Relaxed in Social Democrat Plan

Sweden’s Social Democratic Party, which polls show will oust Prime MinisterFredrik Reinfeldt’s ruling coalition in elections next month, is ready to relax a regulatory limit on mortgage financing.

Germany Approves Sale of Utility’s Oil and Gas Unit to Russians

BERLIN — The German government has approved the sale of the utility RWE’s oil and natural gas subsidiary, RWE Dea, to a team of Russian investors, the company confirmed on Friday.

Italian Bond Yields Fall to Record With Spain’s on ECB Outlook

Italian 10-year government bond yields fell to a record in the week on bets European Central Bank officials will maintain monetary stimulus even as their peers in the U.K. and U.S. consider tighter policy.

Jackson Hole Message Is Labor Markets Don’t Justify Higher Rates

Global central bankers led by Federal Reserve Chair Janet Yellen said labor markets still have further to heal before their economies can weather higher interest rates.

Swedish government cuts growth forecast, says to raise more taxes if re-elected

(Reuters) - Sweden's centre-right government on Saturday delivered a gloomy message to voters ahead of a Sept. 14 general election, cutting its growth forecast due to lingering weakness in the global economy and saying it will raise taxes further if re-elected.

Argentina’s Peso Weakening at Fastest Pace Since January

First came the default, then a proposed debt swap aimed at circumventing a U.S. court ruling that could normalize Argentina’s relations with foreign investors.

Fed's George says U.S. economy is ready for a rate hike: CNBC

(Reuters) - The time has come for the Federal Reserve to raise interest rates, a top U.S. central banker said on Thursday, citing improvements in the labor market.

Argentina bonds, peso reel on country's debt swap plan

(Reuters) - Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, the economy minister said on Wednesday as the local peso currency weakened to a new historic low.

Self-employment in UK at highest level since records began

Britain's deepest postwar recession has led to record numbers of self-employed people, who are earning lower wages and working longer hours than other workers, a study suggests.

Western firms accuse China of intimidation

European companies have accused China of using "intimidation tactics" in an antitrust crackdown that has ensnared many big Western brands.

U.S. mortgage applications fall in latest week: MBA

NEW YORK - Applications for U.S. home mortgages fell last week as both purchase and refinancing applications declined, an industry group said on Wednesday.

Italian PM Renzi meets ECB's Draghi as economy slides

(Reuters) - Italian Prime Minister Matteo Renzi confirmed he met European Central Bank President Mario Draghi this week, just days after Draghi urged faster action to overhaul Italy's economy.

U.K. Said to Rule Out Pre-Election Lloyds Retail Offering

The British government is unlikely to sell shares in Lloyds Banking Group Plc (LLOY) to individual investors ahead of general elections in May 2015, two people familiar with the matter said.

Global stocks fall on Russian crisis; Euro at nine-month low

European shares fell on Tuesday, throwing a rally in the United States and Asia into reverse, and the euro dipped towards nine-month lows against the dollar as reports a Russian aid convoy was heading to Ukraine ratcheted up tension between Kiev and Moscow.

U.S. jobs rose since '08 crisis, but pay is 23 pct less: report

(Reuters) - Jobs growth in the U.S. since the 2008 recession has been undermined by lower wages, with workers earning an average 23 percent less than earnings from jobs which were lost, a report by an organization representing U.S. cities said on Monday.

Italy crashes back into shock recession as Spain recovers

Italy has unexpectedly slipped into its third recession since the global financial crisis, underlining the ongoing economic agonies of the eurozone’s third largest economy.

Markets nervous as Obama authorises Iraq air strikes

Stock markets reacted volatilely on Friday over ongoing worries about the impact of conflicts in Iraq and Ukraine.

Italy approves economic package amid scepticism, recession

(Reuters) - Italy has pushed through a package of support measures for the economy that offers some help to businesses, but pressure is rising on Prime Minister Matteo Renzi to take more significant steps to pull the country out of recession.

Many U.S. families feel economic stress, few see wages rising: Fed

(Reuters) - A quarter of U.S. families feel they are under economic stress due to the aftershock of the Great Recession and most do not expect their wages to increase in the next year, according to a new Federal Reserve study released on Thursday.

Italy falls back into recession

Italy's economy has fallen back into recession, latest official figures show, after contracting for two quarters in a row.

Federal Reserve tells banks: you're not prepared and you could cause another crisis

US regulators have warned 11 giant banks which submitted unrealistic contingency plans in the event of bankruptcy that unprepared lenders could plunge the world into a new financial crisis.

New South Korea finance chief has a brand; product to follow?

(Reuters) - Three frenetic weeks into the job, South Korea's new finance minister Choi Kyung-hwan has made such a splash that his name already describes Seoul's plans to rev-up faltering growth.

Dollar Gains Most Since January on U.S. Economic Growth

The dollar rose the most in six months versus a basket of peers after economic reports showed U.S. growth rebounded, boosting bets the Federal Reserve is on pace to raise interest rates next year.

Argentina debt talks must continue after default: U.S. Judge

(Reuters) - Argentina cannot turn its back on negotiations with holdout creditors after defaulting on its sovereign debt, a U.S. judge instructed on Friday, just as the country's failure to service a June interest payment was declared a "credit event."

World Trade Organisation deal on global customs falls through

Eleventh-hour attempts to salvage a World Trade Organisation deal on simplifying global customs have collapsed, leaving the future of the Geneva-based institution in doubt.

Jobless Claims in U.S. in Past Month Drop to Eight-Year Low

Fewer Americans filed applications for unemployment insurance benefits over the past month than at any time in more than eight years, signaling employers are hanging on to workers as demand improves.

Banks to report bumper profits as bad loans fall

Britain’s banking sector will attempt to dispel the clouds surrounding it and show that it isn’t only Royal Bank of Scotland that is benefiting from the economic recovery as the reporting season gets into full swing this week.

South Africa Metalworkers Reach Pay Accord to End Strike

South African metalworkers returned to work today after labor groups agreed to a three-year wage deal, ending a four-week walkout that threatened growth in the continent’s second-biggest economy.

U.S. services sector activity accelerates in July: Markit

(Reuters) - Activity in the U.S. services sector held at its highest level in 4-1/2 years in July, though readings for new business and employment growth weakened, a survey showed on Monday.

George Osborne is right not to be smug over GDP numbers

George Osborne's response to news that Britain has finally recovered all the ground lost in the recession of 2008 and 2009 was notably for its lack of crowing.

Britain's economy set, finally, to recover ground lost to crisis

(Reuters) - Britain's economy is set to pass a landmark on Friday when official data will probably show that it is bigger than it was before the financial crisis struck six years ago.

Ghana protests over high cost of living

Thousands of workers across Ghana have taken to the streets to protest about the rise in the cost of living.

UK retailers had strongest quarter in more than 10 years from April to June

Britain's retailers enjoyed the strongest quarter in more than a decade between April and June, but consumers were less willing to spend towards the end of the period, according to the Office for National Statistics.

BOJ Deputy Governor Nakaso says 'conquest of deflation' in sight

(Reuters) - Bank of Japan Deputy Governor Hiroshi Nakaso said the country was eyeing an end to deflation as rising wages and inflation expectations allow companies to increase prices of their goods, signalling confidence over a sustained economic recovery.

More than half of consumers globally upbeat on job prospects: Nielsen

(Reuters) - More than half of consumers globally expect job prospects to be good to excellent in the year ahead, a survey showed on Tuesday.

Carney's Canada Years Signal BOE Rates Caution

Mark Carney may have been recalling his time at the Canadian central bank when he cooled talk last month of an early Bank of England interest-rate increase.

G20 trade ministers reaffirm growth commitments

SYDNEY, July 19 – G20 trade ministers reaffirmed Saturday their commitment to free trade as a central driver of growth and to streamline the flow of goods through borders.

U.S. leading indicator points to stronger second-half growth

WASHINGTON (Reuters) - A gauge of future U.S. economic activity rose in June, supporting views of a stronger growth performance in the second half of the year.

UK mortgage lending figures at highest for eight months

The amount of money lent to borrowers to buy properties was at its highest for eight months in June, according to the mortgage lending figures from banks and building societies.

Murdoch tells G20 governments to take a back seat for growth

(Reuters) - Media mogul Rupert Murdoch on Thursday criticized excessive financial regulation as stymieing free markets and urged Group of 20 governments to "take a back seat" to allow businesses to drive economic growth.

U.S. retail sales, manufacturing data point at firming economy

(Reuters) - A gauge of U.S. consumer spending rose solidly in June, in the latest indication that the economy ended the second quarter on a stronger footing.

Young hit hardest by recession, says IFS

Young people were hit far harder by the recession than older generations, a report has found. People aged 22-30 saw their household incomes fall by 13% between 2007 and 2013, while those between 31 and 59 saw a 7% drop, according to the Institute of Fiscal Studies (IFS).

South Korea quietly intervenes on the won to bolster economy

(Reuters) - South Korea's foreign exchange authorities have been engaged in a quiet war in recent months to hold down the won, throwing more firepower at it than for years in a bid to support exports and help keep the economy on its fragile recovery track.

One in Three Economists See 2014 BOE Rate Increase

Expectations the Bank of England will begin increasing interest rates in 2014 surged over the past month after Governor Mark Carney cautioned that investors were underestimating the risk, according to a Bloomberg survey.

ECB's Coeure says bank's measures are not a 'panacea'

(Reuters) - Policy measures announced by the European Central Bank are not a "panacea" for the European economy, ECB Executive Board member Benoit Coeure told a Greek newspaper in an interview published on Saturday.

Portuguese bank fears hit stock markets

Stock markets on both sides of the Atlantic were rattled on Thursday on fears that the suspension of shares in Portugal's third largest bank could lead to a run on the eurozone's debt-ridden banking sector.

India budget: Arun Jaitley unveils reform plans

India's new government is lifting some caps on foreign investment, tightening borrowing limits and plans to introduce a goods and services tax as part of what it calls a "budget for growth".

Portugal Leads Drop in Euro-Area Bonds on Espirito Santo Concern

Portuguese government bonds led a decline in the region’s higher-yielding sovereign securities as shares in the nation’s financial institutions dropped after some companies missed payments on short-term debt.

Vatican bank clean-up wipes out profit for 2013

The Vatican bank has seen its 2013 profit almost wiped out largely due to a clean-up process which has seen it end relationships with 3,000 customers.

Angela Merkel Brings German Business Leaders to China

Beijing: German Chancellor Angela Merkel met the Chinese premier on Monday and hailed ties between the two sides as she led a large business delegation on a visit to promote trade with the Asian economic giant.

Switzerland gets the edge on EU with China trade deal

Basel (Switzerland) (AFP) - Switzerland has one-upped its European Union neighbours with a free trade deal with China that its politicians and business sector say is crucial to boosting ties with the world's second-largest economy.

EU Banks Must Shun Bitcoin Until Rules in Place, EBA Says

The European Commission signaled it will try to impose rules on virtual currencies such as Bitcoin after the bloc’s banking regulator ordered lenders to shun them.

South Korea to get clearing system for China's yuan

South Korea will get a yuan clearing system in the capital Seoul, expanding the list of states with direct access to trade in the Chinese currency.

Household debt serious threat to UK recovery, says Bank of England deputy

The Bank of England deputy governor, Sir Jon Cunliffe, has warned that household debt is a key risk to the UK recovery and said the Bank's new measures to rein in the housing market should be thought of as insurance against a major crash.

Premier Li says downward pressure still exists for Chinese economy

(Reuters) - China's Premier Li Keqiang said on Wednesday downward pressure still existed in its economy despite it operating within a reasonable range and some leading indicators demonstrating a positive trend.

Bank of England made rescue plan for banks at height of eurozone crisis

At the height of the eurozone crisis the Bank of England warned the Treasury that it needed a comprehensive contingency plan to prop up Britain's banks, documents published by the central bank have revealed.

Fed's Williams sees no rate hike until after mid-2015

(Reuters) - The Federal Reserve will probably need to keep interest rates near zero for at least another year, a top Fed official said on Monday, even as he expressed optimism the economy is well on its way to health.

Germany to push for economic reforms in G7

Germany wants to promote structural economic, financial market and tax reform when it takes over the presidency of the G7 club of rich nations next week, German media reports.

Stable govt brightens prospects for recovery - RBI

MUMBAI (Reuters) - Prospects of economic recovery in India look bright following the formation of a stable government, though supply side issues need to be solved to help monetary policy bring down inflation, the Reserve Bank of India said on Thursday.

World Bank says trade protectionism starts to level off

(Reuters) - Barriers to imports in major economies are starting to recede after a rash of protectionism during the global financial crisis, World Bank figures showed on Thursday.

Taxes Proving Gift to Chile Banks as Reform Spurs Loans

President Michelle Bachelet’s tax plan has helped drive a 20 percent rally for Chilean financial stocks over the past year, or 10 times the return of the benchmark index.

South African miners return to work after wage deal

Thousands of miners at South Africa's biggest platinum mining firms have returned to work, a day after unions signed a wage deal to end a five-month strike.

Bank of England behaving like an unreliable boyfriend, say MPs

The Bank of England has been accused by MPs of behaving like an unreliable boyfriend, giving mixed messages on when the first rise in interest rates is likely.

Libya adopts $48bn 2014 budget

Libya's interim parliament has adopted a 2014 budget worth $48bn (£28bn), after delays due to the unrest that has plagued the country.

Germany's Angela Merkel praises growth-friendly budget policies

BERLIN: Growth-friendly budget policies such as higher investment in innovation, research and transport were crucial to helping Germany cut its debt Chancellor Angela Merkel said on Saturday.

Italy wants mentality change, not looser EU budget rules: PM Renzi

(Reuters) - Italy wants a change in European "mentality" and not looser budget rules, Prime Minister Matteo Renzi said on Friday, adding that he would propose an ambitious agenda for when Rome assumes the rotating European Union presidency next month.

Central America’s Biggest Economy Sees Rating Cut on Slow Growth

Guatemala’s credit rating was cut one level as Central America’s biggest economy struggles to broaden its tax base and boost growth, Fitch Ratings said.

Jobs, factory data point to strengthening economy

(Reuters) - The number of Americans filing new claims for jobless benefits fell last week and factory activity in the mid-Atlantic region accelerated in June, more evidence the economy was strengthening after a disastrous first quarter.

City of London boosted by China currency trading move

London will be the base for the first clearing bank outside Asia for the Chinese currency, supporting Britain's push to be the leading western centre for offshore renminbi trading.

UK inflation rate falls to 1.5% in May

Annual inflation, as measured by the Consumer Prices Index, was 1.5% in May compared with 1.8% in April, according to the Office for National Statistics.

U.S. producer prices fall, but inflation still seen firming

(Reuters) - U.S. producer prices fell in May after two month of solid gains, but the decline was not enough to change perceptions that inflation pressures are steadily creeping up.

China seeks spending fix as economy wobbles

China is unlikely to resort to the kind of spending splurge that saw it through the 2008 financial crisis to deal with its slowing economy, analysts say, but recent moves to ramp up state support suggest it cannot wean itself completely off the stimulus drug.

Construction output boost for economy

Economic growth for the first three months of the year could be be revised up after official figures showed the construction industry grew by more than expected.

South Africa outlook downgraded by Fitch

Credit ratings agency Fitch has warned South Africa that its credit rating may be lowered following a five-month platinum strike in the country.

U.S. Economic Recovery Looks Distant as Growth Lingers

WASHINGTON — Recessions are always painful, but the Great Recession that ran from late 2007 to the middle of 2009 may have inflicted a new kind of pain: an era of slower growth.

World Bank cuts growth outlook as Ukraine crisis weighs

(Reuters) - The World Bank on Tuesday trimmed its global growth forecast, saying a confluence of events, from the Ukraine crisis to unusually cold weather in the United States, dampened economic expansion in the first half of the year.

Japan growth data revised upwards

Japan has revised up its growth figures for the January-to-March period, due to stronger growth in business investment.

India Pledges to Create Jobs and Tackle Inflation

NEW DELHI — India’s new government will pursue broad economic overhauls focused on job creation through public and private investment, with containing inflation a priority, President Pranab Mukherjee told Parliament on Monday.

Emerging markets output growth hits three-month high in May: HSBC survey

(Reuters) - Business activity in emerging markets expanded at the fastest rate in three months in May, although growth was weak compared with developed markets and an index of future expectations hit a new low, a survey showed on Friday.

George Osborne concedes rising house prices threaten UK economy

George Osborne has conceded that the housing market remains a threat to the recovery following comments by the International Monetary Fund (IMF) in its appraisal of the UK economy.

World Bank sees China growth on track, urges reform

(Reuters) - China is likely to meet its economic growth target of 7.5 percent this year, the World Bank said on Friday, but must persevere with fiscal and financial sector reforms to deal with the root cause of its debt problems.

UK services sector expands by more than expected in May

The UK's dominant services sector grew at a faster rate than expected in May, while employment in the sector stayed at a 17-year high recorded in April, a survey has shown.

Greeks hope for a bumper season as the tourists come back

Athens (AFP) - Greece is hoping for a new tourism record this year, with arrivals likely to exceed 20 million, in a new sign that the country is winning back foreigners as the economy gets back on its feet.

Fed's George urges halt to bond reinvestment before rate hike

(Reuters) - The Federal Reserve should let its balance sheet begin shrinking before raising interest rates, Kansas City Federal Reserve President Esther George said on Tuesday in remarks that highlight divisions over how to wind down years of crisis response.

Europe's banks brace for interest rate cuts, with Mario Draghi expected to act

Europe's banks were bracing themselves over the weekend for much anticipated cuts in the eurozone's commercial interest rates to boost the currency zone's struggling economy.

Almost all Spanish stock market firms use tax havens, report finds

Almost all of the 35 companies listed on the Spanish stock exchange use tax havens, according to a report from Observatorio RSC, an organisation that monitors corporate social responsibility.

China to Cut Reserve Requirement Ratio for Some Banks

China said it will cut the reserve requirement ratio for some of the nation’s banks, the government’s latest step to support growth in the world’s second-biggest economy.

Bank of England director defends QE and low interest rates

Britain would be a significantly poorer country without deep cuts in interest rates and the Bank of England's emergency injection of £375bn into the economy through its controversial quantitative easing (QE) programme, one of the Bank's leading policy makers has said.

Philippine Growth Dips Below 6% as Storm Impact Lingers: Economy

Philippine economic growth eased to below 6 percent for the first time in nine quarters, giving the central bank scope to keep interest rates at a record low.

What Russia-China relations mean for the dollar

If there was one takeaway from Russia's annual economic shindig in St Petersburg last week, it was that the country is continually looking to its neighbor China for trade and investment.

IMF chief says banks haven't changed since financial crisis

The head of the International Monetary Fund has warned that a persistent violation of ethics among bankers and rising inequality pose a major threat to growth and financial stability.

Draghi: Cramped credit hurting recovery

SINTRA, Portugal (AP) — European Central Bank President Mario Draghi says the ECB could take targeted steps to get credit flowing to struggling small businesses as a way to boost the tepid economic recovery.

German economy gets off to good Q1, but confidence dips

FRANKFURT: Booming investment provided the German economy with a healthy kick start into this year, but business confidence in Europe's biggest economy appears to be stalling already, data showed on Friday.

Australian Gold Output Declines After Heavy Rains Lash Mines

Gold output in Australia, the world’s second-biggest producer, fell in the first quarter after a key mining region was inundated by heavy rainfall, industry consultant Surbiton Associates Pty said.

Italy struggles to turn page on corruption

MILAN, Italy (Reuters) - They usually met in Milan although on Wednesdays they lunched in Rome. But for the seven men arrested on suspicion of corruption, the menu was always the same, prosecutors said: alleged bribes to obtain building contracts for Italy's Expo 2015 world fair.

China Starts Anti-Terror Campaign After Xinjiang Blasts

China has started a one-year campaign against terrorism in Xinjiang after a series of explosions on May 22 killed 39 people and injured 94 in the northwestern region, Xinhua News Agency reported.

China and Russia sign historic $400bn gas deal after 10 years of negotiations

After 10 years of negotiations, Russia's Gazprom and China's CNPC have finally signed a historic gas deal which will provide the world's fastest growing economy with the natural gas it needs to keep pace for the next 30 years.

California’s Economy Gets Good Marks In Green Innovation Report

San Diego gets good marks in the latest assessment of the state's green economy. The nonpartisan group Next 10 is out with its annual Green Innovation Index.

BOJ Refrains From Easing With Signs Japan Weathering Tax Rise

Japan’s central bank refrained from boosting stimulus and raised its view of business investment as the economy shows signs of weathering the impact of the first sales-tax increase since 1997.

Growth in China's new home prices cools to 11-month low

(Reuters) - Growth in average new home prices in China slowed to a near one-year low in April, official data showed on Sunday, adding to concerns about the weakness of the property market and what policymakers can do if prices start to fall too sharply.

America can’t prosper with low rates, weak dollar

Five years after the beginning of the economic recovery, after rock-bottom interest rates and trillions of dollars of quantitative easing by the Federal Reserve, the economy is growing about 2%.

Exclusive: German industry steps up drive to prevent Russia sanctions

(Reuters) - German industry is ramping up efforts to dissuade Chancellor Angela Merkel from imposing tough new economic sanctions on Russia over Ukraine, warning of lasting damage to domestic firms and the broader economy if Moscow is hit hard.

Bank of England Governor Mark Carney warns economy has yet to reach ‘ultimate goal’ of expansion

Interest rates are set to remain at record lows this year despite strong growth and further falls in unemployment, the Bank of England has signalled.

Former BOJ Policy Maker Sees Japan Inflation Dilemma

The Bank of Japan faces a “terrifying dilemma” of inflation forcing it to tighten monetary policy just as the central bank most needs to support the bond market, according to a former board member.

IMF says Uganda's economic growth to accelerate despite reduced foreign aid risk

(Reuters) - Uganda's economic growth should accelerate to just above 6 percent in the next fiscal year through June 2015 despite the risk of reduced foreign aid and unrest in key export market South Sudan, the IMF said on Tuesday.

African invoice fraud hampers development of poorest nations

More than $60bn (£36bn) has been illegally siphoned out of Uganda, Ghana, Mozambique, Kenya and Tanzania over 10 years, with most of it squirrelled away in tax havens, according to a report by financial transparency campaigners.

Sturdy U.S. wholesale stocks data may temper downward GDP revision

(Reuters) - A big rise in U.S. wholesale inventories in March is likely to temper an expected downward revision to the government's estimate of first quarter economic growth, but fall short of keeping it from being pushed into negative territory.

U.K. Manufacturing Rises More Than Forecast

U.K. manufacturing production expanded more than economists forecast in March, adding to evidence that the economic recovery is gathering strength.

U.S. consumer credit posts largest gain in a year

(Reuters) - U.S. consumer credit recorded its largest increase in a year in March, boosted by growing demand for student loans and household borrowing to buy automobiles.

Bank of England to stick with low rates even as recovery builds

(Reuters) - The Bank of England looks set to keep interest rates at a record low on Thursday, despite signs that the recovery is picking up more speed and that house prices are surging.

France's Montebourg says euro rate is matter for politicians

(Reuters) - Economy Minister Arnaud Montebourg stepped up France's push for a weaker euro on Wednesday, saying political leaders had the right to assess the right level for the currency in a position completely at odds with Germany's.

No UK trade benefit from EU membership - Civitas report

EU membership has not given the UK any "insider advantages" in trade with other European countries, a report by social policy think tank Civitas says.

U.S. public pensions outperform peers in first quarter: data

(Reuters) - U.S. public pension funds returned a median 1.87 percent in the first quarter of 2014, slightly outperforming the 1.66 percent returns for the larger universe of institutional investment plans, according to a report to be released on Monday.

Europe's cybersecurity policy settings under attack

Brussels (AFP) - Even as Europe powered up its most ambitious ever cybersecurity exercise this month, doubts were being raised over whether the continent's patchwork of online police was right for the job.

US economy records bumper jobs growth in April

The US economy created 288,000 jobs in April, the strongest monthly job creation since January 2012. The largest jobs gain came in professional and business services, which added 75,000 jobs during the month.

Pound rises on UK manufacturing surge

The pound has hit a near five-year high against the dollar after a survey suggested that UK manufacturing grew faster than expected in April.

How the Russian economy has taken a turn for the worse

Russia's economy was struggling even before the crisis in Ukraine, but things have now taken a turn for the worse, according to the International Monetary Fund.

US Federal Reserve continues trimming stimulus efforts

The US Federal Reserve announced a further reduction of its stimulus efforts, after a two-day meeting in Washington.

European banks face toughest stress tests yet

European banks must show they can survive simultaneous routs in bonds, property and stocks in the toughest test to date by regulators aiming to restore confidence in an industry that had to be rescued by taxpayers in the financial crisis.

Japan retail sales rise at fastest pace in 17 years before tax hike

(Reuters) - Japanese retail sales rose in March at their fastest pace in 17 years as consumers went on a shopping spree before a national sales tax hike took effect on April 1, setting the stage for a decline in consumer spending the following month.

Croatia Needs Consensus to Tackle Crisis, President Says

Croatia’s political leaders need to come to agreement on how to end the former Yugoslav republic’s longest economic recession on record and avoid “serious” social consequences, President Ivo Josipovic said.

China top leaders say to keep policy unchanged: Xinhua

(Reuters) - China is sticking to its current fiscal and monetary policy settings, the state news agency quoted top leaders as saying on Friday.

U.S. services sector expands at slower pace in April

(Reuters) - The U.S. services sector expanded in April at a slower rate than the previous month as employment creation decelerated, an industry report showed on Friday.

IMF says sub-Saharan Africa faces heightened risk of capital outflows

(Reuters) - Investment in infrastructure and natural resources will continue to underpin economic activity in sub-Saharan Africa, although capital outflows sparked by tighter global financial conditions pose a risk to growth, the IMF said on Thursday.

China factories extend slump

China's factories continued to struggle in April, according to an early gauge of activity in the country's all-important manufacturing sector.

French PM under party pressure to tweak deficit plan

(Reuters) - French Prime Minister Manuel Valls discussed tweaking his deficit-reduction programme on Tuesday with Socialist lawmakers who want to reduce cutbacks for low-income pensioners, a day before the plan is due to be presented to parliament.

Canadian Stocks Fall as Energy Shares Slide Amid Pipeline Delay

Canadian stocks fell, after the biggest weekly advance since February, as raw-material and energy shares slumped amid further delays in the Keystone XL pipeline approval process.

More businesses saw higher costs for materials, labor in first quarter, report finds

NEW YORK – Rising costs for materials and labor appear to be pressuring businesses, according to a quarterly survey from the National Association of Business Economics.

Dollar Gains on Accord to Reduce Tension in Ukraine

The dollar strengthened for a fifth day against a basket of major peers as an agreement to start de-escalating the conflict in Ukraine sent stocks higher and pushed Treasuries down the most in a month.

Painful 2013 leaves European banks' returns well below target

(Reuters) - Europe's largest banks are generating a poor return on their capital, well below their post-crisis targets, as muted credit growth slows their recovery and progress on costs is swallowed by unexpectedly high loan losses.

Forcing Russia Out of Markets Seen as Ukraine Leverage

Forcing Russia out of global financial markets is the strongest tool at U.S. President Barack Obama’s disposal if he wants to stop Vladimir Putin’s territorial ambitions, according to former government officials and sanctions specialists.

World economy on steady course at best, China a worry, polls show

(Reuters) - The world economy can expect steady growth at best over the coming year, but any rapid slowdown in China as it tries to rebalance its economy could upset the still-unsteady progress, Reuters polls showed.

Wages beat inflation as unemployment falls below 7%

Wage growth has finally started to outpace inflation after years of falling real earnings, and unemployment has fallen to its lowest level in five years, figures released on Wednesday show.

Portugal Plans Budget Savings Worth $1.9 Billion for 2015

Portugal plans to implement budget measures worth 1.4 billion euros ($1.94 billion) to narrow its budget deficit and meet a target set for 2015.

ECB hints at further stimulus to combat low inflation

The European Central Bank (ECB) has said it will provide "further stimulus" to the eurozone economy if inflation in the bloc continues to remain low.

Germany's current account surplus is a wider issue than it first appears

When the US treasury recently added its voice to the chorus of critics of Germany's chronic current account surplus, it underscored the deep disagreement over what, if anything, should be done about it.

Finance officials confident of global growth

WASHINGTON (AP) An ambitious goal to boost global growth by $2 trillion in the next five years is within reach, finance officials of the world's major economies believe, despite a variety of threats, including rising political tensions over Russia's actions in Ukraine.

G-20: Determined To Add Jobs, Boost Growth

WASHINGTON – Finance officials of the G-20 group of important global economies on Friday said they were determined to further strengthen the global economy, create jobs and improve longer-run growth prospects.

Greece Trumpets Return to International Bond Market

ATHENS — Greece’s return to the financial markets with a five-year bond offering on Thursday was met with overwhelming demand from investors, and government officials hailed the sale as proof that the country was recovering from a wrenching five-year economic crisis.

IMF: UK economic growth to reach 2.9% in 2014

The International Monetary Fund (IMF) says the UK economy will be the fastest-growing in the G7 this year. It says the UK will grow 2.9% in 2014, up from a January estimate of 2.4%, and will see growth of 2.5% in 2015.

G20 to focus on boosting global growth, not Crimea: official

(Reuters) - Global financial leaders will thrash out details of individual country pledges to boost growth and overhaul their economies at this week's meetings in Washington, a senior Australian official said on Tuesday.

Labour's Chuka Umunna slams government export schemes

Two major government export schemes have failed to help a single firm, the shadow business secretary has said.

China 2013 current account surplus to GDP ratio falls to 2%: Report

BEIJING: China's current account surplus was equivalent to 2 per cent of gross domestic product in 2013, down from 2.6 per cent in the previous year, official data showed, as the government seeks to reduce the economy's reliance on external demand.

Euro zone may need lower rates: ECB member

(Reuters) - Euro zone countries are experiencing a recovery but lower interest rates may be needed to nurture it, European Central Bank executive board member Benoit Coeure told France's Le Figaro newspaper on Friday.

Private sector jobs finally back to 2008 peak, but...

After a winter slowdown, the job market hit a milestone in March as the private sector finally recovered all the jobs lost in the 2008 financial crisis.

Markets may be underestimating threats to the global economy

The world's economic, financial, and geopolitical risks are shifting. Some risks now have a lower probability – even if they are not fully extinguished.

Australia’s April 2033 Bond Auction Draws Most Bids in 4 Months

A sale today of Australian government bonds due in 19 years, the longest maturity for outstanding debt not linked to inflation, drew the most bids at any auction in almost four months and was snapped up by six buyers.

Canadian auto sales nudge higher in March

(Reuters) - Canadian auto sales inched just 0.2 percent higher in March from a year earlier, figures on Tuesday showed, but an independent auto industry analyst said the modest increase masked a solid performance during severe winter weather, especially in comparison with the record sales of March 2013.

Britain's productivity: still a puzzle for policymakers and industry leaders

In a modern mill in a small industrial estate in the textile town of Bury, Lancashire, more than 100 whirring machines roll out 11m metres of high strength fabric every year.

Insurers under pressure as City regulator targets sector

Insurers took a hit as the City regulator fixed its sight on the sector, wiping more than £3 billion off the value of Britain's biggest insurance names.

Amid ruins of Greek economy, green shoots emerge

(Reuters) - On a cold day in January, car dealer Dimitris Antonopoulos handed over the keys of a brand new, white Jaguar worth 122,000 euros ($167,600), the first one sold in Greece in more than a year amid signs that a brutal recession might be easing.

UK current account deficit near record high at £22.4bn

The UK's current account deficit was larger than expected in the final quarter of last year, official figures have shown.

Bank of America to pay Fannie Mae and Freddie Mac

Bank of America agreed to pay $9.5bn (£5.7bn) to settle charges it misled US mortgage lenders Fannie Mae and Freddie Mac before the housing crisis in 2008.

Rajoy Wavering Brings Italian Risks to Spain: Euro

Prime Minister Mariano Rajoy is running out of time to make good on his pledge to complete an overhaul of Spain’s economy.

Odds narrow on China stimulus as Q1 economy seen weakest in five years

(Reuters) - The odds of Beijing intervening to support the sluggish Chinese economy are narrowing following a slew of data that points to the weakest growth for China since the global financial crisis.

Russia warns of investor flight

Russia expects investors to move up to $70bn (£42bn) of assets out of the country in the first three months of this year.

Greek central banker defends stress test results: paper

(Reuters) - An "unduly conservative" approach in stress tests on Greece's major banks would have scared off investors, the head of Greece's central bank said on Saturday, adding that he believed the results would be close to EU-wide tests due later this year.

U.S. Keeps AAA by Fitch, Outlook Raised on Debt Pact

The dire economic and political landscape cited by Standard & Poor’s when it downgraded the U.S.’s AAA credit rating in 2011 is proving to be unfounded.

Fed's Kocherlakota blasts new rate guidance

(Reuters) - The Federal Reserve should have promised to keep rates near zero until U.S. unemployment falls below 5.5 percent, as long as inflation and financial stability risks are contained, said the lone dissenter to the Fed's policy decision this week.

Most European Stocks Drop on Yellen’s Rate Remarks

Most European stocks declined as investors weighed Federal Reserve Chair Janet Yellen’s remark that benchmark interest rates could rise about six months after the central bank ends bond purchases.

US consumer price growth remains weak

US consumer prices were little changed in February, indicating that inflation continues to remain tame. The consumer price index rose 0.1%, from a month earlier.

Bank of England announces major reorganisation

Two new deputy governors have been named at the Bank of England, as part of a radical shake-up by governor Mark Carney.

Manufacturers optimistic for 2014, says EEF

UK manufacturers are enjoying a strong start to the year and are confident about the outlook, according to their industry body, the EEF.

Putin Deports Executives for Speeding as Sanctions Loom

Even before the Ukraine standoff, foreign companies in Russia say they were alarmed by the number of executives being deported for minor infractions.

Consumer Sentiment in U.S. Unexpectedly Falls on Outlook

Consumer confidence in the U.S. unexpectedly dropped in March to a four-month low, indicating household spending may be slow to pick up from a weather-related setback earlier this year.

Finland Trapped in Recession as Investment Fades: Nordic Credit

Finland is shuttering factories that make up the backbone of its export industry faster than it’s investing in new companies.

February US retail sales thaw out after winter chill

US retail sales rose for the first time in two months in February, official figures have shown. The figures suggest the world's largest economy is gaining in strength after suffering the third-coldest winter on record.

Renzi’s Cabinet to Pass Italy Tax Cuts, Job Market Overhaul Plan

Italian Prime Minister Matteo Renzi’s cabinet is poised to pass tax cuts worth as much as 10 billion euros ($14 billion) and approve plans to overhaul the labor market, as he sets out to jump-start the euro area’s third-biggest economy.

Head of Cyprus' central bank resigns

The head of the Cypriot central bank, Panicos Demetriades, has resigned.

BOJ to hold fire but exports seen as a concern

(Reuters) - The Bank of Japan is expected to maintain its massive monetary stimulus on Tuesday on a view the economy can weather a sales tax increase in April without extra support, although there is expected to be some concern about weakness in exports.

New Zealand to go to economy-focused election on Sept 20

WELLINGTON, March 10 (Reuters) - New Zealand will hold its general election on Sept. 20, Prime Minister John Key said on Monday, in a vote that is likely to focus on his centre-right National Party's economic record.

Economy Shaking Off Effects of Weather as U.S. Payrolls Climb

The economy in the U.S. showed signs of emerging from the effects of the winter storms that have curbed growth in early 2014 as employers added more workers than projected in February.

Swiss Franc Rises With Yen Before U.S. Payrolls Data

The Swiss franc and Japanese yen climbed against most counterparts before U.S. jobs data today. Corn jumped to a six-month high, Indonesia’s rupiah gained and European stocks were little changed after a global equity rally that’s added $523 billion to markets this week.

Three-month low in U.S. jobless claims offers hope for labor market

(Reuters) - The number of Americans filing new claims for jobless benefits hit a three-month low last week, suggesting some strength in a labor market that has been hobbled by severe weather.

Eurozone business growth accelerated in February, PMI survey says

Business growth in the eurozone accelerated last month to its fastest pace since June 2011, a survey says.

BOE Seeks Derivatives Pact to Prevent a Repeat of Lehman Cascade

The Bank of England is seeking a global pact among banks to suspend default clauses in some derivatives contracts during a crisis, in a bid to ward off bank death spirals that cascade through the financial system.

China's manufacturing, services sectors diverge in February

(Reuters) - China's services sector regained some momentum in February but its manufacturing sector struggled, separate surveys showed on Monday, with the divergence adding to the difficulty in assessing the strength of the economy at the start of 2014.

Pound Strengthens Against Dollar as Economic Recovery Broadens

The pound advanced against the dollar as data showed a surge in business investment helped the British economy grow for a fourth straight quarter, boosting the allure of the U.K. currency.

Fed may need to let inflation run hot to meet goals: Evans

(Reuters) - The Federal Reserve should be willing to let inflation temporarily run above its target level so as to more quickly bring the economy back to health, a top Fed official said on Friday, even as a second policymaker signaled the very idea left him cold.

British manufacturers urge George Osborne to overhaul business rates

British manufacturers have urged George Osborne to overhaul the business rates regime, saying the tax is blocking investment. In a letter to the chancellor seen by the Guardian, 10 leading manufacturers, including Tata Steel and carmaker Vauxhall, call for an independent review of the business rates system and urge action in the budget.

German inflation at lowest in three and a half years, raising pressure on ECB

(Reuters) - German annual inflation eased to its lowest level in 3-1/2 years in February, data showed on Thursday, underlining deflation fears and raising pressure on the European Central Bank to act.

Economy probably grew 4.9 percent in December quarter

BANGALORE (Reuters) - India's economic growth likely slowed to a near decade-low at the end of last year as high interest rates hit factory activity, according to economists polled by Reuters who don't expect a pickup in investment before May elections.

Bank of England could raise interest rates next spring, says MPC member

A Bank of England policymaker has reinforced expectations that the first rise in interest rates will come as soon as next spring, in remarks that pushed up the pound.

Yellen Wins G-20 Praise as Emerging Markets’ Angst Eased

The world’s major economies pledged to maintain generally accommodative policies and pay heed to the international repercussions of their actions as Federal Reserve Chair Janet Yellen won praise for helping smooth emerging-market concerns.

G-20 vows to boost world economy by $2 trillion

SYDNEY (AP) - Finance chiefs from the 20 largest economies agreed Sunday to implement policies that will boost world GDP by more than $2 trillion over the coming five years.

Australia, India to push for IMF quota reforms at G20

Australia on Thursday said it will ‘actively lobby’ with the US to push through the International Monetary Fund quota reforms seeking to providing more voice to the developing countries.

G-20 Pushes Growth as Stimulus Withdrawal Backed, Draft Says

The Group of 20 will take “concrete actions” to bolster growth while backing the normalization of monetary policy in advanced economies, according to a draft communique seen by Bloomberg News.

IMF, Britain warn emerging economies ahead of G20 talks

SYDNEY: IMF chief Christine Lagarde and British finance minister George Osborne on Thursday demanded emerging economies get their own houses in order, after some attacked US monetary policy in the run-up to G20 talks this weekend.

Australia Pushes Infrastructure as G-20 Growth Driver: Economy

Australia’s bid to sell state-owned infrastructure to help fund new projects will form a centerpiece of its Group of 20 agenda as the nation bets its plan to spur jobs is as relevant in Moscow, Mumbai and Michigan as it is in Melbourne.

All G20 members have role in softening volatility: Canada official

OTTAWA (Reuters) - Advanced economies must explain their monetary policy approach clearly to the rest of the world and some emerging economies need to strengthen policies in order to soften the financial market volatility during this unprecedented period of transition, a senior Canadian finance official said on Monday.

Employment growth rate to slow slightly, says survey

The recent fast growth in employment is likely to slow in the coming months, the Chartered Institute for Personnel and Development (CIPD) has said.

Italy’s Credit-Rating Outlook Raised to Stable by Moody’s

Italy’s credit rating outlook was raised to stable from negative by Moody’s Investors Service, which cited the government’s financial strength and reduction of risks from contingent liabilities.

U.S. sees emerging market woes as focal point at G20

(Reuters) - Economic policymakers from the world's biggest economies will focus on recent financial market turbulence when they meet next week in Sydney, a senior official at the U.S.

Most firms back EU trade rules, government report suggests

Most businesses feel European Union rules ensuring the freedom to trade goods with other members are "beneficial to the national interest", a government report suggests.

Australia jobless rate hits decade high, sinks A$

(Reuters) - Australia's jobless rate unexpectedly jumped to a decade high in January, intensifying concerns about the future of the manufacturing sector as global carmakers prepare to pull out.

The debt ceiling crisis that ended with a whimper

The US Congress has agreed to raise the debt ceiling until March 2015, averting another crisis that almost four months ago threatened to trigger a default on US debt and plunge the global financial markets into chaos.

Excess euro zone liquidity seen near current levels at end of first-quarter: poll

(Reuters) - Excess liquidity in the euro zone will be near current levels at the end of this quarter as banks slow repayments of their crisis loans, according to a firm majority of traders in a Reuters poll.

Scottish independence: 'Economy matters most' to voters

The economy is the issue that matters most to voters taking part in the independence referendum, a poll carried out for the BBC has suggested.

As U.S. hits debt limit, business group urges Congress to raise it

WASHINGTON -- As the U.S. hit its debt limit on Friday, a leading business group urged Congress to act quickly to raise it to avoid damaging the economy.

German industrial output data dives in December

FRANKFURT: German industrial production shrank in December, hit by falling activity in the manufacturing and energy sectors, data showed on Friday, but analysts insisted the overall uptrend remains intact.

Jobs data improves, but weak exports may hurt growth

(Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, in a boost to the labor market outlook and the broader economy.

Carney Seeks to Maintain Low-Rate Outlook as Economy Gains

Bank of England Governor Mark Carney and his colleagues are debating how they can reflect the strength of the U.K. economy in their forecasts without suggesting that interest rates are about to go up.

Puerto Rico's credit rating cut to junk by S&P

Standard & Poor's announced Tuesday that it had cut Puerto Rico's credit rating to junk, as the island's government struggles to get its finances in order. Puerto Rico, a U.S. commonwealth, faces $70 billion in debt and has been teetering on the edge of default in recent months.

Spain's jobless up in January, but rate of rise slows

(Reuters) - The number of registered jobless in Spain rose in January for the first time since October, data showed, as the labor-heavy service sector shed workers following a busy Christmas holiday season.

Jack Lew: US could default on debt by 'end of month'

US Treasury Secretary Jack Lew has warned the US may default on its debt by the end of the month if Congress does not raise its borrowing limit.

A Leader Shows Vulnerability in Turkey’s Cash Crisis

ISTANBUL — First, Prime Minister Recep Tayyip Erdogan criticized the bold move by Turkey’s central bank this week to raise interest rates sharply to halt the decline in the country’s currency, telling reporters that higher borrowing costs would lead to inflation — an argument that contravenes accepted economic logic.

IMF Calls on Emerging Markets to Bolster Economic Fundamentals

The International Monetary Fund said some developing countries need to take action to “improve fundamentals” as emerging-market stocks extended their worst start to a year since 2008.

Euro zone morale climbs as recovery strengthens

(Reuters) - Optimism in the euro zone about its economic prospects continued to improve in January with a jump in morale in the bloc's two largest economies, Germany and France.

Federal Reserve cuts additional $10bn from economic stimulus programme

The US Federal Reserve instituted a further cut to its massive economic stimulus programme on Wednesday, in a move that rattled stock markets already worried by recent poor jobs figures.

Indonesians still world's most bullish consumers, Americans less upbeat: survey

(Reuters) - Indonesians remained the world's most bullish consumers in the final quarter of 2013 while Americans were slightly less willing to spend than in the previous quarter, a global survey showed.

Greek budget surplus for 2013 seen topping forecast: Ministry official

ATHENS: Greece's primary budget surplus for 2013 may exceed previous forecasts and top 1 billion euros ($1.37 billion), a senior finance ministry official said on Tuesday, citing latest revenue and spending data.

Growth figure likely to bolster recovery hopes

Britain's recovery is expected to have held up over the final months of 2013, helping the economy to clock up its strongest annual growth for six years.

IMF's Lagarde sees eurozone inflation "way below target"

DAVOS, Switzerland (Reuters) - Euro zone inflation is "way below target" and deflation is a potential risk for the bloc, International Monetary Fund Managing Director Christine Lagarde told the World Economic Forum in Davos on Saturday.

Euro zone business gets off to strong start for 2014

(Reuters) - The euro zone's private sector started 2014 in much better shape than expected, with stronger growth across the region marred only by a continued downturn in France, surveys showed on Thursday.

Abe Comparing China Ties to Pre-War Europe Fuels TensionsAbe Comparing China Ties to Pre-War Europe Fuels Tensions

China said Prime Minister Shinzo Abe was evading Japan’s “history of aggression” by comparing Sino-Japanese relations to those of the U.K. and Germany prior to World War I.

Analysis: Hardest yet to come for France's Hollande on reforms

(Reuters) - French President Francois Hollande has won cautious backing from Berlin, Brussels and financial markets for a centrist reform push that could be his last chance to get the euro zone's second largest economy motoring.

China to deepen reforms and keep policy stable: Premier Li

(Reuters) - China will continue to deepen reforms and keep policy consistent to ensure stable economic growth this year, Premier Li Keqiang said on Wednesday.

IMF sees higher global growth, warns of low inflation

WASHINGTON: The International Monetary Fund raised its global growth forecasts for the first time in nearly two years on Tuesday amid rising demand and inventories in advanced economies, which picked up the mantle of growth from emerging markets.

Interest rates 'should stay' at 0.5% says Item Club

Interest rates should be held at 0.5% until squeezed real-term wages begin to grow - to avoid choking the recovery, a leading economic forecaster has said.

Pound Strengthens Versus Euro as Retail Sales Surge; Gilts Rise

The pound strengthened against the euro this week as a government report showed U.K. retail sales grew at a record pace for a December, adding to optimism the recovery is gaining momentum.

China Growth Seen Slowing as Momentum Weakens

China’s factory output and investment growth probably weakened in December, adding to signs the world’s second-largest economy is losing momentum as analysts forecast 2014 expansion at the lowest in 24 years.

Davos Globalization Defenders Fight to Show 2014 Not 1914

Davos, the spiritual home of globalization, is having to defend its vision.

Employers plan to take on more new graduates

A survey of 100 big employers suggests they are planning to increase the number of new graduates they take on this year.

Basel Regulators Ease Leverage-Ratio Rule for Banks

Global regulators diluted a planned debt limit for banks amid warnings that the rule would penalize low-risk financial activities and curtail lending.

On jobs, US President Barack Obama calls 2014 'a year of action'

WASHINGTON: President Barack Obama is calling 2014 "a year of action" for creating jobs and economic opportunities for American families.

Mint condition: countries tipped as the next economic powerhouses

First it was the Brics. For a while the Civets were in vogue. Now the Mints are the ones to watch. Confused? Well, once you know your acronyms it all becomes clear.

A new year of worries about the world economy

As the year that saw the world's strongest economy brought to the precipice of a default comes to a close, many wonder if 2014 promises any more stability.

Labor market data suggest economy strengthening

(Reuters) - The number of Americans filing new claims for unemployment benefits last week fell and planned layoffs hit a 13-1/2 year low in December, adding to a range of data that have suggested the economy is gaining steam.

Greece plays up progress as it takes on delicate EU presidency

(Reuters) - Greece took over the presidency of the European Union on Wednesday and chose the moment to deliver a staunch defense of its efforts to recover from six years of recession and two bailouts that have cost it more than 200 billion euros.

Senate to vote on restoring jobless benefits to 1.3 million Americans

The Senate was poised for a crucial vote to temporarily restore long-term unemployment insurance on Tuesday, despite arctic conditions preventing some legislators from making it to Capitol Hill.

European Union won't seek law to separate banking activities: Report

LONDON: The European Union is set to drop financial reforms that would force big banks to ringfence their retail departments from riskier investment operations, the newspaper reported on Monday.

George Soros warns that Chinese slowdown is biggest worry in 2014

George Soros is worried about China, and we should take note. The hedge fund boss, who built his fortune betting on the world's money markets, is concerned that 20 years of rapid growth is about to run out of steam.

Lew to Urge Europeans to Spur Growth, Avoid Deflation, Aide Says

U.S. Treasury Secretary Jacob J. Lew will urge European officials next week to pursue policies that boost economic growth, avoid deflation and strengthen the banking system, a Treasury official said today.

French borrowing costs rising at 'worrying' rate

France's borrowing costs have continued to rise as latest figures revealed the manufacturing sector underperformed even Greece.

American Consumers in 2013 Most Upbeat Since Before Recession

American consumers in 2013 were more upbeat than at any time in the previous six years as views on the economy, finances and the buying climate improved.

China's factory growth slower but resilient at year end

BEIJING: Growth in China's factories slowed slightly in December as export orders and output weakened, official data showed on Wednesday, adding to views that while the world's second-largest economy remains resilient, it lost some steam in late 2013.

US home price gains slow in October, but yearly gain increases: S&P

NEW YORK: US single-family home prices rose less than expected in October but posted their strongest annualized gain in more than seven years, a closely watched survey said on Tuesday.