Economy NewsRSS

BP asks court to remove claims administrator in Gulf spill case

Signage for a BP petrol station is pictured in LondonBP Plc asked a U.S. It was the latest legal challenge to the settlement filed by the London-based oil major, which has complained previously that Juneau has been too generous and liberal when approving claims. Juneau has said he is just applying the rules of the settlement agreement. BP originally expected the March 2012 class-action settlement to resolve economic and health claims by more than 100,000 individuals and businesses to cost $7.8 billion.


09/02/2014 05:00 PM

US stock market ends slightly lower

FILE - In this Sept. 30, 2008 file photo, a Wall St. sign hangs in front of the New York Stock Exchange. U.S. stocks wavered in morning trading Tuesday, Sept. 2, 2014, as investors looked ahead to major economic reports out this week. (AP Photo/Mark Lennihan, File)NEW YORK (AP) — Concerns over weaker global growth appeared to overshadow strong reports about the U.S. economy Tuesday, nudging the stock market to a tiny loss.


09/02/2014 04:54 PM

Indian stock market hits new peak amid buying spree

An Indian stock trader gestures watches the 30 share benchmark index SENSEX at a brokerage house in Mumbai on May 13, 2014Indian shares swept past the 27,000-point mark Tuesday, a record high buoyed by investor hopes that the country will see stronger economic growth under new Prime Minister Narendra Modi. The Bombay Stock Exchange's benchmark Sensex index of 30 leading shares ended the day up 0.57 percent or 151.84 points at 27,019.39 points. The Sensex has been on the rise for eight straight trading sessions. They are sending the right signals," investment house Morgan Stanley managing director Ridham Desai told financial portal moneycontrol.com.


09/02/2014 04:37 PM

Swiss growth grinds to a halt as eurozone malaise spreads

View of Montreux from Lake Geneva on January 22, 2014Growth in Switzerland has ground to a halt, official data showed Tuesday, suggesting that while the wealthy Alpine nation has survived years of European financial turmoil relatively unscathed, weakness in the eurozone has begun to rub off. Between April and June Swiss gross domestic product stagnated, with zero growth from the previous quarter, according to statistics from the State Secretariat for Economic Affairs, or SECO. "It's a big surprise because most observers were not expecting such weak numbers," Julius Baer analyst Janwillem Acket told AFP. He said that the slowdown indicated that "the eurozone malaise has reached Switzerland to a certain extent", and that the country "is no longer an island of strong growth surrounded by a stagnating euro".


09/02/2014 03:29 PM

curbedwire: Hubway Ridership Jump; Orange, Green Line Impact; More!

curbedwire: Hubway Ridership Jump; Orange, Green Line Impact; More!HUB-WIDE—Hubway riders notched more than 175,000 rides in August, more than in the bike-share system's entire first season in 2011. __ SOMERVILLE—Everyone's talking about the economic impact of the new Assembly Orange Line station and the Green Line extension,...


09/02/2014 03:27 PM

Japan's Abe to co-opt rival, draft more women in cabinet reshuffle

Japan's PM Abe attends a memorial service ceremony marking the the 69th anniversary of Japan's surrender in World War Two, at Budokan Hall in TokyoBy Linda Sieg TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe is expected to co-opt a rival and draft more women to spruce up his image while keeping key ministers when he reshuffles his cabinet on Wednesday, a rejig dictated more by political dynamics than policy matters. Abe has not revamped his cabinet since returning to office in December 2012, a record for a post-World War Two premier. Abe, who surged to power promising to revive the economy and bolster Japan's security stance in the face of a rising China, has seen his support slip to around 50 percent, still high for a Japanese premier but off early peaks of around 60 percent. Core members such as Chief Cabinet Secretary Yoshihide Suga, 65, Finance Minister Taro Aso, 73, Economics Minister Akira Amari, 65, and Foreign Minister Fumio Kishida, 57, are likely to stay on, signaling policy continuity.


09/02/2014 03:22 PM

European stocks close mixed

Traders at the Frankfurt Stock Exchange where the DAX 30 index was showing a gain of 0.42 percent to 9,518.47 pointsLondon (AFP) - European stock markets closed mixed on Tuesday, with Frankfurt's main DAX index edging up 0.30 percent to 9,507.02 points.


09/02/2014 02:12 PM

French finance minister hints at cut in 2015 savings target

A man pushes a shopping trolley in a hypermarket in Lomme, northern France, on August 18, 2014France's finance minister on Tuesday hinted that the country's much-vaunted aim to cut 21 billion euros ($28 billion) in public spending next year could be in jeopardy due to low inflation. "We can't have the same targets with an inflation that is becoming very low," Michel Sapin told AFP in an interview, in response to a question on whether the 2015 savings target would be maintained. France has promised to get its public deficit down to the European Union ceiling of three percent of gross domestic product next year but this looks increasingly difficult given stagnant growth in the eurozone's second largest economy. France's government has predicted a deficit of "around four percent" of gross domestic product this year, an upwards revision from the 3.8 percent forecast previously.


09/02/2014 01:32 PM

EU's new leadership trio may surprise on upside

Elected president of the European Commission Juncker answers journalists questions during a press briefing after his election at the European Parliament in StrasbourgBy Paul Taylor and Robin Emmott PARIS/BRUSSELS (Reuters) - At first sight, the European Union's new leadership team looks like a missed opportunity. Jean-Claude Juncker, Donald Tusk and Federica Mogherini seem a less than ideal crew to tackle the EU's biggest challenges - dynamising a stagnant economy, standing up to Russia over Ukraine and preventing Britain from drifting away from Europe. The former Luxembourg prime minister, current Polish prime minister and Italian foreign minister bring a combination of wily west European compromise building, stolid central European determination and youthful Mediterranean exuberance to the task. This was the year when the 28-nation bloc had an opportunity to choose a new set of top officials after many voters expressed their disenchantment with the EU through mass abstention and big protest votes in European Parliament elections in May. But rather than reach for the most talented statesmen and women - EU luminaries like France's Pascal Lamy, Italy's Mario Monti or Sweden's Carl Bildt - national leaders preferred to play safe by picking a trio of relatively low-profile figures unlikely to threaten their own dominance of European policy.


09/02/2014 12:25 PM

Ukraine economy at risk, may need another bailout

A Pro-Russian rebel prepares arms for the the assault on the positions of Ukrainian army in Donetsk airport, eastern Ukraine, Sunday, Aug. 31, 2014. Russian President Vladimir Putin on Sunday called on Ukraine to immediately start talks on a political solution to the crisis in eastern Ukraine. Hours later, Ukraine said a border guard vessel operating in the Azov Sea was attacked by land-based forces. (AP Photo/Mstislav Chernov)BRUSSELS (AP) — While Ukraine's leaders are trying to win the war against Russian-backed separatists in the east, they appear to be losing the battle to resurrect the country's battered economy.


09/02/2014 11:26 AM

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