Economy NewsRSS

Spanish banks should do well in ECB stress tests: De Guindos
MADRID (Reuters) - Spanish Economy Minister Luis de Guindos said on Wednesday he was confident Spanish lenders would do well in the European Central Bank's banking health checks, the results of which will be made public on Sunday. "We can be confident that ... Spanish banks will obtain good results in the tests which the ECB has carried out before becoming the sole supervisor (of euro zone banks)," De Guindos said in a speech at a conference in Madrid. ...
10/22/2014 02:43 PM

Popular Mexican musician shot dead in cartel-riddled northwest
MEXICO CITY (Reuters) - A member of Banda el Recodo, a traditional Mexican band also popular in the United States, was found dead from a gunshot to the neck on Wednesday in the northwestern Mexican resort city of Mazatlan, the group and local authorities said. Aldo Sarabia, who played the tuba in the group, was reported missing last week. It was the latest in a string of killings and suspected massacres in Mexico in recent weeks and months that have cast a shadow over President Enrique Pena Nieto's drive to focus public attention on economic reforms rather than grisly violence. ...
10/22/2014 01:39 PM

APEC finance chiefs see 'downside risks' to global economy

Chinese Vice Premier Zhang Gaoli (L) speaks during the opening ceremony of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers's Meeting in Beijing on October 22, 2014The global economy is beset by increasing "downside risks", Asia-Pacific finance chiefs said Wednesday, a day after growth in China hit a five-year low.

10/22/2014 01:15 PM

EU nations threaten to block green energy rules at summit talks

Smoke billows from the chimneys of Belchatow Power StationBy Barbara Lewis BRUSSELS (Reuters) - EU leaders face a long day on Thursday as they seek to agree on a new decade of climate and energy policy at a summit in Brussels, with nations from Poland to Portugal threatening to block a deal. If the European Union can manage an accord, including a more ambitious greenhouse gas cut, it will be the first major economic bloc to set an emissions target for 2030 and would set the tone ahead of United Nations talks next year in Paris on a global pact to manage climate change. ...

10/22/2014 01:08 PM

European markets rise on talk of central bank action

Stock traders work at the stock exchange in FrankfurtLondon (AFP) - Europe's main stock markets pushed upwards, helped by speculation that central banks may take further stimulation measures and put off rate hikes to support global economic growth.

10/22/2014 12:56 PM

Catalans: independence drive will intensify unless Madrid negotiates

Catalan pro-independence demonstrators gather at Catalunya square during a rally in BarcelonaBy Mike Peacock LONDON (Reuters) - After scuppering a referendum, Spain risks intensifying Catalonia's push for independence unless it negotiates over transferring more powers, the region's economy minister said. Spain's government asked the constitutional court last month to declare a referendum planned for Nov. 9 illegal on the grounds it breached the constitution. The court suspended the vote until it ruled on the case, which could take years. ...

10/22/2014 11:40 AM

South Africa sees bigger budget shortfall as growth slows

South African Finance Minister Nhlanhla Nene takes part in a discussion during the World Bank/IMF Annual Meeting in WashingtonBy Stella Mapenzauswa CAPE TOWN (Reuters) - South Africa's economic growth will be slower and its budget deficit bigger this year than forecast, the finance ministry said on Wednesday, vowing to keep a tight grip on spending to stop the country's credit rating slipping to junk. In his first policy statement since being appointed in May, Finance Minister Nhlanhla Nene warned that Africa's most advanced economy was not making sufficient progress to reduce poverty and create jobs, deepening inequality. ...

10/22/2014 11:21 AM

South Africa's Northam seals $600 mln black empowerment deal
By Zandi Shabalala JOHANNESBURG (Reuters) - South Africa's Northam Platinum has sealed a $600 million deal that will increase its black ownership to over a third and inject 4.6 billion rand ($420) in cash to fund growth and potential acquisitions. South African companies are required to reach at least 26 percent black ownership this year under the government's policy of black economic empowerment, or "BEE", designed to address the inequalities of the apartheid system that ended in 1994. ...
10/22/2014 10:28 AM

Brazil's Rousseff pulls ahead of Neves as election nears

Brazil's President and Workers' Party (PT) presidential candidate Rousseff takes part in a TV debate in Sao PauloBy Anthony Boadle BRASILIA (Reuters) - Brazilian President Dilma Rousseff pulled ahead of opposition candidate Aecio Neves in another poll on Wednesday and looks like a slight favorite heading into what is expected to be the country's tightest election in decades. The Datafolha poll was the fourth in three days to show Rousseff approaching Sunday's runoff vote with a slight edge over Neves, who had stirred investor enthusiasm by promising business-friendly policies to revive a sluggish economy. ...

10/22/2014 10:23 AM

Canadian retail sales unexpectedly drop 0.3 percent

People shop inside at the Hudson's Bay Company (HBC) flagship department store in TorontoBy David Ljunggren OTTAWA (Reuters) - Canadian retail sales dropped unexpectedly in August as consumers pulled back for the second straight month, heightening uncertainty about broader economic growth and weighing on the Canadian dollar. Retail sales dropped 0.3 percent in August, pulled down by lower gasoline prices and weaker sales of new cars, food, and housing-related items, Statistics Canada said on Wednesday. Analysts forecast sales would be unchanged from July. ...

10/22/2014 09:56 AM

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