CBI: Firms must pay workers more as economy improves

The head of the UK's main business lobby group has said too many people are "stuck" in minimum wage jobs, despite an upturn in the UK economy.

Aso Says Can't Rule Out Extra Spending to Support Japan Economy

Japanese Finance Minister Taro Aso refused to rule out the possibility an extra budget will be needed again next year to support the economy, while saying it’s best if the funds aren’t needed.

Italy delays "Google tax" until July, OKs funds for business, welfare

ROME: Italy delayed the start of its planned Internet tax until July 2014, approved billions of euros in business and welfare measures and extended a ban on media cross-ownership in a final package of year-end legislation approved on Friday.

Xi Reply to Abe Shrine Visit Looms as Test for China-Japan Ties

Chinese President Xi Jinping’s reaction to Japanese Prime Minister Shinzo Abe’s visit to a shrine that honors wartime leaders will determine whether Asia’s top two economies come closer to a hostile incident.

House prices to rise by 8% in 2014, says Halifax

House prices will end 2014 between 4% and 8% higher than they start the year, but it is "too early to talk of a housing bubble", the UK's largest lender has said.

Russia's Economy Is Decelerating Sharply, But It's Still Close To Full Employment

Russia’s economy has had a lousy 2013. Estimates of GDP growth have been getting smaller and smaller with each passing week.

Oil rises on improved US economic growth

NEW YORK (AP) -- The price of oil edged closer to $100 a barrel Friday after the U.S. government said the economy grew at a faster rate in the third quarter than originally estimated.

European Commission hits back after S&P downgrades EU debt

BRUSSELS: The Standard and Poor's ratings agency downgraded the European Union's credit-worthiness by one notch on Friday, blaming threats to cohesion including Britain's role in curtailing budgets and holding a membership referendum.

UK economy growing faster than forecast, the ONS says

The UK economy is growing faster than previously estimated, according to the latest official figures. The Office for National Statistics (ONS) said gross domestic product was up 0.8% in the July-to-September period compared with the previous quarter, confirming its previous estimate.

Serbia says ready to start talks with IMF early next year

BELGRADE: Serbia reiterated on Thursday that it is ready to start talks with the IMF on a new precautionary loan deal in the first few months of next year.

US sees strong house building recovery as economy grows

US house building activity recovered strongly in November, nearly a third higher than in the same period last year, official figures show.

Japanese business confidence hits six-year high, Tankan survey shows

Japanese business confidence improved over the three months to December to its highest level in six years, a central bank survey showed, suggesting prime minister Shinzo Abe's Abenomics stimulus policies are gaining broader traction across the economy.

World stocks lifted by manufacturing data in U.S., Europe

NEW YORK (Reuters) - Rising U.S. manufacturing output last month and a surge in euro zone business activity in December lifted global equity markets on Monday, while gains in new orders from purchasing managers in Europe boosted the euro against the dollar.

Producer prices fall for third straight month in November

WASHINGTON: US producer prices fell for a third straight month in November, pointing to a lack of inflation that could give the Federal Reserve pause as it weighs the future of its monthly bond purchases.

House building lifts October construction output, ONS says

Output in the UK construction industry rose by 2.2% in October, fuelled by a big increase in house building, according to the Office for National Statistics (ONS).

Economic recovery hinges on feds, experts say

Federated Investors' investment gurus say the economy is like a “coiled spring” waiting for Washington to do the right thing to set it free.

Japan plans $53B stimulus as recovery falters

TOKYO (AP) — Japan's Cabinet approved billions of dollars of stimulus spending in a supplementary budget meant to perk up a faltering economic recovery and cushion the impact of a sales tax hike next April.

We are in a housing bubble, claims economics professor

Most regions of the UK are already in a house-price bubble, according to an economics professor from Warwick University.

Job Openings in U.S. Increased in October to Five-Year High

Job openings in the U.S. climbed to a five-year high in October, indicating employers were confident about demand even as Washington’s budget impasse shuttered parts of the federal government.

Export Surge Sets Up Big Surplus for China

HONG KONG — China’s exports rose more than expected last month, government figures released Sunday showed, as resurgent demand from consumers in the United States and the European Union helped put the Asian manufacturing juggernaut on track for its biggest annual trade surplus since 2008.

George Osborne's economic policy: more poverty, worse public services

George Osborne has received little flak for his austerity programme. Opinion pollsters say the public is even more convinced of the need to balance the government's books than it was when the chancellor arrived at the Treasury three and a half years ago.

Economy growth may pave way for tax cuts

TALLAHASSEE — Florida economists are projecting steady growth in the state’s economy over the next few years, giving Gov. Rick Scott more leeway to push for tax cuts next year.

German Factory Orders Decline in Sign of Uneven Recovery

German factory orders fell more than economists (GRIORTMM) forecast in October, signaling an uneven recovery in Europe’s largest economy.

US economy grows faster than thought

The US economy grew at an annual pace of 3.6% in the third quarter of the year, up from an initial estimate of 2.8%, revised figures have shown.

Eurozone recovery 'loses momentum'

The eurozone "lost some momentum" in November, a survey says, with private sector activity slowing slightly.

Examiner Editorial: Americans don't buy Obama's talk of economic 'recovery'

President Obama regularly touts what he calls the “economic recovery” supposedly prompted by his policies, including the creation of 7.5 million jobs, consistent growth for more than three years and revitalization of the domestic auto industry.

Banking Union Needed for Financial Stability, EU Officials Say

More needs to be done to complete the euro-area banking union as fragmentation of financial systems and credit markets hold back growth, a group of European Union officials said.

Global factory growth picks up but Europe diverging

(Reuters) - Increasing demand for manufactured goods drove global factory activity higher last month but the spurt in the euro zone masked a widening disparity among some of the bloc's key members.

Iceland Reveals $1.25 Billion in Mortgage Cuts to Aid Recovery

Iceland has announced plans to write down mortgages linked to inflation by 150 billion kronur ($1.25 billion) to speed the nation’s recovery after economic collapse in 2008.

S&P upgrades Spain's economic outlook

The economic outlook for Spain has improved, says ratings agency Standard and Poor's (S&P).

U.K. Economic Growth Quickens on Investment, House Building

Britain’s economic recovery accelerated in the third quarter as investment and house building helped to offset the biggest drop in exports in more than two years.

US house prices rose at a slower pace in September

The pace of US house price rises slowed in September, as higher mortgage rates and concern about a government shutdown weighed on the market.

Exclusive: Euro zone mulls cheap loans as incentive for economic reforms -document

(Reuters) - Euro zone states are considering cheap loans to member governments as an incentive to carry out painful economic reforms, an EU document showed, introducing a discussion on fiscal transfers.

IMF urges Poland to keep rates steady to support recovery

WARSAW: The International Monetary Fund praised Poland's central bank on Friday for its plan to keep interest rates stable until at least the middle of next year, saying it would support economic recovery.

US prices fall 0.1% in October as petrol costs drop

US consumer prices fell 0.1% in October as petrol prices dropped, the US Labor Department has said. Petrol prices fell 2.9%, the biggest drop since April.

Greece Submits 2014 Budget as Troika Leaves Athens

Greece submitted its 2014 budget plan forecasting a bigger surplus before interest costs this year than previously anticipated, strengthening its hand in talks with creditors over releasing further bailout funds.

Frugal Innovation Evolves In The Next Phase Of China's Rise As Tech Economy

China’s transition to a tech economy based on innovations rather than copying continues to gain momentum. It doesn’t take a microscope to spot the signs.

Fed's Dudley 'hopeful' on recovery; Plosser calls for capping QE

(Reuters) - Top Federal Reserve officials from opposite sides of the policy spectrum pointed to improvement in the U.S. economy on Monday, adding more weight to the notion that the central bank is getting close to reducing the pace of its monthly asset purchases.

Thailand cuts economic growth outlook for 2013

BANGKOK (AP) -- Thailand on Monday cut its economic growth forecast for this year after exports fell short of expectations and consumer spending faded.

Euro zone rebound weaker than hoped: ECB's Nowotny

(Reuters) - The economic situation in the euro zone has started to improve but is still weaker than the European Central Bank had hoped, ECB Governing Council member Ewald Nowotny said on Monday.

Pound Rises as Weale Says Economic Recovery Faster Than Forecast

The pound strengthened, extending a second weekly advance against the dollar, after Bank of England policy maker Martin Weale said the U.K. economy may recover faster than officials predict.

Japan's economic growth slows down

Economic growth in Japan, the world's third-largest economy, slowed to 0.5% in the July-to-September period, down from 0.9% in the previous quarter.

U.S. consumer debt rises in third quarter by most since early 2008

(Reuters) - U.S. household debt rose in the latest quarter by the most in more than five years, a sign that Americans may be nearing the end of a multi-year belt-tightening trend, data from the Federal Reserve Bank of New York showed on Thursday.

UK jobless rate falls to three-year low as economy grows

The number of unemployed people in the UK fell by 48,000 to 2.47 million between July and September, the Office for National Statistics has said.

EU negotiators clinch deal on 2014 budget

Negotiators in Brussels have clinched a deal on the 2014 EU budget after a night of hard talks, cutting spending by about 6% compared to 2013.

Eurozone recovery drives Slovak industry up 7.5%: Official data

BRATISLAVA: Slovakia's industrial production grew by a solid 7.5 per cent in September on an annual basis after adding 4.5 per cent in August amid improvement in the eurozone, official data showed Monday.

Japan Current Account Surplus at 5-Month High in Abe Boost

Japan’s current account surplus unexpectedly expanded in September to the widest since April as a weaker yen boosted the value of overseas investment income.

German parties reach deal on European banking union

BERLIN: Angela Merkel's conservatives and the Social Democrats (SPD) have struck a deal on the contours of a European banking union under which a body attached to the Ecofin council - not the European Commission - would decide when to close failing banks.

U.S. jobs market seen taking a hit from government shutdown

WASHINGTON: U.S. job growth likely slowed in October as a partial shutdown of the government delayed hiring and forced some workers to stay home, undermining the economy's fourth-quarter growth prospects.

Bank of England sits tight on policy as recovery builds

The Bank of England left policy unchanged on Thursday, sticking to its commitment to keep interest rates at rock-bottom until the country's recovery is more firmly established.

German Factory Orders Beat Estimate as Euro-Area Recovers

German factory orders (GRIORTMM) increased more than estimated in September in a sign that Europe’s largest economy is benefiting from a recovery in the euro area and rising domestic investment.

UK services growth at 16-year high

Activity in the UK services sector last month increased at its fastest rate since May 1997, a closely watched survey suggests.

France drags on slow euro zone recovery

LONDON (Reuters) - The euro zone economic recovery that began in Germany has spread to some smaller members but shrinking French manufacturing is hampering a more robust rebound.

U.S. factory growth hits fastest pace in 2-1/2 years

(Reuters) - The U.S. manufacturing sector expanded at its fastest pace in more than two years in October, according to an industry report, signaling a strong start to fourth-quarter factory activity despite a government shutdown during the first half of the month.

Manufacturing leads recovery in global economy

Manufacturers around the world enjoyed a pick-up in activity last month, bolstering hopes the global economy is gathering steam.

Surveys show China manufacturing improved in October in possible sign of economic recovery

BEIJING — Two measures of China's manufacturing improved in October in a possible sign of economic recovery.

On Global Recovery, Positives Now Outweigh Negatives

The ayes have it. The global economy is in recovery mode after a disastrous 2008-09 financial crisis shuttered hundreds of banks and forced millions of people into unemployment lines.

Euro-Area October Economic Confidence Rise Beats Forecast

Economic confidence in the euro-area rose more than economists forecast in October, adding to signs the single-currency bloc’s recovery is gaining momentum.

UK retail sales flat in October, says CBI

Retail sales growth halted in October following a big drop in supermarket sales, according to business lobby group the CBI.

U.S. mortgage burden gets lighter in second quarter

(Reuters) - Mortgage payments in the second quarter took the smallest bite out of U.S. households' after-tax income in at least three decades, Federal Reserve data showed on Tuesday.

Weak global growth to prolong Asian slowdown: Poll

(Reuters) - The slowdown in Asian economies will likely persist for the rest of this year as weak global growth and reforms under way in many countries hinder activity, Reuters polls showed on Thursday.

Bank of Canada Drops Bias to Lift 1% Policy Rate

Bank of Canada Governor Stephen Poloz surprised investors by dropping language about the need for future interest rate increases, a move that’s leading to investor speculation about possible rate cuts.

Spain out of recession, central bank says

Spain's economy has emerged from recession after growing for the first time in more than two years, according to estimates from the Bank of Spain.

Corporate Canada poised to take advantage of strong U.S. economic recovery in 2014: CIBC report

TORONTO , Oct. 21, 2013 /CNW/ - Corporate Canada has never been in a better position to capitalize on a U.S. economic recovery, finds CIBC World Markets Inc. latest Composite Indicator of Corporate Canada's Strength.

China Urges Economic Policy Implementation to Spur Rebound

China’s central government called for “unrelenting” implementation of its economic policies and reform measures to consolidate the nation’s recovery from a two-quarter slowdown and improve the quality of growth.

Final costs of US shutdown could tally in billions

WASHINGTON: The government shutdown that ended this week will cost the U.S. economy several billion dollars, according to estimates by economic research firms.

Serb Central Bank Cuts Rates as CPI Returns to Target Band

Serbia’s central bank cut borrowing costs more than most economists forecast after a three-month pause, citing confidence in the government’s fiscal restraint as inflation returned to the target band and the dinar firmed.

China's economic recovery is over: Nomura

NEW YORK (MarketWatch) -- China's economic recovery has ended and its gross-domestic-product growth will slow to 7.5% year-on-year in the fourth quarter and 6.9% in 2014, according to economists at Nomura.

US government employees head back to work

Hundreds of thousands of US government employees are back at work after President Barack Obama signed a law ending a 16-day government shutdown and extending the US debt limit.

Swiss to sign last rites for banking secrecy: OECD

PARIS: Switzerland will break the seal on its banking secrecy, until now considered virtually ironclad, by signing an international agreement on fighting tax evasion today, the OECD said.

Euro Crisis Tentative Victory Aired as Irish Market Return Nears

European finance chiefs said Ireland and Spain will soon be weaned off financial aid and Greece’s mounting bills will be paid, declaring a tentative victory over almost four years of turmoil that came close to shattering the euro.

Barack Obama says it appears some progress in Senate toward averting default

WASHINGTON: President Barack Obama said on Monday it appears there has been progress in Senate fiscal impasse negotiations but that there is a good chance the United States will default on its debts if Republicans are unwilling to set aside some partisan concerns.

Spanish banks fear new capital hit in European review

(Reuters) - Spanish banks are considering ways to boost their capital amid fears the euro zone's imminent review of their balance sheets will force them to set aside even more cash for potential losses on restructured loans, banking sources in Madrid said.

Global economic recovery continuing but growth subdued: IMF

WASHINGTON: The IMF on Sunday said that the global economic recovery is continuing but growth remains subdued, as it called on the US to take urgent action to address short-term fiscal uncertainties. "The US needs to take urgent action to address short-term fiscal uncertainties.

Eurozone recovery 'subdued and uneven': Mario Draghi

FRANKFURT: European Central Bank head Mario Draghi says the eurozone economy will stay 'subdued and uneven' for a while and underlined that the bank has room to cut interest rates further to help growth.

OBR overestimated business investment in UK recovery forecasts

Flatlining investment by Britain's battered businesses was the main reason the independent Office for Budget Responsibility drastically overestimated the likely strength of the economic recovery, it conceded in its latest forecast review.

SEB: Eastern European Outlook: Gradual recovery - major economies will diverge

This autumn nearly all countries in Eastern (including Central) Europe have begun an economic recovery after growth bottomed out during the second quarter of 2013, consistent with the pattern in Western Europe.

China's Xi sees 'long and tortuous' world economic recovery

NUSA DUA, Indonesia (Reuters) - Chinese President Xi Jinping said on Monday he expected a "long and tortuous process" of world economic recovery, while China's economic growth rate of about 7 percent was "within a reasonable and expected range".

Euro zone yields edge lower as U.S. shutdown concerns creep in

LONDON, Oct 7 (Reuters) - Low-risk euro zone bonds inched up on Monday, with investors nervous about the lack of progress in resolving the U.S. budget standoff as a mid-October deadline for raising Washington's debt ceiling approaches.

As developed countries improve, the BRICs stumble

NEW YORK: The developing countries of Brazil, Russia, India and China recovered quickly from the financial crisis five years ago.

Miller: Shutdown affects Oklahoma’s economic recovery

OKLA. CITY — The fiscal impact of the partial federal government threatens Oklahoma’s economic recovery, state Treasurer Ken Miller said Thursday at the state Capitol.

Recovery in Eurozone services sector picks up in September: PMI

LONDON: The nascent recovery in euro zone businesses strengthened in September as order books filled at a faster rate and layoffs slowed to a trickle, surveys showed on Thursday, pointing to very mild growth in the third quarter.

US debt cap debate spurs default fears

Fears were mounting on Wednesday that a fight over the government's debt ceiling will overtake the budget battle that has paralyzed Washington, threatening to trigger an unprecedented US default.

ECB's Draghi: willing to act to support economy

PARIS (AP) -- European Central Bank head Mario Draghi said the eurozone economy is still fragile and the bank is willing to use "all available instruments" to keep market interest rates from rising and hurting a fledgling recovery.

Factory jobs grow at fastest rate in two years

Employment in Britain’s factories grew at its fastest pace in almost two-and-a-half years last month as manufacturing activity remained near August’s 19-year high, a key survey showed.

Euro zone inflation falls to 3.5-year low in September

(Reuters) - Euro zone inflation fell faster than expected in September to its lowest since February 2010, signaling that the European Central Bank can maintain its loose monetary policy to help the bloc's recovery.

Italian Government Bonds Drop on Political Tensions; Bunds Rise

Italian bonds dropped, with 10-year yields posting the biggest weekly increase in more than a month, as political tension that threatened the survival of the coalition government deterred buyers.

Consumer Spending in U.S. Climbs 0.3% as Incomes Pick Up

Consumer spending in Household purchases, which account for about 70 percent of the economy, climbed 0.3 percent after a revised 0.2 percent advance in July that was more than previously estimated, the Commerce Department reported today in Washington.

Britain's EU bonus challenge offers scant hope for bankers

(Reuters) - Britain's challenge to European Union rules capping bankers' bonuses is likely to get bogged down in court long beyond their implementation, and critics say it is more about pleasing domestic voters unimpressed by the loss of powers to Brussels.

Polish Economic Recovery Not Under Threat -- Central Bank Head

SOPOT, Poland--Poland's economic recovery isn't under threat with most recent data confirming the belief that gradual expansion continues, central bank governor Marek Belka said Wednesday night.

French business climate improves but manufacturers gloomier

French managers are increasingly upbeat on the country's business climate but are still less optimistic than in the past, particularly in the manufacturing sector, new data showed Wednesday.

The Uneven Politics of the Patchwork Recovery

At this point, it’s hard to argue with the economic recovery—jobs numbers have gone up every month for the last three years.

The Economist: “The Fed's have-it-both-ways policy”

R.A., regarding Bernanke’s Jackson Hole speech, your column notes that you “found the tone on monetary policy to be confusing and timid.” Expectations now turn to what President Obama will say next week and what the Fed will do (or not do) when they next meet. Uncertainty again prevails.

Alexander Mirtchev

Signs of recovery come despite, not thanks to, George Osborne's austerity

The choice of the person to govern a central bank is one politicians and financial markets take very seriously.

Deep Thoughts by Alexander Mirtchev

Ashby Monk

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

Alexander Mirtchev

BOJ governor Haruhiko Kuroda gives positive outlook for overseas economies

TOKYO: Bank of Japan Governor Haruhiko Kuroda offered a positive outlook for overseas economies, including the United States, saying on Friday growth would gradually pick up and support Japanese exports.

U.S. stocks needn't fret about a government shutdown

NEW YORK (Reuters) - Investors may be tempted to shy away from stocks in the next week or two as the latest version of the fiscal follies plays out in Washington. It's understandable.

Greek finance minister sees signs of economic recovery

The Greek finance minister has said his country's economy is heading "slowly towards recovery" after it saw growth in the second quarter of the year.

British retail sales fall unexpectedly in August

British retail sales fell unexpectedly in August after unusually hot weather in July had fuelled spending on food, drinks and summer clothing, official data showed on Thursday.

EU ready for talks with China on pact paving way for free trade

(Reuters) - European Union countries will agree next month to talks with China on a pact making it easier to do business, possibly paving the way for a free-trade deal between two of the world's biggest markets, EU officials said on Tuesday.

Eurozone recovery still 'in infancy': Mario Draghi

FRANKFURT:: The head of the European Central Bank says the eurozone's economic recovery "is only in its infancy" and that governments must take steps to improve growth.

Securing global economic security

Inflation is a significant factor of global economic security and has the innate capacity to upend carefully laid plans

Alexander Mirtchev

Obama on the Economy 5 Years Later: 'We're Not Near Where We Need to Be'

Obama launched a defense of the economic progress under his administration Sunday on ABC's This Week with George Stephanopoulos, while still acknowledging how much there is left to be done.

UK retailers say talk of economic recovery premature

LONDON (Reuters) - Some of Britain's biggest retailers on Thursday cast doubt over signs of economic recovery, saying consumer spending - the largest engine of growth - was likely to remain subdued until wages rise ahead of inflation, which could be over a year away.

It’s a rich man’s economic recovery

Basically, while the great majority of Americans are still living in a depressed economy, the rich have recovered just about all their losses and are powering ahead, writes syndicated columnist Paul Krugman.

UK banks must make fast account switching work or face IT overhaul

LONDON: Britain's banks are under pressure to make a success of new rules allowing customers to switch accounts within a week, if they want to avoid even tougher government demands such as an industry-wide information-sharing programme.

EU probes governments in corporate tax crackdown

Moves by Europe's competition watchdog signal a crackdown on corporate tax cheats could be gathering steam.

China industrial output growth hits 17-month high: Government

China's industrial production rose at its fastest in 17 months in August, authorities said Tuesday, the latest in a series of better-than-expected indicators pointing to a pick-up in the world's second-largest economy.

Canada Building Permits Rise to Record on Commercial Work

Canadian building permits rose to a record in July as the value of projects such as shopping malls and office buildings almost doubled, government figures showed.

UK economy is turning corner, George Osborne says

The UK economy is "turning a corner", Chancellor George Osborne has said in a speech in London.

Japan Q2 GDP revised up sharply, boosts case for tax hike

TOKYO: Japan's economy expanded much faster than initially expected in the second quarter, adding to growing signs a solid recovery is taking hold and heightening the case for Prime Minister Shinzo Abe to proceed with a planned sales tax hike next year.

Nations Put Economic Focus on Growth, Jobs

ST. PETERSBURG, Russia--World leaders insisted on a sense of urgency in tackling global economic problems at the close of a summit here on Friday, stressing concerns about growth and unemployment and putting a new focus on developing nations.

German exports record unexpected fall in July

German exports unexpectedly fell in July as the nation delivered less to its eurozone neighbours. Seasonally adjusted exports fell by 1.1% in July from June.

U.S. construction spending climbs on home, commercial building outlays

(Reuters) - U.S. construction spending rose in July as more outlays to build homes and businesses countered a decline in the government sector.

The Global Inflation Wave: Waiting for Constantine?

Source: The Globalist

Alexander Mirtchev and Norman Bailey,

In the wake of the global economic crisis, the world is trying to chart an economic path to the future and find a "new normal." As Alexander Mirtchev and Norman A. Bailey explain in the first installment in their series "The Search for a New Global Equilibrium," inflation as a factor of global economic security has the innate capacity to upend carefully laid plans and further upset the equilibrium.

OECD Lifts European Growth Forecasts on Recovery

The Organization for Economic Cooperation and Development lifted its growth forecasts for Germany, France and the U.K. while urging the region’s most-indebted nations to step up changes to improve competitiveness.

UK construction PMI hits highest level in nearly six years: Markit/CIPS

LONDON: British construction activity grew at the fastest pace in nearly six years in August, driven by residential building, a survey showed on Tuesday, in another sign that the UK's economic recovery is gathering pace.

The new EU External Energy Policy: an important move - if it is not too late

 By Alexander Mirtchev

With the adoption of its new External Energy Policy, the EU has finally made a first step towards its integration as a single negotiating bloc in the world energy market. As such the External Energy Policy could become an important factor in the global energy security picture and a possible geopolitical game-changer. However, it remains to be seen whether the big EU member states will be willing to subordinate their interests to the wider EU interest. The External Energy Policy has probably come five years too late, argues Alexander Mirtchev, President of Krull Corp. and Vice-President of the Royal United Services Institute for Defence and Security Studies.

China manufacturers lead Asia in shaky factory recovery

BEIJING: China's factories had their best growth in months in August as domestic demand made up for weak exports, though lacklustre performances from other regional manufacturers tempered hopes that Asian workshops are on the edge of a solid recovery.

Euro Zone Orders Rise but Hiring Continues to Lag

LONDON — Strong orders for manufactured goods helped euro zone factory activity rise at the fastest pace in over two years in August and led to backlogs of work for the first time since mid-2011, a survey showed on Monday.

Brazil GDP beats expectations for second quarter

Brazil's economy grew by 3.3% year-on-year in the second quarter, according to official new state figures.

US economy grew at 2.5 percent rate in spring

WASHINGTON (AP) — The U.S. economy grew at a 2.5 percent annual rate from April through June, much faster than previously estimated. The steep revision was largely because U.S. companies exported more goods and imports declined.

We Are All Europeans Now

Alexander Mirtchev, Contributor 

0 comments, 0 called-out

The broadening cracks in the European economic framework now appear to be undermining the whole European structure, as if a ‘contagion’ is spreading from the Southern European economies outwards.

Bank of England governor reiterates pledge on low interest rates

Mark Carney, the governor of the Bank of England, sought to convince a sceptical City that borrowing costs will remain on hold for the next three years on Wednesday, as he warned that Britain needs a prolonged period of low interest rates to make up the ground lost during the recession.

Will Financial Regulation Trash Global Economic Security?

Alexander Mirtchev, Contributor

Under the auspices of the Financial Stability Board, more than 30 recommendations have been set out as part of a massive and far-reaching G-20 financial regulatory reform package to ostensibly minimize risk in the financial system and maximize consumer protection.

US consumer confidence ticks higher

US consumers grew slightly more confident in August as they viewed economic conditions and job prospects improving in the future, the Conference Board said Tuesday.

'Our generation is a lost cause': Spain's youth struggle to chart a life amid economic crisis

MADRID, Spain - In a country where more than 55 percent of young people are unemployed, even an obsession with bolstering your resume is no guarantee of success.

New-home sales slump to lowest rate since October

WASHINGTON (MarketWatch) — Sales of new homes slumped in July with each region seeing sizeable drops, raising questions about the recovery in the housing market.

Germany, Britain lead Europe's nascent economic recovery

BERLIN/LONDON: Germany confirmed on Friday it had enjoyed its fastest rate of economic expansion in more than a year in the second quarter, and Britain revised up its growth to the same rate.

U.K. Posts First July Deficit Since 2010 as Spending Up

Britain posted its first July budget deficit since 2010 as an increase in government spending outstripped tax revenue.

On road trip, Barack Obama will try to steer focus back to economy

WASHINGTON: Shadowed by turmoil in Egypt and domestic controversies, President Barack Obama will seek to regain political momentum on a bus tour during which he will push his plans for stoking the US economy and taming the high cost of college tuition.

European recovery begins to turn markets' inflation view

LONDON: Evidence is growing that flickering signs of life in Europe's economies have started a slow turnaround in the region's long-muted inflation expectations.

Russia's economy shows signs of improving in July

MOSCOW: Russia's economy showed small signs of improvement in July, data indicated on Monday, with business investment returning to growth and retail sales suggesting greater consumer confidence.

Can Indonesia Raise Incomes And Eradicate Poverty By 2030?

Several studies suggest that Indonesia is on track to end poverty and attain high-income country status in a decade or so, while others suggest that the economy could grow to be among the world’s top ten largest by 2030 if more investments are placed in manufacturing, infrastructure development and urbanisation.

New Zealand envoy sees U.S. willing to deal in Asia-Pacific trade talks

(Reuters) - A senior New Zealand official on Friday said he was optimistic the United States would agree to phase out tariffs in politically sensitive sectors like sugar and dairy as part of a regional free trade deal with Asia-Pacific countries.

Retail boosts confidence: Strong July for shoppers casts doubt on Bank of England strategy

A surge in retail sales in July has bolstered the City's confidence in the British recovery and cast more doubt over the credibility of the Bank of England's pledge to keep interest rates down for three years.

Swiss Franc Weakens as Euro-Area Economy Expands; Pound Rises

The Swiss franc slid to the weakest in a month against the euro after a report showed the 17-nation region pulled out of recession last quarter, damping demand for the safety of the Swiss currency.

Bank of England policy team back forward guidance

Bank of England governor Mark Carney received almost complete support for his new forward guidance policy from his colleagues on the Bank's Monetary Policy Committee (MPC).

Japan should delay sales tax rise to beat deflation: Former BOJ member

TOKYO: Japan should delay a planned hike in the sales tax in order to ensure that the economy emerges from deflation, said Nobuyuki Nakahara, a former Bank of Japan board member and close confidant of Prime Minister Shinzo Abe.

Fed's cues on rates more critical than bond buys: Fed study

(Reuters) - For investors trying to pinpoint when the Federal Reserve will likely end its massive bond-buying program, the message from researchers at a pair of influential regional Fed banks was clear: don't bother.

Economic Expansion Slows Down in Japan

TOKYO — Japan’s economic growth slowed in the second quarter to an annualized rate of 2.6 percent, government data showed on Monday, clouding the outlook for the economic policies of Prime Minister Shinzo Abe and raising concerns that he may put off moves to tackle the country’s enormous public debt.

Cable: RBS sell-off 'five years away’

Vince Cable, the Business Secretary, has signalled that the Royal Bank of Scotland will be in public hands for another five years, increasing the chances it will be broken up before it is re-privatised.

European stock funds are coming back en vogue

NEW YORK (AP) -- The world is warming up to Europe again.

Narrowing trade gap fuels British recovery hopes

LONDON (Reuters) - Britain's trade deficit narrowed sharply in June while second quarter construction output grew faster than an official estimate, adding to signs the country's economic recovery is moving onto a more sustainable footing.

How the Alternative Energy Megatrend will impact global geopolitical relations

The Greening of Geopolitics

By Dr Alexander Mirtchev

The advent of renewable energies is generally regarded from a fairly narrow perspective: whether – and to what extent – they are able to replace fossil fuels and what this would mean for the energy system and the economy. Such a perspective profoundly underestimates the potential consequences of what is in fact a revolutionary global development: a socio-political and techno-economic megatrend that has the ability to become a global societal game-changer, writes Alexander Mirtchev, Vice-President of the Royal United Services Institute for Defence and Security Studies (RUSI). According to Mirtchev, the ‘Alternative Energy Megatrend’ will have far-reaching effects on global geopolitical relations and security concerns – effects that have yet to be fully grasped by most observers. This article is adapted from his upcoming book: “The Alternative Energy Megatrend: A Global Security Discourse in the Universally-Securitized World”.

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

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

Japan recovery seen sustained on Abenomics, may justify tax hike

TOKYO: Japan's economy likely grew an annualised 3.6 percent in April-June to mark a third straight quarter of expansion, a Reuters poll showed, adding to growing signs the positive effect of premier Shinzo Abe's reflationary policies is spreading.

U.K. Services Surge to Fastest in More Than Six Years

U.K. services growth accelerated more than economists forecast last month to the fastest pace in more than six years, adding to evidence Britain’s economic recovery is gathering momentum.

Euro zone business expands for first time in 18 months: PMI

LONDON: Euro zone business expanded for the first time in 18 months in July, albeit very slightly, according to a survey on Monday that suggested the economy is slowly starting to stabilise.

Australia vote set for Sept. 7; PM runs on economy

CANBERRA, Australia (AP) -- Prime Minister Kevin Rudd said Australia's election on Sept. 7 will be fought over who can be trusted to manage the Australian economy as it transitions from a decade-old mining boom that is fading.

Housebuilding surge boosts construction sector

George Osborne's plan to boost the supply of new homes appeared to gain traction last month after a survey of the construction industry showed housebuilding increased at its fastest pace since June 2010.

Bank of Ireland follows AIB on recovery path: Results

DUBLIN: Bank of Ireland held up the prospect of a return to profits on Friday when it reported a big cut in first-half losses.

Lousy Economic Recovery? Doesn't Feel Like It

The 1.7 percent increase in gross domestic product for the second quarter shows a U.S. economy that’s plodding along.

BoE readies guidance push, under wraps for now

LONDON (Reuters) - The Bank of England and its new governor Mark Carney will put the finishing touches to a fresh approach to nurturing Britain's nascent economic recovery on Thursday, when the central bank wraps up a policy meeting.

China to maintain steady growth in second half: Government

BEIJING: China's economy will continue to grow at a steady rate during the second half of this year despite "extremely complicated domestic and international conditions", the government said Tuesday.

US pending home sales pull back in June as rates rise

WASHINGTON: Contracts to purchase previously owned U.S. homes fell in June, retreating from a more than six-year high and suggesting rising mortgage rates were starting to dampen home sales.

Russia's Putin courts Ukraine ahead of planned EU deals

(Reuters) - Russian President Vladimir Putin urged Ukraine to weigh carefully the benefits of joining Russia's regional trade bloc against its plans for closer ties with the European Union on a visit to Ukraine to attend a religious festival.

Fed's Lacker says exit from bond-buying should be quick

(Reuters) - The U.S. central bank must end its bond-buying program quickly and an end to the program was "in sight", a senior Federal Reserve official said in a German magazine on Saturday.

World Bank says global food prices fell again in latest period

WASHINGTON: Global food prices fell by 2 per cent in the latest four-month period, marking the third straight period of declines, as declining imports in the Middle East and North Africa, and lower demand pushed prices down 12 per cent from their August 2012 peak, the World Bank said on Thursday.

South Korea economic growth beats forecasts

South Korea's economy grew by more than forecast in the April to June period, boosted by a jump in domestic consumption and government spending.

Eurozone industry 'growing again'

Private sector industry in the eurozone returned to growth in July, according to a closely-watched survey, boosting hopes that the single currency area will soon emerge from recession.

Spain stuck in recession, exports offer hope: Bank of Spain

MADRID: The crisis hit Spanish economy remained in recession in the second quarter but seemed close to a recovery thanks to exports, the the Bank of Spain said on Tuesday.

US existing home sales dip unexpectedly in June

Sales of existing homes in the US dropped slightly in June, according to latest monthly figures.

Political instability clouds Italy's recovery outlook: Bank of Italy

MILAN: Political instability could undermine Italy's ability to exit its longest post-war recession, the head of the country's central bank said on Saturday.

China seen surpassing U.S. in superpower shift

Will China supplant the United States as the world's leading superpower and top player in the world economy? A new Pew Research Center survey of 38,000 people in 39 countries found the widespread belief that China is well on its way.

UK government borrowing rises in June

George Osborne's debt-busting plans were dealt a blow on Friday when figures showed underlying government borrowing rose by £500m in June.

Middle class still left behind in U.S. economic recovery, data show

The economic recovery of summer 2013 is playing out in an all-too-familiar way for poor and middle-class Americans: Gas prices are up, growth is slowing and there still aren’t nearly enough new jobs to employ the almost 12 million people who are looking for work.

To Get Back on Its Feet, Italian Bank Gives Up Five Centuries of Control

SIENA, Italy — The long, tortured saga of Monte dei Paschi di Siena, the scandal-plagued Italian lender that is the world’s oldest bank, may be coming to an end, but Italy’s broader banking troubles are far from over.

Home-construction starts lowest in almost a year

WASHINGTON (MarketWatch) — Construction started on U.S. homes fell in June to the lowest rate in almost a year, with a big slide in apartment building, according to government data released Wednesday.

Bank of England suspects traders of bond-rigging

The Bank of England has asked the Financial Conduct Authority (FCA) to examine whether traders tried to rig the price of one of its bond buybacks.

Greece's Piraeus Bank expects to pass year-end stress tests

ATHENS: Greece's Piraeus Bank expects to pass stress tests due by the end of the year to satisfy the country's international lenders of the adequacy of capital buffers.

Bank of Japan more upbeat about economic recovery

TOKYO (AP) — Japan's central bank Thursday upgraded its assessment of the economy's prospects after earlier this year implementing an ambitious monetary policy aimed at boosting inflation and growth.

China agrees to currency, procurement reforms in talks with US

WASHINGTON: China acknowledged U.S. concerns about cyber theft of intellectual property and trade secrets and agreed to steps that would open its financial and government procurement markets, the U.S. Treasury Department said on Friday.

French Finance Minister: See Signs of Economic Recovery

PARIS--French Finance Minister Pierre Moscovici said Wednesday there were signs that the economy may be recovering after two consecutive quarterly contractions.

ECB hasn't tied its hands with guidance, says Jens Weidman

MUNICH: The European Central Bank has not "tied itself to the mast" with its use of forward guidance on low interest rates, and could raise them if inflationary pressures emerge in the future, ECB policymaker Jens Weidmann said on Thursday.

Indonesia 10-Year Yield Rises to 27-Month High on Rate Outlook

Indonesia’s bonds fell, pushing the 10-year yield to the highest since March 2011, on speculation the central bank will raise borrowing costs for a second month.

Reserve Bank of India eases offshore borrowing rules for non-bank asset finance cos

MUMBAI: The Reserve Bank of India on Monday eased rules for non-bank asset finance companies to raise debt overseas by allowing the lenders to raise such funds through the automatic route as against the approval route earlier, in a step aimed at improving dollar supply amid a weakening rupee.

Philippines aims to nearly halve poverty by 2015

MANILA, Philippines (AP) -- The Philippines' top economic official said Friday the government aims to sustain growth at a rate high enough to nearly halve poverty by 2015.

Stocks up after encouraging jobs report

NEW YORK (AP) -- U.S. stock indexes edged up Friday, giving up some early gains fueled by stronger than expected jobs growth in June. For some investors, however, the news left doubts about the strength of the economic recovery.

Joblessness still hangs over an improving economy

WASHINGTON (AP) -- Unemployment under President Barack Obama has remained high for the longest period since the Great Depression. Despite a slowly improving job market, the millions of Americans without jobs underscore weakness in the recovery, drag down consumer spending and still roil the nation's politics.

Bank of India cuts base rate by 0.25 pc

NEW DELHI: Hours after Finance Minister P Chidambaram prodded public sector banks to reduce lending rates, Bank of India today announced a cut of 0.25 per cent in base rate to 10 per cent.

George Osborne needs to give Neets a chance – for the economy's sake

'This is the stage where people either make it in life or don't make it in life. They go to college or do gang culture."

New Bank of England governor readies institution for 'significant change'

The job of deputy governor of the Bank of England is to be advertised in the coming days, kickstarting speculation about who will take on the £260,000-a-year role at a time of sweeping regime-change expected to take place under the new governor, Mark Carney.

Obama prods Egypt government on democracy, urges peace

(Reuters) - U.S. President Barack Obama prodded the government of Egyptian President Mohamed Mursi on Monday to work with the opposition and do more to enact democratic reforms, saying U.S. aid to the North African nation was based on such criteria.

Poland economic policy to protect growth:Tusk

CHORZOW (Reuters) - Prime Minister Donald Tusk said the government will run an economy balanced between fiscal discipline and economic expansion, signaling it will not sacrifice growth to spending cuts.

US consumer sentiment improves in late June

NEW YORK: US consumer sentiment improved in late June, ending the month close to a near six-year high set in May, as optimism among higher-income families rose to its strongest level in six years, a survey released on Friday showed.

European Union meet again to agree rules for bank failures

BRUSSELS: European Union finance ministers are making a fresh attempt to set up rules on who will pay for bank bailouts without letting taxpayers foot the bill.

India warns over UK plan to make visitors pay £3,000 bond

Indian business leaders have criticised plans to make visitors pay a £3,000 "security bond" to enter the UK. The idea, to be piloted from November, is aimed at deterring people from "high risk" countries staying in the UK once their short-term visas expire.

US stock markets fall sharply over Fed comments and China growth concerns

US stock markets fell sharply on Monday, as markets worldwide continued to react negatively to comments by the Federal Reserve last week and signs of weakness in the Chinese economy.

Big farms set to lose in EU agriculture subsidy shake-up

LUXEMBOURG: European Union negotiators gathered on Monday for talks to finalise reforms of the bloc's 50 billion euro-a-year farm policy that could remove almost half of the subsidies now given to some of its largest grain and livestock producers.

Abe’s Arrows of Growth Dulled by Japan’s Three Principles

As Japan’s economy fell into recession last year, Yoichi Uehara wanted to save money at his family firm.

China Manufacturing Shrinks Faster in Threat to Europe

China’s manufacturing is shrinking at a faster pace this month, a trend that threatens to stem an economic recovery in the euro area from the currency bloc’s longest-ever recession.

Jobless claims up, but firming labor market tone intact

(Reuters) - More Americans than expected filed new claims for unemployment benefits last week, but still not enough to signal a material shift from the recent pace of moderate job growth.

Cyprus leader Anastasiades attacks bank bailout terms

Cyprus President Nicos Anastasiades has urged eurozone leaders to revise the terms of his country's bank bailout, in a highly critical letter.

Consumer Prices in U.S. Increased Less Than Forecast in May

The cost of living in the U.S. rose less than forecast in May, restrained by the first drop in food prices in almost four years and signaling inflation remains under control.

Spain emerging from crisis: Budget minister

SANTANDER: Spain is emerging from its financial crisis and may be heading for a "turning point" thanks to strengthened public finances, having narrowly avoided a full-scale bailout in 2012, Budget Minister Cristobal Montoro said Monday.

French Socialists call for weaker euro, eased EU budget rules

PARIS (Reuters) - France's ruling Socialists called on Sunday for a weaker euro and changes to EU rules on budget deficits, accusing the centerright governments of Britain and Germany of creating economic hardship across the European Union.

BOJ Urged to Set Easing Time-Limit to Quell Bond Volatility

The Bank of Japan should specify a two-year limit for its unprecedented monetary easing to help quell bond-market volatility, according to one of the central bank’s board members.

IMF: US economy improving but tax increases a drag

WASHINGTON (AP) — The International Monetary Fund said Friday that the U.S. economy is on sounder footing than it was a year ago but is still being restrained by government spending cuts and tax increases.

Nation's CEOs say economic recovery still on slow road

WASHINGTON -- Four years into a sluggish recovery marked by modest hiring, the economic horizon looks pretty much the same in the eyes of the nation's top corporate bosses.

UK job market perks up in latest sign of recovery

LONDON: The number of Britons claiming unemployment benefit fell more than expected in May to its lowest in two years in the latest sign that the recovery is moving onto a firmer footing.

What This Economic Recovery Looks Like

Last week’s unemployment report showed a slow but steady economic recovery taking place. While the number of people “discouraged from work” did not change, the economy did create 175,000 jobs, which is a step in the right direction.

U.K. Recovery Gathers Pace as Output Gauge Improves, BDO Says

Britain's economic recovery is showing signs of strengthening, with indexes of confidence, output and employment rising, according to a survey by BDO LLP.

Consumers in crisis-hit Spain put brakes on spending

MADRID: Spaniards are buying fewer cars, fewer clothes and even cutting back on smoking as a grinding recession and rising unemployment force them to slash spending, dealing a severe blow to manufacturers and shops.

Merkel urges more EU structural reforms

(Reuters) - Chancellor Angela Merkel urged European Union countries on Saturday to carry out further structural reforms, saying Germany could only remain in good shape if the European economy recovers.

US economy adds 175,000 jobs in May

US employment rose by slightly more than economists had predicted during May. The latest US non-farm payrolls show that 175,000 jobs were created last month.

UK services sector in fastest growth since March 2012

The UK's services sector, which accounts for around 75% of the economy, grew at its fastest rate since March 2012, new data suggests. The Markit/CIPS Services Purchasing Managers' Index (PMI) for the UK rose to 54.9 in May from 52.9 in April.

Eurozone recovery signs few and far between

LONDON: A run of economic figures for the 17 European Union countries that use the euro all showed the same thing _ growth remains elusive.

Japan's Shinzo Abe hails Africa as 'growth centre'

Africa will be an engine for world growth in the coming decades and Japan has to invest more on the continent, Japan's prime minister has said.

King Urges Carney to ‘Be Himself’ at BOE as Economy Recovers

Bank of England Governor Mervyn King said an economic recovery in the U.K. appears to be under way and advised his successor, Mark Carney, to “be himself.”

China Manufacturing Tops Estimates in Sign Growth Is Stabilizing

China’s manufacturing unexpectedly accelerated in May, indicating that a slowdown in economic growth in the first quarter may be stabilizing.

Britain asks Germany to help lead reform of EU

(Reuters) - Foreign Secretary William Hague called on Britain and Germany to lead a campaign to reform the European Union on Friday as he explained how the bloc could be overhauled and derided planned EU financial services regulation as "folly".

US economic recovery may not be good for many

The U.S. markets are getting worried again - but this time the fear is refreshingly different. The worry is that economic growth may be about to accelerate.

British investors bet on Japan's recovery plan

(Reuters) - British investors threw their weight behind Japan's pro-growth economic recovery plan in May, raising their investments in Japanese stocks to the highest level in more than a year.

Germany sees 'revolution' if welfare model scrapped

PARIS: German Finance Minister Wolfgang Schaeuble warned on Tuesday that failure to win the battle against youth unemployment could tear Europe apart, while abandoning the continent's welfare model in favour of tougher U.S. standards would cause "revolution".

EU to close excessive deficit procedure against Italy on Wednesday: Media

MILAN: The European Commission will close on Wednesday a procedure against Italy started in 2009 when Rome breached the European Union's deficit ceiling of 3 per cent of gross domestic product, several Italian newspapers said quoting Commission documents.

IMF: Arab Spring Nations Face Delayed Economic Recovery

AMMAN — Arab spring countries face rising social tensions that could thwart an early economic recovery from over two years of political turmoil that has worsened fiscal pressures and threatens macroeconomic stability, a senior IMF official said on Saturday.

Economic recovery in NH steady but slow progress

CONCORD, N.H. (AP) -- With steady but slow growth, New Hampshire appears to have relinquished its traditional position as a regional leader in economic recovery, according to a report released Wednesday.

EU likely to remove Hungary from fiscal offenders list: Sources

BUDAPEST: The European Commission is very likely to propose that EU finance ministers remove Hungary from the bloc's list of fiscal offenders next month, web site Bruxinfo.hu reported on Friday, citing several unnamed sources.

Yet Another China Growth Downgrade

Another week, another downgrade as pessimism spreads about China’s economic prospects. This time it’s UBS Securities (UBS), which cut its 2013 forecast for gross domestic product expansion from 8 percent to 7.7 percent.

IMF calls for UK government to stimulate growth

The International Monetary Fund has called on the UK government to take more action to boost the economy, which it warns is "still a long way from a strong and sustainable recovery".

Shrinking US deficit reduces pressure for budget deal

WASHINGTON: The chances of a deal between Democratic and Republican lawmakers that would overhaul the US tax system, trim government spending and reform safety net spending programs appear to be fading.

U.K. Warns Independent Scotland Would Have High Risk in Bank Sector

LONDON—An independent Scotland would have an exceptionally large banking sector compared with the size of the rest of its economy, making it vulnerable to financial shocks and putting Scottish taxpayers at significant risk if the country is hit by another banking crisis, the U.K. Treasury said Sunday.

Japan's economic rebound a recipe for Europe?

PARIS: The recovery of the Japanese economy, just as a recession in Europe digs in, is renewing pressure on European policymakers to shift course from austerity to stimulus.

Barack Obama’s budget would cut $1 trillion from US deficit

WASHINGTON: President Barack Obama's budget proposal, if enacted into law, would cut more than $1.1 trillion from the government's projected deficits over the next 10 years, the nonpartisan Congressional Budget Office said Friday.

Japan economy grows again, points to recovery

TOKYO: Japan said on Thursday that its economy grew again in the quarter to March, pointing to a recovery as Tokyo and its hand-picked central bank team set about stoking the world's third-largest economy.

Eurozone recession continues into sixth quarter

The recession across the 17-nation eurozone has continued into a sixth quarter, figures show. The bloc's economy shrank by 0.2% between January and March, according to official figures.

Israel Inflation Rate Drops to 0.8%, Below Target

Israel’s inflation rate dropped to a six-year low in April, adding to the economic evidence that spurred policy makers to cut borrowing costs yesterday.

UK plunges down economic wellbeing league, while US remains top

The UK has plunged down an economic wellbeing league, falling from fifth place to 12th over six years, according to a new report that underlines the pressure on Britons' finances amid rising unemployment.

Risks to China recovery seen as factory output underwhelms

(Reuters) - China's factory output growth was surprisingly feeble in April and fixed-asset investment slowed, rekindling concerns that a nascent recovery is stalling and adding to pressure on policymakers to take action to stimulate the economy.

G7 says Japan playing by currency rules

AYLESBURY: Japan convinced its partners in the Group of Seven leading industrial economies Saturday that it was not manipulating its currency as part of a bold attempt to get its economy out of a near two-decade period of stagnation.

France Suffers ‘Adjustment Fatigue’ on Austerity, Moscovici Says

France’s Finance Minister Pierre Moscovici said that his country is suffering “adjustment fatigue” as he reiterated his government’s push for policies to spur growth and fight unemployment.

U.S. Posts Widest Monthly Surplus Since 2008 on Revenue

The U.S. posted its widest budget surplus in five years in April, swelled by stronger individual and corporate income-tax receipts.

Britain must be ready to 'walk away' from EU, says Boris Johnson

Boris Johnson has said Britain "must be prepared" to "walk away" from the European Union if David Cameron's efforts to strike a new deal with Brussels fail.

Slovenia seeks to avoid EU bailout

The government of Slovenia is due to unveil an economic action plan that it hopes will help it avoid an EU bailout. The plan, which will be presented to the European Commission, is expected to include tax increases, banking sector reforms and privatisations.

Spanish PM Mariano Rajoy balks at making deeper reforms

MADRID: After a year of radical reforms that made Spain more competitive but also exacerbated a deep recession, Prime Minister Mariano Rajoy has largely lost his appetite for aggressive and unpopular cuts to pensions or state bureaucracy.

Greece: IMF hails economic 'progress' but warns on tax evasion

Debt-laden Greece has made progress in improving its finances, but the country must do more to fight tax evasion, the International Monetary Fund has said.

Germany's Angela Merkel not to blame for austerity: EU's Jose Manuel Barroso

BERLIN: German Chancellor Angela Merkel is not to blame for the austerity policies being imposed elsewhere, the head of the European Commission was quoted on Sunday as saying, in an apparent attempt to mend fences with Berlin.

US job market showing gains, but healing is slow

WASHINGTON: The American economy and job market are moving in the right direction, just not very quickly.

France to relax austerity as recession bites

France has slipped back into recession and will need two more years to bring its budget deficit under control, the European Union said Friday, taking another step back from its austerity drive.

UK construction climbs back towards growth - PMI

LONDON: British construction output almost returned to growth in April, a survey showed on Thursday - the best performance in six months for a sector that has been the main brake on the country's economic growth.

Factories boost for recovery hopes

Britain's factories almost stabilised in April after months of contraction, sending the pound higher on hopes that the recovery is bedding in.

Pound Posts Monthly Advance Versus Dollar on Home Loans Gain

The pound posted its biggest monthly gain versus the dollar since October 2011 as a report showed British banks granted more loans for homes in March than analysts predicted, adding to signs the economy is improving.

Income, spending both up

Both personal income and spending by consumers grew modestly in March, according to the government's latest reading out Monday.

European Leaders’ Softening on Austerity May Accelerate

Europe may accelerate a shift away from its austerity-first agenda this week as the new Italian government changes course and a German-Spanish investment pact underscores a renewed focus on combating record unemployment.

US economic growth quickens but misses forecasts as cuts kick in

The US economic recovery gathered pace in the first quarter but fell short of expectations as government cuts countered a sharp rise in consumer spending.

Japan's 'wall of money' proves elusive for global markets

Japanese investors are repatriating funds from around the world at an accelerating pace, dashing hopes that stimulus from the Bank of Japan will flood global asset markets with newly-printed money.

China’s Recovery Falters as Manufacturing Growth Cools

China’s manufacturing is expanding at a slower pace this month on weakness in global and domestic demand, fueling concern that the world’s second-biggest economy is faltering.

Russia's Putin calls for stimulus measures to boost growth

MOSCOW (Reuters) - Russian President Vladimir Putin called on Monday for his government to draw up a package of measures to boost economic growth, while warning against changes to the country's recently adopted fiscal rule.

Bank of England's cheap credit scheme to be extended -reports

LONDON (Reuters) - A scheme to get more credit flowing in Britain's stagnant economy will be expanded to include specialist lenders and will run for a year longer than planned, the Sunday Telegraph newspaper reported.

EU Rebuts Austerity-Obsessed Image, Defends Growth Plans

European officials sought to convince policy makers from the rest of the world that they’re not cutting budgets at the expense of stronger growth.

Jobless rate stagnant as state economic recovery slows

PHOENIX -- New unemployment numbers released Thursday suggest the state's economic recovery is weakening.

Germany urges ECB to reduce eurozone liquidity: Report

FRANKFURT: German Finance Minister Wolfgang Schaeuble said Friday the European Central Bank should try to limit the amount of liquidity in the eurozone, even if some countries were in a precarious situation.

IMF trims global growth forecast, sees bumpy recovery

WASHINGTON (Reuters) - The International Monetary Fund on Tuesday trimmed projections for global economic growth for this year and next to take into account sharp government spending cuts in the United States and the latest struggles of recession-stricken Europe.

Deal reached to unlock rescue loan disbursement: Greece

ATHENS: Greece and its troika of international creditors have reached agreement on its economic recovery efforts, opening the way for the disbursement of 8.8 billion euros ($11.5 billion) in bailout loans, officials said Monday.

Analysis: Canadians losing faith in economic "miracle"

OTTAWA/TORONTO (Reuters) - Factory worker Nelson Claros has little time for talk of the Canadian economic miracle.

Swiss President sees no need to change banking secrecy

GENEVA: Swiss President Ueli Maurer on Sunday said he saw "no need to change strategy" after fellow financial centre Luxembourg eased its bank secrecy practices.

The Economic Data Filters, Clogged Again

ROBERT HEILBRONER, the author and economist, was often asked where interest rates, the stock market and the economy were heading.

Italy "wise men" urge reform to help break political deadlock

ROME (Reuters) - A panel of "wise men" named by Italy's president proposed a package of political and economic reforms on Friday, but there was little sign they would bridge the gap between feuding parties caught in deadlock since elections in February.

IMF chief worries about pace of economic recovery

WASHINGTON (AP) — The head of the International Monetary Fund said Wednesday the greatest threat to a lasting economic recovery in Europe is "the fatigue of both governments and populations" over painful steps taken to boost growth and combat national debt.

US Treasury Secretary Jack Lew calls for demand boost

The US Treasury Secretary has urged countries with the "capacity" to do more to boost economic growth through consumer demand, in an apparent reference to Germany.

Australia PM eyes trilateral naval exercises with China and U.S.

BEIJING (Reuters) - Australia is hoping to see trilateral naval exercises with China and the United States and is pursuing a new strategic partnership with Asia's biggest economy, Prime Minister Julia Gillard said on Tuesday.

'Immense stake' for US in eurozone recovery: Jacob Lew

BRUSSELS: US Treasury Secretary Jacob Lew used his opening meetings on Monday in a whistle-stop tour of eurozone leaders to remind EU partners of the "immense stake" the United States has in European recovery and reform efforts.

French finance minister Pierre Moscovici confirms 0.1 per cent growth this year

PARIS: French Finance Minister Pierre Moscovici said on Sunday that France's economy was expected to grow just 0.1 percent this year, revising downward an official target as the country struggles to get back on its feet.

Dim labor report shows US added just 88K jobs

WASHINGTON (AP) — A streak of robust job growth came to a halt in March, signaling that U.S. employers may have grown cautious in a fragile economy.

ECB "ready to act" to help languishing economy

FRANKFURT (Reuters) - European Central Bank President Mario Draghi opened the door on Thursday to an interest rate cut as soon as next month, saying his bank stands "ready to act" to boost the recession-hit euro zone economy.

Canada dollar stronger as weak U.S. data hits greenback

TORONTO (Reuters) - The Canadian dollar held near six-week highs against its U.S. counterpart in early trade on Wednesday as weaker-than-expected U.S. employment data took some strength from the U.S. dollar and global stock markets sat tight awaiting policy news.

China first-quarter GDP likely nudged higher, recovery on track

BEIJING (Reuters) - China's annual rate of economic growth likely nudged higher in the first three months of 2013 versus the last quarter of 2012, with fixed asset investment and factory output growth in double digits cementing a mild rebound, according to a Reuters poll.

Italy jobless rate eases to 11.6 per cent in February

ROME: Italy's seasonally adjusted unemployment rate eased unexpectedly to 11.6 per cent in February from January's 21-year high of 11.7, national statistics agency ISTAT reported on Tuesday.

Cyprus plans tax breaks, casinos to kickstart economy

NICOSIA: Cyprus plans to lift a ban on casinos and offer firms tax exemptions on profits reinvested on the island under a package of reforms to kickstart its ailing economy, its president said on Monday.

Payrolls Probably Rose, Factories Expanded: U.S. Economy Preview

Payrolls probably grew in March and factories kept assembly lines moving, signaling the U.S. expansion chugged ahead even as federal spending cuts set in, economists said before reports this week.

IMF says Hungary needs 'different' policy for growth

BUDAPEST: Increased state interference and "frequent and unpredictable" changes in policy by the government of Prime Minister Viktor Orban are undermining confidence in Hungary, hurting the investment climate and hindering growth, the IMF warned Friday.

Hockey helps Canada's economy grow again in January

OTTAWA (Reuters) - Canada's economy bounced back from a year-end slump in January thanks to factories, mines and the return of professional ice hockey, but growth still looks too weak to match the central bank's upbeat outlook and interest rates are unlikely to budge until 2014.

OECD predicts stronger global growth

The world's major economies will see stronger growth this year, but Europe's recovery will continue to be slow, an international organisation has said.

Housing, manufacturing give US economy lift

WASHINGTON (AP) — Gains in housing and manufacturing propelled the U.S. economy over the winter, according to reports released Tuesday, and analysts say they point to the resilience of consumers and businesses as government spending cuts kick in.

Euro zone bailouts getting harder to agree: Policymakers

SAARISELKA: Finland, - Euro zone bailouts are getting tougher to agree as opposition within creditor nations grows and indebted states struggle to persuade citizens to back austerity, policymakers said on Sunday.

Spain Softens Austerity for Regions Anticipating EU Leeway

Spain is preparing to ease austerity for its most cash-strapped regions in anticipation that European Union peers will grant the government more time to reorder public finances in the second year of a recession.

China needs 'renewed reform momentum', says OECD survey

China needs a "renewed reform momentum" to sustain long term growth, the Organisation for Economic Co-operation and Development (OECD) has said.

Ireland's economy grew for a second year in 2012, slow exports cloud outlook

DUBLIN (Reuters) - Ireland (OTC BB: IRLD - news) was one of the best-performing economies in the euro zone last year, continuing a gradual recovery from its financial crisis, though it tailed off in the second half as exports stalled, official data showed.