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Budget News

Norway eyes curb on sovereign fund withdrawals

Oslo - Norway on Thursday proposed to curb the amount of money it can withdraw from its sovereign wealth fund, the largest in the world, amid lower expected returns. The minority rightwing government also recommended that the fund, worth 7.

Italy asks EU aid as cost of quakes hits 23 bn euros

Rome - A series of deadly earthquakes that struck central Italy over the past six months has cost the country more than 23 billion euros ($24.3 billion), the nation's Civil Protection Agency said Wednesday.

India looks to ease pain from cash crunch in budget

New Delhi - India's government is expected to ramp up spending in its latest budget this week, seeking to ease the pain from a ban on high-value banknotes that slammed the brakes on the world's fastest-growing major economy.

Poland's president signs disputed 2017 budget

Varsovia - Poland's president on Friday signed into law the country's disputed 2017 budget, which was at the centre of an unprecedented parliamentary sit-in staged by opposition MPs who allege it was adopted illegally.

Experts propose EU levy corporate tax under budget reform

Brussels - A group of experts called Thursday for "substantial reform" of the European Union budget that might see Brussels levy corporate and other taxes to cope better with crises.

Polish opposition halts month-long parliament sit-in

Varsovia - Poland's liberal opposition on Thursday called an end to its unprecedented month-long occupation of parliament after the governing conservatives scrapped controversial planned media restrictions.

'No deal' as Polish opposition sticks to parliament protest

Varsovia - Poland's parliament was paralysed Wednesday as liberal opposition MPs refused to end an unprecedented protest against what they say are anti-democratic actions by the government.

Talks fail to resolve Polish political crisis

Varsovia - Poland's political parties said Tuesday they failed to reach agreement in talks on ending an unprecedented sit-in protest in parliament over a budget vote.

Italy senate to vote on budget Wednesday

Rome - Italy's senate will vote on the 2017 budget on Wednesday, checking off the last task for outgoing Prime Minister Matteo Renzi before he officially resigns, the upper house of parliament said Tuesday.

Brazil anti-austerity protest turns violent

Rio De Janeiro - Rio de Janeiro riot police fired tear gas, rubber bullets and stun grenades Wednesday into an angry crowd protesting proposed austerity measures.

Spain's new government vows to stick to deficit target

Madrid - Spain's new government said Friday it was confident it will respect the public deficit targets it has agreed with the European Commission.Madrid has vowed to reduce its deficit from 5.1 percent of gross domestic product (GDP) in 2015 to 4.

Portugal's ruling party calls German minister a 'pyromaniac'

Lisbon - The head of Portugal's ruling Socialists called German Finance Minister Wolfgang Schaeuble a "pyromaniac" Thursday after he criticised Lisbon for reversing course on austerity.

EU questions budgets of seven eurozone countries

Brussels - The European Commission demanded "clarifications" from seven eurozone countries over their draft budgets, expressing particular concern that Italy, Cyprus and Finland are not meeting EU targets.

Italy PM threatens EU budget veto over migrants

Rome - Italian Prime Minister Matteo Renzi on Tuesday threatened to veto the EU's budget over a lack of solidarity from European neighbours as it struggles with a huge influx of migrants.

Italy's Renzi unveils please all budget

Rome - Italy's Matteo Renzi Saturday unveiled his 2017 budget, which he hopes will please the European Commission and win him support at home in a key referendum.The cabinet signed off on the budget, which will then be scrutinised by Brussels.

Bypassing congress, Maduro decrees Venezuela budget

Caracas - President Nicolas Maduro issued the government's 2017 budget by decree Friday, bypassing the opposition-held legislature in a move that could deepen Venezuela's economic crisis."Here is the 2017 budget and debt law. May it be fulfilled.

EU misspent 5.5 bn euros, needs to regain trust: watchdog

Brussels - The EU misspent 5.5 billion euros ($6 billion) in 2015, the bloc's financial watchdog said Thursday, warning that Brussels needed to regain the trust of European citizens shaken by Brexit and other crises.

Maduro bypasses Venezuelan legislature on budget

Caracas - Venezuelan President Nicolas Maduro can pass his 2017 budget without the approval of the opposition-majority legislature, the Supreme Court ruled Wednesday, triggering an outcry from the leftist leader's opponents.

US Congress passes spending bill, avoiding shutdown

Washington - The US Congress passed a spending bill late Wednesday and staved off a government shutdown, after reaching agreement on funding for a tainted water crisis in Flint, Michigan that had bedeviled earlier proposals.The fiscal year ends on September 30.

Poland gets 'super minister' for finance

Varsovia - Poland's prime minister on Wednesday tapped her powerful Development Minister Mateusz Morawiecki for the finance portfolio, creating what local media dubbed a "super minister" in a much-vaunted reshuffle of her controversial rightwing government.

EU countries set sights on Apple tax bonanza

Bratislava - Budget-squeezed EU countries will ask Brussels for a share of the billions in Irish back taxes ordered from Apple, officials said on Saturday, bringing further problems to the tech giant after the lacklustre launch of the iPhone 7.

Poland forecasts greater spending, slower growth in 2017

Varsovia - Poland said Monday it would raise spending next year, but still keep its deficit just under an EU-wide limit of 3.0 percent of GDP, while also cutting the growth forecast for central Europe's largest economy.

Italy to seek new EU deal to keep economy on track

Rome - Italy is to seek a new deal with the European Union to allow it to kickstart its stalling economy with an expansionary 2017 budget, a government minister said Saturday.

Spain proposes tax hike to dodge EU deficit fine

Madrid - Spain's acting Economy Minister Luis de Guindos on Tuesday proposed hiking corporate taxes to avoid a fine from the European Commission for repeatedly failing to bring government deficits into line.

Eurozone slams Spain, Portugal on excessive deficits

Brussels - Eurozone finance ministers agreed Monday to officially declare Spain and Portugal in breach of the EU public spending rules, a key step to possibly imposing unprecedented penalties against members of the currency bloc.

Portugal 'does not deserve' EU penalties over deficit: French minister

Paris - French Finance Minister Michel Sapin said Monday that Portugal does not deserve European Union penalties for government budgetary overruns."Portugal has made enormous efforts in the past years.

Brexit vote would trigger cuts, tax hikes: Osborne

London - A vote to leave the European Union in a referendum next week would trigger tax hikes and spending cuts, Britain's finance minister warned Wednesday, after stock markets sank on the apparently rising prospect of Brexit.

Catalonia's pro-independence coalition breaks down

Barcelona - The pro-independence coalition ruling Spain's Catalonia broke down Wednesday after its most radical component refused to back the government budget, forcing the regional president to call a parliamentary vote of no confidence.

U.S. Senate votes to advance $1.1 billion in Zika funds

Washington - The US Senate voted to advance $1.1 billion in emergency funds to fight the Zika virus, setting the stage for a battle with House Republicans who want $622 million for the mosquito-borne disease.

EU cuts Italy 'unprecedented' slack on budget rules

Rome - Italian Prime Minister Matteo Renzi on Tuesday claimed victory in his budget battle with Brussels after the EU granted Rome "unprecedented" leeway on the application of deficit rules for 2016.
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New Jersey's baboon is finally captured.
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Cascade Complex, Idaho, 2007. Photo taken: Sep 11, 2007
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