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Economy News

Greek lawmakers pass fresh reforms sought by creditors

Atenas - The Greek parliament on Tuesday adopted fresh austerity measures sought by its international creditors, including expediting privatisation of utility companies.

Brazil economy 'poised' for return to growth: US treasury chief

Bras - The US treasury chief praised Brazil's new government on Tuesday and said the Latin American giant is "poised" to exit a painful recession and return to economic growth.

Clouds gather over Turkey economy after downgrade

Istanbul - Turkey has snarled with anger over a downgrade of its debt to junk status, but its previously robust economic performance risks being bruised by lower growth, stalled reforms and rule of law concerns after the July 15 coup bid.

Britain's Johnson in Turkey dismisses Erdogan poem as 'trivia'

Ankara - British foreign minister Boris Johnson on Tuesday brushed off as "trivia" an offensive poem he wrote about President Recep Tayyip Erdogan, as he talked up the strength of Ankara-London ties on his first visit to Turkey as top diplomat.

Indonesia struggles to tap volcano power

Indonesia - Columns of steam shoot from the ground at an Indonesian power plant sitting in the shadow of an active volcano, as energy is tapped from the red-hot underbelly of the archipelago.

Argentina's top union declares general strike

Buenos Aires - Argentina's largest labor union, the CGT, has declared its first general strike under President Mauricio Macri to protest the conservative leader's economic policies, a spokesman said Friday.

Tax crackdown on Greek isles pays dividend for state

Atenas - Cash-strapped Greece, under pressure from creditors to improve chronically poor tax collection, has landed a surprising windfall from a cluster of high-end tourist islands, revenue officials said Thursday.

Venezuela bus strike causes traffic chaos in Caracas

Caracas - Venezuelan bus drivers protesting their country's economic crisis parked their buses in the street on Wednesday, causing traffic chaos in Caracas and embarrassing President Nicolas Maduro, a former colleague.

New Russian parliament faces tough economic times

Moscow - A crushing victory for Russia's ruling party at parliamentary polls has been hailed as a big win for President Vladimir Putin -- but for the deputies elected it might just prove a poisoned chalice.

Venezuela state declares food emergency at schools

Caracas - The opposition governor of Venezuela's second-largest state, Henrique Capriles, declared an emergency Monday over a lack of food for public schools, blaming the socialist government's "misguided" policies.

Better integration key to tackling anti-migrant backlash: OECD

Paris - Western governments need to tackle a growing anti-migrant backlash by helping newcomers integrate faster, the OECD said, following a sharp increase in immigration to its member states.

China pushes Tibetan tourism while critics fear impact

- China has unveiled a sparkling new hotel as part of its drive to get tens of millions more tourists to visit Tibet, even as critics say the push is slowly eroding the local culture.

Four things to know about German capital Berlin

Berlin - Internationally lauded for startups and nightlife, the German capital Berlin struggles to this day to escape the "poor but sexy" motto bestowed on it by former mayor Klaus Wowereit in 2003.

Greek central banker denies rift with government

Atenas - Greece's central banker on Saturday denied that the leftist government of Alexis Tsipras was seeking to squeeze him out as he probes the loans of a politically sensitive bank.

Italy PM fumes over EU summit

Rome - Italy is not ready to pretend everything is alright when Europe is not functioning properly, Italian Prime Minister Matteo Renzi said Saturday, the day after a key EU gathering.

Romanian revolution cradle to be EU culture capital 2021

Bucharest - Timisoara, the cradle of Romania's 1989 revolution against communist dictator Nicolae Ceausescu, was named Friday by the EU as the European capital of culture for 2021.

Greece says adopting new credit measures for EU, IMF

Atenas - Cash-strapped Greece will adopt before month's end a new package of measures designed to mollify EU and IMF creditors, Athens' finance ministry said Friday.

Years of war, refugee flight has wrecked Middle East economies: IMF

Washington - Middle East economies have plunged into decline in the years of war since the Arab Spring, creating daunting economic and development challenges, according to an IMF report released Friday.

Maduro extends Venezuela emergency for fourth time

Caracas - Venezuelan President Nicolas Maduro extended a state of "economic emergency" for the fourth time Thursday, keeping vast powers to deal with a crisis that has only deepened in recent weeks.

IMF approves $1 billion in Ukraine aid after long delay

Washington - The International Monetary Fund on Wednesday resumed its bailout of war-torn Ukraine, approving disbursement of $1 billion from an aid package that had been held up in part on corruption concerns.

Argentine farmers give away produce in land protest

Buenos Aires - Argentine farmers gave away tonnes of produce in downtown Buenos Aires Wednesday as part of a protest to demand access to credits to buy land.

Mercosur blocks Venezuela from presidency, threatens suspension

Caracas - The founding members of the South American trading bloc Mercosur announced Wednesday that they have taken over its rotating presidency to block Venezuela from the post, threatening to suspend the country if it fails to comply with obligations.

The sanctions game: US mulls rewriting Myanmar blacklist

Yangon - Rolling back US sanctions on Myanmar will top the agenda Wednesday as President Barack Obama hosts democracy champion Aung San Suu Kyi, with American firms desperate to tap millions of consumers once cut off by the former junta.

Brazil launches economic reforms with privatizations

Bras - Brazil announced a series of auctions and tenders Tuesday aimed at privatizing infrastructure -- part of new President Michel Temer's plans to revive the moribund economy.

Argentina woos investors at 'mini Davos'

Buenos Aires - Argentina opened a major investment conference Tuesday, seeking to persuade executives from the world's top multinational corporations to bet on Latin America's third-largest economy and its new center-right government.

Brazil's Temer gets down to messy job of saving economy

Bras - Fresh off his predecessor's impeachment, Brazilian President Michel Temer is launching reforms meant to save the tanking economy, but his austerity plan risks triggering backlash -- including among his allies.

Modi urges calm in Indian tech hub after deadly protests

Bangalore - Prime Minister Narendra Modi appealed for calm Tuesday in the Indian tech hub of Bangalore which was placed under curfew after deadly violence erupted over a water dispute with a neighbouring state.

Debate on China poverty after mother kills her 4 children

Bejing - The killing of four children by their poverty-stricken mother -- who then committed suicide, followed by her husband -- sparked online outrage and debate in China Tuesday over the gap between rich and poor.

Economy, stupid? Crisis forms backdrop to Russia vote

Moscow - Russia gears up for parliamentary elections on September 18 in the grips of its longest economic crisis since President Vladimir Putin took charge in 2000.

China industrial output up 6.3% on-year in Aug: govt

Bejing - China's industrial output growth accelerated in August, government statistics showed Tuesday, exceeding expectations in an encouraging sign for the world's second-largest economy.Industrial production rose 6.
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Russian President Vladimir Putin has forecast the economy will bounce back 1.4 percent in 2017
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