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Economy News

Umbrellas banned as China's Xi arrives in Macau

Macau - President Xi Jinping visited a drizzly Macau on Friday for the 15th anniversary of the gambling hub's return to Chinese rule, with onlookers barred from using umbrellas -- the emblem of democracy protests in nearby Hong Kong.

EU needs years-long Russia strategy, new leader warns

Brussels - The European Union must thrash out a strategy for Russia that lasts for many years, and looks past sanctions that have hammered Moscow's economy, the bloc's new leader Donald Tusk warned Thursday.

Easing embargo would boost Cuba's moribund economy

Havana - Easing the 54-year-old US trade embargo would be breath of fresh air for communist Cuba's moribund economy, giving greater life to recent reforms by the island's communist regime.

U.S.-Cuba rapprochement isolates Venezuela: analysts

Caracas - Cuba's surprise move to restore diplomatic relations with Washington leaves Havana's close ally Venezuela further isolated in a shifting political landscape, analysts here say.

EU leaders press Russia, urge new investment

Brussels - European Union leaders urged Vladimir Putin to make a "radical change" in his stance on Ukraine Thursday as they boosted sanctions against Crimea despite fears of economic blowback from Russia's spiralling financial crisis.

Putin says economy will rebound as sanctions stiffen

Moscow - President Vladimir Putin vowed Thursday that Russia would soon recover from the worst financial crisis of his rule and said his grip on power was firm, even as new Western sanctions and a run on the ruble pile on the pressure.

Currency crisis poses Putin his biggest challenge

Moscow - He crushed Chechnya's rebellion, pushed back Russia's frontiers and restored the pride of a nation humiliated by the demise of the Soviet Union.

EU summit to discuss crisis-hit Russia, economic plan

Brussels - EU leaders on Thursday will discuss tense relations with Russia and punishing sanctions imposed over Moscow's actions in Ukraine at a summit led for the first time by Poland's Kremlin-wary former premier Donald Tusk.

Greek presidential vote enters second round, fuelling economy fear

Athens - Greece's high-stakes presidential election went into a second round Wednesday after parliament failed to pick a head of state in a first ballot, fuelling concerns about the future of fiscal reforms.

Russian central bank announces measures to support financial system 

Moscow - The Russian central bank announced Wednesday a series of measures aimed at "stabilising the financial system" following the plunge in the value of the ruble this week.

Russia spends billions to prop up ruble

Moscow - Russia stepped up its defence of the ruble on Wednesday as it sought to halt a run on the currency and stem the worst financial crisis of President Vladimir Putin's 15 years in power.

Failure for presidential vote in Greece could lead to snap polls

Athens - Lawmakers from Wednesday will vote for a new Greek president in a ballot that will lead to snap general elections if they fail -- putting on the line years of efforts to turn around an economy in crisis.

So long Alps, hello Sochi: Ruble dive keeps Russians home

Saint Petersburg - Like many Russians, Maria Pchelkina enjoys winter holidays abroad, but the ruble crash means this time she'll swap the cottage she'd been eying in Finland for a staycation in Saint-Petersburg.

Obama will sign Russia sanctions bill: White House

Washington - US President Barack Obama will sign into law a bill passed by Congress to tighten sanctions against Russia over its actions in Ukraine, the White House said Tuesday, amid a dramatic run on the ruble.

Putin can choose a path to end sanctions: Kerry

London - US and European sanctions against Russia could be lifted within days if President Vladimir Putin makes the right choices in Ukraine, top US diplomat John Kerry said Tuesday.

Russia grapples with shock ruble fall

Moscow - The Russian currency crashed to unprecedented lows Tuesday trading at 80 rubles to the dollar and 100 to the euro, testing Vladimir Putin's ability to ride out both the economic storm and his clash with the West.

Ukraine ministers pledge corruption fight to win aid

Brussels - Top Ukraine ministers vowed Tuesday to root out graft in what they called the most corrupt country in Europe to meet the demands made by international partners before they stump up more aid.

Russia says ruble slide 'critical', to take further measures

Moscow - The rapid slide of the ruble is a "critical situation" and the Russian central bank will take additional measures soon, the bank's first deputy chairman Sergei Shvetsov said Tuesday."The situation is critical.

Romanian parliament approves new Ponta cabinet

Bucharest - Romanian Prime Minister Victor Ponta's revamped government sailed through a vote of confidence in parliament Monday on a promise of continued economic growth and improved social programmes.

Spain establishment 'panics' as support for upstart party surges

Madrid - Spain's conservative ruling party and the opposition Socialists are in panic mode as a surge in support for upstart Podemos shows little signs of abating ahead of elections next year.

Romanian PM reshuffles cabinet after poll defeat

Bucharest - Romanian Prime Minister Victor Ponta reshuffled his leftist government Sunday, a month after his surprise defeat in presidential elections.

French cabs to block Paris roads in Uber taxi war

Paris - Parisian taxi drivers have vowed to block roads leading into the French capital on Monday to protest a court's refusal to ban urban ridesharing service UberPOP.

US Congress passes 2015 spending bill after bruising fight

Washington - The US Congress passed a $1.1-trillion spending bill for fiscal year 2015, capping a week of acrimonious wrangling while averting a government shutdown and sending the measure to President Barack Obama.

Shutdown averted for now as Congress extends US funding

Washington - The US Senate gave itself four additional days to pass a $1.1 trillion federal spending bill, easing the threat of a government shutdown that was looming at midnight.

Greece faces tall order to prevent early elections: Analysts

Athens - Greece's embattled government will be hard-pushed to forestall early elections -- and a blow to fiscal reforms -- by steering a snap presidential ballot through parliament next week, analysts say.

US House approves $1.1 trillion spending bill, averts shutdown

Washington - Facing intense pressure to avoid a government shutdown, the US House of Representatives narrowly passed a $1.1 trillion federal spending bill Thursday, sending it to the Senate after it was ushered through barely two hours before a midnight deadline.

Japan's Abe set to win powerful majority: poll

Toukyo - Japan's ruling coalition headed by Prime Minister Shinzo Abe is set to sweep elections this weekend, retaining its unassailable two-thirds majority and crushing a divided and demoralised opposition, polls showed Thursday.

France chided ahead of controversial economic reforms

Paris - Crisis-hit France was urged Sunday by Germany and its own Nobel prize-winning economist to reform, days before Paris prepares to unveil a controversial set of measures to unblock its stagnating economy.

Op-Ed: U.S. economy booming a month after Obama party defeated

Denver - A month after America effectively rejected President Barack Obama’s party the nation’s economy was reported stronger Friday than it has been since the late 1990s.

Putin demands central bank act to stop ruble 'speculation'

Moscow - Russian President Vladimir Putin urged the central bank and government on Thursday to take 'tough action' to stop speculation on the ruble after the currency hit new all-time lows this week.
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Pudong  China s financial and commercial hub  situated in Shanghai.
Pudong, China's financial and commercial hub, situated in Shanghai.
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Canberra: Bus Depot Markets.
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UK: HM Treasury entrance
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US GDP 2010 to 2012
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The economic divide in Cabbagetown.
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The French Stock Market (La Bourse) in Paris
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Pete Souza / White House
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Berlin: "We are the Champions"
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Hawaii: APEC 2011
APEC
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Reinhart, Schoenholtz, Coronado at the Economic Outlook Forum at NYU Stern on September 3, 2014
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Occupy London Stock Exchange
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