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Economy News

Greece hails 'historic' deal to end debt crisis

Atenas - Greek Prime Minister Alexis Tsipras on Friday hailed an agreement by Eurozone ministers that will put an end to the country's eight-year bailout program as an "historic" step.

Greece 'turning a page' as eurozone agrees debt relief

Atenas - The Greek government on Friday said the country was "turning a page" after eurozone ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy.

Greece crisis declared 'over' as eurozone agrees debt relief

Luxembourg - Eurozone ministers declared the end of the Greek debt crisis early Friday agreeing debt relief and a big cash payout for Greece, part of a broad bailout exit deal that will close eight years of financial rescues for cash-strapped Athens.

Greece creditors agree debt relief in bailout exit deal

Luxembourg - Eurozone ministers agreed debt relief and a big cash payout for Greece early Friday, part of a broad exit deal that will close eight years of austerity and bailouts for Athens.

'Lack of compassion' for the poor threatens US democracy: UN expert

Geneva - The UN's top expert on extreme poverty warned Thursday that contemptful and cruel US policies towards the poor were disenfranchising millions, posing a threat to democracy in the country.

End of driving ban to boost Saudi women's economic role

Dubai - The end of a decades-old female driving ban is expected to bring an economic windfall for millions of Saudi women, making it easier for them to work and do business.

Germany pockets 2.9 bn euros from Greece bailouts

Frankfurt Am Main - Germany has earned some 2.9 billion euros ($3.5 billion) since 2010 on Greek debt bought to help the struggling country, a government report seen by AFP showed Thursday.

Eurozone ministers seek end to Greece bailout odyssey

Luxembourg - Eurozone ministers will on Thursday try to resolve their differences over the terms of Greece's departure from its massive bailout programme with splits over the degree of debt relief needed by cash-strapped Athens.

'Strong' case for further rate hikes: Fed's Powell

Washington - Historically low unemployment and signs of rising inflation mean there is a "strong" case for continued, steady interest rate hikes, US Federal Reserve Chairman Jerome Powell said Wednesday.

Greeks wary of 'worse' days after bailout

Atenas - The end to Greece's third and final multi-billion bailout, to be set in motion Thursday, is unlikely to provide a respite from pay cuts and tax hikes, many Greeks fear."It's all false, new measures will come...

Power woes hit Nigeria's football fans

Lagos - Football-loving Nigerians had more than one reason to groan about the country's opening World Cup game: not only did they lose 2-0, many weren't even able to see the whole match.

Hardline ally in new attack against Merkel over eurozone budget

Berlin - German Chancellor Angela Merkel's hardline allies on Wednesday took aim at her backing for a new eurozone budget, opening up another front after an attack against her on immigration.

Hardline ally in new attack against Merkel over eurozone budget

Berlin - Chancellor Angela Merkel's conservative allies on Wednesday took aim at her backing for a new eurozone budget, German media reported, opening up another front in their attack against her.

Indian government grounds Air India sale plans: reports

Mumbai - India has shelved its plans to sell debt-stricken national carrier Air India after failing to attract any bidders, a senior official has told local media.

Oil in the Faroe Islands: mirage or miracle?

T - After fuelling hopes of independence from Denmark at the turn of the millennium, the Faroe Islands' dreams of an oil bonanza have turned out to be more of a mirage than a miracle.

The question marks over Trump's trade policies

Washington - America's new protectionist trade policies make good on President Donald Trump's campaign pledges but come at significant risks. What are the strengths and weaknesses of his trade offensive?

Macron wins Merkel's backing on budget for eurozone

Meseberg - France's President Emmanuel Macron on Tuesday won German Chancellor Angela Merkel's backing for reforms aimed at bolstering the eurozone against crises, including a vaunted budget for the bloc.

France, Germany agree to set up eurozone budget: Merkel

Meseberg - France and Germany have agreed to set up a common budget for the eurozone, Chancellor Angela Merkel said Tuesday, announcing a key reform proposal to bolster the bloc.

Audi names interim CEO after boss arrested in diesel probe

Frankfurt Am Main - German carmaker Audi said Tuesday it had named a new interim chief, a day after prosecutors arrested boss Rupert Stadler in connection with parent company Volkswagen's "dieselgate" scandal.

Venezuela's 'millionaires,' the new poor

Caracas - Elizabeth Torres is outraged, but as a Venezuelan she takes the affront in her stride. "We are a country of millionaires," she says ironically, eyeing a carton of eggs in the market. Price? Three million bolivars.

Over 1.5 mn Russians sign petition against pension age hike

Moscow - A Russian government proposal to hike the state pension age to 63 for women and 65 for men had as of Monday seen more than 1.5 million people sign a petition against the move.

Invest in North Korea: money pit or golden opportunity?

Pyongyang - Donald Trump dangled the carrot of foreign investment in front of North Korean leader Kim Jong Un at their nuclear summit, but analysts say few will want to put money into one of the highest-risk business environments in the world.

DR Congo's mining industry hobbled by poor infrastructure, tax hike

Lubumbashi - Feasting on a global demand for cobalt and copper, the mining industry in the Democratic Republic of Congo is flourishing -- but two clouds are spoiling its sunlit future.

Egypt hikes fuel prices as part of austerity drive

Apo - Egypt on Saturday announced new hikes on fuel prices as part of austerity measures tied to an IMF loan as it seeks to cut subsidies and reduce its public debt.

US farmers stressed, angry at trade wars

New York - US farmers find themselves in the crosshairs of a trade war with China and others launched by President Donald Trump, who was elected with the support of many in rural America.

Japan to bring in more foreign labour as workforce shrinks

Apo - Japan announced Friday plans to ease immigration restrictions and bring in more foreign workers to tackle a serious labour shortage caused by the country's ageing, shrinking population.

Russia proposes raising pension age, first hike in almost 90 years

Moscow - Russian Prime Minister Dmitry Medvedev on Thursday proposed raising the state pension age to 65 for men and 63 for women, the first such hike in almost nine decades.

Chinese growth shows signs of flagging as leaders tackle problems

Bejing - Chinese economic growth showed signs of flagging in data released on Thursday as Beijing faces trade tensions with the United States as well as debt and pollution battles at home.

All eyes on OPEC as Trump gripes over prices

New York - Just nine days before a big OPEC meeting, US President Donald Trump joined the oil-market fray Tuesday, blaming the group for high prices."Oil prices are too high, OPEC is at it again. Not good!" the US president said on Twitter.

Italy economy minister cancels Paris meeting over migrant spat

Rome - Italy's Economy Minister Giovanni Tria cancelled a meeting with his French counterpart in Paris on Wednesday as a diplomatic row spiralled over Rome's refusal to take in an overcrowded migrant ship.
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Coronado  Schoenholtz  Reinhart  and Backus at the Economic Outlook Forum at NYU Stern on September ...
Coronado, Schoenholtz, Reinhart, and Backus at the Economic Outlook Forum at NYU Stern on September 3, 2014
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Geithner to leave in consideration of family.
Geithner to leave in consideration of family.
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UK - London: Occupy London, 2012
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