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Economy News

Billionaire Soros urges Europe to 'wake up' and save Ukraine

Paris - US billionaire investor George Soros warned Thursday that Europe's very existence was being threatened by Russia, in a scathing criticism of the EU's response to the Ukraine crisis.

New 'progressive' party? PM's bold suggestion to 'save' French left

Paris - France's prime minister called Wednesday for the creation of a new "progressive" party or alliance of parties, a bold move that would seek to plug divisions tearing the ruling Socialists apart.

EU's Juncker wins green light for 'last chance' team

Strasbourg - The EU's incoming chief executive Jean-Claude Juncker vowed Wednesday to seize the "last chance" for the bloc as his team of commissioners won parliamentary approval to start work on a stalling economy and foreign policy challenges.

China economic growth falls to five-year low of 7.3%, govt says

Beijing - China's gross domestic product expanded in the third quarter at its slowest pace since the depths of the global financial crisis, official data showed Tuesday, despite efforts to kickstart the world's second-largest economyThe 7.

Franco-German mini-summit to tackle growth, budget

Berlin - French and German ministers are due to meet Monday to discuss ways of boosting growth in Europe's two biggest economies, as Paris called on Berlin to step up investment.

Latin America's growing middle classes are restless

Montevideo - "Juan Middle Class" may be a cartoon, but the problems he faces -- expensive schools, crummy healthcare, ballooning grocery bills -- are all too real for millions of newly middle-class Latin Americans.

European stocks shaken by fears of return to crisis

London - European stocks closed mixed on Thursday, with German shares staging a late comeback after fears the eurozone could be heading toward a fresh crisis spread turmoil through markets for much of the day.London's benchmark FTSE 100 index ended down 0.

China, Russia seek 'international justice'

Moscow - Russia and China pledged to ramp up efforts to promote a just world order as they signed dozens of deals ranging from energy to finance.

Donor states pledge $5.4 bn to Gaza, urge peace talks

Cairo - International donors pledged about $5.4 billion in aid to the devastated Gaza Strip on Sunday and urged Israel and the Palestinians to renew peace efforts.

Egypt's Sisi tells Israel 'now is the time to end conflict'

Cairo - Egyptian President Abdel Fattah al-Sisi urged Israel to reach a peace deal with the Palestinians as an international donor conference opened in Cairo on Sunday to raise funds for Gaza.The Palestinian Authority (PA) has asked for $4 billion (3.

Gaza donor states urge peace talks as millions pledged

Cairo - International donors pledged hundreds of millions of dollars in aid to rebuild the battered Gaza Strip on Sunday, as they urged Israel and the Palestinians to renew peace efforts.

Greek PM narrowly wins parliamentary confidence vote

Athens - Greek Prime Minister Antonis Samaras won a parliamentary confidence vote, which he called in a bid to rally support, but which provided him with only a narrow majority.

Hong Kong, the golden goose Beijing cannot sacrifice

Beijing - Hong Kong's democracy protests have stoked fears of retribution from China, but observers say the city is simply too valuable to punish and sideline, even as it faces a long-term challenge from mainland rival Shanghai.

British press probes French stereotypes on Valls visit

London - The British press wrestled over stereotypes of France as a failing economy on Tuesday, after Prime Minister Manuel Valls travelled to London to insist his country is open for business.

ECB holds key rates steady amid anti-austerity demos

Naples - The European Central Bank held its record-low interest rates unchanged at its regular monthly policy meeting on Thursday, amid fierce street clashes between anti-austerity demonstrators and police outside the Italian venue.

Argentine central bank chief resigns amid economic turmoil

Buenos Aires - Argentina's central bank governor resigned Wednesday, the president's office said, as the country grapples with an economic slowdown, a debt default and a damaging row with the United States.

Obama makes pitch for affections of Modi government

Washington - US President Barack Obama on Tuesday hailed the "energy" and "determination" of Prime Minister Narendra Modi, flexing the symbolism of his office to court the affections of the new Indian government.

Argentina deposits debt payment, defying US judge

Buenos Aires - Argentina deposited a $161 million payment on its restructured debt Tuesday, defying a US judge who ruled it in contempt of court and ordered it to pay two "holdout" creditors first.

US judge calls Argentina in contempt in debt case

New York - A US judge ruled Argentina in contempt of court Monday for its attempts to skirt his block on payments to holders of the country's restructured debt.

U.S. court ruling on Argentine debt violates int'l law: Buenos Aires

Buenos Aires - Argentina on Monday slammed as illegal a U.S. judge's ruling finding it in contempt of court on its debt payments.

Boko Haram dims hopes of oil-fuelled revival of north Nigeria

Lagos - Social and economic development has long been touted as the way to revive the fortunes of Nigeria's impoverished north and prevent legions of disaffected young men turning to radical Islam.

Venezuela announces 'temporary occupation' of U.S. firm Clorox

Caracas - The Venezuelan government announced it was temporarily taking control of a Clorox factory, after the U.S.-based firm said this week it was leaving the country and selling its assets.

IMF fast-tracks $130 mn for Ebola fight in West Africa

Washington - The International Monetary Fund fast-tracked $130 million in aid Friday to fight the Ebola epidemic in the worst-hit countries in West Africa.

Jack Ma of Alibaba becomes China's richest person

Shanghai - The largest stock offer in history has made Jack Ma, founder of e-commerce giant Alibaba, China's richest person with a fortune of $25 billion, an annual wealth ranking in the world's second largest economy showed Tuesday.

Renzi shows fierce side as battle for Italy reform intensifies

Rome - He's promised to shake-up recession-plagued Italy, but Prime Minister Matteo Renzi's ambitious schemes to revive the eurozone's third largest economy have hit a stumbling block, amid a fierce row with powerful trade unions.

Economic injustice theme of Pope, Kirchner meet

- Pope Francis met Argentine President Cristina Kirchner on Saturday for a closed-door Vatican meeting focused largely on the theme of economic injustice, as Buenos Aires fights hedge fund creditors.

G20 finance chiefs aim to 'change destiny of global economy'

Cairns - Finance chiefs from G20 nations held talks Saturday, confident they can "change the destiny of the global economy" despite rising world political tensions and mounting fears of financial instability.

Argentine leader seeks pope's backing for debt battle

Buenos Aires - Argentine President Cristina Kirchner will visit her compatriot Pope Francis Saturday, seeking to enlist his support for her fight against hedge fund creditors before taking her pitch to the UN.

Hollande goes on offensive with Iraq air strike decision

Paris - President Francois Hollande kicked off a rare news conference Thursday with the dramatic announcement that France would conduct air strikes in Iraq, as he sought to wrest back the initiative after a catastrophic few weeks at home.

Under-fire Hollande faces press grilling

Paris - French President Francois Hollande holds a rare and hotly awaited news conference later Thursday as the embattled and deeply unpopular leader seeks to turn the tide on a catastrophic few weeks.
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