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Economy News

Brazil's poorest region suffers worst drought in a century

Quixeramobim - A cow's skull lies baking in the sun and nearby another dead cow rots, symbols of the desolation gripping northeastern Brazil during its worst drought in a century.Farmer Kerginaldo Pereira, 30, walks through the dust and cactuses in dismay.

Greece agrees to bailout reforms compromise: EU sources

Brussels - Greece on Monday agreed to a compromise on new reforms in a bid to break a deadlock with its EU-IMF creditors and free up new bailout funds, EU sources said.

Venezuela names new mining minister

Caracas - Venezuela's President Nicolas Maduro named a new mining minister on Sunday, the latest of several appointments as he seeks to strengthen his position against opposition pressure to quit.

Germany expects continued IMF aid for Greece

Berlin - Germany said Sunday that it expects the International Monetary Fund to continue participating in the bailout for debt-stricken Greece, despite the lender's doubts on the issue.

Thousands of Montenegro women protest welfare cuts

Podgorica - Several thousand women demonstrated in Montenegro's capital Podgorica on Thursday to protest cuts in subsidies for mothers with three or more children.

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.

Spain's Rajoy takes EU defence as far-right threatens

Madrid - Spain's Prime Minister Mariano Rajoy leapt to the defence of Europe in an interview, describing it as the "best region in the world" but warning it could implode if populists win elections this year.

Five reasons the Greek debt crisis is back

Brussels - After Brexit stole the limelight last year, the spectre of Grexit is back.Greece, the eurozone and IMF are in a three-way Mexican stand-off over a review of the country's 86 billion bailout agreed in July 2015, its third since 2010.

EU Parliament approves contested Canada trade deal

Strasbourg - The European Parliament backed a contested EU-Canada free trade deal on Wednesday, facing down protests by activists and Donald Trump-inspired calls for protectionism.

Hole is where the heart is for Chinese cave dwellers

Bejing - High in the misty hills of southwestern China, an hour's hike from any road, the lowing of livestock echoes through Zhongdong village, where a group of 18 families live inside an enormous natural cave.

Brazilian town embraces universal income experiment

Maric - Does being handed money every month -- no strings attached -- sound attractive? The residents of a small town in Brazil are finding out.

Ukraine's economy grows nearly 5%

Kiev - Ukraine said Tuesday its economy expanded at a surprisingly fast pace of nearly five percent in the fourth quarter as it continued its steady climb out of a two-year recession.

Le Pen's anti-euro plan 'to cost France 30 bn a year'

Paris - Marine Le Pen's pledge to ditch the euro if elected French president would cost the country over 30 billion euros a year in increased borrowing costs, the central bank governor warned Monday.

France calls on Germany to hike investment spending

Berlin - French Economy Minister Michel Sapin has dismissed a US attack on Germany's trade surplus but urged Europe's biggest economy to boost its spending on investment.

Tsipras warns IMF, Germany to stop 'playing with fire' over Greek debt

Atenas - Greek Prime Minister Alexis Tsipras on Saturday warned the International Monetary Fund and German Finance Minister Wolfgang Schaeuble to "stop playing with fire" in the handling of his country's debt.

Brussels talks fail to end Greece bailout impasse

Brussels - Talks between Greece and its creditors ended with no breakthrough Friday as months of feuding with the International Monetary Fund raised fears of a new debt crisis.

Greece bailout 'credible' despite IMF criticism: EU

Brussels - The EU on Tuesday insisted Greece's economy remained on track despite a withering opinion by the IMF that Athens's debt was "unsustainable" and calling for further European debt relief.

Scottish vote to air opposition to Brexit

Edinburgh - The Scottish parliament is expected to officially register its opposition to the British government's march towards Brexit on Tuesday in a vote that will further strain the bonds of the United Kingdom.

Ankara mayor warns of 'manmade quake' threat

Ankara - Ankara's outspoken mayor on Tuesday warned that outside forces could be using sophisticated technology to try to trigger a manmade earthquake in a deliberate bid to harm Turkey's fragile economy.

Africa mining sector meets amid commodity price comeback

Cape Town - Investors and mining firms gather Monday at Africa's biggest industry conference amid a newfound optimism that the uptick in commodity prices could shore up investment after years of downturn.

Trump orders review of Dodd-Frank financial reforms

Washington - President Donald Trump on Friday ordered a review of key reforms enacted after the 2008 financial crisis, in the first step towards scaling back toughened regulations on the banking industry.

Long before Trump, America's love-hate stance on immigration

Washington - America's distinction as a nation of immigrants -- that bedrock of its national identity -- has helped fuel the outpouring of outrage over President Donald Trump's travel ban. But it's hardly the first time that its borders have slammed shut.

Anti-austerity protest turns violent in Rio de Janeiro

Rio De Janeiro - Brazilian riot police used tear gas and stun grenades in Rio de Janeiro Wednesday to break up a protest against austerity measures aimed at rescuing the state from near bankruptcy.

One income for all: far-fetched, or future fact?

Paris - It is a utopian idea, literally, but is enjoying a renaissance as politicians and policy wonks grapple with technology-driven changes that could redefine our very understanding of work.

Brazil unemployment hits record 12 percent

Rio De Janeiro - Brazil's unemployment rate hit 12 percent between October and December, another record high, official data showed Tuesday even as the economy is forecast to slowly exit deep recession.That amounted to 12.

Eurozone growth and inflation surge, adding to pressure on ECB

Brussels - Growth in the eurozone accelerated, inflation rose towards the ECB's key target and unemployment fell to a seven-year low as the bloc's economy shrugged off uncertainty over Brexit and US President Donald Trump.

Turkey tourism income slumps after attacks, coup

Ankara - Turkey tourism revenues fell almost 30 percent in 2016, the country's statistics office said Tuesday, after visitors stayed away following multiple terror attacks and a failed coup.In 2016 income from tourism fell by 29.

High unemployment may fuel US school shootings: study

Paris - Surges in US school and university shootings strongly overlap with periods of economic insecurity, said researchers Monday, offering a partial explanation for a phenomenon experts have been grappling to understand.

India lifts ATM limit from Feb 1 as cash crunch eases

New Delhi - Limits on ATM withdrawals will be partially lifted from February 1, India's central bank said Monday, as a cash crunch sparked by the ban on high-value rupee notes eases.

India lifts ATM limit from Feb 1 as cash crunch eases

New Delhi - Limits on ATM withdrawals will be partially lifted from February 1, India's central bank said Monday, as a cash crunch sparked by the ban on high-value rupee notes eases.
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Obama addresses Congress - State of the Union Address 2013
Obama addresses Congress - State of the Union Address 2013
Chuck Kennedy / White House
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