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Economy News

Hair left half-cut in Venezuela electricity chaos

Maracaibo - Carmela de la Hoz sent a customer away with his hair half cut when the power went off in her salon. The customer will be back -- but so will the blackouts.

Argentines in mass protest against layoffs

Buenos Aires - Tens of thousands of Argentines marched in a noisy protest Friday against job cuts imposed under President Mauricio Macri's economic reforms.The demonstration virtually brought central Buenos Aires to a standstill amid a din of drums and chants.

Next Eurogroup meeting on Greece to take place May 9: Athens

Atenas - The next meeting of eurozone finance ministers to discuss Greece's massive bailout will be held in Brussels on May 9, Athens said Thursday.

Sick of crisis, Venezuelans line up to recall Maduro

Caracas - Venezuelans lined up to seek a recall referendum against President Nicolas Maduro, exasperated with a grinding crisis that has paralyzed government offices five days a week and triggered rolling blackouts.

New Eurogroup Greece meeting within next two weeks: Dijsselbloem

Paris - Eurogroup chief Jeroen Dijsselbloem on Wednesday said the next Eurogroup meeting of eurozone finance ministers to discuss debt-crippled Greece could take place within the next two weeks."I don't have a deadline.

Venezuela imposes two-day workweek as president faces recall bid

Caracas - Venezuela's President Nicolas Maduro faced rising pressure Wednesday over his latest measures to deal with severe electricity shortages, including a two-day public sector workweek, as opponents pushed for a referendum to remove him.

Greek PM seeks EU help to break creditor deadlock

Atenas - Greek Prime Minister Alexis Tsipras on Wednesday sought help from the European Union to break a deadlock in critical debt talks as his spokeswoman accused the IMF of "undermining" the process.

Malaysia PM names new bank chief amid funding scandal

Kuala Lumpur - Malaysia's scandal-plagued prime minister on Wednesday appointed a new central bank governor, who will take over from respected longtime chief Zeti Akhtar Aziz amid a contentious financial scandal.

Brexit would lead to loss of income for Britons: OECD

London - The OECD on Wednesday became the latest international organisation to urge Britain to stay in the European Union, warning Britons would be worse off if they voted to leave in the June referendum.

Will Brazil's mega-crisis hurt the Olympics?

Rio De Janeiro - On the streets of Rio de Janeiro, it feels like a long time since the heady days in 2009 when the city was named to host South America's first Olympics.

Venezuela enforces public sector leave on three weekdays

Caracas - Venezuela's government Tuesday announced enforced leave for public sector workers three days a week, meaning they will only work just two days, in a bid to tackle an electricity shortage.

Venezuela enforces public sector leave on three weekdays

Caracas - Venezuela's government Tuesday announced enforced leave for public sector workers three days a week, meaning they will only work just two days, in a bid to tackle an electricity shortage.

Venezuela enforces public sector leave on three weekdays

Caracas - Venezuela's government Tuesday announced enforced leave for public sector workers three days a week, meaning they will only work just two days, in a bid to tackle an electricity shortage.

Fridges go off as Venezuela power-rationing hits

Caracas - Fridges zapped off in kitchens across Venezuela as the government turned off the electricity supply to help ease a power shortage that is worsening the country's economic crisis.

LuxLeaks whistleblowers go on trial

Luxembourg - Three Frenchmen went on trial in Luxembourg accused of an "incredible" document leak that exposed huge tax breaks for major global companies, in an issue brought sharply into focus by the Panama Papers scandal.

Saudi Arabia to sell stake in Aramco, create $2 trillion fund

Riyadh - Saudi Arabia will sell shares in state oil giant Aramco and set up the world's largest wealth fund under a long-term economic reform plan, the deputy crown prince said Monday.

Trade deal foes plan major German rally on eve of Obama visit

Hanover - Opponents of a proposed transatlantic trade deal hope to draw tens of thousands onto German streets Saturday, on the eve of a visit by US President Barack Obama.

Venezuela to ration power four hours a day for 40 days

Caracas - Recession-hit Venezuela will turn off the electricity supply in its 10 most populous states for four hours a day for 40 days to deal with a severe power shortage, the government said Thursday.

Venezuela to ration electricity in power crisis

Caracas - Recession-wracked Venezuela is to ration electricity in 10 of its most populous and industrialized states, including metropolitan Caracas, the socialist government said.

Former U.S. Treasury secretaries warn against Brexit

London - Eight former US Treasury secretaries urged Britain on Wednesday to stay in the European Union in a June referendum, the day before President Barack Obama visits with a similar message.

Serbia struggles to sell off communist-era companies

Serbia - Deep in a western Serbian valley, the town of Priboj despairs at the decline of a truck factory that was once its lifeblood -- and is now symbolic of the country's failing state-owned companies.

Panama president seeks global efforts to handle tax haven row

Toukyo - Panamanian President Juan Carlos Varela called on Tuesday for global efforts to tackle the "Panama Papers" scandal, insisting it is not a problem just for his country but the international financial system as a whole.

Kuwait says some oil output restored as strike enters day three

Kuwait City - A strike by oil workers that has slashed Kuwait's output entered its third day on Tuesday but the state oil firm said it had managed to restore some affected production. Kuwait Petroleum Corp.

Panama president vows tax cooperation with OECD: Kyodo

Toukyo - Visiting Panamanian President Juan Carlos Varela told a Japanese news agency on Monday that his country would cooperate with an OECD initiative to share tax information in the wake of the "Panama Papers" scandal.

Kuwait oil workers' strike sees output plunge

Kuwait City - Thousands of Kuwait's oil workers began an open-ended strike on Sunday to protest plans to cut their wages, action which saw the emirate's crude production plunge.A spokesman for the Kuwait Oil Co.

South Africans sweet on sugary drinks despite fat tax

Johanesburg - South Africa plans a new "fat tax" on sugary drinks to combat an obesity epidemic -- but sweet-toothed consumers say its chances are slim of making them cut down.

Raul Castro rejects privatization, 'shock therapy' for Cuba

Havana - Cuban President Raul Castro rejected rapid privatization and vowed never to pursue "shock therapy," setting the tone for a Communist Party congress reviewing progress in revamping the island's moribund Soviet-style economy.

Turkey eyes Iran deals as Rouhani meets Erdogan

Ankara - Iranian President Hassan Rouhani held talks Saturday with his Turkish counterpart Recep Tayyip Erdogan, who is hoping to boost trade with the Islamic republic following the lifting of most international sanctions on Tehran.

In Venezuela, no toilet paper and now lousy phone service

Caracas - Things in Venezuela keep finding ways to get worse. Because of acute shortages, people can't find basics like toilet paper. Now, it will be harder to make overseas calls or watch pay TV.

G20 embraces crackdown on tax havens, warns over 'Brexit'

Washington - The world's leading economies took a step toward denying tax evaders and money launderers around the world the ability to hide behind anonymous shell companies.
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