AFP World Economic News Summary

The top world economic stories on Tuesday:


ZURICH: The outgoing head of Swiss pharmaceuticals giant Novartis, Daniel Vasella, has agreed to give up a massive pay-off, he said after a nationwide storm of protest.


PARIS: The world's biggest food company, Swiss-based Nestle, and the world's top beef producer, JBS of Brazil, were the latest in a long list of firms to be embroiled in Europe's spiralling horsemeat scandal.


FRANKFURT: Investor sentiment in Germany has risen to levels last seen before the start of the three-year-old debt crisis, adding to signs that Europe's top economy is over the worst, a poll found.


PARIS: French food industry group Danone reported a flat net profit for 2012 of 1.81 billion euros ($2.4 billion) and said it would cut about 900 jobs in management and administration across Europe to reduce costs.


NEW DELHI: British Prime Minister David Cameron promised full cooperation with India and its police as a probe into alleged kickbacks in a helicopter deal clouded his meetings with leaders in New Delhi.


PARIS: The economies of advanced countries shrank in the final quarter of last year, giving a twist to broad slowdown in 2012, data from the OECD showed.


ATHENS: France will miss its forecast of 0.8 percent growth in the economy this year, French President Francois Hollande said while on a state visit to Greece.


MADRID: Spain reduced its trade deficit in 2012 by a third from the previous year as the recession-hit country cut back on imports and boosted its exports, government data showed.


RUSTENBERG: Anglo American Platinum workers downed tools to protest the shooting of colleagues by guards during a stand-off by rival unions, the latest outbreak of unrest at the crisis-hit firm.