Economics | GlobalPost

Slovenia says reforms on track despite ratings downgrade

Agence France-PresseMay 18, 2013 07:15

Slovenia on Saturday said it was confident its newly-adopted action plan would stabilise public finances and lead to an economic recovery, a day after international ratings agency Fitch downgraded the crisis-hit country by one notch. "The consolidation of public finances will follow the objectives that have been clearly set. We will efficiently carry out all the necessary measures drawn in its stability and reform programs," Slovenia's finance ministry said in a statement in response to the downgrade.

Commodity prices mainly retreat

Agence France-PresseMay 17, 2013 22:31

Commodity prices mostly weakened this week, hit by a stronger dollar and falling demand for raw materials amid persistent concerns about the state of the troubled global economy, according to analysts. Figures published Wednesday revealed that the dogged recession across the eurozone has snared key economy France. In Brussels, French President Francois Hollande tipped 'zero' growth on the national level, blaming an EU-wide, German-led austerity trap -- and hitting out at banks for holding back on lending.

Business Highlights

The Canadian PressMay 17, 2013 19:00

___ A year after IPO, Facebook aims to be ad colossus NEW YORK (AP) — It was supposed to be our IPO, the people's public offering. Facebook, the brainchild of a young CEO who sauntered into Wall Street meetings in a hoodie, was going to be bigger than Amazon, bigger than McDonald's, bigger than Coca-Cola. And it was all made possible by our friendships, photos and family ties. Then came the IPO, and it flopped. Facebook's stock finished its first day of trading just 23 cents higher than its $38 IPO price. It hasn't been that high since.

US stocks blaze to new record highs

Agence France-PresseMay 17, 2013 18:46

US stocks closed out another week of new record highs Friday as investors focused on the positive side of mixed economic news and corporate earnings. Retail sales barely budged higher in April and jobless claims rose, but permits to build housing soared and consumer inflation remained tame, data showed. A pair of better-than-expected reports Friday -- on consumer confidence and the economic outlook -- drove a rally that pushed the Dow and S&P 500 to end-of-the-week all-time highs for the third straight week.

Spain posts first trade surplus since 1971

Agence France-PresseMay 17, 2013 16:01

Spain announced Friday its first monthly trade surplus since 1971 as imports slumped because of a collapse in demand in the midst of a recession and record unemployment. The eurozone's fourth biggest economy posted a surplus of 634.9 million euros ($817 million) in March, compared to a deficit of 3.245 billion euros a year earlier, the Economy Ministry said. Imports in March plunged by 15 percent from a year earlier to 19.653 billion euros while exports grew two percent to 20.288 billion euros.

Marketo surges in 1st day of trading, company raises $79.3 million in initial public offering

The Canadian PressMay 17, 2013 14:45

NEW YORK, N.Y. - Shares of Marketo, a provider of cloud-based marketing software, leaped in their trading debut on Friday. The stock rose $7.70, or 59.2 per cent, to $20.70 in afternoon trading. The shares were priced at $13, at the high end of the expected range of $11 to $13 per share. The broader markets rose just under 1 per cent. Marketo raised about $79.3 million in the offering.

Fitch downgrades Slovenia on poor outlook

Agence France-PresseMay 17, 2013 13:17

International ratings agency Fitch downgraded Slovenia on Friday by one notch, with a negative outlook, citing a deterioration of the government's finances and its worrying economic situation. Fitch said Slovenia's main debt rating had been cut to 'BBB+' from A- after the county's "macroeconomic and fiscal outlook has deteriorated significantly since Fitch's last rating review of the Slovenian sovereign in August 2012."

Steady hiring pushes down unemployment rates in 40 US states in April; only 3 report increases

The Canadian PressMay 17, 2013 12:00

WASHINGTON - Solid hiring helped push down unemployment rates in 40 U.S. states last month, the most since November. The declines show job markets are improving in most areas of the country. The Labor Department says unemployment rates only rose in Louisiana, Tennessee and North Dakota. Rates were unchanged in seven states. California, New York and South Carolina all reported the largest declines in April unemployment. Each states rate fell by 0.4 percentage points. The report noted that 30 states added jobs in April; 18 reported fewer jobs.

IMF says Cyprus economic outlook uncertain, faces risk of even deeper recession

The Canadian PressMay 17, 2013 12:00

WASHINGTON - The International Monetary Fund said Friday that substantial risks still loom for the Cypriot economy even after a multi-billion dollar international bailout aimed at averting a debt default. A new IMF report predicted a deep recession in Cyprus this year and next and said there is a danger that the downturn could be even more severe if authorities do not adhere strictly to conditions imposed as part of the $13 billion bailout deal.

Spain registers 1st monthly trade surplus since 1971

Agencia EFEMay 17, 2013 10:48

Madrid, May 17 (EFE).- Spain posted a monthly trade surplus of 634.9 million euros (roughly $820 million) in March, its first since records began to be kept in 1971, the Economy Ministry said Friday. That monthly surplus caused the country's accumulated trade deficit for the year to fall by 62 percent to 4.05 billion euros. Spain's first-quarter exports were valued at 56.59 billion euros, up 3.9 percent relative to the same three-month period of 2012, while imports fell 6.9 percent to 60.63 billion.