Economy of the European Union

Estonian economy shrinks 1.0% in Q1: official data

Agence France-PresseMay 13, 2013 16:12

The economy of eurozone country Estonia shrank by 1.0 percent in the first quarter of 2013 on a quarterly comparison and on an adjusted basis, official data showed on Monday. On a 12-month basis, the economy grew by 1.0 percent after posting overall 3.2-percent growth in the whole of 2012. This figure was down sharply from record 8.3-percent growth in 2011. The slowdown was mostly due to drag from the eurozone debt crisis on the Baltic state with a population of 1.3 million

'Action plan' due for eurozone straggler Slovenia

Agence France-PresseMay 13, 2013 15:27

The new government of struggling eurozone member Slovenia is expected to announce Thursday an action plan aimed at avoiding a bailout, reportedly including privatisations, "crisis" taxes and austerity cuts. Prime Minister Alenka Bratusek's programme, which will be sent to Brussels, is crucially also expected to set a timeframe for the "bad bank" to stop Slovenia's lenders from drowning in a sea of debts.

US retail sales rise in April on purchases of autos, clothing; lower gas prices a factor

The Canadian PressMay 13, 2013 14:00

WASHINGTON - Lower-priced gas allowed Americans to step up their spending at retailers in April, from cars and clothes to electronics and appliances. The rebound from a weak March suggests consumers remain resilient in the face of higher taxes and could continue to drive economic growth this spring. Retail sales edged up 0.1 per cent in April from March, the Commerce Department said Monday. That's an improvement from a 0.5 per cent decline in March, which was the largest drop in nine months.

European stocks fall as eurozone ministers meet

Agence France-PresseMay 13, 2013 13:45

European stock markets rose slightly on Monday as eurozone finance ministers met to discuss ways to clamp down on tax fraud, while the euro and dollar hit fresh multi-year highs versus the yen. At the close, London's FTSE 100 index of leading shares gained 0.10 percent to 6,631.76 points. Frankfurt's DAX 30 closed virtually unchanged from its record high on Friday at 8,279.29 points, while in Paris the CAC 40 was 0.22 percent higher at 3,945.20 points. Madrid slumped 1.01 percent, dragged lower by banking shares, and Milan lost 0.65 percent.

CORRECTED: European stocks rise as eurozone ministers meet

Agence France-PresseMay 13, 2013 12:45

US prods Europe over growth ahead of G7 meet

Agence France-PresseMay 13, 2013 11:06

The United States called on Europe Wednesday to further ease fiscal consolidation to avoid more economic damage, ahead of talks among G7 finance chiefs on the global economy this weekend. Europe's leaders have been successful at removing some of the more immediate risks in the eurozone crisis, a senior US Treasury official said in a briefing on the US view ahead of the meeting outside London on Friday and Saturday. "Now the focus needs to shift to boosting demand and employment, to avoid lasting damage to the economy," the official told reporters.

EU begins difficult talks on fishery reforms

Agence France-PresseMay 13, 2013 11:00

EU fisheries ministers began difficult talks Monday on reforms to the bloc's under-pressure fishing regime, with plans to stop the dumping of unwanted fish a key sticking point. European fishing boats have long discarded fish, by some estimates up to a quarter of their catch, before entering port to ensure they meet strict EU quotas. Ireland, which holds the rotating EU presidency, is pushing for a compromise between northern member states ready to end the practice and their southern counterparts anxious to preserve their fishing industries.

TSX, NY markets fall amid disappointing data from China, weak US retail spending

The Canadian PressMay 13, 2013 10:30

TORONTO - The Toronto stock market slipped Monday amid falling commodity prices as the latest data showed slightly smaller-than-expected increases in China's industrial production and retail sales. The S The Canadian dollar was up 0.10 of a cent to 98.99 cents US. U.S. retail sales edged up 0.1 per cent in April, boosted by increased spending on cars and clothing. March had seen a 0.5 per cent decline — its largest drop in nine months. Economists had expected another contraction brought on by a higher U.S. tax on Social Security that kicked off this year.

EU finance ministers seek rules to shift burden for bank failures from taxpayers to creditors

The Canadian PressMay 13, 2013 09:16

BRUSSELS - European Union governments want to shift the cost of rescuing troubled banks from taxpayers to the banks' creditors, including the holders of large deposits as a last resort. The finance ministers from the 27-nation bloc met Tuesday in Brussels to hammer out the new rules on how to fund bank rescues as part of their wider project to set up a banking union. The union is key to their plans to strengthen the financial sector avoid a repeat of the crisis.

Loonie slightly ahead amid positive U.S. retail sales figures for April

The Canadian PressMay 13, 2013 09:16

TORONTO - The Canadian dollar was slightly ahead Monday amid slightly better-than-expected retail figures out of the U.S. The loonie was up 0.27 of a cent to 98.89 cents US. The U.S. reported its retail sales for April edged up 0.1 per cent on gains in automobile and clothing sales. Monthly retail sales figures are considered a key component to how an economy is faring.