Economy of the European Union

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.

Italian rates fall in 8-bn euro bond sale

Agence France-PresseMay 13, 2013 07:46

Italy's borrowing costs fell in a bond auction on Monday that raised 8.0 billion euros ($10.4 billion), taking advantage of greater liquidity in the market due to central bank policy action. Italy raised 3.5 billion euros with bonds due in 2016 at 1.92 percent compared to 2.29 percent last month, 1.5 billion euros in bonds due in 2026 at 4.07 percent instead of 4.55 percent in February and 3.0 billion euros of a new bill due in 2018.

Portuguese official inflation slows in April

Agence France-PresseMay 13, 2013 07:46

Portuguese 12-month inflation was 0.2 percent in April and prices were steady in the month compared with the level in March, the national statistics institute Ine reported on Monday. In March, inflation was 0.5 percent and prices rose by 1.7 percent. The Portuguese government, which signalled on Sunday that it had reached agreement with the International Monetary Fund and European Union on new radical action to correct public finances, including steep tax increases, has forecast that inflation for the whole year will be 0.7 percent.

Asia stock markets rise after US releases better-than-expected retail sales data

The Canadian PressMay 13, 2013 00:30

BANGKOK - Asian stock markets rose Tuesday after data showed U.S. consumers revved up their retail spending last month. The Commerce Department in Washington said retail sales increased 0.1 per cent in April from March, an improvement from March's 0.5 per cent decline. Economists had forecast that sales declined by 0.3 per cent in April. The uptick in spending on items such as clothing, cars and electronics is likely to boost the country's growth figures for the current quarter.

EBRD cuts 2013 growth outlook for Egypt, Russia

Agence France-PresseMay 11, 2013 23:54

The European Bank for Reconstruction and Development cut sharply on Friday its 2013 growth outlook for countries in Eastern Europe and Central Asia, and for Russia and Egypt in particular. The EBRD slashed its January forecast of 3.1 percent growth to 2.2 percent for a broad swath of nations that extends to the Mediterranean rim. The bank's chief economist Erik Berglof termed the latest slowdown a "wakeup call across the region to re-energise structural reforms that have been on hold" since the start of the global economic crisis.

EBRD lowers outlook for Russia and Egypt in 2013

Agence France-PresseMay 11, 2013 18:16

The European Bank for Reconstruction and Development (EBRD) drastically lowered on Friday its overall growth outlook in 2013 for the countries in which it operates, particularly for Russia and Egypt. The EBRD slashed a January forecast of 2013 growth of 3.1 percent to 2.2 percent for all countries in its activity zone spreading from Eastern Europe to Central Asia and to the southern Mediterranean.