Economy of the European Union

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.

Latvia on target for 2014 eurozone bid

Agence France-PresseMay 10, 2013 23:30

Eurozone hopeful Latvia was boosted on Friday by economic data which suggested that its bid to adopt the single currency in January was firmly on track. Average annual inflation, a key benchmark for eurozone entry, stood at 1.2 percent in the first three months of the year, well within the eurozone limits according to data released by the national statistics office. On a 12-month basis, consumer prices declined by 0.4 percent in April, it added.

German official raw trade surplus rises in March

Agence France-PresseMay 10, 2013 15:12

Germany's trade surplus increased in March for the third month in a row, rising to 18.8 billion euros from 16.8 billion euros in February, unadjusted data from the federal statistics office showed on Friday. But seasonally adjusted data showed that the trade surplus fell slightly to 17.6 billion euros ($23.0 billion) from 17.7 billion dollars in February. The data showed that German exports are suffering from the knock-on effect of the eurozone debt crisis. The unadjusted value of imports rose to 75.8 billion euros and of exports to 94.6 billion euros.

European stocks mixed, euro falls against the dollar

Agence France-PresseMay 10, 2013 12:19

Europe's main stock markets were mixed but mostly stronger on Thursday while the euro eased against the dollar as traders digested the Bank of England's keeping its main interest rate unchanged, and booked profits after several days of gains. London's benchmark FTSE 100 index of top companies gained 0.13 percent to 6,592.18 points and Frankfurt's DAX 30 added 0.17 percent to 8,263.47 points while in Paris the CAC 40 slid by 0.85 percent in value to 3,922.70 points.