Economy of the European Union

Swiss economy swells 0.6%, beats expectations

Agence France-PresseMay 30, 2013 07:19

The Swiss economy grew 0.6 percent in the first three months of the year, official data showed on Thursday, beating expectations and confirming its spot among the soundest economies in struggling Europe. The country's quarter-on-quarter growth easily beat the expectations of analysts polled by financial agency AWP, who had expected gross domestic product to grow by 0.2-0.4 percent. Compared to the same quarter last year, Swiss GDP performed even better, growing 1.1 percent, according to the statistics from Switzerland's State Secretariat for Economic Affairs, or SECO.

European stocks brush off Tokyo plunge

Agence France-PresseMay 30, 2013 07:18

European stock markets rose on Thursday despite plunging Japanese stocks and heavy Wall Street losses overnight, and as traders looked ahead to US growth data as the world's biggest economy outpaces the indebted eurozone. London's FTSE 100 index of leading shares climbed 0.15 percent to 6,637.23 points in late morning deals. Frankfurt's DAX 30 index gained 0.23 percent to 8,355.65 points and in Paris the CAC 40 won 0.46 percent to 3,992.44.

Asian stocks fall, Tokyo plummets on stronger yen

Agence France-PresseMay 30, 2013 05:16

Asian stocks fell on Thursday, with Tokyo plummeting more than five percent as the yen gained strength, after a series of economic forecasts underlined concerns over global growth. Investors were also weighing the implications of a potential softening of the US Federal Reserve's aggressive stimulus programme amid fears of a correction in US markets. Tokyo stocks tumbled 5.15 percent, or 737.43 points, to 13,589.03 as jittery investors dumped shares following a sharp fall on Wall Street.

French, German leaders to discuss youth jobs, recovery plan

Agence France-PresseMay 30, 2013 05:16

The leaders of France and Germany meet Thursday in Paris to discuss a joint plan to combat a spiralling youth jobs crisis in the eurozone which threatens the future of millions. German Chancellor Angela Merkel will meet counterpart Francois Hollande to hammer out a common position on the subject, which will be among key issues dominating a European Union summit at the end of June.

EU seals reform deal to replenish fish stocks

Thomson ReutersMay 30, 2013 01:46

BRUSSELS (Reuters) - The European Union agreed on Thursday to put an end to decades of over-fishing and rebuild dwindling stocks by 2020, as part of a deal to overhaul the bloc's fisheries policy. The agreement will put an end to annual haggling over catch quotas by EU ministers in Brussels, widely blamed for putting short-term economic interests above the long-term health of Europe's fish stocks.

S. Korea's industrial output grows 0.8 pct in April

Yonhap News AgencyMay 29, 2013 22:17

SEJONG, May 30 (Yonhap) -- South Korea's industrial output grew in April for the first time in four months amid still lingering economic uncertainties, a government report showed Thursday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries increased 0.8 percent last month from a month earlier. From a year ago, it grew 1.7 percent, bouncing back from two consecutive months of contractions.

S. Korea's industrial output grows 0.8 pct in April

Yonhap News AgencyMay 29, 2013 20:44

ECB says surprised by sharp slowdown in inflation

Agence France-PresseMay 29, 2013 15:06

Inflation in the eurozone has slowed much more sharply than expected and could prove a headache for banks and growth, European Central Bank deputy president Vitor Constancio said on Wednesday. Presenting the ECB's half-year financial stability report, Constancio told a news briefing that there had been "a very quick decrease, quicker than foreseen" in inflation across the 17-nation single currency area. "1.2 percent in April was a surprise," Constancio said, adding the ECB was "monitoring the speed of the decline".

OECD warns Europe's economy to worsen this year, threatening global recovery

The Canadian PressMay 29, 2013 11:50

PARIS - The recession in Europe risks threatening the world's economic recovery, a leading international body warned Wednesday. In its half-yearly update, the Organization for Economic Cooperation and Development said that protracted economic weakness in Europe "could evolve into stagnation with negative implications for the global economy."

ECB says bank loans to businesses falls in April, another sign of continuing economic weakness

The Canadian PressMay 29, 2013 11:50

FRANKFURT - The European Central Bank says that lending by banks to companies fell in April, further evidence of a slack eurozone economy. The ECB said Thursday that loans to non-financial corporations across the 17 European Union countries that use the euro decreased by 1.9 per cent from a year ago, even worse than the 1.3 per cent fall recorded in the previous month. The figures reflect the weak eurozone economy, which shrank a further 0.2 per cent in the first quarter.