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Former German finance minister who helped launch euro now advocates end to common currency

The Canadian PressMay 6, 2013 06:15

BERLIN - The leftwing opposition politician who was Germany's finance minister when the euro was adopted says it's time to think about abandoning the common currency in the wake of the enormous economic problems in southern Europe. Oskar Lafontaine says on his website that struggling eurozone countries have not been able to devalue their currencies to help them cope with the economic crisis that has seen several slip into recession.

Germany's Schaeuble defends delaying France deficit target

Agence France-PresseMay 4, 2013 13:01

German Finance Minister Wolfgang Schaeuble has defended the European Commission's decision to give France two more years to meet the EU deficit target of three percent. In an interview with the daily Bild to appear in Sunday's edition, Schaeuble noted the European Union's growth and stability pact "allows a certain flexibility in applying the rules." He added however that "the Commission and the (German) government are in complete agreement that there must not be any relaxing of (economic) reforms."

Barroso defends Merkel on austerity

Agence France-PresseMay 4, 2013 09:00

European Commission president Jose Manuel Barroso on Saturday defended German Chancellor Angela Merkel against criticism that she is to blame for harsh austerity measures being implemented across Europe. "What is happening in France or in Portugal is not the fault of Mrs Merkel or of Germany," he is quoted as saying in the German newspaper Welt am Sonntag.

German stocks hit record close on US jobs data

Agence France-PresseMay 3, 2013 13:46

European stock markets closed the week with strong gains, including a record in Frankfurt on Friday, owing to upbeat US jobs figures that augured well for the world's biggest economy and its trading partners. The DAX 30 index of leading German shares jumped by 2.02 percent to an all-time high of 8,122.29 points while in London, the FTSE 100 index added 0.94 percent to 6,521.46 points. In Paris the CAC 40 jumped 1.40 percent to 3,912.95 points, its highest closing level since July 8, 2011.

European stocks rise before US jobs data

Agence France-PresseMay 3, 2013 07:46

European stock markets and the euro rose on Friday ahead of key US jobs data, ending the week positively after heavy losses in recent days. London's FTSE 100 index of top companies gained 0.23 percent to stand at 6,476.12 points approaching midday in the British capital. Frankfurt's DAX 30 climbed 0.33 percent to 7,987.30 points and in Paris the CAC 40 won 0.16 percent to 3,864.90 points. In foreign exchange trade, the European single currency advanced to $1.3129 from $1.3063 late in New York on Thursday.

Asian shares rise after ECB rate cut

Agence France-PresseMay 3, 2013 07:00

Asian markets mostly rose on Friday, aided by a European Central Bank interest rate cut aimed at stimulating growth in the sluggish eurozone and a positive US jobless claims report. Seoul closed 0.43 percent, or 8.50 points, higher at 1,965.71, Shanghai ended up 1.44 percent, or 31.38 points, at 2,205.50 and Hong Kong rose 0.10 percent, or 21.66 points, to 22,689.96. Sydney ended flat at 5,129.5, having lost 0.5 points, while Tokyo was closed for a public holiday.

Asian shares rise after ECB rate cut

Agence France-PresseMay 3, 2013 04:45

Asian markets mostly rose on Friday, aided by a European Central Bank interest rate cut aimed at stimulating growth in the sluggish eurozone and a positive US jobless claims report. Seoul closed 0.43 percent, or 8.50 points, higher at 1,965.71, Shanghai ended up 1.44 percent, or 31.38 points, at 2,205.50 and Hong Kong rose 0.10 percent, or 21.66 points, to 22,689.96. Sydney ended flat, losing 0.5 points, at 5,129.5 while Tokyo was closed for a public holiday.

Asian shares rise after ECB rate cut

Agence France-PresseMay 3, 2013 04:15

Asian markets mostly rose on Friday, aided by a European Central Bank interest rate cut aimed at stimulating growth in the sluggish eurozone and a positive US jobless claims report. Seoul closed 0.43 percent, or 8.50 points, higher at 1,965.71 while Sydney ended flat, losing 0.5 points, at 5,129.5. In afternoon trade Shanghai jumped 1.41 percent and Hong Kong gained 0.21 percent. Tokyo was closed for a public holiday.

Euro gains in Asian trade after ECB rate cut

Agence France-PresseMay 3, 2013 02:31

The euro gained in Asian trade Friday after the European Central Bank (ECB) slashed interest rates to a record low in a bid to spur economic growth in the debt-stricken eurozone. The euro recovered from initial losses and was trading at $1.3073 in afternoon Asian hours from $1.3063 in New York late Thursday. The single currency was also buying 128.12 yen from 127.93 yen. The dollar was up to 98.01 yen from 97.93 yen. Trading was light, with Japanese markets closed for a holiday.

Oil takes breather in Asia after strong rally

Agence France-PresseMay 3, 2013 01:45

Oil prices took a breather in Asian trade Friday as investors locked in profits after a strong rally following the European Central Bank's decision to cut interest rates. New York's main contract, light sweet crude for delivery in June, dropped 30 cents to $93.69 a barrel and Brent North Sea crude for June delivery shed 25 cents to $102.60 in afternoon trade. Prices surged nearly $3.0 in closing deals Thursday after the ECB slashed interest rates to a record low of 0.50 percent, with upbeat US economic data also boosting sentiment.