The latest in Europe

Analysis: Economy to show stamina as global growth slows

2011-12-22T21:30:06Z

WASHINGTON (Reuters) - The economy is gaining momentum and should push through next year with only a few bruises despite an almost certain European recession and slower global growth.

A firming in the anemic labor market should put the economy in reasonable shape to withstand headwinds from overseas, although the recovery will likely slow at the start of the year after a ...

Surprise 0.6% growth in third quarter

2011-12-22T11:30:32Z

Britain's economy showed unexpectedly strong growth of 0.6 percent in the third quarter, official data revealed on Thursday, but the country still faces possible recession in the new year.

The Office for National Statistics (ONS) revised higher its estimate for gross domestic product (GDP) growth between July and Se...

Britain surprises with stronger growth

2011-12-22T10:30:24Z

Britain's economy showed unexpectedly strong growth of 0.6 percent in the third quarter, official data revealed on Thursday but the country still faces possible recession in the new year.

The Office for National Statistics (ONS) revised higher its estimate for gross domestic product (GDP) growth between July and Sep...

Analysis: For euro zone, a year of deleveraging dangerously

2011-12-22T07:30:14Z

LONDON (Reuters) - With governments laboring under too much debt and banks hobbled by too little capital, 2012 is shaping up as another year of hard slog for Europe's economy that could yet test the single currency to destruction.

The Netherlands on Thursday became the ...

BOJ keeps policy on hold but cuts economic view

2011-12-20T20:00:08Z

TOKYO (Reuters) - The Bank of Japan kept monetary settings unchanged on Wednesday but cut its assessment of the economy on mounting evidence of the pain Europe's debt crisis is inflicting on global growth and Reuters) - Oracle Corp's profit missed Wall Street's forecasts for the first time in a decade after new software sales sputtered, hammering its shares and stoking fears that a global economic slowdown is hurting tech spending.

Shares in t...

German economic data bring sparkle to eurozone gloom

2011-12-20T09:30:34Z

Two leading sentiment indicators in Germany surprised on the bright side here on Tuesday, bringing a rare touch of Christmas sparkle to the pall of gloom hanging over the eurozone.

The Ifo economic institute said it was bringing "good tidings" with the announcement that its closely watched business sentiment index defied analysts' expectations for the second month in a row and rose to 10...

Europe economic crisis a chance to go green: Denmark

2011-12-19T09:30:37Z

BRUSSELS (Reuters) - Denmark said Europe's financial crisis was the chance to transform the region into a much greener economy as it set out priorities Monday for its forthcoming European...

New Spanish leader pledges deep crisis cuts

2011-12-19T08:30:32Z

MADRID (Reuters) - Spain's incoming Prime Minister Mariano Rajoy took aim at his country's economic woes Monday, promising deep spending cuts at all levels of government while offering tax breaks for companies.

It was a salv...

Italian budget in home stretch, unions on warpath

2011-12-18T15:00:05Z

ROME (Reuters) - Italy's austerity budget, vital to get Rome's accounts in order and help save the euro from collapse, enters its final stretch this week, with unions still mounting roadblocks to its path.

The 33 billion euro ($43 billion) package of cost cuts and new taxes was pass...

Eurozone bank failures could cause U.S. credit squeeze: Kaufman

2011-12-18T10:00:10Z

(Reuters) - Euro-zone bank failures could lead to a credit squeeze in the United States, hurting an already subpar U.S. economic recovery, warned the well-known Wall Street economist Henry Kaufman.

A deterioration in the European financial system "could cause some of t...

Trade finance drying up amid financial crisis

2011-12-17T16:30:09Z

Trade finance is drying up amid the financial crisis, threatening jobs and economic growth, trade sources warned Saturday.

Banks like Credit Agricole and BNP Paribas -- two of the 25 financial institutions most active in such financing -- have recently reduced their trade financing business, said a trade source on the sidelines of...

Monti wins vote on Italian austerity package

2011-12-16T09:30:11Z

ROME (Reuters) - Italy's government easily won a confidence vote on its tough austerity package on Friday, the first step in parliamentary approval for sweeping measures aimed at saving the euro zone's third-largest economy from financial disaster.

The Chamber of Deputies app...

US business sees hope at home, gloom abroad

2011-12-15T18:30:26Z

Something is stirring in corporate America. Heading into 2012, years of nervous uncertainty about the fate of the world's largest economy has been replaced with a slightly different form of nervous uncertainty.

"We're probably not moving into a double-dip recession," said Brian Derksen, deputy CEO of Deloitte Touche Tohmatsu, the global advisory firm.

"The ge...

France to enter recession, 1% growth target hopeful: INSEE

2011-12-15T18:30:25Z

France will fall into a brief recession and the government's 2012 growth target of 1.0 percent will be difficult to achieve, the official INSEE statistics agency warned Thursday.

INSEE said it expects France to enter a mild recession in the final quarter of this year and the first quarter of 2012.

...

German manufacturing shrinks for 3rd month in December: PMI

2011-12-15T03:00:06Z

BERLIN (Reuters) - German manufacturing contracted for a third straight month in December and looked unlikely to provide a lift to Europe's largest economy soon as new orders continued to dry up, a survey showed on Thursday.

The purchasing managers' index (PMI) for the sec...

German manufacturing shrinks for 3rd month in December - PMI

2011-12-15T02:00:10Z

The purchasing managers' index (PMI) for the sec...

Asia Q4 corporate sentiment falls on global worries: poll

2011-12-14T20:00:11Z

SINGAPORE/BEIJING (Reuters) - Business sentiment among Asia's top companies slid in the fourth quarter to its lowest in two years, with executives rattled by rising costs and fears over where the global economy is heading.

The Reuters Asia Corporate Sentiment Index fell to 57 in the fourth quarter from 63 i...

IMF says Greece must move faster on reforms

2011-12-14T14:00:22Z

ATHENS (Reuters) - The International Monetary Fund stepped up pressure on Greece on Wednesday, saying promised reforms were behind schedule in most areas and the delays were stalling recovery from years of recession.

Greece, crushed under debt amounti...

UK Conservatives take poll lead after EU veto

2011-12-14T05:00:16Z

LONDON (Reuters) - Britain's Conservatives have overtaken the Labour opposition in an opinion poll for the first time this year, enjoying a bounce from Prime Minister David Cameron's veto of a new Reuters) - Europe's economic prospects next year are so bleak that 2011, for all the euro's agonies, has every chance of being remembered fondly.

In forging a fiscal compact that aims to put the single currency on a firmer long-term footing, euro zone leaders have s...

US praises progress in EU debt summit

2011-12-09T20:30:25Z

The United States on Friday said signs of progress in the fight to end the eurozone debt crisis were "a good thing" but added that work remained to be done.

"There has been some progress and that's a good thing," said White House spokesman Jay Carne...

China's stone workshops silenced by European crisis

2011-12-09T07:00:24Z

DANGCHENG, China (Reuters) - Mournful ancient Roman lovers, a boy Mozart and half a dozen angels lie in weeds behind the padlocked gates of an abandoned sculpture workshop in Dangcheng town, victims of economic waves rippling across the world to this corner of northern China.

...

Companies sit on $2.12 trillion in cash in third quarter

2011-12-08T09:30:49Z

WASHINGTON (Reuters) - U.S. companies sat on their largest pile of cash on record during the third quarter, providing a substantial buffer against any blow that might come from Europe's debt crisis, data from the Federal Reserve showed on Thursd...

Airlines brace for heavy Europe crisis impact

2011-12-07T07:00:13Z

GENEVA (Reuters) - Airlines worldwide face over $8 billion in losses next year if Europe's politicians fail to get to grips with the region's debt crisis, the industry's leading trade group warned on Wednesday.

A collapse of efforts to shore up the euro and prevent a new shock to the global banking system would hit air transport across the globe an...

France vows powerful summit deal

2011-12-07T04:30:42Z

PARIS (Reuters) - The leaders of France and Germany will not leave this week's EU summit until a "powerful" deal is reached to arrest the euro zone debt crisis, ...

China pledges support for EU action on debt

2011-12-06T17:30:36Z

China pledged support Tuesday for European action on the sovereign debt crisis and expressed hopes that an EU summit this week can help stabilise markets and stop it from spreading.

"The Chinese side will continue to support the building of a unified Europe and support efforts by Europe to overcome the sovereign debt crisis,"...

Slovenia mayor faces tough coalition talks

2011-12-05T02:30:15Z

LJUBLJANA (Reuters) - Slovenia tasked the mayor of its capital city on Monday with establishing a government to stop the euro zone member's slide back into recession, and he faces potentially weeks of tough coalition talks.

The Europ...

Slovenia asks mayor to form recession-busting coalition

2011-12-04T16:00:15Z

LJUBLJANA (Reuters) - Slovenia tasked the mayor of its capital city Monday with forging a government to halt the euro zone member's slide back into recession, and he faces potentially weeks of tough coalition talks.

The European cris...

Ljubljana mayor wins Slovenia election upset

2011-12-04T14:00:12Z

LJUBLJANA (Reuters) - The centre-left mayor of Slovenia's capital Ljubljana won a narrow victory in a parliamentary election on Sunday, making the outgoing Social Democrats the latest casualties of the euro zone economic crisis.

The defeat for

Slovenia to turn center right for economic lift

2011-12-04T10:30:13Z

LJUBLJANA (Reuters) - Slovenia voted for a new government on Sunday with the center-right opposition set to return to power on a pledge of painful reforms to halt the European Union member's slide back into recession.

Italy PM meets unions ahead of crisis plan approval

2011-12-04T05:30:08Z

ROME (Reuters) - Prime Minister Mario Monti met unions on Sunday to build support before the cabinet approves a 20-billion-euro package of austerity measures aimed at shoring up Italy's strained finances and stemming a crisis that threatens to overwhelm the LJUBLJANA (Reuters) - Slovenia votes for a new government Sunday with the center-right opposition set to return to power on a pledge of painful reforms to halt the European Union member's slide back into recession.

Once a m...

Merkel under fire at home over eurobond stance

2011-12-03T14:30:10Z

German Chancellor Angela Merkel's uncompromising stance on Europe's financial crisis faced mounting criticism on Saturday as senior political figures urged her to reconsider her rejection of eurobonds.

"One cannot categorically rule out resorting to eurobonds. They could become vital," European Energy Commissioner ...

Fed's Rosengren: Euro governments have "long way to go"

2011-12-02T12:30:34Z

BOSTON (Reuters) - European governments have "a long way to go" in improving their fiscal positions and solving a spreading sovereign debt crisis, said Boston Federal Reserve Bank President Eric Rosengren.

The ...

Analysis: Crisis-hit Italy tests Fiat's allegiance

2011-12-02T08:30:46Z

MILAN (Reuters) - Fiat SpA's five car factories in Italy are all in the red and its profits now driven squarely by U.S. affiliate Chrysler, meaning a further scaling back of its 100-year-old Italian operations -- if not a complete pullout -- now looks increasingly likely.

The compa...

Analysis: Crisis-rent Italy tests Fiat's allegiance

2011-12-02T08:30:35Z

The compa...

IMF sees crisis boosting emerging economies role

2011-12-02T06:00:27Z

SAO PAULO (Reuters) - The debt crisis in Europe is accelerating the shift towards a greater role for emerging economies on the world stage, Christine Lagarde, the managing director of the ZAGREB (Reuters) - A center-left opposition bloc is on course to take power in Croatia on Sunday but faces a tougher fight to revive the ex-Yugoslav republic's flagging economy before it joins the European Union in 2013.

Voters loo...

Croatia centre-left to take power as economy sinks

2011-12-01T10:00:49Z

ZAGREB (Reuters) - A centre-left opposition bloc is on course to take power in Croatia on Sunday but faces a tougher fight to revive the ex-Yugoslav republic's flagging economy before it joins the European Union in 2013.

Voters loo...

ECB's Noyer says must stabilize bonds as Europe in crisis

2011-11-30T02:30:26Z

SINGAPORE (Reuters) - Europe's debt crisis has significantly worsened, threatening global markets, so it is essential to stabilise the region's bond markets, European Central Bank governing council member Christian Noy...

Government slashes economic growth outlook

2011-11-29T18:30:54Z

The government slashed its growth outlook on Tuesday, blaming the impact of the eurozone debt crisis, and unveiled a £30-billion infrastructure scheme to help kickstart the economy.

Finance minister George Osborne, delivering his autumn statement to parliament, insisted however that there would be no let-up in the coalition's plans to axe the deficit and s...

Britain slashes economic growth outlook

2011-11-29T18:30:27Z

The British government slashed its growth outlook on Tuesday, blaming the impact of the eurozone debt crisis, and unveiled a £30-billion infrastructure scheme to help kickstart the economy.

Finance minister George Osborne, delivering his autumn statement to parliament, insisted however that there would be no let-up in the coalition's plans to axe the defic...

EU trade holding up, but risks ahead: De Gucht

2011-11-29T14:30:57Z

WASHINGTON (Reuters) - European Union Trade Commissioner Karel De Gucht said Tuesday that European import demand was holding up well despite the debt crisis, but trade could fall suddenly if a recession takes hold.

"When you get into a crisis you can have a ver...

EU trade holding up, but risks ahead-De Gucht

2011-11-29T14:30:52Z

"When you get into a crisis you can have a ver...

UK growth slows to crawl, austerity to persist

2011-11-29T06:30:17Z

LONDON (Reuters) - Britain's coalition government unveiled sharply lower economic growth forecasts on Tuesday and said it would take much longer than hoped to wipe out its deficit, meaning tough austerity measures would extend beyond the next election due in 2015.

Finance Minister Reuters) - The British government unveiled sharply lower economic growth forecasts on Tuesday and said it would take longer than hoped to wipe out its deficit, meaning that tough austerity measures would extend beyond 2015.

Finance Minister George Osborne warned that the British economy risked getting dragged in...

Britain faces 'double-dip recession'

2011-11-28T10:31:47Z

Britain's economy faces a double-dip recession, according to new forecasts from the OECD, which predicts the economy will start to shrink again in coming months.

In the latest edition of its twice-yearly forecasts, the think-tank predicts Britain's GDP (gross domestic product) will shr...

Morgan Stanley further cuts Asian growth forecast

2011-11-28T04:30:45Z

Morgan Stanley further slashed its growth forecasts for Asia next year due to increasing risks from the debt crisis in Europe and weakening domestic demand.

Asia excluding Japan is now expected to grow 6.9 percent instead of its previous estimate of 7.3 percent, the US bank...

IMF denies in Italy aid talks

2011-11-28T01:00:09Z

ROME (Reuters) - Italy's prime minister faces a testing week as he seeks to shore up the country's strained public finances, with an IMF mission expected in Rome and market pressure building to a point where outside help may be needed to stem a full-scale debt emergency.

However, an IMF spokespe...

Italy's PM in austerity race, IMF denies in aid talks

2011-11-28T00:30:12Z

However, an IMF spokespe...

Italy's Monti in austerity race as IMF role eyed

2011-11-27T15:30:50Z

ROME (Reuters) - Prime Minister Mario Monti faces a testing week seeking to shore up Italy's strained public finances, with an IMF mission expected in Rome and market pressure building to a point where outside help may be needed to ste...

Struggling to stay above water

2011-11-27T15:30:28Z

WASHINGTON (Reuters) - The world economy is on a slippery slope. The euro zone appears to have tipped into a mild recession and the rest of the global economy is struggling to hold onto firm ground.

China is slowing, Belgium fell in behind model eurozone pupils Italy and Greece on Saturday, its feuding politicians ending 19 months of deadlock with an 11th-hour budget deal that met EU strictures hours after a brutal downgrade.

"There is an agreement," French...

Thousands of Portuguese workers protest against cuts

2011-11-24T09:30:08Z

LISBON (Reuters) - Portuguese workers' general strike halted public transport and some factories in many parts of the country on Thursday and thousands marched to protest against austerity measures imposed as the price of an EU/IMF bailout.

The 78 billion euro ($100 billion) r...

Portuguese strike against bailout austerity

2011-11-24T05:30:27Z

LISBON (Reuters) - Portuguese workers went on strike on Thursday, halting public transport and factories in many parts of the country to protest against harsh austerity measures imposed as the price of an EU/IMF bailout.

The rescue funds are designed to keep MADRID (Reuters) - Millions are out of work and a recession looms, all the more reason for Spaniards to dig deep into their pockets to gamble on the famous El Gordo (Fat One) Christmas lottery, the world's biggest jackpot, which will make a record payout this year.

"Things are tough this year, but I am definitely going to get a Christmas lottery ti...

EU leaders to brief Obama on debt crisis at summit

2011-11-22T08:00:25Z

BRUSSELS (Reuters) - President Barack Obama will offer what guidance he can on how to resolve the European debt crisis when he meets the EU's top officials at a summit in Washington next week, the U.S. ambassad...

East Asia cushioned from global crisis: World Bank

2011-11-22T03:30:18Z

Growth in East Asian economies will slow next year with demand from key export markets in the United States and Europe falling as they struggle with their debt crises, the World Bank warned on Tuesday.

However the region's large foreign reserves and current-account surpluses will cushion it from the impact of a...

Moody's warns on French rating outlook

2011-11-21T09:30:29Z

PARIS (Reuters) - Moody's warned France on Monday that a sustained rise in its debt yields coupled with weakening economic growth could harm its ratings outlook, fuelling concern the euro zone's second largest ...

Singapore braces for sharply slower growth in 2012

2011-11-21T07:30:32Z

Singapore on Monday predicted sharply lower economic growth of 1.0-3.0 percent in 2012 amid an export slowdown and warned the situation could worsen if Europe's debt woes trigger a global crisis.

The figure is off the previous estimate of 2.5-3.5 percent and well down from the five percent predicted for 2011 as demand in the city-state's key export markets in Europe and the

Spain's cautious Rajoy thrust into crisis role

2011-11-20T15:30:07Z

MADRID (Reuters) - Mariano Rajoy, who will become Spain's new prime minister after a sweeping election victory on Sunday, is a cautious moderate who makes an unlikely crisis manager for a country engulfed in the

Economic crisis takes toll on bankers

2011-11-19T20:30:26Z

The pressure on London bankers to get to grips with the global financial crisis has led to stress, depression and insomnia among City workers, affecting even the most experienced bosses.

The phenomenon was brought to light when the chief executive of Lloyds Banking Group, Antonio Horta-Osario, announced that he was...

Economic crisis takes toll on Britain's bankers

2011-11-19T20:30:12Z

The pressure on London bankers to get to grips with the global financial crisis has led to stress, depression and insomnia among City workers, affecting even the most experienced bosses.

The phenomenon was brought to light when the chief executive of Lloyds Banking Group, Antonio Horta-Osario, announced that he was...

UK businesses see euro crisis as biggest challenge: poll

2011-11-19T16:30:28Z

More than two-thirds of business leaders in Britain believe the eurozone debt crisis will be the biggest challenge facing the country's economy next year, an opinion poll showed Sunday.

Seventy percent of business chiefs believe the euro crisis is "the biggest single factor likely to impact on the UK economy in 2012," showed the poll for the Morocco (Reuters) - Nigeria's central bank has reached the desired degree of stability for the country's naira currency and does not have a cause to be concerned over inflation due mostly to recent stability in its core components, Governor Lamido Sanusi said on Saturday.<...

Japan urges German 'central role' in euro 'firewall'

2011-11-17T19:30:32Z

Japan called on Germany on Friday to step up and help plug the widening hole in Europe's finances, saying Berlin should play a leading role in creating a debt "firewall".

Finance Minister Jun Azumi said the continent's largest economy needed to do more if Europe was to get out...

New Italy PM wins confidence vote on tough reform plans

2011-11-17T13:00:20Z

ROME (Reuters) - Italian Prime Minister Mario Monti comfortably won a vote of confidence in his new government on Thursday after promising rigor and fairness in painful reforms to dig the country out of a financial crisis that threatens the entire euro zone.

Outli...

Emergency post-election measures won't save Spain

2011-11-17T09:30:45Z

MADRID (Reuters) - Spain's new government may rush through emergency measures immediately after Sunday's parliamentary election, but unless the euro zone finds a durable systemic solution to its debt crisis, Madrid will still be forced to...

Analysis: Emergency post-election measures won't save Spain

2011-11-17T07:30:27Z

France and Germany clash over ECB crisis role

2011-11-17T03:00:24Z

PARIS/ROME (Reuters) - France and Germany, Europe's two central powers, have stepped up their war of words over whether the European Central Bank should intervene more forcefully ...

IMF replaces Europe director as debt crisis boils

2011-11-16T16:00:27Z

WASHINGTON (Reuters) - The International Monetary Fund replaced its European Director with a powerful, well-connected, insider on Wednesday in a sign the global lender is setting a more forceful course of action in dealing with the European crisis.

The global lender named Reza Moghadam

Hawks Kings Basketball

2011-01-04T22:01:17Z

Atlanta Hawks guard Jamal Crawford,left, shoots over Sacramento Kings guard Beno Udrih, of Slovenia during the first half of an ...

Blue Jackets Coyotes Hockey

2011-01-04T21:01:31Z

Columbus Blue Jackets' R.J. Umberger (18) scores a goal against Phoenix Coyotes' Ilya Bryzgalov, of Russia, during the second period of an New Jersey Devils' Andy Greene (6) and Minnesota Wild's Martin Havlat (24), of the Czech Republic, compete for the puck during the first period of an Italy's Manuela Moelgg competes during the first run of an alpine ski women's World Cup slalom event, in Zagreb, Tuesday, Jan. 4, 2011. (AP Photo/Darko Bandic)

Russia Schwarzenegger

2011-01-04T09:32:15Z

FILE - In this Monday, Oct. 11, 2010 file photo, Russian President Dmitry Medvedev, right, invites then California Gov. Arnold Schwarzenegger for a ride in his vintage car, a Soviet built Chaika luxury car, during their meeting in the Gorki residence outside Moscow, Russia. The Russian president and the Terminator are tweeting, and m...