Stocks around the world and the euro fell sharply Monday as investors fretted over a plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation. Although Cyprus accounts for only around 0.2 per cent of the economic output of the 17 European Union countries that use the common euro, the tax on depositors was a significant policy shift that has...
05:45 PM, Mar 18, 2013
The euro dropped to a three-week low against the dollar and fell sharply versus the yen on Thursday after data painted a bleak picture of the euro zone economy, raising speculation the European Central Bank will cut interest rates. ...
08:31 AM, Feb 15, 2013
Athens: Greek lawmakers approved the country's 2013 austerity budget early on Monday, an essential step in Greece's efforts to persuade its international creditors to unblock a vital rescue loan installment without which the country will go bankrupt. The budget passed by a 167-128 vote in the 300-member Parliament. It came days after a separate bill of deep spending cuts and tax hikes for the next two years squeaked through with...
07:17 AM, Nov 12, 2012
Berlin: US Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action on Monday in the face of the eurozone debt crisis and faltering global growth, but left open what joint steps Europe and the United States would take to shore up the world economy in the coming months. Geithner travelled to the German North Sea island of Sylt for informal talks with Finance Minister Wolfgang...
01:20 AM, Jul 31, 2012
Los Cabos: Finger-length and emerald-green, the lawns of time-share condos and all-inclusive resorts seem to gleam in the bright sun as the surf rolls gently against the white-sand beaches of Los Cabos. Sometimes the only noise is the ruffling of palm fronds in the languid ocean breeze. It's an idyllic place to thrash out the terrifyingly uncertain fate of Europe and the global economy. Leaders of the world's largest economies...
08:29 AM, Jun 18, 2012
Fears of a Greek exit from the Eurozone have receded, as the pro-bailout conservative New Democracy Party has won the Parliamentary elections. ...
08:17 AM, Jun 18, 2012
Singapore: The euro jumped to a one-month high and Asian shares rose on Monday after Greece's cliffhanger election delivered a slim parliamentary majority to pro-bailout parties, a result seen as crucial to European leaders' efforts to hold the euro together. US stock index futures and riskier commodities such as crude oil also rose, while gold fell after having gained for the past six sessions, when investors had looked to bullion...
07:21 AM, Jun 18, 2012
Athens: Police say about 10 men armed with sledgehammers and wooden bats have attacked a polling station during Greece's election, wounding two policemen guarding it and setting fire to the ballot box. No voters were hurt during the attack on Sunday, which occurred half an hour before polls closed in the crucial election, which could determine whether Greece remains a member of the Eurozone. The attack - the only one...
12:04 AM, Jun 18, 2012
Athens: Greeks went to the polls on Sunday in an election that could decide whether their heavily indebted country remains in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency. In an election fought over the punishing austerity package demanded by international lenders as the price of keeping Greece from bankruptcy, opinion polls showed the radical leftist SYRIZA party, which wants...
01:30 PM, Jun 17, 2012
Athens: European leaders urged Greece to reject radical leftists who threaten to tear up the terms of a bailout deal should they win an election on Sunday, a result that would send shockwaves through global financial markets. Riding a wave of anger to rise from obscurity to contender for power, leftist SYRIZA leader Alexis Tsipras, 37, promises to reject the punishing terms of the 130 billion euro bailout if he...
02:06 AM, Jun 17, 2012
Washington: US President Barack Obama and Prime Minister Manmohan Singh agreed on Thursday on the need to buffer the global economy against risks from the European debt crisis, the White House said. In a readout of their telephone call before the G20 meeting in Mexico next week, the White House said the two leaders discussed "the importance of steps to strengthen the resilience of the global economy" with a focus...
04:39 AM, Jun 15, 2012
Finance Minister Pranab Mukherjee said on Saturday that India was watching the euro crisis very closely. ...
03:08 PM, May 20, 2012
Rupee dropped to an all-time low 54.56 to the dollar in Thursday's trade. Sources say RBI may step in to arrest the fall. ...
05:03 PM, May 17, 2012
Mumbai: The rupee fell to a new record low against the dollar on Thursday as local stocks gave up gains notched earlier in the session while the euro remained near four-month lows. The rupee was last trading at a record low of 54.5650, breaching its previous all-time low of 54.52 hit just on Wednesday. Local stocks were trading flat after rising as much as 1.3 per cent earlier in the...
04:50 PM, May 17, 2012
New Delhi: Prime Minister Manmohan Singh on Saturday said the Indian economy was facing "difficulties" but expressed hope that the challenges will be overcome. "There are difficulties. Life will not be worth living if there are no difficulties. I am confident with great determination, we will overcome (these)," Singh said in his brief intervention at a panel discussion here this evening. The Prime Minister was the chief guest at a...
09:12 PM, Apr 14, 2012
Madrid: It's 10.30 on a chilly winter's morning in central Madrid and retailer Emanuela Scena is opening up for business. Her shop is one of several offering second-hand goods that have sprung up in Spain's capital during the economic crisis and is packed to the rafters with clothes, books, CDs and electrical equipment. But unlike the others, it doesn't take cash. It's part of a barter economy in goods and...
05:23 PM, Feb 21, 2012
Brussels: Greece gave in to more painful spending and job cuts on Thursday, only to have European ministers question whether they were enough to deliver a euro130 billion bailout and stave off bankruptcy. Greece's new austerity plan, which makes sharp cuts to the minimum wage and thousands of public-sector jobs, ignited fresh criticism from unions and the country's deputy labor minister, who resigned in protest after the deal was reached...
06:42 AM, Feb 10, 2012
Beijing: A sharp downturn in Europe could cut China's economic growth rate nearly in half, the International Monetary Fund said on Monday, adding to warnings about a possible severe global slowdown this year. The IMF said Beijing should be ready to launch a multibillion-dollar stimulus to ward off a slump in the world's second-largest economy. The IMF is forecasting 8.2 per cent growth this year for China but said that...
08:55 PM, Feb 06, 2012
Davos: The ice appeared to be melting over tackling euro crisis at the Swiss alpine resort with the leaders of several European nations agreeing to press for tighter rules and greater fiscal prudence to keep the common currency afloat. The urgency to introduce fiscal discipline and hope that the euro crisis would be resolved sooner than later was expressed by leaders of various smaller European countries at the meeting of...
05:24 PM, Jan 27, 2012
Madrid: Spain's new conservative Prime Minister was sworn in on Wednesday and he later appointed his Cabinet, including ministers charged with lifting the country out of its severe economic crisis. Mariano Rajoy was sworn in as premier before King Juan Carlos. Rajoy then appointed 12 ministers and said close party colleague Soraya Saenz de Santamaria would be government spokeswoman and deputy premier. Rajoy's Popular Party won a landslide victory in...
04:31 AM, Dec 22, 2011
