Archive Europe: Economy


  • *European Central Bank approves bailout plan- sources. MILAN/ SIENA, July 29- The European Central Bank has approved a privately funded rescue of Italy's third-largest lender, Monte dei Paschi di Siena, three sources said on Friday, staving off the risk that regulators would be forced to wind up its business. Under the bailout plan to be unveiled later in the day,...

  • *Traders pare Fed rate-hike view on paltry U.S. growth. NEW YORK, July 29- U.S. Gross domestic product, the government's broadest economic gauge, grew at a 1.2 percent annual rate after rising the Commerce Department said on Friday.

  • The IMF missed signs of a banking calamity, lacked independence and failed to hold countries to account, the organization's internal watchdog has said.

  • A picture shows the Chigi palace, the headquarters of Italian government, in Rome on February 14, 2014.

    Our live blog tracked reaction as investors awaited the results of the European Banking Authority's 'stress test' on 51 banks.

  • LONDON, July 28- Britain's battered pound looks to be holding its own a month after the shock vote for a Brexit, even as the Bank of England prepares to take UK interest rates below their U.S. equivalents for the first time in a decade. Sterling sank by 14 percent within hours of the decision to quit the European Union in June 23' s referendum and banks were quickly...

  • WASHINGTON, July 29- The U.S. economy grew far less than expected in the second quarter as inventory investment fell for the first time in nearly five years, but a surge in consumer spending pointed to underlying strength. Gross domestic product increased at a 1.2 percent annual rate after rising by a downwardly revised 0.8 percent pace in the first quarter, the...

  • MADRID— The acting Spanish government has revised upward its forecast for economic growth this year from 2.7 percent to 2.9 percent. The National Statistics Institute also confirmed preliminary estimates that the economy grew by 0.7 percent in the second quarter compared with the previous three months, and 3.2 percent on the year. Spain emerged from...

  • MADRID, July 29- Spain's acting government raised forecasts for 2016 economic growth on Friday, betting the economy will remain largely immune to an extended political deadlock after a resilient start to the year. Underpinned by a turnaround in one of Europe's most dysfunctional job markets, Spain has extended its three-year recovery from a deep recession...

  • Political and economic problems have combined to derail the group's plans to sell text books and mark exams in the United States, and the group blamed a drop in revenue from exam marking in the U.S. and Britain, its top two markets, for its disappointing first-half performance. Analysts, however, were skeptical and Pearson's shares were the biggest losers on...

  • MADRID— The number of tourists visiting Spain jumped by 12 percent in the first six months of 2016, as a mix of economic concerns and fears of extremist attacks continued to drive foreigners away from rival Mediterranean destinations. Spain's National Statistics Institute said Friday that some 33 million tourists arrived between January and June.

  • *Iran's crude oil exports to Asia surge. LONDON, July 29- Oil prices fell to their lowest levels since April on Friday, with on Brent track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products. Brent crude oil futures were trading at $41.89 by 0908 GMT, down...

  • European stress test closely watches Italian banks

    European bank stress tests are out on Friday but there is no specific pass or fall. CNBC's Wilfred Frost explains.

  • LONDON— It seems that the strong start to the year was another false dawn for the eurozone economy and that the European Central Bank will have more to do in the months ahead to shore up growth. New figures released Friday confirmed that the eurozone, which is made up of 19 countries from Ireland to the west to Cyprus in the east, suffered a sizeable slowdown in the...

  • Very little visibility about the future: UBS CEO

    UBS CEO, Sergio Ermotti, tells CNBC why the future for the lender isn’t looking too rosy.

  • MADRID, July 29- Spain's economy expanded at a slightly slower pace in the second quarter, though a seven-month delay to form a new government has yet to markedly derail a recovery and officials are optimistic about full-year growth. Playing down concerns over the fallout from two inconclusive elections, Spain's caretaker conservative government is poised...

  • Europe's banks facing testing times: Barclays CEO

    Barclays CEO, Jes Staley, says European Banks need to get in a better position of profitability, when discussing the future of the sector post-Brexit.

  • Need to build more affordable homes: London Mayor

    Labour Mayor of London, Sadiq Khan, talks about the housing crisis in the U.K., following the Brexit vote.

  • Labour Mayor of London, Sadiq Khan says that, after the Brexit result, there was a perception that somehow London would stop being open-minded or outward-looking.

  • Mayor of London Sadiq Khan talks about his discussions with cabinet ministers on London’s role in the Brexit negotiations.

  • Complacency in markets has returned too quickly: CEO

    When you’re looking for an opportunity for a recovery in the European economy, it is very highly dependent on how healthy the banks are says Gina Sanchez, Chantico Global CEO.

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