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Europe: Economy

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  • Greek reforms: What should we expect?   Friday, 27 Mar 2015 | 12:00 PM ET
    Greek reforms: What should we expect?

    Holger Schmieding, chief economist at Berenberg, discusses what he expects Greece to say and do in terms of reforms in the coming weeks.

  • LONDON, March 27- With signs of a revival in euro zone growth failing to lift government bond yields off historic lows this week, investors have started to fear the ECB's asset-purchase scheme may be inflating a dangerous bubble. Since the European Central Bank launched its trillion euro quantitative easing program early this month, data has broadly beaten...

  • Spain's 2014 budget deficit below that set by EU Friday, 27 Mar 2015 | 10:34 AM ET

    MADRID— Spain says its budget deficit in 2014 ended up slightly above its target but below that sought by the European Union. Finance Minister Cristobal Montoro said Friday the country's deficit amounted to 5.7 percent of Spain's GDP. Spain has pledged to get it down to 2.8 percent in 2016— below the 3 percent rule for countries that use the euro.

  • NYT's Stewart on strong dollar and Europe   Friday, 27 Mar 2015 | 10:34 AM ET
    NYT's Stewart on strong dollar and Europe

    The New York Times' Jim Stewart says he found "great deals' on his trip to Europe, as the euro approaches parity with the U.S. dollar.

  • Brazil's economy barely avoided recession last year Friday, 27 Mar 2015 | 9:56 AM ET

    RIO DE JANEIRO— Brazil's economy grew just 0.1 percent last year, barely keeping the country out of a recession, the government's statistics bureau said Friday. It was the worst result since 2009 and bad news for President Dilma Rousseff, whose popularity has plummeted along with Brazil's economic performance. IBGE said Brazil's 2014 GDP totaled 5.52 trillion...

  • ATHENS, March 27- Greece is submitting a long-awaited list of reforms to euro zone and International Monetary Fund lenders on Friday in the hope it will unlock badly needed cash, a Greek government official said. The European Union and IMF lenders, informally called the Brussels Group, will meet in Brussels later on Friday to start discussing it, the official said.

  • Fitch downgrades Greece amid bailout uncertainty Friday, 27 Mar 2015 | 9:29 AM ET

    ATHENS, Greece— The ratings agency Fitch has downgraded Greece's sovereign rating amid growing uncertainty over the new government's pledge to overhaul reforms needed to restart bailout loan payments and avoid default. The government has promised to ax austerity measures that cut chronic deficits but kept Greece in a punishing recession for six years.

  • WASHINGTON, March 27- U.S. economic growth cooled in the fourth quarter as previously reported and after-tax corporate profits recorded their biggest drop since early 2011, as a strong dollar dented the earnings of multinational corporations. Gross domestic product expanded at a 2.2 percent annual rate last quarter, the Commerce Department said on Friday...

  • WASHINGTON— The U.S. economy's tepid performance last quarter— a 2.2 percent annual growth rate— was typical of the economic rebound that began in the summer of 2009. Yet the sluggish pace of the recovery has a silver lining: This growth spurt has proved to be one of the most durable since World War II. "This recovery has been disappointing in terms of growth so far but...

  • WASHINGTON, March 27- U.S. economic growth cooled in the fourth quarter as previously estimated, with businesses throttling back on inventory and equipment investment but robust consumer spending limiting the slowdown in the pace of activity. Gross domestic product expanded at a 2.2 percent annual rate, unrevised from last month's forecast, the Commerce...

  • LONDON, March 27- The dollar rose across the board on Friday, extending a rebound begun the previous day after Federal Reserve officials signalled they were still on track to raise interest rates this year. Traders are now awaiting a speech by Fed Chair Janet Yellen at 1945 GMT to see whether she strikes a similarly hawkish tone to that of her colleagues, as well as...

  • LONDON, March 27- The dollar climbed broadly on Friday, extending a rebound begun the previous day after Federal Reserve officials signaled they were still on track to raise interest rates this year. "It's pretty clear that the market psychology is still to buy the dollar on dips, and hence we had this huge reversal in the dollar," said Alvin Tan, a currency strategist...

  • Prosecutors in U.S. District Court in Alexandria recommended probation for the two men, Andreas Bachmann and Josef Dorig. The two were among eight former employees of Zurich- based Credit Suisse and its subsidiaries who were indicted in 2011. The other six remain at large. Last year, Credit Suisse pleaded guilty to aiding U.S. tax evaders and agreed to pay about...

  • Stocks recover their poise ahead of US economic data Friday, 27 Mar 2015 | 2:24 AM ET

    TOKYO— Asian shares were lackluster Friday as the conflict in Yemen ripped through the Middle East and Japanese data showed the world's No. 3 economy is still in the doldrums. KEEPING SCORE: Japan's Nikkei 225 fell 1.3 percent to 19,213.15 and South Korea's Kospi was down 0.3 percent at 2,016.94. MIDDLE EAST: The turmoil in Yemen has erupted into a regional...

  • DIARY- Top Economic Events to April 9 Thursday, 26 Mar 2015 | 8:02 PM ET

    SAN FRANCISCO, United States- Federal Reserve Chair Janet Yellen speaks on "Monetary Policy" before the Federal Reserve Bank of San Francisco Conference: The New Normal for Monetary Policy- 1945 GMT. PRISHTINA- European Central Bank's Deputy Director General International& European Relations, Gilles Noblet, speaks at an event to celebrate the conclusion of a...

  • ZURICH, March 26- Switzerland's currency is still significantly overvalued and the Swiss National Bank is prepared to intervene in the foreign exchange market if necessary, SNB bank board member Fritz Zurbruegg said on Thursday. In a speech in Zurich, he also defended the central bank's shock decision in January to abandon its three-year-old cap on the franc,...

  • Business events scheduled for the coming week Thursday, 26 Mar 2015 | 2:41 PM ET

    WASHINGTON— Commerce Department releases personal income and spending for February, 8:30 a.m.; National Association of Realtors releases pending home sales index for February, 10 a.m.. WASHINGTON— Institute for Supply Management releases its manufacturing index for March, 10 a.m.; Commerce Department releases construction spending for February, 10 a.m..

  • Russian minister predicts new interest rate cut Thursday, 26 Mar 2015 | 12:33 PM ET

    MOSCOW— Russian Economic Development Minister Alexei Ulyukaev says that the country's central bank could cut interest rates next month as the economy stabilizes. The Bank of Russia raised its key interest rate sharply to 17 percent in December when the ruble crashed to record lows against the dollar, but has since cut it for two months in succession as the...

  • DETROIT, March 26- The Federal Reserve should remain on track to raise interest rates later this year despite the U.S. economy's weak start to the year and a stock market sell-off this week, two Fed officials said on Thursday. In separate events in Frankfurt and Detroit, St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart said U.S....

  • Italy uncovers European tax-avoiding fuel scam Thursday, 26 Mar 2015 | 11:51 AM ET

    ROME— Italian police and Europol say eight people have been arrested in a half-dozen European countries for allegedly operating a diesel import scam that avoided taxes by disguising the fuel as it transited across the continent. Italy's financial police said Thursday that the scam netted 5.7 million euros as some 4,000 tons of fuel entered the country to be...

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