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Europe: Economy

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  • Greece needs debt that's feasible: Politician  Wednesday, 17 Dec 2014 | 11:20 AM ET

    Ahead of Greece's presidential vote, Euclid Tsakalotos, an MP with the SYRIZA party, says that Greece needs a new debt agreement that is more "feasible".

  • Nigerian budget slashed by slumping oil prices Wednesday, 17 Dec 2014 | 11:15 AM ET

    ABUJA, Nigeria— Nigeria's finance minister presented a 2015 budget of $23 billion to parliament on Wednesday, slashed by nearly $3 billion to accommodate slumping oil prices. Minister Ngozi Ikonjo-Iweala said she expects government revenue of $19.7 billion off growth of 5.5 percent next year, down from an earlier projection of 6.35 percent.

  • MOSCOW, Dec 17- The Russian economy stagnated in November, data published on Wednesday showed, making it even more likely that the rouble's rapid collapse so far this month will push it into recession next year. Investment by Russian companies, once a staple of the country's economic performance, fell sharper than expected last month, underlining pressure from...

  • MOSCOW, Dec 17- The Russian central bank said on Wednesday it would take additional financial measures to speed stabilization of the rouble. The bank's new measures are aimed at easing concerns among Russian companies over approaching debt payments, the central bank First Deputy Governor Ksenia Yudayeva said. "At least the Russian authorities have figured...

  • *Oil minister Hawrami "hopeful" on final Baghdad deal. LONDON, Dec 17- Iraq's semi-autonomous Kurdistan Regional Government will ramp up oil exports in the coming months, moving it closer to economic self-sufficiency while it works to clinch a final deal with Baghdad on crude sales and revenue sharing. KRG natural resources minister Ashti Hawrami told a...

  • *Gasoline prices post biggest drop since December 2008. The Labor Department said on Wednesday its Consumer Price Index fell 0.3 percent last month, the largest decline since December 2008, after being flat in October. "The further fall in U.S. inflation won't worry the Fed too much," said Paul Dales, a senior U.S. economist at Capital Economics in London.

  • *Lenders lift markets in Qatar, Abu Dhabi. DUBAI, Dec 17- Most Gulf stock markets regained strength on Wednesday as oil's slide paused, with blue chip banks pushing Abu Dhabi up sharply and Saudi Arabia's bourse jumping after the kingdom's finance minister said the government would continue spending heavily. Brent crude held below $60 a barrel on Wednesday, at...

  • US consumer prices fell 0.3 percent in November Wednesday, 17 Dec 2014 | 8:31 AM ET

    WASHINGTON— Plunging gasoline costs pulled U.S. consumer prices lower in November, muting inflation across the entire economy. The Labor Department said Wednesday the inflation reading fell a seasonally-adjusted 0.3 percent last month, after prices were flat in October. "If you're looking for signs of inflation, you will have to look elsewhere," said Jennifer...

  • BRUSSELS, Dec 17- The International Monetary Fund estimates Ukraine needs another $15 billion in financing to withstand an economic crisis but the European Union has only limited capacity to help, European Commission President Jean-Claude Juncker said on Wednesday. Ukraine will need $15 billion in addition to what is already planned, "he told the European...

  • LONDON, Dec 17- The dollar edged up on Wednesday, a day after falling amid a flight to safety as a Russian currency crisis took hold and as speculation grew that the Federal Reserve might take a more cautious tone on monetary policy. The rouble's collapse- 50 percent so far this year- slowed slightly as Russia's finance ministry said it had started selling foreign...

  • BRUSSELS, Dec 17- The International Monetary Fund estimates Ukraine needs another $15 billion in financing to withstand an economic crisis but the European Union has only limited capacity to help, European Commission President Jean-Claude Juncker said on Wednesday. "Ukraine will need more help. Ukraine will need $15 billion in addition to what is already...

  • Verona's Arena to get $17.5 million restoration Wednesday, 17 Dec 2014 | 7:48 AM ET

    The deal falls under the government's Art Bonus initiative adopted this year that gives donors a 65- percent tax credit for helping restore or support Italy's art treasures, archaeological sites and theaters. While praising the initiative, Marco Parini, president of the Italia Nostra non-profit dedicated to the protection of Italy's cultural heritage,...

  • AP PHOTOS: A look at 2014 in the business world Wednesday, 17 Dec 2014 | 7:24 AM ET

    LONDON— No one said the recovery from the global financial crisis would be easy and 2014 provided that in spades. And in Europe, economic stagnation appears to be the new status quo despite the welcome news that Greece's savage six-year recession is over. Elsewhere, the legacy of the global financial crisis remains, notably in Europe, where the European Central...

  • With oil prices in freefall, Japan in recession and the euro zone sputtering, the Fed for a second meeting running will weigh the U.S. economy's apparent strength against overseas risks that now include a potential currency crisis in oil exporter Russia. In addition, the drop in oil prices cuts two ways- threatening oil-dependent economies like Russia while...

  • Ahead of the Bell: US current account Wednesday, 17 Dec 2014 | 6:43 AM ET

    WASHINGTON— The Commerce Department reports on the U.S. current account trade deficit for the July-September quarter. The average price of a barrel of oil has dropped below $56 from a summer high of $107. That reflects weakening global demand as Japan has tumbled into a recession, Europe staves off a slowdown, China's economy loses momentum and Russia copes with...

  • Irish lawmakers open probe into banking crisis Wednesday, 17 Dec 2014 | 6:29 AM ET

    DUBLIN— Irish lawmakers opened a fact-finding investigation Wednesday into the causes of Ireland's banking crisis, when a collapsing property market exposed reckless lending and forced the country to take an emergency international bailout. "We will hear from those who were at the helm when Ireland ran aground, as well as from those who were in the engine room,"...

  • Ahead of the Bell: US consumer prices Wednesday, 17 Dec 2014 | 6:28 AM ET

    WASHINGTON— The Labor Department reports on November consumer prices. The report will be released at 8:30 a.m. Eastern Wednesday. FALLING PRICES: Economists believe consumer prices declined 0.1 percent in November, according to a survey by data firm FactSet.

  • German court strikes down tax breaks for companies Wednesday, 17 Dec 2014 | 6:18 AM ET

    BERLIN— Germany's highest court has struck down breaks on inheritance tax that benefit companies and ordered the government to come up with new rules. It said the government is entitled to allow small and medium-sized companies tax breaks "to secure their existence and preserve jobs" but told it to come up with new rules by June 2016. The court said 4.3 billion...

  • UK unemployment rate at 6-year low of 6 percent Wednesday, 17 Dec 2014 | 6:04 AM ET

    LONDON— Official figures show Britain's unemployment rate was 6 percent in the three months to October, its lowest level since the 2008 financial crisis. The Office for National Statistics said Wednesday that 1.96 million people were unemployed in the quarter, 63,000 less than the previous quarter. IHS Global Insight analyst Howard Archer was encouraged by...

  • European Commission concerned about Russian economy Wednesday, 17 Dec 2014 | 5:18 AM ET

    BERLIN, Dec 17- The European Commission is worried about recent developments in Russia and has no interest in seeing the country's economy hobbled, a Commission official said on Wednesday. "We are all watching the economic developments in Russia with concern," the official said at a briefing in Berlin ahead of a summit of European Union leaders that starts on...

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