World Fwire News - Page 3

Small businessmen suffer due to Zardari's visit to Ajmer

Always abuzz with domestic and foreign devotees, the streets of Ajmer will wear a deserted look as all the shops will remain closed between 12 pm and 5 pm as a security measure.

Spain unveils $36 bn austerity package to tackle debt crisis

The blueprint will go to Parliament on Tuesday and is expected to be formally passed in June.

Consumption to be China's 2012 growth driver: report

Consumption will overtake investment as China's biggest driver of economic growth in 2012 for the first time in more than a decade, the Ministry of Commerce's research institute said in a report.

Greece's domestic rating cut at the risk of eurozone exit

In another blowout to the already-battered Greece, rating agency Moody's has lowered its rating for Greece due to the rising risk of the country exiting the eurozone.

Oil hits record on higher than expected China imports in February

China's imports of main commodities posted a surprise rise in February versus January with crude oil hitting a daily record, soothing worries that a slowing economy has yet to cut into use of commodities

Greece to vote on tough salary, pension cuts

The parliamentary vote comes a day after the Standard & Poor's ratings agency downgraded Greece's credit rating to "selective default" over a debt writedown deal with private creditors that is an integral part of the second bailout.

S Korea's main opposition demands economic democracy

Lee Yong-sup, head of the left-of-centre party's policy committee, told Reuters in an interview that it also planned to boost spending on the poor with higher taxes on the rich.

Berkshire has identified Buffett successor

In a letter Buffett made it clear that there is a chosen replacement for him now rather than a list from which the board could pick.

Canada threatens trade war with EU over oil sands

The proposed EU fuel quality directive would limit use of non-conventional fuel, such as the oil extracted from the vast tar sands in western Canada, saying that exploitation of the oil sands threatens the environment.

China tries to improve accuracy of economic data

China has now put in a system to be kicked off on Saturday which will collect original data directly from businesses, the latest bid to improve the accuracy of key indicator.

China-Japan to directly trade in Yen-Yuan, dollar takes a back seat

The gradual relaxation on the use of the yuan in international transactions has led to an increase of Chinese trade now being settled in yuan.<br /><br /> <br /><br />

Czech economy slips into recession

The economy contracted for the second consecutive quarter after it was down by 0.1 percent in the third quarter.

Indian economy showing signs of improvement: OECD survey

The international economic outlook is showing tentative signs of improvement, with the momentum shift spreading from the United States and Japan to other developed countries, the OECD's December survey of growth prospects showed.

Germany: Greek deal doesn't meet bailout terms

Germany's finance minister says a deal between Greek party leaders on new spending cuts appears to not yet fulfill all the conditions for a 130 billion ($173 billion) bailout.

Fears of US slowdown fade as economy shows some muscle

A few months ago economists were all but certain the US economy would slow sharply at the start of this year, with many warning that recession risks were growing.

Topless Ukrainian protesters disrupt Davos event

Three topless Ukrainian protesters were detained while trying to break into an invitation-only gathering of international CEOs and political leaders

Bernanke has 'finger on trigger' for new bond buys

After Bernanke's warning of an impending gloom on the US economy, the Federal Reserve System is inching closer to another round of money pumping.

China inflation at 15-month low, govt weighs policy easing

Consumer price inflation of 4.1%, just ahead of market expectations of 4.0%, extended an easing trend of the last five months to reinforce the view of many that the central bank is poised to ease monetary policy.

Once struggling US auto market now industry bedrock

Welcome to an unlikely beacon of hope for the global auto industry - Detroit.

Global regulators vow tough bank liquidity rules from 2015

But in a move to head off opposition from industry, global regulators also said lenders can tap into safety buffers in times of stress.

US consumer confidence perks up, house prices sag

Improving labour market conditions lifted US consumer confidence to an eight month high in December, but persistently weak house prices remain an obstacle to faster economic growth.

Japan says it, India close to deciding dollar swap pact

Japan and India are in the final stages of deciding on a dollar swap agreement and expect to reach agreement during Japanese Prime Minister Yoshihiko Noda's visit to India this week

BNP Paribas expects crisis to strenghten euro

France's BNP Paribas has made no emergency planning for a possible eurozone break up and instead expects the crisis to strengthen the single currency.

ECB's Stark objects govt's bond buying scheme, quits over euro crisis management

Stark said the ECB had done its part by keeping inflation under control but could not be expected to clean up policy mistakes by individual governments that ran up too much debt.

All EU ratings threatened by crisis: Moody's

Moody's noted that political uncertainties in Greece and Italy and the worsening of the economic outlook across the euro area had given rise to "the likelihood of even more negative scenarios.

India, Nepal sign revised DTTA; to share banking, tax information

India and Nepal today signed a revised Double Taxation Avoidance Agreement (DTAA), which will facilitate exchange of information on banking between the two countries and help prevent tax evasion.

Italian bond yields soar after poor debt sale

Italian bond yields soared on Friday after borrowing costs rose sharply at a short-term debt auction, raising questions over the eurozone's future.

Nokia Siemens to cut 1,600 jobs in Germany

Nokia Siemens on Friday reached a deal with German unions to cut 1,600 jobs in Munich, part of the telecom equipment maker's ongoing restructuring programme, which includes 17,000 job losses globally.

Fed to test six large US banks for euro stress

The six banks are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo.