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Valls tells Germans France isn't EU's 'sick child'
By Stephen Brown and Alexandra Hudson BERLIN (Reuters) - France's Manuel Valls used his first visit to Berlin as prime minister on Monday to try to convince Germany his government is serious about making its economy more competitive, declaring that France "is not the sick child of Europe". Chancellor Angela Merkel praised the reforms he outlined but said it was up to the European Commission to judge whether Paris should be granted yet more time to bring its public deficit down to EU treaty limits. ...
European stocks decline; London hit by Tesco warning
London (AFP) - Europe's main stock markets fell on Monday, with London dragged down by losses to heavyweight mining shares and a fresh profit warning from supermarket group Tesco, Britain's biggest retailer.
Bank of Canada sees neutral interest rate one and a half points lower
OTTAWA (Reuters) - Interest rates may have to be about 1-1/2 percentage points lower than they used to be historically to enable the Canadian economy to operate at full capacity, the Bank of Canada said on Monday in a major policy pronouncement. The central bank estimated that the neutral rate of interest, at which the economy can work at full capacity with stable inflation, is 3 to 4 percent, down from 4-1/2 to 5-1/2 percent in the mid-2000s. ...
AutoZone sales disappoint as customers prefer new cars to repairs
By Ankit Ajmera (Reuters) - AutoZone Inc reported weaker-than-expected quarterly revenue as a strengthening U.S. economy encouraged consumers to buy new vehicles instead of repairing existing ones, sending the auto parts retailer's shares down as much as 5 percent. U.S. auto sales showed strong growth in each of the past three months. August sales rose 5.4 percent to about 1.58 million vehicles ? the highest for the month since 1.63 million vehicles were sold in August 2003. (http://reut.rs/1r1pqaV) AutoZone reported a 2.1 percent rise in same-store sales for the fourth quarter ended Aug. ...
Zambia minister urges dialogue over mine power dispute
LUSAKA (Reuters) - Zambia's energy minister on Monday called for dialogue between Copperbelt Energy Corp and Vedanta Resources to end a power supply dispute that has paralysed the British mining company's operations. Copperbelt Energy on Sunday cut power to Vedanta's Konkola mine for all but essential operations such as water pumping, ventilation and the operation of medical facilities. "Zambia's copper production will go down with this restriction and Copperbelt Energy should sit down with Konkola so that our economy does not suffer," Energy minister Christopher Yaluma told state radio. ...
South Africa's rand hit as commodity currencies suffer
JOHANNESBURG (Reuters) - South Africa's rand fell to seven-month lows against the dollar on Monday as commodity-linked currencies bore the brunt of expected weak growth in China, the world's largest consumer of raw materials. The rand has been on the back foot in recent weeks and was extending losses linked to South Africa's own poor economic fundamentals. This week sentiment is expected to be spearheaded from abroad. ...
US stocks fall as China weighs on markets
Dubai housing costs soar to Manhattan peaks, forcing moves to outskirts
By Matt Smith and Praveen Menon DUBAI (Reuters) - An economic rebound has catapulted house prices and rents in Dubai to Manhattan-like peaks, the Gulf emirate's top property website says, forcing increasing numbers of residents to move to its cheaper outskirts or even to consider returning home abroad. Rents fell 1 percent in the third quarter after 10 straight quarters of price rises, property consultants CBRE reported this week. ...
Mauritius Sun Resorts to buy 50 pct stake in Anahita luxury hotels
PORT LOUIS (Reuters) - Mauritius' Sun Resorts will pay 926.4 million rupees ($29.64 million) for a 50 percent stake in Anahita Hotel Ltd., a luxury resort along the east coast of the Indian Ocean island. Tourism is a key source of hard currency for the Indian Ocean island known for its luxury spas and beaches, though the vital tourism industry has struggled in recent years mainly due to a faltering global economy. ...
Global stocks slip on China slowdown worries, comments; oil falls
By Caroline Valetkevitch NEW YORK (Reuters) - Concern about a potential economic slowdown in China pressured world stock indexes on Monday while Brent crude oil fell below $97 a barrel on sluggish demand and ample supplies. Signs of disagreement between major economic powers on the need for extra stimulus further clouded the outlook. China will not dramatically alter its policy because of any one economic indicator, Finance Minister Lou Jiwei said on Sunday, days after many economists lowered growth forecasts after seeing the latest set of weak data. ...
Draghi: Euro recovery losing momentum
TSX hits six-week low on China growth concerns
By John Tilak TORONTO (Reuters) - Canada's main stock index fell on Monday, hitting a six-week low, as worries about China's economic growth and weakness in commodity prices weighed on shares of natural resource producers. A Reuters poll showed growth in the Chinese factory sector probably stalled in September. Further, the country's finance minister said that China will not dramatically alter its economic policy because of any one economic indicator. The Toronto equities market extended its slide after recording its biggest single-day fall in seven months on Friday. ...
French PM in Berlin pledges to push economic reforms
Eyeing 2015 vote, Britain's Labour says it can be trusted to revive the economy
By William Schomberg MANCHESTER England (Reuters) - Britain's opposition Labour party promised on Monday to keep a firm grip on spending if it wins next year's election, seeking to persuade voters with tough budget talk that the recovering economy will be safe in its hands. It was an early broadside in a campaign shaken up by disputes over powers for the United Kingdom's regions following Scotland's No" to independence vote. ...
Eyeing 2015 vote, Labour says it can be trusted to revive the economy
By William Schomberg MANCHESTER England (Reuters) - The Labour party promised on Monday to keep a firm grip on spending if it wins next year's election, seeking to persuade voters with tough budget talk that the recovering economy will be safe in its hands. It was an early broadside in a campaign shaken up by disputes over powers for the United Kingdom's regions following Scotland's No" to independence vote. Labour is narrowly ahead of Prime Minister David Cameron's right-leaning Conservatives in opinion polls but lags far behind in terms of who voters trust most to run the economy. ...
Clorox exits Venezuela citing govt restrictions
OAKLAND, Calif. (AP) ? Clorox is shutting down all operations in Venezuela, citing restrictions by the government, supply disruptions and economic uncertainty.
US stocks open lower on weakness in China
Nigeria's Transcorp Hotels plans IPO to help finance new properties
By Oludare Mayowa LAGOS (Reuters) - Nigeria's Transcorp Hotels plans to start marketing its initial public offering (IPO) from Sept. 24, aiming to raise 8 billion naira ($48.8 million) to part-finance the construction of two new hotels in Africa's biggest economy, its prospectus showed. New hotels are springing up across Africa despite bureaucratic delays and poor infrastructure, seeking to cater to a growing middle class and increasing number of tourists and business travellers. ...
Israel approves Intel's $6 billion investment in chip plant
TEL AVIV (Reuters) - Israel's finance and economy ministries on Monday approved a plan by Intel Corp to invest $6 billion in the upgrade of its chip manufacturing plant, in what would be the largest single investment by a foreign company in the country. Intel will receive a government grant of $300 million over five years and will be eligible to pay a corporate tax rate of only 5 percent for a 10-year period, the ministries said. The U.S. ...
OECD backs Japan tax hike, more easy money