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US stocks surge as investors buy the dip
The Dow Jones Industrial Average rose 425.0 (2.59 percent) to 16,805.41, while the tech-rich Nasdaq Composite Index leaped 225.28 (5.29 percent) to 4,483.72. "Some say, 'That's the biggest correction I've seen in 2014, I'm buying now,'" said Art Hogan, chief market strategist at Wunderlich Securities. Market sentiment had at times veered near panic earlier in the month on worries about slowing economic growth in Europe and China and, more recently, Ebola.
Euro zone risks 'relapse into recession' without structural reforms: Draghi
By Francesco Guarascio and Robin Emmott BRUSSELS (Reuters) - The ECB's president warned divided euro zone leaders on Friday they risked "a relapse into recession" if they failed to press ahead with structural economic reforms, a message welcomed by German Chancellor Angela Merkel. With a recovery coming to a halt in the second quarter and depressed prices reflecting near record unemployment, France and Italy want to shift away from the spending cuts that marked the bloc's response to the 2009-2012 crisis. ...
Angry Cameron vows not to pay new British EU bill
David Cameron furiously rejected a demand from Brussels for more than two billion euros in backdated charges at a summit Friday, setting up a new showdown over Britain's place in the EU. The prime minister hijacked a meeting that was meant to be focused on Europe's stalling economy, saying the "unacceptable" bill was a surprise and that Britain was being punished for running a successful economy. The clash, which sources said held up the summit for around an hour, stole the limelight from a landmark European Union deal on climate change targets and a pledge to give one billion euros to fight Ebola. It renews questions over Britain's vexed membership of the 28-member EU, which Cameron has vowed to put to a referendum in 2017 if he wins a general election next May.
European stocks drop on Ebola, eurozone concerns
Europe's main stock markets pulled back Friday on concerns over New York's first Ebola case and the outlook for the eurozone. London's FTSE 100 index shed 0.47 percent to 6,388.73 points after data showed British economic growth slowed to 0.7 percent in the third quarter after 0.9-percent expansion in the second. "European equity markets extended losses in the last session of the week as risk appetite was limited following renewed concerns about eurozone?s economic stability and future prospects," said analyst Myrto Sokou at Sucden Research. She pointed to comments by ECB chief Mario Draghi at the EU summit in Brussels that states needed to make efforts to avoid the eurozone relapsing into recession.
Merkel voices support for Draghi after report of tensions
BERLIN (Reuters) - German Chancellor Angela Merkel thanked ECB President Mario Draghi for spelling out to leaders at an EU summit that governments must play a role in boosting the faltering euro zone economy, and said it was their firm intention to do so. "I am very thankful to Mario Draghi for holding up a mirror for us once again," Merkel told a news conference in Brussels on Friday, a day after Reuters reported tensions in the relationship between Berlin and the Italian ECB president. "Monetary policy can do some things, that is the job of the independent European Central Bank. ...
UPS may hike charges for major customers for holiday package surges
By Nick Carey CHICAGO (Reuters) - United Parcel Service Inc may charge major customers more for a surge in late, unplanned packages or turn down the business if it threatens disruptions during the peak holiday season, a top executive said on Friday, trying to avoid a repeat of last year's delivery meltdown. UPS and main rival FedEx Corp , both considered U.S. economic bellwethers, are approaching their busiest time. Last year a last-minute surge in online consumer promotions left an estimated 2 million express packages stranded on Christmas Eve. ...
German consumer confidence stops falling: survey
Consumer confidence in Germany has stopped falling, as consumers appear to be no longer fazed by economic fallout from geopolitical crises, a new poll found on Friday. Following the recent declines, "consumer sentiment rose again somewhat in October, halting the downward trend," market research company GfK said in a statement. Looking ahead to next month, GfK's headline household confidence index was forecast to edge up to 8.5 points in November from 8.4 points in October.
Angry British PM Cameron says won't pay 'unjustified' EU bill
BRUSSELS (Reuters) - Prime Minister David Cameron said on Friday Britain would not make an additional 2.1-billion-euro payment into this year's European Union budget, calling the bloc's demand for extra funds "completely unacceptable". Cameron was speaking after the 28-nation bloc presented Britain with a demand for an extra payment into its budget after a revision of economic statistics showed his country was better off. "It is not acceptable, it an appalling way to behave," a visibly angry Cameron told a news conference in Brussels. "I'm not paying that bill on Dec. 1. ...
Rapid UK recovery starts to slow from previous red-hot pace
By Andy Bruce and David Milliken LONDON (Reuters) - Britain still looks on track to outpace other advanced economies this year after rapid growth eased only slightly in the three months to September, but a euro zone slowdown could hamper the recovery in the run-up to next May's election. While the pace of growth was still above Britain's long-run average, the upturn slowed in the service industries that dominate the economy, and manufacturing output rose at its weakest pace in 18 months. Few economists expected Britain's previous quarterly economic growth rate - one of the highest in almost a decade - would be sustained. Finance minister George Osborne welcomed the data but said growth could slow further because of external factors.
Ethiopia touts ancient churches, dramatic landscape in tourism drive
By Aaron Maasho ADDIS ABABA (Reuters) - When Scottish explorer James Bruce published a five-volume work in 1790 about his search in Ethiopia for the source of the Nile, European readers dismissed his account of ancient churches and castles: surely no such things existed in the heart of Africa. Fast forward to 2014 and Solomon Tadesse sometimes feels he faces similar preconceptions as he seeks to attract tourists three decades after images of famine and communist purges filled TV screens and shaped the world's view for a generation. Yet Solomon's Ethiopian Tourism Organisation is making headway in the battle to change attitudes. "That aspect has definitely diminished: the old clichés, the old paradigm, the old mentality of Ethiopia being a country of famine and war, but rather now with a potential for economic growth," said Solomon, chief executive of the organization, a joint initiative between the state and private enterprise.
Britain slams EU budget demand, others see 'molehills'
By Paul Taylor and Andrew Osborn BRUSSELS/LONDON (Reuters) - British Prime Minister David Cameron challenged a demand from the European Union for an additional 2.1-billion-euro payment into this year's EU budget after a revision of economic statistics showed his country was better off. EU leaders, scrambling to defuse a potentially damaging row with London, agreed at a summit in Brussels that their finance ministers would hold emergency talks with the executive European Commission to review the figures in the coming weeks, diplomats said. A note from the Commission to member states set a deadline of Dec. 1 for payment. Cameron's Eurosceptic opponents, gaining ground fast on his Conservative party ahead of a May election, seized on what EU officials called an unusually extensive version of the regular annual adjustment.
EU to review figures after UK objects to extra payment - sources
European Union finance ministers will hold an emergency meeting to review a disputed adjustment of EU budget contributions after Britain objected to demands for an extra 2.1 billion euro payment this year, EU diplomats said. They said EU presidency Italy agreed to host a special meeting of ministers with the executive European Commission to review the figures in the coming days, which British Prime Minister David Cameron challenged at an EU summit on Friday. Diplomats said Cameron was supported by Italy and the Netherlands, which were also due to make extra payments by Dec. 1, but Germany, France and Commission President Jose Manuel Barroso said the figures were adjusted each year when final national economic data were available, and the EU should stick to the rules.
Russian ruble plunges to new all-time low as economy suffers
Russia's ruble slumped to a new all-time low on Friday as the economic fall-out from the Ukraine crisis and lower oil prices caused the finance minister to call for a "back-up" 2015-2017 budget. For the first time it took more than 53 rubles to buy one euro, and the rate against the dollar topped 41.92 with speculation swirling that Standard and Poor's could cut its rating for Russia to a "speculative" level. Russia's Finance Minister Anton Siluanov however dismissed talk of a possible downgrade as "exaggerated" as the agency was set to release its latest rating Friday, RIA Novosti news agency reported. Russia's central bank has spent about $16 billion of foreign currency on propping up the ruble since the start of October, RIA Novosti reported, with officials admitting that they can do little more than ease its slide.
Kenyan shilling steady, seen weaker on dollar demand from importers
NAIROBI (Reuters) - The Kenyan shilling was stable in early trading on Friday, with traders expecting it to weaken into next week due to substantial end-month dollar demand from importers. At 0850 GMT, commercial banks quoted the shilling at 89.35/45, unchanged from Thursday's close. A downturn in the tourism industry after a spate of bomb and gun attacks along the coast and in the capital this year has hurt one of the major sources of hard currency for East Africa's biggest economy. Tea earnings, another key source of dollars, have suffered due to a global glut of the commodity. ...
British economy slows down in third quarter
Growth of the British economy slowed in the third quarter of this year, official data showed on Friday in a context of concerns over the uncertain global outlook. Gross domestic product (GDP) grew 0.7 percent between July and September from output in the previous three months, the Office for National Statistics said in an initial estimate. "Today?s strong growth figures show that the UK continues to lead the pack in an increasingly uncertain global economy," said Chancellor of the Exchequer George Osborne in reaction to the figures. Both the annual and quarterly growth figures were in line with market expectations, according to analysts polled by Dow Jones Newswires.
Asia economic growth to languish as China slows: poll
By Sumanta Dey BANGALORE (Reuters) - Emerging Asia will contribute less to the global economy in 2015 than was expected just months ago as a slowdown in China drags on growth in the region, partially offset by acceleration in the United States, Reuters polls showed. Until recently the primary engine of global growth, most Asian economies have slowed, hamstrung by erratic exports, sluggish domestic demand, capital outflows and political and policy uncertainty. ...
British economy grows 0.7 percent
LONDON (AP) ? Official figures show Britain's economic recovery is continuing, despite a gloomy global environment.
U.S. stock futures tumble on reports of NY Ebola case
By Hideyuki Sano TOKYO (Reuters) - U.S. stock futures tumbled while safe-haven assets such as the yen and U.S. bonds gained on Friday after a doctor who returned to New York City from West Africa tested positive for Ebola. S&P 500 mini futures fell as much as 0.7 percent, slipping from two-week highs hit the previous day on budding optimism from corporate earnings and the global economy. European shares looked set to slip, with France's CAC 40 seen falling by as much as 0.7 percent and Germany's DAX and Britain's FTSE by 0.5 percent. ...
Germany's BASF warns on profits and shares drop
BERLIN (AP) ? Chemical and oil company BASF is warning that its profits will come in below its previous forecast in the wake of slower global economic growth and industrial production.
EU climate deal a win for efficient companies: Austria
VIENNA (Reuters) - The European Union's new deal on carbon emissions marks a victory for companies such as steel group Voestalpine which have already embraced environmentally sensitive practices, Austria's economy minister said. European Union leaders struck a deal on a new target to cut carbon emissions in the years through 2030, calling it a new global standard but leaving some critics warning that compromises had undermined the fight against climate change. ...