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Draghi throws ECB door open to money printing as global prospects dim
FRANKFURT (Reuters) - European Central Bank President Mario Draghi threw the door wide open on Friday for more drastic measures to prevent the euro zone from sliding into deflation, promising to use whatever means necessary as China also acted to boost its sagging economic growth.
Central banks set Wall St. up for fifth straight weekly gain
NEW YORK (Reuters) - U.S. stocks rose on Friday, putting major indexes on track for a fifth straight weekly advance, after China's central bank cut its benchmark interest rate and its euro zone peer announced asset purchases in efforts to boost each region's economy.
China cuts interest rates to spur growth, ease debt pressure
BEIJING (Reuters) - China cut interest rates unexpectedly on Friday, stepping up efforts to support the world's second-biggest economy as it heads toward its slowest expansion in nearly a quarter of a century, saddled under a mountain of debt.
EU investment plan to take shape next week
Brazil's Rousseff struggling to limit Petrobras scandal's damage
By Brian Winter and Anthony Boadle SAO PAULO/BRASILIA (Reuters) - President Dilma Rousseff expects a bribery scandal at state-run oil company Petrobras to deteriorate in coming months, aides say, with arrests possible for some political allies and potentially serious damage to an economy that is already struggling. Prosecutors say corrupt officials siphoned billions of dollars from Petroleo Brasileiro SA, as the company is formally known, into the coffers of several parties including Rousseff's Workers' Party. ...
China rate cut, ECB stimulus hopes boost world markets
By Michael Connor NEW YORK (Reuters) - World stock markets and oil prices rallied Friday, fueled by hopes for global growth following a surprise rate cut by China and as the European Central Bank indicated it would step up its asset purchases to boost the euro zone economy. The jump in oil prices briefly took beaten-down Brent back above $80 a barrel. U.S. interest rates were little changed as the dollar gained and the euro declined. ...
Vazquez favorite to win Uruguay presidential vote as economy shines
By Malena Castaldi and Esteban Farat MONTEVIDEO (Reuters) - Leftist ruling party candidate Tabare Vazquez is a clear favorite to win Uruguay's presidential election this month, buoyed by widespread affection for the country's outgoing leader and strong economic growth. Opinion polls show Vazquez, who was president in 2005-10, trouncing Luis Lacalle Pou of the center-right National Party by between 13 and 17 percentage points in the Nov. 30 runoff. ...
China unexpectedly cuts rates to support economy
BEIJING (AP) ? China's central bank unexpectedly slashed interest rates on Friday to re-energize the world's No. 2 economy, joining a growing list of major economies that are trying to encourage growth in the face of a global slowdown.
US stocks jump after surprise rate cut from China
TSX nears two-month high as China cuts interest rates
By John Tilak TORONTO (Reuters) - Canada's main stock index rose to its highest in nearly two months on Friday, driven by gains in most major sectors, as investors cheered a move by China to cut interest rates. The surprise announcement was the first time in two years that China had cut rates, following signals that the pace of growth in the world's second-biggest economy was slowing. The move helped drive gains in the prices of commodities such as gold, copper and oil; and that pushed up shares in the mining and energy sectors. ...
Bank executive among finalists to be Brazil finance minister
SAO PAULO/BRASILIA (Reuters) - Respected Brazilian banking executive Joaquim Levy is among three finalists to become the country's next finance minister, and President Dilma Rousseff could announce her pick later on Friday, a government official said. Investors hope Rousseff will name a market-friendly figure such as Levy, who would signal a shift away from the leftist, interventionist policies they blame for Brazil's stagnant economic growth in recent years. ...
Tanzania's current account gap narrows in year to September
DAR ES SALAAM (Reuters) - Tanzania's current account deficit narrowed 12.6 percent in the year to September, helped by a rise in tourism earnings and exports of manufactured goods while oil imports fell, its central bank said on Friday. The gap narrowed to $4.162 billion in the 12 months to September from $4.764 billion in the same period last year, the Bank of Tanzania said in its latest monthly economic report. Earnings from tourism, the main foreign exchange source, rose by 12.1 percent to $1.981 billion due to more visitors. Imports rose 1. ...
Putin's high approval ratings not real: protest group
By Liisa Tuhkanen LONDON (Reuters) - President Vladimir Putin may not be as popular as opinion polls suggest in Russia because the public has only limited access to information and the media is tightly controlled, members of the feminist punk protest band Pussy Riot said. Putin's approval ratings have soared to more than 80 percent since the start of the crisis in Ukraine and remained high despite an economic downturn and currency crisis. ...
Sri Lankan minister quits, to challenge Rajapaksa for presidency
COLOMBO (Reuters) - Sri Lankan Health Minister Mithripala Sirisena resigned on Friday and said he would run as an opposition candidate against President Mahinda Rajapaksa in a snap election in January. The challenge from within his own ranks will be a blow for Rajapaksa, who is seeking an unprecedented third term and remains a popular leader despite foreign criticism over his sweeping powers and human rights record. "One family has taken control of the economy, power and the party," Sirisena said. "The country is moving toward a dictatorship. ...
Concerns about state of global economy have increased - Osborne
By Kylie MacLellan LONDON (Reuters) - Stagnation in the euro zone, recession in Japan and geopolitical crises have increased concerns about the state of the global economy, British Chancellor George Osborne said on Friday. Osborne said economic performance in the euro zone was a cause of "real worry and concern", particularly in Britain whose main export markets are in the bloc. "There is definitely more concern around about the state of the global economy than there was a few months ago, you see that not just when you talk about Europe," he told an audience of business leaders in London. ...
Russian FM: politics must not affect oil decisions
Abenomics working well, slide in yen positive: Abe adviser
By Kaori Kaneko and Sumio Ito TOKYO (Reuters) - Prime Minister Shinzo Abe's economic policies are working well but the blow to the economy from an April sales tax hike has been bigger than expected, a key adviser to Abe said on Friday. Koichi Hamada, professor emeritus of economics at Yale University, also said the overall economy would benefit if the yen weakened to 120 yen per dollar but added that steps were needed to reduce any negative impact on consumers. Abe dissolved parliament's lower house on Friday for a snap election expected on Dec. ...
Japan PM seeks verdict on 'Abenomics' in snap election
By Linda Sieg and Elaine Lies TOKYO (Reuters) - Prime Minister Shinzo Abe dissolved parliament's lower house on Friday for a snap election on Dec. 14, seeking a fresh mandate for his struggling "Abenomics" revival strategy just two years after he returned to power promising that "Japan is Back". Abe had vowed to revive the economy with a mix of hyper-easy monetary policy, government spending and reforms, while moving ahead with plans to rein in Japan's massive public debt. ...
Nigeria must adjust to 'permanent' oil price shock: Finance Minister
By Karin Strohecker LONDON (Reuters) - Nigeria will have to adjust to oil prices heading lower for some time to come, Finance Minister Ngozi Okonjo-Iweala said on Thursday in an interview in which she also cut the outlook for economic growth next year. Africa's largest economy relies on oil exports for 70 percent of government revenues and has been hit hard as crude prices have fallen to four-year lows below $80 a barrel after trading above $115 as recently as June. ...
UK public finances improve in October, remain far off-track
By Andy Bruce and William Schomberg LONDON (Reuters) - Britain's public finances improved slightly in October but finance minister George Osborne is still unlikely to meet his budget goals before next year's general election. Osborne said in March he aimed to slim the budget deficit by more than 10 percent over the following 12 months, helped by Britain's fast-recovering economy. Friday's shortfall was a bit narrower than expected but economists said Osborne's target looks almost impossible to hit. Osborne is due to present a half-yearly budget update on Dec. ...