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Last Updated: Feb 9, 2012 - 4:53 PM |
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EU Economy
Draghi says economic outlook has improved but subject to downside risks
European Central Bank President Mario Draghi told a press conference in Frankfurt today following the decision of the governing council to leave the benchmark rate unchanged at 1% that the economic outlook has improved even though many downside risks remain.
Feb 9, 2012 - 4:47 PM
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EU Economy
Greek leaders agree new austerity measures to pave way for second bailout
Leaders of political parties backing Greece's government agreed Thursday on an austerity package to comply with demands set by international creditors for a second bailout deal, according to Interim Prime Minister Lucas Papademos.
Feb 9, 2012 - 3:46 PM
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EU Economy
ECB keeps benchmark interest rate of 1.0%; Bank of England keeps rate unchanged and adds £50bn to bond-buying program
The European Central Bank (ECB) kept its benchmark interest rate of 1.0% unchanged, at the meeting of the 23-member governing council in Frankfurt today. In London, in response to evidence of a fragile economy, the Bank of England's Monetary Policy Committee kept the Bank's key interest rate at 0.5%, the lowest since the bank was founded in 1694. The Bank of England added £50bn to its bond-buying program.
Feb 9, 2012 - 1:33 PM
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EU Economy
German exports fell in December; Exports rose 11.4% in 2011 to €1.06trn
German exports, adjusted for work days and seasonal changes, fell 4.3% in the month of December, Destatis the federal statistics office said today. German exports gained 11.4% n 2011 to €1.06trn, crossing the trillion- euro mark for the first time.
Feb 8, 2012 - 7:56 AM
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EU Economy
Greece’s debt rose to 159.1% of GDP in Q3 of 2011 from 138.8% year earlier; Ireland's rose from 88.4% to 104.9%
Greece’s debt rose to a ratio of 159.1% of GDP (gross domestic product) in Q3 (the third quarter) of 2011 from 138.8% a year earlier. Ireland's ratio rose from 88.4% to 104.9%, according to Eurostat, the statistics office of the European Union, on Monday.
Feb 6, 2012 - 1:24 PM
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EU Economy
Eurozone service sector stabilises in January as growth in France and Germany offsets declines in Spain and Italy
Business activity in the Eurozone service sector stabilised in January, with a marginal expansion ending a four-month period of contraction. Underlying conditions in the sector nonetheless remained lacklustre overall, as inflows of new business fell further and job losses were recorded for the first time since April 2010. Growth in France and Germany offset declines in Spain and Italy.
Feb 3, 2012 - 8:55 AM
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EU Economy
Spain's Insider-Outsider Divide: Young temporary workers overwhelmingly the victims of brutal recession
Spain's Insider-Outsider Divide: Some of Europe's worst governed countries operate two parallel labour markets -- one mainly protected from economic shocks and the other comprising temporary workers, where all risks are concentrated. In Spain severance pay of up to 45 days' wages per year of service for permanent workers is available while in the current brutal recession, it's young temporary workers who overwhelmingly have borne the brunt of the huge rise in unemployment.
Feb 2, 2012 - 8:35 AM
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EU Economy
Eurozone annual inflation is expected to be 2.7% in January 2012
Eurozone annual inflation is expected to be 2.7% in January 2012 according to a flash estimate issued by Eurostat, the statistics office of the European Union. It was also 2.7% in December 2011.
Feb 1, 2012 - 12:23 PM
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EU Economy
Eurozone Bank Lending Survey shows falling loan demand in Ireland and rest of Eurozone in Q4 2011
The Central Bank today reported the Irish responses to the Eurozone Bank Lending Survey and during the final quarter of 2011, credit standards were unchanged on loans to enterprises. However, a further decrease in loan demand from enterprises was reported. A tightening of credit standards on loans to households for house-purchases was reported for the fourth quarter of 2011 with a further tightening anticipated for the first quarter of 2012. Loan demand from households for house purchases weakened again during the final quarter of 2011.
Feb 1, 2012 - 11:42 AM
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EU Economy
Eurozone manufacturing downturn eases in January as Germany returns to growth
The downturn in the Eurozone manufacturing sector eased further at the start of 2012. The seasonally adjusted Markit Eurozone Manufacturing PMI (Purchasing Managers' Index) rose for the second month running in January. Although below 50.0 and therefore still signalling a worsening of business conditions, the index hit a five-month high of 48.8, up from 46.9 in December and just above the earlier flash estimate of 48.7. Signs of recovery were seen in Germany and Austria, where PMIs rose back above the 50.0 no-change mark. Rates of contraction eased in Italy, Spain and the Netherlands.
Feb 1, 2012 - 9:10 AM
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EU Economy
Eurozone unemployment rate stable at 10.4% in December; Irish jobless rate at 14.5%; Spain at 22.9% and Austria at 4.1%
The Eurozone (EA17) seasonally-adjusted unemployment rate was 10.4% in December 2011, unchanged compared with November. It was 10.0% in December 2010. The EU27 unemployment rate was 9.9% in December 2011, also unchanged compared with November. It was 9.5% in December 2010. The Irish jobless rate was at 14.5%; Spain at 22.9% and Austria at 4.1%.
Jan 31, 2012 - 1:46 PM
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EU Economy
German retail sales fell in December but rose in 2011; Number of unemployed fell 420,000 in 2011
German retail sales fell in December but rose in 2011. Meanwhile, the number of unemployed fell 420,000 in 2011.
Jan 31, 2012 - 8:53 AM
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EU Economy
Japan's manufacturing began 2012 in growth mode; Data also shows output jumped in December on recovery from Thai flooding disruptions
The start of 2012 saw a return to growth of Japanese manufacturing production, although the rate of expansion was modest according to the latest PMI (Purchasing Managers' Index) data . New order intakes increased marginally, while staff numbers were unchanged compared to one month earlier. On the price front, input price inflation eased to a moderate rate, and factory gate charges fell for a sixth month in succession. Meanwhile official data published today showed that Japan’s factory output jumped 4% in December, as the sector recovered from flood disruption of supply chains in Thailand, trade ministry figures showed in Tokyo today. Industrial output for October-to-December fell 0.4%.
Jan 31, 2012 - 7:18 AM
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EU Economy
Summit of EU leaders underway in Brussels; France cuts 2012 GDP forecast to 0.5%; Italy raises €7.5bn at reduced rates
A summit of European Union leaders began in Brussels on Monday afternoon, as they struggle to reconcile the continent's desperate need for economic growth with programs of austerity. The meeting to agree an intergovernmental treaty on closer governance of individual member states' economies has been overshadowed by Germany's proposal of an EU-appointed “budget commissioner” for Greece with powers to override its government’s budget policy. Meanwhile also Monday France cut its 2012 GDP (gross domestic product) growth forecast to 0.5% and Italy raised €7.5bn in bond sales at sharply reduced rates.
Jan 30, 2012 - 5:16 PM
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EU Economy
Optimism among German consumers increased at the beginning of 2012
Optimism among German consumers increased at the beginning of 2012. Economic expectations and willingness to buy both increased markedly and income expectations remained stable at a high level according to GfK, the market research firm. Following a revised value of 5.7 points for January 2012, the overall indicator is forecasting a value of 5.9 points for February.
Jan 26, 2012 - 8:57 AM
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EU Economy
Merkel tells Davos elite reforms cannot be ignored; Unused EU funds could support SMEs, entrepreneurs and R&D investments
In her opening address at the World Economic Forum in Davos, Switzerland on Wednesday, Angela Merkel, the German chancellor, urged Europe to become "more European" and work together to resolve its problems. In an interview with several European newspapers, she suggested that unused European Union (EU) funds could be used to help SMEs, entrepreneurs and R&D investments.
Jan 26, 2012 - 8:18 AM
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EU Economy
German business confidence jumped to a five-month high in January
German business confidence jumped to a five-month high in January, indicating that Europe’s largest economy may avoid a recession.
Jan 25, 2012 - 10:40 AM
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EU Economy
Eurozone's manufacturing and services sectors recovered in January; Output rose strongly in Germany
The Eurozone's manufacturing and services sectors recovered in January 2012 following several months of contraction according to a report today. However, employment fell for the first time since the spring of 2010. Output rose strongly in Germany.
Jan 24, 2012 - 9:14 AM
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EU Economy
Bank of Spain forecasts economy will contract -1.5% in 2012; Bank of France governor says France's economy will accelerate in the spring
The Bank of Spain today forecast that the Spanish economy’s output in 2012 will contract -1.5% and a modest recovery in 2013 (0.2%), with positive rates from the first quarter of next year, meaning that the Spanish economy would progressively draw closer to its potential growth rate. Meanwhile, Christian Noyer, governor of the Bank of France, said Monday that France's economy will accelerate in the spring after stagnating since the last quarter of 2011 and at the beginning of this year.
Jan 23, 2012 - 4:12 PM
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EU Economy
IMF chief Lagarde says Eurozone needs bigger firewall to prevent Italy and Spain sliding towards default
IMF managing director Christine Lagarde today called on the international community to take urgent collective action to save the world economy from a downward spiral. She also said the Eurozone needed a bigger firewall to prevent Italy and Spain sliding towards default.
Jan 23, 2012 - 3:22 PM
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EU Economy
Juncker says Eurozone must find ways to boost economic growth while cutting public budgets
Jean- Claude Juncker, the Luxembourg prime minister and head of the Eurogroup of Eurozone finance ministers said on Wednesday ways must be found to boost economic growth while cutting public budgets because the region risks economic stagnation.
Jan 19, 2012 - 8:09 AM
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EU Economy
IMF needs to raise $300bn in additional lending resources; Germany and Portugal hold successful bond auctions
The IMF said today that it needs to raise about $300bn in additional lending resources besides the amount of $200bn committed by European countries since last month. Meanwhile, Germany and Portugal held successful bond auctions Wednesday.
Jan 18, 2012 - 4:37 PM
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EU Economy
Germany cuts its 2012 GDP forecast to 0.7%; "Germany is and remains an anchor for stability and growth in Europe"
Germany today cut its 2012 GDP (gross domestic product) forecast to 0.7% compared with 1% estimated in October. Dr. Philipp Rösler, vice chancellor and federal minister of economics and technology, said: "Germany is and remains an anchor for stability and growth in Europe after two exceptionally high-growth years, the German economy remains in a robust state. Due to the difficult external economic environment, we expect a temporary dip in growth in the winter months. However, we are firmly convinced that the German economy will regain the year again to higher growth. This is largely the very positive triad of rising employment, rising incomes and stable prices."
Jan 18, 2012 - 2:02 PM
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EU Economy
European borrowing costs dropped Tuesday: European Commission begins legal action against Hungary
European borrowing costs dropped Tuesday, equities rose and the euro improved, days after Standard & Poor's cut the credit ratings of 9 Eurozone countries including France. Meanwhile in Brussels, the European Commission began legal action against Hungary.
Jan 17, 2012 - 4:53 PM
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EU Economy
Eurozone annual inflation was 2.7% in December 2011 down from 3.0% in November
Eurozone annual inflation was 2.7% in December 2011 down from 3.0% in November. A year earlier the rate was 2.2%. Monthly inflation was 0.3% in December 2011. EU27 annual inflation was 3.0% in December 2011, down from 3.4% in November. A year earlier the rate was 2.7%.
Jan 17, 2012 - 3:23 PM
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EU Economy
German economic sentiment increased in January
The ZEW Indicator of Economic Sentiment for Germany has increased by 32.2 points in January 2012. The indicator now stands at minus 21.6 points. This is the highest level of the indicator since July 2011. Nevertheless, the German indicator is still below its historical average of 24.5 points.
Jan 17, 2012 - 3:02 PM
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EU Economy
Firms up to 5 years old responsible for most job creation in Europe
Finfacts Premium has previously reported on the crucial role of startups and young firms in job creation in the United States over the past three decades. Now research in Europe confirms that job creation, enterprise birth and death are key factors to be understood by policymakers. New firms up to 5 years old have a low survival rate and a large number of jobs are created and lost.
Jan 17, 2012 - 8:30 AM
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EU Economy
Italy, Spain, Greece have had trade deficits with Germany since at least 1980 -- 20 years before euro launch
Eurozone countries like Italy, Spain and Greece have had trade deficits with Germany since at least 1980 -- 20 years before the euro launch.
Jan 16, 2012 - 9:33 AM
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EU Economy
Draghi says signs the economy is stabilising; Strong market interest for Italian and Spanish bonds
Mario Draghi, ECB president, said today that the central bank has averted a serious credit shortage and there are signs the economy is stabilising, signaling interest rates will remain stable for the time being. Meanwhile, there was strong market interest for Italian and Spanish bonds.
Jan 12, 2012 - 4:43 PM
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EU Economy
Industrial production down by 0.1% in November in both Eurozone and EU27; 12-month production also down
In the month of November 2011, seasonally adjusted industrial production fell by 0.1% in both the Eurozone (EA17) and the EU27. In October production decreased by 0.3% in both zones.
Jan 12, 2012 - 1:23 PM
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EU Economy
Merkel has "great respect" for recent Italian economic reforms; Germany may provide more cash for rescue fund
German Chancellor Angela Merkel said Wednesday she had "great respect" for recent economic reforms passed by Italy's interim government, stressing to Prime Minister Mario Monti in Berlin that Rome would be "rewarded" for them as the crisis-hit country struggles to cut its debt. She also said that the German government was ready to accelerate the introduction of the €500bn European Stability Mechanism - - the permanent Eurozone rescue fund - - and “to perhaps pay in more capital at the start … if the others are ready to do it.”
Jan 11, 2012 - 3:48 PM
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EU Economy
Fitch Ratings says Italy is biggest threat to euro
Fitch Ratings on Tuesday said Italy is the Eurozone member is the biggest threat to the future of the single currency because of the absence of a plan to prevent the sovereign-debt crisis from spreading and the country's high debt level of 120% of gross domestic product.
Jan 10, 2012 - 4:53 PM
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EU Economy
German exports rose in month of November 2011 while imports fell; Almost 50% of exports were ex-EU27
German exports rose in the month of November 2011 while imports fell, according to Destatis, the federal statistics office, today. Almost 50% of exports were ex-EU27.
Jan 9, 2012 - 7:19 AM
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EU Economy
Eurozone Business Climate Indicator improved in December; Economic Sentiment Index of business/ consumer confidence fell to a 2-year low
The European Commission reported today that the Eurozone Business Climate Indicator improved in December but the Economic Sentiment Index - - a measure of business and consumer confidence - - fell to a 2-year low.
Jan 6, 2012 - 11:11 AM
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EU Economy
Eurozone unemployment at 10.3% in November - - 45,000 job losses in month; Austria at 4%; Ireland at 15% and Spain at 23%
The Eurozone (EA17) seasonally-adjusted unemployment rate was 10.3% in November 2011, unchanged compared with October. It was 10.0% in November 2010. The EU27 unemployment rate was 9.8% in November 2011, also unchanged compared with October. It was 9.6% in November 2010. Austria was lowest at 4%; Ireland was at 14.6% and Spain rose to 22.9%.
Jan 6, 2012 - 10:50 AM
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EU Economy
Eurozone sales volume down 0.8% in November 2011
In the month of November 2011, the volume of retail trade fell by 0.8% in the Eurozone (EA17) and by 0.6% in the EU27. In October retail trade rose by 0.1% and 0.2% respectively. Eurostat, the EU's statistics agency reports that in November compared with November 2010, the retail sales index decreased by 2.5% in the Eurozone and by 1.3% in the EU27.
Jan 6, 2012 - 10:30 AM
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EU Economy
Eurozone industrial orders rose in October less than expected after sharp plunge in September
Eurozone industrial orders rose in October less than expected after sharp plunge in September, according to Eurostat, the EU's statistics office, today.
Jan 5, 2012 - 10:24 AM
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EU Economy
Eurozone annual inflation expected to be 2.8% in December 2011 down from 3.0% in November
Eurozone annual inflation is expected to be 2.8% in December 2011 according to a flash estimate issued by Eurostat, the statistics office of the European Union. It was 3.0% in November.
Jan 4, 2012 - 10:41 AM
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EU Economy
Eurozone services activity falls in December led by downturns in Italy and Spain; Germany and France rise
Business activity in the Eurozone services sector contracted for the fourth straight month in December led by downturns in Italy and Spain. At a three-month high of 48.8, up from 47.5 in November, the final Markit Eurozone Services Business Activity Index was above the earlier flash estimate of 48.3 and signalled an easing in the rate of contraction. However, the average index reading in Q4 2011 was still the lowest since Q2 2009. In contrast, Germany saw growth reach a five-month high, while business activity in France rose slightly following a decline in the previous month.
Jan 4, 2012 - 9:41 AM
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EU Economy
Manufacturing activity in the Eurozone fell for a fifth straight month in December
Manufacturing activity in the Eurozone fell for a fifth straight month in December, but less sharply than earlier in the fourth quarter, according to a survey of purchasing managers released Monday.
Jan 2, 2012 - 9:32 PM
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