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Greece's newly installed caretaker prime minister conferred with party leaders Monday ahead of this week's European Union summit that's expected to focus on ways of kick starting economic growth across the continent.
The board of Rhode Island's economic development agency will meet to discuss the finances of former Red Sox pitcher Curt Schilling's troubled video gaming company.
NEW YORK (Reuters) - Oil prices rose on Monday, supported by China's premier calling for efforts to stimulate growth and by positioning ahead of Iran's nuclear program talks with major powers. Chinese Premier Wen Jiabao's call for, "giving more priority to maintaining growth" signaled Beijing's willingness to take action after several recent economic indicators suggested that the economy could continue to slow in the second quarter. ...
European stock markets mostly rebounded on Monday as G8 support for Greece to remain in the eurozone boosted sentiment after last week's sharp sell-off, traders said.
MOSCOW (Reuters) - Igor Shuvalov's political acumen and knowledge of the Kremlin's Byzantine ways helped him cling to one of the most influential roles in Russia's government on Monday, despite questions over his family's financial dealings. Shuvalov, 45, kept his job as first deputy prime minister in the cabinet unveiled by President Vladimir Putin, with a broad economic remit ranging from privatization to trade talks. ...
(Reuters) - The U.S. economy needs "measured" efforts to bolster growth, but the central bank should focus on improving its communications because circumstances do not warrant further bond buying at this time, a top Federal Reserve official said on Monday. Atlanta Federal Reserve Bank President Dennis Lockhart said the central bank's policy panel should push forward with efforts to give the public and financial markets a better understanding of how it would react to incoming information on the economy. ...
SMALL MOVEMENT: A small but growing minority in about a dozen Greek towns are using an alternative exchange system to help them survive the country's economic crisis, which has put the question of Greece's participation in the euro currency union into question.
Oil prices are climbing as the possibility that China may increase efforts to stimulate economic growth is tempering concerns about Greece's debt crisis.
A new survey shows economists are growing slightly more optimistic about recovery in the job and housing markets but expect other pillars of the economy to remain weak.
MOSCOW (Reuters) - Russian President Vladimir Putin unveiled a government dominated by loyalists on Monday, tightening his grip on the economy and national security after protests, and limiting Prime Minister Dmitry Medvedev's ability to pursue market reforms. Putin, 59, opted for continuity by retaining his ally Igor Shuvalov as first deputy prime minister in charge of economic policy, while Igor Sechin will remain his energy chief in a role outside the government. ...
Bankia, the nationalized Spanish bank which had to reassure savers last week to fend off a reported run on its deposits, needs to strengthen its capital defenses by as much as €7.5 billion ($9.56 billion), the country's economy minister said Monday.
Russian President Vladimir Putin named a new Cabinet Monday, warning its members that they will have to fulfill their duties in a difficult global economic climate.
PARIS (Reuters) - The fate of a struggling small French mortgage lender will be the first banking test for President Francois Hollande, as he attempts to deliver on campaign promises of economic growth and tougher financial regulation. Policymakers and bankers are scrambling to avert an outright collapse of Credit Immobilier de France, whose future was thrown into doubt after Moody's cut its standalone bank financial strength rating and said it was no longer viable without support. ...
Bankia, the nationalized Spanish bank which had to reassure savers last week to fend off a reported run on its deposits, needs to strengthen its capital defenses by as much as €7.5 billion ($9.56 billion), the economy minister said Monday.
BANGALORE (Reuters) - A slim majority of euro zone money market traders surveyed regularly by Reuters reckon Greece will still be in the euro zone at the end of 2013, a poll showed on Monday. Fourteen of 22 euro money market traders said Greece would not abandon the euro either this year or next - an event once seen as unthinkable but is now being openly discussed as the country battles political and economic upheaval. A summit of the G8 leading industrialized nations came down solidly in favor of a push to balance European austerity with a new dose of U.S. ...
HONG KONG (Reuters) - Could a wine glass shaped roughly like a closed tulip blossom revolutionize the savoring of fine vintages by taming the alcohol in the wine? That's the hope of French luxury crystal glassmaker Baccarat, which recently began sales of its new line of glasses in Hong Kong, where wine imports have remained strong on the back of strong demand from mainland Chinese buyers even amid global economic uncertainty. ...
Lowe's Cos.' first-quarter profit climbed 14 percent, as warmer weather helped boost sales. But the world's second-biggest home improvement company lowered its full-year earnings forecast on Monday, saying it is still cautious on the housing market and economic conditions.
MADRID (Reuters) - Spain said on Monday it would meet its deficit targets this year despite a new slippage in its regions' accounts and a further contraction of the economy in the second quarter. Economy Minister Luis de Guindos said economic activity would likely slump by another 0.3 percent between April and June, further fuelling doubts about the country's ability to get a grip on in its finances and nurse an ailing banking sector back to health. ...
JOHANNESBURG (Reuters) - South African industrial group Barloworld expects Chinese and Russian demand for resources to underpin growth for equipment such as forklifts and trucks, its chief executive told Reuters in an interview. Worries about slowing demand from the world's second-largest economy have hit commodities and led miners to defer spending plans. Yet Clive Thompson, head of the $2.3 billion equipment supply company, said such fears may be overblown. ...
CAIRO (Reuters) - Egypt's gross domestic product (GDP) grew by an annualised 5.2 percent in the first quarter of calendar 2012 compared to a 4.3 percent contraction in the same three months a year earlier, Planning Minister Faiza Abu el-Naga said on Monday. The popular uprising that ousted Hosni Mubarak from the presidency in February 2011 hammered Egypt's economy last year, closing banks, the stock exchange and many factories.
A German official made clear on Monday that Berlin continues to oppose the idea of jointly-issued bonds for the 17-nation eurozone, which France's new president had suggested could be used to create much-needed economic growth and ease the region's financial crisis.
Assurances that world powers want debt-laden Greece to remain in the euro helped support world stock markets Monday after sharp losses over the past week.
BEIJING (Reuters) - China's focus on fine-tuning monetary and fiscal policies to fight the risk of a sudden economic slide worries investors pricing in a sixth successive quarter of slowing growth with no obvious sign of the solid stimulus they want. With domestic activity stifled by government curbs on real-estate speculation, the potential damage to demand for China's factory products from a deeper European debt crisis seems a logical justification for a spending splurge. "Maybe it would be easier for China if there were another global financial crisis. ...
Thailand's economy posted double-digit growth in the first quarter of 2012, rebounding sharply from the fallout of last year's devastating floods, official data showed Monday.
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