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The German government has moved to oversee more closely the country's move from nuclear power to renewable energy — a mammoth 10-year project for Europe's biggest economy.
Gov. Dannel P. Malloy joined other officials in breaking ground Tuesday on a $567 million bus-only corridor from Hartford to New Britain, saying the project promises to bring more jobs, economic development and cleaner transportation.
China's Cabinet promised Wednesday to step up efforts to reverse a steep slowdown in the world's second-largest economy and said it would encourage private investment in energy and other state-dominated industries.
JOHANNESBURG, MAY 23 - South Africa's third-largest listed clothes retailer Mr Price Group Ltd booked an expected 19 percent rise in full-year profit on Wednesday, as above-inflation wage increases and decades-low interest rates lift consumer spending. Mr Price, which caters for lower-income shoppers in Africa's top economy, said diluted headline earnings per share totalled 464.5 cents in the year to end-March, largely in line with an average estimate of 463.3 cents in a poll of 12 analyst by Thomson Reuters. ...
Lack of competitiveness is the main threat to Brazil's economic growth, experts say, after the finance minister announced a downward revision of the South American giant's growth forecast.
LONDON (Reuters) - Oil fell on Wednesday on growing hopes of a deal between Iran and the United Nations nuclear watchdog, which eased fears of oil supply disruption, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand. World powers began talks with Iran on Wednesday to test its readiness under pressure of sanctions to scale back its nuclear program, seeking to ease a decade-old standoff. The U.N. ...
Syria's oil minister acknowledged the heavy toll international sanctions have taken on the country's oil sector, saying Wednesday that they had sucked about $4 billion from the economy.
TORONTO (Reuters) - Locomotive engineers and conductors at Canadian Pacific Railway Ltd went on strike early on Wednesday after failing to reach a contract agreement, shutting down freight operations on Canada's second-biggest railroad. The Canadian government indicated that it might step in to end the work stoppage, which it said could damage the country's still-fragile economic recovery. "The government is concerned about the national economic significance this will have, and we are prepared to act in the interest of the national economy," Labor Minister Lisa Raitt said in a statement. ...
SHANGHAI/BEIJING (Reuters) - China signaled on Wednesday it wanted to boost private investment in its energy sector as Beijing makes its most determined push since joining the World Trade Organisation to reduce the role of the state sector in the economy. Many analysts say China must allow more private investment if it is to unlock new sources of economic growth, which the World Bank said would slow in 2012 to its weakest pace in 13 years. ...
LONDON (Reuters) - Copper fell to a 4-1/2-month low on Wednesday as the euro dropped ahead of a European Union summit that investors feared may not come up with sufficient measures to tackle the euro zone debt crisis and shore up the faltering economy. Three-month copper on the London Metal Exchange traded at $7,590.50 a tonne in official rings, down 1.9 percent from a close of $7,739 on Tuesday. The metal, used in power and construction industries, earlier dropped to its lowest level since early January at $7,589.25 a tonne, and is trading more than 9 percent lower so far this month. ...
BERLIN (Reuters) - The impact of a Greek exit from the euro zone would be substantial but "manageable", Germany's Bundesbank said on Wednesday, raising pressure on Athens to keep its painful economic reforms on track. In a toughly worded monthly report, the German central bank also said euro zone member states should have a say on further payments of aid to Greece under its 130 billion euro bailout program funded by the IMF and the European Union. ...
ATHENS (Reuters) - Greece's current account deficit narrowed by close to a fifth in March, data showed on Wednesday, reflecting a sharp drop in imports as the country's austerity-hit consumers tighten their belts. The deficit dropped 17.3 percent to 2.13 billion euros ($2.69 billion) compared with March 2011, the Bank of Greece said. The country's high current account gap, which eased to 9.8 percent of gross domestic product last year from 10.5 percent in 2010, reflects eroded economic competitiveness, partly the result of years of wage increases above productivity. "The pace of narrowing ... ...
LONDON (Reuters) - Retail sales fell at their fastest monthly pace in more than two years in April, after a record drop in fuel sales and a weather-related drop in clothing sales, official data showed on Wednesday. The weak start into the second quarter highlights the ongoing weakness of the economy and may raise speculation about another cash boost from the Bank of England. The Office for National Statistics said retail sales volumes fell 2.3 percent on the month - its biggest drop since January 2010 and more than twice as fast as forecast. ...
AVAZA, Turkmenistan (Reuters) - Turkmenistan agreed on Wednesday to supply natural gas to Pakistan and India in deals that offer major economic benefits but depend on building and defending a U.S.-backed pipeline across chronically unstable Afghanistan. The route, particularly the 735-km (450-mile) leg through the Afghan provinces of Herat and Kandahar, will need billions of dollars in funding. It faces significant security problems as the Western NATO alliance plans to hand control of Afghanistan to Kabul's own security forces by the middle of next year. ...
ABU DHABI (Reuters) - Morocco is considering a potential dollar-denominated international bond of up to $1 billion in September or October, a senior finance and economy ministry official said on Wednesday. "It would be our first issue in dollars and give us the opportunity to diversify," said El Hassan Eddez, deputy director, treasury and external finance at the ministry's debt office. "(If issued) it would be an important size, between $500 million and $1 billion," he said, speaking on the sidelines of an Arab Monetary Fund conference, adding an issue could come in September or October. ...
BEIJING (Reuters) - China will step up policy fine-tuning to support the economy, Premier Wen Jiabao said on Wednesday, the latest signal that Beijing will take further action to fight slowing growth. The latest Reuters poll shows that private sector economists expect China's growth to ease to 7.9 percent in the second-quarter from an 8.1 percent annual rate in Q1. They forecast full-year growth of 8.2 percent. The government would bring forward key investment projects laid out under the 12th five-year plan (2011-15) and launch other projects that could promote development of the economy. ...
China's economic growth will ease further this year, presenting policy makers in Beijing with the challenge of preventing an excessively abrupt slowdown, the World Bank said in a report Wednesday.
BERLIN (Reuters) - Germany's new environment minister described a planned post-nuclear switch to renewable energy in Europe's biggest economy as a "Herculean task" as 16 state premiers gathered to discuss the complex problem with Chancellor Angela Merkel on Wednesday. Peter Altmaier, who took over as environment minister on Tuesday, vowed to break the deadlock between politicians, utilities, regulators and lobby groups whose clashing interests have undermined attempts to thrash out a strategy. ...
Retail sales fell sharply in Britain during the wettest April in a century, official data showed Wednesday, a piece of bad economic news which analysts say could help prod the Bank of England to approve more monetary stimulus.
LONDON (Reuters) - Investors fleeing the euro zone to seek safety in British government bonds may be taking a riskier bet than they think: The ultra-low interest rates the shrinking UK economy is paying look unlikely to last. British government bonds, nicknamed gilts after the gold leaf that used to adorn the paper certificates, have surged in price alongside U.S. and German government debt as investors have scurried away from riskier stocks and the questionable debt of crisis-hit, mainly southern, euro zone countries. ...
Skepticism that European Union leaders will be able to cobble together a plan to kick-start the region's faltering economy and deal with its crippling debt crisis hit stock markets hard Wednesday.
BAGHDAD (Reuters) - World powers and Iran began negotiations in Baghdad on Wednesday, aiming to make progress towards resolving a dispute over Tehran's nuclear programme, diplomats said. Iran wants to win reprieve from economic sanctions as a result of the talks, while the six global powers -- United States, Russia, China, France, Britain and Germany -- hope to win concessions over its uranium enrichment efforts they suspect are meant to produce weapons. "They have just gone into the first plenary," said one Western official. ...
PARIS (Reuters) - European Union leaders should discuss using the bloc's structural funds to shore up Greece's struggling economy when the meet later in the day to explore ways of lifting growth, French Prime Minister Jean-Marc Ayrault said on Wednesday. The Socialist head of government called for new measures to revive the Greek economy and help the debt-laden country avoid a "catastrophic" exit from the euro currency zone, which he said would have a negative impact on the rest of the bloc. ...
BERLIN (Reuters) - Greece's exit from the euro will be "unavoidable" if anti-austerity radicals win a June 17 election and halt painful economic reforms, a leading German conservative was quoted on Wednesday as saying. Alexander Dobrindt, deputy leader of the Christian Social Union (CSU), one of three parties in Chancellor Angela Merkel's centre-right coalition, has said in the past Greece may be better off outside the euro, but his latest comments underscore Berlin's growing exasperation with Greek politicians. "On election day the hour strikes for the Greek euro. ...
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