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GENEVA (Reuters) - European Union member countries and their close partners in north and central Europe make up 12 of the 20 nations that are most open to international trade, according to a report issued on Wednesday. The Geneva-based World Economic Forum, in the latest update of its Enabling Trade Index, which is compiled every two years, put the United States at No. 23, down from 19 in 2010. Fellow trade giant China dropped from 48th to 56th place, and would-be powerhouse Russia was way down the rankings at 112th place. ...
BRUSSELS (Reuters) - European leaders discussed ways to revive their economies on Wednesday night, with growth and jobs on the agenda along with the situation in Greece. Following are comments by EU leaders and officials after the talks ended early on Thursday: EU LEADERS' STATEMENT ON GREECE: "We discussed the political and economic situation in Greece. We want Greece to remain in the euro area while respecting its commitments. "We are fully aware of the significant efforts already made by the Greek citizens. ...
MEXICO CITY (Reuters) - Mexico's main opposition faction hopes to secure support for energy, fiscal and labor market reforms by December if its candidate who is well ahead in the polls wins the presidency, a senior official in the Institutional Revolutionary Party (PRI) said on Wednesday. Enrique Pena Nieto of the PRI is strong favorite to win the July 1 presidential election, and he has pledged to overhaul the Mexican economy in pursuit of annual growth of around 6 percent. ...
LONDON (Reuters) - Rights group Amnesty International lambasted the United Nations Security Council on Thursday as "tired, out of step and increasingly unfit for purpose". In its annual report, Amnesty said the failure of world powers to take stronger action on Syria was evidence that a sclerotic security council was hamstrung by vested interests, and also warned of abuses arising from Europe's economic crisis. Permanent security council members Russia, a key arms supplier to Syria, and China have shielded Syrian President Bashar al-Assad from tough sanctions. ...
TORONTO (Reuters) - Canada's main stock index advanced for the second straight day on Wednesday, rallying with gold and base-metal mining shares to dig itself out of an early hole as mounting fears about the euro zone economy and China rattled markets. The index surged nearly 300 points, or 2.6 percent, after nearly hitting a 2012 low at 11,260.04 early on Wednesday as worries about Greece's possible exit from the euro zone sparked a broad sell-off in equities. The rebound was led by the gold mining subgroup, which jumped more than 4. ...
Here is a summary of recent earnings and reports for selected technology companies and what they reveal about the state of spending and the overall economy:
TORONTO (Reuters) - Locomotive engineers and conductors at Canadian Pacific Railway walked off the job on Wednesday after contract talks broke down, shutting down freight operations on Canada's second-biggest railroad. As some customers began seeking alternatives to move autos, grain, coal and other goods, the Canadian government said it may introduce back-to-work legislation as early as next Monday if the strike drags on and harms the economy. ...
Shares of NetApp Inc. tumbled in aftermarket trading Wednesday after the data storage management system maker forecast a disappointing fiscal first quarter, citing "increasing uncertainty" in the global economy.
WASHINGTON (Reuters) - The U.S. spring home-selling season got off to a strong start in April, with rising sales and prices providing evidence that a housing market recovery was gaining some traction. The housing sector has been the Achilles' heel of the economy ever since the home-price bubble burst. Data this week, however, has painted a relatively upbeat picture for the market and underscored the economy's resilience. ...
Hewlett-Packard announced Wednesday that they will cut about 27,000 jobs by the end of 2014 in order to save up to $3.5 billion, so that's obviously not great news for the economy.
RAPID CITY, South Dakota (Reuters) - A rise in U.S. inflation over the past year suggests the Federal Reserve has little firepower left to boost employment, a top Fed official said on Wednesday. The U.S. unemployment rate, at 8.1 percent, is still high by historical standards, and many economists say employment is still well below the maximum level the economy can handle before inflationary pressures are likely to build. ...
WASHINGTON (Reuters) - The U.S. spring home-selling season got off to a strong start in April with rising sales and prices providing evidence that a housing market recovery was gaining some traction. The housing sector has been the Achilles' heel of the economy ever since the home-price bubble burst. Data this week, however, have painted a relatively upbeat picture for the market and underscored the economy's resilience. ...
Standard & Poor's dropped its rating for Tunisia by one notch on Wednesday to a speculative 'BB/B' level due to political uncertainty and weaker economic outlook.
GENEVA (Reuters) - European Union member countries and their close partners in north and central Europe make up 12 of the 20 nations that are most open to international trade, according to a report issued on Wednesday. The Geneva-based World Economic Forum, in the latest update of its Enabling Trade Index, which is compiled every two years, put the United States at No. 23, down from 19 in 2010. Fellow trade giant China dropped from 48th to 56th place, and would-be powerhouse Russia was way down the rankings at 112th place. ...
NEW YORK (Reuters) - New York state's pension fund assets rose 5.96 percent to $150.3 billion in the 2012 fiscal year, not far from the $154 billion peak set in 2007, the state's comptroller said on Wednesday. Despite the improvement, the return remained below the assumed rate of return of 7.5 percent. "Over the last three years, the fund has experienced strong gains during a period of economic instability," Comptroller Thomas DiNapoli said in a statement. In 2009, the value of the pension fund fell to $108.9 billion in the midst of what DiNapoli called the "global economic meltdown". ...
Spain's economy minister says the government will pump at least €9 billion ($11.3 billion) of public money into nationalized lender Bankia so it can meet new capital requirements.
NEW YORK (Reuters) - World stocks skidded and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economic recovery. Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the bloc's currency, three euro zone sources told Reuters, citing an agreement reached by officials. ...
Syria's oil minister blamed international sanctions Wednesday for shortages of cooking gas and other basic goods, saying the measures have bled $4 billion from the nation's ailing economy.
NEW YORK (Reuters) - Standard & Poor's on Wednesday cut its sovereign credit rating on Tunisia to junk with a two-notch downgrade to BB, citing weaker-than-expected economic, fiscal and external debt indicators despite overall political stability. The rating outlook for Tunisia is now considered stable, S&P said in a statement. The Arab Spring protests that erupted in Tunisia in January 2011 and led to the overthrow of Zine al-Abidine Ben Ali have resulted in a stable political environment, the S&P said. ...
ACCRA (Reuters) - Ghana will update its consumer inflation index which currently uses 2002 as its base year, resulting in new weightings for the components of its Consumer Price Index (CPI) basket, the national statistics office told Reuters on Wednesday. The move is to be launched next year and will set the new base year as 2011. "There will be additions to the basket and most of the weightings will also change because the structure of people's expenditure has changed over the years," Magnus Ebo Duncan, head of economic statistics at the Ghana Statistical Service, told Reuters. ...
A party official says Myanmar opposition leader Aung San Suu Kyi will speak at an economic conference next week in Thailand's capital, in her first trip abroad in 24 years.
MADRID (Reuters) - Spain's Bankia will hold a board meeting on Friday, a source with knowledge of the matter said on Wednesday. The meeting will follow an announcement by Spain's Economy Minister Luis De Guindos on Wednesday that the state will inject at least 9 billion euros ($11.33 billion) to recapitalize the nationalized lender. (Reporting By Carlos Ruano; Editing by Tracy Rucinski)
CENTRALIZING POWER: The German government will oversee the country's move from nuclear power to renewable energy more closely, according to Chancellor Angela Merkel. It's a mammoth 10-year project for Europe's biggest economy that has been going slowly to date.
ABUJA (Reuters) - Nigeria has arrested 45 Chinese illegal textiles traders in its main northern city of Kano and plans to deport them, the city's top immigration official said on Wednesday. Nigerian law forbids foreigners from certain trades meant to be reserved for locals, including selling clothes. "Our men arrested 45 Chinese, 11 of them are women. We carried out this exercise to salvage our economy," Kano controller of immigration Emmanuel Ifeadi told Reuters. "We were directed to clear them from the market and this is going to be a continuous exercise ... ...
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