News Cycles: Business - European Economy

FTSE shares end in the red (AFP)

AFP - FTSE 100 shares ended in the red on Thursday after the latest batch of mixed economic data and company reports.

Police clash with protesters as Greeks fight cuts (Reuters)

Reuters - Police clashed with stone-throwing youths in Athens on Thursday as tens of thousands protested draconian cutbacks aimed at pulling Greece out of a debt crisis shaking the euro zone.

EU says US has pressed it on hedge fund rules (AP)

AP - The U.S. has pressed the European Union on draft rules to regulate hedge funds, but should respect Europe's right to decide its own legislation, a top EU finance official said Thursday.
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Greece hit by strikes, riots over austerity plan (AP)

AP - Serious street clashes erupted between rioting youths and police in central Athens Thursday as some 30,000 people demonstrated during a nationwide strike against the cash-strapped government's austerity measures.

German economy to shrink in Q1, think tank says (AP)

AP - A leading German think-tank says it expects the country's economy — Europe's biggest — to contract in the first quarter because of an unusually harsh winter.
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FTSE 100 opens lower (AFP)

AFP - Leading shares weakened on Thursday after unconvincing gains overnight on Wall Street as investors mulled the latest economic data and company news.

BMW 2009 profit falls 36 pct to $286 million (AP)

AP - German carmaker BMW AG said Thursday its 2009 net income fell 36 percent to euro210 million ($286 million) because of lower demand for its cars and motorcycles during the economic downturn as well as a higher tax rate.

EU defends hedge fund rules against U.S. critics (Reuters)

Reuters - The European Union hit back Thursday against U.S. criticism of plans to crack down on hedge funds, saying its push for openness in the industry met a commitment also given by Washington and others.
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Britain confronts debt of Greek proportions (AP)

AP - Government debt is growing, as is the deficit. The economy is struggling to get out of recession and there is talk of spending cuts or higher taxes. The unions are on edge. And the currency is plummeting.

Euro rebounds, gains on dollar (AFP)

AFP - The euro staged a modest turnaround against the dollar Wednesday in featureless trading as dealers looked for signals on prospects for the world economy and a proposed European monetary fund.

UK's Brown paves way for election with budget date (AP)

AP - Britain's economic recovery remains fragile, Prime Minister Gordon Brown warned Wednesday, as he paved the way for a national election by announcing the government's budget would be published in two weeks.
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Turkey, IMF end loan talks (AP)

AP - Turkey says it and the International Monetary Fund have mutually agreed to call off talks for a loan.
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Portugal sells $1.34 billion worth of bonds (AP)

AP - Financially troubled Portugal raised euro990 million ($1.34 billion) Wednesday in a key bond auction that had more bids than bonds available, suggesting the government's austerity plan is easing market concerns about the country's ability to pay off its high debts.
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European stocks edge ahead as investors await data (AFP)

AFP - Europe's leading stock markets nudged higher on Wednesday as traders awaited key US economic data and assessed the latest batch of company results.

OECD: gov'ts must cut deficits, boost regulation (AP)

AP - Rich countries must strengthen financial market regulation and bring down their oversized government deficits, two of the biggest new challenges to have arisen from the global economic crisis, the OECD said Wednesday.
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Dutch fine Fortis for false information (AP)

AP - Belgian insurer Fortis Holding said Wednesday that Dutch regulators fined it euro576,000 ($781,000) for giving incorrect information about the financial situation of Fortis bank, months before it nearly collapsed and sought government rescue.
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EU crisis fund idea puts eurozone at 'crossroads' (AFP)

AFP - Controversy over the future of the eurozone after the Greek crisis is at a new pitch over ideas for a rescue fund.

EU urges US to join in action against speculators (AP)

AP - European officials urged the U.S. to join in a crackdown on speculators who bet against Europe's currency union, warning they might ban some credit default swaps — opaque financial instruments blamed for worsening the world financial crisis.
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EU policy makers play down monetary fund idea (Reuters)

Reuters - European policy makers played down on Tuesday the idea of creating a European Monetary Fund, saying it was at most a long-term project that did not offer a solution to Greece's immediate debt problems.
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World stocks in pause a year after rally started (AP)

AP - World stock markets traded in very narrow ranges Tuesday as investors took a breather a year after shares began their recovery from multiyear lows.