News Cycles: Business - European Economy

EU calls for boost in public spending, tax breaks (AP)

AP - The European Commission urged the 27 EU governments Friday to boost public spending and provide tax breaks to help industry overcome the accelerating economic slowdown that has already pushed several countries into a recession.
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Netherlands: ABN-Fortis won't be sold before 2011 (AP)

AP - The Dutch government named former finance minister Gerrit Zalm as chief executive of the recently nationalized ABN Amro and Fortis banks on Friday, and said the combination will not be privatized before 2011.
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ECB rate setters point to another rate cut in Dec. (AP)

AP - The chances of another interest rate cut by the European Central Bank increased Friday after some of the bank's governors said borrowing costs may have to fall further to offset a worsening economic outlook and dropping inflation.
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US stocks rise on bargain hunting (AP)

AP - U.S. stock markets opened higher Friday as some investors were tempted to buy shares cheapened by heavy losses this week, but European markets were down on mounting recession fears.

Michael Jackson's assistant: Sheik gave him gifts (AP)

AP - Michael Jackson's former personal assistant told a British court Friday that a Bahraini sheik who is now suing the singer was a generous friend, eager to give Jackson money and other gifts.

Report: 215,000 German jobs threatened by crisis (AP)

AP - The German economy could lose up to 215,000 jobs in 2009 amid the global economic crisis, Germany's Bild newspaper said Friday, citing a survey it compiled.
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French consumer spending slides in October (AP)

AP - French consumer spending, the main driver of growth in the euro zone's second-largest economy, fell abruptly in October, suggesting France may yet follow its neighbors Germany and Britain into recession.
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UK electronics retailer DSG's shares jump 40 pct (AP)

AP - Shares in DSG International PLC soared 40 percent Friday from a 20-year low after Credit Suisse raised its rating of the stock to "outperform" on the basis that market concern over the economic slowdown had left the stock overly cheap.
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Report: Ford Germany needs no state bailout money (AP)

AP - Bernhard Mattes, chief of Ford Motor Co.'s German unit, said that while the company can survive without a bailout from the German state, it hopes the European Union will help the ailing auto industry with a loan package.
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Ford 'wants 40bn euros in EU loans' for industry (AFP)

AFP - The European Union should make around 40 billion euros (50 billion dollars) in loans available to the continent's ailing auto sector, the head of Ford Germany said in comments published Friday.

Greece: economy to slow to 2.7 pct growth in 2009 (AP)

AP - Greece's economy will slow to a 2.7 percent growth rate next year as the global economic crisis takes its toll, the conservative government predicted on Friday.
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FTSE-100 up 27.94 at 3,902.93 (AP)

AP - Share prices on the London Stock Exchange were higher at midday Friday.
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Pressure grows on Obama as world economy deteriorates (Reuters)

Reuters - US stocks recovered some ground on opening on Friday, though Citigroup fell further, amid continued fear that central bank moves to stabilize financial markets might not be enough to prevent a prolonged global recession.

Germany to borrow an extra euro8 billion in 2009 (AP)

AP - Germany will have to borrow an extra euro8 billion ($10 billion) next year, as it expects to spend more even while revenues slump, the parliamentary budget committee said Friday.
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US dollar down, gold up in Europe (AP)

AP - The U.S. dollar was mostly lower against other major currencies in European trading Friday morning. Gold rose.
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Survey shows euro-zone economy shrinking in Nov (AP)

AP - The downturn in the euro-zone economy, particularly within the manufacturing sector, gathered pace in November amid mounting recession fears and the deepening financial crisis, a closely watched survey showed Friday.
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UK home repossessions up 12 pct in 3Q from 2Q (AP)

AP - Home repossessions in Britain jumped 12 percent to 11,300 in the third quarter from the previous quarter, the Council of Mortgage Lenders said Friday, more evidence that the financial crisis is taking its toll on households and the ailing housing market.
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Euro edges higher against dollar (AP)

AP - The euro edged higher against the U.S. dollar in European trading on Friday, recovering some losses from the previous day, when American unemployment data hit a 16-year high and economists warned more layoffs were likely.
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Rolls-Royce plans up to 2,000 job cuts in 2009 (AP)

AP - Rolls-Royce Group PLC said Thursday it plans to cut up to 2,000 jobs next year as demand for its products slumps amid the global economic downturn.

RBS soars on expectation of 20 bln pound injection (AP)

AP - Royal Bank of Scotland PLC shareholders approved a 20 billion pound ($30 billion) government bailout Thursday, a plan intended to help the struggling lender survive the global financial crisis.
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