Madrid - After securing a generous portion of European Union recovery funds for the coronavirus crisis, Spain faces an unlikely problem - how to make use of all the money, government sources told: "This is not a crisis of dough (money), it is a crisis of ideas," one of the sources said, referring to concrete investment projects to help the economy out of a record recession. In a country that has not managed to approve a full-year budget since 2016
Oslo - Norway's quarterly public spending exceeded the government's overall income for the first time in 25 years during the three months from April to June, Statistics Norway (SSB) said on Wednesday. The unusual deficit, amounting to $9.5 billion, came as the COVID-19 pandemic caused a sharp fall in tax revenue and in the price of crude oil
Dubai - Dubai is seeking to attract wealthy foreign retirees as the economy of the Middle East trade and tourism hub reels from the coronavirus pandemic and low oil prices, prompting many expatriates to leave
Istanbul - Turkey's economy contracted by 9.9% in the second quarter as a coronavirus lockdown brought activity to a near standstill, according to data on Monday that showed its worst year-over-year performance in a decade
Seoul - The economy of isolated North Korea grew for the first time in three years in 2019 as better weather conditions boosted crop yields, but sanctions imposed to stop its nuclear ambitions kept factory output weak, South Korea's central bank said. Gross domestic product (GDP) in North Korea last year rose 0.4%
Tel Aviv - The president of the United Arab Emirates has issued a decree cancelling a law on boycotting Israel and allowing trade and financial agreements between the two countries. The decree from UAE President Khalifa bin Zayed Al Nahyan aims at "supporting bilateral cooperation in order to arrive at (the establishment) of bilateral relations"
Athens - Greece's conservative government has drafted a bill which overhauls its insolvency code, seeking to help over-indebted households and businesses make a fresh start after a crippling decade-long debt crisis. More than one million individuals and 300,000 businesses owe money to banks and the state, legacy of a decade-long financial crisis that shrank the country’s economy by a quarter
Amsterdam - Investors may struggle to find new southern European government bonds for the next two years, as the European Union's support programmes could cover much of the new funding needs of countries worst hit by the pandemic. Together with ongoing European Central Bank bond buying, the net supply of new sovereign Italian bonds to the open market may even shrink
Beijing - When the government of the south China city of Zhongshan heard that watchmaker Kam Yuen Group was furloughing more than 100 workers, it brokered a deal to shift the surplus staff to another manufacturer - a growing practice The arrangement will see Guangdong Welland Technology Co, which makes smart-watches and weighing scales, take on 140 Kam Yuen workers over the next six months
Moscow - Russian President Vladimir Putin said on Thursday the Kremlin had set up a "reserve police force" to support Belarusian leader Alexander Lukashenko, although it would not be deployed unless unrest there got out of control, Interfax news agency reported. The remarks were the strongest signal the Kremlin has given yet that it is prepared to use force if needed in Belarus
Washington - Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday. The pledge was made in a telephone call between U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He
Stockholm - Sweden is beefing up its military presence in the Baltic Sea amid concerns over increased Russian activity in the region and heightened tensions in Belarus following a disputed election. Sweden has been rearming in recent years after running down its military following the end of the Cold War
London - Britain's economy shrank by a record 20.4% between April and June, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, according to official figures published on Wednesday. The data also showed the world's sixth-biggest economy entered a recession as it shrank for a second quarter in a row
Paris - The French government's economic recovery plan, which will be unveiled later this month, will entail three billion euros ($3.5 billion) in aid for small- and medium-sized enterprises (SMEs), the Sud Ouest reported citing Finance Minister Bruno Le Maire:"A lot of the SMEs were in good financial health before the crisis
Beijing - China hopes the United States will stop taking restrictive and discriminatory action against Chinese firms and create conditions for the implementation of a Phase 1 trade deal, Assistant Minister of Commerce Ren Hongbin said on Thursday. Senior U.S. and Chinese officials are due to review the deal during a video conference this weekend
Zurich - The Swiss federal government expects a deficit of $22.87 billion for 2020, it said on Wednesday, as the country's coffers are hurt by lower receipts and costly programmes to offset the new coronavirus's hit to the economy. The shortfall results from an ordinary budget deficit of 3.1 billion francs, as well as extraordinary spending to combat the COVID-19 pandemic projected at 17.8 billion francs
Beirut - Lebanon may be in line for $298 million in emergency aid after the Beirut port blast, but the more than $30 billion some estimate it may need to rebuild its shattered economy will not be forthcoming without reform
Manila - The Philippine economy fell into recession for the first time in 29 years with a record slump in the second quarter, as strict lockdown measures ravaged economic activity
La Paz - Bolivia's government said on Monday it had ordered police and military to protect key installations and the transport of medical oxygen after clashes broke out over protests and roadblocks by opposition supporters demanding a quick election. Tensions are brewing as the South American nation heads for a key presidential election on Oct. 18, which has been delayed due to COVID-19
Milan - Italian eyewear tycoon Leonardo Del Vecchio is planning to raise its stake in financial group Mediobanca to 13-14% after he receives an approval from the European Central Bank later this month, two Italian dailies reported on Tuesday. Del Vecchio, founder of Ray-Ban owner Luxottica, sought ECB clearance in June to spike his Mediobanca holding above 10% and up to 20%
Istanbul - Turkish central bank head Murat Uysal has stuck to the rate-cutting script since President Tayyip Erdogan hired him to lift Turkey out of a recession and currency crisis. A year later with the COVID-19 pandemic now crushing the lira, some traders and analysts say they think Uysal will instead hike rates to head off a deeper crisis
London - Euro zone manufacturing activity expanded modestly last month, its first growth since early 2019, and Asia's pain eased as the contraction slowed in export-reliant nations, adding to hopes the sector is emerging from the hit of the coronavirus pandemic. Just over 18 million people have been infected by the coronavirus and the hit from lockdowns and social distancing policies to contain its spread have had a devastating impact on global growth
Manila - Tens of millions of people in and around the Philippine capital will go back to a strict lockdown from Tuesday, threatening incomes and hopes for reviving a once dynamic economy as authorities take drastic measures to halt surging virus cases. Before the coronavirus pandemic, the Philippines was one of Asia's fastest growing economies
Baku - Azerbaijan has lowered its economic outlook, projecting its oil-driven economy will shrink by 5% this year from an earlier forecast of 3.8%, the finance ministry said on Saturday. Its updated budget will be discussed next week. The ministry also lowered its 2020 oil price forecast, which it uses to calculate its budget
Vienna - The Austrian economy shrank 10.7% in the second quarter, marking its biggest contraction since the data series began after World War Two, as the coronavirus pandemic hit both domestic and foreign demand
Madrid - Spain recorded a historic fall in GDP in the second quarter of the year, with the 18.5% drop wiping out all the post-financial crisis recovery of the last six years, data from National Statistics Institute showed on Friday
State conglomerate Dubai World, whose assets include global port operator DP World, said on Tuesday it had made a final payment of $8.2 billion to creditors
Teheran - Another Iranian oil tanker is en route to Venezuela, as the Islamic Republic of Iran continues to defy the sanctions put on both the nations (Iran and Venezuela) by the United States of America’s (USA). As per various reports received, the Iran-flagged "Golsan" is en route to Venezuela and is expected to dock soon
U.S. sanctions imposed on Iran’s shipping network took effect on Monday, months after they were announced in December following accusations of supporting proliferation of weapons of mass destruction.
London - Preliminary first -quarter GDP estimates for several euro zone member countries and for the currency area itself will make the coming week extremely busy. We expect the numbers to be awful. Whole swaths of the European economies were forced to shut down in March owing to the COVID -19 crisis
The Covid-19 pandemic is teaching western nations exactly what their crisis response capabilities actually are, while considerable benefit will be gained from this, unfortunately, not all of those analysing our performance are our friends.
The Norwegian classification society DNV GL has launched a venture fund to invest in industry 4.0
Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions
Moody's has today upgraded by two notches the long-term ratings of Norddeutsche Landesbank GZ, NordLB, and its rated subsidiaries. NordLB's long-term senior unsecured debt and deposit ratings were upgraded to A3 from Baa2
The Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region reports to China's State Council or Cabinet, and is the main platform for Beijing to project its influence in the city
The Black Sea Hazelnut and Products Exporters' Union reported that Turkey earned $1.09 billion from hazelnut exports during the first four months of the season, which starts in September and ends in August
The NordLb has received the hoped-for capital injection. The shareholders paid 2.8 billion euros into the share capital.
Warda said in a statement to the delegate of SANA that (SIAMCO) continues to produce cars within the framework of cooperation between Iran and Syria and in line with the absorptive capacity of the market
Non-oil trade between the UAE and Egypt, the most populous Arab country, last year reached Dh20.1 billion
Brussels - An adviser at the EU Court of Justice agreed with Croatia on Wednesday that settling the border between Slovenia and Croatia was not a matter on which EU courts should rule.
London - China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners.
London - British police shoot dead knife man. Police say this was a terrorist incident.
Rome - Rightist bloc storms to 20-point win over govt parties. Salvini’s League confirmed as most popular party.
Barcelona - Catalonia’s pro-independence regional chief Quim Torra called for talks with Spain’s central government on Saturday to try to end a wave of violence sparked by the jailing of separatist leaders.
Brussels - Bitterly divided EU leaders failed Friday to reach agreement on allowing Albania and North Macedonia to start talks to join the bloc, dealing a fresh blow to their membership hopes. Summit talks ended without a decision despite seven hours of backroom haggling
Moscow - From diamonds and arms to nuclear power and oil, Russia has major business ambitions in Africa, even if it is coming late to the party. Western countries like France and the United States are deeply entrenched in African economies and in recent years China has emerged
Beirut - The Lebanese government faced calls to resign Thursday after thousands of furious demonstrators took to the streets across the country to protest dire economic conditions. Public anger has simmered since parliament passed an austerity budget in July to help trim a ballooning deficit
London - South Africa is working to restore its institutions and secure private investment in order to grow the economy, President Cyril Ramaphosa told the Financial Times Africa Summit in London on Monday.
Beijing - China’s record for U.S. agri imports was $25.8 bln in 2012. Rules on hormones, drugs a hurdle for more meat imports.
Cairo - Cyprus, Greece and Egypt called on Turkey on Tuesday to “end its provocative actions” in the Eastern Mediterranean Sea, including exploring for oil in Cyprus’ territorial waters, which they called “a breach of international law”.
Madrid - Spain is preparing a plan worth 300 million euros ($328 million) to shore up the economies of its sun-drenched tourist spots after the collapse of British travel group Thomas Cook, acting Tourism Minister Reyes Maroto said on Thursday.
London - The world’s oldest travel firm Thomas Cook collapsed on Monday, stranding more than half a million holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.
London - Bosses meeting creditors, lenders to agree its future. Company could go into administration early Monday.
Beijing - China announced its first batch of tariff exemptions for 16 types of U.S. products, days ahead of a planned meeting between trade negotiators from the two countries to try and de-escalate their bruising tariff row.
Hong Kong - Violence breaks out in now familiar pattern.Thousands of protesters call on U.S. to help.
Hong Kong - Tear gas fired again in densely populated Mong Kok. Only passengers allowed to board trains, buses to airport.
Cernobbio - With the arrival of a new government in Rome, France and Italy have a unique chance to strengthen their ties through joint projects and closer cooperation on European matters, French Finance Minister Bruno Le Maire said on Saturday.
Athens - Greece’s prime minister is expected on Saturday to detail tax cuts for companies strained by years of austerity, while also promising pro-business reforms aimed at convincing lenders to ease the nation’s fiscal target from 2021.
Hong Kong - HK listing likely to raise $10 bln-$15 bln-sources . Company considering several different timetables-sources.
Washington - The Trump administration will delay 10% tariffs on certain Chinese products, including laptops and cell phones, that had been scheduled to start next month, the Office of the U.S. Trade Representative said on Tuesday.
Lisbon - Fuel tanker drivers start indefinite strike. Tourist destination Algarve among areas worst hit .
Lisbon - The crisis declaration allows the government to ensure full supplies to ports, hospitals, airports and other priority users.
Tokyo - The Japan Meteorological Agency said Mount Asama in central Japan erupted late on Wednesday and issued a warning not to approach the volcano.
Rome - Long-delayed rail link involves Alpine tunnel. League issues threaten to collapse govt.
Washington - U.S. President Donald Trump on Tuesday warned China against waiting out his first term to finalize any trade deal, saying if he wins re-election in the November 2020 U.S. presidential contest, the outcome could be no agreement or a worse one.
Rabat - The city, to be called Tanger Tech Mohammed VI, aims to support 100,000 jobs and house 300,000 people, and the first development phase has already been achieved with industrial investors expected to receive the first plots later this year.
Berlino - Deutsche Bank plans to scrap its global equities business and scale back its investment bank in a sweeping, 7.4 billion euro overhaul designed to turn around the struggling German flagship lender.
Washington - The U.S. trade deficit rose to a five-month high in Mayas the politically sensitive imbalances with China and Mexico widened. The Commerce Department said Wednesday that the gap between the goods and services the U.S. sells and what it buys from foreign countries rose 8.4% to $55.5 billion in May
Benghazi - The U.N. refugee agency is calling for an immediate end to bringing migrants trying to cross the Mediterranean back to Libya after an airstrike hit a detention center, killing at least 40 people. UNHCR had warned less than two months ago that anyone inside the Tajoura detention center was at risk
Beijing - China is reforming key industries to allow for greater foreign investment, according to state media. Xinhua reported the National Development and Reform Commission of the People’s Republic of China said Sunday sectors including oil exploration and mining are to be deregulated for more foreign capital inflows
Vienna - Iraqi Oil Minister Thamer Ghadhban said on Sunday that he expects a global deal cutting crude production to be extended by six to nine months and that his country supports all efforts to improve stability in the oil market.
Paris - The government will finance the remaining 4 billion euros through lower spending, Darmanin said during an interview for the Grand Jury show with reporters from LCI television, RTL radio and Le Figaro newspaper.
Hong Kong - Alibaba deal could be biggest follow-on offering in 7 years Would come about five years after record $25 bln NY float.
Oslo - Fund is world’s largest sovereign wealth fund-
London - Ford will close its engine plant in Bridgend, south Wales, by September 2020, a trade union said on Thursday, putting 1,700 jobs at risk in the latest blow to Britain’s car industry.
Washington - Fighting to stave off punitive tariffs announced by U.S. President Donald Trump, a senior Mexican delegation was set to begin high level talks on Monday in Washington.
Beijing - China’s propaganda war with the United States over their escalating trade dispute will reach a crescendo of sorts when a broadcaster from Chinese state television debates a Fox Business host in prime time on the U.S. cable network.
Milan - Italy’s victorious right-wing leader, Matteo Salvini, says the European elections have created “a new geography” of anti-élite sentiment in the EU. But it is far from certain that he will be able to forge a bloc from parties who are united around a strict euroskeptic, anti-migrant, anti-Islam platform, but little else
New York - After more than a decade of rapid growth, Chinese travel to the U.S. is falling. And that has cities, malls and other tourist spots scrambling to reverse the trend. Travel from China to the U.S. fell 5.7% in 2018 to 2.9 million visitors
Nicosia - Eliot Engel, chairman of the House Foreign Affairs Committee, says the U.S. is looking for friendly nations in the region that share core democratic values in light of what he calls Russia’s “malevolent machinations.”
Rome - The activity of Italy’s Federlogistica-Conftrasporto association has gained momentum following Luigi Merlo becoming its president; formerly Mr. Merlo was Transport Councilor for the Liguria Region, president at the Port Authority of Genoa, and manager of shipping company MSC.
Dubai - Saudi Arabia does not want war but will not hesitate to defend itself against Iran,a top Saudi diplomat said Sunday after the kingdom’s energy sector was targeted this past week amid heightened tensions in the Persian Gulf
Beijing - Google suspends some business with Huawei. Latest U.S. warship sailing angers Beijing.
Washington - The U.S. Commerce Department said on Monday it added six Chinese technology firms, one Pakistani firm and five based in the United Arab Emirates to its list of entities that are banned from exporting sensitive U.S. technologies and other goods.
Panama - A magnitude 6.1 earthquake struck 29 miles (47 km) northwest of Panama’s coastal city of David on Sunday.
Milan - U.S. asset manager BlackRock withdrew from a proposed rescue of Italian bank Carige because the plan needed more co-investors and the country’s political situation was unhelpful, a source familiar with its decision said on Thursday.
Geneva - A fire broke out at an oil pipeline in southwest Iran after an accident on Monday and is under control, the Tasnim news agency reported.
Istanbul - Turkey will be unable to diversify oil imports quickly after the United States ended waivers on purchases from Iran, the Turkish foreign minister said on Thursday, a day after a U.S.-imposed sanctions deadline.
Tripoli - An armed group tried to attack Libya’s El Sharara oilfield, the country’s biggest, but there was no impact on production from the incident, a field engineer said on Monday.
Vladivostok - Russian President Vladimir Putin said on Thursday there was nothing wrong with easing rules for residents of Ukrainian rebel regions to receive Russian passports
Vladivostok - Russian President Vladimir Putin said that he thought U.S. security guarantees would probably not be enough to persuade Pyongyang to shut its nuclear programme
Beijing - China will show off new warships including nuclear submarines and destroyersat a parade next week marking 70 years since its navy’s founding, a senior commander said on Saturday, as Beijing flexes its increasingly well-equipped military muscle
Kiev - Ukraine entered uncharted political waters on Monday after near final results showed a comedian with no political experience and few detailed policies had dramatically up-ended the status quo and won the country’s presidential election by a landslide
Brussels - The European Union delivered formal congratulations to Ukraine’s novice president elected on Monday but made clear it expects TV comic Volodymyr Zelenskiy to pursue halting reforms, including fighting corruption
Shanghai - China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector
Frankfurt - The European Central Bank will ask Deutsche Bank to raise fresh funds before it gives the go-ahead for a merger with a state-backed rival.
London - Bitcoin breaks through $5,000 in biggest one-day gain in year. Computer-driven traders in Asia follow - analyst.
Geneva - World trade shrank by 0.3 percent in the fourth quarter of 2018 and is likely to grow by 2.6 percent this year, slower than 3.0 percent growth in 2018 and below a previous forecast of 3.7 percent.
London - May advised by some to call an election. “A laughing stock” - Siemens’ UK head.
Istanbul - The Turkish lira firmed on Monday, clawing back early losses after President Tayyip Erdogan’s AK Party lost control of the capital Ankara.