Agreeing on a $1 trillion safety net may prove the easy part of saving the euro now the European Union's leaders are turning to the divisive issue of tightening economic policy coordination. The European Commission wants to reinforce economic surveillance and budget discipline to strengthen the euro zone and prevent a repeat of Greece's debt
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France and Germany pledged on Thursday to work together to solve a European debt crisis and support the euro, patching up a public rift that had rattled markets around the world. The unity pledge came as Germany's parliament prepared to vote on Friday on the country's share of a 750 billion euro rescue for euro
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Asian stock markets slid on Friday as worries about the euro zone and the flare-up in market volatility prompted investors to sell shares and keep cash until calm returns. European shares were seen opening lower as well. Financial spreadbetters expected Britain's FTSE 100 <.FTSE> to open as much as 1.1 percent lower, Germany's DAX <.GDAXI>
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Germany said restoring confidence in the euro was its "top priority," demanding tougher regulation and oversight on Thursday to protect the single currency, and joint EU action on withdrawing support for its economies. German Chancellor Angela Merkel said the euro zone's problems must be tackled at their root, telling a financial conference rules governing the
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Dubai World, the state-owned conglomerate, has reached a deal to restructure $23.5 billion in debt with its core lenders, addressing the most immediate of a string of problems facing investors in Dubai. The deal, which includes no new money from the government and is broadly in line with proposals made in March, must still be
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The number of workers filing new applications for unemployment insurance unexpectedly rose last week for the first time since early April, suggesting the labor market recovery has hit a stumbling block. Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the
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Wall Street was set for a sharply lower open on Thursday on growing fears recent share declines triggered by euro-zone turmoil in the handling of the sovereign debt crises could lead to a wider correction. The recent slide has dragged the S&P 500 index 8.4 percent lower from its 2010 closing high on April 23
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A senior euro zone official said on Thursday financial markets were acting irrationally over the euro area's debt problems and while he was concerned about the fall in the euro, immediate action was not needed. The euro slumped to a four-year low on Wednesday after a unilateral German move to ban naked short selling on
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Stock index futures fell on Thursday as concerns grew that recent share declines caused by euro-zone turmoil in the handling of the sovereign debt crises could lead to a wider correction. The recent slide has dragged the S&P 500 index 8.4 percent lower from its 2010 closing high on April 23 and pushed the benchmark
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Global shipments of smartphones may grow 50 percent this year and drive explosive expansion in high-end OLED display sales over the next five years, a Samsung Mobile Display executive said on Thursday. "Demand for high-end displays is very strong and we may continue to fail to meet all customer requirements, even after expanding capacity by
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