China should be more flexible on its currency and encourage more domestic consumption, a senior International Monetary Fund (IMF) official said on Wednesday, as pressure builds on Beijing to revalue the yuan. The yuan is pegged to the U.S. dollar at a level that supports Chinese exports, raising concerns of global economic imbalances where the
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Chile's massive earthquake is unlikely to impact the sovereign's A1 foreign and local currency ratings, which remain on positive outlook, Moody's Investors Service said in a brief comment in the wake of the February 27 disaster. "Chile's strong institutions and financial flexibility position it well to deal with the significant and regrettable human and economic
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The European Union executive will unveil a 10-year plan on Wednesday to boost economic growth, create jobs and help steer the bloc safely out of its worst financial crisis in decades. The Europe 2020 strategy succeeds the European Commission's Lisbon Agenda, which failed to achieve its goal of making the EU the world's "most dynamic
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Greece must tighten its belt further to reach this year's deficit-cutting target, but it is not yet clear by how much, the European Commission said. Economic and Monetary Affairs Commissioner Olli Rehn on Monday discussed with Greek authorities the need for deficit-cutting measures on top of those already taken by Athens. No bailout plans were
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The total sales of petroleum products in January 2010 recorded a decrease of 16.0% compared to the previous month, according to the Statistical Service. A considerable decrease was recorded in the sales of Asphalt, Unleaded Motor Gasoline, Gasoil, Gasoil Low Sulphur and in the supplies of Gasoil for marine use. Total stocks of petroleum products
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Carmakers are bracing for lower sales in Europe this year as incentive programs end, while elsewhere companies are seeing opportunities in their competitors' product recalls. Car sector executives gathered in Geneva for the annual auto show on Tuesday spoke of a challenging market at best in Europe this year, with Germany looking especially gloomy after
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U.S. stocks were set for a higher open on Tuesday, a day after the S&P 500 moved into positive territory for the year, as Greece appeared to be making progress toward a resolution on aid from the European Union. The European Commission said debt-troubled Greece must take additional measures to reach its deficit reduction target
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Britain's leading shares gained 0.8 percent by midday on Tuesday, buoyed by firmer commodity issues and by banks, with HSBC recovering its poise after sell-offing in the prior session on disappointing results. At 1158 GMT, the FTSE 100 index was 44.39 points higher at 5,450.33, close to a six-week peak. "The move through 5,400 in
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Oil gained over 30 cents to top $79 on Tuesday, reversing earlier losses in choppy trading that reflected dollar moves in the absence of any clear fundamental momentum to spring out of a well-established range. Weekly inventory data from industry group the American Petroleum Institute (API), due to be published at 2130 GMT on Tuesday,
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European Socialists proposed on Tuesday setting up an emergency fund to prevent defaults by euro zone countries such as Greece that run into trouble and ward off a "locust swarm of speculators". The fund would be part of the European Investment Bank (EIB), the European Union's government-owned financing arm which issues bonds to secure cash
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