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Last updated : 2010.03.11, 17h39 (GMT+8) - [Read last refreshed Newsfeed]

Business - European Economy

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.

FTSE 100 shares edge higher (AFP)

AFP - Leading shares closed higher on Wednesday in cautious trading as market players digested the latest batch of company results and awaited key US economic data later this week.

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.

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.

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.

Greek strike to shut down services Thursday (AP)

AP - Greek unions will stage their second nationwide strike in a week on Thursday, shutting down all public services, closing schools, customs and tax offices, halting public transport and grounding flights for 24 hours.

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.

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.

German January exports up 0.2 percent on year (AP)

AP - Official data shows German January exports improved 0.2 percent compared with January 2009 but declined a sharp 6.3 percent from December.

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.

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.

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.

Audi '09 net income down 39 pct to $1.8 billion (AP)

AP - German carmaker Audi AG says its 2009 net income fell 39 percent to euro1.35 billion ($1.8 billion) as the economic downturn cut demand for its cars.

EU, ECB lock horns over IMF-style rescue fund (Reuters)

Reuters - European policymakers came out in support of a rescue fund that would mark a new phase of economic cooperation within the 16-nation euro zone, setting them on a potential collision course with its central bank.

German poker tournament robbers still on the run (AP)

AP - German police were hunting Monday for four bandits who stormed a poker tournament in Berlin and made off with euro240,000 ($328,000) in jackpot money in a brazen daylight heist.

EU considers own crisis fund (AP)

AP - The European Union plans to create a European Monetary Fund to better coordinate the economies of the 16 countries that use the euro and prevent financial debacles such as the Greek debt crisis from undermining the credibility of Europe's single currency.

Europe will stand by Greece: Sarkozy (Reuters)

Reuters - French President Nicolas Sarkozy promised Greece Sunday that euro zone countries would help it overcome its financial problems and vowed a European crackdown on financial speculators Athens blames for its woes.