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Asia stocks up amid hopes China to boost growth
21 May 2012 at 9:08pm
Hopes China will announce new measures to boost economic growth helped push Asian stock markets higher Tuesday.
Economists more upbeat about job growth, housing
21 May 2012 at 8:35pm
A new survey shows economists are growing slightly more optimistic about recovery in the job and housing markets but expect other pillars of the economy to remain weak.
G8 steps up plans to aid Arab Spring economies: U.S. official
21 May 2012 at 8:13pm
WASHINGTON (Reuters) - Industrialized nations have stepped up plans to help countries swept up in the Arab Spring rebuild their economies through more access to international credit markets, investment and trade, a senior State Department official said on Monday. Undersecretary of State Robert Hormats said while headlines from a G8 leaders' summit at the weekend focused on the economic crisis in the euro zone, the meeting also underscored efforts needed to stabilize the transition economies of Egypt, Libya, Jordan, Morocco and Tunisia. ...
Brazil makes new tax cuts to revive economy
21 May 2012 at 7:58pm
BRASILIA (Reuters) - Brazil's government on Monday unveiled a new round of temporary tax cuts worth about $1 billion to boost the struggling automotive sector and other industries in its latest attempt to restore a lost economic boom. Investor jitters about the economy at home and abroad helped send Brazil's currency to its weakest closing level in three years on Monday. But Finance Minister Guido Mantega said the measures should help revive an economy that has been stagnant since mid-2011, while also providing protection from the debt crisis in the euro zone. ...
U.S. Senate approves tougher Iran sanctions
21 May 2012 at 5:57pm
WASHINGTON (Reuters) - The U.S. Senate unanimously approved on Monday a package of new economic sanctions on Iran's oil sector just days ahead of a meeting in Baghdad between major world powers and Tehran. The West suspects Iran is working to build a nuclear bomb and the sanctions are meant to strip Tehran of revenue by shutting down financial deals with Iran's powerful state oil and tanker enterprises. Iran has said its nuclear program is for civilian purposes. ...

Youth joblessness back at crisis peak: ILO
21 May 2012 at 5:14pm

Youth joblessness is almost back at its peak following the outbreak of the global economic crisis and is unlikely to ease until at least 2016, the International Labour Organization warned Tuesday.

Lowe's Cos.' first-quarter profit climbed 14 percent as warmer weather helped boost sales earlier in the quarter. But the world's second-biggest home-improvement company lowered its full-year earnings forecast on Monday, saying it's still cautious because of the weak housing market and other economic conditions.

ROME (Reuters) - Italy's political parties had hoped Beppe Grillo would fade away, but the comic who rails against their corruption and ineptitude and says Italy should default on its debt and quit the euro is going from strength to strength. In local elections on Monday, Grillo's Five-Star Movement shook Italian politics by winning control of the northern city of Parma and several smaller towns, capitalizing on voter discontent with economic stagnation and austerity. ...

NEW YORK (Reuters) - Oil prices rose on Monday after China's premier called for more efforts to stimulate growth and as investors cautiously awaited results of Iran's second round of revived talks with major powers over Tehran's nuclear program. Chinese Premier Wen Jiabao's call for "giving more priority to maintaining growth" signaled Beijing's willingness to take action after several recent economic indicators suggested that the economy could continue to slow. ...