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EU structural funds could help Greece: French PM
23 May 2012 at 3:30am
PARIS (Reuters) - European Union leaders should discuss using the bloc's structural funds to shore up Greece's struggling economy when the meet later in the day to explore ways of lifting growth, French Prime Minister Jean-Marc Ayrault said on Wednesday. The Socialist head of government called for new measures to revive the Greek economy and help the debt-laden country avoid a "catastrophic" exit from the euro currency zone, which he said would have a negative impact on the rest of the bloc. ...
Greek exit "unavoidable" if reform stops: German MP
23 May 2012 at 3:30am
BERLIN (Reuters) - Greece's exit from the euro will be "unavoidable" if anti-austerity radicals win a June 17 election and halt painful economic reforms, a leading German conservative was quoted on Wednesday as saying. Alexander Dobrindt, deputy leader of the Christian Social Union (CSU), one of three parties in Chancellor Angela Merkel's centre-right coalition, has said in the past Greece may be better off outside the euro, but his latest comments underscore Berlin's growing exasperation with Greek politicians. "On election day the hour strikes for the Greek euro. ...

World stocks down as worries over Greece grow
23 May 2012 at 3:19am

Doubts that European Union leaders will come even close to cobbling together a plan to kick-start the region's faltering economy sent world stock markets lower Wednesday.

TOKYO (Reuters) - The Bank of Japan kept monetary policy steady on Wednesday but warned of lingering risks to the country's recovery prospects, a sign it was saving ammunition in case Europe's deepening debt crisis warrants further supportive action to shield the economy. The central bank said it would conduct policy appropriately to beat deflation, but did not repeat the vow of powerful easing it has used in post-meeting statements since August 2010. Some market players interpreted this as a sign the BOJ may scale back its ultra-loose policy, a view its governor quickly dismissed. ...

LONDON (Reuters) - Oil fell on Wednesday on growing hopes of a deal between Iran and the U.N. nuclear watchdog, which eased fears of oil supply disruption, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand. The U.N.'s International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on nuclear bombs in the oil-producing country. This improved the prospects for talks with Tehran to stop a drift towards conflict. Brent crude fell $1.39 to $107.02 per barrel. U.S. July crude fell $1.08 to $90. ...

LONDON (Reuters) - Retail sales fell at their fastest monthly pace in more than two years in April, after a record drop in fuel sales and a weather-related drop in clothing sales, official data showed on Wednesday. The weak start into the second quarter highlights the ongoing weakness of the economy and may raise speculation about another cash boost from the Bank of England. The Office for National Statistics said retail sales volumes fell 2.3 percent on the month - its biggest drop since January 2010 and more than twice as fast as forecast. ...

SINGAPORE (Reuters) - Gold eased on Wednesday extending sharp losses made in the previous session as investors were sceptical that an informal European Union meeting later in the day would yield steps to help solve the region's debt crisis. Gold fell to as low as $1,555.03 an ounce earlier in the day, its lowest level in nearly a week, tracking a weaker euro as investors fretted about the possibility of a Greek exit and its implications for the global economy. ...

China's economic growth will ease further this year, presenting policy makers in Beijing with the challenge of preventing an excessively abrupt slowdown, the World Bank said in a report Wednesday.

SINGAPORE (Reuters) - Brent crude slipped towards $107 on Wednesday as a potential deal between Iran and the U.N. nuclear watchdog eased fears of oil supply disruptions, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand. The U.N.'s International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on nuclear bombs in the oil-producing country, increasing the prospect of a resolution to a conflict over the issue. Brent crude had dropped 74 cents to $107.67 a barrel by 0553 GMT and U.S. ...

BEIJING (Reuters) - The World Bank cut its economic growth forecast for China this year to 8.2 percent on Wednesday and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity. In a biannual East Asia and Pacific economic update, the World Bank said a slowing China will drag growth in emerging East Asia to two-year lows this year, but warned Europe's seething debt crisis could inflict even bigger damage if it worsens. Sluggish U.S. ...

Oil has brought enormous economic prosperity to the busiest city in North Dakota's booming oil patch but also has exacerbated problems in housing, infrastructure and traffic, even pushing some "stressed out" older residents to move away, Williston Mayor Ward Koeser told industry and government officials Tuesday.