EUROPEAN UNION

Greeks welcome news on PM, await crisis cabinet

Greeks welcome news on PM, await crisis cabinet

Greeks lauded the nomination of new prime minister Lucas Papademos on Friday and expressed hope his government could put the economy back on track and calm political turmoil that has threatened to force Athens out of the euro zone.

Greeks Welcome New Premier, Await Emergency Cabinet

Incoming Prime Minister Lucas Papademos walks through the gardens of the presidential palace after a meeting with Greek political leaders in Athens
Greeks lauded the nomination of new Prime Minister Lucas Papademos Friday and expressed hope that his government could put the economy back on track and calm political turmoil that has threatened to force Athens out of the euro zone.

Politics Stymie China's EU Aid Offer

European flags are seen outside the European Commission headquarters in Brussels
Diplomatic deadlock is curbing China's will to provide cash to help end the euro zone crisis after Europe spurned the simplest of Beijing's three key demands, two independent sources have told Reuters.
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Asian shares rebound, but on course for weekly loss

Asian shares rebounded on Friday and the euro clawed higher, with European stocks also expected to make gains after brighter corporate news lifted U.S. stocks and debt-laden Italy was able to fund itself at a bond auction.
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Analysis: More commitment, cash needed to rescue

It is likely to take the combined forces of the European Central Bank, the IMF and the euro zone bailout fund to break Italy's financial fall, and it's far from clear that Europe's leaders are ready to take on that rescue mission.
Incoming Prime Minister Lucas Papademos walks through the gardens of the presidential palace after a meeting with Greek political leaders in Athens

Who is Lucas Papademos?

Papademos’ resume is nothing short of sterling and diverse, with a heavy presence in the United States.
Ghana is the latest commodity producer in the African region devising measures to benefit from the higher international prices for its products. According to the central bank, gold exports from the country in the nine months to September amounted $3.7 bil

Gold Prices Test $1,750/Ounce Support

Gold prices recouped big early losses Thursday to start Comex floor trading about one percent down as the U.S. dollar fell against the euro on hopes a new Italian and Greek governments may pave the way for Europe to avert a recession.
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Euro stabilizes, world stocks above 3-week low

The euro rose from a one-month low versus the dollar on Thursday and top-rated government debt fell while world stocks held above a three-week trough on hopes that new governments being formed in Italy and Greece could help fend off a euro zone break up.
China Trade Growth Sputters, Monetary Policy Easing on the Cards

China October imports surge as exports wilt

China's imports surged in October as exports grew at their slowest rate in months, suggesting efforts to tilt the economy toward domestic demand may be offsetting the external weakness that has dragged on economic growth this year.
International Monetary Fund (IMF), led by Managing Director Christine Lagarde, is poised to secure more than $400 billion in additional funds to backstop the euro zone sovereign debt crisis

IMF Chief Calls for 'Political Clarity' in Italy

The head of the International Monetary Fund called on Thursday for political clarity in efforts to tackle the debt crisis that has gripped Italy, saying uncertainty around who would succeed Prime Minister Silvio Berlusconi was fuelling market volatility.
Montecitorio palace is seen early morning before the start of a finances vote in downtown Rome

Eurozone Crackup Feared as Italy Teeters

Political and economic crisis in Italy spurred fears of a split in the Eurozone with borrowing costs for Europe's third biggest economy at unsustainable levels and the bloc unable to afford a bailout.
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World stocks, euro tumble on Italy, EZ break-up fears

World stocks hit a three-week low and the euro tumbled across the board while top-rated government bonds rallied on Thursday as fears of a break-up of the euro zone gathered pace ahead of a key debt sale in Italy.
A man's shadow is cast on monitors displaying stock market prices inside a brokerage in Taipei

Shares Drop as Bond Yields Oush Italy to the Brink

Asian stocks fell around 3 percent on Thursday after soaring Italian borrowing costs stoked fears that the debt crisis in the euro zone's third biggest economy will overwhelm its financial defenses, raising the risk of a break-up of the currency area.
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Asian Stocks Sink on Italian Debt Fears

Asian stocks fell sharply Thursday after soaring Italian borrowing costs stoked fears the debt crisis in the euro zone's third biggest economy will overwhelm its financial defenses, raising the risk of a break-up of the currency area.
A port worker holds a radio as he works at a container area at the Yangshan Deep Water Port, south of Shanghai

China October Exports Growth Weakest in 8 Months

China's exports in October rose at their weakest pace in eight months, underlining official concern about the sector that has dragged on economic growth this year while imports jumped much more than expected.
Gold bars

Gold Withstands Stampede, Slips Just $8

Gold prices slipped modestly Wednesday as stock investors in Europe and the U.S. dumped their holdings and abandoned the euro in a global stampede to safety.

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