PORTUGAL

Gold held above $1,200 an ounce on Thursday, having recovered from six-week lows after consumers were enticed back into the market, although gains were likely to be tempered by improving optimism over the global economy.

In an effort to reassure financial markets about the health of the European Union's banking system, the bloc's countries will stress-test a large number of their banks and publish the results.

Europe listed 91 banks taking part in financial stress tests -- including many regional banks where markets suspect most of the sore spots are -- as it seeks to restore confidence in the sector.

Stress tests on European banks need to mark down the value of Greek government debt by about 16 percent, sources said, as regulators haggled over how much detail to reveal about the health checks.

The stress tests for European banks will not include a haircut on German sovereign bonds, two banking sources in Germany told Reuters on Wednesday.

An eagerly-awaited submarine cable linking West Africa to Europe has gone live, paving the way for cheaper and more reliable internet access in one of the world's fastest-growing telecoms markets, its operators said on Friday.

Global carmakers are braced for a slide in second half sales as scrappage schemes are phased out and cautious consumers pull back from big-ticket buys in the face of economic uncertainty.

The International Monetary Fund is working to develop new lending instruments for economies hit by crises that are not of their own making, IMF Managing Director Dominique Strauss-Kahn said on Tuesday.

European Central Bank officials scrambled to reassure nervous markets on Tuesday that the expiry of nearly half a trillion euros of emergency loans would not hurt the banking system, though they acknowledged some individual banks might face strain.

Strikes in Greece and Spain highlighted resistance to Europe-wide austerity measures on Tuesday as the euro and shares tumbled ahead of a deadline for banks to repay a giant European Central Bank cash injection.

June 29 - About 10,000 people take part in marches across Athens during a nationwide strike against austerity measures. -- Greece starts to debate overhaul of pensions to raise women's retirement age from 60 to match men at 65 and demand more years at work to qualify for a pension. Greece's debt reached 133 percent of GDP in 2010.

The euro hit a lifetime low against the Swiss franc and an 8 1/2-year trough versus the yen on Tuesday as stocks weakened and investors braced for a key euro zone refinancing programme to expire this week.

The euro slumped to a lifetime low against the Swiss franc and a 1-1/2-year trough versus sterling on Tuesday, stung by liquidity concerns before a key euro zone refinancing program expires this week.

Governments must slash budget deficits decisively and central banks should not wait too long to raise borrowing costs as side effects from the medicines prescribed against the global recession may create the next crisis, the Bank for International Settlements said.

India's inflation is set to zoom with the announcement by the Manmohan Singh government on the freeing up of petrol and diesel prices. The announcement has raised hopes of a further decontrol of the oil sector over the next few years, which could help balance public finances and let private companies challenge state-run firms' decades-old retailing monopoly.

Europe must solve its sovereign debt crisis so as not to endanger the uneven global economic recovery, which is led by China and emerging economies, central bankers said on Sunday.

Gold price rebounded strongly after being pressured in early trading session amid renewed concerns over defaults in peripheral European bonds. CDS for Greek bonds jumped to a record level while that for Spanish and Portugal bonds also soared. Weakness in market sentiment boosted flight for safety and sent gold modestly higher. The benchmark contract closed at 1245.9, up +0.90% but remained -1.63% below the all-time high at 1266.5 (June 21). Today in Asia, gold changes little but reduction in ris...

The top White House economic advisor said on Thursday world leaders must keep the tentative global recovery on track as Europe headed into this weekend's G20 summit defending plans for heavy cost-cutting.

The top White House economic advisor said on Thursday world leaders must keep the tentative global recovery on track as Europe headed into this weekend's G20 summit defending plans for heavy cost-cutting.

European policymakers defended budget austerity plans on Thursday ahead of a G20 summit set to pit calls for fiscal restraint against warnings that heavy cost-cutting threatens recovery.

Spain's and Portugal's fiscal tightening plans this year and next are appropriately ambitious but both countries should spell out in more detail austerity steps planned for 2011, the European Commission said on Tuesday.