Economy

• Friday, February 12th 2010 - 04:24 UTC

  Spanish economy contracts 0.1% in last quarter and 3.6% in 2009

  

  The Spanish economy shrank by 0.1% in the last three months of 2009, making it the last major economy still in recession. INE, the national statistics agency, also said the country's GDP had contracted by 3.1% compared with the same period a year before.

• Friday, February 12th 2010 - 04:11 UTC

  Portugal keeps to the Euro and is contrary to a bail-out policy

  

  Portugal, another of the “sick” countries of the EU (and member of PIGS: Portugal, Ireland, Greece, Spain), said it will not abandon the Euro.

• Friday, February 12th 2010 - 04:03 UTC

  Hopeful news for US employment: jobless benefits applications down

  

  The number of US workers filing new applications for jobless benefits tumbled last week, a government report showed Thursday, reversing a recent spike that had raised concerns about renewed labour market weakness.

• Thursday, February 11th 2010 - 18:20 UTC

  France and Germany committed to assist Greece with debt problems

  

  European Union leaders meeting in Brussels agreed on Thursday to assist Greece with its debt problems, though EU President Herman Van Rompuy offered no details as to what that will entail.

• Thursday, February 11th 2010 - 03:34 UTC

  EU summit to address how to save Greece from default

  

  The European Union (EU) first full-time President Herman Van Rompuy will chair an informal summit on Thursday to draw an economic blueprint for the bloc for 2020. The meeting is also devoted to addressing some immediate challenges, such as record high unemployment and the possible-default crisis in Greece potentially extending to other members.

• Thursday, February 11th 2010 - 03:16 UTC

  Bernanke announces Fed ready to remove liquidity and prepare for rate hikes

  

  The Federal Reserve could begin pulling back its unprecedented stimulus for the US economy by first removing some cash from the financial system and then raising interest rates, Fed Chairman Ben Bernanke said.

• Thursday, February 11th 2010 - 03:07 UTC

  China imports soar 86% in Jan; 2009 US trade deficit, smallest in eight years

  

  China's exports and imports grew substantially in January year on year. This suggested that global demand for Chinese made goods is continuing and Chinese consumers are spending too: imports soared 86%, according to Beijing figures.

• Thursday, February 11th 2010 - 03:04 UTC

  UK consumer inflation forecast expected to peak at 3.5% (well above 2% target)

  

  The Bank of England has lifted its inflation forecast saying it now expects consumer price inflation will peak at 3.5% - well above the previous forecast of 3%. BoE Governor Mervyn King said CPI inflation rose sharply to well above the 2% target in December and is likely to have risen further in January

• Wednesday, February 10th 2010 - 00:09 UTC

  Japan airlines keeps partnership with American in Oneworld alliance

  

  Japan Airlines said it would keep its partnership with American Airlines in the Oneworld alliance, ending an attempt by Delta Air Lines to entice the bankrupt carrier to its rival SkyTeam group.

• Tuesday, February 9th 2010 - 23:48 UTC

  UK top financial regulator quits after three years in the job

  

  The head of Britain’s Financial Services Authority, FSA, has announced he is to quit after three years at the helm. Chief executive Hector Sants is to stand down in summer 2010, the regulator said, adding that it would announce the process for replacing him in due course.