World Bulletin / News Desk
Italy's national statistics body ISTAT threatened on Thursday to cease issuing data on the economy, saying it had been crippled by government spending cuts aimed at reducing national debt and righting public finances.
The euro zone's third biggest economy, whose statistics are closely watched as the country's huge state debts put it at the center of the bloc's financial crisis, would face stiff European Union fines if the flow of data is cut off, ISTAT President Enrico Giovannini was quoted as saying.
"Spending cuts are putting ISTAT at risk. From January onwards we will not issue any statistics," Giovannini told daily La Repubblica in an interview.
Prime Minister Mario Monti's government has unveiled plans to cut public spending by 4.4 billion euros in 2012, 10.6 billion euros in 2013 and over 11 billion euros in 2014, to be mainly achieved through a planned 10 percent reduction of public administration staff.
Planned government cuts would reduce financing to ISTAT to 150-160 million euros by 2013 from 176 million euros currently, Giovannini said. He said that was half what is set aside for national statistics in France and one-third of what available in Nordic countries.
Giovannini called the planned cuts "unsustainable".
He said ISTAT produces 300 sets of data a year, up 25 percent from two years ago and 2,000 smaller reports.
Seventy percent of ISTAT's output is aimed at meeting obligations with the EU.
"We will not issue data on inflation, deficit, household income, job data. That will trigger very high EU fines for our country for every day of delay," Giovannini said. "I do not think the government and the parliament will want to get to that point."
The government could finetune its planned spending cuts when it discusses the new budget law in the autumn.
Some ISTAT data releases have been disrupted or delayed in recent weeks by a group of staff members protesting the fact that a promotion they won two years ago has not yet been recognized. Many ISTAT employees are on temporary contracts and would be easier to lay off than permanent staff.
China has also said it would like to continue to develop "friendly cooperation" with Ukraine and that it respects the ex-Soviet state's independence, sovereignty and territorial integrity.
Selling a fleet of subs would mark the first time since at least the end of World War Two that Japan had sold a complete weapons platform overseas.
The head of Iran's atomic agency says the agreement will be signed next month
A little more than a month ahead of general elections, new figures shows the Brazilian economy contracted by 0.6 percent in the second quarter of 2014
Russia cut off the gas flow in mid-June after the two sides failed to agree on pricing and debts owed for previous gas supplies.
Malaysia Airlines will be de-listed from the Kuala Lumpur exchange by the end of 2014
Venezuela's Petroleum minister, Rafael Ramirez, said earlier this year that PDVSA could import crude as a "last resort" to find diluents for its heavy crudes
Air France, the French network of Air France-KLM said on Wednesday it has suspended its flights to Sierra Leone following advice from the French government
Ukrainian Prime Minister Arseny Yatseniuk said that Kiev knew of plans by Russia to halt gas flows this winter to Europe
The inquiry into tycoon Bernard Tapie has embroiled several of former president Nicolas Sarkozy's cabinet members including Lagarde.
The riot broke out in the southern industrial hub of Johor state on Tuesday at a factory run by JCY International , a Malaysian firm that makes parts for electronic giants including Samsung, Hitachi and Western Digital.
Hawaii and U.S. territories have strong dependency on petroleum imports, because of their physical isolation and lack of fossil fuel resources, while their residential electricity prices have been three to five times the average residential prices of the mainland U.S.
Buyers of Kurdish crude could face lawsuits from Baghdad if the oil moves close to U.S. soil and would also require the seller to provide costly indemnities against potential lawsuits
Deep job losses, route cuts and a change of leadership are expected to feature in a restructuring plan being prepared by Malaysia's government
New company will create the third largest global fast-food chain with annual sales of US$23 billion.
Once the international language of royal courts and diplomacy, French has lost ground to English in recent decades