World Bulletin / News Desk
Prime Minister Jean-Marc Ayrault cut France's economic growth forecasts on Tuesday, saying GDP was likely to grow 0.3 percent this year, rather than a budgeted 0.7 percent, and 1.2 percent in 2012 instead of a previously slated 1.75 percent.
In a keynote speech to parliament spelling out the new Socialist government's plans for the five years ahead, Ayrault confirmed plans to hire more teachers and police, create 150,000 state-aided jobs and promote more competitive industry.
To help industrial innovation, a public investment bank would be put in place before the end of this year, he said, and the government would also announce a plan shortly to address problems in the auto sector.
Ecuador, Egypt, Pakistan, Venezuela, Belize, Cuba, Cyprus, Greece, Jamaica and Ukraine are all on the verge of a default, according to Moody's ratings.
A World Trade Organisation pact to ease worldwide customs rules collapsed late on Thursday over India's demands for concessions on agricultural stockpiling.
India's new nationalist government has insisted that a permanent agreement on its subsidised food stockpiling must be in place at the same time as the trade facilitation deal
Chemicals firm LyondellBasell has emerged as the mystery American buyer of Kurdish crude oil this year, but said it will not be buying any more
Some EU member states remain nervous about the impact on their own fragile economies. The sanctions deal was agreed only after initial proposals were narrowed.
Bankers in Singapore say Russians looking for a new Cyprus have come to the wrong place.
The default could get much messier and take longer to clear up if creditors force an "acceleration" for early payment on their bonds.
The ban came a day after the European Union and United States imposed their first sanctions aimed at hitting broad sectors of the Russian economy
Russia called new U.S. sanctions "destructive and short-sighted"
While the default will obviously hurt the economy, it will not be as severe as in 2001, economists say
The Czechs, who supported the action, have been against sweeping sanctions, worried about trade relations with Russia
The trade program has been criticized for disproportionately benefiting certain industries and a handful of countries, including Nigeria, South Africa and Angola.
The United Kalavrvta tanker, carrying some 1 million barrels of crude worth about $100 million, arrived off the coast of Texas on Saturday but has yet to unload its disputed cargo.
The uncertainty comes at a bad time for the 18 countries in the euro zone, whose economy is already in the doldrums.
"Kalashnikov regrets that consumers are faced with such a problem," said spokeswoman Yekaterina Boni.
Cairo and Khartoum had earlier accepted a proposal by Addis Ababa to hold the talks in Sudan in the third week of August.