Seized Chinese workers freed in Egypt

A group of 25 Chinese taken hostage in Egypt has been freed, but a second group seized in Sudan over the weekend are still being […]

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Officials confirm light fuel near ship

Italian officials have confirmed the presence of light fuel in the sea around the capsized Costa Concordia that appears to have come from machinery on […]

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Weidmann Says ECB Should Resist Pressure to Use

European Central Bank Governing Council member Jens Weidmann said policy makers should resist pressure to increase government bond purchases in response to the euro region

Gold bullion taken to Egypt, court documents show

A man who accepted nearly $2 million in gold bars at night in a Rexdale parking lot took the gold to Egypt and gave it […]

Australian Manufacturing Shows First Expansion in Six Months - Bloomberg

Australian manufacturing (AIGPMI) expanded for the first time in six months in December, driven by gains in basic metals, transport and publishing, a private survey […]

Rajoy

Spanish Prime Minister Mariano Rajoy may finally tell investors how he

Maine fishermen expect record prices for scallops

Maine scallop fishermen expect to get record prices for their catch this season with strong global demand and a diminished supply from Japan and other […]

Rajoy Pledges to Boost Spanish Growth as Cuts Raise Specter of Recession - Bloomberg

+%3Cp%3EPrime+Minister-elect+Mariano+Rajoy+pledged+to+shrink+Spain%92s+public+sector+and+reduce+spending+to+tackle+the+euro+area%92s+third-largest+budget+deficit+without+saying+how+he%92ll+finance+higher+pensions+and+tax+breaks.+%3C%2Fp%3E+%3Cp%3E%93The+one+and+only+part+of+public+spending+that+will+increase+is+pensions%2C%94+Rajoy+told+lawmakers+in+Madrid+today.+%93All+other+components+may+be+reduced.%94+Pensions+accounted+for+112+billion+euros+%28%24146+billion%29+of+spending+in+the+2011+budget.+%3C%2Fp%3E+%3Cp%3ERajoy%2C+whose+People%92s+Party+secured+the+biggest+majority+any+Spanish+party+has+won+since+1982+in+Nov.+20+elections%2C+presented+his+program+in+Parliament+today+before+taking+office+on+Dec.+21.+%3C%2Fp%3E+%3Cp%3ERajoy%2C+who+defeated+the+ruling+Socialists+with+a+campaign+focused+on+the+sovereign+debt+crisis%2C+said+he%92ll+freeze+public+hiring+and+%93reshape%94+the+public+sector+as+he+seeks+to+meet+a+pledge+to+regain+investor+confidence+and+recover+Spain%92s+AAA+credit+rating.+Rajoy+didn%92t+give+details+of+how+he+will+execute+the+16.5+billion+euros+in+spending+cuts+that+the+outgoing+government%92s+budget+plan+shows+are+needed+next+year.+%3C%2Fp%3E+%3Cp%3E%93We+see+where+the+additional+spending+will+come+from%2C+but+I+don%92t+see+where+the+cuts+will+come+from%2C%94+said+Gilles+Moec%2C+co-chief+European+economist+at+Deutsche+Bank+AG+in+London.+%93Increasing+pensions+is+a+bit+surprising%2C+I+would+like+to+see+more+detail.%94+%3C%2Fp%3E+Missing+Target++%3Cp%3ERajoy+said+he%92ll+announce+spending+cuts+at+his+second+Cabinet+meeting+on+Dec.+30+as+Spain%92s+budget+deficit+may+exceed+the+outgoing+government%92s+target+of+6+percent+of+gross+domestic+product+this+year.+A+new+budget+will+be+presented+for+2012+before+March+31%2C+he+said.+%3C%2Fp%3E+%3Cp%3ERajoy+said+one+of+his+first+bills+will+be+a+law+to+flesh+out+a+constitutional+amendment+on+budget+discipline+approved+by+his+party+and+the+outgoing+Socialists+in+September.+The+law+will+call+for+the+debt-to-GDP+ratio+to+be+cut+to+60+percent+by+2020+and+for+the+structural+public+deficit+to+be+limited+to+0.4+percent+of+GDP%2C+he+said+%3Ca+href%3D%22http%3A%2F%2Fus-paydayloans.com%22%3Epaydayloans%3C%2Fa%3E%3C%21–+.+–%3E.+%3C%2Fp%3E+%3Cp%3ERajoy+inherits+an+economy+which+stalled+in+the+third+quarter+and+may+contract+in+the+final+three+months+of+the+year%2C+according+to+the+Bank+of+Spain.+%3C%2Fp%3E+%91Couldn%92t+Be+Darker%92++%3Cp%3E%93Expectations+for+the+next+two+quarters+are+not+good+at+all%2C%94+Rajoy+said.+With+the+economy+%93growing+by+half+the+rate+of+the+rest+of+the+European+Union%2C%94+Spain+is+%93being+left+behind%94+and+%93the+outlook+couldn%92t+be+darker%2C%94+he+said.+%3C%2Fp%3E+%3Cp%3ESpanish+10-year+yields+fell+to+5.13+percent+at+2%3A20+p.m.+in+Madrid+from+5.31+percent+on+Dec.+16%2C+and+as+high+as+6.78+percent+on+Nov.+17%2C+the+most+since+1997.+%3C%2Fp%3E+%3Cp%3EAdding+to+pressure+on+Rajoy%2C+Fitch+Ratings+put+six+euro+members+including+Spain+on+review+for+a+possible+downgrade+on+Dec.+16%2C+saying+a+full+solution+to+the+debt+crisis+is+%93technically+and+politically+beyond+reach.%94+Fitch%2C+which+stripped+Spain+of+its+AAA+rating+in+2010%2C+rates+Spain+AA-.+%3C%2Fp%3E+%3Cp%3EAs+well+as+spending+cuts%2C+Rajoy+said+the+banking+system+needs+to+be+cleaned+up+as+the+industry+tightens+credit+amid+176+billion+euros+of+troubled+assets+linked+to+real+estate.+%3C%2Fp%3E+%3Cp%3EHe+said+banks+would+have+to+straighten+out+their+balance+sheets+by+selling+off+finished+property+and+carrying+out+a+%93very+prudent%94+valuation+of+less-liquid+assets+such+as+land+and+unfinished+real-estate+projects.+%3C%2Fp%3E+%3Cp%3ERajoy+also+pledged+to+overhaul+the+labor+market+in+the+first+quarter+to+give+companies+more+flexibility+on+how+they+organize+and+pay+their+staff.+%3C%2Fp%3E+%3Cp%3ERe-invested+profits+from+companies+will+be+taxed+10+percentage+points+less+than+those+paid+to+shareholders+and+taxes+will+be+reduced+for+small+enterprises%2C+Rajoy+said.+%3C%2Fp%3E+%3Cp%3EHe+told+lawmakers+his+government+would+%93improve%94+the+tax+treatment+of+private+pensions+and+bring+back+a+tax+rebate+for+the+purchase+of+homes.+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2011-12-19%2Fspanish-power-handover-looms-as-rajoy-weighs-economy-danger-of-budget-cuts.html%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

State of siege lifted in Peru mine region

Peru’s government has lifted the state of emergency it declared last week in a northern region wracked by protests against the country’s biggest mining project.
The […]

Greek lawmakers approve 2012 austerity budget

Greece’s lawmakers overwhelmingly approved next year’s austerity budget early Wednesday, extending tough spending cuts that have already left Greeks struggling as the country tries to […]