Greek lawmakers back 3rd bailout after all-night debate

Greek lawmakers approved their country's draft third bailout in a parliamentary vote Friday that relied on opposition party support and saw the government coalition suffer significant dissent.The vote came after a marathon all-night session marked by procedural delays and acrimonious debate over the three-year, about 85 billion-euro ($93 billion) rescue package that includes harsh spending cuts and tax hikes. Greece needs the money to avoid defaulting on its debts and securing its future in the

Aug. 14, 2015

China fixes yuan stronger vs dollar, reversing falls

China's central bank on Friday raised the yuan currency against the US dollar by 0.05%, the national foreign exchange market said, ending three days of falls after a surprise devaluation.The daily reference rate was set at 6.3975 yuan to $1.0, up from 6.4010 the previous day, the China Foreign Exchange Trade System said. The rate was also slightly stronger than Thursday's close of 6.3982 yuan.The stronger fixing for the yuan came after the People's Bank of China(PBoC) reassured financial markets

Aug. 14, 2015

OPEC raises 2015 oil demand forecast despite bearish markets

VIENNA (AFP) -- OPEC on Tuesday revised upward its growth forecast for global oil demand in 2015 and maintained projected record levels of world consumption next year, despite turbulent market conditions spurred by financial instability in Greece and China.In its August monthly report, the Organization of the Petroleum Exporting Countries said it was expecting world oil demand to grow by 1.38 million barrels per day -- some 90,000 more than announced in its July estimates.The cartel also stuck t

Aug. 11, 2015

Greece agrees on broad terms of new bailout package

ATHENS (AP) -- Greece has agreed on the broad terms of a new three-year bailout package with international creditors, with a few last details expected to be ironed out Tuesday.Finalizing quickly the deal for about 85 billion euros ($93 billion) in new loans would prevent the country from defaulting on its debts next week and secure its future in the euro."We are very close. Two or three very small details remain,'' Finance Minister Euclid Tsakalotos said as he emerged Tuesday morning from all-ni

Aug. 11, 2015

China starts anti-dumping probe into electrical steel imports

China's commerce ministry said Thursday that it has started an anti-dumping investigation into imports of grain-oriented electrical steel from South Korea, Japan and the European Union.   The Chinese authorities will investigate whether the imports of grain-oriented flat-rolled electrical steel from the three economies hurt the Chinese local industry, the ministry said in a brief notice.   Electrical steel is used to make transformers, reactors, small electric precision motors, magnetic switches

July 23, 2015

Greece vows pension, tax reforms in return for loan

ATHENS (AFP) - Greece on Wednesday promised it would start pension and tax reforms next week, as demanded by creditors, in return for a three-year eurozone loan to drag its financial system back from the brink of collapse."We propose to immediately implement a set of measures as early as the beginning of next week including: tax reform related measures; pension related measures" if the loan from the European Stability Mechanism (ESM) was forthcoming, the finance ministry said in a letter to the

July 8, 2015

EU summit should discuss humanitarian aid for Greece: Germany

BERLIN (AFP) -- Eurozone leaders gathering for an emergency summit Tuesday should discuss humanitarian aid for the debt-mired country, German Economy Minister Sigmar Gabriel said."We must now cover their needs very quickly, the people there need help and we should not refuse it just because we're unhappy with the result of the referendum (Sunday on creditors' bailout terms)," Gabriel, who is also Germany's vice chancellor, told reporters Monday. "I hope this can happen quickly. I assume it will

July 6, 2015

All eyes on ECB after Greek 'No' vote

FRANKFURT (AFP) -- All eyes turned to the European Central Bank Monday following the resounding 'No' in Greece's referendum, as it is seen as the only institution capable of stemming market panic and preventing the Greek economy from collapsing.In Sunday's referendum, more than 61 percent of Greeks rejected creditor demands for further austerity in return for more bailout funds, sending Greece's eurozone partners scrambling to respond. Until now, the ECB has agreed to keep Greek banks -- and, by

July 6, 2015

Merkel says unaware of new EU proposal on Greece

BERLIN (AFP) - German Chancellor Angela Merkel said Tuesday she was not aware of any new EU debt deal proposal to Greece after European Commission chief Jean-Claude Juncker raised the prospect of a last-minute solution.Asked about an 11th-hour offer to Athens, Merkel told reporters: "The only thing I know is that the last offer I am aware of is the one from last Friday. There is nothing more I can say."Juncker revealed his surprise proposal just hours before Greece's bailout program expires at 2

June 30, 2015

Greece to miss IMF debt payment and bailout to expire

ATHENS (AP) - Greece is set to become the first developed nation to not pay its debts to the International Monetary Fund on time, as the country sinks deeper into a financial emergency that has forced it put a nationwide lockdown on money withdrawals.Greece owes the IMF about 1.6 billion euros ($1.9 billion) by the end of Tuesday but has run out of money and after five months of talks with creditors, has no prospect of getting new rescue loans. Finance Minister Yanis Varoufakis, asked whether Gr

June 30, 2015

EU to make latest proposals on Greek crisis on Monday

The president of the European Commission will make his latest proposals later on Monday to try to avoid a Greek default, the EU commissioner of economic affairs said, adding that there was still room to negotiate over the crisis.  Jean-Claude Juncker "will indicate the route to follow, I hope everyone will commit themselves to a way of compromise," Pierre Moscovici told French radio, adding there was still "room for negotiation" between Athens and its international creditors. (AFP)

June 29, 2015

57 countries hold signing ceremony to set up China-led bank

The 57 countries who are founding members of the China-led Asian Infrastructure Investment Bank began signing the articles of association setting up the new institution on Monday.  Australia became the first country to sign the document in the Great Hall of the People in Beijing, an AFP journalist at the ceremony saw. (AFP)

June 29, 2015

Greek banks shut until July 6, ATM withdrawal limit 60 euros a day

Greek banks will remain closed until July 6 -- the day after a referendum on bailout proposals -- and ATM withdrawals will be limited to 60 euros ($65) a day in the same period, according to an official decree published early Monday.  The decree on capital controls, published in the official government gazette and entitled "Bank Holiday break", lists the measures imposed on financial institutions lasting from June 28 to July 6 and was signed by President Prokopis Pavlopoulos and Prime Minister A

June 29, 2015