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The 16-country eurozone has posted a surprise trade surplus after an unexpected increase in exports, according to September figures released by the EU’s official statistics office, Eurostat. The surplus of 3.7 billion euros defied to analysts’ forecasts of a EU2 billion-euro deficit. Combined with data showing a 0.4 percent growth rate in the September quarter [...]
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The European Commission has predicted a ‘gradual’ recovery for Eurozone countries over 2010 and 2011. Its autumn economic forecast stated: “A gradual recovery is expected with gross domestic product forecast to grow by 0.7 percent in 2010 and around 1.5 percent in 2011.” This compares well to their earlier forecast of a 0.1 percent fall [...]
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The International Monetary Fund (IMF) has encouraged the USA and Europe to continue with their financial stimulus measures until unemployment in under control. IMF managing director Dominique Strauss-Kahn said it might take up to 12 months for recessionary pressure to truly recede. “There are some encouraging figures, a few months ago from European countries and [...]
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Minister for Agriculture, Fisheries and Forestry Tony Burke has announced an overhaul of the system for allocating the United States and European Union dairy tariff rate quotas, which he says will cut red tape and help improve market access. The quotas allow certain amounts of Australian dairy products to be exported to the US and [...]
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European Union Trade Commissioner Catherine Ashton has recommended that penalty taxes on Chinese and Vietnamese shoe imports into Europe be extended by 15 months. Since October 2006, the EU has applied the penalties in response to dumping, in effect acting as fines for China and Vietnam exporting goods below production cost. However, the European Footwear [...]
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Although best known for whiskey and golf courses, Scotland provides an excellent hub for Australian companies expanding to the UK or Europe. Located north of the English border, Scotland boasts a highly educated population, several thriving economic sectors, a long-standing culture of innovation and easy access to mainland Europe. Given the strong historic and cultural [...]
...read moreInternational Monetary Fund (IMF) managing director Dominique Strauss-Kahn believes the risk of a ‘double-dip’ recession has faded and the world is on a path to “gradual” recovery. “Our baseline forecast does not envisage a double-dip recession. The global economy will continue picking up steam in the remainder of this year and in 2010,” he said. [...]
...read moreThe European Commission is confident that the European Union economy will recover from recession in the third quarter. However, it has warned that recovery will be weak and heavily affected by unemployment and restricted by government coffers. Joaquin Almunia, commissioner for Economic and Monetary Affairs, said a buoyant global economy meant “the drop is behind [...]
...read moreThe world’s leading central bank governors have agreed on a package of measures to strengthen and regulate the banking industry in the wake of the financial crisis. A statement released by the Basel-based Bank for International Settlements on Sunday said the measures should “substantially reduce the probability and severity of economic and financial stress.” European [...]
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European Union Commission chief Jose Manuel Barroso has cast doubt on the stability of the bloc’s recovery, with remarks about the economic situation remaining “very volatile”. “The impact of the financial and economic crisis is still tangible in Europe and we have much still to do,” he said. “Several European countries are seeing encouraging signs [...]
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