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World - More cash for EU industry, eastern states in 2030 climate goals: draft


By Ben Garside and Michael Szabo LONDON (Reuters) - Big emitting industries and poorer eastern member states in the European Union could get tens of billions of euros in additional funds next decade to help them meet the bloc`s 2030 energy and climate goals, a draft EU document showed. According to undated draft conclusions leaked from the European Council and seen by Reuters, EU leaders are examining measures aimed at appeasing reluctant states such as coal-dependent Poland and other poorer eastern European nations. Lawmakers have pledged to agree in October a package of targets for cutting greenhouse gas emissions by 2030, deploying renewable energy and improving energy efficiency, but are split over how to divide the related costs and efforts. Outgoing European Council President Herman van Rompuy is steering talks over how to spread the burden of cutting the bloc`s emissions by 40 percent below 1990 levels by 2030.


Monday, September 01, 2014  14:33

Yahoo

World - Game of EU thrones nears finale


The EU`s `game of thrones` is nearing an end after the naming of a new president and diplomatic chief, with the rest of the incoming Brussels regime set to be decided in coming weeks. Jean-Claude Juncker, the head of the EU`s executive body, will unveil his new team in early September, aiming to strike a delicate balance of politics, geography and gender. The two top roles were filled on Saturday when Polish premier Donald Tusk was appointed president of the European Council -- which brings together the leaders of the 28 EU states -- and Italian Foreign Minister Federica Mogherini was named head of the foreign affairs service. France looks set to win the prized economic affairs job for its former finance minister Pierre Moscovici.


Sunday, August 31, 2014  23:40

Yahoo

Business - U.S. inflation bonds back in vogue


Fund managers said the rising cost of housing - which accounts for as much as a third or more of various measures of inflation and is outpacing other consumer cost increases - has revived price pressure in the economy. `TIPS have had a good tail wind this year.


Monday, September 01, 2014  13:26

Yahoo

Business - Weak investment, trade drive second quarter contraction in German economy


Weak investment spending and slow trade led Germany to contract for the first time in over a year in the second quarter, data showed, suggesting Europe`s largest economy is running out of steam just as the impact of the crisis in Ukraine starts to bite. Germany`s Federal Statistics Office confirmed on Monday an earlier estimate showing a 0.2 percent contraction in seasonally-adjusted gross domestic product (GDP) on the quarter. `The second-quarter contraction was a reaction to the strong first quarter so I think we`ll return to moderate positive growth in the third ... but there`s no shortage of uncertainty factors at the moment,` said Thilo Heidrich, an economist at Postbank, referring to the standoff between Moscow and the West over Ukraine and the crisis in Iraq. Gross capital investment in Germany fell by 2.3 percent and construction investment dropped by 4.2 percent, in part due to a mild winter which boosted building activity in the first quarter.


Monday, September 01, 2014  08:32

Yahoo

World - Afghan talks on unity government collapse


Talks on a power sharing deal between Afghanistan`s rival presidential candidates, Ashraf Ghani and Abdullah Abdullah, have collapsed, a top leader said on Monday, rekindling fears of ethnic unrest. Secretary of State John Kerry, the runner-up in the disputed election will name a `chief executive` in a unity government conceived to keep the lid on political tensions. The political process is now at a stalemate, we don`t see any way out,` Mohaqeq, a leader of the minority Hazara community, said in an interview in Kabul, as a months-long power struggle for a successor to President Hamid Karzai shows no signs of a resolution. Ghani, a former finance minister and World Bank economist, is a member of Afghanistan`s biggest ethnic group, the Pashtuns, who make up of most the population in the south and east.


Monday, September 01, 2014  14:06

Yahoo

World - Cuba cracks down on goods in travelers` luggage


HAVANA (AP) — Cubans braced Monday for a clampdown on the flow of car tires, flat-screen televisions, blue jeans and shampoo in the bags of travelers who haul eye-popping amounts of foreign-bought merchandise to an island where consumer goods are frequently shoddy, scarce and expensive.


Monday, September 01, 2014  05:25

Yahoo

Business - China banks seek new lending horizons as bad debts rise


By Engen Tham and Lawrence White SHANGHAI/HONG KONG (Reuters) - Grappling with a slowing economy, China`s biggest banks are turning their back on mainstay borrowers like manufacturers and courting high growth industries such as healthcare, food and IT in a bid to boost revenue. The shift in focus by the state-owned lenders coincides with a spike in non-performing loans and slower profit growth as China`s vast factory sector flounders. China`s biggest bank, the Industrial and Commercial Bank of China , also said 80 percent of new non-performing loans in the second quarter came from manufacturing and wholesale. The Agricultural Bank of China , for example, said it had cut loans to customers in steel making and ship building by almost 39 billion yuan ($6.4 billion).


Sunday, August 31, 2014  23:40

Yahoo

World - Greece rules out new cuts ahead of bailout talks


ATHENS, Greece (AP) — Greece`s government says it won`t enact further austerity measures ahead of talks later this week with bailout creditors.


Monday, September 01, 2014  13:39

Yahoo

World - Florida power utilities fear return of `Green Governor` Crist


By David Adams MIAMI (Reuters) - When Charlie Crist last governed Florida, his green energy and climate policies made him few friends among the state`s powerful electricity corporations. Florida`s three largest utilities have poured money into the re-election campaign of Republican incumbent Governor Rick Scott in an expensive and closely watched political battle for the nation`s largest swing state. As Republican governor between 2007 and 2011, Crist `sent shivers through the entire utility system,` said Colleen Castille, who headed the Florida Department of Environmental Protection under Governor Jeb Bush. Crist was a darling of clean energy advocates, hosting a climate change summit in 2007 alongside another green Republican, California Governor Arnold Schwarzenegger.


Monday, September 01, 2014  13:39

Yahoo

Business - KPMG refuses to approve BES accounts, warns of further loss


Auditor KPMG has refused to approve bailed-out Banco Espirito Santo`s first-half report and accounts, published on Monday, citing the bank`s failure to provide adequate information on its financial position and also warned of possible further losses. BES`s consolidated report confirmed a loss of nearly 3.6 billion euros (4.73 billion US dollar), first revealed on July 30, largely due to its exposure to its founding Espirito Santo family`s crumbling business empire. The losses forced the Bank of Portugal to step in on Aug.3 with a 4.9 billion euro rescue plan for the country`s biggest bank, using public funds. Regulators also decided to put BES`s healthy assets into a new entity, Novo Banco, while BES`s exposures to the troubled Espirito Santo business empire as well as its Angolan subsidiary will move into a `bad bank.` KPMG, which had been hired to audit the results, said in a report published alongside BES`s accounts that these did not provide any adjustments and additional information required as a result of the rescue.


Monday, September 01, 2014  13:12

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