China says local government debt soars

BEIJING: China on Monday announced the results of a long-awaited debt audit, revealing that liabilities carried by local governments ballooned to 17.9 trillion yuan ($2.95 trillion) as of the end of June.

Eurozone set for volatile 2014 as it tackles banks

Paris (AFP) - The eurozone is finally set to return to growth in 2014 but the single currency bloc may not have put its crisis behind it as efforts to shore up its banks could boomerang.

March of state companies resets global trading patterns

(Reuters) - As U.S. and European banks drop out of commodity trading, Russian, Chinese and Gulf state firms are filling the gap in an attempt to exert greater control over the pricing of the raw materials on which their economies so heavily depend.

Lending to small businesses receives boost

New "challenger" banks will find it easier to check the credit-worthiness of potential business customers under new proposals published by the government , which it hopes will lead to an increase in lending to businesses in deprived areas.

Roubini, The Oracle Of 2008, Sees No Bubbles In The U.S. Financial Markets

The brilliant Nouriel Roubini, the swashbuckling NYU economist who predicted the disastrous credit and housing bubble in the U.S. during 2008, told me yesterday he sees “frothiness” not a bubble in some sectors of the U.S. bond market and in the housing markets of 17 foreign nations like Switzerland, Sweden, Norway, Hong Kong, Indonesia, China and Brazil that could become “outright bubbles” someday if they are not reigned in.

Ukraine Upheaval Spurred by 28% Rates Limiting Buyers

On most days after work, Valentine Diatlenko joins the thousands of anti-government protesters in Independence Square who demand that Ukraine link its future to the European Union.

Insight: U.S. early warning system for financial crises gets low marks

WASHINGTON (Reuters) - In June 2009, a small group of academics sent an envoy to a Washington, D.C., think tank to pitch their vision for a research office to help the nation avoid the next financial crisis.

Cyprus approves first post-bailout budget

NICOSIA: The Cyprus parliament has approved the island's first post-bailout budget providing deep spending cuts in 2014 of about 10 per cent to ensure international bailout targets are met.

Fed's Rosengren would have waited until March to taper

(Reuters) - The lone dissenter this week on the Federal Reserve's landmark decision to begin to pare its massive bond-buying program said he would have preferred to wait until March to be sure the recovery is on firm footing.

Japan Stays Aggressive on Stimulus

TOKYO — Japan’s central bank decided on Friday to hold steady on its aggressive monetary stimulus program and said the nation’s economy continued to recover moderately.

European markets rally on news of Federal Reserve move

European markets rallied on Thursday after the US Federal Reserve pledged to keep the cost of borrowing at rock-bottom levels for longer than expected, offsetting its decision to begin trimming back its massive $85bn a month stimulus programme.

EU ministers seal banking agreement on eve of Brussels summit

EU finance ministers announced late on Wednesday night that they had reached agreement on a new system for dealing with eurozone banks, under intense pressure to seal the accord on their new flagship policy in advance of a two-day Brussels summit opening on Thursday.

U.S. factory activity gaining steam as production broadens

WASHINGTON (Reuters) - U.S. manufacturing output rose for a fourth straight month in November as production increased almost across the board, in the latest suggestion the economy is gaining steam.

Russia likely to give Ukraine financial aid, official says

MOSCOW, Dec. 17 (UPI) -- Russia will likely give Ukraine vital financial aid when President Viktor Yanukovych meets with President Vladimir Putin at the Kremlin Tuesday, officials said.

Pound Falls Most in Six Weeks as BOE Counters Rates Speculation

The pound had the biggest weekly decline against the dollar in six weeks after Bank of England officials sought to damp speculation that they will raise interest rates sooner than they have previously indicated.

World led by US poised for fastest growth since 2010

The world economy is primed for its fastest expansion in four years, with the US propelling the improvement in output.

Bank of England adviser queries forward guidance policy

A senior Bank of England adviser has questioned the efficacy of one of governor Mark Carney's key policies.

European Union inches towards 'Banking Union'

BRUSSELS: EU finance ministers on Tuesday edged towards a difficult compromise on a Banking Union they hope will prevent a repeat of crippling crises and inject new impetus into the economy.

'Volcker rule' to curb banks set for vote by regulators

Five US regulators are voting on the Volcker rule, designed to restrict the finance industry in the wake of the 2008-09 financial collapse.

Canada Consumer Confidence Rises on Resilient Housing

Canada’s economic mood rebounded last week as consumers head into the holiday season buoyed by rising house prices, according to the Bloomberg Nanos Canadian Confidence Index.

Public donations to national debt payoff total nearly £900,000

Members of the public have donated almost £900,000 to the government so far this financial year to help pay off the national debt or boost public spending, figures from the Treasury show.

Faster Pace of Growth May Not Last Long

Stoked by rising inventories, the American economy grew at a significantly faster pace in the third quarter than first estimated, but probably at the expense of economic activity during the current quarter as businesses work off some of the excess stock on their shelves and in warehouses.

Autumn Statement: UK growth 'hides disappointing news'

Higher UK growth forecasts "hide some more disappointing news for the chancellor", warns the influential Institute for Fiscal Studies (IFS). It says the increased forecast is just a result of growth coming a bit sooner than had been expected.

European Central Bank keeps rates at record 0.25% low

The European Central Bank (ECB) has kept its benchmark interest rate at a record low of 0.25%.

Bank of England committee flags up housing market concerns

The Bank of England is continuing to closely monitor the affordability of mortgages and the lending policies of banks after taking steps last week to cool the housing market.

Bank of Montreal Falls on Profit Post: Toronto Mover

Bank of Montreal, Canada’s fourth-largest lender by assets, fell the most in two years after profit excluding an accounting gain missed analysts’ estimates.

Derivative markets have already upgraded Britain to AAA

The cost of insuring British debt against default has fallen below the levels for the US, Switzerland, Japan and every major eurozone state except Germany, marking a dramatic change of view on UK’s economic prospects.

Bank of America Predicts Stock Drop on Yield Jump: China Credit

China’s borrowing costs are climbing at the fastest pace since late 2010 and Bank of America Corp. says that’s making stocks vulnerable, just as it did back then.

ECB fin stability chief pledges rigorous bank tests

FRANKFURT (Reuters) - The European Central Bank will not let banks off the hook easily in its upcoming health checks, the head of the financial stability department said on Friday.