Interest rates can stay low for longer, says Bank of England deputy chief

The Bank of England can afford to keep interest rates low for longer than previously thought, deputy governor Jon Cunliffe has said, in comments that will reinforce the market view that rates will remain at 0.5% until at least the middle of next year.

South Korea's president warns of long-term economic stagnation risk

(Reuters) - South Korean President Park Geun-hye warned the economy is at risk of falling into long-term stagnation and urged for speedier handling of economic law bills in parliament.

US official urges Vietnam to improve human rights

HANOI, Vietnam (AP) — A U.S. official said Sunday that while Vietnam has made progress on human rights, it must do more if it is to forge closer economic and security ties with the United States.

Raise UK interest rates now, says Bank of England policymaker

The Bank of England should begin raising interest rates now, because spare capacity in Britain’s fast-recovering economy could be used up by the middle of next year, adding to inflation pressures, a Bank policymaker said in a Sunday newspaper.

India, 20 others set up Asian Infrastructure Investment Bank

India along with 20 other countries on Friday signed an agreement to become founding members of the China-backed Asian Infrastructure Investment Bank (AIIB) to aid the infrastructure development in the Asian region and reduce the dependence on Western-dominated World Bank and IMF.

EU budget: Britain must pay 'and that's that' says MEP

Europe expects the UK to pay an extra £1.7bn towards the EU budget "and that's that", a vice president of the European Parliament has said.

Russia's Sberbank launches legal challenge against EU over Ukraine sanctions

The state-controlled bank confirmed it had filed a legal challenge at the General Court of the European Court of Justice on Thursday, but did not comment on the terms of the challenge.

Bank of England sets out tough regime for failed banks

(Reuters) - Top managers of a failed bank would be replaced immediately and creditors told within two days the losses they will bear, the Bank of England said on Thursday in its blueprint for avoiding taxpayer bailouts in future financial crises.

Japan's export growth fails to narrow trade deficit

Japan's trade deficit edged higher in September despite exports rising at their fastest pace in seven months.

ECB starts buying covered bonds in fight to revive euro zone economy

(Reuters) - The European Central Bank has started buying covered bonds, an ECB spokesman said on Monday, opening a new front in its battle to revive the euro zone economy and keep deflation at bay.

Pakistan central bank to phase in new Islamic finance rules

(Reuters) - Pakistan's central bank will phase in new capital adequacy rules for Islamic banking subsidiaries and trade sharia-compliant government debt in the open market, addressing a lack of liquidity management tools in the sector.

Janet Yellen warns on growing inequality in the US

US Federal Reserve chair Janet Yellen said that she was "greatly concerned" about rising inequality in the US. "I think it is appropriate to ask whether [growing inequality] is compatible with values rooted in our nation's history," she said in a speech in Boston on Friday.

Renzi's Italian budget is not so tax-cutting after all

(Reuters) - Two days after Matteo Renzi presented Italy's 2015 budget it is emerging that the prime minister's claims of unprecedented tax cuts to revive a stagnant economy are not exactly as he described.

Modi Taps Critic of His Budget as Top India Economy Aide

The Indian government named former International Monetary Fund official Arvind Subramanian as its new chief economic adviser, a position left vacant for a year after Raghuram Rajan was appointed central bank governor.

European stock markets recover after another day of tumbles

Leading shares in London clawed back most of their early losses at the close after another day of market turmoil caused by renewed concerns about the eurozone economy and fears about the prospects for global growth.

Germany cuts 2014 growth forecast from 1.8% to 1.2%

The German government has sharply cut its economic growth forecast for this year and next, citing "external" factors for the revision. It now expects growth this year to be 1.2%, down from its previous estimate of 1.8%.

Asian markets mixed after US shares slide

Asian shares have had a mixed day following a sell-off on Wall Street as investors worry about how weak global growth will affect companies' earnings.

Mark Carney says bankers' behaviour needs to change

Bankers' behaviour still needs to change following the financial crisis, Bank of England governor Mark Carney has warned. He said that top executives had "got away without sanction".

China’s Li Says Economic Growth Quality Important as Pace

The “quality” of economic expansion, including job creation and fighting pollution, is as important as its speed amid uncertainty over whether China will reach its growth target this year, Premier Li Keqiang said.

IMF chief: eurozone showing symptoms of Japan’s chronic economic ills

Christine Lagarde, the head of the International Monetary Fund, has warned that the eurozone is displaying the symptoms of Japan’s longstanding economic problems and needs fresh moves to avert the threat of recession.

Bank of England reveals emergency measures if Scotland had voted yes

The Bank of England was ready to flood the financial markets with millions of pounds of emergency funding if Scotland had voted to break away from the UK in last month’s referendum.

Interest rate rise fears help dampen housing demand

The continuing squeeze on workers’ pay packets and the prospect of higher interest rates have sapped the appetite of many homebuyers, according to the surveyors’ body RICS.

World Bank finance chief gives up bonus to please staff

The World Bank chief financial officer is giving up part of his bonus after an uproar over cost-cutting measures at the lender.

Global stock markets hit by fears over economic growth

Global stock markets have been hit by fears over global growth following a run of bad economic news. German figures revealed a sharp drop in industrial production, raising fears than Europe's traditionally strongest economy was weakening.

Rand strengthens on S Africa central bank appointment

South Africa's president, Jacob Zuma, has named the former Treasury boss, Lesetja Kganyago, as the new governor of the country's central bank.

Austerity versus growth version 3.0 at G20/IMF

(Reuters) - World policymakers gather in Washington later this week to ponder how to sustain economic recovery at a time when the United States is about to turn off its money taps.

U.S. hiring accelerates, jobless rate hits six-year low

(Reuters) - U.S. employers ramped up hiring in September and the jobless rate fell to a six-year low, bolstering bets the Federal Reserve will hike interest rates in mid-2015.

US and EU 'make progress' in free trade area talks

Officials from the United States and the European Union say they have made progress as they seek to sweep away trade barriers. Teams from the two sides have held a week of discussions in Chevy Chase, Maryland.

War may delay Ukraine's economic growth until 2016: world bank

(Reuters) - Ukraine's military conflict with pro-Russian separatists in the industrial east will force the Kiev government to shelve hopes of resuming economic growth until 2016, the World Bank said on Thursday.

Weak demand hits factory activity across Asia, Europe

(Reuters) - Dwindling demand hurt factory activity across much of Asia and Europe in September, and mixed manufacturing indicators in the Americas on Wednesday raised the chances of slower global economic growth in the months ahead.

UK economy grew 0.9% in second quarter, says ONS

UK economic growth has been revised up to 0.9% for the second quarter of the year by the Office for National Statistics (ONS), compared with a previous estimate of 0.8%. UK GDP was 3.2% higher in the second quarter compared with a year earlier.