China local government debt surges by 70%

China has local government debts of 17.7 trillion yuan ($2.9tn), up 70% from three years ago, according to an official report.

Africa also booming market for stolen cars

ABIDJAN: If luxury cars have become a more common sight on African roads, that is in part due to it becoming a prime destination for cars lifted off European streets.

China Warns Officials on Terror Attacks as Xi Shows Frugality

Chinese officials and police have been told to step up safety precautions in “key regions” and be on alert for terrorist attacks during the New Year and Spring Festival holidays amid ethnic tensions in Xinjiang.

Portugal deficit edges up in Quarter 3

LISBON: Portugal's budget deficit in the 12 months to the end of September edged up to 6.3 per cent of gross domestic product from 6.1 per cent at the end of June as spending rose more than revenues, official data showed on Friday.

U.S. Holiday Sales Rise 3.5%, SpendingPulse Says

U.S. retail sales rose 3.5 percent during the holiday season this year, helped by deep discounts at malls and purchases of children’s apparel and jewelry, MasterCard Advisors SpendingPulse said.

Mortgage approvals a third higher in November than last year

Mortgage approvals in Britain were more than a third higher in November than a year earlier as government subsidies for homebuyers helped the property recovery gather pace.

U.S. bank group launches Volcker rule legal challenge

(Reuters) - The American Bankers Association on Monday initiated a legal challenge to a provision of the "Volcker rule" that restricts bank ownership of certain investments.

As Singapore gets richer, more people left behind

SINGAPORE (Reuters) - Every day, through eyes clouded by glaucoma, Peter witnesses the spending power generated by Singapore's economic success, knowing he can only afford to look.

Japan exports rise but trade gap widens on weak yen

(Reuters) - Japan's exports rose for a ninth consecutive month in November, led by car shipments to the United States and China, a sign the weak yen and a recovery in global demand are energizing a major growth driver in the world's third-biggest economy.

Finland hit harder by recession than expected

HELSINKI: Finland's economy will contract by 1.2 percent this year, far lower than previous forecasts, the government announced in an economic report Thursday.

UK inflation falls to four-year low of 2.1% as food prices steady

Inflation has fallen back to its slowest pace in four years thanks to steadying food prices and the fact that energy price hikes have yet to come in.

US boosts maritime security aid to Vietnam

HANOI, Vietnam (AP) — The United States will boost maritime security assistance to China's smaller neighbors amid rising tensions over disputed territories in the South China Sea, U.S. Secretary of State John Kerry announced on Monday during a visit to Vietnam, where he also pressed the communist government on human rights and democratic and economic reforms.

BOJ to release survey on price expectations from next tankan

TOKYO, Dec 16 (Reuters) - The Bank of Japan will begin publishing from April next year a survey of how companies see price moves ahead as part of its quarterly "tankan" business sentiment poll, the central bank said on Monday.

Russia Seen Pushing Back Rate Cuts on Inflation Outlook for 2014

Economists pushed back forecasts for a cut in Russia’s benchmark rate today after the central bank said that inflation would slow to next year’s target of 5 percent only in the second half.

US cracks down on companies evading Iran sanctions

WASHINGTON: The Obama administration is targeting several companies and individuals for evading international sanctions against Iran and for providing support for Iran's nuclear program.

Switzerland set sights on becoming world's data vault

ATTINGHAUSEN: It looks like the ideal location for a James Bond thriller: a massive underground bunker in a secret location in the Swiss Alps used for keeping data safe from prying eyes.

U.S. Treasury Secretary: Euro-Zone Recession 'Seems to Be Ending'

WASHINGTON–U.S. Treasury Secretary Jacob Lew said Thursday the euro zone's recession "seems to be ending," despite high unemployment levels in the hardest-hit countries.

Wall Street facing tighter scrutiny as regulators move on Volcker rule

Wall Street is facing tighter scrutiny of its trading activities after US regulators moved on Tuesday to impose stricter rules on the types of trades banks can make following the financial crisis.

Bill Clinton condemns NSA’s reported collection of economic data

Former president Bill Clinton in a new interview condemns the National Security Agency's reported collection of industrial data as part of its surveillance programs.

Ukraine Default Swaps Jump to Four-Year High as Russia Backs Off

The cost of insuring Ukrainian government bonds increased to the highest level in four years as Russia cast doubt on imminent assistance for its neighbor.

Spain's PM says his country has turned a corner

More than half its young people are unemployed, a double-dip recession has left the economy 7% smaller than it was five years ago, and debt has soared to nearly 100% of GDP.

Noonan Says Moody’s May Lift Ireland From Junk in Early 2014

Ireland’s Finance Minister Michael Noonan said he hopes Moody’s Investors Service will raise the nation’s credit rating from non-investment grade as the country exits its bailout program and plans debt sales.

World powers say 'serious' about Iran nuclear deal: Report

Tehran: World powers have assured Tehran they are "serious" about a nuclear deal clinched in Geneva and are keen to take it forward, local media today reported Iran's top diplomat as saying.

Cyprus to start privatising in two years - Government

(Reuters) - Cyprus approved a roadmap on Thursday to start privatising state companies in two years, a requirement of international lenders who threw the island a 10 billion euro ($13.6 billion)lifeline in March.

Australia growth rate falls short of forecasts

Australia has reported weaker-than-expected growth for the July-to-September quarter partly due to slower domestic demand.

Detroit judge rules bankruptcy process can proceed

A federal judge has ruled Detroit should be granted protection from its creditors, marking the largest public bankruptcy in US history.

UK manufacturing expands at fastest pace in three years

Manufacturing returned to form in November as the sector steamed ahead with the fastest growth in nearly three years, following two months in which the pace of expansion slowed.

BOJ's Kuroda unwavering on inflation goal as Japan capex rises

(Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Monday he saw no need to water down the bank's commitment to achieve 2 percent inflation in two years, stressing that the country was on track to meet the target despite risks from soft overseas growth.

Canada’s Dollar Weakens a Second Month Amid Stimulus Speculation

The Canadian dollar fell in the first back-to-back monthly losses since June amid speculation the U.S. Federal Reserve will reduce monetary stimulus before Bank of Canada policy makers do.