Headline News: Eurobiz

• Experts see trouble ahead for developed world (AP)
  

  AP - Is the global economy out of the woods? Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook — especially for the United States and much of the industrialized world.

  
  
  
• European stocks soar on US data; dollar breaches 85 yen (AFP)
  

  AFP - European equities surged on Friday and the dollar jumped above 85 yen as financial markets welcomed a better-than-expected payrolls report in the United States.

  
  
  
• Swedish bank Carnegie buys troubled competitor (AP)
  AP - Swedish investment bank Carnegie AB Friday said it will buy competitor HQ Bank AB, which had its banking license revoked by the financial watchdog last week.
  
• EU reaches deal on cross-border financial supervisors (AFP)
  

  AFP - Europe took a big step closer on Thursday to its goal of creating cross-border financial supervisors, reaching a "crucial milestone" in efforts to reform a sector blamed for the global recession.

  
  
  
• Romanian PM shakes up cabinet (AP)
  

  AP - Romania's unpopular government was in turmoil Thursday after the prime minister fired five Cabinet ministers, with the economy minister also saying he will quit.

  
  
  
• German car exports up 12 percent in August (AP)
  AP - German car exports kept growing in August as a healthier global economy fueled sales abroad, helping push up production, an industry group said Thursday.
  
• European stocks drop before ECB rate call (AFP)
  

  AFP - European stock markets slid on Thursday as investors took profits from recent gains amid caution before the latest interest rate decision from the European Central Bank.

  
  
  
• Driven by Germany, Europe posts 1% growth (AFP)
  

  AFP - Europe's economy outpaced the United States and Japan in the second quarter, EU data showed Thursday, but analysts warned that the German-powered growth would likely lose steam in the second half.

  
  
  
• Global stocks hit two-week high on manufacturing optimism (Reuters)
  

  Reuters - World stocks hit a two-week high on Thursday and oil prices rose as optimism from strong U.S. and Chinese manufacturing data extended into a second day ahead of a euro zone interest rate decision and key U.S. jobs data.

  
  
  
• Swiss economy grew 0.9 percent in second quarter (AP)
  AP - Official figures show that Switzerland's economy grew by 0.9 percent in the second quarter compared with the first three months of the year, largely on the back of higher domestic demand and corporate investments.
  
• ECB raises 2010, 2011 eurozone growth forecast (AP)
  

  AP - The European Central Bank raised its growth projections for the 16-nation eurozone on Thursday, but stressed that the outlook remains uncertain and said its effort to keep banks supplied with credit would stay in place for the rest of the year.

  
  
  
• ECB holds rates, extends liquidity lifeline (Reuters)
  

  Reuters - The European Central Bank held interest rates at a record low on Thursday and extended its liquidity safety-net in response to a lopsided recovery and worries about vulnerable banks.

  
  
  
• Summary Box: US fears mean risk for ECB (AP)
  AP - THE SITUATION: Indicators are pointing up at the European Central Bank, which may be about to raise its 2010 economic projections. But that brightening picture is being increasingly darkened by fears about the recovery in the U.S.
  
• Spain halves deficit with painful austerity cuts (AP)
  AP - Spain's deficit is down sharply thanks to an unpopular cocktail of tax hikes and austerity cuts — good news for a government fighting to ward off fears it might need a bailout like the one that saved Greece from bankruptcy.
  
• Equities make bright start to September (AFP)
  

  AFP - Asian and European stocks rose on Wednesday, lifted by bargain-hunting and upbeat data, as dealers set aside Wall Street's worst August performance in nine years amid stubborn US recovery doubts.

  
  
  
• Summary Box: HSBC sells US auto finance units (AP)
  AP - IT'S OVER: British bank HSBC Holdings PLC has sold its last U.S. auto finance businesses to Spain's Santander for about $3.56 billion in cash, completing its exit from a market that cost it billions during the financial meltdown.
  
• Eurozone inflation eases in August to 1.6 percent (AP)
  AP - Inflation in the 16 countries that use the euro fell in August, official figures showed Tuesday, reinforcing market expectations that the European Central Bank will not be raising borrowing costs this year.
  
• German official unemployment rate stable at 7.6% (AFP)
  

  AFP - The German unemployment rate was stable in August at 7.6 percent of the workforce, official figures showed on Tuesday as the number of people seeking work edged slightly lower to 3.188 million people.

  
  
  
• HSBC sells US auto finance units to Santander (AP)
  AP - British bank HSBC Holdings PLC said Tuesday it has sold its last U.S. auto finance businesses to Spain's Santander for about $3.56 billion in cash, completing its exit from a market that cost it billions during the financial crisis.
  
• European stocks plunge; London down 1.14 percent (AFP)
  

  AFP - Europe's main stock markets dived at the start of trading on Tuesday, following heavy overnight losses in New York and then in Asia as investors worried about weak US data and the strength of the yen.