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British state borrowing declines in June: data LONDON: British state borrowing fell only slightly last month, official data showed on Tuesday.Public sector net borrowing, the government's preferred measure of the deficit, dipped to £11.4 billion ($19.5 billion, 14.4 billion euros) in June.The figure, which excludes financial sector intervention measures and transfers from the Bank of England's cash stimulus scheme, compared with £11.5 billion in the same month of 2013."The public finances were essentially only stable year-on-year in June after stripping out all distorting effects," said economist Howard Archer at research consultancy IHS Global Insight.Copyright AFP (Agence France-Presse), 2014

Eurozone debt rises sharply: Eurostat BRUSSELS: Eurozean public debt -- the accumulated total of government budget deficits and borrowing -- rose sharply earlier this year, reversing a downtrend when the economic crisis eased, official figures showed on Tuesday.The 28 European Union states are supposed to keep total public debt below the equivalent of 60 percent of annual economic output, while annual budget deficits must not exceed 3.0 percent.For years however these limits have been breached and total debt increased sharply ...

Israel to finish Gaza tunnels assault before truce: Livni JERUSALEM: Israel will not halt its fire in Gaza until it finishes an operation aimed at destroying tunnels used by Hamas for cross-border attacks, a senior minister said on Tuesday. As world efforts to broker a ceasefire in war-torn Gaza gathered speed, Israeli Justice Minister Tzipi Livni also ruled out any acceptance of the "unacceptable" demands laid out by Hamas as a condition for halting its fire.She said the question of an immediate ceasefire with ...

Putin plunges Russia into permanent winter time MOSCOW: Russian President Vladimir Putin on Tuesday signed a law plunging the country into permanent winter time in the latest experiment with the nation's alarm clocks after three years of non-stop summer time.Putin signed amendments to the law "on measuring time" putting the country on "constant winter time" from this autumn, never again to switch over to summer time.From October 26, Moscow will be permanently on GMT plus 3.Under the new law, "seasonal changing of ...

Swiss exports rise in June, but demand from Europe softens ZURICH: Switzerland's exports rose in June, partly due to an increase in sales of chemical and pharmaceutical products, the largest export category, data from the Federal Customs Office showed on Tuesday.A cap on the Swiss franc imposed by the central bank almost three years ago has helped protect exporters, but weak demand Europe, the country's largest trading partner, continues to drag on sales.Exports rose an inflation-adjusted 2.2 percent year-on-year in June to 16.866 billion Swiss ...

Europe's economy persistently weak, sanctions a problem BRUSSELS: Italian Economy Minister Pier Carlo Padoan said on Tuesday the recent German economic data show that Europe's economy is much weaker than it was expected to be six months ago, and further economic sanctions against Russia would be a "problem" for all sides."The macroeconomic picture is disappointing, and recent data on Germany sounds the bell alarm because it indicates that the weakness is more persistent in time and widespread in space than what we ...

Obama, Biden highlight job-training in middle-class push WASHINGTON: President Barack Obama and Vice President Joe Biden will put a spotlight on job-training programs on Tuesday as part of a White House push to boost economic opportunities for middle-class Americans, an important voting group in November elections.Obama will sign the "Workforce Innovation and Opportunity Act," which the White House said would help "improve business engagement and accountability across federally funded training programs."Biden, who is a potential 2016 presidential candidate, will unveil a new ...


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