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(MENAFN - AFP) New EU Commission chief Jean-Claude Juncker unveiled Wednesday an eagerly awaited 315-billion-euro investment plan to "kickstart" the economy, saying it would show the world that Europe was back in business after years of crisis.

Juncker said the proposal, which must be approved by European leaders at a summit in December, would mix an investment fund with ...

 
(MENAFN - AFP) OPEC needs non-cartel members to help address an oil supply glut that is set to grow next year, Iran's oil minister said here Wednesday.

"All the experts in the markets believe that we have an oversupply on the market and next year we will have more oversupply," Iran's Oil Minister Bijan Namdar Zanganeh told reporters.

But Zanganeh said it was not solely ...

 
(MENAFN - AFP) Russia's state-held Alrosa, the world's top diamond producer, said Wednesday its profits fell 44 percent year-on-year in the first nine months of 2014 due to the plunging value of the ruble.

Net profit from the first nine months of 2014 fell 44 percent to 12.8 billion rubles ($277 million), Alrosa said in a statement.

The group, which extracts diamonds ...

 
(MENAFN - AFP) US new home sales rose modestly in October, with inventories on the market continuing to creep higher as the housing market recovery lags, government data released Wednesday showed.

Sales of new single-family homes rose 0.7 percent from September to an annual rate of 458,000, the highest pace of the year, the Commerce Department reported.

But that modest ...

26 Nov 2014   US consumer spending picks up 
 
(MENAFN - AFP) US consumer spending rose slightly in October after stalling in September, while personal income growth remained marginal, the Commerce Department reported Wednesday.

Consumer spending, driving about two-thirds of US economic output, rose 0.2 percent, matching analysts' consensus estimate.

In September, spending was flat, the department said, revising ...

26 Nov 2014   US jobless claims rise 
 
(MENAFN - AFP) New claims for US unemployment insurance benefits rose last week but kept within the recent low range that suggests a modestly improving jobs market, according to official data released Wednesday.

Initial jobless claims, a sign of the pace of layoffs, increased by 21,000 to 313,000 in the week ending November 22, the Labor Department said. The prior week's ...

 
(MENAFN - AFP) British economic growth slowed to 0.7 percent in the third quarter of 2014 from output in the previous three months, official data showed Wednesday, confirming the previous estimate.

Economic output in the July-September period was propelled by consumer spending, the Office for National Statistics said in a statement.

Household consumption grew 0.8 percent ...

 
(MENAFN - AFP) EE confirmed Wednesday that it has held "exploratory" discussions over a possible sale of its mobile business to BT Group, which would result in Britain's former national operator regaining a mobile network.

Earlier this week, BT announced it had been approached by shareholders from two operators -- Spanish peer Telefonica and one other unnamed group -- with ...

 
(MENAFN - AFP) Russia's biggest lender Sberbank said Wednesday its profits fell 10 percent year-on-year in the first nine months of 2014 as the sanctions-hit bank stepped up loan-loss provisions due to the slowing economy and falling ruble.

"The group's net profit in the first nine months of 2014 was 241.3 billion rubles, down 10.1 percent compared to the same period of 2013," ...

 
(MENAFN - AFP) Europe's main stock markets rose Wednesday as the European Central Bank signalled it could begin purchasing government bonds next year, with sentiment also supported by upbeat US growth data.

The Frankfurt-based ECB will be able to gauge early next year whether it needs to start buying sovereign bonds to stimulate the eurozone economy, its deputy president ...

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