Economy, Global Economy | featured news

Unemployment in the 17-country euro currency bloc hit another record in May as the crippling financial crisis pushed the continent toward the brink of recession, official figures showed Monday.

A closely watched survey by Japan's central bank has found big manufacturers have more confidence in the world's third-largest economy than they did three months ago.

China's factory downturn worsened in June as a key activity index hit a seven-month low, data expected to raise expectations the central bank may seek more policy easing to revive the world's second-largest economy.

Scotland's economy has improved slightly but is showing signs of stagnating, according to a survey carried out by a bank.

Cyprus, the fifth euro zone country to seek emergency funding from Europe, may need a bailout of up to 10 billion euros — over half the size of its economy — officials said.

The Indian government plans to take steps to boost exports and increase dollar inflows to give a much-need lift to the economy and arrest the slide in the Indian rupee, a senior official from the finance ministry said Saturday.

Spain's banks would need 51-62 billion euros ($64-78 billion) in extra capital to weather a serious downturn in the economy, less than a 100-billion-euro aid package offered by the euro zone, independent audits showed on Thursday.

Germany may be Europe’s most powerful economy. But its prosperity is so uneven that Poles just across the border see it differently: as a place where housing is a bargain... The uneasiness here helps to explain the unwillingness voiced by German Chancellor Angela Merkel about proposals that would require her country to dip further into its treasury to help address the rest of Europe’s economic problems.

President Obama's political fate could be decided in the debt-ridden nations of Europe. While praising European efforts to address its potential economic crisis after this week's G-20 summit, Obama also said that problems overseas could damage the economy in the U.S. -- and threaten his re-election.

More than at any time since the depths of the financial crisis, the world's leaders need to pull together today, end their squabbling and divisiveness, and come up with a concrete plan to get the fragile recovery back on track.