FRANKFURT (Reuters) – The European Central Bank held its main interest rate at 0.75 percent on Thursday, deferring any cut in borrowing costs while it assesses the extent of the euro zone's economic downturn and waits for a cue to use its new bond-purchase program. The bank has said it was ready to buy bonds of debt-strained governments such as Spain and Italy once they had signed up to a European bailout program. So far no request has been made, but the announcement alone has calmed markets. "This is as expected," JP Morgan economist Greg Fuzesi said of the rate decision. … Harper urges U.S. to avoid cliff, but looks to Asia as a backup plan
BANGALORE, India – Stephen Harper is urging the United States Congress to find a solution to its so-called fiscal cliff.
UK PM warns of witch-hunt against gays in pedophile scandal
LONDON (Reuters) – British Prime Minis ter David Cameron warned on Thursday that speculation about the identity of an unidentified member of his ruling Conservative party accused of sexually abusing children could turn into a witch-hunt against gay people. Cameron, who leads a troubled two-party coalition, ordered an investigation this week after a victim of child sexual abuse in Wales said a prominent Conservative political figure had abused him during the 1970s. … Tim Hortons' quarterly profit, sales rise
(Reuters) – Tim Hortons Inc reported a higher quarterly profit on Thursday, helped by higher sales and a lower effective tax rate. Net income rose to C$105.7 million ($106.2 million) or 68 Canadian cents a share, from C$103.6 million, or 65 Canadian cents, a year earlier. The company, which dominates the takeout coffee business in its home market, said revenue rose 10 percent to C$802.0 million. (Reporting by Allison Martell; Editing by Maureen Bavdek)
Canada's Harper expects foreign investment decisions very soon
BANGALORE, India (Reuters) – Canada will make decisions very soon on foreign investment proposals it is considering and on the broader framework for dealing with such investment, Prime Minister Stephen Harper said on Thursday. “The government of Canada has some very important decisions before it on when it will take public positions in the very near future along with positions on some of the broader policy questions,” Harper told a news conference during a visit to India. He declined to say whether Indian state-owned enterprises would be welcome to invest in Canada. …
Bad foundation blamed for Ghana building collapse
Authorities on Thursday blamed faulty construction for the collapse of a five-story building in Ghana's capital that killed at least four people and trapped dozens of others until they were freed by crews picking through broken concrete with axes. New political group in Hungary grabs second place in polls
BUDAPEST (Reuters) – A new movement in Hungary h as become the country's second most popular political force just days after it was founded, an opinion poll showed on Thursday. The Median poll showed that the Egyutt 2014 association was second only to the government in popularity in October. Former Prime Minister Gordon Bajnai launched Egyutt at a rally on October 23 to try to unite fragmented opposition groups in a push to replace conservative Prime Minister Viktor Orban's ruling Fidesz party at the next elections, due in 2014. … Sterling rises, gilts fall as BoE leaves policy unchanged
LONDON (Reuters) – Sterling rose, hitting a five-week high against the euro, while gilts fell on Thursday after the Bank of England left interest rates and its quantitative easing total unchanged. The decision had been broadly expected after recent stronger-than-expected UK third quarter growth figures but traders said some investors had positioned for the risk that the BoE could opt for more stimulus. The euro fell 0.2 percent on the day to 79.69 pence, its lowest since October 1, from around 79.88 pence before the decision. …
Instant View - Bank of England votes against more stimulus
LONDON (Reuters) – The Bank of England opted on Thursday against pumping more cash into the fragile economy, with policymakers hoping a new scheme will boost lending and some worried about inflation. Following are reactions to the decision: VICKY REDWOOD, CAPITAL ECONOMICS: “The MPC’s decision to leave policy on hold today would not have been an easy one and the vote could have been quite close. “We think that more policy stimulus will be required in the coming months – the question is whether the Committee feels it has the tools to deliver it. …
Iraq signs oil deal with Russian-led group
Iraq’s Oil Ministry says it has finalized a deal with a consortium led by Russian oil giant Bashneft to search for oil in the country’s south.
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