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Unemployment Is High, but France Is Fertile Ground for Start-Ups

01 Jul

Though youth unemployment hovers just below 25 percent, a proliferation of start-ups in France is putting silver linings among the economic clouds.

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Greece seeks Eurogroup, ECB support after IMF default

01 Jul

Protesters wave Greek and EU flags during a pro-Euro rally in front of the parliament building, in AthensATHENS/BRUSSELS (Reuters) – Greece was appealing to its euro zone partners and the European Central Bank on Wednesday to keep it afloat after defaulting on its debt to the International Monetary Fund and losing frozen international bailout money. Athens was due to put new proposals for a two-year loan agreement and a debt rescheduling to Eurogroup finance ministers after hinting that leftist Prime Minister Alexis Tsipras might be willing to scrap a referendum on bailout terms. Finance Minister Yanis Varoufakis told colleagues the ruling Syriza party might even urge Greeks to vote “yes” in Sunday’s plebiscite if Athens is granted a loan, participants said.

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Greece considering capital controls, closing banks on Monday

28 Jun

A man reacts as people line up to withdraw cash from an ATM outside a Eurobank branch in AthensATHENS/FRANKFURT (Reuters) – Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country’s bailout and savers queued to withdraw cash, taking Athens’ standoff with the European Union and the International Monetary Fund to a dangerous new level. “This is a matter that we’ll have to work overnight on with the appropriate authorities both here in Greece and in Frankfurt,” Greek Finance Minister Yanis Varoufakis said of bank closures and capital controls. The finance ministry later issued a statement saying capital controls were not the government’s preference and were not consistent with monetary union.

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Start-Ups Finding the Best Employees Are Actually Employed

27 Jun

Some on-demand companies are rejecting the practice of using independent contractors, like Uber drivers, and are hiring people they can train and hold accountable.

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Germany says surprise Greek referendum plan shuts door on negotiations

27 Jun

Greek Premier Alexis Tsipras addresses the nation in AthensBy Karolina Tagaris and Robin Emmott ATHENS/BRUSSELS (Reuters) – Germany all but buried negotiations to keep Greece from default on Saturday, saying a surprise decision by Greek Prime Minister Alexis Tsipras to call a referendum had left nothing to discuss but how to cope with failure. Worried the country could default and even leave the euro zone, some Greeks queued up at cash machines to withdraw funds, though there were no signs of panic in Athens. Many sounded defiant, saying Tsipras had offered them an important chance to determine their own fate.

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U.S. consumer sentiment rises in June

26 Jun

Customers shop in the pharmacy department of a Target store in the Brooklyn borough of New YorkNEW YORK (Reuters) – U.S. consumer sentiment jumped in June, according to a survey released on Friday.

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Robust U.S. consumer spending buoys economic growth outlook

25 Jun

A family uses the self-checkout at the Wal-Mart owned Sam's Club in BentonvilleU.S. consumer spending recorded its largest increase in nearly six years in May on strong demand for automobiles and other big-ticket items, further evidence that economic growth was gathering momentum in the second quarter. While other data on Thursday showed a modest increase in first-time applications for unemployment benefits last week, the underlying trend in jobless claims continued to suggest the labor market was tightening. The Commerce Department said consumer spending increased 0.9 percent last month, the biggest gain since August 2009, after an upwardly revised 0.1 percent rise in April.

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U.S. economy contracts mildly in first quarter, but growth rebounding

24 Jun

A man works on a building site for a luxury apartment complex in downtown Los AngelesA fairly stronger pace of consumer spending than previously estimated accounted for much of the upward revision to GDP. Consumer spending, which accounts for more than two thirds of U.S. economic activity, was raised to a 2.1 percent growth pace from the 1.8 percent rate reported last month. With personal savings increasing at a robust $720.2 billion pace as more Americans get a paycheck, consumer spending could accelerate in the second quarter.

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U.S. durable goods orders data suggest manufacturing stabilizing

23 Jun

An employee helps a customer with a television at a Best Buy store in DenverA gauge of U.S. business investment spending plans rose in May, offering a tentative sign of stabilization in the manufacturing sector after activity started weakening in the late summer of 2014. Manufacturing is lagging other economic data, including retail sales and housing, which have rebounded after hitting a soft patch at the start of the year. The Commerce Department said on Tuesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.4 percent last month.

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U.S. home sales at 5-1/2-year high on first-time buyers

22 Jun

A real estate sign advertising a home for sale is pictured in Vienna, VirginiaBy Lucia Mutikani WASHINGTON (Reuters) – U.S. home resales surged to a 5-1/2-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter. The National Association of Realtors said on Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009. “It suggests that the U.S. housing market recovery is back on track after the missteps earlier this year.

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