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BRUSSELS The European Union reached a landmark deal on Thursday to make the European Central Bank the bloc’s top banking supervisor, giving EU leaders greater confidence that they are gaining the upper hand over the euro zone’s debt crisis. EU finance ministers forged a deal on the single supervisor in the early hours of Thursday after marathon talks. Leaders will give their stamp of approval at a summit starting later in the day, their last of 2012, and also discuss closer fiscal ties for their troubled currency area. {id:nL5E8ND057] After a hectic year of crisis management, during which Greece had [...]

BRUSSELS The European Union reached a landmark deal on Thursday to make the European Central Bank the bloc’s top banking supervisor, giving EU leaders greater confidence that they are gaining the upper hand over the euro zone’s debt crisis. EU finance ministers forged a deal on the single supervisor in the early hours of Thursday after marathon talks. Leaders will give their stamp of approval at a summit starting later in the day, their last of 2012, and also discuss closer fiscal ties for their troubled currency area. {id:nL5E8ND057] After a hectic year of crisis management, during which Greece had [...]

Treasury Secretary Tim Geithner will hold deficit-reduction talks with congressional leaders Thursday, officials said Wednesday. Geithner will meet separately with Senate Democratic leader Harry Reid, Senate Republican leader Mitch McConnell, House Speaker John Boehner and House Democratic leader Nancy Pelosi. Geithner will “continue discussing the actions we need to take to keep our economy growing and find a balance approach to reduce our deficit,” the statement said.

British Prime Minister David Cameron arrives to Brussels for a two-day EU leaders summit on November 22.EU leaders are discussing the bloc’s next seven-year budget plan in BrusselsThe European Commission wants to raise its budget for 2014-2020 to $ 1.2 trillionSome EU nations, including Britain, are opposed to a budget increaseCameron: “We are going to be negotiating very hard for a good deal for British taxpayers” European Union leaders are gathering at a summit in Belgium Thursday to try to reach an agreement on a new seven-year EU budget, with tensions high due to the continuing economic crisis.The European Commission [...]

China unveiled the elite group of seven who will set the agenda for the next decade. Leading the group: Xi Jinping, now the nations most powerful man.Now that China’s Communist Party has officially put its stamp on its new leaders, political scientist Willy Lam offers this analysis:“By and large, we have a conservative team,” Lam told CNN. “We can expect no substantial or meaningful movement toward political reform, in favor of staying the course, maintaining political stability and defusing challenges to the party’s authority.”Reformers are concerned that two protégés of former President Hu Jintao – Liu Yuanchao and Wang Yang [...]

Labor leaders and heads of progressive-advocacy organizations emerged from a meeting with President Barack Obama on Tuesday expressing support for the White House’s stance on resolving the so-called fiscal cliff. “It was a very, very positive meeting,” according to AFL-CIO President Richard Trumka. Obama is gathering leaders among labor and business behind closed doors this week to garner support for his version of a deficit deal, ahead of talks with congressional leaders on Friday. In a key test, the labor and liberal leaders did not express concern following the White House meeting that Medicare and Medicaid were on the table [...]

Two dozen business, labor and civic leaders, including the chief executives of major U.S. corporations such as Ford, IBM and Wal-Mart, will meet President Barack Obama to discuss how to control the federal deficit, said the White House on Monday. Obama was scheduled to meet labor and civic leaders on Tuesday, followed by a meeting with business executives on Wednesday. A White House official said the leaders would discuss “the best ways to move our economy forward and find a balanced approach to reduce the deficit.” Unless the president and lawmakers agree, a combination of tax increases and government spending [...]

Beijing has set ambitious targets to increase the income of both rural and city workers to address growing wealth disparity.Economy is a top concern for Chinese leaders as the ruling Communist Party (CCP) gathers Outgoing leader Hu Jintao sets ambitious targets while noting the problem of “income disparity”Study: China’s wealthiest 10% control 57% of total income and 85% of total assetsNew leaders confront a slowing economy, aging workforce and social safety net concerns Much as exit polls in the U.S. show after the election this week, the economy is a top concern for Chinese leaders as the ruling Communist Party [...]

After President Barack Obama’s re-election, world leaders expressed hope for stronger cooperation with the United States on issues ranging from the struggle against Islamic extremism to international trade. Here are some of the reactions: RUSSIA Russian President Vladimir Putin said he hoped Obama’s re-election would have a positive impact on relations with the United States, which have been strained by differences over issues ranging from missile defense to human rights and the conflict in Syria. “We express hope that the positive beginnings in bilateral relations and in international cooperation between Russian and the United States, in the interest of international [...]

SHANGHAI For all the hopes that China’s forthcoming leadership change will herald a new wave of market reforms, foreign bankers don’t expect to get the level playing field they crave any time soon. Trends are positive, but progress can be frustratingly slow. “My outlook is basically optimistic, particularly in the medium term. The near term is always always uncertain,” Christian Murck, president of the American Chamber of Commerce in China and independent director of J.P. Morgan Chase (China) Ltd, told Reuters. A lighter regulatory touch on bond writing, derivatives and funding channels are seen as crucial to foreign banks’ growth [...]

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