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Brazil autoworkers fearful of future amid sales slump

published about 7 hours ago
Brazil autoworkers fearful of future amid sales slump
São Bernardo do Campo (Brazil) (AFP) - Manuel Domingos constantly fears being placed on mandatory leave, like thousands of fellow workers at an auto factory outside Sao Paulo, proof of the major downturn in Brazil's once powerful auto industry. Domingos, a 40-year-old Ford worker, spoke of a "feeling of insecurity" at the Sao Bernardo do Campo plant in the Sao Paulo suburbs. The automobile industry is mired in a slump in an economy that is in its fifth year of ... more

Uber drivers fined in Hungary

published about 19 hours ago
Uber drivers fined in Hungary
The Hungarian tax authority fined Uber drivers in its first probe against the ride-sharing service which the economy ministry said Saturday "ignores passenger safety" and must be made to follow regulations. The taxmen used Uber services randomly and said they found several irregularities: drivers did not have tax numbers, nor did they give receipts after the ride, and they did not possess taxi licenses. The authorities vowed "to make the company operating Uber network -- which drains the budget and ... more

Pakistan cuts interest rates to historic low

published about 19 hours ago
Pakistan cuts interest rates to historic low
Pakistan's central bank Saturday slashed the benchmark interest rates to a 42-year low of seven percent, hoping to stimulate growth in the long dormant economy. "The State Bank (of Pakistan) is cutting the monetary policy rates by 100 basis points, aiming at boosting investment in the country," Ashraf Mahamood Wathra told a press conference in the capital Islamabad. Pakistan is trying to reboot its economy as key indicators became favourable at home, with the added support from depressed petroleum prices ... more

ECB chief calls for government reforms now, delays 'dangerous'

published about 19 hours ago
ECB chief calls for government reforms now, delays 'dangerous'
European Central Bank President Mario Draghi on Saturday said it was time for eurozone governments to launch reforms, warning that growing structural differences were dangerous for the monetary union. "There is not going to be a better moment than now to make reforms," Draghi told central bankers and economists at a forum held in the historic Portuguese city of Sintra. The ECB had played its part in laying the foundations for recovery by cutting interest rates to record lows and ... more

Schaeuble: no alternatives to Greece fulfilling reform vows

published about 22 hours ago
German Finance Minister Wolfgang Schaeuble has said there is no need to consider disbursing more aid to Greece because Athens has already promised reforms and must tackle the problem itself. "There's no getting around that it's an issue for the government in Athens," Schaeuble told Deutschlandfunk radio, according to excerpts of the interview released on Saturday. In an interview with Reuters last week, Schaeuble said such a payment would contravene an agreement between the Eurogroup of euro zone finance ministers ... more