China: China trade data adds to recovery hopes
The BBC reports that recent economic data from China are indicative of a recovery. China’s exports and imports both grew in October, suggesting manufacturing and consumer demand are on the rise. Earlier this month it was announced that manufacturing activity had grown at its fastest pace in 18 months on October. This series of positive news comes just before key meetings of the official Communist Party this weekend, where economic reforms are set to be discussed.
France: S&P cuts rating to AA
Almost two years after the country lost its top-rated AAA status, S&P cut French sovereign debt rating to AA. According to BBC News, the rating agency argued that high unemployment in France is limiting the Government’s room to introduce structural reforms judged necessary to sustain growth in the long term.
Global: World Bank to reduce USD 400 milion in budget
The Guardian article explains that the World Bank’s President Jim Yong Kim, wants to cut $400m from the Banks budget over next three years, nearly an 8% of the total budget. The article focuses on the implications for the Bank’s poverty reduction programs, emphasizing the expected gains in efficiency in the Bank’s organization.
Greece: Civil service overhaul focus of minister’s meeting with troika
Ekathimerini reports that the Administrative Development Minister, Kyriakos Mitsotakis, had the meeting with the troika on Friday. The discussions were concentrated on the reformation of the two state defense firms (EAS and ELVO) as well as the extension for the second phase of the mobility scheme. The scheme estimates an additional 12,500 civil servants being fired or transferred to other posts in the public sector.