 | Eurozone faces worst
PMI slide in 3 years EUROZONE private sector activity
suffered its worst monthly slide in
nearly three years in May, a survey
showed on Thursday, which analysts
said indicates it is locked in a
dismal downturn.
The flash Purchasing Managers
Index (PMI) compiled...
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| | Britain dives
deeper into
recession |  A SLUMP in construction
output drove Britain even
deeper into recession than
initially thought in the first
quarter of this year, raising
the chance the Bank of
England will inject more
cash to prop up the faltering
economy.
More is also expected to be
needed to protect the economy
from the worsening
euro zone crisis.
Britain is in its second
recession since the 2007-
2008 financial crisis, and the
prospects for a recovery are
cloudy as leaders in the euro
zone, Britain´s biggest trading
partner, have made little
progress in resolving their
debt woes.
The BoE´s Monetary
Policy Committee (MPC)
has indicated it is ready to
pump more money into the
economy, having paused. | | | Repsol-led group makes
big oil find off Brazil |
 SPANISH oil firm Repsol
confirmed a large oil and gas
find off Brazil on Thursday in
a discovery that is likely to
attract more explorers to one
of the world´s hottest regions
for oil and gas drilling.
Repsol, in partnership with
China´s Sinopec , Norway´s
Statoil and Brazil´s Petrobras ,
said the discovery in the
Campos basin could hold over
1.2 billion barrels of oil equivalent,
a figure that equals
more than Brazil´s expected
total oil output for this year.
"This is quite a large find
for Brazil and like all big
finds, it´s going to encourage
firms that have expertise in
deepwater drilling to invest
there," said DNB oil market
analyst Torbjoern Kjus.
Brazil is key to Repsol´s
Latin American... | | | German economy succumbs
to euro gloom, outlook dims |  GERMAN business sentiment
collapsed in May and
the manufacturing sector
shrank as turmoil in the
eurozone unsettled firms,
threatening to end the immunity
of Europe´s largest economy
to the troubles surrounding
it.
Germany´s "Teflon economy"
has so far avoided the
fate of its European peers
thanks to strong exports to
other parts of the world and
healthy domestic demand,
and data confirmed on
Thursday it grew 0.5 percent
in the first quarter.
But its prospects have
begun to look less rosy as the
eurozone crisis escalates and
a potential Greek exit from
the single currency is openly
discussed.
"German businesses have
woken up to reality: islands... | |
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