Mario Draghi, the president of the European Central Bank, gave a more pessimistic view of the eurozone economy on Monday than he did just a few weeks ago, in a statement that could encourage speculation that a stronger stimulus plan is in the works, the International New York Times reported. “The economic recovery in the euro area is losing momentum,” Mr. Draghi said in an appearance before a committeeof the European Parliament in Brussels. That was a blunter and glummer view than he gave at a news conference on Sept.

Air France pilots rejected a proposal from management on Monday and vowed to extend indefinitely a strike that has grounded tens of thousands of passengers over the last week and threatens to wipe out tens of millions of dollars in revenue, the International New York Times reported.

The official in charge of Sean Dunne’s bankruptcy has launched High Court proceedings aimed at setting aside the bankrupt businessman’s transfer of an interest in a €17-€18 million South African hotel to his wife Gayle, the Irish Times reported. The court heard today that Chris Lehane, the official assignee administering Mr Dunne’s bankruptcy, wants to set aside 2005 and 2008 transactions between the Dunnes in respect of the Lagoon Beach Hotel, Cape Town, South Africa.

European economies need to quickly embrace a fiscal-stimulus plan because the region is "perilously close" to deflation, Canadian Finance Minister Joe Oliver said Sunday, warning such a turn could have negative consequences for a global economy, The Wall Street Journal reported. "What we do not want, of course, is to see Europe enter into a deflationary spiral," said Mr.

Russia will remain committed to developing its market economy as the state offers billions of dollars of aid to help the country’s biggest companies weather sanctions imposed by the U.S. and Europe, Bloomberg News reported. Prime Minister Dmitry Medvedev met with business leaders to discuss state aid to cope with the strain as Russia’s economic slowdown is exacerbated by the sanctions, Economy Minister Alexei Ulyukayev said today at an investment forum in the Black Sea city of Sochi, site of the Winter Olympics.

Dublin Airport Authority (DAA) chief, Kevin Toland, warned trade unionists yesterday that workers at the State company could lose close to €200 million in pension benefits if they do not agree to proposals designed to wind up the insolvent aviation staff retirement scheme, the Irish Times reported.

The Italian economy is struggling to emerge from a prolonged recession and Prime Minister Matteo Renzi needs now to firmly push through his bold reform agenda to address Italy's structural weaknesses and unleash the country's growth potential while continuing to reduce its huge debt load, the International Monetary Fund said Thursday, The Wall Street Journal reported. In its annual staff report completed at the end of August after bilateral consultations with Rome, the IMF forecast a 0.1% drop in Italy's gross domestic product in 2014, highlighting the challenges that Mr.

Banks borrowed less than expected from the European Central Bank in a disappointing start for a program intended to encourage more lending to businesses and households and to pump money into the ailing eurozone economy, the International New York Times reported. The central bank said on Thursday that it would allot nearly 83 billion euros, or about $107 billion, to 255 commercial banks next week. Estimates of how much money banks would borrow had varied widely, but many analysts said before the announcement that anything less than €100 billion would be a disappointment.

An insolvency company has revealed details of its clients who have gone bankrupt under rules introduced a year ago, RTÉ News reported. The figures show that banks which lent mortgages to these clients have had to write off 68% of the outstanding debt. In all of the cases the borrowers will lose or have already lost their homes. Some of the borrowers had applied for personal insolvency but were turned down by the banks. The figures have been compiled by the Insolvency Resolution Service, which acts as a personal insolvency practitioner to individuals who are in arrears.

Taxpayers may end up footing the bill for third-party claims related to the collapse of Setanta Insurance, the Irish Times reported. The Maltese-registered insurer went into liquidation in April leaving 75,000 motor policyholders in Ireland with no cover. It had been selling mainly commercial motor insurance through brokers and was known as a low-cost operator. Initially Minister for Finance Michael Noonan signalled the industry-funded Motor Insurance Bureau of Ireland (MIBI) would cover all outstanding third-party claims emanating from the collapse.