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EconomyPush for Economic Reform in ChinaChina could face an economic crisis unless it implements reforms, including scaling back its state-owned enterprises, a report says. Obama Tax Plan Gets PushbackThe White House proposal to overhaul the U.S. corporate-tax code by lowering rates and limiting deductions faced immediate resistance from business groups and many Republicans. German Business Is ConfidentGerman business confidence increased substantially in February, Germany's Ifo Institute said, beating forecasts and confirming expectations that Germany's economic slump will likely be short-lived. EU Expects 2012 RecessionThe euro area will slip back into recession in 2012 after the economic recovery unexpectedly stalled last year, the European Commission said. Home Resales Climb HigherSales of previously occupied U.S. homes rose last month to the highest level in more than 1½ years, while the inventory of unsold homes contracted to a level economists consider healthy, positive signs for housing. Asian Companies Rush to BorrowAsian companies are tapping bond markets at a record pace, worried that the euro-zone crisis may deepen and make it impossible for them to secure funds later in the year, say bankers who arrange borrowing. U.K. Urged to Cut Taxes in BudgetChancellor George Osborne came under increasing pressure to introduce tax cuts in next month's budget in a bid to stimulate the economy. Greece Moves to Implement Debt DealGreece braced for further anti-austerity protests while the country's parliament was debating legal changes that would clear the way for a debt restructuring. G-20 Asks Europe to Beef Up FundsMembers of the Group of 20 advanced and developing economies plan to renew pressure on Europeans in coming days to expand their Continent-wide bailout funds, despite the latest rescue deal for Greece. Europe's Battered Lenders Turn to RetrenchmentWorld financial markets may have breathed a collective sigh of relief over the rescue package for Greece, but European bank stocks have fallen since the announcement. This year is likely to be one of retrenchment as lenders work to meet strict capital requirements. EU Threatens to Cut Funds to HungaryThe European Commission proposed to suspend ?495 million in European Union budget funds for Hungary in 2013 unless it acts quickly to cut its deficit. |
