The eurozone's unemployment rate hit 10.1% in October as jobless rates rose in Italy, inched down in France and Germany, and remained stable in Spain.
The rate was the highest since July 1998, said EU agency Eurostat.
The number of people without a job rose by 80,000 in October to 15.95 million people, and by 84,000 people to 23.15 million in the 27-state European Union.
Separate figures showed that inflation in the 16-nation eurozone remained unchanged at 1.9% in November.
In the medium term, the European Central Bank wants to keep inflation below, but close to, 2%.
With inflation close to this target figure, analysts expect the bank to keep its main interest rate at 1%.
"The ECB is likely to be quite pleased to see eurozone consumer price inflation stabilising at 1.9% in November," said economist Howard Archer at Global Insight.
though this is the highest level for two years, it is bang in line with the ECB's target level and there continues to be little evidence of any significant pick up in underlying price pressures."The rise in the eurozone unemployment rate was mainly due to an increase in the jobless rate in Italy, the bloc's third-biggest economy, to 8.6% from 8.3%.
The second biggest economy, France, saw its jobless rate edge down to 9.8% from 9.9%.
Spain's unemployment rate, where the global economic crisis has taken a big toll on jobs, remained unchanged at 20.7%.
Earlier, Germany had published separate figures showing its unemployment data for November.
It said the jobless total had fallen by 14,000 to 2.931 million, from 2.945 million in October - which was the first time the total had been below three million for two years.
Germany suffered its worst post-war recession in 2009, with output contracting almost 5%.
However, Europe's biggest economy has seen a strong recovery this year thanks to strong demand for its exports.
"The labour market is profiting from good economic conditions," said German labour office head Frank-Juergen Weise in a statement.
"Unemployment is falling, employment... is rising and demand for workers is increasing."
A government scheme that encouraged firms to shift employees to part-time work rather than lay them off has helped to keep unemployment down.
вторник, 30 ноября 2010 г.
EU launches antitrust probe into alleged Google abuses
The European Commission has launched an investigation into Google after other search engines complained that the firm had abused its dominant position.
The EC will examine whether the world's largest search engine penalised competing services in its results.
The probe follows complaints by firms including price comparison site Foundem and legal search engine ejustice.fr.
Google denies the allegations but said it would work with the Commission to "address any concerns".
Earlier this year the attorney general of Texas launched a similar investigation following complaints from firms including Foundem.
The objections in both cases are from competitors which allege that Google manipulates its search results.
"The European Commission has decided to open an antitrust investigation into allegations that Google has abused a dominant position in online search," the body said in a statement.
It said the action followed "complaints by search service providers about unfavourable treatment of their services in Google's unpaid and sponsored search results coupled with an alleged preferential placement of Google's own services."
The Commission's investigation does not imply any wrongdoing by Google.
"Since we started, Google we have worked hard to do the right thing by our users and our industry," said the firm in a statement.
"But there's always going to be room for improvement, and so we'll be working with the Commission to address any concerns."
Core business
Google offers two types of search result - unpaid results produced by the firm's algorithms that are displayed in the main body of the page and "ads", previously called sponsored links.
The investigation will try to determine whether the firm's method of generating unpaid results adversely affects the ranking of other firms, specifically those providing so-called vertical search services.
These are specialist search providers, and can include sites that offer price comparison, for example.
Foundem alleges that Google's algorithms "remove legitimate sites from [its] natural search results, irrespective of relevance". It also says that the firm promotes its own services over those offered by competitors.
"Google is exploiting its dominance of search in ways that stifle innovation, suppress competition, and erode consumer choice," Foundem said in its complaint filed in February 2010.
But Google argues that there are "compelling reasons" why these sites are "ranked poorly".
For example, it said, Foundem "duplicates 79% of its website content from other sites."
"We have consistently informed webmasters that our algorithms disadvantage duplicate sites," the firm said.
The Commission will also look into allegations that Google manipulated elements of its system that determine the price paid for ads from these sites.
Finally, the investigation will also probe how the company deals with advertising partners.
Advertising is the core of Google's business.
Google is alleged to impose "exclusivity obligations on advertising partners, preventing them from placing certain types of competing ads on their web sites, as well as on computer and software vendors," according to an EC statement.
In addition, the EC said it would also look into "suspected restrictions on the portability of online advertising campaign data to competing online advertising platforms."
Google says it already allows customers "to take their data with them when they switch services" and that its contracts "have never been exclusive".
The EC will examine whether the world's largest search engine penalised competing services in its results.
The probe follows complaints by firms including price comparison site Foundem and legal search engine ejustice.fr.
Google denies the allegations but said it would work with the Commission to "address any concerns".
Earlier this year the attorney general of Texas launched a similar investigation following complaints from firms including Foundem.
The objections in both cases are from competitors which allege that Google manipulates its search results.
"The European Commission has decided to open an antitrust investigation into allegations that Google has abused a dominant position in online search," the body said in a statement.
It said the action followed "complaints by search service providers about unfavourable treatment of their services in Google's unpaid and sponsored search results coupled with an alleged preferential placement of Google's own services."
The Commission's investigation does not imply any wrongdoing by Google.
"Since we started, Google we have worked hard to do the right thing by our users and our industry," said the firm in a statement.
"But there's always going to be room for improvement, and so we'll be working with the Commission to address any concerns."
Core business
Google offers two types of search result - unpaid results produced by the firm's algorithms that are displayed in the main body of the page and "ads", previously called sponsored links.
The investigation will try to determine whether the firm's method of generating unpaid results adversely affects the ranking of other firms, specifically those providing so-called vertical search services.
These are specialist search providers, and can include sites that offer price comparison, for example.
Foundem alleges that Google's algorithms "remove legitimate sites from [its] natural search results, irrespective of relevance". It also says that the firm promotes its own services over those offered by competitors.
"Google is exploiting its dominance of search in ways that stifle innovation, suppress competition, and erode consumer choice," Foundem said in its complaint filed in February 2010.
But Google argues that there are "compelling reasons" why these sites are "ranked poorly".
For example, it said, Foundem "duplicates 79% of its website content from other sites."
"We have consistently informed webmasters that our algorithms disadvantage duplicate sites," the firm said.
The Commission will also look into allegations that Google manipulated elements of its system that determine the price paid for ads from these sites.
Finally, the investigation will also probe how the company deals with advertising partners.
Advertising is the core of Google's business.
Google is alleged to impose "exclusivity obligations on advertising partners, preventing them from placing certain types of competing ads on their web sites, as well as on computer and software vendors," according to an EC statement.
In addition, the EC said it would also look into "suspected restrictions on the portability of online advertising campaign data to competing online advertising platforms."
Google says it already allows customers "to take their data with them when they switch services" and that its contracts "have never been exclusive".
понедельник, 29 ноября 2010 г.
Markets fall after Irish Republic 85bn euro bail-out
On Sunday, European ministers reached agreement over a bail-out worth about 85bn euros ($113bn; £72bn).
On Monday, the euro fell 1.4% to $1.309, a new two-month low.
And Irish, Spanish and Portuguese bond yields remained stubbornly high, indicating the market is not convinced European debt problems have gone away.
The leading European indexes all closed more than 2% lower.
The euro also fell against the pound, to 84.15p, its weakest since late September.
Greek debt
Irish Prime Minister Brian Cowen had called the 85bn euros package the "best available deal for Ireland", but opposition politicians had their doubts.
"This is a hugely disappointing result for the country. It's hard to imagine how this deal could have been much worse," said Fine Gael finance spokesman Michael Noonan.
"People are right to feel frightened, and worried about the future, when our own government has sold out the country on such lousy terms."
Also on Monday, the European Commission said the Irish Republic, which will have the biggest budget gap in the EU of 32% this year because of the cost of supporting its banking sector, will reduce the shortfall to 10.3% next year and cut it further to 9.1% in 2012.
However, for 2011 it has kept its forecast unchanged at 1.5%, down from 1.7% for 2010.
At the same time, eurozone finance ministers have opened the way to a six-year extension to 2021 in the repayment period for a European Union and International Monetary Fund loan to Greece.
It would mean an increase in the interest rate charged to Greece, but the rate would not exceed the 5.8% rate the Republic of Ireland is paying for its bail-out.
The BBC's Europe editor Gavin Hewitt said this was another sign that the reality for coun
Bank shares up
At the close of trade in London, the FTSE 100 was 2.1% down. Germany and France declined even more, with Frankfurt's Dax down by 2.2% and Paris's Cac 40 down by 2.5%.
Analysts suggested these falls, along with rising bond yields, reflected the persistent concerns in the markets about European debt levels, despite the Irish deal.
"Markets do not think this is going to draw a line under the problems," IG Index's David Jones told BBC News.
"The focus is now on Portugal and Spain. Markets are taking a view that it is a question of when, not if, they have to go for some sort of bail-out."
Portuguese and Spanish Bond yields continued to rise throughout the day, indicating those heightened concerns about their ability to be able to pay back their debts.
And the cost of insuring Portuguese and Spanish debt against default rose to a record high on Monday.
But Germany's finance minister Wolfgang Schaeuble attacked market speculation over the financial woes of Portugal as "irrational".
At the same time he praised the rescue deal for the Irish Republic.
"The speculation on the international financial markets can barely be explained rationally," he told German radio station Deutschlandfunk.
Countries are put under pressure, leading to "fear effects," he said, adding "the markets can make a lot of money in this way."
And French Finance Minister Christine Lagarde said the bail-out was "sufficient" and that "irrational" markets were not correctly pricing the sovereign debt situation in Europe.
"The amount [of the bail-out] is sufficient because that will keep Ireland afloat for three years," she told RTL radio.
'Best available deal'
France and Germany have also said the Republic of Ireland bail-out should draw a line under its debt crisis.
And they have expressed confidence in Portugal's ability to correct its finances and avoid needing outside help.
An average interest rate of 5.8% will be payable on the loans, above the 5.2% currently paid by Greece for its bail-out.
Irish Prime Minister Brian Cowen said it was the "best available deal for Ireland".
It provides "vital time and space to successfully and conclusively address the problems we've been dealing with since the financial crisis began", he said.
He also said the country would take 10bn euros immediately to boost the capital reserves of its state-backed banks.
Another 25bn would remain in reserve, earmarked for the banks.
The Irish government has also said that interest payments on all state debt will account for more than 20% of tax revenues in 2014.
The deal does not require the Republic to change its low 12.5% corporation tax.
'Appalling'
But as part of the bail-out, the Irish government will have to make an unexpected contribution of 17.5bn euros towards the 85bn euros total.
Dublin is poised to use its national pension fund and other cash reserves to achieve this.
Opposition parties Fine Gael, Labour and Sinn Fein have attacked this, and other elements, of the bail-out.
Main opposition party Fine Gael called the agreement "appalling", saying the 5.8% annual interest rate on the loan was unaffordable.
On Monday, the euro fell 1.4% to $1.309, a new two-month low.
And Irish, Spanish and Portuguese bond yields remained stubbornly high, indicating the market is not convinced European debt problems have gone away.
The leading European indexes all closed more than 2% lower.
The euro also fell against the pound, to 84.15p, its weakest since late September.
Greek debt
Irish Prime Minister Brian Cowen had called the 85bn euros package the "best available deal for Ireland", but opposition politicians had their doubts.
"This is a hugely disappointing result for the country. It's hard to imagine how this deal could have been much worse," said Fine Gael finance spokesman Michael Noonan.
"People are right to feel frightened, and worried about the future, when our own government has sold out the country on such lousy terms."
Also on Monday, the European Commission said the Irish Republic, which will have the biggest budget gap in the EU of 32% this year because of the cost of supporting its banking sector, will reduce the shortfall to 10.3% next year and cut it further to 9.1% in 2012.
However, for 2011 it has kept its forecast unchanged at 1.5%, down from 1.7% for 2010.
At the same time, eurozone finance ministers have opened the way to a six-year extension to 2021 in the repayment period for a European Union and International Monetary Fund loan to Greece.
It would mean an increase in the interest rate charged to Greece, but the rate would not exceed the 5.8% rate the Republic of Ireland is paying for its bail-out.
The BBC's Europe editor Gavin Hewitt said this was another sign that the reality for coun
Bank shares up
At the close of trade in London, the FTSE 100 was 2.1% down. Germany and France declined even more, with Frankfurt's Dax down by 2.2% and Paris's Cac 40 down by 2.5%.
Analysts suggested these falls, along with rising bond yields, reflected the persistent concerns in the markets about European debt levels, despite the Irish deal.
"Markets do not think this is going to draw a line under the problems," IG Index's David Jones told BBC News.
"The focus is now on Portugal and Spain. Markets are taking a view that it is a question of when, not if, they have to go for some sort of bail-out."
Portuguese and Spanish Bond yields continued to rise throughout the day, indicating those heightened concerns about their ability to be able to pay back their debts.
And the cost of insuring Portuguese and Spanish debt against default rose to a record high on Monday.
But Germany's finance minister Wolfgang Schaeuble attacked market speculation over the financial woes of Portugal as "irrational".
At the same time he praised the rescue deal for the Irish Republic.
"The speculation on the international financial markets can barely be explained rationally," he told German radio station Deutschlandfunk.
Countries are put under pressure, leading to "fear effects," he said, adding "the markets can make a lot of money in this way."
And French Finance Minister Christine Lagarde said the bail-out was "sufficient" and that "irrational" markets were not correctly pricing the sovereign debt situation in Europe.
"The amount [of the bail-out] is sufficient because that will keep Ireland afloat for three years," she told RTL radio.
'Best available deal'
France and Germany have also said the Republic of Ireland bail-out should draw a line under its debt crisis.
And they have expressed confidence in Portugal's ability to correct its finances and avoid needing outside help.
An average interest rate of 5.8% will be payable on the loans, above the 5.2% currently paid by Greece for its bail-out.
Irish Prime Minister Brian Cowen said it was the "best available deal for Ireland".
It provides "vital time and space to successfully and conclusively address the problems we've been dealing with since the financial crisis began", he said.
He also said the country would take 10bn euros immediately to boost the capital reserves of its state-backed banks.
Another 25bn would remain in reserve, earmarked for the banks.
The Irish government has also said that interest payments on all state debt will account for more than 20% of tax revenues in 2014.
The deal does not require the Republic to change its low 12.5% corporation tax.
'Appalling'
But as part of the bail-out, the Irish government will have to make an unexpected contribution of 17.5bn euros towards the 85bn euros total.
Dublin is poised to use its national pension fund and other cash reserves to achieve this.
Opposition parties Fine Gael, Labour and Sinn Fein have attacked this, and other elements, of the bail-out.
Main opposition party Fine Gael called the agreement "appalling", saying the 5.8% annual interest rate on the loan was unaffordable.
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