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Sinking profits heighten recession fears
AFP - BMW on Tuesday became the latest auto giant to feel the pain of the financial crisis, announcing production cuts and a huge drop in profits, as EU finance ministers gathered amid recession stormclouds.
EU nations clear emergency rescue loan for Hungary
AP - EU governments on Tuesday cleared a 6.5 billion euro ($8.3 billion) loan for Hungary, part of an international package to rescue the country's economy in the wake of the financial crisis.
Not so fast, EU ministers tell France
AP - EU finance ministers told France on Tuesday that it was going too fast, too soon with plans to push for concrete global financial reforms at a Washington summit next week.
Germany calls for quick action on financial reform
AP - German Chancellor Angela Merkel called Tuesday for negotiations on reform of the global financial system to be completed within months and said she would seek greater support for crisis-stricken emerging economies.
Europe did not see recession coming, eurozone chief concedes
AFP - Europe was caught out by the financial crisis and did not see recession looming, the head of the Eurogroup of nations conceded on Tuesday, amid estimates the EU has plunged into a downturn.
Swedbank to appy for Swedish stability plan
AP - Swedbank AB on Tuesday became the first of the Nordic country's four main banks to announce plans to ask for guarantees under the government's bank bailout package on new debt it is issuing.
Swedish debt office: state finances deteriorating
AP - Sweden's state finances are deteriorating due to the global financial crisis, with recent budget surpluses likely to swing to deficits in coming years, the national debt office said Tuesday.
Skoda Auto cuts production due to global crisis
AP - Czech carmaker Skoda Auto AS, a unit of Germany's Volkswagen AG, said Tuesday it planned to cut production by another 18,000 cars this year as the global economic turmoil hits the auto industry, an official said.
German car sales sink in October
AP - The number of newly registered cars hitting German roads sank 8 percent in October as the financial crisis prompted customers to hold off major purchases, the country's main auto industry group said Tuesday.
Spain: huge rise in unemployment
AP - The number of people claiming unemployment benefits in Spain has jumped to 2.8 million, the highest since 1996, the government reported Tuesday in the latest devastating fallout from the international financial crisis.
Dollar down, gold up in Europe
AP - The U.S. dollar was down against most other major currencies in European trading Tuesday. Gold rose.
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