Republicans plan to cut social programs to protect military spending

Note: This section contains information in English only.
Source: Reuters
Republicans support legislation aimed at cutting 380 billion US Dollars of social programs, such as food stamps, children tax credits and health care to protect military spending. Republicans are likely to increase defense spending by 8 billion US Dollars to 554 billion US Dollars next year. The move is considered to be a part of the looming elections due in November.

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Mon, 07 May 2012 14:45:32 GMT

German factory orders advanced more than predicted in March

Europe's biggest economy's factory orders accelerated more than estimated in March as the demand from countries outside Euro region relieved the negative effect from debt turmoil. Adjusted factory orders climbed 2.2% in March compared to previous month. Economists questioned by Bloomberg expected only a 0.5% gain. On yearly basis, however, factory orders have declined 1.3%.

Mon, 07 May 2012 18:52:03 GMT

Euro weakens after French and Greek elections

Euro weakens for sixth consecutive day after French elected Socialist Francois Hollande for their new president and Greeks chose three new parties into their parliament. Single European currency lost value against 15 major pairs and EUR/USD dropped below 1.30 for the first time after mid-April.

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