Worried EU leaders call jobs, growth summit for October
European Union leaders are set to hold an emergency summit on promoting growth and jobs in October at the suggestion of Italy, highlighting their concerns over the fragile economic recovery in the 28-country bloc. The emergency summit will focus on "employment, especially youth employment", which remains a big thorn in Europe's side as it seeks to revive a stagnating economy. Italy has been at the forefront of calls for greater flexibility from strict EU rules on budget deficits, alongside countries such as France, arguing that an excessive focus on German-style austerity has hampered Europe's recovery. "Europe must be more than the (bond) spread, rules and economic budgets," Italian Prime Minister Matteo Renzi told reporters after the meeting in Brussels.
Economic sanctions spare Western-tied Russian fund
WASHINGTON (AP) — Western business connections are complicating efforts to bring economic sanctions against executives and companies closely aligned with Russian President Vladimir Putin's inner circle. A prime example: the Russian Direct Investment Fund, a $10 billion sovereign wealth fund that's escaped sanctions in spite of international efforts to punish Russia for its incursions in Ukraine.