Matthew Zhou and his wife spent 1.6 million yuan ($261,000) to buy a two-bedroom apartment in eastern Shanghai in August because they saw no potential to make money in China`s financial markets. `Home prices keep rising, so I`d rather buy a place now than put the money in the stock market,` says Zhou, 30, an information technology engineer at a state-controlled bank in Shanghai. Gains in equities `could never outpace the growth of home prices,` he says.
EU negotiators agree to 135.5 billion Euro budget for 2014
BRUSSELS (Reuters) - European Union spending will total 135.5 billion euros ($182 billion) in 2014 under a deal reached by EU negotiators on Tuesday, which included extra funds to fight soaring youth unemployment in the 28-nation bloc.
The deal, which cuts EU spending by about 6 percent from this year, is the first to reflect the new terms for EU budgets from 2014-20 agreed by the bloc's leaders in February and had little room to manoeuvre on the overall figures involved.
Unemployment rates were stable in September, according to the latest data from the Paris-based Organization for Economic Co-operation and Development (OECD).
The group reports that jobless rates across the OECD area were stable at 7.9% in September, with 47.9 million counted as unemployed. The jobless total is down slightly from the previous month, but they are still many more unemployed (13.2 million) than before the onset of the financial crisis.