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Shutdown Forces EU, U.S. to Cancel Trade Deal Talks

The second round of scheduled talks between top European Union and American officials to clinch the world's largest trade deal have been cancelled because of the U.S. government shutdown.

The discussions were meant to start on Monday but European Trade Commissioner Karel De Gucht said U.S. Trade Representative Michael Froman had said Washington would be unable to send its delegation.

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Oil Prices Slip Further on U.S. Budget Stand-Off

Oil prices retreated in Asian trade Friday as traders grow increasingly concerned at the lack of a breakthrough in the U.S. budget stand-off that has closed parts of the government down.

New York's main contract, West Texas Intermediate for delivery in November, eased 15 cents to $103.16 in mid-morning trade while Brent North Sea crude for November dipped 28 cents to $108.72.

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U.S. Intensifies Effort to Shape Asia-Pacific Trade

U.S. efforts to shape far-reaching new trade rules for the Asia-Pacific are set to dominate a leaders' summit in Bali starting Monday, amid concerns they are too ambitious and risk adding to regional tensions.

U.S. President Barack Obama's administration is planning to use the Asia-Pacific Economic Co-operation (APEC) gathering on the Indonesian resort island to try to secure a year-end agreement for a giant free-trade pact, which would include 12 diverse countries but significantly not China.

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Bank of Japan Holds off New Monetary Easing Measures

The Bank of Japan on Friday held off fresh monetary easing measures despite fears about the impact of a sales tax hike on the country's economic recovery and a Washington budget crisis that could see a U.S. default.

After a two-day policy meeting, BoJ officials issued an upbeat statement that said the economy was still "recovering moderately" while overseas economies were "heading toward a pick-up".

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Frozen by Shutdown, U.S. Warns of 'Catastrophic' Default

President Barack Obama demanded an end Thursday to a three-day government shutdown he decried as a reckless "farce," piling pressure on Republicans to climb down first on a budget impasse.

The U.S. Treasury meanwhile warned of "catastrophic" consequences if there is no deal within weeks to raise the country's debt ceiling, and the IMF's chief said navigating a way out of that next crisis was "mission critical."

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Obama Directly Attacks Republican Speaker over 'Reckless' Shutdown

President Barack Obama on Thursday directly attacked Republican Speaker John Boehner, saying he could end a "reckless" U.S. government shutdown in just five minutes.

"Take a vote, stop this farce and end this shutdown right now," Obama said during a fiery speech in the Washington DC suburbs.

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Qatar in Labor Rights Storm amid FIFA Talks

Claims that migrant workers are treated like slaves in 2022 World Cup host Qatar were center stage on Thursday as global football's governing body FIFA met behind closed doors.

Already scheduled to debate shifting the 2022 edition from the World Cup's traditional June and July slot in order to escape the stifling Gulf heat -- a plan which has angered European leagues that fear mid-season havoc -- FIFA found the spotlight shifting to alleged human rights abuses against the workers paving the pay for the tournament.

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Brazil Economy in Need of Reforms, Reduced State Bloat

Brazil, Latin America's economic behemoth, is in dire need of structural reforms and reduced government bloat to fuel sustainable growth, analysts say.

This, they add, will not happen overnight and will take massive political will.

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Survey: French Business Activity Picking Up

French business activity expanded in September to a 20-month high in September, according to final survey data released on Thursday, an indication that recovery may be picking up steam.

Markit said its composite Purchasing Managers Index for France came in at 50.5 percent, above the 50 point level that indicates growth.

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U.S. Shutdown Prompts Global Trepidation, Bemusement

From Chinese bloggers to European central bankers, the world is watching the U.S. government shutdown with a mixture of bewilderment and growing nervousness that any debt default could hit struggling economies.

The effects of the dramatic spending freeze have rippled around the globe, paralyzing a leading earthquake alert system, forcing American scientists to pull out of international conferences and leading an embarrassed President Barack Obama to postpone visits to two Asian countries.

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