EU Summit Highlights Fair Jobs, Economic Growth

EU Summit Highlights Fair Jobs, Economic Growth
TT

EU Summit Highlights Fair Jobs, Economic Growth

EU Summit Highlights Fair Jobs, Economic Growth

More than 20 EU leaders met in the Swedish city of Gothenburg on Friday to discuss social issues, including jobs, economic growth, education and culture, for the first such summit in 20 years.

The summit, named the Social Summit, aims to provide EU member states with new impetus to ensure that citizens have access to jobs with fair working conditions and that the labor market can remain competitive in the face of global and demographic changes.

Swedish Prime Minister Stefan Löfven, who co-chaired the meeting with European Commission President Jean-Claude Juncker, said the summit was timely and highly needed to refocus the energies of the EU and member states on social welfare.

"Our economies and the world of business have changed drastically, which means our challenges are also changing, and we need new solutions to tackle them," Leuven said.

"These changes in the labor market, especially after the 2008 financial crisis, have led citizens to have growing political distrust," he added. "It is time for us to put people at the top of our priorities."

EU leaders participating in the meeting are expected to endorse a set of key principles called the "European Pillar of Social Rights" aimed at providing guidance to countries on how to enhance their social systems.

Non-binding recommendations call for improved access to the labor market, fair working conditions including wages that can provide a "decent standard of living" and social protection such as child care, health care and housing assistance for the homeless.

Juncker said that the main task, after the Summit, will be to ensure that these recommendations have an impact on every State in the European Union.

He also hoped that the Social Pillar won't be just a list of ambitious wishes. He expressed his desire that legislative proposals be launched, noting that "some of them are on the way."



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
TT

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.