Merkel ally doubts Hollande’s reforms

Oettinger says French budget does not deliver enough cuts

Eurozone recovery slows to 16-month low

Purchasing managers’ index suggests activity will remain weak

Cracks appear in Nordic economic model

Region under pressure to sustain welfare and be competitive

Obama ready to bring workers out of shadows

Reforms will make permits available to black market labour force

Drinks groups push for India tax inclusion

Diageo among those lobbying to be part of simplified regime

Climate fund pledges rise to $9.3bn

UK ministers criticised at home for £720m commitment

China releases first estimate of oil reserves

Move follows pledge of greater transparency of stockpile size

S&P raises fears over China muni bond push

Rating agency warns half country’s provinces deserve junk status