Herman Van Rompuy

Nigel Farage will remain head of Britain's anti-EU UK Independence Party despite tendering his resignation after failing to become an MP in last week's general election, the party said Monday.

Indian Prime Minister Narendra Modi's yoga initiative got a big push with European Union president Herman Van Rompuy telling him that the 28-member EU supports his idea for a Yoga Day at the UN.

European Union leaders on early Sunday asked the European Commission to draw up a new round of sanctions against Russia within a week, EU President Herman Van Rompuy told a news conference.

Russia must stop support from its territory to pro-Russian separatists in eastern Ukraine, the chairman of European Union leaders Herman Van Rompuy said on Saturday after a Ukrainian military plane was downed by the separatists, killing 49.

The European Central Bank kept its main interest rate on hold at a record low of 0.5 per cent on Thursday as it waits to see whether early signs of stabilisation in the euro zone will blossom into an economic recovery.

Tax evasion is causing lost income of around one trillion euros a year in the European Union, the president of the European Council said on Friday, and EU leaders will discuss how to combat the issue at a summit next month.

European Union leaders reached agreement on the first ever cut in their common budget on Friday after 24 hours of talks, seeking to placate millions at home struggling through government cutbacks and recession.

The hunt is on for a competent, articulate consensus-builder to succeed veteran Luxembourg Prime Minister Jean-Claude Juncker as chairman of euro zone finance ministers and help the currency bloc to emerge from crisis.

European Union leaders failed to reach agreement on Friday on a new seven-year budget for their troubled bloc, calling off talks in less than two days after most countries rejected deeper spending cuts demanded by Britain and its allies.

European Council President Herman Van Rompuy called it a "breakthrough."

European leaders appeared to salvage what had seemed to be a summit teetering toward failure by agreeing early Friday to funnel money directly to struggling banks, and in the longer term to form a tighter union.

EU President Herman Van Rompuy called it a "breakthrough that banks can be recapitalized directly."

Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday.

German Chancellor Angela Merkel sought to bury once and for all the idea of common euro zone bonds.

Madrid's key borrowing rate closed at a euro-era high, indicating deep investor concern about the government's financial stability.

Nigel Farage will remain head of Britain's anti-EU UK Independence Party despite tendering his resignation after failing to become an MP in last week's general election, the party said Monday.

Indian Prime Minister Narendra Modi's yoga initiative got a big push with European Union president Herman Van Rompuy telling him that the 28-member EU supports his idea for a Yoga Day at the UN.

European Union leaders on early Sunday asked the European Commission to draw up a new round of sanctions against Russia within a week, EU President Herman Van Rompuy told a news conference.

Russia must stop support from its territory to pro-Russian separatists in eastern Ukraine, the chairman of European Union leaders Herman Van Rompuy said on Saturday after a Ukrainian military plane was downed by the separatists, killing 49.

The European Central Bank kept its main interest rate on hold at a record low of 0.5 per cent on Thursday as it waits to see whether early signs of stabilisation in the euro zone will blossom into an economic recovery.

Tax evasion is causing lost income of around one trillion euros a year in the European Union, the president of the European Council said on Friday, and EU leaders will discuss how to combat the issue at a summit next month.

European Union leaders reached agreement on the first ever cut in their common budget on Friday after 24 hours of talks, seeking to placate millions at home struggling through government cutbacks and recession.

The hunt is on for a competent, articulate consensus-builder to succeed veteran Luxembourg Prime Minister Jean-Claude Juncker as chairman of euro zone finance ministers and help the currency bloc to emerge from crisis.

European Union leaders failed to reach agreement on Friday on a new seven-year budget for their troubled bloc, calling off talks in less than two days after most countries rejected deeper spending cuts demanded by Britain and its allies.

European Council President Herman Van Rompuy called it a "breakthrough."

European leaders appeared to salvage what had seemed to be a summit teetering toward failure by agreeing early Friday to funnel money directly to struggling banks, and in the longer term to form a tighter union.

EU President Herman Van Rompuy called it a "breakthrough that banks can be recapitalized directly."

Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday.

German Chancellor Angela Merkel sought to bury once and for all the idea of common euro zone bonds.

Madrid's key borrowing rate closed at a euro-era high, indicating deep investor concern about the government's financial stability.