BRICS bank to defy Western clout in global finances

(Reuters) - Leaders of the BRICS emerging market nations meet next week to launch a development bank and emergency reserves fund, an ambitious challenge to Western-run multilaterals that have shaped global finances since the end of World War Two.

UK construction shrinks in May, dampens some second quarter growth hopes

(Reuters) - British construction output suffered a steep fall in May, raising the prospect that overall economic growth may fall short of expectations in the second quarter.

Faltering Germany casts cloud over fragile euro zone

(Reuters) - Germany's faltering economy has cast further doubt over the euro zone's prospects for recovery this year, with no other big country strong enough to pick up the slack. Since late last year, the 18 countries using the euro have been climbing steadily out of a two-year recession.

ECB’s Draghi calls for rules on economic reforms

European Central Bank President Mario Draghi on Wednesday called for a new set of rules for euro-zone members that would apply to economic reforms and be analogous to the standards that govern borrowing by governments.

Monthly house prices for June drop 0.6%, Halifax reports

House prices experienced a bigger monthly fall than analysts had expected in June, knocking £1,100 off the average property value, according to the Halifax.