The U.S. economy, the world’s largest, grew at its fastest pace in a year-and-a-half in late 2011, but questions remain whether the advance will continue in coming months. The U.S. government said Friday the country’s national economic output increased 2.8 percent in the October-to-December period, a bit below the 3 percent estimate economists had projected. […]
US Central Bank Sees Low Interest Rates Through 2014
Posted January 25th, 2012 at 2:05 pm (UTC-5)
The U.S. central bank says it will keep its benchmark interest rate near zero at least until late 2014, a new move to try to spark more growth in the world’s largest economy. The Federal Reserve had previously said it would keep its key lending rate low through mid-2013. But on Wednesday, officials lengthened the […]
Photography Giant Kodak Files for Bankruptcy
Posted January 19th, 2012 at 7:05 am (UTC-5)
U.S.-based Eastman Kodak Company, synonymous with photography for more than a century, has declared bankruptcy, eclipsed by the very technology it helped create. The 132-year-old company that once dominated the camera and film industry has not turned a profit since 2007. The appeal of its film and handheld cameras has been overtaken by that of […]
US Wholesale Prices Fall Unexpectedly
Posted January 18th, 2012 at 10:25 am (UTC-5)
The U.S. says the price for wholesale goods fell last month, a sign that inflation remains tame. The Labor Department said Wednesday that wholesale prices — the price manufacturers pay for goods and materials before they reach consumers — declined by one-tenth of one percent in December. Economists polled by news agencies had expected a […]
Two US Banks Earned Billions in 2011
Posted January 17th, 2012 at 1:35 pm (UTC-5)
Two of the biggest banks in the U.S. say they earned billions of dollars in profits in 2011. Citigroup, the country’s third largest bank by assets, said Tuesday that it earned more than $11 billion last year, up more than 6 percent from 2010. But the New York-based international banking conglomerate reported that its profits […]
Obama Calls for Merging Trade, Commerce Agencies
Posted January 13th, 2012 at 12:00 pm (UTC-5)
U.S. President Barack Obama is asking Congress to allow him to merge the country’s sprawling foreign trade and commerce agencies to speed the government’s transactions with businesses and consumers. The U.S. leader said Friday in a White House speech that lawmakers should give him the power to reshape and shrink federal agencies to his liking, […]
Washington Ends Key Support For Ethanol
Posted January 2nd, 2012 at 2:35 pm (UTC-5)
The end of 2011 saw the end of billions of dollars in U.S. government support for companies that turn corn into alcohol for motor fuel. That decision marks a big change in U.S. politics. The tax credit was about half a dollar for every 3.8 liters of ethanol, and cost $6 billion in 2011 at […]
Hotel Industry Legend Stepping Down
Posted December 14th, 2011 at 10:20 am (UTC-5)
A hospitality industry guru who turned his father’s root beer (soda) stand into a global hotel empire is stepping down. Marriott International announced Tuesday that 79-year-old J.W. (Bill) Marriott, Jr. will leave his post as chief executive next year, after 39 years at the head of the company. He will be replaced by chief operating […]
Gap Between Rich and Poor Increases in Most Countries
Posted December 5th, 2011 at 11:30 am (UTC-5)
The gap between rich and poor has grown in most of the world’s major economies, and now stands at its highest level in 30 years. A report Monday by the Organization for Economic Cooperation and Development, a research and policy group that has 34 member countries, calls for governments to act quickly to address the […]
Food Prize Honors Former Ghanaian, Brazilian Leaders
Posted October 13th, 2011 at 10:10 am (UTC-5)
The former presidents of Ghana and Brazil are being recognized for their contributions in the fight against hunger. John Agyekum Kufuor and Luis Inacio Lula da Silva will be awarded the World Food Prize later Thursday during a ceremony in Des Moines, Iowa. The World Food Prize organization says it chose Mr. Kufuor and Mr. […]
