Superstorm Sandy jolted the U.S. labor market last week, with claims for jobless benefits surging to their highest level in 18 months. The U.S. government said Thursday that 439,000 workers filed claims for unemployment benefits, up 78,000 from the week before. Several states said the October 29 storm wreaked havoc on businesses along the country’s […]
Superstorm Sandy Spikes US Jobless Benefit Claims
Posted November 15th, 2012 at 11:55 am (UTC-5)
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Eurozone Economy Hits Second Recession in Three Years
Posted November 15th, 2012 at 10:55 am (UTC-5)
Europe’s euro currency bloc says it has fallen into its second recession in three years. The 17-nation eurozone said Thursday its economy contracted one-tenth of a percent in the July-to-September period, following a drop of two-tenths of one percent in the previous three months. That meets the common definition of a recession — two straight […]
Obama Meets With Corporate Executives on ‘Fiscal Cliff’
Posted November 14th, 2012 at 4:05 pm (UTC-5)
Chief executives of some of the most prominent U.S. corporations met Wednesday with President Barack Obama, who seeks their support in resolving key government tax and spending issues before the end of the year. The U.S. is facing a looming “fiscal cliff” on January 1, when $600 billion in mandated spending cuts to crucial defense […]
Obama Meeting with Corporate Executives on US Fiscal Cliff
Posted November 14th, 2012 at 2:40 pm (UTC-5)
Chief executives of some of the most prominent U.S. corporations are meeting Wednesday with President Barack Obama as he seeks to enlist their support in resolving key end-of-the-year government tax and spending issues. The U.S. is facing a looming “fiscal cliff.” It is a financial precipice with $600 billion in mandated spending cuts to crucial […]
European Governments Resolute in Face of Anti-Austerity Protests
Posted November 14th, 2012 at 12:15 pm (UTC-5)
Wednesday’s anti-austerity protests across Europe are again disrupting life in major cities, but European leaders are pressing the campaign to end years of over-spending that caused the continent’s debt crisis. Workers in Athens, Madrid, Lisbon, Rome and elsewhere are protesting the deep cuts in popular social programs, pensions and other government programs their governments have […]
Greece Sells Bonds to Avoid Default Friday
Posted November 13th, 2012 at 1:40 pm (UTC-5)
Cash-strapped Greece has raised the money it needs to help it avoid a default later this week, but says it still urgently needs more bailout funds in the coming days. The Athens government sold more than $5 billion in bonds Tuesday, which coupled with other cash will allow it to pay off more than $6 […]
Greece Sells Bonds to Avoid Default
Posted November 13th, 2012 at 11:15 am (UTC-5)
Cash-strapped Greece has raised the money it needs to help it avoid a default later this week. The Athens government sold more than $5 billion in bonds Tuesday, which coupled with other cash will allow it to pay off more than $6 billion in financial obligations it owes on Friday. Greece has adopted another round […]
Energy Report: US Could by 2017 Be World’s Biggest Oil Producer
Posted November 12th, 2012 at 1:50 pm (UTC-5)
The International Energy Agency says that by 2017 the United States is likely to overtake Saudi Arabia as the world’s biggest oil producer. The Paris-based energy agency said Monday in its annual forecast that the U.S. is drilling more crude oil through increased use of hydraulic fracturing of underground shale formations. The IEA said it […]
Lenders View Greece’s Austerity Favorably
Posted November 12th, 2012 at 10:50 am (UTC-5)
Greece’s international lenders have written a favorable report on the country’s efforts to control its spending and debt, a key step toward handing Athens more bailout money. The head of the eurozone finance ministers, Luxembourg Prime Minister Jean-Claude Juncker, said Monday that the European Union, the European Central Bank and the International Monetary Fund reported […]
