Newly re-elected U.S. President Barack Obama and his political opponents in Congress are facing an end-of-the-year deadline to reach a deal on taxes and spending cuts that has proved both contentious and elusive for the last two years. As it stands, $600 billion in spending cuts for key defense and domestic programs are set to […]
Obama, US Congress Facing Urgent Decisions on Spending and Taxes
Posted November 9th, 2012 at 12:55 pm (UTC-5)
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Greece Likely to Get More Time to Cut Debt
Posted November 9th, 2012 at 11:35 am (UTC-5)
European leaders appear set to give Greece two more years — to 2016 — to cut its debt even as questions remain about the release of a new portion of the country’s bailout money. A senior European Union official told reporters in Brussels Friday that the debt-plagued Athens government would be granted the extra time […]
US Exports Rise
Posted November 8th, 2012 at 1:25 pm (UTC-5)
U.S. exports rose in September, cutting the trade deficit to the lowest level in nearly two years. Thursday’s report from the Commerce Department said the gap between what Americans sell abroad and what they buy from foreign sources narrowed more than five percent to $41.5 billion for the month. Officials said growing demand from South […]
Developing European Countries Get $38 Billion Aid Package
Posted November 8th, 2012 at 12:45 pm (UTC-5)
Three international development banks are sending a new aid package to central and southeastern European countries to help them cope with the fallout from the contracting economy in the neighboring euro currency bloc. The World Bank, European Investment Bank and the European Bank for Reconstruction and Development said Thursday they will send more than $38 […]
Germany Says Quick Greek Aid Unlikely
Posted November 8th, 2012 at 11:10 am (UTC-5)
Germany, the economic leader of the euro currency bloc, says that Greece should not expect quick action on new bailout funds even though it has approved another unpopular austerity plan. German Finance Minister Wolfgang Schaeuble said Thursday he does not expect eurozone finance chiefs meeting next Monday to immediately release another $40 billion rescue package […]
Greek Transit Workers Strike
Posted November 2nd, 2012 at 10:55 am (UTC-5)
Greek transit workers struck Friday in the first of what labor officials say will be a new wave of protests against austerity measures the Athens government is seeking to impose. Subway and suburban rail service in Athens was halted as engineers protested labor reforms that Greece’s lenders are demanding in exchange for handing the country […]
Eurozone Jobless Rate Hits Record High
Posted October 31st, 2012 at 2:55 pm (UTC-5)
Unemployment in the 17-nation euro currency bloc is rising. The European Union said Wednesday that the jobless rate in the eurozone hit 11.6 percent in September, up a tenth of a percentage point from August — a record high. The EU said another 146,000 workers lost their jobs, leaving more than 18 million people out […]
World Finance Chiefs Meet In Germany On Global Economy
Posted October 30th, 2012 at 9:00 pm (UTC-5)
German Chancellor Angela Merkel hosted the heads of global financial bodies Tuesday in Berlin to discuss ways of reviving the western world’s stagnating economy. The chief of the International Monetary Fund, Christine Lagarde described the economic growth in recent years as “tepid” and recovery from the financial crisis as “laborious.” She urged the world’s major […]
Greek PM Says Debt Deal Reached with Lenders
Posted October 30th, 2012 at 1:15 pm (UTC-5)
Greek Prime Minister Antonis Samaras says he has reached agreement with the country’s international lenders on a new austerity plan, but his government’s junior partners immediately balked at the deal. Mr. Samaras said Tuesday that the government had completed negotiations with European Union and International Monetary Fund leaders on $17 billion in spending cuts and […]
US Economy Advanced 2 Percent in Third Quarter
Posted October 26th, 2012 at 9:35 am (UTC-5)
The United States says its economy grew by 2 percent in the July-to-September period, a slightly faster pace than economists had projected. The government said Friday that increased consumer spending, accounting for 70 percent of the world’s largest economy, led the advance. American economists had projected growth of 1.8 percent in the third quarter, up […]
