The U.S. says home construction surged in September to its highest level in four years, perhaps signaling that the country’s moribund housing industry is headed toward recovery. The government said Wednesday housing starts jumped 15 percent last month, to an annual rate of 872,000, the most since July 2008. The U.S. housing industry — an […]
US Housing Construction Surged in September
Posted October 17th, 2012 at 11:40 am (UTC-5)
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France’s Hollande Says End to Eurozone Crisis ‘Very Near’
Posted October 17th, 2012 at 10:10 am (UTC-5)
French President Francois Hollande says the end of the eurozone’s debt crisis is “very close,” but deep financial concerns remain for Greece and Spain in advance of a European Union summit. Mr. Hollande told a group of European newspapers Wednesday that the continent’s leaders had laid the foundation at a June summit for a banking […]
Chinese Tech Company Says It Hired Underage Workers
Posted October 16th, 2012 at 3:30 pm (UTC-5)
A major Chinese manufacturer for global technology companies says it hired underage workers, some as young as 14. Foxconn Technology Group said Tuesday that it employed an undisclosed number of underage interns for about three weeks at its Yantai campus in the Shandong province. The company said it took “immediate steps” to return the interns […]
Citigroup’s Chief Executive Resigns
Posted October 16th, 2012 at 11:55 am (UTC-5)
The chief executive of Citigroup, one of the world’s largest financial institutions, has unexpectedly resigned. Vikram Pandit, who led the New York-based bank for the past five years, stepped down a day after Citigroup reported stronger-than-expected profits for the July-to-September period. Citigroup named Michael Corbat, who has overseen the bank’s operations in Europe, the Middle […]
EU Rebukes Google on Its Privacy Policy
Posted October 16th, 2012 at 10:00 am (UTC-5)
Data protection agencies in Europe have concluded that Google’s new privacy policy does not comply with the continent’s laws, but the Internet search giant immediately rejected the claim. U.S.-based Google adopted the policy in March, allowing the company to track users across its various offerings, so it could target specific advertising at them depending on […]
2 Americans Win Nobel Economics Prize
Posted October 15th, 2012 at 2:00 pm (UTC-5)
Two American economists have won this year’s Nobel Memorial Prize in Economics for their work in designing market institutions that match different parties within the market as efficiently as possible. The Royal Swedish Academy of Sciences in Stockholm said Monday it awarded the prize to Alvin Roth, an economics professor at Harvard University, and Lloyd […]
Greek Austerity Talks Remain Stalemated
Posted October 15th, 2012 at 11:40 am (UTC-5)
Greece says negotiations with its international lenders over the country’s latest austerity plan are unlikely to be concluded before this week’s European Union summit. Finance Minister Yannis Stournaras said Monday Greek officials are still talking with representatives of the International Monetary Fund, the European Central Bank and the EU. But he said he did not […]
2 Americans Win Nobel Economics Prize
Posted October 15th, 2012 at 8:35 am (UTC-5)
Two American economists have won this year’s Nobel Memorial Prize in Economics for their work in designing market institutions that match different parties within the market as efficiently as possible. The Royal Swedish Academy of Sciences in Stockholm said Monday it has awarded the prize to Alvin Roth, an economics professor at Harvard University, and […]
IMF Leaders Seek ‘Quick, Effective’ Action on Growth
Posted October 13th, 2012 at 6:40 am (UTC-5)
Global finance ministers have called for quick and effective action to safeguard faltering economic growth and rebuild shaken confidence. The ministers warned Saturday at the annual meeting of the International Monetary Fund in Tokyo that global economic growth is slowing and substantial uncertainties and risks remain. The IMF communique said the policies of advanced economies […]
US Consumer Confidence Rises
Posted October 12th, 2012 at 11:05 am (UTC-5)
U.S. consumers have grown more optimistic, which could boost retail sales and the economy. Friday’s report from the University of Michigan says a measure of “consumer sentiment” rose to the highest level since before the recession began . Economists say confident consumers are more likely to make purchases, which is important because consumer demand drives […]
