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Italy Approves Austerity Measures

Posted December 4th, 2011 at 4:45 pm (UTC-5)
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Italy’s new prime minister said his government has approved a package of emergency budget measure worth about $26 billion that will help pull Italy back from the brink of bankruptcy. Mario Monti said Sunday the measures include immediate budget cuts as well as significant steps to fight tax evasion. To do his part to cut […]

Tags: , Posted in Europe

Greek Opposition Leader Voices Bailout Support

Posted November 23rd, 2011 at 11:20 am (UTC-5)
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The junior coalition partner in Greece’s interim government has pledged its support for the country’s international bailout, but it remains unclear whether Athens will get more money to avoid going bankrupt next month. European Union leaders this week demanded that Greek conservative leader Antonis Samaras sign a written agreement supporting Greece’s austerity measures, and vowed […]

Tags: , Posted in Economy, Europe

Financial Markets Unimpressed With Rajoy’s Sweeping Spanish Win

Posted November 21st, 2011 at 12:40 pm (UTC-5)
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The landslide victory of Spanish Prime Minister-elect Mariano Rajoy failed to quiet Spain’s economic turmoil Monday. The country’s borrowing costs edged closer to the 7 percent interest rate at which Greece, Ireland and Portugal needed to secure international bailouts, while a key Madrid stock index slid more than 3 percent. Some analysts said Mr. Rajoy […]

Tags: , Posted in Europe

Obama Signs Measure on Federal Research Grants

Posted October 28th, 2011 at 3:10 pm (UTC-5)
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U.S. President Barack Obama has signed an executive order aimed at encouraging economic growth by shortening the time it takes to turn federally funded research into commercial products. He signed the order Friday, during a week when he has enacted several executive orders meant to demonstrate his commitment to improving the economy. Friday’s order directs […]

Tags: , Posted in US

Cameron Calls for ‘Urgent’ Action on European Debt Crisis

Posted October 2nd, 2011 at 12:15 pm (UTC-5)
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British Prime Minister David Cameron says Europe must take urgent action to fix its financial problems or risk pulling down the global economy. Mr. Cameron spoke Sunday in Manchester, on the opening day of the governing Conservative Party’s annual conference. He vowed to stick to his coalition’s deficit reduction plan, despite increasing concerns by some […]

Tags: , , Posted in Europe

Clinton: Women Key to Economic Growth

Posted September 16th, 2011 at 6:50 pm (UTC-5)
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U.S. Secretary of State Hillary Clinton says women are the key to economic growth around the world. Secretary Clinton made the remark Friday in San Francisco before participants attending an APEC Women and the Economy Summit. The top U.S. diplomat called for the removal of legal and social restrictions that limit women’s potential, noting that […]

Tags: , , Posted in US

OECD: Economic Slowdown Likely to Continue

Posted September 8th, 2011 at 9:40 am (UTC-5)
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The Organization for Economic Cooperation and Development says the economic recovery is close to stalling in the major industrialized nations. Experts from the OECD published the economic assessment Thursday in Paris, and also said growth remains strong in most emerging economies, but at a more moderate pace. The 34-member organization includes the United States, Japan, […]

OECD: Economic Slowdown Likely to Continue

Posted September 8th, 2011 at 5:16 am (UTC-5)
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The Organization for Economic Cooperation and Development says the global economic recovery has come close to a halt and is likely to stagnate for the rest of the year. The 34-member organization, which includes the United States, Japan, Germany and other top world economies, unveiled an interim economic assessment Thursday in Paris. The organization’s Chief […]

Tags: , , Posted in Economy, Europe

China to Open Use of Yuan by Foreign Investors

Posted August 24th, 2011 at 4:00 am (UTC-5)
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China has drafted guidelines that will allow its currency to be used for foreign direct investment in the world’s second-largest economy. The guidelines drafted by the Commerce Ministry would let foreign investors use yuan raised through cross-border trade settlements, offshore bond issues or share sales. The ministry is accepting public feedback on the guidelines until […]

Moody Cuts Japan’s Rating

Posted August 23rd, 2011 at 9:15 pm (UTC-5)
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Moody’s Investors Service has downgraded Japan’s sovereign debt rating citing concerns about the country’s budget deficit and growing government debt. The rating was cut by one notch Wednesday to Aa3 from Aa2. That is three notches below Moody’s top rating. Japan has been trying to recover since the global economic crisis in 2009. But after […]

Tags: , Posted in East Asia Pacific

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