Rising prices for imported oil have helped push the U.S. trade deficit to its highest level in three years. The U.S. Commerce Department said Tuesday the official trade gap hit $50.2 billion in May, a 15-percent increase over the previous month. The report cited the high cost of imported oil as the main factor. Oil […]
China’s Premier Promises to Cool Prices, Economic Fluctuations
Posted July 12th, 2011 at 2:05 pm (UTC-5)
China’s Premier Wen Jiabao has pledged to slow down inflation, but also says the government must work to avoid fluctuations in economic growth. The comments, published in state media Tuesday, indicate that the central government is worried about both growth and rapidly rising prices. State media also say Mr. Wen has pushed government agencies to […]
China’s Premier Promises to Cool Prices, Economic Fluctuations
Posted July 12th, 2011 at 10:20 am (UTC-5)
China’s Premier Wen Jiabao has pledged to slow down inflation, but also said the government must work to avoid fluctuations in economic growth. The comments, published in state media Tuesday, indicate that the central government is worried about both growth and rapidly rising prices. State media also say Mr. Wen has pushed government agencies to […]
Europe Wrestles With Debt Crisis
Posted July 12th, 2011 at 10:00 am (UTC-5)
Falling stock prices and rising borrowing costs showed Tuesday that investors remain skeptical of efforts to solve Europe’s debt problems. Hong Kong stocks lost three percent, while London and Tokyo were off one percent or more. In Brussels, European finance ministers have been haggling over details of a new bailout for Greece, and discussing concerns […]
US Trade Gap Widens on Pricey Oil Imports
Posted July 12th, 2011 at 9:20 am (UTC-5)
Higher prices for imported oil have pushed the U.S. trade deficit to its highest level in three years. The U.S. Commerce Department said Tuesday the official trade gap hit $50.2 billion in May, a 15 percent increase over the previous month. The report cited the high cost of imported oil as the main factor. Oil […]
Juncker: Eurozone Nations to Bolster Lending Capacity
Posted July 11th, 2011 at 7:45 pm (UTC-5)
Eurozone chief Jean-Claude Juncker says finance ministers from countries that use the euro currency have agreed to bolster their lending capacity to help struggling nations. Juncker said after a meeting in Brussels Monday that the ministers believe the European stability fund needs to be more flexible. He also said they are considering giving countries that […]
Italy Becomes Next Focus Of Europe Debt Worries
Posted July 11th, 2011 at 11:00 am (UTC-5)
Global stock prices fell sharply Monday in part because investors grew more worried that the European debt crisis might hit Italy next. In comparison to the size of its economy, Italy’s debt is second only to Greece in Europe. Investors were apparently shaken by political bickering in Italy’s government over a proposed austerity budget that […]
China’s Trade Surplus Hits 7-Month High
Posted July 10th, 2011 at 3:25 am (UTC-5)
China’s customs bureau said Sunday that the country’s trade surplus jumped to $22.27 billion in June, outperforming May’s $13.05 surplus and economists’ forecasts. The rise exceeded a Bloomberg News survey of economists that predicted a median figure of $14.2 billion. At the same time, figures showed that China’s import growth fell to 19.3 percent, down […]
Obama: Congress Must Take Steps to Meet Fiscal Challenges
Posted July 9th, 2011 at 5:35 am (UTC-5)
U.S. President Barack Obama says congressional Democrats and Republicans need to step out of their “comfort zones” and make the political sacrifices to meet the nation’s fiscal challenges. During his weekly address Saturday, Mr. Obama said they will be working Sunday to reach an agreement on how to lower the huge deficit. Mr. Obama says […]
US Unemployment Climbs to Year’s Highest Level
Posted July 8th, 2011 at 11:45 am (UTC-5)
The unemployment rate in the United States increased to 9.2 percent in June, the highest level this year. Friday’s report from the Labor Department showed that American employers added only 18,000 jobs in June, the smallest increase in nine months and another indication that the U.S. economy is still struggling to recover from a deep […]
