Europe says that economic growth in the 17-nation euro currency bloc stalled in the early months this year. Earlier projections in recent weeks signaled that the eurozone had fallen into a recession in the January-to-March period this year, after contracting three-tenths of a percent in the last three months of 2011. But the region’s economic […]
Eurozone Economic Growth Stalled in Early 2012
Posted May 15th, 2012 at 11:35 am (UTC-5)
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Developed World’s Employment Still Lagging from Recession
Posted May 11th, 2012 at 9:55 am (UTC-5)
A new report says the labor markets in the developed world’s biggest economies have still not recovered from the global recession that started in 2008. The Organization for Economic Cooperation and Development said Friday that 528 million working-age people were employed in its 34 member nations in late 2011. The OECD said that was two […]
JPMorgan Reveals $2 Billion Trading Loss
Posted May 10th, 2012 at 9:20 pm (UTC-5)
The chief executive of JPMorgan Chase — America’s largest bank — revealed Thursday that the bank recently lost $2 billion in the same complex, risky trades that helped bring on the 2008 financial crisis. Jamie Dimon called the bank’s actions an “egregious mistake” and embarrassing. Shares in JPMorgan fell nearly 7 percent in late trading […]
US Posts First Budget Surplus Since 2008
Posted May 10th, 2012 at 6:15 pm (UTC-5)
The United States has posted its first budget surplus in almost four years. The Treasury Department said Thursday the country took in more money last month than it spent for the first time since September 2008, just before the global economic recession. Americans pay their yearly taxes in April, so an increase in revenue is […]
US Trade Gap Widened in March
Posted May 10th, 2012 at 10:30 am (UTC-5)
The U.S. trade gap widened in March as the country’s import of oil and Chinese goods outpaced the country’s increasing exports. The government said Thursday that the world’s largest economy imported nearly $52 billion more in foreign products than it exported — a 14 percent jump over February. The U.S. said the trade gap widened […]
Germany Chancellor Merkel Warns Against Abandoning Austerity Reforms
Posted May 10th, 2012 at 5:40 am (UTC-5)
German Chancellor Angela Merkel told parliament Thursday, the structural reforms supporting austerity measures are the only way for Europe to survive the current debt crisis. Chancellor Merkel said countries using the euro should not scale back or abandon austerity measures now in place. She also said increasing debt to implement growth would plunge the economy […]
Greek Political Turmoil Raises Concerns of Eurozone Exit
Posted May 9th, 2012 at 6:50 pm (UTC-5)
The political turmoil in Greece over the failure so far to create a new government is raising new concerns that Greece could become the first to exit the 17-nation euro currency bloc. Greece avoided leaving the eurozone twice in the last two years as it negotiated billions of dollars in bailouts from the European Union […]
Greek Political Turmoil Raises Concerns of Eurozone Exit
Posted May 9th, 2012 at 10:40 am (UTC-5)
The political turmoil in Greece over the creation of a coalition government is raising concerns anew that the country could become the first to exit the 17-nation euro currency bloc. The Athens government avoided a eurozone exit twice in the last two years as it negotiated billions of dollars in bailouts from its European neighbors […]
Obama Urges ‘Bold Action’ on Economic Proposals
Posted May 8th, 2012 at 7:00 pm (UTC-5)
U.S. President Barack Obama is urging Congress to take “bold action” on an election year list of economic proposals aimed at promoting job creation and helping families refinance their mortgages. President Obama announced the “to do” list of items Tuesday as he addressed students at a college in Albany, New York. The measures he wants […]
Merkel Seeks Hollande Help on Debt Crisis
Posted May 8th, 2012 at 11:20 am (UTC-5)
German Chancellor Angela Merkel is calling for French president-elect Francois Hollande to join her in making “necessary decisions” to resolve Europe’s debt crisis. The German leader sent a letter Tuesday congratulating Mr. Hollande on his election victory. Ms. Merkel said she looked forward to working with him on their “shared responsibility” to benefit Europe and […]
