Superstorm Sandy jolted the U.S. labor market last week, with claims for jobless benefits surging to their highest level in 18 months. The U.S. government said Thursday that 439,000 workers filed claims for unemployment benefits, up 78,000 from the week before. Several states said the October 29 storm wreaked havoc on businesses along the country’s […]
Superstorm Sandy Spikes US Jobless Benefit Claims
Posted November 15th, 2012 at 11:55 am (UTC-5)
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Eurozone Economy Hits Second Recession in Three Years
Posted November 15th, 2012 at 10:55 am (UTC-5)
Europe’s euro currency bloc says it has fallen into its second recession in three years. The 17-nation eurozone said Thursday its economy contracted one-tenth of a percent in the July-to-September period, following a drop of two-tenths of one percent in the previous three months. That meets the common definition of a recession — two straight […]
European Governments Resolute in Face of Anti-Austerity Protests
Posted November 14th, 2012 at 12:15 pm (UTC-5)
Wednesday’s anti-austerity protests across Europe are again disrupting life in major cities, but European leaders are pressing the campaign to end years of over-spending that caused the continent’s debt crisis. Workers in Athens, Madrid, Lisbon, Rome and elsewhere are protesting the deep cuts in popular social programs, pensions and other government programs their governments have […]
Greece Sells Bonds to Avoid Default Friday
Posted November 13th, 2012 at 1:40 pm (UTC-5)
Cash-strapped Greece has raised the money it needs to help it avoid a default later this week, but says it still urgently needs more bailout funds in the coming days. The Athens government sold more than $5 billion in bonds Tuesday, which coupled with other cash will allow it to pay off more than $6 […]
Greece Sells Bonds to Avoid Default
Posted November 13th, 2012 at 11:15 am (UTC-5)
Cash-strapped Greece has raised the money it needs to help it avoid a default later this week. The Athens government sold more than $5 billion in bonds Tuesday, which coupled with other cash will allow it to pay off more than $6 billion in financial obligations it owes on Friday. Greece has adopted another round […]
Lenders View Greece’s Austerity Favorably
Posted November 12th, 2012 at 10:50 am (UTC-5)
Greece’s international lenders have written a favorable report on the country’s efforts to control its spending and debt, a key step toward handing Athens more bailout money. The head of the eurozone finance ministers, Luxembourg Prime Minister Jean-Claude Juncker, said Monday that the European Union, the European Central Bank and the International Monetary Fund reported […]
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 […]
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 Parliament Passes More Deep Spending Cuts, Thousands Protest
Posted November 7th, 2012 at 6:50 pm (UTC-5)
Greece’s parliament has passed another package of deep spending cuts and tax increases, plans that sent tens of thousands of Greeks protesting in the streets of Athens. The lawmakers approved the measure just after midnight local time Thursday. It will increase some taxes and slash spending by another $17 billion, including government benefits and pensions. […]
