The International Monetary Fund has slashed its 2012 global economic forecast, saying Europe’s debt crisis threatens to plunge the world economy into a recession. Just three months ago, the IMF projected a 4 percent advance in global growth for the year, but on Tuesday cut that to 3.3 percent. It forecast growth strengthening to 3.9 […]
IMF Slashes Its Global Economic Growth Forecast
Posted January 24th, 2012 at 12:05 pm (UTC-5)
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Europe Facing ‘Moderate Recession’ in First Half of 2012
Posted January 24th, 2012 at 10:25 am (UTC-5)
Europe’s economics commissioner says the continent is facing a “moderate recession” in the first half of 2012, with an economic recovery not likely before the last six months of the year. The European Union’s economics chief, Olli Rehn, made the prediction Tuesday as Europe’s finance ministers concluded two days of talks in Brussels. He said […]
Japan Downgrades Economic Forecast
Posted January 24th, 2012 at 5:05 am (UTC-5)
Japan’s central bank on Tuesday downgraded its economic forecast for the current fiscal year, saying the world’s third largest economy will likely shrink by four-tenths-of-one-percent because of the global economic downturn. The Bank of Japan had earlier predicted the country’s gross domestic product would rise by three-tenths-of-a-percent in the year ending March 31st. It now […]
Eurozone Chief: Greek Economic Reform is ‘Off Track’
Posted January 23rd, 2012 at 8:40 pm (UTC-5)
Eurozone finance ministers’ chief Jean-Claude Juncker says the interest rate on new Greek government bonds has to be lower than the 4 percent bondholders are demanding. Juncker said Tuesday it is clear that Greece’s economic reform program is “off track.” He urged Greece to reach a deal with private investors within days. Greece faces default […]
IMF Calls for Robust European Action on Debt Crisis
Posted January 23rd, 2012 at 10:35 am (UTC-5)
The chief of the International Monetary Fund is calling for European governments to take more aggressive action to resolve the continent’s debt crisis. The IMF’s managing director, Christine Lagarde, said Monday that the 17 nations that use the common euro currency should boost the size of their financial rescue fund, lower already-low lending rates and […]
Hungary Bows to EU Demands on Disputed Laws
Posted January 20th, 2012 at 12:40 pm (UTC-5)
Hungary is bowing to European Union demands that it change several of its laws that called into question the independence of its central bank, the judiciary and media. Hungary’s dispute with the EU threatened to derail the eastern European nation’s bid to secure a $25 billion credit line from the EU and the International Monetary […]
Hungary Bows to EU Demands on Disputed Laws
Posted January 20th, 2012 at 10:40 am (UTC-5)
Hungary is bowing to European Union demands that it change several of its laws that called into question the independence of its central bank, the judiciary and media. Hungary’s dispute with the EU threatened to derail the eastern European nation’s bid to secure a $25 billion credit line from the EU and the International Monetary […]
US Jobless Benefit Claims Drop Sharply
Posted January 19th, 2012 at 10:25 am (UTC-5)
The U.S. says the number of unemployed workers making initial jobless benefit claims dropped sharply last week to nearly a four-year low, a sign that the country’s weak labor market may be improving. The government said weekly applications for unemployment compensation fell by 50,000 to 352,000, the lowest total since April 2008. It was the […]
Growing Worries Cast Shadow Over Eurozone
Posted January 18th, 2012 at 1:15 pm (UTC-5)
European leaders are again trying to face down doubts they can overcome the eurozone debt crisis, as a growing unease spreads across the continent. Thousands of protesters took to the streets of Paris and Athens Wednesday, angry over government proposals intended to try to jump-start the French and Greek economies. In Athens, where government officials […]
US Wholesale Prices Fall Unexpectedly
Posted January 18th, 2012 at 10:25 am (UTC-5)
The U.S. says the price for wholesale goods fell last month, a sign that inflation remains tame. The Labor Department said Wednesday that wholesale prices — the price manufacturers pay for goods and materials before they reach consumers — declined by one-tenth of one percent in December. Economists polled by news agencies had expected a […]
