The leaders of Germany, France and Italy are meeting in Strasbourg Thursday to discuss the European Central Bank’s role in the eurozone debt crisis. French President Nicolas Sarkozy is hoping to persuade German Chancellor Angela Merkel to soften her opposition to allowing the ECB to act as a lender of last resort for troubled eurozone […]
German, French, Italian Meeting on Financial Crisis
Posted November 24th, 2011 at 8:50 am (UTC-5)
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US Jobless Claims Rise Slightly
Posted November 23rd, 2011 at 10:45 am (UTC-5)
Data published Wednesday show a mixed picture of the U.S. economy, with both unemployment claims and consumer spending posting slight gains. The Labor Department says the number of Americans signing up for unemployment benefits edged up 2,000 last week to a nation-wide total of 393,000. It is the first time in two months that jobless […]
Eurobond Plan Proposed by European Commission Faces Opposition
Posted November 23rd, 2011 at 2:20 am (UTC-5)
The German government and the European Commission appear to be on a collision course over a long-term solution to Europe’s sovereign debt crisis, with commission president Jose Manuel Barroso expected Wednesday to unveil a plan for so-called “stability bonds” issued jointly by eurozone nations. German Chancellor Angela Merkel does not see the bonds, also known […]
US Economy Grows More Slowly Than First Thought
Posted November 22nd, 2011 at 4:35 pm (UTC-5)
The U.S. economy grew more slowly in July, August, and September than first estimated. Tuesday’s report from the Commerce Department says the gross domestic product expanded at a 2 percent annual rate during the third quarter. That is half a percentage point less than a preliminary estimate. New data showing that companies have been slow […]
Greece, Spain Face New Debt Pressures
Posted November 22nd, 2011 at 1:10 pm (UTC-5)
Greece and Spain faced new pressure Tuesday from the European debt crisis. The European Union bluntly told the Athens government it would not receive its next $11 billion installment from last year’s bailout unless its fractious political leaders sign a written statement committing to new austerity measures to cut the country’s debt. Greece needs the […]
US Economy Grows More Slowly Than First Thought
Posted November 22nd, 2011 at 10:55 am (UTC-5)
The U.S. economy grew more slowly than first estimated in July, August, and September. Tuesday’s report from the Commerce Department says the gross domestic product expanded at a 2 percent annual rate during the third quarter. That is half a percentage point less than a preliminary estimate. New data showing that companies have been slow […]
US Economy Grows More Slowly Than First Thought
Posted November 22nd, 2011 at 10:00 am (UTC-5)
The U.S. economy grew more slowly than first estimated in July, August, and September. Tuesday’s report from the Commerce Department says the gross domestic product expanded at a 2 percent annual rate during the third quarter. That is half a percentage point less than a preliminary estimate. New data showing that companies have been slow […]
Indian Rupee Hits Record Low Against Dollar
Posted November 22nd, 2011 at 9:30 am (UTC-5)
The Indian rupee has hit a record low against the dollar, as fears about the global economy and the eurozone have provoked further selling of the currency. The rupee plunged to 52.73 against the dollar on foreign exchange markets Tuesday. The weakening currency is expected to increase domestic inflation because imports priced in dollars, such […]
Report: Asia Growth to Slow, but Largely Cushioned From Global Financial Crisis
Posted November 22nd, 2011 at 7:30 am (UTC-5)
The World Bank says economic growth is still strong in East Asia, but will continue to be affected by weakening external demand. In a bi-annual report released Tuesday, the World Bank says growth in East Asia’s developing economies will slow to 7.8 percent in 2012, down from 8.2 percent this year. The report says the […]
Financial Markets Unimpressed With Rajoy’s Sweeping Spanish Win
Posted November 21st, 2011 at 7:55 pm (UTC-5)
The landslide victory of Spanish Prime Minister-elect Mariano Rajoy in Sunday’s parliamentary election has failed to quiet Spain’s economic turmoil. A major Madrid stock index fell more than 3 percent Monday — and the cost of Spanish government bonds edged closer to 7 percent interest. That is the same rate that Greek, Irish, and Portuguese […]
