European markets plunged Tuesday in reaction to Greek Prime Minister George Papandreou’s proposal to hold a referendum on whether to approve the European debt-relief plan agreed to last week. Major European markets fell between two-and-a-half percent and more than four percent in morning trading. Mr. Papandreou has been a staunch supporter of the plan that […]
European Markets Plunge Ahead of Greek Referendum Vote
Posted November 1st, 2011 at 6:50 am (UTC-5)
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European Markets Plunge Ahead of Greek Referendum Vote
Posted November 1st, 2011 at 5:45 am (UTC-5)
European markets plunged Tuesday in reaction to Greek Prime Minister George Papandreou’s proposal to hold a referendum on whether to approve the European debt-relief plan agreed to last week. Major European markets fell two percent or more in early trading. Mr. Papandreou has been a staunch supporter of the plan that could cut Greece’s debt […]
Greece Says It Will Hold Vote on European Debt Relief Plan
Posted October 31st, 2011 at 3:10 pm (UTC-5)
The European debt-relief plan, agreed to last week, has been thrown into doubt as Greece now says it will hold a referendum on whether to approve it. Greek Prime Minister George Papandreou has been a staunch supporter of the plan that could cut Greece’s debt by about $140 billion, while binding his country to years […]
New Reports Show European Economies Weakening
Posted October 31st, 2011 at 1:30 pm (UTC-5)
New reports in Europe show that the economic fortunes of the 17 eurozone nations are markedly weakening, with higher unemployment and diminished growth prospects for 2012. The continent’s Eurostat statistics agency reported Monday that the unemployment rate hit 10.2 percent in September, an 11-month high. That left more than 16 million people out of work, […]
US Business Expands More Slowly
Posted October 31st, 2011 at 11:00 am (UTC-5)
A measure of U.S. business expansion slowed slightly in October as new orders eased. Monday’s report from the Institute for Supply Management, a business research group, examined business activity in the Chicago area. Some economists say the mix of services and manufacturing in this midwestern area is very similar to the overall makeup of the […]
S&P Keeps Pakistan’s B- Credit Rating
Posted October 31st, 2011 at 10:25 am (UTC-5)
The Standard & Poor’s rating agency has maintained Pakistan’s B- long-term credit rating, despite the country’s low-income economy and high debt. S&P said Monday the stable rating outlook reflects confidence that Pakistan will be able to maintain an adequate level of foreign-exchange reserves because of funds provided by donor countries. The agency gave Pakistan a […]
OECD Report: Europe Faces 2012 Economic Slowdown
Posted October 31st, 2011 at 9:55 am (UTC-5)
A new report says the 17 eurozone nations are facing a marked economic slowdown in 2012, with some countries sliding into a recession. The Paris-based Organization for Economic Cooperation and Development (OECD) predicted Monday that collectively the economies in the countries that use the euro currency will virtually stall in 2012. It projected growth of […]
As Thailand Floodwaters Rise, Economic Fortunes Wane
Posted October 28th, 2011 at 1:25 pm (UTC-5)
As the floodwaters rise in Thailand, its economic fortunes are diminishing. The Bank of Thailand said Friday the flooding that is now inundating the capital, Bangkok, has a “severe and widespread” economic impact. The central bank said the flooding is affecting both the country’s agricultural and industrial interests. The bank projected that the flooding will […]
US Consumer Spending Increases
Posted October 28th, 2011 at 10:25 am (UTC-5)
Consumer spending increased slightly in the United States last month, along with confidence in the economy. A government report says spending increased by six-tenths of a percent in September, even though incomes increased less than projected. Consumer spending drives much of the economic activity in the United States, and Friday’s figures followed a report Thursday […]
World Markets Soar in Reaction to Eurozone Debt Plan
Posted October 27th, 2011 at 5:00 pm (UTC-5)
World financial markets soared Thursday after the European Union approved a plan to cut Greece’s debt in half and significantly increase a bailout fund designed to contain the eurozone debt crisis. The Paris stock exchange jumped more than 6 percent, with the Frankfurt market advancing more than 5 percent. The London exchange closed up nearly […]
