U.S. consumer confidence has fallen to the lowest level in more than two years, while home prices have dropped over the past year. Tuesday’s report from the Conference Board shows that in October, U.S. consumers were worried by a poor job market, the possible impact of Europe’s debt problems on the American economy, and falling […]
US Home Prices & Consumer Confidence Fall
Posted October 25th, 2011 at 10:50 am (UTC-5)
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Europe Scrambling to Complete Debt-Relief Plan
Posted October 25th, 2011 at 10:20 am (UTC-5)
With 24 hours to go before another summit, European leaders were scrambling Tuesday to complete a plan to resolve the continent’s governmental debt contagion. The outline of a package of reforms is emerging, but details have yet to be set. The plan calls for European banks to forgive billions of dollars of debt for Greece […]
South Africa Unveils $3.2 Billion Stimulus Plan
Posted October 25th, 2011 at 9:40 am (UTC-5)
South Africa’s government has unveiled a $3.2 billion stimulus plan aimed at boosting industrial output and creating jobs in sub-Saharan Africa’s largest economy. Finance Minister Pravin Gordhan announced the six-year package during his mid-term budget speech in Cape Town on Tuesday. Gordhan said the government’s key challenge is to make South Africa more competitive in […]
India Raises Interest Rates Again to Curb Inflation
Posted October 25th, 2011 at 8:55 am (UTC-5)
India’s central bank has raised interest rates for the 13th time since March of 2010, in another attempt to curb the country’s high inflation. The Reserve Bank of India on Tuesday raised its short-term lending rate, or repo rate , by 25 basis points, to 8.50 percent. RBI Governor Duvvuri Subbarao said he expected inflationary […]
EU ‘Relatively Close’ to Greek Debt Write-off
Posted October 24th, 2011 at 1:00 pm (UTC-5)
The European Union says it is “relatively close” to a deal with the continent’s banks to write off about half of Greece’s debts, an agreement that could cost the financial institutions about $243 billion. A spokesman for EU economic affairs commissioner Olli Rehn said Monday that the continent’s leaders “clearly” prefer that the banks reach […]
Package Delivery Company Predicts Record US Holiday Season
Posted October 24th, 2011 at 11:40 am (UTC-5)
The world’s second-largest package delivery company is predicting a record number of shipments during the U.S. holiday season this year. FedEx said Monday that it expects to deliver 260 million packages between late November and the end of this year, a 12 percent gain over last year. The firm will hire 20,000 temporary workers to […]
Vatican Calls for Global Financial Authority
Posted October 24th, 2011 at 10:55 am (UTC-5)
The Vatican has called for reform of the world’s financial systems, including the establishment of a “global public authority” with universal jurisdiction to manage the world economy. A proposal by the Vatican’s Council of Justice and Peace says the new financial order should be based on ethics and the achievement of a universal common good. […]
Businesses Predict Slow US Economic Growth
Posted October 24th, 2011 at 10:45 am (UTC-5)
U.S. businesses say the American economy will continue to grow, but predict expansion will slow down. The National Association of Business Economists published a survey of companies across the country on Monday. Most said the nation’s output will have increased 2 percent or less by the end of 2011. That is less expansion of the […]
EU ‘Relatively Close’ to Greek Debt Write-off
Posted October 24th, 2011 at 9:40 am (UTC-5)
The European Union says it is “relatively close” to a deal with the continent’s banks to write off about half of Greece’s debts, an agreement that could cost the financial institutions about $243 billion. A spokesman for EU economic affairs commissioner Olli Rehn said Monday that the continent’s leaders “clearly” prefer that the banks reach […]
Japanese Exports Increase in September
Posted October 24th, 2011 at 1:50 am (UTC-5)
Japanese officials say the country’s exports grew in September for a second straight month, signaling a gradual recovery from the March 11 earthquake and tsunami. The Finance Ministry announced Monday that exports rose 2.4 percent from a year earlier, pushing Japan back into a trade surplus. The country registered a trade deficit in August. The […]
