The Asian Development Bank has cut its growth forecasts for this year and next in developing Asia because of weakening global demand and a slowdown in the region’s two largest economies. In a report Wednesday, the ADB said emerging Asia should prepare for what it called a “prolonged period of moderate expansion,” which follows years […]
ADB Lowers Growth Forecasts for Developing Asia
Posted October 3rd, 2012 at 12:50 am (UTC-5)
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Greek Leaders Meet Again with Lenders
Posted October 2nd, 2012 at 10:05 am (UTC-5)
Greece and its international lenders staged a new round of talks Tuesday over deeply unpopular austerity measures the creditors are demanding that the Athens government impose before they will agree to hand the country more bailout money. One government negotiator said the lenders were questioning the effectiveness of the government’s $17 billion plan. Athens needs […]
US: Bernanke Urges Congressional Support of Economy
Posted October 1st, 2012 at 2:00 pm (UTC-5)
The U.S. central bank chief is pressing Congress to control the government’s chronic deficit-ridden spending. Federal Reserve Chairman Ben Bernanke says U.S. lawmakers must soon “find ways to put the federal budget on a sustainable path, but not so abruptly as to endanger” the country’s sluggish economic recovery. He said Congress and the White House […]
Eurozone Unemployment Soaring
Posted October 1st, 2012 at 10:55 am (UTC-5)
Unemployment is soaring in Europe’s euro currency bloc, with another two-million workers left without jobs in the past year. The European Union reported Monday that more than 18 million workers were unemployed in the 17-nation currency union in August, the most since it first started keeping records in 1995. The eurozone jobless rate is 11.4 […]
Greece Readies Austerity Budget as Unemployment Rises
Posted October 1st, 2012 at 6:35 am (UTC-5)
Greece’s finance minister is set to put the latest round of austerity measures to the country’s parliament, and to meet with its creditors in an effort to secure a new round of needed bailout funds. Yannis Stournaras will present the cuts Monday along with a proposed 2013 budget. He is also due to meet with […]
France’s Hollande Calls for Increased Taxes on the Wealthy
Posted September 28th, 2012 at 12:10 pm (UTC-5)
France’s new socialist government is calling for higher taxes on the wealthy and big businesses as it attempts to cut its budget deficit and boost its stagnant economy. In his first spending proposal, French President Francois Hollande proposed $39 billion in savings, with a third of it in spending cuts and two-thirds from higher taxes. […]
Greece, Spain Looking for More Austerity
Posted September 27th, 2012 at 12:50 pm (UTC-5)
Greek and Spanish leaders are advancing new austerity measures, while their countrymen protest the budget-cutting in the streets of Athens and Madrid. After weeks of negotiation, Greece’s three-party coalition government said Thursday it has reached agreement on a $15-billion plan for more pension and salary cuts, and raising the retirement age for workers from 65 […]
US Economy Grew Weakly in Second Quarter
Posted September 27th, 2012 at 11:20 am (UTC-5)
The U.S. says its economy advanced at an even slower pace than first thought in the April-to-June period. The government said Thursday that the American economy grew 1.3 percent in the second quarter, down from an earlier projection of 1.7 percent. In a separate report, it said that orders for long-lasting U.S. manufactured goods fell […]
Greece, Spain Looking for More Austerity
Posted September 27th, 2012 at 10:10 am (UTC-5)
Greek and Spanish leaders are advancing new austerity measures even as their countrymen protest against the budget-cutting in the streets of Athens and Madrid. After weeks of negotiation, Greece’s three-party coalition government said Thursday it has reached agreement on a $15 billion plan for more pension and salary cuts and raising the retirement age for […]
Spain Prepares New Austerity Measures
Posted September 27th, 2012 at 5:10 am (UTC-5)
Spain is set to unveil a new series of austerity measures aimed at making it easier for the government to request help with its budget crisis, while protesters continue to voice their opposition to the cuts. The government will detail the measures Thursday along with its proposed budget for 2013. The reforms are expected to […]
