Stock markets plunged Friday along with the value of the euro, the common currency used by 17 European nations, as investors worried that Greece could soon default on its bailout loans. The euro dropped to its lowest valuation against the Japanese yen in 10 years and to its weakest point against the U.S. dollar in […]
Euro, Stocks Plunge on Worry of Greek Default
Posted September 9th, 2011 at 2:50 pm (UTC-5)
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IMF Chief: Bold Action Needed in World Economies
Posted September 9th, 2011 at 9:36 am (UTC-5)
The head of the International Monetary Fund is urging national leaders to act quickly and boldly to counter a crisis of confidence that is hurting the global economy. IMF Managing Director Christine Lagarde spoke Friday ahead of a gathering of top economic officials from the world’s leading industrialized nations. She said central banks should keep […]
Inflation Eases Slightly in China in August
Posted September 9th, 2011 at 4:30 am (UTC-5)
China’s inflation rate fell slightly in August, which could lead policymakers in Beijing to hold off on efforts to tighten the nation’s money supply. The National Bureau of Statistics announced Friday that inflation rose 6.2 percent last month compared to a year earlier, and after reaching a three-year high of 6.5 percent in July. The […]
US Bank Chief Says Consumer Spending Lags
Posted September 8th, 2011 at 3:11 pm (UTC-5)
The chief of the U.S. central bank says American consumers have been “exceptionally cautious” in their spending habits in recent months, one reason that the country’s economy is growing at a tepid pace. Federal Reserve Chairman Ben Bernanke said Thursday that spending by U.S. households expanded moderately in 2010, but diminished this year in the […]
Europe Bank Leader Sees ‘Intensified’ Risks
Posted September 8th, 2011 at 10:50 am (UTC-5)
The head of Europe’s central bank says threats to the economy in the 17 nations that use the euro have sharply increased, and growth prospects have diminished. European Central Bank President Jean-Claude Trichet said Thursday that the euro-bloc countries face “particularly high uncertainty and intensified downside risks.” He said the bank’s staff is now projecting […]
Ratings Agency Warns About China’s Local Debt
Posted September 8th, 2011 at 9:55 am (UTC-5)
One of the top international rating agencies says it may downgrade China’s credit-worthiness within two years because of the increased risk of heavily indebted banks and local governments. Analysts from Fitch Ratings said at a meeting in Taiwan Thursday that rising defaults and high inflation, combined with large numbers of loans, mean China’s credit risk […]
Italian Cabinet Approves Balanced Budget Proposal
Posted September 8th, 2011 at 9:45 am (UTC-5)
Italy’s Cabinet has approved legislation for a constitutional amendment that would require governments to balance their budgets beginning in 2014. Under the legislation adopted by the Cabinet Thursday, the Italian government would only be able to go into debt under exceptional circumstances such as a severe economic downturn. The proposal is part of a series […]
US Jobless Claims Increase
Posted September 8th, 2011 at 9:00 am (UTC-5)
The number of unemployed workers seeking new U.S. government financial assistance edged up last week, more evidence that the country’s economy is slowing. The government said Thursday that 414,000 jobless workers sought their first unemployment compensation, 2,000 more than the previous week. The number of claims suggested that U.S. employers are not laying off significantly […]
Italian, Spanish Senates Pass Unpopular Austerity Measures
Posted September 7th, 2011 at 5:40 pm (UTC-5)
Lawmakers in Italy and Spain voted Wednesday in favor of their government’s austerity plans, despite massive protests in both countries. Italian Prime Minister Silvio Berlusconi survived a confidence vote in the Senate over his government’s $76 billion austerity plan to stave off the country’s financial crisis. Parliament’s upper chamber voted Wednesday night after days of […]
US Economy Grew Modestly, but Unevenly in Recent Weeks
Posted September 7th, 2011 at 3:46 pm (UTC-5)
The U.S. central bank says the country’s economy grew modestly in the last several weeks, even as consumers cut their spending and factories curbed their production in some communities. The Federal Reserve said Wednesday said the survey of its 12 geographic districts showed that economic growth was uneven throughout the nation from mid-July to near […]
