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  • WASHINGTON, March 27- U.S. economic growth cooled in the fourth quarter as previously reported and after-tax corporate profits recorded their biggest drop since early 2011, as a strong dollar dented the earnings of multinational corporations. Gross domestic product expanded at a 2.2 percent annual rate last quarter, the Commerce Department said on Friday...

  • WASHINGTON— The U.S. economy's tepid performance last quarter— a 2.2 percent annual growth rate— was typical of the economic rebound that began in the summer of 2009. Yet the sluggish pace of the recovery has a silver lining: This growth spurt has proved to be one of the most durable since World War II. "This recovery has been disappointing in terms of growth so far but...

  • WASHINGTON, March 27- U.S. economic growth cooled in the fourth quarter as previously estimated, with businesses throttling back on inventory and equipment investment but robust consumer spending limiting the slowdown in the pace of activity. Gross domestic product expanded at a 2.2 percent annual rate, unrevised from last month's forecast, the Commerce...

  • Is ECB's QE a success?   Friday, 27 Mar 2015 | 8:00 AM ET
    Is ECB's QE a success?

    Philippe Gudin, chief European economist at Barclays, discusses the latest on the European Central Bank, saying that quantitative easing seems to be a success by how the markets are reacting.

  • LONDON, March 27- The dollar rose across the board on Friday, extending a rebound begun the previous day after Federal Reserve officials signalled they were still on track to raise interest rates this year. Traders are now awaiting a speech by Fed Chair Janet Yellen at 1945 GMT to see whether she strikes a similarly hawkish tone to that of her colleagues, as well as...

  • LONDON, March 27- The dollar climbed broadly on Friday, extending a rebound begun the previous day after Federal Reserve officials signaled they were still on track to raise interest rates this year. "It's pretty clear that the market psychology is still to buy the dollar on dips, and hence we had this huge reversal in the dollar," said Alvin Tan, a currency strategist...

  • Prosecutors in U.S. District Court in Alexandria recommended probation for the two men, Andreas Bachmann and Josef Dorig. The two were among eight former employees of Zurich- based Credit Suisse and its subsidiaries who were indicted in 2011. The other six remain at large. Last year, Credit Suisse pleaded guilty to aiding U.S. tax evaders and agreed to pay about...

  • Stocks recover their poise ahead of US economic data Friday, 27 Mar 2015 | 2:24 AM ET

    TOKYO— Asian shares were lackluster Friday as the conflict in Yemen ripped through the Middle East and Japanese data showed the world's No. 3 economy is still in the doldrums. KEEPING SCORE: Japan's Nikkei 225 fell 1.3 percent to 19,213.15 and South Korea's Kospi was down 0.3 percent at 2,016.94. MIDDLE EAST: The turmoil in Yemen has erupted into a regional...

  • DIARY- Top Economic Events to April 9 Thursday, 26 Mar 2015 | 8:02 PM ET

    SAN FRANCISCO, United States- Federal Reserve Chair Janet Yellen speaks on "Monetary Policy" before the Federal Reserve Bank of San Francisco Conference: The New Normal for Monetary Policy- 1945 GMT. PRISHTINA- European Central Bank's Deputy Director General International& European Relations, Gilles Noblet, speaks at an event to celebrate the conclusion of a...

  • ZURICH, March 26- Switzerland's currency is still significantly overvalued and the Swiss National Bank is prepared to intervene in the foreign exchange market if necessary, SNB bank board member Fritz Zurbruegg said on Thursday. In a speech in Zurich, he also defended the central bank's shock decision in January to abandon its three-year-old cap on the franc,...

  • Business events scheduled for the coming week Thursday, 26 Mar 2015 | 2:41 PM ET

    WASHINGTON— Commerce Department releases personal income and spending for February, 8:30 a.m.; National Association of Realtors releases pending home sales index for February, 10 a.m.. WASHINGTON— Institute for Supply Management releases its manufacturing index for March, 10 a.m.; Commerce Department releases construction spending for February, 10 a.m..

  • Russian minister predicts new interest rate cut Thursday, 26 Mar 2015 | 12:33 PM ET

    MOSCOW— Russian Economic Development Minister Alexei Ulyukaev says that the country's central bank could cut interest rates next month as the economy stabilizes. The Bank of Russia raised its key interest rate sharply to 17 percent in December when the ruble crashed to record lows against the dollar, but has since cut it for two months in succession as the...

  • DETROIT, March 26- The Federal Reserve should remain on track to raise interest rates later this year despite the U.S. economy's weak start to the year and a stock market sell-off this week, two Fed officials said on Thursday. In separate events in Frankfurt and Detroit, St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart said U.S....

  • Italy uncovers European tax-avoiding fuel scam Thursday, 26 Mar 2015 | 11:51 AM ET

    ROME— Italian police and Europol say eight people have been arrested in a half-dozen European countries for allegedly operating a diesel import scam that avoided taxes by disguising the fuel as it transited across the continent. Italy's financial police said Thursday that the scam netted 5.7 million euros as some 4,000 tons of fuel entered the country to be...

  • ROME, March 26- Bond-buying by the European Central Bank will reinforce the euro zone's economic recovery, its president, Mario Draghi, said on Thursday, adding that there was already evidence that the scheme was taking effect. Draghi told lawmakers in Italy's parliament that recent data releases "are comforting about the contribution that monetary policy is...

  • Pressure rises on Greece as savers drain bank deposits Thursday, 26 Mar 2015 | 11:25 AM ET

    The central bank of Greece said Thursday that private and business deposits dropped to 140.5 billion euros by the end of February. Some feared the clash could push Greece to bankruptcy and even cause it to fall out of the euro, a move that would devastate the country's financial system in the short term. Greece has its back against a wall as it badly needs money— it...

  • BERLIN, March 26- German Finance Minister Wolfgang Schaeuble said on Thursday that record low interest rates were causing considerable problems in Germany but added that he was not criticising the European Central Bank which needed to defend its inflation target. "We have an interest rate environment that is causing huge problems for us in Germany," he said at a...

  • DUBAI, March 26- Saudi Arabia has begun drawing down its foreign currency reserves for the first time since 2009 to cover a record state budget deficit caused by the plunge in oil prices, data from the Saudi central bank indicated on Thursday. It was the first year-on-year drop since February 2010, when Saudi Arabia was affected by the global financial crisis.

  • MOSCOW, March 26- Russia's top lender Sberbank said its profit fell 20 percent last year, hit by a steep rise in its loan-loss provisions due to an economic crisis. The bank's funding costs also jumped due to Western sanctions imposed on Russia- which limit its access to international capital markets- and central bank rate rises, while its profitability slipped...

  • PARIS, March 26- France cut its budget deficit target for this year on Thursday and said economic growth could beat the government's 1 percent forecast, after reporting a smaller-than-expected fiscal gap for 2014.. Finance Minister Michel Sapin said France, which has repeatedly missed its fiscal targets, is confident it will finally bring the deficit below an...

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