The Treasury Department says the fiscal 2014 federal budget deficit fell to $483 billion, reports CNBC's Eamon Javers.» Read More
WASHINGTON— The Obama administration said Wednesday that China's currency remains "significantly undervalued," but it stopped short of citing China or any other country for unfairly manipulating its currency to gain trade advantages. In a new report by the Treasury Department, the administration did warn China and other countries running trade surpluses...
WASHINGTON— The deficit for the just completed 2014 budget year was $483 billion, the lowest of President Barack Obama's six years in office, the U.S. government reported Wednesday. Here's an easier way to understand why the new numbers are good news: The government borrows 14 cents for every dollar it spends; six years ago, it was 40 cents. "This is a return to fiscal...
BERLIN— Germany's government says it's committed to keeping its spending in check, despite signs of an economic slowdown and widespread calls abroad for Berlin to pump money into the economy. Chancellor Angela Merkel's spokesman on Monday blamed the economic slump on international crises, like that in Ukraine, hitting exporting nations such as Germany.
Managing Director Christine Lagarde said at a news conference that the IMF has made $130 million available to Guinea, Liberia and Sierra Leone and that the IMF and other international agencies stood ready to do more. In addition to the $130 million in interest-free loans being provided by the IMF, the World Bank is providing $400 million for the Ebola efforts.
That pledge from the International Monetary Fund's policy-setting committee comes after a week of stomach-churning swings in the financial markets triggered by growing fears that parts of Europe could be in danger of slipping into another recession. Managing Director Christine Lagarde said at a news conference that the IMF has made $130 million...
Finance ministers and central bank presidents of the Group of 20 nations, which include traditional economic powers such as the United States, Japan and Germany, and emerging economies such as Russia, China and India, were wrapping up two days of talks Friday with a joint statement of goals and a news conference expected in the early afternoon.
WASHINGTON— Though braced by a resurgent United States, the global economy is under threat from other regions— from Europe and Latin America to China and Japan— where growth is stalling and prospects remain dim. The talks began Thursday with discussions among finance ministers and central bank presidents of the Group of 20 nations, which includes traditional...
NEW YORK— Heating bills should be lower this winter because the deep freeze that chilled much of the nation last year is unlikely to return. Mobile revolution shakes up Silicon Valley. Long-established companies such as Hewlett-Packard Co. and eBay Inc. are scrambling to regain their footing to better compete against mobile-savvy trendsetters like Apple...
"I don't think the United States alone can pull the global economy to where it needs to be," Lew said during an appearance at the Peterson Institute to preview this weekend's meetings of the 188- nation International Monetary Fund and its sister lending agency, the World Bank. The IMF on Tuesday trimmed its outlook for global growth, reflecting weaker expansions...
WASHINGTON— The International Monetary Fund slightly lowered its outlook for global economic growth this year and next, mostly because of weaker expansions in Japan, Latin America and Europe. Still, the global lending organization warned that the U.S., Europe and Japan could face years of sluggish growth unless governments take steps to accelerate activity.
DETROIT, Sept 24- The U.S. Treasury last year permitted top executives at General Motors Co and Ally Financial Inc to collect "excessive pay" while those companies were part of a taxpayer-funded government loan program, a special inspector general reported on Wednesday. In April, Treasury said it lost $11.2 billion on the $49.5- billion GM bailout.
Jared Bernstein, Budget & Policy Priorities, shares his thoughts on the Obama administrations efforts to implement new regulations that would diminish the ability for companies to escape U.S. taxes.
CNBC's Eamon Javers reports the Treasury Department is trying to make tax inversions less economically appealing to corporations but they will not be able to eliminate them all.
The Treasury Department is seeking to reduce the benefits of companies buying foreign firms to switch tax domicile to a country with lower rates, reports CNBC's Eamon Javers.
The issue of so-called tax inversions has been a major policy point for President Barack Obama over the past few months.
BEIJING, Sept 16- A signboard at the top of a staircase in the ageing Beijing offices of the National Development and Reform Commission directs lawyers and company officials to numbered conference rooms for antitrust meetings.
BEIJING, Sept 9- China's tough competition policy is souring the mood for foreign investment, a European business lobby said on Tuesday, in the latest report to criticise Chinese regulators over a series of contentious investigations into international firms.
BEIJING, Sept 9- China's tough competition policy is souring the mood for foreign investment, a European business lobby said on Tuesday, in the latest report to criticize Chinese regulators over a series of contentious investigations into international firms.
WASHINGTON- Federal Reserve Board Governor Daniel Tarullo and other banking officials testify before Senate Banking Committee on Wall Street Reform- 1400 GMT. Counselor to the Treasury Secretary Michael Stegman speaks before the 2014 American Mortgage Conference in Raleigh- 1715 GMT.
The White House can help stem inversions, but issue must be addressed by Congress, says Rep. Van Hollen.