Global Economy
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Switzerland is set to bow to years of pressure from the EU by overhauling the system of tax privileges that has helped entice thousands of multinational firms to the country.
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Treasury Secretary Henry Paulson defended the Bush administration's subprime mortgage plan, telling CNBC that it is not a federal bailout.
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What does gridlock in Washington mean, to business and to everyone else? It means avoiding the sacred cows of both parties even if that waters down whatever action government takes. It means least-common-denominator solutions--or half-solutions--to whatever problem is on the table at the time.
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Employers added 94,000 jobs in November, but a slowdown in recent months fueled speculation of a modest rate cut next week.
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A senior White House economist said on Friday he believes the U.S. economy is still strong and not headed for recession, though it remains at risk from the slumping housing market.
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U.S. consumer sentiment soured for a third month in December as a housing recession andexpensive gasoline left consumers at their gloomiest since the aftermath of Hurricane Katrina, a report showed Friday.
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Economists predict a modest gain of 70,000 in payrolls. But a strong private-sector report has the market looking for a positive surprise that could give the Fed license to cut.
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Asian markets finished mostly higher Friday, as worries about a U.S. recession eased after American President George W. Bush unveiled plans aimed at stemming U.S. home-loan foreclosures. Japan closed at a four-week high, but Hong Kong and South Korea finished firmly in the red.
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The new head of the International Monetary Fund plans to cut up to 15 percent of the organization's staff in an attempt to stabilize the fund's finances as demand for its loans drops, the Wall Street Journal reported on Friday.
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Japan's foreign reserves, the world's second-largest, rose to a record $970.185 billion at the end of November, largely because lower U.S. interest rates boosted the value of U.S. bonds held in the reserves, the Ministry of Finance said on Friday.
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Japan's revised down third-quarter growth on Friday, surprising markets that had expected an upward revision, prompting many to suggest it might now be late next year before the Bank of Japan can raise rates.
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South Korea's central bank held interest rates steady for a fourth consecutive month on Friday, brushing aside growing local inflation but mindful that persistent financial turbulence was clouding the global economy.
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Today we saw a fine display of presidential leadership on an economic problem--the kind we would have expected from President Bill Clinton, not President George W. Bush. Yes, the administration is avoiding the "b" word, as in "bailout." And yes, in theory the new mortgage terms for homeowners facing upward resets represent a "voluntary" agreement by their creditors.
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Stocks closed sharply higher on hopes that a government plan to stem home foreclosures would help ease the housing slump's drag on the economy and underpin profit growth.
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Oil jumped $3 to above $90 per barrel following OPEC's decision to leave output unchanged and as weakness in the U.S. dollar propped up commodities.
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The euro rose against the dollar and the yen on Thursday after the European Central Bank left interest rates on hold but President Jean-Claude Trichet warned of "strong upward pressure" on inflation.
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The European Central Bank kept rates on hold at 4 percent as expected on Thursday, bucking a global trend of monetary easing amid increased turmoil in the financial markets.
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Major indices at their highs for the day. Helping today: Initial jobless claims roughly in line with expectations. Bush/Congress tackles mortgage issues. SIVs less a problem?
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The Bank of England cut its main rate by a quarter of a percentage point to 5.5 percent Thursday amid fears of an economic slowdown because of a spillover from the credit crunch.
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I paid $67.31 to fill up my car yesterday. A few disclaimers. First, the fuel red light had been on for a WHILE. The needle sat decidedly below empty, and I'm pretty sure my car was in the process of applying for a credit card so that it could get gas on its own and not wait for me to get off the dime.
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This is a timeline of the European Central Bank's rate decisions for 2007.