NUSA DUA, Indonesia, Dec 7- The World Trade Organization reached its first ever trade reform deal on Saturday to the roar of approval from nearly 160 ministers who had gathered on the Indonesian island of Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy.» Read More
The battle between the White House and Congress over S-Chip--the acronym for a state-federal children's health program--is a fascinating showdown that is playing out on multiple levels. It's partly about ideology and partly about political strategy. It's partly about health care and partly about spending.
European stocks closed the week moderately higher, but volatility is seen ahead as investors worry about the effects of soaring oil prices and a weaker dollar on inflation in the U.S.
The dollar rose marginally from a 15-year low against a basket of currencies Friday, as investors debated whether the U.S. currency's decline has gone too far, too fast.
Here are notes of interest from the political front. The first one on Newt Gingrich is from a breakfast meeting I attended this week with other journalists. The former Speaker sees a bleak Republican outlook but keeps a potential 2008 candidacy alive.
What is the retail equity investor to do? By most measures the retail investor in Europe has not participated in the bull market. This market isn't exhibiting classic signs of peaking and it doesn't look terribly expensive on traditional metrics. But who is stepping up to buy? The moderately risk-averse are reading daily Northern Rock headlines and are not keen to participate.
The U.K.'s top banks are mulling borrowing funds from the Bank of England's 10 billion pounds ($20 billion) facility to remove the stigma attached to it and restore confidence in the banking system, the Financial Times reported Friday.
The European Central Bank needs to look at the impact of the high-flying euro when it meets next month and draw the appropriate lessons, French Finance Minister Christine Lagarde said on Friday.
Federal Reserve Vice Chairman Donald Kohn, who has opposed setting inflation targets at the U.S. central bank, Friday said inflation goals can hold expectations steady and provide workers and businesses more certainty about the course of inflation.
A global credit crunch knocked down Eurozone private sector growth to a two-year low in September as new orders plunged, a survey showed on Friday, making any further interest rate hike this year unlikely.
Asian markets had a mixed end to the week as worries about U.S. inflation grew on the back of a persistently weak U.S. dollar. Japan closed lower but South Korea finished at a seven-week high despite spending most of the session in flat territory.
China and Japan have renewed a currency-swap agreement originally signed as part of the 2001 region-wide Chiang Mai agreement to head off a repeat of Asia's 1997/98 financial crisis.
Stocks closed lower as a better-than-expected earnings report from financial bellwether Goldman Sachs was offset by record-high crude prices and a plunging greenback. "When Bernanke cut rates people thought the glass was half-full now today it looks like it is half-empty," said Phil Roth, chief technical analyst with Miller Tabak.
Federal Chairman Ben Bernanke told Congress the credit crisis has created "significant market stress" and offered fresh assurances that regulators would take steps to curb fallout from the mortgage mess.
The Canadian dollar hit parity with the U.S. dollar for the first time in 31 years Thursday, capping a 62 percent rise from 2002 on the back of booming commodity prices and a deepening disenchantment with the greenback.
The number of laid-off workers filing claims for unemployment benefits fell to the lowest level in seven weeks, an unexpected sign of improvement for the jobs market.
The Bank of England denied on Thursday it had performed a U-turn over its stance on not bailing out markets in the Northern Rock case.
The following is the full transcript of the speech made by Federal Reserve Chairman Ben Bernanke on Sept. 20, 2007, before the U.S. House of Representatives' Committee on Financial Services, on the subject of subprime mortgage lending and mitigating foreclosures.
Shares in beleaguered U.K. bank Northern Rock tumbled over 30% to a record low on Thursday amid renewed concerns that a suitor may not materialize to pull it back from the brink.
Asian stocks were mixed in lackluster trade Thursday. Markets drifted in a narrow range in and out of positive territory. But Japan, South Korea and Australia managed to make some gains.
British retail sales volumes rose more strongly than expected in August but retailers had to slash prices for a second consecutive month to lure in customers, official data showed on Thursday.