U.S.-Japan talks aimed at a trade deal seen as vital to a broader regional pact are in stalemate, Japan's economy minister said.» Read More
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.
Five major British supermarket chains and five processing companies fixed prices on dairy products, adding hundreds of millions to consumer bills, the Office of Fair Trading said Thursday.
A more flexible yuan would not hold back China's growth or cause deflation but would help Beijing rebalance its economy towards domestic consumption, a top U.S. Treasury official said on Thursday.
Big Japanese firms grew more confident about business conditions in the current quarter, a government survey showed on Thursday, but softer capital spending plans dimmed the outlook of the economy.
The dollar rallied from a 15-year low against a basket of currencies Wednesday, as investors bet the Federal Reserve's interest rate cut Tuesday will help boost a slowing U.S. economy.
Chief executives such as Ara Hovnanian were the among the loudest voices calling for the Federal Reserve to cut interest rates. Now, after the Fed's surprisingly sharp reduction in rates on Tuesday, CNBC asked several CEOs if they're happy.
Wells Fargo Chairman Richard Kovacevich said Wednesday the U.S. mortgage industry will recover following further short-term pain, led by better-diversified lenders less exposed to market vagaries.
The Fed’s rate cuts will do little if anything to help the mortgage and housing industries in the short-term--and the central bank is just at the beginning of a long, hard fight to head off a recession, experts say.
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