Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
The French government presented its 2015 budget on Wednesday, unveiling a 50 billion euro ($63 billion) savings program cutting deep into the country's beloved welfare system.
However, although the government pledged to reduce its spending by $26.5 billion in 2015 and $18.3 billion in both 2016 and 2017, it reaffirmed its forecast that it would need an additional two years to bring its budget deficit below the 3 percent of gross domestic product (GDP) mandated by European authorities.
Philippe Waechter, head of economic research at Natixis Asset management, believes the country shouldn't have many difficulties in obtaining approval for a delay –the third in two years – to get its deficit under the Brussels-approved threshold.
"When we look at the French growth process, it's largely dependent on government expenditures, so if there is a strong decrease in public expenditures, it would be a risk for growth in France but also for the whole euro area" explained Waechter.
Welfare in the line of fire
The welfare system will undergo many changes, allowing for over $25 billion of savings to be made over the next three years.
The cuts unveiled on Monday by Marisol Touraine, minister of social affairs, health and women's rights, include a decrease in childcare benefit for higher earners, less parental leave and a cut to the existing child birth benefit.
Previously, families could receive up to 923.08 euros ($1,164) at the birth of every child but will now receive up to 308 euros ($388.5) for the second and following children.
Additionally, processes will be put in place to cut time spent in hospital and medical practitioners will be monitored and sanctioned if they prescribe too many drugs. All drugs prescribed by a doctor are partially or fully reimbursed in France provided patients are enrolled in government-financed health insurance.
The social security reforms have already been widely criticized by the public but the French President, Francois Hollande stood firm on Tuesday telling a press conference that "no savings program is painless".
President not spared
The state will cut its subsidies to local governments by 11 billion euros ($13.9 billion) by 2017. But the ministry of finance estimates that it would have little impact on local spending as regions and districts continue to receive an increasing share of local taxes.
Furthermore, the state will save by modernizing its processes, reducing its headcount – except in education, justice and security – and slashing the budget allocated to ministries.
The president has already tighten his own purse strings and has, according to the French radio Europe 1, reached the target he had given himself by bringing the Elysee Palace's spending below 100 million ($126 million ) a year from 109 million under his predecessor, Nicolas Sarkozy.
To achieve that, Francois Hollande has increased the number of invitations to tender, reduced the workforce at the Palace, cut the numbers of official cars – even installing an electric charging station – and slashed the budget for official travel.
His visit to New York last week cost the tax payer 600,000 euros ($757,000). The same trip cost Nicolas Sarkozy 1 million euros ($1.26 million) in 2011.
France warned that its public deficit will stand at 4.4 percent of GDP in 2014, declining to 4.3 percent in 2015, 3.8 percent in 2016 before finally dropping below 3 percent -2.8 percent- in 2017.
However, these forecasts are based on the government's growth expectations. The country estimates that it will grow 0.4 percent this year and 1 percent next year.
But France's public finances watchdog immediately rained on the government's parade on Wednesday, reaffirming its belief that although the 2014 growth expectation is "realistic", the 2015 forecast is less so.
In its latest report released on Sept 26, the watchdog writes that the 2015 growth forecast seems "optimistic", as it is based on a quick and stable recovery in activity "which the latest indicators do not suggest".
Read More France: Braced for a 'tough autumn'