Economy
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U.S. economy
Some room for optimism
Economy
A glimmer of hope
0Monetary policy
What will it be?
Economy
“Close to faltering”, but wait
Debts
Can Europe stop a worsening crisis?
Germany
Jitters over slowed German economy
Economy
A double dip recession looms
A double dip recession looks inevitable after Standard and Poor's downgraded America's debts to AA+ from triple A. It was expected but the US Congress didn't heed S&P and Moody's warning. Now European leaders are trying to cushion the shock as it tries to rein in a eurozone crisis. Meanwhile Alan Greenspan, the former chairman of the Federal Reserve, warns of more trouble ahead for financial markets. And the blame game has gun for American lawmakers.
U.S. debt crisis
Time is running out for America
Barack Obama, the American president, is running out of time as he tries to break an impasse with Republican lawmakers over his plans to raise the $14.3 trillion debt ceiling by $2.4 trillion by August 2. Otherwise his government will have no money to pay bills.
Consumers
Gloom over U.S. economy
Finance
Debt crisis shakes Europe
Europe is mired in a debt crisis that it is finding hard to get out. Moody's has cut Ireland's credit rating to junk after it did the same for Portugal's last week. The ratings agency says a second bailout for Ireland is looming. And compounding the crisis is the fear that a default by Italy would be too big for the European Central Bank to bail out.
European debt crisis
Now, the big Italian worry
After Greece, the focus has now moved to Italy. Officials at the European Central Bank fear that they would not be able to bail it out should it fail to pay its debts.
Finance
European leaders want to end rating agencies’ stranglehold
Debts
All about the Greek bailout
Stocks rose everywhere: in America, Europe and Asia after the Greek parliament yesterday passed austerity measures that will give it more international money, largely European, after weeks of uncertainty. But as German financial institutions try to hammer out an agreement to roll over Greek debts, there are questions whether the measures will work. Greece is actually bankrupt. So spending cuts and higher taxes will seem to be counter-productive as they will worsen the Greek economy.
Finance
Pressure is on first woman IMF boss
Christine Lagarde, the French finance minister who has become the first woman to head the International Monetary Fund, is now under pressure to keep her campaigning pledges, according to Reuters.
Economy
China may miss 4% inflation target
Wen Jiabao, China's prime minister, has hinted for the first time that his country might find it difficult to meet its 4% inflation target this year, according to Reuters which says Wen has underlined expectations of higher interest rates even when economic growth slows.
Economy
A Russian debt crisis on the horizon
They year 2030 may seem a long time to come. But Sergei Ulatov, a resident World bank economist, has warned that Russia may face a debt crisis similar to the one gripping Greece by 2030 unless the government reduces spending, according to Bloomberg.
FOMC meeting
America cuts growth forecast
As expected, the Federal Reserve has decided to keep stimulating the American economy which has been slowing but has not hinted of another massive printing of money to buy bonds, according to Bloomberg and Reuters. After a two-day meeting of the Federal Open Market Committee, Fed Chairman Ben Bernanke announced that the Fed has cut growth forecasts for this year and next and raised jobless estimates. The Fed estimated the economy should grow 2.7% to 2.9% this year, down from an April forecast range of 3.1% to 3.3%.
Economy
FOMC outcome is eagerly awaited
Economists expect the Federal Reserve to keep interest rate near zero for a longer period and to end buying of bonds as the outcome of a two-day Federal Open Market Committee meeting which began yesterday is eagerly awaited. Bloomberg says the FOMC will release its statement at 12.30 p.m. in Washington and Fed Chairman Ben Bernanke is to meet the press at 2.15 p.m.
Greece
Papandreou wins confidence vote
George Papandreou, the Greek prime minister, has won a confidence vote that averts early elections and a stalled government, the New York Times reports, saying that his victory may prevent the euro zone first sovereign debt default. He received 155 out of 300 votes last night, well above the absolute majority of 151 votes.
Economy
The world braces for a Greek default
It's D-day for George Papandreou, the Greek prime minister, as he faces a confidence vote in his government today that may determine whether Greece becomes the first euro-area country to default on its debts, according to Bloomberg. It says that tonight's vote caps a week of turmoil for Papandreou who fought off last week's revolt in parliament from senior members of his ruling socialist Pasok party.
In pictures
Quotes of the Day
We are making Sabah not just a gateway for trade, investment and tourism but a modern, vibrant, prosperous and harmonious place to live.
Prime Minister Najib Razak speaking at the open day of the Sabah Development Corridor in Kota Kinabalu on February 16.
Posted on 28-10-2011, 9:48 am