NEW YORK, (Xinhua): U.S. President Barack Obama, speaking one year after Lehman Brothers Holdings Inc.’s collapse, reiterated on Monday his plan to overhaul the financial regulation system and urged the Congress to pass the reform as soon as possible. At Federal Hall, which is located on Wall Street and just across the New York Stock [...]
If the past is any guide, the US economy will depend on home-grown momentum to rise out of recession. The history of upturns from economic slumps in America since the 1930s is straightforward: Consumers shoulder most of the burden. Often a big boost also comes from business investment, including home construction. That lesson is part [...]
CHRIS CASEY, Greeley Tribune GREELEY, Colo. (AP) ― Abdiqadir Jama knows something about taking risks. He was forced out of Somalia at age 4, fleeing the war-torn country with his parents and many siblings. They lived in refugee camps in Kenya for the rest of his childhood. Jama got to know Nairobi, Kenya, but thieves [...]
The social-networking website Facebook has launched in Swahili, targeting more than 110m speakers of the language. A group of Swahili scholars launched the new version with the permission of the California-based internet firm. Facebook use has spread over the past five years in East and Central Africa, where most Swahili-speakers live. Analysts say a Hausa [...]
June 3 (Bloomberg) — Microsoft Corp. Chief Executive Officer Steven Ballmer said the world’s largest software company would move some employees offshore if Congress enacts President Barack Obama’s plans to impose higher taxes on U.S. companies’ foreign profits. “It makes U.S. jobs more expensive,” Ballmer said in an interview. “We’re better off taking lots of [...]
The agency delays the launch of a program to get bad loans off banks’ books, citing their capital-raising success. NEW YORK (Fortune) — Regulators shelved a controversial plan that aimed to cleanse banks’ balance sheets of toxic assets. The Federal Deposit Insurance Corp. said Wednesday it has postponed the initial sale of bank assets under [...]
Canada has been hit by the global slowdown Canada’s economy contracted at the fastest rate since 1991 in the first three months of 2009, according to official figures. The economy shrank by 5.4% on an annualised basis during the quarter after the economy shrank by 3.7% in the last quarter of 2008. Despite being the [...]
Consumer spending forms the backbone of the US economy US consumer spending fell for the second month in a row in April, despite an increase in personal income, official data has shown. Consumer spending dipped 0.1%, compared with a revised fall of 0.3% in March, the Commerce Department said. Personal income rose 0.5% – its [...]
Unemployment in the 16 countries using the euro increased in April to its highest level in nearly ten years, official data has shown. The unemployment rate in the eurozone rose to 9.2% from 8.9% in March, the highest rate since September 1999, the Eurostat data agency said. Unemployment in the wider 27-member European Union (EU) [...]
The economic slowdown could last five to 10 years and cost trillions of dollars, a top US economist has warned. Paul Krugman, who won the 2008 Nobel prize for economics, told the BBC that any recovery would be “so slow it would feel like a recession”. He is urging the US government to introduce a [...]