Economy News

Labourers work on the steel frames at a vegetable market under construction in Changzhi, Shanxi province December 8, 2008. (Stringer/Reuters)

China overtakes Germany in growth for 2007

Reuters - 10 minutes ago

BEIJING (Reuters) - China on Wednesday revised up the country's gross domestic product growth for 2007 to 13.0 percent from 11.9 percent, leapfrogging Germany in the process to become the world's third-largest economy.

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Oil rises to near $39 on Bernanke comments AP - 1 hour, 23 minutes ago
SINGAPORE - Oil prices rose to near $39 a barrel Wednesday in Asia after Federal Reserve Chairman Ben Bernanke said a stimulus package could help revitalize the ailing U.S. economy.
Obama warns Democrats of veto over bailout funds AP - 1 hour, 58 minutes ago
WASHINGTON - Tested before taking power, President-elect Barack Obama privately delivered a pre-inauguration veto threat to fellow Democrats on Tuesday, saying they would not deny him use of the remaining $350 billion in federal bailout funds.
Bush says he likely lost money in meltdown, too AP - 2 hours, 21 minutes ago
WASHINGTON - President George W. Bush is confident that he and first lady Laura Bush have lost money in the economic crisis, but that they won't find out until after he leaves office how much their financial accounts have lost.
Oracle cuts several hundred jobs: sources Reuters - 2 hours, 45 minutes ago
BOSTON (Reuters) - Oracle Corp , the world's No. 3 software maker, has fired "several hundred" of its more than 86,000 workers, according to two sources close to the situation, as the business software maker struggles in an economic downturn.
China raises 2007 growth from 11.9 pct to 13 pct AP - Tue Jan 13, 10:26 PM ET
BEIJING - The government revised up China's official 2007 economic growth Wednesday from an already-high 11.9 percent to an eye-popping 13 percent, suggesting its recent downturn due to global economic turmoil might be even sharper than expected.
NASA funding boost could create jobs: Griffin Reuters - Tue Jan 13, 10:01 PM ET
WASHINGTON (Reuters) - More money for NASA in any an economic stimulus package would create jobs now and shore up the U.S. leadership in aerospace, NASA Administrator Michael Griffin said on Tuesday.
ING to cut 750 jobs in US: report AFP - Tue Jan 13, 9:49 PM ET
THE HAGUE (AFP) - The troubled Dutch bank and insurance group ING will cut 750 jobs from its US operations during the first quarter of the year due to the economic crisis, the Dutch news agency ANP reported Tuesday.
Obama vows better control of $350 billion bailout cash Reuters - Tue Jan 13, 9:35 PM ET
WASHINGTON (Reuters) - U.S. President-elect Barack Obama promised on Tuesday stricter control over a financial rescue package, winning over some skeptical lawmakers who had threatened to block release of $350 billion that regulators said the economy urgently needed.
Bernanke suggests U.S. buy toxic assets from banks Reuters - Tue Jan 13, 7:06 PM ET
LONDON (Reuters) - Federal Reserve chief Ben Bernanke on Tuesday suggested the incoming Obama administration may want to retool the government's approach to fighting the credit crisis and tap a $700 billion financial rescue fund to sop up bad assets on the books of banks.
Doubt raised over Obama treasury chief nominee AFP - Tue Jan 13, 6:51 PM ET
WASHINGTON (AFP) - First doubts were raised Tuesday over the confirmation hopes of Timothy Geithner, Barack Obama's choice to serve as treasury secretary and steer the US economy out of its deep crisis.
Worried EU states to fly to Moscow over gas row Reuters - Tue Jan 13, 6:09 PM ET
MOSCOW/KIEV (Reuters) - Russia and Ukraine faced another day of sparring over gas supplies on Wednesday and two European Union states launched fresh diplomacy to end a dispute that is weighing heavily on their economies.
Lawmakers consider help for autos in stimulus Reuters - Tue Jan 13, 5:55 PM ET
WASHINGTON (Reuters) - Democrats are considering incentives for car buyers and millions of dollars more in financing to develop better batteries and alternative fuels as part of a U.S. economic stimulus package, officials say.
Bailout plan to pass US Senate: majority leader AFP - Tue Jan 13, 5:50 PM ET
WASHINGTON (AFP) - Top Senate Democrat Harry Reid said Tuesday the Senate was likely to approve the release of a second 350-billion-dollar financial bailout package this week aimed at stimulating the US economy.
U.S. 2009 auto sales seen at 27-year low Reuters - Tue Jan 13, 5:42 PM ET
DETROIT (Reuters) - U.S. auto sales in 2009 should fall about 13 percent and reach their lowest level in 27 years, pressuring the U.S. economy and pushing some automakers closer to the verge of collapse, industry analysts said on Tuesday.
Treasury: deficit hits new record in just 3 months AP - Tue Jan 13, 5:11 PM ET
WASHINGTON - The federal government already has run up a record deficit of $485.2 billion in just the first three months of the current budget year. And economists say the imbalance for the full year could easily top $1 trillion, pushed to that eye-popping level by the spending the government is likely to do to combat the recession and the most severe financial crisis in generations.
Obama pushes Senate Democrats on stimulus, bailout Reuters - Tue Jan 13, 4:21 PM ET
WASHINGTON (Reuters) - President-elect Barack Obama huddled with his fellow Democrats in the U.S. Senate on Tuesday, trying to build support for upcoming votes on economic stimulus legislation and releasing $350 billion in unspent Wall Street bailout funds.
Oil prices edge higher amid US cold snap AFP - Tue Jan 13, 3:45 PM ET
NEW YORK (AFP) - Oil prices rose Tuesday, getting a modest lift from a US cold wave, following hefty losses stemming from concerns about weak energy demand amid the global economic downturn.
Idaho governor urges smaller budget and presses road spending Reuters - Tue Jan 13, 3:35 PM ET
SAN FRANCISCO (Reuters) - Idaho's governor has proposed a more than 7 percent cut in his state's next budget, along with increases to the state gasoline tax to pump money into road work -- in part to attract more highway dollars from an expected federal stimulus package.
Bernanke: Obama stimulus helps, more action needed AP - Tue Jan 13, 3:33 PM ET
LONDON - A mammoth stimulus package being crafted by President-elect Barack Obama could give the economy a much-needed lift, but other steps must be taken to bolster the wobbly financial system and for any recovery to stick, Federal Reserve Chairman Ben Bernanke said Tuesday.
Germany unveils rescue plan as Bernanke sounds warning Reuters - Tue Jan 13, 2:14 PM ET
NEW YORK/BERLIN (Reuters) - Germany unveiled a stimulus package aimed at alleviating its worst recession since World War Two, but the U.S. central bank chief warned on Tuesday that government spending alone cannot ensure a lasting recovery in the United States.
NYC wants to be Vegas-like marriage destination Reuters - Tue Jan 13, 1:51 PM ET
NEW YORK (Reuters) - New York City has issued an open challenge to Las Vegas, seeking to become a premier destination for people to get married in what officials hope will boost tourism during uncertain economic times.
World stock markets extend losses on economic concerns AFP - Tue Jan 13, 12:30 PM ET
LONDON (AFP) - Global stock markets were lower on Tuesday, extending losses after more bad US economic data as fears grew that corporate earnings will be decimated in the credit crunch.
November trade gap shrinks on record import plunge Reuters - Tue Jan 13, 12:11 PM ET
WASHINGTON (Reuters) - The U.S. trade deficit shrank nearly 29 percent in November, the largest amount in 12 years, as weak consumer demand and plummeting oil prices caused imports to sink by a record amount.
Beazer quarterly home closings down 53.2 percent Reuters - Tue Jan 13, 11:46 AM ET
NEW YORK (Reuters) - Beazer Homes USA Inc's home closings and orders fell by more than half in the latest quarter as rising unemployment dealt another blow to already-moribund real estate demand, an analyst said.
Merkel: German fiscal plan to strengthen country AP - Tue Jan 13, 11:27 AM ET
BERLIN - German Chancellor Angela Merkel said Tuesday her government's new euro50 billion ($67 billion) financial stimulus plan is an "exceptional" measure to help the country weather the financial crisis by combining tax relief with public spending.
Bernanke pledges to use more tools to stem crisis AFP - Tue Jan 13, 10:37 AM ET
LONDON (AFP) - US Federal Reserve chairman Ben Bernanke pledged Tuesday to expand aggressive efforts to stem the financial crisis in the face of credit markets that are "more dysfunctional" than in Japan in the 1990s.
US employment to see 'continued weakness': Bernanke AFP - Tue Jan 13, 10:27 AM ET
LONDON (AFP) - Employment levels in the United States will see "continued weakness" in the coming months, Federal Reserve Chairman Ben Bernanke warned on Tuesday.
Goldman Sachs says SKorean economy to contract AP - Tue Jan 13, 9:58 AM ET
SEOUL, South Korea - Goldman Sachs said Tuesday that South Korea's economy will likely shrink this year, adding its weight to the increasingly widespread view that the country is headed for recession.
Brazil's industrial employment has steep decline AP - Tue Jan 13, 9:11 AM ET
BRASILIA, Brazil - Government figures for November show Brazil's industrial employment index posting its steepest decline in five years. About 60,000 workers lost their jobs.