Asia stocks up: hint economic recovery

GENEVA, SWITZERLAND – Asian stock markets were moderately higher 7 August after an unexpected improvement in US hiring was seen by the market as the first hint of a global economy emerging from its downturn. In addition, speculation that the European Central Bank will support struggling countries like Spain and Italy intensified, helping investment sentiment. […]

Time to move off Wall St, mayor tells protesters


GENEVA, SWITZERLAND – The month-long amorphous, largely leaderless popular protest on Wall Street, against the failings of the economy, has been ordered to vacate Zuccotti Park in New York City by 07:00 Friday morning. Protesters say they aren’t leaving,according to CNN. An estimated 1,000 people were in the park Thursday night.

European stock markets have rough Thursday

ZURICH, SWITZERLAND – European stock markets were down sharply, with falls of 4.5 to nearly 6 percent, late Thursday Swiss time, following a day of drops in Asian markets and on Wall Street. The Swiss SMI index of top shares held up slightly better, falling by 3.5 percent mid-afternoon. Concerns over European and especially French […]

US September jobless rate 9.8%

The US economy shed 263,000 jobs in September, more than anticipated, and the unemployment rate reached 9.8 percent, its highest rate since 1983, the US Labor Department announced today 2 October. The news raises questions as to whether any recovery in the US economy can be sustainable. Employers have been cutting jobs every month since […]

Canada adds 27,000 jobs while US unemployment soars

Canada created 27,000 jobs in August while the US lost 216,000 jobs during the same month, raising hopes in Canada that the national economy, which is highly dependent on its huge southern neighbour, the US, may have decoupled from it. The Canadian unemployment rate nevertheless rose slightly to 8.7 percent as the number of people […]

Fed sees economy “leveling”, but still lots of economic pain

The US Federal Reserve, the country’s central bank, says that it sees the US economy beginning to stabilize after months of recession. But it kept short term interest rates on hold, near zero percent since December, after its FOMC, rate-setting committee meeting, Wednesday, 12 August. The Fed pointed to improving financial markets as an indicator […]

US budget deficit reaches $1 trillion

The ballooning US budget deficit, triggered in large part by the cost of the Iraq war and tax cuts, then increased by economic recovery spending, unemployment charges and financial industry bailouts, has reached $1 trillion for the first time. BBC, Wall Street Journal

Dow Jones ends best six-week gain since 1938

Reuters video The Dow Jones Index in the US at the close of trade Friday showed the largest six-week gain, 22.7 percent, since 1938, reports Reuters, which credits “a reassuring report on the mood of consumers and stabilization in General Electric (GE.N) and Citigroup’s (C.N) quarterly results” for the upswing. Reuters video, “Reading the economic […]

AIG, makes largest-ever US corporate loss: nearly $62 billion in Q4

American insurance company AIG, which Bloomberg says is “the insurer deemed too important to fail,” has posted a fourth quarter 2008 loss of $61.7 billion, prompting the US government to put up to $30 billion into the company in a revised bailout plan.

US Senate, House, agree on stimulus bill, headed for vote

A $786 billion stimulus package bill for the US was approved by party negotiators in Washington Wednesday, and is being hailed as a victory for President Barack Obama. Shares on Wall Street rose In late trading. The package is now scheduled for a House vote Thursday and is expected to face a Senate vote soon […]