NewsTrust - Global Economy - Most Recent Stories: News (Mainstream)

In Greece, fears that austerity is killing the economy - The Washington Post

Wed, 11 Jan 2012 00:00:00 -0800

Washington Post - By Anthony Faiola - Jan. 11 (News Report) - Unemployment has surged to 18.8 percent from 13.3 percent only a year ago.

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High & Low Finance: A Central Bank Doing What Central Banks Do

Wed, 21 Dec 2011 00:00:00 -0800

New York Times - By Floyd Norris - Dec. 21 (News Analysis) - The European Central Bank has loaned $639 billion to 523 banks to keep credit flowing. It turns out that may be enough to stem the European crisis for at least a few years.

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Lawmaker warns USTR on labor in Trans-Pacific pact

Thu, 15 Dec 2011 00:00:00 -0800

Yahoo! News - Dec. 15 (News Report) - A Republican lawmaker on Wednesday warned the Obama administration that Congress could reject a proposed Asia-Pacific trade deal if the White House pushes too hard on language to protect workers rights.

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Despite Praise for Its Austerity, Ireland and Its People Are Being Battered

Mon, 05 Dec 2011 00:00:00 -0800

New York Times - By Liz Alderman - Dec. 05 (Special Report) - The Irish example points to the dangers of simply squeezing ordinary people to pay off creditors rather than sharing the burden more broadly.

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News Analysis: New Warnings of Euro Zone Danger — News Analysis

Wed, 30 Nov 2011 00:00:00 -0800

New York Times - By Steven Erlanger - Nov. 30 (News Analysis) - In Europe there are growing concerns that even an aggressive intervention by the European Central Bank will not be enough to stabilize the markets and preserve the euro. Money flows, but what Euro Zone lacks is glue.

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Panel Fails to Reach Deal on Plan for Deficit Reduction

Tue, 22 Nov 2011 00:00:00 -0800

New York Times - By Jennifer Steinhauer, Robert Pear, Helene Cooper - Nov. 22 (News Report) - After one last bout of fitful but futile talks, Congressional negotiators conceded the obvious: that the joint Congressional committee charged with drafting a deficit reduction package would miss its deadline this week. But they did not quite give up the ghost of a chance that a solution might be found later.

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World financial markets tumble on news of debt supercommittee’s stalemate

Mon, 21 Nov 2011 00:00:00 -0800

Washington Post - By Neil Irwin - Nov. 21 (News Report) - World financial markets tumbled Monday, as there were no new signs of resolution to Europe’s intractable crisis and as the U.S. debt supercommittee failed to reach agreement on a deficit reduction plan. The Dow Jones industrial average closed down 245 points, or 2.1 percent and the broader Standard & Poor’s 500-stock index was down 1.9 percent. Global markets were down even more, with the German Dax index off 3.4 percent and French and Spanish markets down by similar amounts.

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European Central Bank Resists Calls to Act in Debt Crisis

Thu, 17 Nov 2011 00:00:00 -0800

New York Times - By Jack Ewing, Nicholas Kulish - Nov. 17 (News Report) - The financial stability of Europe has come down to one institution, the European Central Bank, which is under heavy pressure to rescue the euro.

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Eurozone's woes could damage U.S.

Wed, 16 Nov 2011 00:00:00 -0800

The Politico - Nov. 16 (News Analysis) - President Barack Obama and the Republicans hoping to unseat him face a dangerous game of Jenga with the European debt crisis. One false move could cause the building blocks of the global economy to tumble down, perhaps knocking out the shaky American recovery

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Lawyers: Court order will allow Occupy Wall St. protesters to return with tents to NYC park

Tue, 15 Nov 2011 00:00:00 -0800

Washington Post - By Associated Press - Nov. 15 (News Report) - Hundreds of police officers in riot gear raided Zuccotti Park early Tuesday, evicting dozens of Occupy Wall Street protesters from what has become the epicenter of the worldwide movement protesting corporate greed and economic inequality.

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As European Nations Teeter, Only Lenders Get Central Bank's Help - New York Times

Mon, 14 Nov 2011 00:00:00 -0800

New York Times - By Jack Ewing - Nov. 14 (News Analysis) - — Is it time for the European Central Bank to be as generous to countries as it is to banks? Since the beginning of the financial crisis, the ECB has been lending euro area banks as much money as they want, trying to maintain the liquidity .. that is the lifeblood of the financial system...

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Leaders: Free Trade In Asia-Pacific Vital To Recovery

Sun, 13 Nov 2011 00:00:00 -0800

Associated Press - Nov. 13 (News Analysis) - The plan to forge a Pacific free trade area got a big boost Sunday when leaders of Canada and Mexico joined Japan in expressing support for a deal that has received a cool reception from rising power China.

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What is a Tobin Tax?

Tue, 08 Nov 2011 00:00:00 -0800

BBC News - By Andrew Walker - Nov. 08 (News) - In a BBC interview, he acknowledged that there are counter-arguments, but said "where you have a scheme backed by a lot of very serious economists, by people who can't just be written off as knee-jerk anti-capitalists, the likes of George Soros and Bill Gates, there has to be be something to be said for it."

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Mind Your Manners: The Secrets of Switzerland's Last Traditional Finishing School

Mon, 24 Oct 2011 00:00:00 -0700

Time - By William Lee Adams - Oct. 24 (Special Report) - If lunch at the Institut Villa Pierrefeu (IVP) often feels like a rehearsal, that's because it is. Under the watchful eye of Rosemary McCallum, a Cordon Bleu-trained chef and expert on table manners, 13 female students practice the skills they've studied in courses on European etiquette and table service. As the meal unfolds in a stately dining room with corniced ceilings, McCallum gently reminds the five student servers that they must pick up champagne glasses near the bottom of the stems and offer the pear-and-Roquefort tarts from the left. Back home, four of the five women serving have live-in staffs. But the program requires them to rotate through the service role anyway so they can better train and manage their employees. Vera, a 30-year-old playing the role of hostess, steers the conversation from her work with orphans back home in Lebanon to a Mexican guest's love of horseback riding. All goes well until Vera's fondness for Toblerone mousse leads her to commit a crucial error. "Your husband is still eating, and you've already finished," McCallum says. "Remember to pace yourself." Vera glares across the table at her husband, played by a female classmate from India. "Well," Vera says, "my husband should learn to eat faster."

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European shares rise despite Italy's rating downgrade

Wed, 05 Oct 2011 00:00:00 -0700

BBC News - Oct. 05 (News Report) - European stock markets ignored fresh warnings about Italy's ability to repay its debts by staging a strong rally. Reports that European leaders are considering co-ordinated action to bolster banks sent European markets up 3%-5%, though Wall Street opened flat. On Tuesday, Moody's cut Italy's credit rating by three notches and warned about the country's growth rate. But investors focused on signs that the debt-laden banking system may soon be recapitalised by European authorities. In an interview in the Financial Times, Olli Rehn, European commissioner for economic affairs, said: "There is an increasingly shared view that we need a concerted, co-ordinated approach.

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European debt crisis: live

Wed, 05 Oct 2011 00:00:00 -0700

The Guardian - By Julia Kollewe, Alex Hawkes, Graeme Wearden - Oct. 05 (Breaking News) - 8.01am: The FTSE has opened 120 points higher at 5064, a 2.4% gain, as markets digest the EU bank plan. There was also some reassuring news on troubled Franco-Belgian bank Dexia this morning. The French finance minister Francois Baroin said "tomorrow a s

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Germans and the Euro: Can't Live With It, Can't Live Without It

Wed, 28 Sep 2011 00:00:00 -0700

Time - Sep. 28 (News Report) - If it's the big picture you're after, Frankfurt is the only destination in Germany. Most German cities are low-rise, fashioned from timber, stone and brick, though concrete and steel have been widely deployed to plug gaps left by Allied bombing raids. But the city on the Main didn't just repair and restore. It reached for the sky, and in the process helped to power the Wirtschaftswunder, Germany's postwar economic miracle. "Bankfurt" or "Mainhattan," nicknames coined as shining towers rose up to accommodate the core of Germany's financial services industry, is home to the world's fifth largest stock exchange, the national or European headquarters of 218 banks, a thicket of hedge funds and major insurance companies and the Deutsche Bundesbank, Germany's central bank. Read more: http://www.time.com/time/world/article/0,8599,2095157,00.html#ixzz1ZHFSl5hM

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Meltdown: The Men Who Crashed the World

Sat, 24 Sep 2011 00:00:00 -0700

Aljazeera - Sep. 24 (Special Report) - In the first episode of Meltdown, we hear about four men who brought down the global economy: a billionaire mortgage-seller who fooled millions; a high-rolling banker with a fatal weakness; a ferocious Wall Street predator; and the power behind the throne. The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929. But how did it all go so wrong?

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Global stocks fall as Obama plan fails to spark rally

Fri, 09 Sep 2011 00:00:00 -0700

Reuters - By Richard Leong - Sep. 09 (News Report) - European stock index futures fell on Friday, following Asian markets lower, as a $447 billion jobs package from President Barack Obama failed to entice investors back

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German court to rule on euro funds

Wed, 07 Sep 2011 00:00:00 -0700

BBC News - Sep. 07 (News Report) - The court is expected to rule that the German parliament must be given more say over future aid Germany's highest court is expected to rule later that the country's parliament should have more say over future

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Is the SEC Covering Up Wall Street Crimes?

Wed, 17 Aug 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Aug. 17 (Investigative Report) - Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after

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U.S. Stocks Drop Sharply Amid Fears About Europe

Wed, 10 Aug 2011 00:00:00 -0700

New York Times - By Christine Hauser - Aug. 10 (News Report) - Stocks on Wall Street finished steeply lower on Wednesday as the financial sector dragged down the broader market, in a sharp reversal from the rally of the previous day. Financial stocks were down by more than 7 percent at about 4 p.m., in part because of fears about their exposure to French banks as shares in those institutions dropped during European trading. The broad stock market was affected because big countries like France in the heart of Europe might now be called upon to bail out their own banks as well as economies like Spain and Italy. "Today it’s fears about French banks and France," Michael Gapen, United States economist at Barclays Capital in New York, said, singling out the French bank Société Générale, whose shares fell about 18 percent. "SocGen is the name that is really driving trading."

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Cameron on riots: ‘We will not put up with this’

Wed, 10 Aug 2011 00:00:00 -0700

Washington Post - Aug. 10 (News Report) - Prime Minister David Cameron on Wednesday said “nothing is off the table” to regain control of British streets — telling the nation that rubber bullets had been authorized and water cannons were on standby after violence and looting hit Manchester, Birmingham and other British cities. London, the capital, was mostly quiet overnight. But the riots that began last week after a police-involved shooting continued to rock other British cities. Under fire for the government’s handing of the disturbances, Cameron said the relative calm in London spoke to the forceful deployment of 16,000 troops on the streets.

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UK riots: fifth night live coverage

Wed, 10 Aug 2011 00:00:00 -0700

The Guardian - Aug. 10 (Breaking News) - 7.43pm: A 20-year old woman has been charged after allegedly posting a Facebook invite to a "riot" in Wakefield. The woman was charged under the Serious Offences Act 2007 and has been bailed to appear before Wakefield Magistrates on August 24, said a West Yorkshire Police spokeswoman.

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S&P downgrades U.S. credit rating

Fri, 05 Aug 2011 00:00:00 -0700

CNN - By Charles Riley - Aug. 05 (Breaking News) - Credit rating agency Standard & Poor's on Friday downgraded the credit rating of the United States, stripping the world's largest economy of its prized AAA status. In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering.

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