You are here

ECONOMY

Argentina on brink of new financial crisis

The Argentine government has responded to last week’s run on the peso with new rules allowing limited dollar purchases only to individuals with monthly salaries of 7,200 pesos (US$900) a month. The share of individuals in the population with this income is barely 20 percent, while well over half of the country’s families have a combined income of less than the cut-off amount.

Foreign investors desert France in 2013

As if high unemployment, heavy public debt and an unhappy populace weren't enough, France also saw a double digit drop in foreign investment in 2013, according to a new United Nations report on Wednesday.

Argentina Throws Dollar Lifeline to Top 20% After Peso Falls

Argentina’s effort to stem a financial crisis by loosening controls on dollar purchases will only help the wealthiest Argentines protect themselves against surging inflation and a plunging peso.

Argentine Default Chaos Relived as Blackouts Follow Looting

Inflation soared to 28 percent last year, according to opposition lawmaker Patricia Bullrich, who divulges monthly estimates for economists cowed into silence by Fernandez’s crackdown on price reports that clash with official figures. By the government’s count, inflation was less than 11 percent.

Egypt to hold record $1.5 billion forex sale

Egypt’s central bank will hold its largest exceptional auction on Monday to sell $1.5 billion from its foreign reserves, it said in a statement.

Ruble Continues Fall, Surpasses Trading Corridor

The ruble continued its fall in Monday morning trading, reaching a historic low of 47.5 rubles to the euro.

Spain's unemployment: Seven shocking facts

Spain's unemployment rate hit 26 percent again this week. These seven statistics highlight the extent of Spain's unemployment problem.

Davos 2014: Larry Summers attacks George Osborne's austerity programme

George Osborne's handling of the economy was strongly attacked by Larry Summers as the former US Treasury secretary poured criticism on the UK's austerity programme, its welfare cuts for poor people and its strategy for preventing a housing bubble.

Spain's jobless rate back up to 26 percent

The unemployment rate in Spain rose again in the final quarter of 2013 to hit 26.03 percent, slightly up from the 25.98 percent figure recorded in the previous quarter, official data released on Thursday shows.

Greece: signs of growth come as austerity eases

It was nearly four years ago that the Greek government negotiated its agreement with the IMF for a harsh austerity program that was ostensibly designed to resolve its budget problems. Many economists, when we saw the plan, knew immediately that Greece was beginning a long journey into darkness that would last for many years. This was not because the Greek government had lived beyond its means or lied about its fiscal deficit. These things could have been corrected without going through six or more years of recession. It was because of the “solution” itself.

Spain’s unemployment rate stayed above 25% in 2013

A new official report shows Spain’s unemployment rate has remained beyond 25 percent for the sixth quarter in a row, making the country home to a third of the unemployed population in the eurozone.

China's economic growth continues to slow

China is experiencing an economic slowdown. The government released GDP figures on Monday showing growth of 7-point-7 percent for 2013. That was the slowest in 14 years and may be a sign of things to come.

China's economic growth continues to slow

Detroit strains to recover from bankruptcy

The auto show in the city of Detroit, known as America's "Motor Town", is in full swing. But the place famous for its cars and music has fallen on hard times, becoming the world's largest bankrupt city in the summer of 2013. Despite the bust, young entrepreneurs are making an effort to help the city recover, one drink at a time.

Detroit strains to recover from bankrupcy

Credit squeeze 'killing' 90 Spanish firms a day

Spanish banks, alarmed by multiple bankruptcies and mass unemployment, are keeping a tight rein on loans and potentially choking off the lifeblood of a longed-for economic recovery, analysts say.

A ‘fast track’ to less democracy and more economic dislocation

The framers of the Constitution were wise to include Congress in the process of framing and approving trade agreements made by presidents. That authority to provide advice and consent should, the wisest legislators have always argued, be zealously guarded.

Alleged Economic Recovery: No Jobs For Americans

The alleged recovery took a direct hit from Friday’s payroll jobs report. The Bureau of Labor Statistics reported that the economy created 74,000 net new jobs in December.

Greek jobless figures surge

Unemployment in Greece has hit a record high of 27.8 percent and the government is expected to eliminate permanent jobs, just as the country assumes the European Union's six-month rotating presidency.Some younger Greeks, seeing no opportunities in the public sector, have decided to take risks by starting their own businesses.Others shy away from such risky jobs and, with banks cash-strapped, there is not enough capital for new investments to pick up labour as quickly as it is being shed.

Greek jobless figures surge

Koch Brothers Exposed - The 1% at its very worst

Koch Brothers Exposed is a hard-hitting investigation of the 1% at its very worst. The billionaire brothers bankroll a vast network of organizations that work to undermine the interests of the 99% on issues ranging from Social Security to the environment to civil rights. This film uncovers the Kochs' corruption—and points the way to how Americans can reclaim their democracy.

Robert Greenwald's "Koch Brothers Exposed" (Full)

Storming the Food Banks: German Charities Struggle with Growing Demand

Food banks and soup kitchens in many German cities are having trouble keeping up with growing demand. Some are now abandoning their free food models in their efforts to continue helping the needy.

What export led recovery? Greek exports for 2013 close to drop on previous year

Greek exports are teetering on the brink of ending 2013 with a decline compared with the previous year, as Hellenic Statistical Authority (ELSTAT) estimates for November point to a major 22.6 percent yearly slide when fuel is included and 7.9 percent without it.

€xtreme Moves: Eurozone crisis far from over amid ravaging austerity & debts

In Spain and Greece the situation is particularly drastic with over half of people under 25 out of a job. Both countries also rely heavily on Brussels for financial help - with Athens looking at the prospect of a third bailout deal. Across the region, people are weary of austerity cuts, and we've seen plenty of public discontent and mass protests.

€xtreme Moves: Eurozone crisis far from over amid ravaging austerity & debts

As Minimum Wages Inch Upwards, Workers Say Not Enough!

As of January 1, the minimum wage in 13 states will rise, bringing the total number of states with wages above the $7.25 federal requirement to 21. However, as many celebrate this as a victory and a sure-fire strategy for Democratic legislators in upcoming elections, progressive voices maintain that a minimum wage of $8 or $9 an hour is still not enough.

New U.S. Tax Regime is "Devastating," Experts Say

Already facing “pariah” status worldwide due to onerous IRS requirements, millions of Americans living and working abroad are preparing to deal with a deluge of even bigger problems in 2014, when a byzantine new tax regime starts going into effect. Known as the Foreign Account Tax Compliance Act, or FATCA, the deeply controversial and incredibly complex scheme is supposedly aimed at preventing tax evasion and gathering extra funds for the federal government. In reality, it will prove to be devastating, experts say — especially for middle-class Americans overseas and the U.S. economy.

Americans say economy not improving

The vast majority of Americans feel pessimistic about the US economy and believe it is not improving, according to a new poll.

Recovery will kick off in 2014: Spanish PM

Spanish Prime Minister Mariano Rajoy promised on Friday to deliver an economic recovery to the recession-battered nation in 2014.

Foreign cash stokes Spain property market

Foreign buyers are snapping up Spanish property, including the grand yellow-brick ABC Serrano mall in Madrid's poshest shopping district, a Spanish symbol of tradition and elegance.

Retailers “disappointed” as Christmas sales are down on 2012

The slump pre-Christmas means big sales from St Stephens’ Day, says a representative group.

Mortgage Madness: Irish debtors see bankruptcy as way out

The crisis may be just about over in Ireland, but for Irish homeowners it's still tough keeping the wolves from the door. Up to 20 per cent of mortgage payments are overdue with families across the country being forced out when their homes are repossessed. 

Mortgage Madness: Irish debtors see bankruptcy as way out

France's belt-tightening budget gets green light

The French parliament on Thursday approved a belt-tightening budget for 2014 with huge spending cuts and tax hikes in a bid to rein in the country's high public deficit.

Pages

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer