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The U.S. economy is in a recession because of a financial crisis caused by excessive debt, former Federal Reserve Chairman Paul Volcker said.
“I don't think there is any doubt we are in a recession, which seems to be spreading through the developed world,'' Volcker said today in a speech in Miami Beach, Florida. […]
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Hungary has reached agreement with the International Monetary Fund and European Union on a broad economic rescue package, including substantial financing, to stabilize its economy rocked by the global financial crisis, the IMF said on Sunday.
“A substantial financing package in support of these strong policies will be announced when the program is finalized in […]
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New York University Professor Nouriel Roubini said curbs placed on U.S. futures trading today shows his prediction that markets will be shut down amid panic selling is coming true.
“This morning, even before the markets in the U.S. opened, the S&P futures fell by more than their daily limit,'' resulting in curbs on futures […]
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The European economy may be headed for a recession that could last two to three years, Finland's Finance Minister Jyrki Katainen said.
“Recession is very close in some particular countries, maybe in all the European countries,'' Katainen, 37, said in a Bloomberg Television interview in Helsinki yesterday. “I don't know how long a recession […]
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The European Central Bank's lending to banks and its exposure to possible collateral losses jumped to records last week as the battle against the credit crisis forced policy makers to shoulder more risk.
The Frankfurt-based ECB said it loaned banks 773.2 billion euros ($1.02 trillion) through monetary operations, up from 739.4 billion euros a […]
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With thousands of stores closing in the economic downturn, the increase in empty space at the nation’s shopping malls is leaving a hole in the hearts of once-vibrant communities.
In some cases, one-quarter or more of shopping centers are now empty, and the decline - or even the demise - of a mall can have […]
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Prime Minister Silvio Berlusconi promises Italians they won't lose “even a euro'' of their bank accounts in the current credit crisis. By contrast, the world's richest government leader according to Forbes has already shed about 1.7 billion euros ($2.3 billion) of his personal fortune.
Berlusconi, 72, had a net worth of $9.4 billion according […]
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DETROIT — As part of its increasingly urgent efforts to conserve cash, General Motors has held talks about sharing vehicle platforms with Chrysler and developing engines with the Ford Motor Co., according to people with knowledge of the discussions.
The talks, while considered exploratory, underscore the immense pressure that GM, Ford and Chrysler […]
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Oil prices looked for direction Thursday as traders weighed fears that a looming world recession will crimp demand against speculation that OPEC may cut output to keep prices from falling too far.
Venezuelan President Hugo Chavez said Wednesday that some members of the Organization of Petroleum Exporting Countries want an extraordinary meeting before the group’s […]
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Oil held its gains in volatile trading Tuesday, bouncing off an 8-month low on weakness in the dollar, but the advance was kept in check by falling stock prices.
Light, sweet crude settled up $2.25 to $90.06 a barrel on the New York Mercantile Exchange. It traded as high as $93.02 before retreating, having closed […]
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