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Bush sorry economic crisis has cut jobs, 401 (k)s

Newcastle :: WA :: USA | about 2 hours ago | Business News

Posted by kalex

WASHINGTON – President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he'll back more government intervention if needed to ease the recession. "I'm sorry it's happening, of course," Bush...

13 news stories / 4 blog posts / 2 images / 5 videos / 0 voices

Global markets hammered as recession reality sinks in

Newcastle :: WA :: USA | about 2 hours ago | Business News

Posted by kalex

(AFP) – A fresh wave of selling hit global stock markets Monday as weak economic news from around the world and confirmation of a US recession prompted a massive pullback from last week's gains. The Dow Jones Industrial Average sank...

18 news stories / 3 blog posts / 1 image / 9 videos / 0 voices

Oil drops 8 percent to below $50 as OPEC defers cuts

New York City :: NY :: USA | about 10 hours ago | Business News

Posted by kalex

NEW YORK (Reuters) – Oil plunged more than 8 percent to below $50 a barrel on Monday after OPEC deferred a decision on new supply cuts at a meeting over the weekend. The producer group delayed a decision on output...

20 news stories / 6 blog posts / 2 images / 11 videos / 0 voices

US in recession since December 2007: official panel

Newcastle :: WA :: USA | about 10 hours ago | Business News

Posted by kalex

WASHINGTON (AFP) – The US economy has been in recession since December 2007, a panel of economists charged with the official designation of business cycles said Monday. The Business Cycle Dating Committee of the National Bureau of Economic Research said...

32 news stories / 2 blog posts / 8 images / 0 videos / 0 voices

Manufacturing index drops to 26-year low

Newcastle :: WA :: USA | about 12 hours ago | Business News

Posted by kalex

WASHINGTON – A measure of U.S. manufacturing activity fell to a 26-year low in November as new orders dropped for the twelfth consecutive month, a trade group said Monday. The Institute for Supply Management's monthly index of manufacturing activity fell...

35 news stories / 0 blog posts / 7 images / 2 videos / 0 voices

Stocks fall sharply after dour economic data

Newcastle :: WA :: USA | about 13 hours ago | Business News

Posted by kalex

NEW YORK – Wall Street is down sharply in early trading, but so far showing little reaction to a pair of downbeat economic reports. Investors were already selling stocks lower on concerns about the holiday shopping season before the Institute...

25 news stories / 2 blog posts / 0 images / 15 videos / 0 voices

UN economists warn that US dollar faces hard landing

New York City :: NY :: USA | about 15 hours ago | Business News

Posted by razak

By Harvey Morris in New York UN economists warn today that the dollar could be in for a hard landing, in spite of a recent surge in the value of the US currency. The team, which foresaw a year ago...

8 news stories / 3 blog posts / 0 images / 5 videos / 0 voices

BREAKING NEWS!!!!--Dow falls again..

New York City :: NY :: USA | about 6 hours ago | Business News

Posted by BiodunIginla

by Judith Stein, financial analyst for Biodun Iginla @ BBC News and the Economist, reporting from New York Monday, December 1, 2008 -- 4:20 PM ET/9:20 PM GMT/UTC/ZULU ----- The stock markets took a fall on Monday, diving along with...

1 news story / 0 blog posts / 1 image / 3 videos / 0 voices

Early data shows strong Black Friday shopping

New York City :: NY :: USA | 2 days ago | Business News

Posted by kalex

The holiday shopping season got off to a surprisingly solid start, according to data released Saturday by a research firm. But the sales boost during the post-Thanksgiving shopathon came at the expense of profits as the nation's retailers had to...

35 news stories / 3 blog posts / 0 images / 10 videos / 0 voices

The Financial Crisis Morphs into an Economic Crisis

New York City :: NY :: USA | about 1 month ago | Business News

Posted by MarcusCato

Updated October 30 The global financial system is beset by a crisis that appears to be resistant to the therapeutic effect of the $700 billion bailout approved by the United States Congress, and the equivalent measures taken by the governments...

55 news stories / 7 blog posts / 8 images / 32 videos / 18 voices