The Obama administration’s main program to keep distressed homeowners from falling into foreclosure has been aimed at those who took out subprime loans or other risky mortgages during the heady days of the housing boom. But these days, the primary cause of foreclosures is unemployment. As a result, there is […]
http://www.thestar.com/article/1002699–siddiqui-vast-indian-diaspora-builds-bridges On Jan. 9, 1915, Mahatma Gandhi returned home after 22 years in South Africa where he invented non-violent resistance to fight racial discrimination. He would use satyagraha (Truth Force) in India to end British colonial rule in 1947. Now on Jan. 9 every year, New Delhi hosts 1,500 representatives […]
by Julia Slater, in Lucerne, swissinfo.ch Concerns about both climate change and safe energy supply in the post-Fukushima world have given a new impulse to one of Switzerland’s specialities: hydroelectricity. About 900 experts in dams from all over the world converged on Lucerne this week for the annual symposium of […]
NEW YORK (Reuters) – Three academics say there was a bubble in LinkedIn Corp’s shares during the first four days of its trading, which they have determined definitively using a model they designed. The three have devised a model they say can establish in real time whether prices in a […]
WASHINGTON — No American president since Franklin Delano Roosevelt has won a second term in office when the unemployment rate on Election Day topped 7.2 percent. Seventeen months before the next election, it is increasingly clear that President Obama must defy that trend to keep his job. Roughly 9 percent […]
China’s manufacturers have started to feel the effects of the government’s policy to reduce credit-fuelled growth in the country. Read More
At the height of the housing boom, the 26th floor of Goldman Sachs’s former headquarters on Broad Street in Lower Manhattan was the nerve center of Goldman’s fast-growing mortgage trading business. Hundreds of employees worked closely in teams, devising mortgage-based securities — billions of dollars’ worth — that were examined […]
By ASSOCIATED PRESS Published: May 31, 2011 15:02 Updated: May 31, 2011 15:02 DUBAI, United Arab Emirates: The Gulf state of Qatar must do more to improve workers’ rights as it embarks on a massive building boom before hosting soccer’s 2022 World Cup, an international labor group said Tuesday. But […]
Home prices in 20 U.S. cities dropped in March to the lowest level since 2003, showing housing remains mired in a slump almost two years into the economic recovery. The S&P/Case-Shiller index of property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November […]
By MAHMOOD RAFIQUE | ARAB NEWS MANAMA: Bahrain has pioneered the modern Islamic finance industry in the region, as its history on Islamic finance goes back to more than 40 years, according to a senior central bank official. “We have continued to play a pioneering role in the Islamic finance […]
by Matthew Allen, swissinfo.ch Manufacturers are shifting a greater share of investments out of Switzerland with the dollar in the doldrums and the euro plunging to record lows against the franc. Renewed fears that Greece might default on its debts has sparked a fresh wave of euro weakening while the […]
NEW YORK: The UN warned of a possible crisis of confidence in, and even a “collapse” of, the US dollar if its value against other currencies continued to decline. In a mid-year review of the world economy, the UN economic division said such a development, stemming from the falling value […]
By Omar Obeidat AMMAN – The International Monetary Fund (IMF) and former finance ministers on Thursday warned that the government should not continue with its subsidy regimes, stressing the need to direct support to the most vulnerable groups of the society. Following a lecture delivered by Paul Cashin, adviser at […]
NEW YORK (Reuters) – Sales of distressed U.S. homes fell in the first quarter as demand remained weak, but they still made up about 28 percent of total sales, the highest amount in a year, a RealtyTrac report said on Thursday. Sales of homes owned by banks or in some […]
BEIJING – If you were the big boss of a world renowned technology firm, where would you send your potential successor? For Paul Otellini, chief executive officer of the world’s biggest chip maker Intel Corp, the answer is China. Intel announced on Tuesday that it has appointed Executive Vice-President Sean Maloney the […]
The Swiss representative to the International Monetary Fund (IMF) has said a European may not be the best person for the vacant managing director’s position. René Weber is one of 24 IMF executive directors who will cast votes to decide the eventual replacement for former French managing director, Dominique Strauss-Kahn, […]
WASHINGTON (Reuters) – New single-family home sales rose unexpectedly in April to notch their second straight month of gains and prices increased, offering some hope for the stagnant housing market. The Commerce Department said sales increased 7.3 percent to a seasonally adjusted 323,000 unit annual rate, the highest level since […]
“….Although sales have picked up a bit in the last few weeks, banks and other lenders remain overwhelmed by the wave of foreclosures. In Atlanta, lenders are repossessing eight homes for each distressed home they sell, according to March data from RealtyTrac. In Minneapolis, they are bringing in at least six […]
I have been thinking a lot about America’s economy and American jobs lately, and have an essay on the subject in this week’s TIME Magazine and a long post on the Global Public Square. I also spoke with Eliot Spitzer about jobs on In the Arena. Here’s the transcript of […]
By MAHER ABBAS | ARAB NEWS RIYADH: Prince Faisal bin Salman, chairman of the Saudi Research & Marketing Group, has emphasized the need for promoting a culture of social responsibility among the Kingdom’s business community. “This is a superior culture that emanates from our human, religious and national values,” Prince […]