NEW YORK (CNNMoney) Macy’s must pay a $650,000 fine to settle complaints that it’s staffers wrongfully accused minority shoppers of stealing. New York’s Attorney General Eric Schneiderman started to investigate Macy’s, which has 42 stores in New York State, in February 2013 after receiving complaints about racial profiling. “The office […]
NEW YORK (CNNMoney) The economic recovery may be continuing, but small business owners aren’t ready to put the rose-colored glasses back on. According to an exclusive CNNMoney-Manta survey released Tuesday, 28% of small business owners said the economy is the “biggest challenge” they’re currently facing, topping issues like sales, regulations […]
(Reuters) – U.S. homebuilding stocks rose on Monday, boosted by data that showed homebuilder sentiment rose in August to its highest level since January. Sentiment rose as labor market conditions improved, according to the National Association of Home Builders data. The NAHB/Wells Fargo Housing Market index rose to 55 in […]
HONG KONG (CNNMoney) Japan’s economy suffered its worst contraction since 2011 in the second quarter as consumer spending on big items slumped in the wake of a sales tax rise. Gross domestic product shrank by an annualized 6.8% in the three months ended June, Japan’s Cabinet Office said Wednesday. The […]
According to the AP, at the U.S.-Africa Leaders Summit on Tuesday U.S. President Barack Obama announced $14 Billion USD in investment commitments from U.S. companies including such heavyweights as General Electric, Marriott and IBM. Even with this massive announcement, former President Bill Clinton went out of his way to point […]
Sounding a somber note even as the economic outlook in the United States brightens, the Federal Reserve’s No. 2 official acknowledged on Monday that global growth had been “disappointing” and warned of fundamental headwinds that might temper future gains. The official, Stanley Fischer, who took over as vice chairman of […]
(Reuters) – World shares and the dollar tumbled on Friday and oil and gold jumped after U.S. President Barack Obama authorized targeted air strikes in Iraq, stoking fears of another drawn-out conflict in the region. Fighting also resumed in Gaza between Palestinian militants and Israel while NATO’s calls for Russia […]
NEW YORK (CNNMoney) The Obama administration is looking at how it could act on its own to stop companies that want to slash their tax bills by moving overseas. President Obama said officials are “reviewing all of our options” to act without congressional approval to stem the wave of so-called […]
MOSCOW — Russia should retaliate against the economic sanctions being imposed on the country over the Kremlin’s Ukraine policy, President Vladimir V. Putin said Tuesday. His was the strongest endorsement yet for calls in Russia to ban everything from major Western accounting firms to overflights by European airlines to frozen […]
Most of us have been taught that much of the world’s political instability and violence is rooted in economic problems and hardships. The argument often goes something like this: “If the people in country X could just get more jobs and hope for a prosperous future, then the terrorism/crime/unrest would […]
Most of us have been taught that much of the world’s political instability and violence is rooted in economic problems and hardships. The argument often goes something like this: “If the people in country X could just get more jobs and hope for a prosperous future, then the terrorism/crime/unrest would […]
WASHINGTON — Janet L. Yellen, the Federal Reserve chairwoman, told a Senate committee on Tuesday that the economy continues to grow slowly, that the Fed plans to continue to help, and that the basic situation is not likely to change anytime soon. “Too many Americans remain unemployed; inflation remains below […]
PARIS — Lúcio Machado’s small business in northern Portugal is finally starting to bustle again after his country’s recession. He hoped to expand his 12-employee business, which repairs autos and creates custom mechanical equipment for trucks and tractors, with a loan. But a banker dashed his plans. For a loan […]
Source: economist.com The American Century ends, and the Pacific Century begins: UNTIL 1890 China was the world’s largest economy, before America surpassed it. By the end of 2014 China is on […]
WASHINGTON — The Federal Reserve is tiptoeing away from its economic stimulus campaign, and so far the broader economy has barely noticed. The Fed’s policy-making committee, which meets on Tuesday and Wednesday, is widely expected to announce another $10 billion cut in its monthly bond purchases, to $45 billion, en […]
The American middle class, long the most affluent in the world, has lost that distinction. While the wealthiest Americans are outpacing many of their global peers, a New York Times analysis shows that across the lower- and middle-income tiers, citizens of other advanced countries have received considerably larger raises over […]
MIAMI — For rent and utilities to be considered affordable, they are supposed to take up no more than 30 percent of a household’s income. But that goal is increasingly unattainable for middle-income families as a tightening market pushes up rents ever faster, outrunning modest rises in pay. The strain […]
ATHENS — Europe’s leaders have been preaching austerity for years, arguing that only deep budget cuts will revive the economy and inspire the necessary confidence among investors. Now, they have symbolic proof, as Greece returns to the capital markets with plans to begin selling long-term bonds on Thursday. The deal […]
(Reuters) – Global business activity accelerated last month, with solid performances in services and manufacturing suggesting the economy grew about 3 percent in the first quarter from a year earlier, a survey showed on Thursday. JPMorgan’s Global All-Industry Output Index, produced with Markit, rose to 53.5 from February’s 53.0, holding […]
HONG KONG (CNNMoney) As the United States and Europe threaten Russia with trade sanctions, Moscow is looking east to Asian countries that might act as an economic bulwark. The Kremlin’s calculations rely heavily on China — already the second largest importer of Russian goods and a voracious energy consumer. Increased […]