(Reuters) – The Federal Reserve should have promised to keep rates near zero until U.S. unemployment falls below 5.5 percent, as long as inflation and financial stability risks are contained, said the lone dissenter to the Fed’s policy decision this week. By instead dropping its pledge to keep rates low […]
CHATTANOOGA, Tenn. — At 7 in the morning, they are already lined up — poultry plant workers, housekeepers, discount store clerks — to ask for help paying their heating bills or feeding their families. And once Metropolitan Ministries opens at 8 a.m., these workers fill the charity’s 40 chairs, with […]
The American economy added 175,000 jobs last month, a pace that was better than economists had expected and well above the anemic job gains recorded in December and January. Still, the latest figures for hiring were down from the average of 189,000 over the past 12 months and fell a […]
(Reuters) – U.S. private employers added fewer workers than expected in February and services sector growth slowed, the latest signs that severe weather continues to be a drag on the economy. The ADP National Employment Report showed on Wednesday that private payrolls increased by 139,000 jobs last month. January’s job […]
WASHINGTON — About 200 people struggling to become homeowners filled the pews of Plymouth Congregational church on a recent Saturday morning. Some were self-employed, others short on a down payment, many branded by credit problems. Mortgage lenders would have thrown money at them a decade ago. Now, the chastened industry […]
The largest global economies have pledged to install policies that will add $2 trillion to the world economy over the next five years. The G20 — the world’s 19 richest nations and the European Union — said the reforms aim to lift collective GDP by more than 2%. The group […]
Source: BBC Financial leaders from the 20 biggest economies have set a goal of generating $2 trillion (£1.2 trillion) in extra output over the next five years. During that period […]
Visitors to Terminal B at Newark Liberty International Airport may notice the bright, clean lighting that now blankets the cavernous interior, courtesy of 171 recently installed LED fixtures. But they probably will not realize that the light fixtures are the backbone of a system that is watching them. Using an […]
(Reuters) – President Hassan Rouhani dismissed on Tuesday a Western assertion that military force could yet solve a decade-old nuclear dispute if negotiations proved fruitless, pledging that Iran would pursue peaceful atomic research “forever”. In a speech marking the 35th anniversary of the 1979 Islamic revolution, Rouhani also attacked economic […]
NEW YORK (CNNMoney) After a chilly month for job growth in December, hiring warmed up a bit in January. But not by much. The U.S. economy added 113,000 jobs last month, according to the government. That’s an improvement from December, but was far weaker than hoped. Economists had been expecting […]
PARIS — The European Central Bank on Thursday left its benchmark interest rate unchanged, choosing to wait for additional data before deciding whether to address evidence that the euro zone is sliding into the dangerous economic condition known as deflation. Mario Draghi, the central bank’s president, acknowledged at a news […]
The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system. “The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research […]
US Treasury Secretary Jack Lew has warned the US may default on its debt by the end of the month if Congress does not raise its borrowing limit. Mr Lew said he could rely on emergency measures to pay US debts after the limit is reinstated on 7 February. But […]
(Reuters) – U.S. manufacturing activity slowed sharply in January on the back of the biggest drop in new orders in years, suggesting the economy had lost steam at the start of 2014. The economic picture was also darkened by other data on Monday showing spending on construction projects barely rose […]
NEW YORK (CNNMoney) Obama’s new ‘myRA’ retirement accounts aim to help millions of workers begin saving for retirement. The accounts will be backed by the government, charge no fees and you’ll be able to contribute directly from each paycheck. But not everyone thinks the new plans are a great deal. […]
(Reuters) – Microsoft Corp is likely to appoint its cloud-computing head, Satya Nadella, as its next chief executive, a source familiar with the matter said on Thursday, as the board concludes a five-month search for a tech-savvy heavy-hitter to lead the world’s largest software company. As part of the move, […]
MINNEAPOLIS — Narayana R. Kocherlakota, president of the Federal Reserve Bank of Minneapolis, was once a leading opponent of the Federal Reserve’s efforts to stimulate the economy. Today, he has emerged as the only senior official arguing publicly that the Fed should do even more. The Fed’s leadership, including Janet […]
British Prime Minister David Cameron at Davos on Friday urged the rest of Europe to seize an opportunity to win back millions of jobs through the “reshoring” of production from […]
NEW YORK (CNNMoney) Five years into his presidency, Barack Obama is still falling short of his number one goal: to fix the economy for the middle class. Sure, a recovery has been underway for most of his presidency, but it’s still slow and uneven. And despite Obama’s focus on the […]
RIYADH: ABDULLAH AL-ANSARI ARABNEWS More than 73.4 km of the metro in the capital would be underground. One of the world’s largest metro projects, this automatic driverless network will be […]