Jumpy market gives young investors first big test of resolve

New York 01/28/19, 10:10

After gliding through years where stocks mostly just rose, a generation of investors last year suddenly confronted a hard financial truth: Stocks are risky and can plunge at any moment. For older investors, the nearly 20 percent drop in the S&P 500 index from late September through Christmas Eve was a ...

Survey: Workers trust their employer over other institutions

Business 01/20/19, 20:38

With trust in governments taking a hit since the global financial crisis, people around the world view their employer as the most trusted institution in their lives, according to a survey published Monday. In a survey of trust in institutions that public relations firm Edelman releases each year on the eve ...

China to cut taxes, keep policy flexible to counter slowdown

Business 01/15/19, 01:11

China plans to slash taxes, step up spending and provide ample financing to private and small enterprises to help counter the country's worst slowdown since the global financial crisis and the impact of a bruising trade war with the U.S. The People's Bank of China is confident it can keep the ...

Eurozone unemployment a bright spot amid growing gloom

Europe 01/09/19, 06:55

Unemployment across the 19-country eurozone fell in November to a decade-low rate, official figures showed Wednesday, but worries over the economic outlook have stoked concerns it may not fall much lower, if at all.Eurostat, the European Union's statistics agency, said a 90,000 monthly fall in the number out of work ...

Wanted by US, former Mozambican official appears in SA court

World 01/08/19, 08:02

A former Mozambican finance minister on Tuesday appeared in a South African court following a U.S. extradition request linked to a $2 billion loan scandal that plunged Mozambique into financial crisis.Manuel Chang's lawyer argued for the release of the former minister, who was arrested at the main international airport in ...

With Brexit 12 weeks away, uncertainty squeezing UK economy

Europe 01/04/19, 07:13

With Britain just 12 weeks away from the day it is meant to leave the European Union, one thing is becoming clear — uncertainty over what Brexit will mean is hurting the economy.A raft of economic figures released Friday showed the British economy weakening at the turn of the year ...

Asian stocks plunge after Wall Street fall on rate hike

Business 12/20/18, 00:44

Asian stock markets plunged Thursday, following Wall Street down after the Federal Reserve raised U.S. interest rates.KEEPING SCORE: Tokyo's Nikkei 225 index plummeted 3.2 percent to 20,312.96 and the Shanghai Composite Index dropped 1 percent to 2,523.40. Hong Kong's Hang Seng lost 1.7 percent to 25,430.40 and Seoul's Kospi shed ...

Eurozone ministers reach compromise deal on reform package

Business 12/04/18, 05:24

Eurozone finance ministers have agreed to strengthen the single currency bloc's defenses against any future financial crisis.Eurogroup President Mario Centeno said early Tuesday that "after several months of intense negotiations and a very tough and long meeting we delivered a comprehensive plan to strengthen the euro."Portuguese Economy Minister Mario Centeno ...

Fed Chairman Powell says economic challenges remain

Business 12/03/18, 18:47

Federal Reserve Chairman Jerome Powell said Monday that despite solid economic progress, the country still faces a number of challenges ranging from slow wage-growth for lower-income workers to sluggish productivity and an aging population.Powell said in remarks at a Fed award ceremony that these challenges remain even though unemployment is ...

Pakistan’s currency plunges again as country seeks IMF loan

Business 11/30/18, 07:28

Pakistan's currency has plunged further as the country is mired in a financial crisis and seeking an $8 billion bailout package from the International Monetary Fund.The Pakistani rupee traded at 142 to the dollar on Friday, a decline from 133.90 rupees to $1 at close of business the previous day.Analyst ...

Fed: Some US businesses’ debt at highest level in 2 decades

Business 11/28/18, 11:20

American corporations have elevated their debt loads to potentially risky levels, the Federal Reserve said Wednesday in a report that raised concerns about the financial system 10 years after the 2008 crisis erupted.The Fed's report was its first assessing the stability of the U.S. financial system. A decade after the ...

European banking chief: euro needs a central budget

Europe 11/26/18, 10:10

European Central Bank head Mario Draghi is renewing his pleas to fix flaws in the 19-country euro currency, urging European leaders to adopt a central spending capacity to buffer individual governments against financial crises.European Central Bank President Mario Draghi speeches during an Economic and Monetary Affairs meeting at the European ...

Greece: Creditors approve U-turn on pension cuts

Europe 11/21/18, 07:59

Greece's bailout creditors have approved a request by the country to scrap pension cuts planned in 2019 after the country delivered a strong budget performance.Elderly men shout slogans during a rally in Athens, Tuesday, Nov. 20, 2018. Hundreds of pensioners protested demanding a return of funds lost as part of ...

Turbulent stock market spooks some older workers, retirees

Business 11/19/18, 01:22

The recent turbulence in the U.S. stock markets is spooking some older workers and retirees, a group that was hit particularly hard during the most recent financial crisis.There's no indication, though, that the recent volatility has brought about large-scale overhauls in retirement planning."There's a lot of fear that if you ...

Fed announces new report on financial stability

Business 11/09/18, 19:07

The Federal Reserve said Friday it will begin issuing a new report twice a year assessing the stability of the U.S. financial system.The Fed said the first report will be issued on Nov. 28. It will provide information on potential financial vulnerabilities tracked by the central bank such as valuations ...

EU stress tests show banks more robust against a crisis

Europe 11/02/18, 14:01

Europe-wide stress tests show big banks coming through a theoretical financial crisis in better shape than in the last such test two years go.None of the 48 banks subjected to the exercise fell short of the capital yardstick used in earlier exercises, although this year's exercise does not give pass-fail ...

End of austerity? Britain’s poor to see little improvement

Europe 10/30/18, 08:07

Much of Britain will continue to feel the effects of eight years of spending cuts, even after the government's Treasury chief heralded the end of austerity by splashing out billions of pounds for health, transportation and small business in his latest budget.As the country prepares for a potential economic hit ...

US regulators lift strict oversight of Prudential

Business 10/17/18, 06:45

A group of federal regulators on Wednesday lifted the strict government oversight imposed on big insurer Prudential Financial Inc. It was the last financial company still carrying the label that subjected it to special restrictions stemming from the 2008 financial crisis.The unanimous decision by the Financial Stability Oversight Council closed ...

Update: IMF head says Pakistan help must be transparent

Business 10/11/18, 00:30

The Latest on the IMF-World Bank annual meeting (all times local):11:45 a.m.International Monetary Fund Managing Director Christine Lagarde has said a bailout package for Pakistan would need to be fully transparent.Lagarde said Thursday that she had not yet seen a formal request for help but thought she might receive one ...

Money or not, world can’t drop Palestinian refugees, says UN

World 09/27/18, 19:28

Facing a financial crisis after the United States cut funding, the head of the U.N. agency that helps 5.3 million Palestinian refugees says the problem of their well-being will continue to exist whether there's money or not — and especially if it is forced to shut down.Head of the UN ...

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