Stocks drop as investors flee risk
August 16 2007 10:23 AM
Stocks dropped sharply on Thursday as fears grew that deteriorating credit market conditions may deal a blow to economic expansion.
Fed's Poole says no need for emergency rate cut
August 16 2007 9:24 AM
St. Louis Federal Reserve Bank President William Poole said on Wednesday financial market turmoil had not undermined the U.S. economy and there was no need for the central bank to ride to the rescue with an emergency rate cut.
July home starts fall to 10-year lows
August 16 2007 9:21 AM
Groundbreaking for new homes fell 6.1 percent in July to the lowest pace in more than 10 years while building permit activity, a sign of future construction plans, sank to a nearly 11-year low, a government report on Thursday showed.Groundbreaking for new homes fell 6.1 percent in July to the lowest pace in more than 10 years while building permit activity, a sign of future construction plans, sank to a nearly 11-year low, a government report on Thursday showed.
Paulson says U.S. economy can withstand turmoil: report
August 16 2007 5:30 AM
U.S. Treasury Secretary Henry Paulson said the turmoil in global markets will extract a penalty on growth but the financial system and economy was strong enough to withstand it without provoking a U.S. recession.
U.S. parents say wary after China product recall
August 15 2007 2:14 PM
The recall of millions of Chinese-made toys by U.S. toy company Mattel Inc. will make Americans more cautious about buying toys made in China but will not deter them, parents said.
Asia property retains allure in stormy market
August 15 2007 11:00 AM
The region is still a safer bet than struggling U.S. and European markets despite an expected dip in investment due to higher borrowing costs from the U.S. subprime crises.
British legacy alive and kicking in India
August 15 2007 10:35 AM
While India is doing away with some symbols of British rule, such as the names of some cities and towns, other things, such as language and the university system remain firmly entrenched.
UK eases foot and mouth curbs after negative tests
August 15 2007 10:31 AM
Britain said on Wednesday it would ease restrictions on livestock movements and was likely to stand down vaccination teams after initial tests for foot and mouth disease at a farm and theme park proved negative.
Toll 36 after China bridge collapsed like beancurd
August 15 2007 10:28 AM
A bridge that collapsed in China killing at least 36 people broke apart like a pat of beancurd because there were apparently no steel reinforcement bars, state media said on Wednesday, quoting a rescuer.
India marks 60th anniversary
August 15 2007 10:25 AM
Indian Prime Minister Manmohan Singh marked the 60th anniversary of independence from British rule by urging the country to work harder to free itself from the shackles of poverty, ignorance and disease.
Democratic hopefuls seize on housing woes
August 15 2007 10:21 AM
Democratic presidential hopefuls have seized on the deepening U.S. mortgage crisis and gyrating financial markets as signs they would be better stewards of the economy, but Republicans argue the outlook is strong.
Voters cooling on economic outlook: Reuters poll
August 15 2007 10:18 AM
Most U.S. voters think the economy is in fair shape, at best, and will grow at a slow pace over the next six months, according to a Reuters/Zogby poll released on Wednesday.
Central banks step aside as turmoil continues
August 15 2007 10:02 AM
Central banks on Wednesday progressively withdrew the cash they recently injected into money markets as the focus of the global credit storm rolled into emerging markets and currencies.
Inflation edges up slightly in July
August 15 2007 9:54 AM
U.S. consumer prices edged up in July while a measure of manufacturing activity in New York this month dipped slightly, according to data released on Wednesday that was unlikely to sway an inflation-wary Federal Reserve. While the Fed said last week that inflation was its top concern, it also acknowledged that the housing market downturn had led to tightening credit terms for some households and businesses.
UK probes two new suspected foot and mouth cases
August 14 2007 5:21 PM
British authorities said on Tuesday they were investigating two new suspected cases of foot and mouth disease, raising fears that an existing outbreak of the livestock disease may not have been contained.
India's Gandhi backs nuclear deal
August 14 2007 5:04 PM
The powerful head of India's ruling Congress party stood firm behind a controversial nuclear deal with the United States on Tuesday as fresh efforts were launched to convince communist allies who have rejected it.
U.S. agency, lawmakers seek tests of China-made toys
August 14 2007 4:57 PM
The U.S. toy industry is under growing pressure from U.S. lawmakers and the Consumer Product Safety Commission to launch a testing program to ensure the safety of products from China, officials said on Tuesday.
BOJ drains cash from financial markets
August 14 2007 11:24 AM
The bank of Japan drained up to 1.6 trillion yen in cash from its financial markets on Tuesday, suggesting that the Bank of Japan felt comfortable that business was returning to normal.
Research: Recreation, leisure a top expense for affluent Chinese
August 14 2007 11:13 AM
A new survey says 92.6 percent of affluent families in China which annual income exceeding $25,000 spend about $10,000 in leisure and entertainment every year, according to the research released on Monday by MasterCard International.
Florida property market turns cold
August 14 2007 10:50 AM
Phone books that were delivered but never opened rot away next to empty driveways and overgrown lawns, telltale signs that once-booming southwest Florida is now the center of the U.S. housing storm.