Bush to take on subprime problem
August 31 2007 7:26 AM EDT
President George W. Bush will propose reforms on Friday intended to help homeowners with subprime mortgages avoid default, his first public step to address a crisis that has created turmoil in financial markets around the world.
Travel demand withstands softening economy
August 30 2007 1:03 PM EDT
Hotels and airlines are bracing for softer demand as the economy shows signs of slowing, but the pain may not hit the travel industry for months.
No Decision on Musharraf's Army Role
August 30 2007 12:11 PM EDT
Pakistani President Pervez Musharraf has yet to decide whether to step down as army chief, a spokesman said on Thursday, as former Prime Minister Nawaz Sharif announced he would return home from exile on September 10.
U.S. authorities step up probes of European banks: report
August 30 2007 11:50 AM EDT
The U.S. Justice Department and other authorities have stepped up investigations into several large European banks for violating sanctions against Iran, Libya, Cuba and Sudan, the Financial Times reported in its online edition.
Greeks besiege banks for wildfire compensation
August 30 2007 11:43 AM EDT
Thousands of Greeks besieged banks on Thursday, clamoring for state compensation for damage caused by the country's worst wildfires which burned on in some areas one week into the crisis.
China says toy recall scare shows protectionist agenda
August 30 2007 11:39 AM EDT
Mattel has only itself to blame for a huge toy recall that has stoked global alarm about Chinese-made goods, state media said on Thursday, charging that a slew of foreign safety scares had exposed a protectionist agenda.
Growth recovers but jobless claims up
August 30 2007 10:32 AM EDT
The U.S. economy grew at an annual rate of 4 percent in the second quarter, as strong business investment led the fastest pace of expansion since early last year, the government reported on Thursday. However, the rebound in growth is not likely to be sustained. Policy makers and analysts may scale back estimates for U.S. growth in the coming quarters due to disruptions in the financial markets worldwide from rising defaults in subprime mortgages.
Strong investment pushes growth up
August 30 2007 9:14 AM EDT
Robust business investment helped push U.S. second-quarter growth ahead at an upwardly revised 4 percent annual rate, the government reported on Thursday, the fastest pace since early last year but one that is unlikely to be sustained.
Market turmoil puts Bernanke under spotlight
August 30 2007 8:43 AM EDT
Fed Chairman Ben Bernanke, under fire from some for being slow to stamp out a smoldering credit crisis, takes the stage before global policy-makers on Friday in a test of his leadership with financial market worry at a fever pitch.
Fed not rushing to bail out investors with rate cut: report
August 30 2007 8:22 AM EDT
The U.S. Federal Reserve is not rushing to cut benchmark interest rates because it wants to break investors of the view that the central bank is there to bail them out, an article in the Wall Street Journal said on Thursday.
South Korea sees near end to Afghan hostage ordeal
August 30 2007 8:20 AM EDT
South Korea said the remaining seven Korean church volunteers held by the Taliban in Afghanistan were likely to be freed on Thursday, a day after 12 of their colleagues were released from an ordeal of nearly six weeks.
China defends food safety standards to WHO
August 29 2007 10:49 AM EDT
China has sent a notice to the World Health Organisation defending its food safety standards and sentenced another food and drug watchdog official for bribery, its latest moves to assure the world its exports are up to par.
Bush to request $50 billion more for Iraq war: report
August 29 2007 10:45 AM EDT
U.S. President George W. Bush is preparing to ask Congress for as much as $50 billion in additional funding for the war in Iraq, The Washington Post reported on Wednesday, citing a White House official.
Firefighters gain upper hand over Greek fires
August 29 2007 10:35 AM EDT
Greek firefighters gained the upper hand on Wednesday over widespread forest fires that have killed at least 63 people and left the government shaken by accusations of incompetence.
Pizza for pesos marks decline of dollar
August 29 2007 10:25 AM EDT
U.S.-based Pizza Patrón's move to take Mexican currency at its stores initially sparked a backlash in January. But business has been booming.
Home loan demand slumps despite lower rates
August 29 2007 9:02 AM EDT
U.S. mortgage applications fell for a second consecutive week, reflecting a drop in demand for home purchase and refinancing loans even as interest rates sank, an industry group said on Wednesday.
Taliban free eight Korean hostages
August 29 2007 8:08 AM EDT
Taliban insurgents freed eight South Korean hostages in two separate batches on Wednesday, the first of 19 Christian volunteers the Taliban agreed to release.
Ex-Goldman analyst pleads guilty to insider trading
August 28 2007 4:58 PM EDT
A former Goldman Sachs Group Inc bond analyst pleaded guilty on Tuesday to helping lead a far-flung insider trading scheme involving tips about pending mergers and stolen copies of BusinessWeek magazine that netted more than $6.7 million in illicit gains.
Biggest drop in consumer confidence since Katrina
August 28 2007 4:53 PM EDT
U.S. consumer sentiment took its sharpest plunge in nearly two years during August while home prices swooned in the second quarter, according to reports that show a heavy toll from the housing crisis.
Mexico's economy expanded 2.5 pct in June
August 28 2007 4:49 PM EDT
Mexico's economy, hobbled in recent months by a U.S. slowdown and less demand for exports, expanded 2.5 percent in June from the same month last year, modestly less than analysts had forecast in a Reuters poll.