The U.S. economy is facing an unwelcome disinflation, but bold policy action will restore growth in the second half of this year, Federal Reserve Bank of Cleveland President Sandra Pianalto said on Wednesday.
President Barack Obama on Wednesday unveiled the next step in his multi-pronged efforts to lift the United States out of recession Wednesday, pledging up to $275 billion to help stem a wave of home foreclosures that sparked the U.S. financial meltdown.
President Barack Obama unveiled his much-anticipated plan on Wednesday to fight the U.S. housing crisis, pledging up to $275 billion to help stem a wave of foreclosures sweeping the country.
NEW YORK - Stocks headed for a bounce at the open on Wednesday as investors looked to snap up beaten-down shares after Tuesday's slide to three-month lows.
A speech later in the day by President Barack Obama to announce a plan to stem home foreclosures would likely offer investors more direction after government data showed U.S. housing starts and permits dropped to record lows in January.
Adv...
Corrects S&P 500's year-to-date drop in last paragraph to 'more than halved' from 'erased'
By Ellis Mnyandu
NEW YORK - Stock index futures rose on Wednesday as investors looked to snap up beaten-down shares following the prior session's slide.
A speech due later in the day by U.S. President Barack Obama to announce a plan to stem home foreclosures would likely offer investors more di...
NEW YORK - Stock index futures rose on Wednesday as investors looked to snap up beaten-down shares following the prior session's slide.
A speech due later in the day by U.S. President Barack Obama to announce a plan to stem home foreclosures would likely offer investors more direction, a day after Wall Street slid to three-month closing lows.
Advancers before the bell included Citigroup Inc &l...
The electric power industry and manufacturers say $4.5 billion in the $787-billion U.S. economic stimulus package will give a crucial boost to smart grids that will help the nation save money and electricity.
Consumers should be able to receive new coupons within weeks to help defray the cost of converter boxes for the nationwide switch to digital television signals, the federal government said on Tuesday.
NEW YORK - Stocks slid within striking distance of the November bear-market low on Tuesday, as grim manufacturing data signaled the recession is worsening and warnings on risks facing European banks underscored the continuing toll of the financial crisis.
Financial stocks sank to 14-year lows after Moody's Investors Service said banks could be hit by the recession in Eastern Europe, pulling the...
U.S. Secretary of State Hillary Clinton called for coordinated action to revive the global economy on Tuesday and invited Japanese Prime Minister Taro Aso to meet President Barack Obama at the White House next week.
President Barack Obama was set on Wednesday to unveil a plan to stabilize the troubled housing market, a main cause of the economy's deepening slump.
U.S. President Barack Obama signed a $787 billion economic stimulus bill into law on Tuesday as global markets plunged on fears that the recession would deepen despite government action in many countries
to try to ease the deepening recession, but some have been criticized for putting national interests before trade commitments.
ACT TOGETHER
What shocks me, you see, what bothers me a bit is that in the international arena ... everyone agrees that we need to work and act together, IMF chief Dominique Strauss-Kahn told France Inter radio.
Then when everyone goes home, everyone has his nati...
to try to ease the deepening recession, but some have been criticized for putting national interests before trade commitments.
ACT TOGETHER
What shocks me, you see, what bothers me a bit is that in the international arena ... everyone agrees that we need to work and act together, IMF chief Dominique Strauss-Kahn told France Inter radio.
Then when everyone goes home, everyone has his nati...
NEW YORK - Stock index futures tumbled on Tuesday on concern that the recession is worsening and that efforts to stabilize the global financial system may not be enough.
The diminishing appetite for riskier assets made stocks sink in Asia overnight while in Europe benchmark indexes were down more than 2 percent.
Top drags before the bell included financials, with shares of Bank of America
rose by the same amount, but confidence among non-manufacturers worsened by 8 points to a record low of minus 39.
Japan's finance minister, Shoichi Nakagawa, also said he would resign, after Japan's budget passes, over his embarrassing performance at a G7 weekend meeting in Rome.
Nakagawa's untimely departure is a major blow to increasingly unpopular Prime Minister Taro Aso. Analysts said As...
WASHINGTON - The U.S. government will release $4 billion in additional aid to General Motors Corp on Tuesday as planned, a White House aide said on Monday, ahead of the deadline for the automaker to submit a new survival plan.
The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.
GM is seeking conce...
Trade, energy and the global economic crisis will top the agenda of U.S. President Barack Obama's visit to Canada on Thursday, his first foreign trip since taking over the White House last month.
Countries must keep their promises to coordinate measures to revive the global economy rather than pleasing voters with protectionist policies, the International Monetary Fund said on Tuesday.
WASHINGTON - President Barack Obama will not formally announce his new auto task force on Monday, a White House aid said, clarifying remarks from a spokesman earlier.
Press Secretary Robert Gibbs told reporters on board Air Force One on Monday he thought a formal announcement about the strategy would be released in a written statement later in the day.
But a White House aide said no further not...
TOKYO - Japan sank deeper into recession with its worst quarterly contraction since the oil crisis in the 1970s, its reliance on exports and soft domestic demand dragging down the world's second-largest economy.
Hillary Clinton, in Tokyo on her first trip abroad as U.S. secretary of state, said Asia and the United States must fight the global crisis together.
The U.S.-Japanese relationship was...
ABOARD AIR FORCE ONE - President Barack Obama could announce his new auto task force later on Monday, his spokesman said.
I think the unveiling will come later today, Robert Gibbs told reporters on board Air Force One when asked when the president would formally announce his new strategy.
He said the announcement would likely be in a written statement.
Obama has decided to launch a governm...
