October 23, 2013 |
Spain pulled out of two years of recession in the third quarter, news that should give a boost to the efforts of its prime minister to repair the nation's economy though tax increases and spending cuts. The Bank of Spain said Wednesday that gross domestic product grew 0.1% in the third quarter, compared with a 1.2% drop in the same period a year ago. The news, while positive, has been viewed skeptically by some economists who point out the Spanish economy has slipped more than once into recession in the last five years.
October 22, 2013 |
WASHINGTON -- Americans are more pessimistic about the state of the economy after the partial government shutdown and debt limit fight, according to poll results released Tuesday. Just 29% of respondents in a CNN/ORC International survey said economic conditions are good, down four percentage points from late September. The figure is the lowest since December, when the nation was staring at the "fiscal cliff" combination of tax hikes and automatic spending cuts. The poll also showed that just 40% of respondents thought the economy would be in good shape a year from now, down from 50% in June.
October 22, 2013 |
There are few things the good people of Shanghai love more than shopping. And there were few shopping centers as luxurious as the city's Jinjiang Dickson Center. When it opened in 1994, the Jinjiang was China's first luxury retail mall, well situated among the leafy London plane trees of the former French Concession along the auspiciously named Changle Lu, the Street of Eternal Happiness. Across the street from the mall stood the hotel where, in 1972, President Nixon and Chinese Premier Chou En-lai signed the treaty that would formally open trade between what are now the two largest economies on the planet.
October 21, 2013 |
Donations to the 400 charities in the U.S. that raise the most money are slowing in 2013 after climbing 4% the year before, according to a report released Monday by the Chronicle of Philanthropy. The slowdown in post-recession philanthropy comes despite a sharp rise in giving by wealthy Americans who have more than doubled the number of gifts of $1 million or more this year, the Chronicle said. But middle-class Americans and those with fewer assets are holding back out of unease about the economy, including the chilling effect of political gridlock in Washington.
October 17, 2013 |
WASHINGTON - In the grand scheme of the $16-trillion U.S. economy, the nearly three-week government shutdown and standoff over the debt ceiling may not look like much. Analysts estimate the loss at tens of billions of dollars, and reckon that much of that will be recouped in the next quarter. But the extent of the economic harm goes well beyond what can be immediately tallied: lost business deals and disrupted research; a hit to consumer confidence; and what many see as permanent damage to U.S. credibility around the world.
October 16, 2013 |
Add another potential casualty of Washington's gridlock: the holiday shopping season. The congressional stalemate that brought about a partial government shutdown has rattled Americans already spooked by years of economic weakness. And the uncertainty could stretch into 2014, with debate continuing over the federal budget and debt limit. The shaky consumer confidence is pummeling sales forecasts for the holiday season, a crucial period that can account for up to 40% of a retailer's annual revenue.
October 11, 2013 |
The Tom Hanks movie "Captain Phillips," which opens Friday, will focus attention - again - on piracy off the coast of Somalia. The movie, in which (spoiler alert) the bad guys get caught, unfortunately might lead you to think that this is a problem that's been solved. After all, since the April 2009 seizure of the cargo ship Maersk Alabama, recounted in "Captain Phillips," there has been only one hijacking of a U.S.-flagged vessel by Somali pirates, the February 2011 seizure of a U.S. yacht in which the Americans were killed.
October 7, 2013 |
ATHENS -- In the strongest sign yet of economic recovery, Greece's ruling coalition on Monday unveiled a draft budget for 2014 that foresees growth in the country's debt-crippled economy, which is emerging from the doldrums after six years of painful austerity. Initially hit by global market turmoil in 2008, Greece has been at the center of the European Union's debt woes since late 2009, when the government exposed a crushing debt built up during years of dodgy state bookkeeping.
September 30, 2013 |
WASHINGTON - The last time the federal government shut down, for three weeks in the winter of 1995-96, the American economy felt a jolt but recovered quickly. Things don't look anywhere near as promising this time around. The nation is currently more than four years into an economic expansion with some momentum behind it. That also was the case in 1995. But this time, things are a lot more fragile. Shutdown Q&A: How long? What's the impact? Americans continue to suffer from a relatively high unemployment rate of 7.3%, which is about 2 percentage points higher than in December 1995.
September 27, 2013 |
WASHINGTON -- President Obama warned Republicans on Capitol Hill, who are holding up a government spending bill in an attempt to eliminate money for the healthcare law, not to “threaten to burn the house down simply because you haven't gotten 100% of your way. ” “My message to Congress is this: Do not shut down the government. Do not shut down the economy,” the president said in a late-afternoon appearance in the White House briefing room. “Pass a budget on time. Pay our bills on time.