March 14, 2014 |
The stock market closed out its worst week since January, weighed down early by doubts about China's economic growth, uninspiring economic data in the U.S. and finally geopolitical tension in Russia. The Dow Jones industrial average slid 2.4% for the week, saddling it with a 3.1% loss so far this year. The index was off 43.22 points Friday, at 16,065.67, after skidding 231.19 points Thursday. The Standard & Poor's 500 index fell 2% for the week, leaving it down 0.4% for the year.
March 9, 2014 |
RAMALLAH, West Bank -- U.S. Secretary of State John F. Kerry's plan to jump-start the Palestinian economy to boost his political efforts kicked off this weekend in the Czech Republic's capital, Prague. A conference in Prague brought together some 100 international businesspeople, investors, financiers, Palestinian Authority officials and key figures in the Palestinian private sector. When Kerry launched his Palestinian-Israeli peace program at the end of July, he pledged to muster $4 billion to help boost the Palestinian economy, saying that a strong economy would be good for peace.
March 7, 2014 |
WASHINGTON -- The economy added 175,000 net new jobs last month, a surprisingly robust figure given the bad winter weather, the Labor Department said Friday. Despite the increase -- the largest in three months -- the unemployment rate ticked up 0.1 percentage points to 6.7% after hitting a more than five-year low in January. The February job-creation figure was a significant improvement over the 129,000 net new jobs added in January, which was revised up from an initial estimate of 113,000.
February 27, 2014 |
In its swiftness and brute force, Republican opposition to the Arizona measure that would have bolstered the right to deny services to gays sent one message to GOP Gov. Jan Brewer: Veto it. And it sent another to everyone else in the Republican Party: Keep your eyes on the ball. On the cusp of what the GOP hopes will be a November takeover of both houses of Congress, and the start of a 2016 presidential contest that it hopes will end with the White House in its embrace, party leaders appear to have shifted strategy: Instead of ignoring deviations from Republicans' strong suit, they will try to quash them.
February 25, 2014 |
Rumors about the possible collapse of leading Bitcoin exchange Mt. Gox are sending shock waves through the community that has embraced the virtual currency. Amid radio silence from the company, users are attempting to sort through conflicting signals that the company has shut down or that it is being acquired and possible relaunched. [Updated 9:30 a.m., Feb. 25: Mt. Gox issued a short statement : " In light of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users.
February 22, 2014 |
Los Angeles has one of the highest levels of income inequality in the nation, but that's due in part to a relatively strong local economy that's stoking the fortunes of higher-income people, according to a new study. Of the 50 largest U.S. cities, L.A. has the ninth-highest level of income disparity, according to the analysis by the Brookings Institution, a Washington think tank. The top three are Atlanta, San Francisco and Miami. Inequality has become a flash point nationwide as the wealth of top earners surges while the middle and lower classes grapple with stubborn income stagnation.
February 17, 2014 |
WASHINGTON - Five years after its passage, White House officials and their Republican critics are still fighting over the merits of President Obama's economic stimulus law. Later this week, Obama will mark the fifth anniversary of signing the American Recovery and Reinvestment Act. Monday, his Council of Economic Advisers issued a 70-page report lauding the law's impact. Republicans, meanwhile, seized the anniversary to denounce the law for increasing the federal debt while failing to cure the economy's troubles.
February 17, 2014 |
WASHINGTON - Brutal winter weather contributed to a downturn in job growth and other economic data, raising questions about the strength of the recovery and testing the Federal Reserve's resolve in unwinding its key bond-buying stimulus program. Fed policymakers will have another month of data to consider when they next meet in mid-March. But if the views of John C. Williams are any indication, the Fed is likely to hold course. As president of the Federal Reserve Bank of San Francisco, one of the Fed's 12 district banks, Williams has a seat at the mahogany table where top Fed officials meet regularly to discuss the economy and make policy decisions.
February 14, 2014 |
The severe weather that has hit much of the country this winter has cost the economy nearly $50 billion in lost productivity and 76,000 jobs, according to a new survey. Snow, ice and bitter cold will shave about 0.3 percentage point from economic growth, according to Wall Street economists, fund managers and strategists polled by CNBC. In an economy with about $15.7 trillion in total output, or gross domestic product, that comes to about $47 billion. PHOTOS: Federal Reserve chairs through the years The weather that has made much of the country at times look like it could host the Winter Olympics also hindered labor market growth, partly causing the disappointing government jobs reports in December and January.
February 14, 2014 |
What's expected to be a growing number of Asian air travelers over the next few decades means these up-and-coming fliers will have more say over the future of economy-class travel. What do they want? The most comfortable seats possible with mood lighting and quiet zones so they can sleep and relax. Asia will account for 45% of global air passengers by 2032, and these passengers will be young (18 to 34) and affluent, according to an Airbus study released Thursday. "The voice of the Asian passenger is fast becoming the dominant voice in the aviation industry and will dictate the future of flight," Kevin Keniston, described as Airbus' head of passenger comfort, said in a statement.