June 30, 2013 |
Latin America has had a good decade. Over the last 10 years, economic growth averaged 4.2%, and 70 million people escaped poverty. Macroeconomic stability, open-trade policies and pro-business investment climates have supported and will continue to support strong growth in the years to come. Crucially, economic gains are being broadly shared. A recent World Bank report found that the middle class in Latin America grew by 50 million people between 2003 and 2009, an increase of 50%. For a region long riven by wealth inequality, this is a remarkable achievement.
April 17, 2013 |
WASHINGTON -- As the new U.S. Treasury secretary, Jacob J. Lew is taking up a familiar and so-far thankless task: trying to persuade top European officials to shift from austerity to more growth-oriented economic policies. That was a major focus of Lew's first swing through Europe last week as Treasury head, and on Wednesday in Washington, he again pushed the message, albeit gingerly. In a speech, Lew contrasted the divergent post-recession fortunes of the U.S. and Europe, noting that the American economy had grown for 14 straight quarters and added millions of jobs, while the Eurozone's output had fallen over the last five quarters and some of its member countries are battling extremely high unemployment.
March 6, 2013 |
Not everyone is celebrating the new high in the Dow Jones industrial average. After being mauled by two punishing bear markets in the last dozen years, millions of individual investors aren't sure how to feel. On Tuesday, the world's best-known market gauge vaulted 125.95 points to close at 14,253.77, nearly 90 points above its previous high-water mark in late 2007. Some small investors are dismayed at not loading up on equities when the market plunged in 2008 and early 2009.
CALIFORNIA | LOCAL
January 23, 2013 |
A.W. "Tom" Clausen, a no-nonsense Midwesterner who led San Francisco-based Bank of America before and after serving as president of the World Bank, died Monday at a hospital in Burlingame, Calif. He was 89. The cause was complications from pneumonia, according to his wife, Helen. Clausen began his career at a Bank of America branch in Los Angeles in 1950 as a part-time cash counter. He rose through the ranks to become president and chief executive officer of the bank and its holding company, BankAmerica Corp., in 1970 and led the institution for 11 years.
September 5, 2012 |
Leave it to the country that brought us Ikea to make the most of the Internet. According to a new report from the World Wide Web Foundation, the people and government of Sweden are the best in the world at optimizing the Web The United States ranked second in the index, followed by the United Kingdom, Canada and Finland. Tunisia and Russia were smack in the middle of the list that ranks 61 countries, taking the the 30 and 31st spots respectively. At the bottom of the list were Zimbabwe and Yemen.
CALIFORNIA | LOCAL
June 5, 2012 |
As one of the first women to hold a position of power on Wall Street, Marion O. Sandler was notable even before she and her husband, Herbert, spent 43 years building Oakland's World Savings Bank into such a major - and ultimately controversial - adjustable mortgage lender. Sandler, the daughter of Jewish immigrants from Lithuania and Russia, exploited her keen analytic skills to become Dominick & Dominick's first female executive in 1955 and joined Oppenheimer & Co. as a savings and loan analyst in 1961.
April 25, 2012 |
The cost of food around the world is rising again, due to bad weather, soaring oil costs and strong demand in Asia for imports, according to the World Bank. Global food prices soared 8% between December and March after dipping late last year from record highs, according to the organization's quarterly index . Unless food producers manage to funnel more product into the market, economists worry that prices could continue to spike. “After four months of consecutive price declines, food prices are on the rise again, threatening the food security of millions of people,” said Otaviano Canuto, the World Bank's vice president for poverty reduction and economic management, in a statement.
April 17, 2012 |
WASHINGTON — The World Bank selected Jim Yong Kim, president of Dartmouth College and an expert in public health, as its next president, continuing a seven-decade practice of installing an American citizen to lead the institution. There had been complaints from developing countries that their citizens should have a chance to run the bank. Two other nominees sought the job — Nigerian Finance Minister Ngozi Okonjo-Iweala and a former Colombian finance minister, Jose Antonio Ocampo.