July 11, 2013 |
Hidden behind thickets of acronyms and gorse bushes of detail, a new great game is underway around the globe. Some call it geoeconomics, but it's geopolitics too. The current power play involves an extraordinary range of countries simultaneously sitting down to negotiate free trade and investment agreements. Think of it as EBC: Everyone but China. The biggest of these negotiations got underway this week as a European Commission delegation sat down with its U.S. counterparts in Washington.
July 9, 2013 |
WASHINGTON -- The International Monetary Fund on Tuesday lowered its forecast for U.S. and global economic growth this year, citing the European recession and reduced demand worldwide. The world economy will grow 3.1% this year, the IMF said, down from its April projection of 3.3%. Growth also will be slower in 2014 -- 3.8% compared with an earlier 4% forecast. The U.S. economy will grow 1.7% this year and 2.7% next year, both down 0.2 percentage points from the organization's April World Economic Outlook forecast.
April 22, 2013 |
Heavy-equipment maker Caterpillar Inc. reported a 45% drop in first-quarter profit and cut its full-year outlook amid a slowdown in its mining business. The Peoria, Ill., company said mining companies continue to reduce their spending and new equipment orders remain weak after a surge last year. But Caterpillar said its sales in China increased in the quarter ended March 31, and that it's becoming more optimistic about the U.S. housing sector. "What's happening in our business and in the economy overall is a mixed picture," said Doug Oberhelman, Caterpillar's chairman and chief executive.
December 25, 2012 |
WASHINGTON - Amid the wrangling over the so-called fiscal cliff, President Obama and congressional Republicans can agree on something: They want to lower the corporate tax rate. The U.S. has the highest overall rate of any of the world's developed economies. It took the top spot in March after Japan reduced its rate, mimicking other countries that have lowered taxes to lure new businesses and keep existing companies from leaving. Negotiations to avert automatic income tax increases and federal spending cuts scheduled to kick in Jan. 1 could provide the impetus for U.S. policymakers to tackle an overhaul of the corporate tax code next year.
December 10, 2012 |
WASHINGTON - Majorities of people in most countries will achieve middle-class economic status by 2030, but the effects of climate change, an aging global population and anti-government movements in authoritarian nations such as China could cause upheaval in economic and political systems. The predictions come from a forward-looking study by the National Intelligence Council, which every four years analyzes key trends and projects their implications 20 years into the future. The United States is likely to remain "first among equals" among world powers because of the legacy of its leadership role and military power, according to the report.
September 7, 2012 |
U.S. employers added 96,000 jobs in August, the Labor Department said Friday, much fewer than expected. The unemployment rate was revised down, to 8.1% from 8.3% in July, but that's because people dropped out of the labor force. Join us for a live discussion about the state of unemployment and the economy later Friday. The Times will host a Google+ Hangout at 10:30 a.m. PDT with economy reporter Don Lee, markets reporter Andrew Tangel and Business deputy editor Joe Bel Bruno.