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BUSINESS
September 6, 2012 | By Jim Puzzanghera
The European debt crisis is pushing the continent into recession and dragging down the global economy, according to a forecast released Thursday by the Organization for Economic Cooperation and Development. Growth in the world's seven major industrialized economies is expected to slow to just 0.3% in the third quarter of this year, and 1.1% in the fourth quarter, the group said. Deep problems in Europe are driving that slowdown, with the Eurozone's three largest economies -- Germany, France and Italy -- forecast to contract a combined 1% in the third quarter and 0.7% in the fourth quarter.
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BUSINESS
January 15, 2014 | By Jim Puzzangherra and Don Lee
WASHINGTON - After a long and lumpy recovery, the world economy may finally be at a turning point with global growth expected to accelerate this year behind the rising strength of the U.S. and other major developed countries. But world finance leaders are warning of lingering effects of the last recession and, in particular, citing some growing threats - capital flight in developing countries and deflation in rich nations. "With inflation running below many central banks' targets, we see rising risks of deflation, which could prove disastrous for the recovery," Christine Lagarde, managing director of the International Monetary Fund, said Wednesday in a Washington meeting.
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BUSINESS
July 10, 2012 | By David Pierson, Los Angeles Times
BEIJING - China's economy appears to be weakening more rapidly than official statistics would suggest, raising fears of a painful slowdown that could be felt around the globe. Second-quarter gross domestic product statistics to be released this week are expected to show growth of around 7.5% compared with the same period last year, according to analysts' estimates. That would be the slowest pace since the depths of the global financial crisis. But government data are widely believed to understate the extent of China's woes.
WORLD
December 1, 2013 | By Richard Fausset
MEXICO CITY - To President Enrique Peña Nieto's supporters, his first year in office has been a time of bold promises kept as he pursues an ambitious agenda of reforms designed, in the long term, to bring peace and economic growth to Mexico. But in the short term, by many measures, his country remains a mess. Though he promised to focus on Mexico's economic potential, Peña Nieto has presided over an economy that has hardly grown at all. Though he vowed to reduce the kind of violence that affects innocent citizens, his record has been mixed, with kidnappings and extortion rising nationwide even as the number of homicides drops.
CALIFORNIA | LOCAL
June 17, 1999
The economies of the seven richest countries look better this year than last as their leaders and Russia's President Boris N. Yelt- sin open their annual summit meeting Friday. But, just beneath the gross domestic product numbers, the picture is less rosy. Many of the structural problems that plunged Asia into a financial turmoil in 1997 remain, European economic growth is fragile and even the United States' economy is beginning to show imbalances.
NEWS
January 26, 1993
Political heavyweights and economic experts from all corners of the globe will converge on this Swiss resort city on Thursday to ponder ways of pulling industrial nations out of an economic slump. The five-day World Economic Forum is chaired by former German Foreign Minister Hans Dietrich Genscher, former Bundesbank chairman Karl Otto Pohl and Sony Corp. head Akio Morita.
BUSINESS
March 18, 2001 | James Flanigan, James Flanigan can be reached at jim.flanigan@latimes.com
Fears about Japan roiled world financial markets last week--near-term fears that Japan's banks would fail and longer-term worries about Japan's curious economy, which has stagnated for a decade. There is cause to worry. In the next year or two, Japan is going to dramatically affect the world economy as it works out problems of government debt and industrial restructuring.
NEWS
August 30, 1994
Agriculture is a vital part of the world's economy. But countries that depend heavily on it tend to be less developed and less wealthy. In fact, farmers are among the poorest people in the developing world. China is No. 1 in both wheat and rice production--two key crops. But developed nations are strong players in the wheat field. * Top World Producers of Rice (1993-94) 1. China 2. India 3. Indonesia 4. Bangladesh 5. Vietnam 6. Thailand 7. Myanmar 8. Brazil 9.
BUSINESS
September 24, 1993 | From Reuters
IMF Managing Director Michel Camdessus warned Thursday of the risk of "devastating trends" hitting the world economy and appealed for a global growth strategy to combat them. Setting the stage for a series of international financial meetings that start today, Camdessus painted a bleak picture of a world economy beset by high and rising unemployment, anemic growth and mounting protectionism. "There are important problems," the International Monetary Fund chief told reporters.
BUSINESS
October 9, 1988 | LESTER C. THUROW, LESTER C. THUROW is Gordon Y Billard Professor of Management and Economics and dean of the Sloan School of Management at Massachusetts Institute of Technology in Cambridge
One year later, the October, 1987, stock market crash is just another financial panic. The history of capitalism is in fact littered with financial crashes. Tulip mania, the South Sea Bubble, the Great Crash of 1929 all have become part of our colorful history. Many more crashes have been forgotten. In the 19th Century, financial panic occurred at a rate of better than one a decade. Several panics, crashes, manias or bubbles occurred between 1900 and 1929.
OPINION
July 11, 2013 | By Timothy Garton Ash
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.
BUSINESS
July 9, 2013 | By Don Lee and Jim Puzzanghera
WASHINGTON - After leading the way out of the global recession, China and other big developing economies now are growing slower, a significant shift in momentum that augers weaker world growth and softer demand for U.S. exporters. The slowdown in developing economies has been building for some time but has captured greater attention recently because of China's credit crunch and the prospects of monetary policy tightening by the U.S. Federal Reserve. On Tuesday, the International Monetary Fund cut its U.S. and global economic forecasts for this year and next, citing primarily slower growth in key developing nations as well as a deepening recession in the Eurozone.
BUSINESS
April 22, 2013 | By Chad Terhune
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.
BUSINESS
December 25, 2012 | By Jim Puzzanghera, Los Angeles Times
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.
BUSINESS
December 10, 2012 | By Ken Dilanian, Los Angeles Times
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.
BUSINESS
September 7, 2012 | By Pat Benson
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.
BUSINESS
June 19, 1987 | DON COOK, Times Staff Writer
A gloomy forecast of slow-to-stagnant economic growth in the industrialized world--with little to indicate improvement in the next 18 months--was issued here Thursday by the 24-nation Organization for Economic Cooperation and Development. At the same time, the head of OECD's Economics and Statistical Department, David Henderson, warned bluntly that "the main single requirement is to bring down the U.S. fiscal deficit."
BUSINESS
January 13, 1991 | JAMES FLANIGAN
It may seem foolish, even improper, to think of finance and investments with American forces on the brink of war. But it's inescapable. The gyrations of financial markets are part of the daily crisis story, as hopes and fears drive stocks, bonds and the price of oil. Moreover, the world of finance is looked to for guidance. Financial experts are called upon to explain the economic underpinnings of the conflict and to gauge war's effect on the economy.
BUSINESS
September 6, 2012 | By Jim Puzzanghera
The European debt crisis is pushing the continent into recession and dragging down the global economy, according to a forecast released Thursday by the Organization for Economic Cooperation and Development. Growth in the world's seven major industrialized economies is expected to slow to just 0.3% in the third quarter of this year, and 1.1% in the fourth quarter, the group said. Deep problems in Europe are driving that slowdown, with the Eurozone's three largest economies -- Germany, France and Italy -- forecast to contract a combined 1% in the third quarter and 0.7% in the fourth quarter.
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