December 17, 2011
EU and IMF end informal Hungary debt talks
The European Commission and the IMF have cut short informal aid talks with Hungary due to worries over the independence of its central bank. Hungary had been seeking a standby credit line of 15-20bn euros ($19.5bn, £12.6bn) in case it ran into…
December 17, 2011
Senate approves two-month extension of payroll tax cut
Senate lawmakers on Saturday voted overwhelmingly to extend the payroll…
December 16, 2011
Lagarde: No country’s economy immune from rising risks
IMF head Christine Lagarde has said the world economic outlook is "gloomy" and no country is immune from rising risks. She said all nations, starting with Europe, needed to head off a crisis with risks of a global depression. "There is no economy in…
December 16, 2011
ECB chief Draghi: Governments must save themselves
European Central Bank president Mario Draghi says there’s “no external savior” for heavily indebted governments in the 17-nation eurozone and gave no indication the bank is ready to step in and support their finances. Investors had hoped the ECB…
December 16, 2011
Europe anxiety pushes oil prices lower
Oil prices continued to drop after Wednesday’s 5 per cent plunge, as Europe’s weakest economies failed to get more help from their central bank. Benchmark crude on yesterday fell 58 cents to US$94.37 per barrel in afternoon trading in New York.…
December 15, 2011
Eurozone faces winter recession, Ernst & Young says
The eurozone is facing a "bleak" winter, according to audit firm Ernst & Young.
A "mild" recession…
December 15, 2011
UK’s unemployment at highest level in 17 years
Austerity measures, prolonged economic weakness and a eurozone crisis have taken their toll on Britain’s work force, with figures published yesterday showing that unemployment has reached a 17-year high. Britain’s government has staked its…
December 15, 2011
Bank of Japan says businesses are pessimistic
Japanese manufacturers' sentiment has turned pessimistic due to a strong yen and Europe's debt crisis, the latest Tankan survey has found. In its quarterly survey, the Bank of Japan said large manufacturers' sentiment in the three months to…
December 15, 2011
Bernanke worries Europe’s woes will spill into U.S.
Federal Reserve Board Chairman Ben Bernanke told Republican senators on Capitol Hill on Wednesday that he's concerned about European sovereign debt problems spilling over to the U.S. economy, according to senators. The Senate Republican caucus…
December 15, 2011
China to tax US-made car imports in trade dispute
China will levy duties on some cars made in the US in the latest escalation of trade disputes between the two largest economies. China's commerce ministry said in a statement that vehicles were being dumped on the Chinese market, causing damage to…