IMF Chief Criticizes 'Abrupt' U.S. Budget Cuts
IMF head Christine Lagarde criticized the U.S. government's budget policies as too tight Tuesday, in an appearance in Amsterdam that was interrupted by student protestors.
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Stocks Slide from Near 5-Year Highs, and Investors Wait for Earnings
Stocks slumped Tuesday on Wall Street after the International Monetary Fund predicted weaker world economic growth and as investors waited for what they expected to be lower corporate earnings.
Greek Debt Crisis Fix May Cost Central Banks up to 100 Billion Euros
European policymakers are working on "last chance" options to bring Greece's debts down and keep it in the euro zone, with the ECB and national central banks looking at taking significant losses on the value of their bond holdings, officials said.
Business Leaders Cry for Urgent Action at G20 Meeting
Top business executives from about 350 companies are urging world leaders to show more urgency in addressing economic malaise or risk an even deeper global crisis than in 2008-2009.
OECD Warns of 'Severe Recession' Looming for Eurozone
The 17-country eurozone risks falling into a "severe recession," the Organization for Economic Cooperation and Development warned on Tuesday, as it called on governments and Europe's central bank to act quickly to keep the slowdown from spreading.
IMF Sharply Downgrades U.S. Economic Outlook
The International Monetary Fund has sharply downgraded its outlook for the U.S. economy through 2012 because of weak growth and concern that Europe won't be able to solve its debt crisis.
The Financial Landscape: Is Italy the Next Greece?
As the eurozone sovereign debt crisis continues, focus is shifting to Italy as the next potential victim. But for worries closer to home, consider this: $37 billion in U.S. government benefits designed to help people through the downturn will expire by the end of 2011, leaving a hole twice that size in the economy.
Financial Landscape: DSK Case and Portugal Get Shakier
Portugal's economic health is at risk of collapse after Moody's cut its rating of the country's debt to junk status. Also at risk of collapse: The case against former IMF head Dominique Strauss-Kahn after The New York Post reported that his accuser was working two jobs -- as a maid and a prostitute.
Job Concerns Soar Among Employed, Unemployed
Employee concerns about layoffs have moved sharply higher according to a new survey by online jobs company Glassdoor. The percentage of those who are worried rose sharply to 22% in the second quarter - the highest since the third quarter of 2009.
The Financial Landscape: Gas Is Falling; Euro is Failing
Even before the International Energy Agency and the White House announced they were releasing billions of gallons or oil from fuel reserves, gas prices were falling. In the past two weeks, a gallon is down more than 11 cents. Also falling -- hopes for the euro, and the outlook for U.S. Treasury bonds.
The Financial Landscape: Big Pharma Wins; So Does Greece
It's a good day to be a drugmaker after two pro-business Supreme Court rulings favored the industry. And it's an even better day for those who are counting on the EU bailing out Greece. But the folks at Google may want to search for "defense lawyers" -- they may be seeing subpoenas shortly.
The Financial Landscape: Debt Woes, Hedge Fund Regs
Politicians in both Greece and the U.S. are struggling to find the common ground necessary to keep their governments from defaulting on their debts; QE2 hasn't ended yet, and already the Fed is considering QE3; and the SEC finally starts to regulate Wall Street's hedge funds.
The Financial Landscape: SEC Fines JPM Over CDOs
The news across the financial world is good for unions, which will find organizing a bit easier; adequate for Greece, which will find getting bailed out a bit easier, and bitter for JPMorgan which had to accept a $153.6 million SEC fine for misleading investors about a mortgage securities transaction.
Oil Falls as Worries About Europe Debt Crisis Continue
Concerns about the European financial crisis are still dragging down the price of oil. Benchmark crude for July delivery fell 32 cents to $92.69 per barrel in Monday midday trading. All eyes remain on Greece, which is trying to implement tough new austerity measures necessary to keep international aid coming.
The Financial Landscape: No Bailout Yet for Greece
At the start of a new week, all eyes are on Greece. E.U. finance ministers postponed agreement on a bailout until they see proof that its government will follow through on austerity measures. Meanwhile, some big U.S. firms are pushing for a generous tax holiday.