Business and Finance
Former Federal Reserve Chairman Alan Greenspan said a possible recession in the U.S. this year may be deeper than the last two contractions.
“The existing financial problems are deeper than we've had for a while, so I wouldn't be surprised if this recession is deeper than the last two shallow recessions,'' Greenspan said […]
An “abrupt shift'' by state investment funds into euro-denominated assets could fuel gains in the currency, according to a draft European Commission paper.
“While an increased international use of the euro would definitely bring benefits, an abrupt shift towards the European currency'' by sovereign wealth funds “could put unwelcome upward pressure on the euro […]
Filed under: legal by John
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Bond insurer MBIA Inc. said Tuesday that Chairman and Chief Executive Gary Dunton has resigned and that former CEO Joseph "Jay" Brown was returning to assume the helm of the embattled company.
The Armonk, N.Y.-based company said that Dunton, 52, would be replaced immediately by Brown, 59, who retired from his position of executive […]
Filed under: business by John
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The more Federal Reserve Chairman Ben S. Bernanke cuts interest rates, the less appealing 10-year Treasuries become to investors like Doug Dachille, chief executive officer of First Principles Capital Management LLC.
Consumers taking advantage of lower borrowing costs have pushed the Mortgage Bankers Association's refinancing index to its highest level since March 2004. […]
Home prices continued their plunge during the last three months of 2007, setting a real estate trade group’s record for the biggest-ever quarterly drop.
The national median price drop of 5.8%, to $206,200 from $219,300, was the steepest ever recorded by the National Association of Realtors (NAR), which has been compiling the report since […]
China passed Canada to become the largest source of products shipped into the U.S. last year, capping a six-year period when its exports to the U.S. more than tripled.
Led by items such as flat-panel televisions and computers, household appliances, toys and clothing, imports from China surged to $321.5 billion in 2007, according […]
Filed under: business by John
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Group of Seven officials, warning of further financial-market turmoil, indicated they will be forced into more interest-rate cuts and tax reductions to shore up the global economy.
Finance ministers and central bankers ended a weekend meeting in Tokyo with a statement that “downside risks persist,'' including the U.S. housing slump and tighter credit […]
Filed under: management by John
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European Central Bank President Jean- Claude Trichet said there's no end to financial-market turmoil in sight and policy makers will continue to take “appropriate measures'' if necessary.
“We are observing an ongoing, significant market correction,'' said Trichet at a press conference after meeting finance ministers and central bankers from the Group of Seven […]
Filed under: money by John
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Luxury-home prices in London rose at the fastest rate in four months as international buyers and a growing number of Britons paid more than 10 million pounds ($19.8 million) for properties, Knight Frank LLC said.
The average price of houses and apartments costing at least 2.5 million pounds rose 1.1 percent in January […]
Filed under: management by John
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Lenovo Group, the world’s No. 4 personal computer maker, said Thursday that profit in its third fiscal quarter rose 198% and forecast strong sales this year despite a possible U.S. economic slowdown.
Driven by strong sales and aggressive cost-cutting, profit for the three months that ended Dec. 31 was $172 million, or $1.93 per share, […]
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