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Syria has switched all of the state's foreign currency transactions to euros from dollars amid a political confrontation with the US, the head of state-owned Commercial Bank of Syria said. "This is a precaution. We are talking about billions
Over the last five years, US manufacturing lost 2.9 million jobs, almost 17% of the manufacturing work force. The wipeout is across the board. Not a single manufacturing payroll classification created a single new job.
When Chinese companies flooded the Nigerian market with cheaper versions of the generators Rex Nwankwu once imported from Italy, he said his business was imperiled. "People would rather buy the cheap and inferior Chinese generators, than buy one
Of the 141 programs President Bush wants to cut or eliminate in his 2007 budget are survivors of past Bush hit lists. Of 91 programs proposed for termination, all but 13 have been on the chopping block before. Would save taxpayers 0.02% of the $2.77
The US trade deficit skyrocketed in 2005 to a record $725.8 billion, as American companies and consumers snapped up record levels of low-priced goods from China and high-priced oil from the Middle East, a government report showed.
As the Defense Secretary shops his $439 billion, 2007 Pentagon budget request—not including $100 billion in war costs—he is circumventing sticker shock by pointing as a economic percentage the defense budget is at historic lows.
The 141 programs that President Bush proposed to eliminate or cut in his 2007 budget, with potential savings in millions.
A two day seminar in Scottsdale, Arizona with speakers, Drs. Anna and Richard Ebeling and Sheldon Richman.
In March 1929, Coolidge turned the presidency over to Herbert Hoover, the commerce secretary he derided as “The Wonder Boy.” Six months later came the Wall Street crash and Great Depression with which Hoover’s name is forever associated.
President Bush will propose shrinking an array of domestic programs and cut billions from the Medicare health program when he sends Congress a $2.7 trillion budget on Monday.
Economists worry that there are too many dollars in foreign hands, thanks to our enormous budget deficit. The US must borrow to finance its debt. To do so, it issues Treasury securities, which are interest-bearing IOUs backed by the government.
Americans are working as hard as ever, but their paychecks aren't keeping pace with rising inflation. That means trouble for their pocketbooks - and for an economy that's fueled by their spending.
The unemployment rate dropped from 4.9 percent to 4.7 percent, the lowest since July 2001. For blacks, the rate fell to 8.9 percent, the best since September 2001. The unemployment rate for Hispanics fell to a 5-month low of 5.8 percent.
Eager to reduce spending, the Bush administration falsely claimed savings of more than $1.3 billion in the Department of Veterans Affairs to justify cuts to health care services, congressional investigators say. The agency used misleading accounting
The measure, which reduces the growth in spending for popular entitlement programs such as student aid, Medicaid, Medicare and child welfare, passed 216-214 with only Republican votes. Senate and House settled on $40 billion.
Since the late 1990s, when the expansion and adoption of the Internet created a bona fide Mecca for retailers and shoppers, people have looked forward to the day when physical cash would no longer be the mainstay of payment transactions.
Americans' personal savings rate dipped into negative territory in 2005, something that hasn't happened since the Great Depression. Consumers depleted their savings to finance the purchases of cars and other big-ticket items.
While the sun shines on the economy, influential voices warned its leaders to make essential repairs now in case of storms ahead. The weak link is the over-stretched US consumer, mortgaged to the hilt in a booming housing market. With jacking up inte
Massive flows of capital from the emerging to the developed world are unsustainable and risk damaging both poor and rich countries. The U.S. absorbs roughly 70 percent of excess global savings. The danger to the world economy is that when the inflows
The U.S. economy ended 2005 on a surprisingly soft note as consumer spending grew at the slowest rate since 2001 and businesses were less eager to boost investment, a government report on Friday showed.
General Motors Corp. posted a fourth-quarter net loss of $4.8 billion on Thursday, a sea of red ink deeper than the most pessimistic Wall Street estimate, as costs for layoffs and plant closures soared.
President Bush, who has faced heat from conservative Republicans over high budget deficits, pledged to take a tougher stance toward Congress over spending, including vetoing bills if necessary.
Poll: Most Americans pessimistic about the economy, divided on the war and doubtful that Bush has the best plan to address health care and corruption. http://usatoday.com/news/polls/2006-01-23-poll.htm#corruption
Groups fighting for the rights of peasant communities are stepping up pressure on governments to ban the use of genetically modified ''suicide seeds'' at UN-sponsored talks on biodiversity in Spain this week.
Japanese technology giant Toshiba will buy US power plant maker Westinghouse for five billion dollars, more than double the initially expected price amid renewed interest in nuclear power, a report said.
Liberties are not made by the government, are not legal tender and "the U.S. Treasury Department does not approve of it," said Michael J. White, a spokesman for the U.S. Mint. No business is required to accept Liberties, White said, but he
Japanese technology giant Toshiba will buy US power plant maker Westinghouse for five billion dollars, more than double the initially expected price amid renewed interest in nuclear power, a report said.
"You never get [stock] drops of this magnitude without something serious going on. It's not a pretty picture, and it clearly caught a lot of people off guard." Digging out of the red will be hard unless profits improve and oil prices
Krassimir Petrov provides a frank anallysis of what he believes to be the real reason for war with Iraq and possibly Iran ... and the impact on the US economy.
