Daily News Channel
A number of economists predict that the recession could last into 2010 and unemployment will top 10%. If the crisis does not deepen into an even longer downturn, there will have to be early signs that the credit crisis is ending and that consumer and business confidence are coming back. And, there are a few things to watch for.
Economist Nouriel Roubini, chairman of New York-based research firm RGE Monitor, earned the nickname “Dr. Doom” by warning as early as 2005 that America’s speculative housing boom could trigger an economic crisis
European markets closed lower Tuesday, following a global selling spree the day before. Europe’s major exchanges drifted up in morning trading but by the end of the day London’s FTSE 100 was down 3.1 percent, the CAC 40 lost 1 percent and Frankfurt’s Dax 30 sank 0.5 percent.
When China’s legislature opens its annual session this week, the focus will be on jobs, the economy and social stability. Every year, over 3,000 delegates to the National People’s Congress meet in Beijing to review draft laws and vote on government budget and policies
European markets opened higher Tuesday, following a global selling spree the day before, although fell back slightly by early afternoon trading.
European markets opened higher Tuesday, putting at least a temporary hold on the latest global selling spree. Europe’s major exchanges were all higher in early trading
At least six security personnel were confirmed killed and six members of Sri Lanka’s cricket team hurt Tuesday after gunmen attacked the team’s bus in Lahore, Pakistan.
Myanmar will allow Rohingya refugees back into the country if they can prove that they are Bengali, Thailand’s foreign ministry said. The agreement was reached in side talks between the Thai and Myanmese foreign ministers during the 14th ASEAN summit, a meeting of Southeast Asian nations held in Thailand over the weekend, said Thai Foreign Ministry spokesman Thairit Charungwat on Monday.
Stocks crashed through a psychological barrier on Monday, falling below 7000 to close down 4.24% for the day, at 6763 — the first market close under 7000 since May 1997. The broader S&P 500 was down sharply as well, falling 4.66% to finish at 700.82. The market opened on a sharp down note after absorbing a weekend of anxiety over AIG, the black hole of an insurance company that is swallowing another $30 billion of government assistance with no assurance that it won’t need more.
On reading Warren Buffett’s much-anticipated letter to Berkshire Hathaway’s shareholders, one can’t avoid being struck by his faith in the ability of the American people to overcome adversity and to move the nation forward.