Recession

  • US Senate Janet Yellen to become first woman head of Federal Reserve 07-01-2014 03:35 PM

    Janet Yellen will take the helm of a Federal Reserve facing a significantly different economic landscape than the one that dominated Ben Bernanke's tenure as chairman, confronting her with different decisions as well. Bernanke's eight years leading the Fed were largely consumed with the Great Recession and his efforts to...
  • Dow Jones average closes above 16,000 for the first time 22-11-2013 08:40 AM

    New York: The Dow Jones industrial average is closing above 16,000 for the first time as encouraging news on the job market pushes stocks higher. Applications for unemployment benefits dropped last week to the lowest level since September. The number of applications is close to where it was before the...
  • Greece approves scheme to fire thousands of public workers 18-07-2013 04:42 AM

    Athens: Greece's shaky coalition government scraped through a vote on Wednesday on a bill to sack public sector workers as thousands chanting anti-austerity slogans protested outside parliament. The vote was the first major test for Prime Minister Antonis Samaras's two-party coalition since losing an ally over the abrupt shutdown of...
  • More cuts needed to balance British budget, say experts 29-06-2013 04:42 AM

    London: A leading think tank here has observed despite spending cuts of 11.5 billion pounds (over $17 billion) as announced by British Chancellor George Osborne for 2015-16, it may not not be enough to balance government budgets in the medium term. According to Carl Emmerson, director of the Institute for...
  • Lakshmi Mittal puts palatial London home up for sale 26-05-2013 09:50 PM

    London: The credit crunch seems to be taking its toll on one of the world's richest Indians Lakshmi N Mittal, who has put up one of his mansions in central London up for sale. The steel tycoon had bought the property on Palace Green in Kensington for 117 million pounds...
  • Sensex, Nifty end at 2013 lows 15-02-2013 09:39 AM

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  • Euro zone slips into second recession since 2009 15-11-2012 04:29 PM

    Brussels: The euro zone fell into a recession in July-September, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the three-year debt crisis slowed Germany to a crawl. Economic output in the 17-country euro zone fell 0.1...
  • US Obama faces fresh challenge with 'fiscal cliff' 07-11-2012 11:50 AM

    Washington: Barack Obama won re-election on Tuesday night, but the president faces a fresh challenge confronting the "fiscal cliff," a mix of tax increases and spending cuts due to extract some $600 billion from the economy barring a deal with Congress. At stake are two separate issues - individual tax...
  • Recession makes NRIs want to move back to India 07-01-2012 11:29 PM

    Jaipur: With recession affecting the world economy, people of Indian origin settled abroad are now evincing interest in returning to India where they feel the growth story lies. "I come from Canada where the recession has really affected the economy. A few of my friends are planning to make investment...
  • EU break-up would be catastrophic: Soros 06-01-2012 12:42 PM

    Hyderabad: A collapse of the euro and break-up of the European Union would have catastrophic consequences for the global financial system, billionaire investor George Soros was quoted as saying in Hyderabad on Thursday. "Today, the euro is potentially endangering the political cohesion of the European Union," the Business Line newspaper...
  • Pranab to start pre-budget meetings on Jan 11 25-12-2011 10:55 AM

    New Delhi: Amid economic slowdown, Finance Minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual pre-budget meetings beginning January 11. The first meeting would be held with agriculturalists, followed by a series of interactions with sectoral experts, representatives, industry captains and economists over the next ten...
  • PM meets industrialists amid slowdown fears 22-12-2011 08:11 PM

    New Delhi: Amid concerns of slowdown in economy and shrinking industrial output, Prime Minister Manmohan Singh on Thursday met leading industrialists and assured them that the government was determined to get back on the growth path. The assurance came at a meeting of the Prime Minister's Council on Trade and...
  • FCCB: Debt in the time of recession 30-11-2011 10:52 AM

    In January 2007, Subex, a software products company that grew mostly through acquisitions, was all set to make its most daring purchase; this time a Canadian company called Syndesis for $165 million in an all-cash deal. It wanted to raise the cash through an equal mix of equity " through...
  • EU warns of possible recession in eurozone 10-11-2011 05:07 PM

    Brussels: The European Union has warned that the 17-country eurozone could slip back into recession next year as the debt crisis shows alarming signs of spinning out of control. The EU's economic watchdog, the European Commission, said on Thursday its central forecast is that the eurozone will grow by only...
  • Indian banks healthy but stress signals showing 05-10-2011 11:42 AM

    The past three months have been tough for Indian banking. High interest rates and threats of a global recession have taken their toll on bank stocks. The NSE banking index fell 15 per cent compared with the Niftys 11 per cent slide in the past three months. Indian banks, ironically,...
  • Tax rich Americans to pay for Obama's jobs bill 13-09-2011 11:57 AM

    Washington: US President Barack Obama indicated raising taxes on the rich and on energy firms to fund his $ 447 billion jobs stimulus bill, asking lawmakers to pass the law without "delays" and "politics", a proposal that immediately drew sharp reactions from the Republicans. Obama sent to the US Congress,...
  • Recession effect to last 10 years: Report 13-09-2011 09:56 AM

    London: The effects of the global economic crisis could be felt in Britain for as long as 10 years, says a new report. A report released on Monday by the Institute for Fiscal Studies (IFS) says the government has 'cushioned' Britons from the adverse effects of the recession, according to...
  • Sensex closes 108 points down; snaps 3-day surge 05-09-2011 09:27 AM

    Mumbai: Despite closing in deep red, Indian equity benchmarks recovered more than half of its losses in the second half of the trade, outperforming global peers. The world markets crashed post dismal report on US job growth and euro debt worries. The 30-share BSE Sensex fell closed 108 points lower...
  • US: Job growth stalls, fuels recession fears 03-09-2011 07:37 AM

    Washington: US employment growth ground to a halt in August, reviving recession fears and piling pressure on both President Barack Obama and the Federal Reserve to provide more stimulus to aid the frail economy. For the first time in nearly a year the economy failed to create new jobs on...
  • Wall Street sinks for fourth straight week 20-08-2011 07:36 AM

    New York: Wall Street ended a fourth week of losses on a down note on Friday as most buyers left the market before the weekend on growing fears of another US recession and destabilization in Europe's financial system. Investors already reeling from big losses in growth stocks were thumped by...
  • Asian stocks slump on recession fears 19-08-2011 07:22 AM

    Singapore: Asian stocks tumbled as much as 4 percent on Friday on growing fears that the US economy was sliding into recession and as some European lenders faced short-term funding strains, raising fears of a systemic banking crisis on the continent. Gold hit a fresh high of $1,833.81 an ounce...
  • Recession may tip US oil use into permanent decline 14-08-2011 11:51 PM

    New York: As a US economic rebound stalls and threatens to spiral into recession, oil demand in the world's top consumer may be slipping into an irreversible decline. Last year's fledgling recovery in US oil usage - when demand rose 400,000 barrels per day (bpd) - made up for only...
  • Recession risk unless oil prices fall further 14-08-2011 12:29 PM

    London: If history is any guide, another oil-induced recession may be just around the corner, at least for the United States and some of the other developed economies. Every time that the cost of oil relative to global economic output has hit current levels - and that's even after sharp...
  • Confidence in Obama's leadership shaken in US 13-08-2011 08:21 PM

    Washington: A spree of bad news, market gyrations, fears of a double-dip recession, stubborn unemployment and fallout from a debt deal has shaken confidence in US President Barack Obama's leadership and could cloud his chances for winning re-election. Obama is seeking a second term in office in an election that...
  • Risk of new recession in US: Ex-Obama advisor 08-08-2011 07:40 AM

    Washington: President Barack Obama's former economic advisor on Saturday warned of a new recession plaguing the American economy, even as he attacked the S&P's track record, which has downgraded country's credit rating from AAA to AA+. "S&P's track record has been terrible, and as we have seen this weekend, its...