US DEBT CRISIS

  • Barack Obama unveils $ 447 bn job growth plan September 9, 2011

    Washington: US President Barack Obama said on Thursday the United States faces a "national crisis" and pressed Congress to urgently pass a jobs package of tax cuts and government spending he is proposing to revive the stalled economy. The cost of Obama's plan would be $447 billion, a Senate Democratic aide...
  • Asian stocks rise, gold jumps to new highs August 22, 2011

    Singapore: Asian stocks turned positive on Monday, recovering a small portion of last week's steep losses, while gold shot to new highs as investors worried about the sluggish US economic outlook and Europe's debt crisis. Spot gold prices hit a record high of $1,878.39 per ounce as the shaky global outlook...
  • Layoffs sweep Wall Street, along with low morale August 22, 2011

    New York: In early summer, before layoffs began sweeping across Wall Street, billboardsized photos of employees were plastered on the walls, pillars and elevator banks of Credit Suisse Group AG's offices in the United States and abroad. The museumquality prints, depicting workers from administrative assistants to senior executives, were emblazoned with...
  • Obama says will be judged in 2012 over economy August 21, 2011

    Vineyard Haven: US President Barack Obama said on Sunday he expects to be judged in the 2012 election over his governance of the American economy, which he said was still not growing fast enough. "For me to argue, look, we've actually made the right decisions, things would have been much worse...
  • Stocks hit by US selloff in short term: Pranab August 19, 2011

    New Delhi: The Indian stock markets have been affected by the US market sentiments in the short term, even though the country's economy is robust and its growth story is intact, Finance Minister Pranab Mukherjee said in a statement released after market hours on Friday. Indian shares fell nearly 2 per...
  • Morgan Stanley cuts global growth view, eyes ECB August 18, 2011

    London/Bangalore: The United States and euro zone are "dangerously close to recession," Morgan Stanley said on Thursday, criticising policymakers and predicting the European Central Bank will have to reverse its rates policy. The Morgan Stanley research note, which cut global growth forecasts, was cited by stocks traders as adding to market...
  • Dealing with decadeold mess: Obama August 17, 2011

    In an interview US President Barack Obama said that from Syria to the US he is accountable for the present financial crisis but doesn't want the people to forget that he's trying to tackle a decadeold 'mess'. ...
  • Fitch affirms 'AAA' rating on US August 16, 2011

    New York: Fitch on Tuesday confirmed its coveted 'AAA' sovereign rating on the US and maintained a stable outlook on the country's longterm prospects, less than two weeks after rival S&P downgraded the world's largest economy. Underlining that America's "exceptional creditworthiness" remains intact, global rating agency...
  • Wall Street rises after corporate deals August 15, 2011

    New York: Stocks rose for a third straight day on Monday after Google and other companies announced acquisitions totaling more than $19 billion. The return of "Merger Monday" on Wall Street made investors more optimistic about the future. So did a report that showed Japan's economy shrank less than feared...
  • Confidence in Obama's leadership shaken in US August 13, 2011

    Washington: A spree of bad news, market gyrations, fears of a doubledip 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 reelection. Obama is seeking a second term in office in an election that is...
  • Obama, CEOs talk markets, global economy woes August 13, 2011

    Washington: Global financial upheaval was on the agenda on Friday when President Barack Obama met with top executives from the US business community, the White House said. Chief executives from Johnson & Johnson, Wells Fargo & Co, US Bank, Xerox Corp, BlackRock Inc, Silver Lake Partners, American Express and US...
  • Wall Street bounces back, helped by financials August 12, 2011

    New York: US stocks rose 4 per cent on Thursday as the market bounced back from its recent pummeling and investors cheered results from Cisco and US jobless claims data. Financials shares bounced back sharply after leading losses on Wednesday, with the S&P financial sector up 7 per cent. Labor Department data...
  • ICICI raises benchmark lending rate by 50 bps August 12, 2011

    Mumbai: ICICI Bank, India's secondlargest lender, said on Thursday it would raise its benchmark lending rate, or base rate, by 50 basis points to 10 per cent with effect from Saturday. State Bank of India , the country's top lender, also announced an increase of 50 basis points in base rate...
  • French banks at centre of new funding crunch August 12, 2011

    Paris/London: A new crisis of confidence gripped Europe's banking industry on Thursday as its borrowing costs soared, lenders sought emergency funding, and some institutions reviewed exposure to French banks in particular. Shares in Societe Generale, whose shares dropped 15 per cent on Wednesday, yoyoed for most of the day in heavy...
  • Wall St recovers, S&P 500 and Nasdaq up 4 pc August 12, 2011

    New York: The S&P 500 and Nasdaq rose more than 4 per cent in afternoon trading on Thursday while the Dow added to gains, with energy and financial services companies among the strongest sectors. Solid results from Cisco and mildly encouraging US jobs data helped stocks recover from recent steep losses. The...
  • Dow plunges 519 pts on economy, Europe worries August 11, 2011

    New York: Stocks are falling at the close of trading as investors' attention returns to the weak economy and Europe's debt problems. The Dow Jones industrial average is down 519, or 4.6 per cent, to 10,720. It's the third time in the last five trading days that the Dow lost more...
  • Wall Street tumbles on French bank worry August 10, 2011

    New York: US stocks fell sharply on Wednesday, wiping out most of the previous session's gains, on fears of tumult in the French banking sector, which has significant exposure to shaky European debt. US financial stocks led the decline on worries that any French bank problems could spread to them. The...
  • Growth during 12th Plan may be below 9 pc August 10, 2011

    New Delhi: Amid worsening of the global financial problems, the Planning Commission on Wednesday said it may settle for a modest growth target of 8.5 to 8.7 per cent during the 12th Plan period as against 9 per cent contemplated earlier. "We had projected 9.5 per cent (growth) for the 12th...
  • Obama to go on a bus tour to focus on economy August 10, 2011

    Washington: US President Barack Obama will go on a bustour across three states in Midwest, which his aid say is part of his effort to spread the message of economy, while political analysts termed it his preelection campaign to connect directly with the people. "The President will discuss ways to grow...
  • S&P balks at SEC proposal to reveal rating errors August 10, 2011

    Washington: Standard & Poor's, whose unprecedented downgrade of US debt triggered a worldwide stocks selloff, is pushing back against a US government proposal that would require credit raters to disclose "significant errors" in how they calculate their ratings. S&P, which was accused by the Obama administration of making an error in...
  • Dow rallies after Fed statement, up 429 points August 10, 2011

    New York: Stocks are rising at the closing of trading after the Federal Reserve said it has discussed policy moves it can make to spur the economy. The Fed also said growth has been slower than expected. The Dow Jones industrial average is closing up 429 points, or 4 per cent,...
  • Fed promises to keep rates low for 2 years August 10, 2011

    Washington: The Federal Reserve on Tuesday said it will keep its hefty monetary policy stimulus for at least another two years, an effort to support a flagging economy and fragile global markets that faced considerable internal dissent. It was unclear whether the decision, which involved no new commitment of funds for...
  • Wall Street pares gains after Fed statement August 9, 2011

    New York: Stocks pared gains and the Dow and S&P 500 briefly turned negative on Tuesday in volatile trading after the US Federal Reserve said the economy had weakened. The Dow Jones industrial average was up 60.43 points, or 0.56 per cent, at 10,870.28. The Standard & Poor's 500 Index was...
  • US downgrade may not hit Indian IT: NASSCOM August 9, 2011

    Newe Delhi: India's software services sector, which gets more than half of its revenue from the United States, is unlikely to be affected in the nearterm after the US sovereign debt rating downgrade by Standard & Poor's, a leading IT industry lobby group said. "Although the global economic environment is a...
  • Japan on watch as yen rises and stocks plunge August 9, 2011

    Tokyo: Japanese policymakers voiced growing alarm on Tuesday as the yen inched back to highs scaled prior to last week's intervention and global stock markets crumbled under mounting fears of a new financial crisis. Finance Minister Yoshihiko Noda said he would watch markets with a sense of urgency because they are...
  • Morgan Stanley says downgrade could sting more August 9, 2011

    New York: Morgan Stanley warned on Monday that worries about the United States' lowered credit rating may have a "material adverse impact" on the bank and a broader financial market beyond what is immediately apparent. The investment bank's warning came on the first trading day after Standard & Poor's downgraded the...
  • Gold hits record high as investors dump stocks August 9, 2011

    Singapore: Bullion gained 1.7 per cent on Tuesday, roaring to alltime highs for a second consecutive session as equity markets dived on growing fears of a global recession after last week's cut in the United States's credit rating. Stock markets in Asia plummeted and the Swiss franc held near a record...
  • Obama discusses debtcrisis with Spain, Italy August 9, 2011

    Washington: US President Barack Obama called up leaders of Spain and Italy over the euro zone debt crisis and the situation in Syria, the White House stated. In his separate phone calls to Spanish Prime Minister Jose Luis Zapatero and Italian Prime Minister Silvio Berlusconi, Obama talked about the latest developments...
  • Central bank action eases Europe's crisis, for now August 9, 2011

    Frankfurt: The European Central Bank pulled Italy and Spain back from immediate financial disaster on Monday, driving down the countries' dangerously high interest rates by buying up billions of euros worth of their bonds on the open market. But the rescue mission does not address the roots of Europe's 21monthold financial...
  • Wall St plunges after S&P's US debt downgrade August 9, 2011

    New York: US stocks plunged on Monday, taking the S&P 500 down more than 6 per cent on growing fears of a recession, exacerbated by the loss of the country's pristine tripleA credit rating. Panicked selling on heavy volume resulted in the S&P 500's worst day since December 2008, with every...