Dec 17, 2014

U.S. Congress extends dozens of tax breaks

The U.S. Senate approved a sweeping package of tax breaks Tuesday, sending to President Barack Obama a bill that allows individuals and corporations to save billions of dollars on their 2014 taxes. On the Senate’s final day of the year, lawmakers passed some 55 ...

Congress sends Obama $1.1 trillion spending bill

Dec 14, 2014

Congress sends Obama $1.1 trillion spending bill

A $1.1 trillion spending bill is on its way to President Barack Obama for his signature. The Senate voted 56-40 on Saturday for the long-term funding bill, the main item left on Congress’ year-end agenda. The measure provides money for nearly the entire government ...

Dec 12, 2014

White House swings behind huge $1.1T spending bill

The Obama White House and House Republicans joined forces Thursday in a furious attempt to pass a $1.1 trillion U.S. government-wide spending bill over clamorous protests from Democrats objecting that it would roll back bank regulations imposed in the wake of the economic near-meltdown ...

Dec 12, 2014

U.S. narrowly averts government shutdown

The U.S. House of Representatives narrowly passed a $1.1 trillion spending bill to avert a government shutdown Thursday less than three hours before a midnight deadline, overcoming strenuous Democratic objections to controversial financial provisions. Shortly after the 219-206 vote, the House passed a 48-hour ...

U.N. triples estimate of global warming's cost to poor countries

Dec 6, 2014

U.N. triples estimate of global warming's cost to poor countries

The cost to poor countries of adjusting to ever-hotter temperatures will be two or even three times higher than previously thought, the U.N.’s environment agency said Friday — and that assumes a best-case scenario in which greenhouse gas emissions are dramatically reduced. “If you ...

Jul 12, 2014

U.S. monthly surplus augurs low annual deficit

The U.S. government ran a monthly budget surplus in June, putting it on course to record the lowest annual deficit since 2008. The Treasury Department said Friday that its June surplus totaled $71 billion, following a $130 billion deficit in May. The government also ...

India's Modi faces first test of reform pledges

Jul 10, 2014

India's Modi faces first test of reform pledges

India’s Prime Minister Narendra Modi faced the first major test of his reform credentials on Thursday, when his fresh-faced government presented its maiden budget amid early doubts about his willingness to make unpopular decisions. The budget promised a new era of fiscal prudence and ...

Jun 9, 2014

EU eyes using vice to boost economies

European governments are turning their attention to prostitution, drugs and contraband as possible ways of boosting their economic growth profiles, as they struggle away from their debt crises. Italy caused a stir when it announced last month that it would begin including revenues from ...

Abe vows to start cutting corporate tax in fiscal 2015

Jun 7, 2014

Abe vows to start cutting corporate tax in fiscal 2015

Prime Minister Shinzo Abe said Friday that the country will start cutting the effective corporate tax rate in fiscal 2015 as part of efforts to encourage foreign investment in the country. Speaking to reporters in Rome, Abe said he has already instructed Takeshi Noda, ...