Argentine crisis deepens as peso plunges 11 percent

Jan 24, 2014

Argentine crisis deepens as peso plunges 11 percent

Argentina’s currency crisis worsened dramatically Thursday as the peso plunged 11.1 percent against the U.S. dollar, its depreciation picking up pace in the sharpest one-day fall since 2002. Amid growing capital flight, the central bank appeared to drop any effort to defend the peso, ...

China economic growth cools to weakest level in 14 years

Jan 20, 2014

China economic growth cools to weakest level in 14 years

China’s economic growth decelerated in the final quarter of 2013 and appears set to slow further, adding to pressure on its leaders to shore up momentum even as they try to implement sweeping reforms. Growth in the world’s second-largest economy declined to 7.7 percent ...

U.S. Senate easily passes $1.1 trillion spending bill

Jan 17, 2014

U.S. Senate easily passes $1.1 trillion spending bill

Congress sent President Barack Obama a $1.1 trillion spending bill Thursday, easing the harshest effects of last year’s automatic budget cuts after tea party critics chastened by October’s partial shutdown mounted only a faint protest. The Senate voted 72-26 for the measure, which cleared ...

Washington's $1 trillion bid to end its fiscal wars

Jan 14, 2014

Washington's $1 trillion bid to end its fiscal wars

Negotiators from the U.S. Senate and House of Representatives unveiled a $1 trillion spending bill late Monday, eliminating the threat of another government shutdown— at least until October. The high-stakes omnibus spending bill sets discretionary spending limits line by line for each federal agency ...

Jan 2, 2014

EU presidential stint will challenge Greek leaders

Crisis-hit Greece has taken over the six-month rotating EU presidency with a crucial European Parliament ballot looming and with the bloc divided over efforts to create a banking union. Added to Greece’s own considerable economic and political troubles, these issues could prove a major ...

Senate passes deal to avoid new shutdown

Dec 19, 2013

Senate passes deal to avoid new shutdown

Congress declared a holiday truce in the budget wars Wednesday, sending President Barack Obama a blueprint for funding the government through 2015. But the next skirmish was already on the horizon: an election-year fight over the national debt. The budget deal that passed the ...

Tepco bonds a safe bet now: Nomura

Dec 17, 2013

Tepco bonds a safe bet now: Nomura

by Finbarr Flynn and Masumi Suga

Nomura Holdings Inc. is urging investors buy Tokyo Electric Power Co. bonds after a report that the government plans to cap the utility’s cleanup costs at the wrecked Fukushima No. 1 nuclear power plant. The yield premium on Tepco’s 1.155 percent notes due in ...

Republicans back U.S. budget deal; deficits to rise in short term

Dec 13, 2013

Republicans back U.S. budget deal; deficits to rise in short term

The Republican-dominated House of Representatives passed a compromise spending plan Thursday easing across-the-board federal spending cuts and designed to prevent future government shutdowns. The legislation, backed by the White House, cleared on a vote of 332-94, with lopsided majorities of Republicans and Democrats alike ...

Canada to phase out door-to-door mail delivery

Dec 12, 2013

Canada to phase out door-to-door mail delivery

Canada’s postal service said Wednesday it will phase out door-to-door mail delivery and cut staff in response to falling volumes and big financial losses. Canadians will instead have to collect their mail from community mailboxes that are to be set up in neighborhoods nationwide, ...

Judge says Detroit can file for bankruptcy

Dec 4, 2013

Judge says Detroit can file for bankruptcy

A federal bankruptcy judge granted Detroit unprecedented powers Tuesday to shed billions of dollars in debt, including the ability to slash city employee pensions despite a state constitutional provision protecting them. In approving the nation’s largest-ever municipal filing, Judge Steven Rhodes cleared the way ...

Occupy Wall Street activists buy up Americans' personal debt

Dec 1, 2013

Occupy Wall Street activists buy up Americans' personal debt

For a year and a half, 80-year-old Kentucky resident Shirley Logsdon received repeated calls from a debt collection agency over an unpaid medical bill. Then one day, out of the blue, she received a letter saying the $983 debt had been handled — purchased ...