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Yahoo! News: Economy News
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Economy News
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UBS warns of poor Q1 after investment bank loss
(Reuters)
Reuters - Swiss bank UBS posted a loss at its investment bank and warned that the unit's poor performance would also affect first-quarter results as the euro zone debt crisis and worries about the health of the U.S. economy hurt business.
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Bernanke is expected to stick with low-rate stance
(AP)
 AP - Federal Reserve Chairman Ben Bernanke has called the economy "frustratingly slow." On Tuesday, Congress will find out whether he still thinks so, even after Friday's news that hiring surged in January and unemployment reached a three-year low.
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New US sanctions on Iran aim to head off Israel
(AP)
 AP - Additional U.S. sanctions on Iran are more significant for their timing than their immediate effect on Iran's economy, coming as the United States and its allies are arguing that Israel should hold off on any military strike on Iranian nuclear facilities to allow more time for sanctions to work.
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President's Economic Influence Isn't Limited -- Obama Just Misuses It
(ContributorNetwork)
ContributorNetwork - COMMENTARY | Some would have us believe the president plays a much smaller role in determining what our economy does than most people believe. I think Americans believe the president has a lot of actual power to correct the economy, and that assumption is incorrect. But many chief executives have used the Oval Office to manipulate change and foster growth that isn't specifically empowered to the presidency.
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Oklahoma governor plans to cut state income taxes
(Reuters)
Reuters - Oklahoma's Republican governor announced a plan on Monday to dramatically cut state income tax rates and eventually do away with them altogether, and said the state would pay for the cuts by closing "loopholes."
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Washington D.C. workers probed in benefits fraud
(Reuters)
Reuters - About 130 municipal employees in Washington, D.C. may have scammed the city by collecting jobless benefits while still at work, officials said on Monday, in the latest controversy to hit the local government.
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'Halftime in America' ad creates political debate
(AP)
 AP - People rarely pick a fight with Dirty Harry. But Chrysler's "Halftime in America" ad featuring quintessential tough guy Clint Eastwood has generated fierce debate about whether it accurately portrays the country's most economically distressed city or amounts to a campaign ad for President Barack Obama and the auto bailouts.
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Electric car maker Fisker: Layoffs in Del., Calif.
(AP)
AP - Fisker Automotive, an electric car maker that received a half-billion-dollar loan from the federal government, said Monday that it has laid off workers in Delaware and California.
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Dozens of Washington DC workers probed in benefits fraud
(Reuters)
Reuters - About 130 Washington DC municipal employees may have scammed the city by collecting jobless benefits while still at work, the District of Columbia said on Monday, in the latest scandal to hit the local government.
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IMF's Blanchard sees "very large" Greek haircut
(Reuters)
Reuters - The IMF's chief economist, Olivier Blanchard, said on Monday it looks like the 'haircut' on Greek private debt will be "very large" as negotiations between bondholders and the government drag on to cut Greece's debt burden.
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Gold falls as Greek debt crisis back in spotlight
(AP)
AP - Gold prices fell Monday as the Greek debt crisis returned to the spotlight, renewing concerns about the impact that Europe's financial troubles could have on the global economy.
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Report: Large charitable donations on the rise
(AP)
AP - Money donated by the nation's most chartable people is starting to catch up with pre-recession giving, thanks in part to some very large bequests from a few donors.
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90 DC workers face firing for unemployment fraud
(AP)
AP - About 90 District of Columbia workers have been suspended and may be fired after officials determined they received unemployment checks while holding city jobs.
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Report: Casinos generated $125B spending in 2010
(AP)
AP - A new report shows U.S. casinos and the industries that depend on them made a $125 billion economic splash in 2010 — the equivalent of 1 percent of the total U.S. gross domestic product.
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No way China can sustain its growth: Biden
(Reuters)
Reuters - Vice President Joe Biden warned on Monday that there is no way that China will be able to sustain its current level of economic growth because of what he called its "God-awful" one-child policy.
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Fed should raise rates in 2013, Bullard says
(Reuters)
 Reuters - The Federal Reserve should start raising interest rates next year, a top Fed official said on Monday, arguing that many years of near-zero rates will do little to return economic output to pre-recession levels and risks causing "disaster."
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With economy improving, Obama would beat Romney: poll
(Reuters)
Reuters - bolstered by a stronger economic outlook and recent job growth - would win in a match-up against the two leading Republican presidential candidates Mitt Romney and Newt Gingrich, a poll on Monday showed.
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Analysis: Euro zone strugglers lack innovative knack
(Reuters)
 Reuters - To get an idea of the economic mountain euro zone strugglers Greece and Portugal have to climb, consider this: per million inhabitants, they each filed fewer than eight applications with the European Patent Office in 2010.
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German industrial orders buoyed by global demand
(AP)
AP - The German government says strong demand from outside the eurozone helped the country's industrial orders rise a stronger-than-expected 1.7 percent in December.
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China growth could halve if Europe crisis worsens: IMF
(Reuters)
Reuters - China's annual economic growth could be cut nearly in half this year if Europe's debt crisis tips the world economy into a recession, putting pressure on Beijing to unveil "significant" fiscal stimulus, the International Monetary Fund said.
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