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Bernanke: too early to declare lasting recovery
Published on 17 Dec, 2009 at 17:26 in Money | Viewed 140 views times | No Comments
Despite some economic improvements, Federal Reserve Chairman Ben Bernanke warned Monday it’s still too soon to declare that the budding recovery will last. “We still have some way to go before we can be assured that the recovery will be self sustaining,” Bernanke said in remarks to the Economic Club of Washington. The Fed chief
Gold hits new record high
Published on 8 Dec, 2009 at 16:02 in Money | Viewed 87 views times | No Comments
The weakening dollar propelled gold prices in American markets almost to $1,200 an ounce Tuesday morning, Reuters reported. U.S. gold futures for February delivery hit a new record of $1,200.50 an ounce before falling back. Investors are buying the precious metal as an alternative asset. Early Tuesday morning, gold’s spot price reached $1,198.70, as opposed
US shoppers spend $41bn in Thanksgiving weekend
Published on 8 Dec, 2009 at 15:51 in Money | Viewed 82 views times | No Comments
The amount of money dished out at the shops this weekend hit $41.2bn – a rise of 0.5% on 2008. Even so, credit-crunched Americans spent around 8% less each than normal, an average of $343, in the days following last Thursday’s holiday. The total was higher because more of them – 195 million – shopped
Bill Gates urges more spending on global health
Published on 3 Dec, 2009 at 14:56 in Money | Viewed 125 views times | No Comments
WASHINGTON – The billionaire co-founder of Microsoft is touting what he sees as an investment with enormous returns — the money spent to improve health care in poor countries and the millions of lives saved because of it. “Global health money improves lives more effectively than any other spending,” Bill Gates told a roundtable discussion
US executive pensions on the rise: report
Published on 3 Nov, 2009 at 22:33 in Money | Viewed 137 views times | No Comments
Pensions for top U.S. executives increased an average of 19 percent last year despite widespread drops in the companies’ share values, The Wall Street Journal reported Tuesday. Over 200 executives saw pensions jump over 50 percent. The spike, the Journal said, was due in part to “generous” pension formulas based on executive pay and to
Schiff: Rising Stocks Not A Sign of Recovery
Published on 3 Nov, 2009 at 22:24 in Money | Viewed 90 views times | No Comments
By: Julie Crawshaw Article Font Size Rising U.S. stock prices — particularly following a 50 percent decline — say nothing about the health of the U.S. economy or the prospects for a recovery, says Euro Pacific CEO Peter Schiff. “In fact, relative to the meteoric rise of foreign stock markets over the past six months,
Thrifts Report First Profit Since 2007
Published on 3 Nov, 2009 at 22:23 in Money | Viewed 111 views times | No Comments
WASHINGTON — The U.S. thrift industry Wednesday reported its first profit since the third quarter of 2007, earning a slender total of $4 million in the second quarter, the Office of Thrift Supervision said. The second-quarter figure compared with a whopping loss of $1.62 billion in the first quarter of 2009, which was revised Wednesday
Obama Sidesteps Fresh Headaches, Keeps Bernanke
WASHINGTON — Giving Ben Bernanke a second term as Federal Reserve chairman was the politically safe course for a president beset by multiple crises and wanting no new battles. The decision also helped soothe jittery financial markets, while drawing applause across party lines. President Barack Obama cited the former Princeton economist’s role in navigating the
U.S. credit card defaults hit record highs
Published on 3 Nov, 2009 at 19:25 in Money | Viewed 95 views times | No Comments
Last month the U.S. credit card default rate hit a record high, as Americans continued to lose their jobs, indicating widespread financial distress among consumers, according to a Moody’s Investors Service report Wednesday. Through its credit card charge-off index, Moody’s tracks and measures the number of credit card loans that banks do not expect reimbursement
Fed says U.S. economic recovery is underway
Published on 3 Nov, 2009 at 19:24 in Money | Viewed 103 views times | No Comments
Things are looking up for the U.S. economy, with activity picking up after a severe downturn, according to the Federal Reserve, which announced Wednesday that it had upgraded its assessment of the country’s current economic state. The Fed, however, renewed its vow to keep interest rates exceptionally low for the time being due to the
