ECONOMY October 4, 2011 | 6:15 PM
The US Senate has voted to advance a bill (S.1619) that would impact China's currency policies, effectively forcing China to raise the value of the yuan, or renminbi (RMB).
If passed, the bill will allow the US to enforce tariffs within 90 days on imports from another country found to be subsidizing exports by devaluing its currency. Under these criteria, the bill would allow American businesses to seek duty on imports from China.Read more »
ECONOMY October 4, 2011 | 12:11 PM
Apple is struggling to make iPhone sales take off in India, the world’s second-largest mobile phone market.
The emerging Indian economy attracts leading tech players from all over the world and has some 602 million smartphone subscribers. But the number one smartphone manufacturer has been unable to mirror the dominance it has shown elsewhere throughout the world.Read more »
ECONOMY October 3, 2011 | 2:20 PM
Personal income fell close to $7.5 billion, with disposable personal income (DPI) down $5 billion in August while personal consumption expenditure (PCE) rose almost $23 billion.
Though the August dip represents a 0.1% overall decline in personal income, in July the figure rose more than $17 billion. DPI rose almost $14.5 billion in the same month and PCE was up by close to $77 billion. The dip in real disposable income in August was 0.3%, higher than the 0.2% decline in July.Read more »
ECONOMY October 3, 2011 | 10:10 AM
The HSBC purchasing managers' index (PMI) was 49.9 in September and has remained under 50 for the past three months, indicating a contraction in the manufacturing sector.
The HSBC PMI is a reading of small Chinese firms, while the Chinese Federation of Logistics and Purchasing (CFLP) PMI reads the larger, state-owned companies.Read more »
ECONOMY September 30, 2011 | 5:43 PM
Europe's sovereign debt crisis has been spreading throughout Euro zone nations, leading to the bailout of three countries.
Italy has become the latest casualty of the recent European downgrades outbreak, as leaders struggle to swiftly resolve the debt crisis. As Ireland, Greece, Spain, Cyprus, and Italy deal with their ratings cut, the future of the Euro seems more uncertain. The nations that have endured the most these past two years are those who have been downgraded and bailed out.Read more »
ECONOMY September 28, 2011 | 12:26 PM
Retailer Macy’s is to hire 78,000 holiday workers, 4% more than the 2010 holiday season, encouraged by rising sales figures. The company forecasts a year-on-year increase of between 4% and 4.5% in same-store sales for the last two fiscal quarters this year, partly boosted by sales around Thanksgiving and Christmas.
Workers will be based at department stores Macy’s and Bloomingdale’s and also support the retailer’s online business at its warehouses and call centers. Though this staffing measure is primarily a seasonal measure, the company says certain positions may well lead on to permanent positions. Macy’s is a big employer, with 170,000 workers, mostly employed on a full-time basis.Read more »
ECONOMY September 28, 2011 | 12:03 PM
New home sales in the US fell to the lowest point in six months, hitting close to 2.5% for a yearly total of 295,000. The median new home price for August 2011 fell almost 8% from the same month last year, marking a drop unseen since July 2009.
After the most dramatic fall in prices in a two-year period, homebuyers are seeking the cheaper option of buying distressed homes or previously owned homes with lower prices due to foreclosures.Read more »
ECONOMY September 22, 2011 | 12:08 PM
The International Monetary Fund has adjusted its global growth outlook for 2011 and 2012 from 4.3% and 4.5%, respectively, to a two-year 4% growth rate.
The IMF, which consists of over 187 nations, says in its latest edition of the World Economic Outlook report: “Global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing.” The IMF estimates a decline in this year's growth for developing nations from its original prediction of 6.6% to 6.4%. It also adjusted next year's forecast for developing economies from 6.4% in June to 6.1%.Read more »
ECONOMY September 21, 2011 | 1:45 PM
Obama is promoting a new debt plan aimed at cutting the US deficit by more than $3 trillion over the next 10 years. The debt reduction package calls for nearly $1.5 trillion in new taxes that target the upper class.
The plan also promotes the cutting of Medicare and Medicaid benefits by over $580 billion and includes savings from the withdrawal of US troops from Iraq and Afghanistan equaling $1 trillion. Obama's proposal does not call for any changes in Social Security and the age of eligibility for Medicare.Read more »
ECONOMY September 14, 2011 | 5:55 PM
Bank of America Corp. CEO Brian Moynihan says the bank plans to cut costs by $5 billion and slice over 30,000 jobs - or 10% of its workforce - in the largest single job cut this year.
BAC stock rose 1% on September 12 to $7.05 following the announcement.Read more »
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