US economy

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5 Signs That Augur the Fall of the Bull

A look at reliable indicators that the bear market is ascendant

(Newser) - After reaching a high in mid-July, the Dow has taken a sharp downturn. But how do you know when the bloom is off the rose? Here are Money magazine's five signs that usually precede a fall:
  1. Sudden surge in oil prices
  2. Treasury yields run up

HSBC Shops for Controlling Stake in KEB

Bank looks to strengthen presence in Korean economy

(Newser) - HSBC is in talks to buy a controlling stake in Korea Exchange Bank from the U.S. private equity group Lone Star. A local newspaper has reported that the deal would be worth $4.5 billion. HSBC wants to strengthen its presence in the Korean economy, and Lone Star has...

Dems' New Deal Can't Be Same as Old Deal

Financial crisis calls for tough choices, says Prospect editor

(Newser) - If current market turbulence becomes a full-blown recession, a Democratic president would need revolutionary changes to solve America’s financial troubles, writes American Prospect editor Robert Kuttner. "In the short run, a faltering economy is a political windfall for Democrats," he contends, but pointing fingers at the GOP...

Credit Crunch Hits Bond Market
Credit Crunch Hits Bond Market
Aug 20, 2007 3:36 AM CDT

Credit Crunch Hits Bond Market

Tight corporate borrowing could slow economy

(Newser) - Ripples from the credit crisis have reached the corporate bond market—threatening to slow down the economy by seriously limiting the ability of major corporations to borrow money for new projects,  the Washington Post reports. Credit problems have already begun to bite into the future plans of Hertz, ...

Paulson: Downturn Won't Provoke Recession

Economy tough enough to take market turmoil

(Newser) - The current turmoil in the financial markets will take its toll on the economy, but  won't cause a recession, Treasury Secretary Henry Paulson tells the Wall Street Journal in his first interview since the downturn began. Paulson says the crisis comes in the context of a very strong global economy—...

Market Opens Sharply Down
Market Opens Sharply Down
Aug 16, 2007 10:18 AM CDT

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for...

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

(Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times. Before today's open, the company...

Inflation Softened in July
Inflation Softened in July
Aug 15, 2007 9:52 AM CDT

Inflation Softened in July

Housing slump, fuel prices weaken spending

(Newser) - Consumer prices in the US in July rose at the slowest rate in eight months. The housing slump—and fuel costs—have weakened consumer spending considerably, forcing retailers to slash prices, Bloomberg reports.  Prices rose only rose 0.1% in July, as predicted by analysts. Yields of U.S....

Inflation Eases, Trade Deficit Narrows

New data is mostly positive, and unlikely to influence interest rates

(Newser) - With the exception of energy and food, inflation at the wholesale level rose less than expected last month, while the US trade deficit got slimmer, thanks to an increase in exports. Still, a rise in energy costs in July led to an unexpected .06% uptick in the producer price index...

China Seeks Oil in Africa
China Seeks Oil in Africa
Aug 13, 2007 10:34 AM CDT

China Seeks Oil in Africa

Eschewing the West, Beijing touts mutual prosperity with developing nations

(Newser) - China is exploring the sweltering wilderness of Chad in search of lucrative pockets of oil and other materials, the New York Times reports. Chinese officials tout the strategy as a "win-win" situation as the country develops relationships with African nations to achieve mutual prosperity by capitalizing on natural resources...

Senior Dem at SEC Will Call It Quits

Departure clouds outlook for shareholder input on directors

(Newser) - The SEC's senior Democrat, widely seen as tough on business and pro-shareholder, filed his walking papers yesterday. Roel Campos will quit the five-member panel next month after 5 years on the job and with a proposal pending that allows investors a greater say in appointment of company directors, the Washington ...

China Threatens to Crash Dollar
China Threatens to Crash Dollar
Aug 8, 2007 5:04 AM CDT

China Threatens to Crash Dollar

(Newser) - The Chinese government is threatening to crash the American dollar by liquidating its $1.33 trillion in foreign reserves if the US dares impose trade sanctions to force a revaluation of yuan, reports the Telegraph. Two Communist Party officials have given interviews in recent days with stern warnings directed at...

Wal-Mart Sets Sights on India
Wal-Mart Sets Sights on India
Aug 7, 2007 3:18 PM CDT

Wal-Mart Sets Sights on India

Retail behemoth teams up with local biz, hoping to get piece of $300B market

(Newser) - Wal-Mart will set up shop in the lucrative Indian market for the first time, the Times of London reports. In collaboration with Indian mobile phone company Bharti, the American retail giant will sell wholesale goods to small shops, restaurants, and other businesses. The first "Bharti Wal-Mart" stores are expected...

Fed Stands Pat on Prime Rate
Fed Stands Pat on Prime Rate
Aug 7, 2007 2:30 PM CDT

Fed Stands Pat on Prime Rate

Central bank's top priority remains curbing inflation

(Newser) - The Fed today kept its benchmark interest rate steady at 5.25%, despite concerns that tightening credit will lead to an economic downturn. It's the ninth consecutive time the Fed has left the prime rate unchanged, the Times reports, and a sign that Ben Bernanke's top priority is curbing inflation...

And He's Not Going to Take It Anymore

'Mad Money' madman Cramer snaps, beseeches Bernanke to cut rates

(Newser) - In YouTube's most watched video today, CNBC's Jim Cramer blasts Fed chairman Ben Bernanke for signaling that he won't cut interest rates, calling the present stay-the-course market situation "Armageddon." As his dumbfounded interlocutor looks on, the "Mad Money" host pounds the table and thunders that the "...

Montana's Terror Economy
Montana's Terror Economy
Aug 5, 2007 5:05 PM CDT

Montana's Terror Economy

(Newser) - Out-migration has devastated the small towns of Montana, novelist Deirdre McNamer writes in an op-ed in today's Times. Salvation has come in the improbable form of Operation Noble Mustang. The US government program uses prisoners to train wild horses from federal land holdings for use by border guards patrolling for...

Jobless Rate Rises While GDP Rebounds

Economic growth balances looming threat of inflation

(Newser) - The unemployment rate increased slightly in the second quarter, but the GDP recovered after a lackluster first quarter, providing Wall Street with a mixed report card of the nation’s economy as the Fed meets to determine interest rates. Unemployment ticked up 0.1% to 4.6%, hastened by losses...

Price Cuts Ruin Zimbabwe's Economy
Price Cuts Ruin Zimbabwe's Economy
Aug 2, 2007 10:53 AM CDT

Price Cuts Ruin Zimbabwe's Economy

Mugabe's radical 'solution' to spiraling inflation backfires

(Newser) - A radical attempt to curb Zimbabwe's hyper-inflation by cutting prices up to 50% has backfired on President Robert Mugabe's government, which is now teetering on the brink of collapse, the New York Times reports. Store shelves are empty; bread, sugar, and cornmeal, the staples of Zimbabwean's diet, are depleted.

Markets Ignore Upbeat News, Head Down

Oil hits new record at $78; all major indexes down more than 1%

(Newser) - The Dow started was up triple digits in early trading today before plunging to close down 146.32 points at 13211.59. A report of improved consumer confidence and better-than-expected inflation data distracted traders from the ongoing credit earthquake and its tremors in the housing market, but the reentry of...

Indian Parents Spend It Like Beckham
Indian Parents Spend It Like Beckham
Jul 31, 2007 11:20 AM CDT

Indian Parents Spend It Like Beckham

Birthday parties rival weddings as Indian wealth soars

(Newser) - As the Indian economy skyrockets to new levels, so do the price tags of kids' birthday parties, the Washington Post reports. The celebrations are providing a golden opportunity for parents to showcase their little darlings—and their new prosperity. Some predict the birthday hoopla—complete with party planners, catered halls,...

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