Finance ministers of the Group of 20 (G20) meeting in South Korea yesterday agreed not to weaken their currencies to increase exports and to allow markets to dictate the foreign exchange. In a statement, the influential economic group said it will “move towards more market-determined exchange-rate systems that reflect underlying economic fundamentals and refrain from […]
The Chinese economy posted a 9.6 percent expansion for the third quarter, its smallest increase in one year, while the inflation rate sped up last month to its quickest pace in almost two years, the country’s statistics bureau announced today. Gross domestic product (GDP) beat analysts’ estimate of 9.5 percent and consumer prices matched expectations, […]
Bank of America announced on Monday that it would proceed with the foreclosure of at least 100,000 homes across 23 states starting next week, citing legal rights to do so amid allegations of document fraud. Observers say that the move of the country’s biggest bank may soon be followed by other lenders which would mean […]
The United States government has started to investigate if China is improperly subsidizing companies engaged in the alternative and renewable energy business, in what is a major blow to the alleged plan of China to wrest control of the promising industry. A petition filed by the United Steelworkers Union accusing China of extending inappropriate subsidies […]
Bank regulators and attorneys general of 49 states are starting a nationwide investigation about widespread foreclosure fraud allegedly committed by mortgage firms to thousands of homeowners. Specifically, the officials would try to find out whether employees of mortgage companies filed papers incorrectly or knowingly prepared false documents. “This group has the backing of nearly every […]
China’s trade surplus decreased in September as imports jumped and the Chinese economy showed resiliency amid the global economic doldrums. But the surplus is still substantial and with export growth hitting double-digits, it likely means that there will be no stop to the calls for Beijing to let the yuan appreciate faster. “The trade surplus […]
The U.S. dollar dropped to its lowest mark in eight months versus the euro amid reports that the Federal Reserve may announce this week that it is adding government debt purchases to support a slow economic recovery. Meanwhile, the dollar also fell to a 15-year low against the yen following the latest Labor Department better-than-expected […]
United States Secretary Tim Geithner has reiterated his call for China to let its currency appreciate faster than other currencies during an International Monetary Fund (IMF) meeting in Washington. Geithner said without specifically naming China that the world’s economy would slow down unless export-oriented economies would revamp their economic policies and adopt “a more flexible, […]
President Obama on Thursday did not sign a bill that would ease restrictions on notarization of foreclosure documents and allow them to be prepared electronically, citing concerns that the measure could worsen the problems caused my erroneous foreclosure documents filed by banks. The president wants the bill to be sent back to Congress for fixing […]
The U.S. State Department is planning to release a travel alert for its citizens to exercise caution in traveling to Europe because of a perceived danger of a terrorist attack carried out by al Qaeda. Top government officials met on Saturday to discuss the threat and are preparing to inform European authorities about the travel […]
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