Debit cards are becoming the plastic currency of choice for millions of Americans bogged down by massive debt during the recession. American Express unveiled its own prepaid debit cards this week, becoming the first mainstream financial firm to offer this kind of payment method originally being pushed for by smaller players in the industry. Prepaid […]
Developing countries are in danger of having overheating economies if they do not put up measures to tweak their fiscal strategies, the World Bank’s Global Economic Prospects report warned today. Lead author of the report Andrew Burn said that emerging markets need to move beyond crisis-level steps “towards a more neutral stance in terms of […]
Tornadoes and floods which have killed several people and damaged property in Missouri and southern U.S. states in recent weeks will have a lesser impact on the national economy, analysts believe. Although devastating on the local economy, the tornadoes that hit Alabama and Joplin, Missouri will not slow down their respective states’ economy according to […]
Higher education is getting costlier and that the expense may not be worth it, Americans said in a survey by the Pew Research Center. The Washington-based research firm asked 2,142 adults 18 years old and above, between March 15 and 29, what they thought about higher education in the United States. At least 75 percent […]
Dominique Strauss-Kahn, the chief of the International Monetary Fund and French presidential aspirant, was sent to Rikers Island jail in New York after being denied bail for a rape charge. Manhattan Criminal Court Judge Melissa Jackson agreed with prosecutors that Dominique Strauss-Kahn was a flight risk and should not be freed. They also pointed out […]
The cost of living as measured by the consumer price index climbed 0.4 percent last month as fuel and food costs continue to rise, the Labor Department reported today. Minus food and energy costs, the so-called core gauge inched higher by 0.2 percent. The rising cost of living may be tempered by an improved job […]
Unemployment benefits rose to its highest level in eight months, dampening the positive outlook in the job market. Analysts believe that skyrocketing gas prices have also forced employers to implement layoffs or postpone hiring more workers. An estimated 185,000 jobs were created last month, down from 216,000 jobs made in March and again not enough […]
The U.S. budget deficit will be $4 trillion less within 12 years if President Barack Obama’s plan comes to fruition. In a speech today at Georgetown University, Obama unveiled his revamped plan to bring down the budget deficit through a series of tax hikes and spending cuts. “We have to live within our means, […]
G20 countries on Friday reached a deal to check each other’s financial practices and economic policies that may endanger the global economy and send it to another recession. A joint statement was issued after a series of meetings between finance officials of the G20 countries. Imbalances in the global economy have been blamed for the […]
Spending cuts worth $38 billion will be implemented this year under a last -minute agreement made by the White House and Capitol Hill. The deal prevented a looming federal government shutdown and excludes spending cuts for such programs as Planned Parenthood as originally proposed by Republicans. “We fought to keep government spending down, because it […]
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