Food prices worldwide have surged to alarming levels and have brought an additional 44 million people to abject poverty according to the World Bank. The rise of food costs have played a substantial role in sparking unrest in Tunisia and Egypt in recent weeks, and a surge in prices in the global food market may […]
A stimulus package for Egypt is being contemplated by the country’s finance officials who have been allowed by the military junta to take care of economic functions for now. The lack of jobs is one of the reasons why long-time President Hosni Mubarak was forced out of office last week and Egyptians have been calling […]
Interest on loans for unemployment benefits owed by states and businesses to the federal government might be waived under a plan by the Obama administration. Some $42.3 billion have been lent to states to cover jobless benefits. Under the plan, states and companies will no longer have to pay interest amounting to $1.3 billion for […]
About 500,000 jobs were created and the unemployment rate fell to 9 percent in January, the lowest since April 2009, the latest labor report revealed. In a span of just two months, joblessness fell from 9.8 to 9.0 percent in what is a promising sign for the recovering U.S. economy. But most hiring were not […]
Jobs hiring must increase over a relatively longer period of time to ensure a stable recovery of the U.S. economy according to Ben Bernanke, the chairman of the U.S. Federal Reserve in a speech made before the National Press Club. Bernanke confirmed that the economy is showing signs of improving and will grow at a […]
The rebound of the world economy may not be sustainable if large economic and income imbalances are not corrected soon, a senior official of the International Monetary Fund said in a speech on Tuesday in Singapore. The warning comes in the wake of chaotic conditions in Tunisia and Egypt which have been partly spurred by […]
After blocking personal payments, PayPal is now restricting the amount of online payments made to merchants in India to comply with new rules to be imposed by the Reserve Bank of India beginning March 1. PayPal spokesman Dickson Seow announced the move in a blog post on Friday. In January, PayPal blocked incoming and outgoing […]
Widening budget deficits of many U.S. states are forcing governors to cut more state jobs to ease the fiscal crisis. Thousands of state employees will likely be out of work soon if plans by officials push through. Many of those who will not be let go face salary reductions or a wage freeze. Georgia wants […]
Wells Fargo reported Wednesday that the number of consumer loans who went bad during the last three months of last year went down 29 percent compared to one year earlier. Also late payments for loans in danger of default dipped for the first time in two years. In other signs that Americans are improving their […]
Worries over the negative impact of the floods that hit Australia on its national economy have sent the consumer confidence index there to plunge to its lowest level in seven months. In a survey conducted by Melbourne Institute and Westpac Banking Corp, the index declined to 104.6 from December’s level of 111. It was the […]
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