Leaders of the Asia-Pacific Economic Cooperation (APEC) on Sunday committed to adopting measures to encourage free trade pacts between the 21 member-economies and slowly lift restrictions that encourage protectionism. The declaration in Yokohama overcame serious differences over currency controls and instead focused on increasing investments and multilateral trade in the region in the coming years. […]
The United States failed to get other members of the world’s biggest economic group to support its move to pressure China in letting the yuan float as fast as the Americans would like. Instead of a strong statement at the conclusion of the summit, G20 leaders including U.S. President Barack Obama, released a joint declaration […]
Leaders of the G20 economic group have failed to reach a consensus on Thursday regarding the best steps to take in fixing the ailing global economy as U.S. President Barack Obama cautioned that his country cannot afford to spend borrowed funds for much longer. German, Japanese and Chinese leaders are set to meet the American […]
JPMorgan Chase & Co. said in a regulatory filing that it would be a defendant of two potential class action lawsuits filed against the firm regarding its foreclosure practices. It said the lawsuits allege “common law fraud and misrepresentation, as well as violations of state consumer fraud statutes.” The suits against JPMorgan Chase & Co. […]
U.S. President Barack Obama said today that he is willing to discuss with Republicans an extension of Bush-era tax cuts that are expiring on December 31. Fresh from their electoral triumph and subsequently regaining control of the House of Representatives, the Republicans would most likely be much tougher to negotiate with to extend the cuts […]
A Bank of America survey reveals that affluent Americans feel that they are better off this year compared to a year ago, buoyed by stronger investor confidence in the recovering stock market. About 1,000 people with assets of at least $250,000 were surveyed by The Merrill Lynch Affluent Insights Quarterly from September 13 to October […]
The U.S. Federal Reserve is currently investigating if mortgage firms circumvented existing regulations and their own practices regarding foreclosures, Fed Chairman Ben Bernanke confirmed on Monday. It will take until next month for the initial results of the probe to be available, Bernanke said during a housing conference in Virginia. “We are looking intensively at […]
Bank of America has now for the first time admitted that it committed errors in processing foreclosure documents as its starts resubmitting some 102,000 case files. It said mistakes were found in 10 out of 25 of the first batch of hundreds of foreclosure documents on Monday. Issues regarding erroneous entries, lack of signatures and […]
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, […]
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