Microsoft co-founder and chairman Bill Gates, 54, topped the annual list of Forbes magazine’s 400 wealthiest Americans, with assets of approximately $54 billion. Investor Warren Buffett, 80, CEO of Berkshire Hathaway Inc., placed second in the rankings with $45 billion in assets. The two billionaires occupied the same positions on last year’s list. Wealth increased […]
The U.S. dollar dropped markedly against the yen and euro on Tuesday following the announcement by the Federal Reserve that it is preparing to further stimulate the fragile economy, increasing concerns that more dollars may be printed to help that action. A six-week high was hit by the euro against the greenback and the euro […]
The Federal Reserve would be holding a meeting on Tuesday to discuss the necessity of implementing additional steps to revive the faltering economy, but will likely delay making major decisions until the end of the year. It will be the last meeting of the Federal Open Market Committee before the Congressional mid-term elections, and given […]
Lawmakers were warned on Thursday by Securities and Exchange Commission Chairman Mary Schapiro that proposals to get rid of new limits on public access to SEC’s files would impair the agency’s capability to regulate financial entities. Several bills currently pending seeks to eliminate a provision in the financial reform law that permits the SEC to […]
U.S. Treasury Secretary Tim Geithner said that the Chinese yuan is still undervalued and that the U.S. will continue to pressure China to let its currency climb faster. “The pace of appreciation has been too slow and the extent of appreciation too limited,” Geithner said in his congressional testimony yesterday. “We have to figure out […]
Following months of stalling, the United States Senate passed a small-business aid measure on Thursday that gives President Barack Obama an election year triumph but shows how tough it has become for lawmakers to work together to find ways to lift the economy and address unemployment. The bill was approved in a 61-38 vote, with […]
China’s Premier Wen Jiabao said that the Chinese economy is in “good shape”, a confident proclamation that the world’s fastest growing economy will not suffer a downturn. Speaking at the World Economic Forum’s Summer Davos meeting in Tianjin, Wen said that “China’s economy is now in good shape, featuring fast growth, gradual structural improvement, rising […]
Global economic growth is likely to slow down towards the end of the year, according to a forecast by the International Monetary Fund (IMF). The IMF points to the weak financial industry and uncertainty in a few national economies as factors that contribute to the slowdown. It urged developed economies to trim their budget deficits […]
President Barack Obama defended during Friday’s press conference the government’s efforts to breathe life into the weak economy, and slammed Republicans for delaying congressional action ahead of the mid-term elections. Obama also discussed other issues, reiterating that Middle East peace talks are going to be tough but were worth the effort, and urged religious tolerance […]
Credit card use fell for the 23rd straight month, following the ongoing trend of less consumer borrowing among Americans, and adding more pressure to the already weak economy. The Federal Reserve said on Wednesday that annual borrowing rate in July was $3.6 billion, the 17th fall in credit during the last 18 months. Meanwhile, auto […]
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