Economic News

  • China's central bank cuts rates again to boost economy Associated Press - 43 minutes ago
    China's central bank cuts rates again to boost economy

    China's central bank cut interest rates for the second time in three months on Saturday, adding to signs that the country's leaders are worried the economic slowdown is deepening too sharply. The People's ...

  • India's new budget aims to boost growth and infrastructure Associated Press - 4 hours ago
    India's new budget aims to boost growth and infrastructure

    India's finance minister announced the government's new budget on Saturday, promising a slew of measures that attempt to balance welfare spending with high economic growth and infrastructure development, ...

  • New India budget aimed at boosting growth and infrastructure Associated Press - 7 hours ago

    India's finance minister has announced his government's new budget, promising a slew of measures that attempt to balance welfare spending with high economic growth and infrastructure development while ...

  • Things to know as New Mexico weighs new tribal casino deal Associated Press - 11 hours ago

    New Mexico lawmakers are facing a hard deadline as agreements that allow a handful of American Indian tribes to operate casinos approach their expiration date. Gov. Susana Martinez's office has spent the ...

  • Pence: 'Dramatically increase' defense spending Associated Press - 13 hours ago
    Pence: 'Dramatically increase' defense spending

    Indiana Gov. Mike Pence says America will not be safe unless its leaders dramatically increase defense spending. The Republican state executive, who is considering a 2016 presidential bid, told conservatives ...

  • Brownback touts economic growth for rise in February revenue Associated Press - 15 hours ago

    Republican Gov. Sam Brownback said he saw signs of economic growth Friday after a report showed that Kansas collected $22 million more in taxes than anticipated this month. Even with the unanticipated ...

  • Judge sets date to hear Medicaid plan lawsuit Associated Press - 16 hours ago

    A judge will hear arguments July 10 on whether the main funding source for Arizona's Medicaid expansion was legally enacted. The order from Maricopa County Superior Court Judge Katherine Cooper released ...

  • 5 reasons US economy is stronger than Q4 GDP suggests Associated Press - 17 hours ago
    5 reasons US economy is stronger than Q4 GDP suggests

    The U.S. economy grew at a modest annual rate of 2.2 percent in the fourth quarter, less than half the third quarter's torrid 5 percent rate and weaker than the government first reported. While the sharp ...

  • Bright outlook for US economy, despite slower Q4 growth Associated Press - 18 hours ago
    Bright outlook for US economy, despite slower Q4 growth

    The U.S. economy grew at a modest annual rate of 2.2 percent in the fourth quarter, less than half the third quarter's torrid 5 percent rate and weaker than the government first reported. While the sharp ...

  • Greek prime minister rules out third bailout Associated Press - 18 hours ago
    Greek prime minister rules out third bailout

    Greece's new radical left government has no intention of seeking another bailout deal from international creditors and will spend coming months trying to ease the terms of its current commitments, the ...

  • How Christie's budget changes transportation funding debate Associated Press - 18 hours ago
    How Christie's budget changes transportation funding debate

    Gov. Chris Christie made headlines on the state's beleaguered Transportation Trust Fund this week by not mentioning it in his 25-minute budget address, drawing the ire of many interest groups pushing for ...

  • Germany approves Greek bailout extension despite unease AFP - 19 hours ago
    Germany approves Greek bailout extension despite unease

    German lawmakers approved a hard-won bailout extension for Greece's new anti-austerity government in a move Berlin's finance chief called "not easy" but necessary, keeping a crucial lifeline open to Athens. Greece's left-wing Prime Minister Alexis Tsipras welcomed the German vote Friday as "a political act of common sense and democracy", saying there would be no third bailout for his country and pledging to get to work on reforms. He promised that now his month-old government would "start working hard, in order to change Greece within a Europe that changes direction". The four-month bailout extension for Greece, approved by eurozone finance ministers Tuesday, averts a potentially calamitous end-February deadline that could have seen Athens default and exit from the euro.

  • Cash-strapped Ukraine struggles to keep Russia gas supplies Associated Press - 21 hours ago
    Cash-strapped Ukraine struggles to keep Russia gas supplies

    Cash-strapped Ukraine sought to buy time in its effort to ensure continued gas supplies from Russia, making a $15 million payment Friday to Moscow as it waits for international rescue loans to arrive. ...

  • Greece: Loan extension deal purposely vague to help approval Associated Press - 22 hours ago
    Greece: Loan extension deal purposely vague to help approval

    Greece's finance minister said Friday that an agreement with its European creditors to extend its international loan agreement by four months was intentionally vague to ensure the countries that need to ...

  • Minnesota's anticipated surplus swells to $1.87 billion Associated Press - 22 hours ago

    Minnesota's bank account is projected to run up a $1.87 billion surplus over the next two years, which will drive calls for new spending, tax cuts or most likely a mix. The Department of Minnesota Management ...

  • 'Audit' push challenges Federal Reserve's independence AFP - 22 hours ago
    'Audit' push challenges Federal Reserve's independence

    After unemployment and deflation, Federal Reserve chair Janet Yellen finds herself in her toughest battle yet, fighting a push by Congress to assert itself over monetary policy. Newly in control of both houses on Capitol Hill, Republicans accuse the Fed of misguided policies and political bias, saying the world's most powerful central bank is too autonomous and unaccountable. The Fed calls it a blatant move to politicize its work. "The Fed already has been completely immersed and guided by partisan politics," said Congressman Scott Garrett.

  • Congressional Republicans name new budget referee Associated Press - 23 hours ago

    Congressional Republicans Friday named economist Keith Hall to serve as Capitol Hill's budget referee as director of the nonpartisan Congressional Budget Office. Hall has served most recently as the chief ...

  • US economic growth in Q4 revised down to 2.2 percent Associated Press - Sat, Feb 28, 2015 1:37 AM AEDT
    US economic growth in Q4 revised down to 2.2 percent

    The U.S. economy slowed more sharply in the final three months of the year than initial estimates, reflecting weaker business stockpiling and a bigger trade deficit. The Commerce Department said Friday ...

  • German Parliament approves Greece's bailout extension Associated Press - Sat, Feb 28, 2015 1:07 AM AEDT
    German Parliament approves Greece's bailout extension

    Germany's Parliament overwhelmingly approved the four-month extension of Greece's financial bailout on Friday, despite unease over the new government in Athens. Lawmakers voted 542-32 to back the bailout ...

  • US economy grew at moderate 2.2 percent in fourth quarter Associated Press - Sat, Feb 28, 2015 12:40 AM AEDT
    US economy grew at moderate 2.2 percent in fourth quarter

    The U.S. economy slowed more sharply in the final three months of the year than previously believed, reflecting weaker business and a bigger trade deficit. The Commerce Department said Friday that the ...

  • German inflation back in positive territory AFP - Sat, Feb 28, 2015 12:18 AM AEDT
    German inflation back in positive territory

    Inflation in Germany, Europe's biggest economy, was back in positive territory in February with consumer prices rising by 0.1 percent, official data showed on Friday. The previous month, the consumer price index had fallen for the first time in five years, dropping by 0.4 percent as a result of lower energy prices. According to the Harmonised Index of Consumer Prices (HICP) -- the yardstick used by the European Central Bank -- inflation in Germany remained in negative territory, slipping by 0.1 percent year-on-year in February, way under the ECB's annual inflation target of just below 2.0 percent.

  • Fischer says Fed's QE an effective stimulus AFP - Sat, Feb 28, 2015 12:18 AM AEDT
    Fischer says Fed's QE an effective stimulus

    Federal Reserve Vice Chair Stanley Fischer on Friday said the Fed's exceptional large-scale asset purchases were continuing to provide "meaningful stimulus" to the US economy. At a monetary policy forum in New York, Fischer laid out the positive effects of the central bank's massive rounds of quantitative easing aimed at pulling the economy out of the 2008-2009 Great Recession. The controversial QE tool also has been used by the British and Japanese central banks amid a slowing global recovery and is set to be launched next month by the European Central Bank to revive the eurozone. Fischer noted that the Fed's balance sheet over the past several years has swollen to about $4.5 trillion, largely reflecting the QE programs, from about $900 billion in 2006.

  • Global stocks lackluster ahead of revised US growth figures Associated Press - Fri, Feb 27, 2015 11:59 PM AEDT
    Global stocks lackluster ahead of revised US growth figures

    Global stocks were lackluster Friday after Japan reported mixed economic data and investors waited for revised U.S. growth figures. KEEPING SCORE: In midday trading, France's CAC-40 was up 0.3 percent ...

  • Ahead of the Bell: US economy-GDP Associated Press - Fri, Feb 27, 2015 10:56 PM AEDT
    Ahead of the Bell: US economy-GDP

    The Commerce Department issues its second of three estimates of how fast the U.S. economy grew in the October-December quarter. The report will be released Friday at 8:30 a.m. Eastern. SLOWER GROWTH: The ...

  • India sees growth over 8 percent, set for 'big bang' reforms Associated Press - Fri, Feb 27, 2015 9:39 PM AEDT

    A government report says India's economy will grow more than 8 percent in the upcoming financial year and appears to have shaken off its persistent problems of high inflation, rising budget deficits and ...

  • RBA expected to cut rates again AAP - Fri, Feb 27, 2015 9:36 PM AEDT
    RBA expected to cut rates again

    A growing band of top economists expect the Reserve Bank to take a razor to interest rates again next week, amid further signs the economy is deteriorating. All 17 economists surveyed by AAP expect the RBA will deliver at least one more rate cut in 2015, taking the cash rate to a new record low of two per cent. Commonwealth Bank, ANZ, Westpac and AMP Capital are among those forecasting a March cut, with the general consensus being the RBA tends to deliver cuts in pairs. It's normally two," Commonwealth Bank senior economist Michael Workman said.

  • No debt crisis in Australia but spending cuts needed, new Treasury secretary, John Fraser, says ABC - Fri, Feb 27, 2015 9:32 PM AEDT

    If the Federal Government thought that the new head of the Treasury Department would be a shy and retiring type, it was wrong. John Fraser was forthright and sometimes contradicted government policy while giving his first public address in Sydney. He slammed the impact of tax cuts and middle class welfare on government revenue and said Australia did not have a debt crisis but did need to cut spending and reduce government debt to prevent future problems. Mr Fraser has taken over from the outspoken Martin Parkinson, who stepped down in December after being effectively sacked by Prime Minister Tony Abbott.

  • Does Greece need a THIRD bailout? CNBC - Fri, Feb 27, 2015 9:22 PM AEDT
    Does Greece need a THIRD bailout?

    Speculation is growing that embattled Greece is on the verge of asking for yet more cash.

  • German Parliament to vote on Greek bailout deal Associated Press - Fri, Feb 27, 2015 8:15 PM AEDT
    German Parliament to vote on Greek bailout deal

    Germany's finance minister brought a proposed four-month bailout extension for Greece before Parliament Friday, telling lawmakers the measure was in Europe's best interest. "This is not about new ...

  • Japan data signal slow recovery despite lower energy costs Associated Press - Fri, Feb 27, 2015 7:31 PM AEDT
    Japan data signal slow recovery despite lower energy costs

    Japanese factories churned out more machinery and electronic devices in January as export shipments rose, but lower energy costs due to cheaper crude oil failed to provide a boost to consumer spending. ...

  • High-income welfare set debt trap: Fraser AAP - Fri, Feb 27, 2015 7:23 PM AEDT
    High-income welfare set debt trap: Fraser

    The new head of Australia's Treasury department has blamed years of spending on "middle and higher-income welfare" for creating costs the nation won't be able to afford in the future without serious reform. In his first public address as Treasury Secretary, John Fraser flagged superannuation and middle-class welfare as areas that must be reassessed if Australia is to be able to meet its future health and ageing costs. Mr Fraser also criticised the level of political debate in Australia about the economy, saying both sides of politics were guilty of taking too much joy in knocking ideas instead of serious discussion. A former investment banker, Mr Fraser told a business lunch in Sydney that in the six weeks since his return to Australia from London he had been disappointed by the level of public debate.

  • Stop knocking reform ideas: Treasury boss AAP - Fri, Feb 27, 2015 4:26 PM AEDT
    Stop knocking reform ideas: Treasury boss

    Australia's new federal Treasury secretary has bemoaned the level of political debate about the economy, saying there is too much joy taken in knocking ideas instead of serious discussion. In his first public address as Treasury Secretary, John Fraser flagged superannuation and middle class welfare as areas that must be reassessed if Australia is to be able to meet its future health and ageing costs. A former investment banker, Mr Fraser told a business lunch in Sydney that in the six weeks since his return to Australia from London he had been disappointed by the level of public debate. "Too often in this country you see good ideas hit over the fence in about 24 hours, and that applies to both sides of politics," Mr Fraser said at a Committee for Economic Development of Australia lunch.

  • Economist disappointed by capex AAP - Fri, Feb 27, 2015 3:27 PM AEDT

    It was the quarterly survey of projected capital spending (capex) by businesses from the Australian Bureau of Statistics. "Today's capex report has dashed hopes of a recovery in non-mining business investment," ANZ's Felicity Emmett said in her commentary on the numbers. Westpac's Andrew Hanlan warned that early estimates of capex are notoriously unreliable but was still unable to put much of a gloss onto the figures. "The initial estimate for 2015/16 is disappointing and points to downside risks to business investment for that year," he said.

  • Portugal's economy returns to growth in 2014 AFP - Fri, Feb 27, 2015 3:26 PM AEDT
    Portugal's economy returns to growth in 2014

    Portugal's economy returned to growth in 2014 with an expansion of 0.9 percent, after contracting by 1.4 percent the year before, the country's national statistics office Ine said Friday. It was the first full-year of economic growth in Portugal since 2010. Prime Minister Pedro Passos Coelho's centre-right government, which faces a year-end general election, and the European Commission had predicted the Portuguese economy would expand by 1.0 percent last year. The improvement in economic activity was due to "a recovery in household consumption and, to a lesser extent, investments," the statistics office said in a statement.

  • German inflation bounces back in February AFP - Fri, Feb 27, 2015 3:24 PM AEDT
    German inflation bounces back in February

    Inflation in Germany, Europe's biggest economy, was back in positive territory in February with consumer prices rising by 0.1 percent, official data showed on Friday. The previous month, the consumer price index had fallen for the first time in five years, dropping by 0.4 percent as a result of lower energy prices. According to the Harmonised Index of Consumer Prices (HICP) -- the yardstick used by the European Central Bank -- inflation in Germany remained in negative territory, slipping by 0.1 percent year-on-year in February, way under the ECB's annual inflation target of just below 2.0 percent. The February data are still only preliminary, since they are based on consumer price statistics from only six out of Germany's 16 regional states.