A new United Nations report released on Tuesday calls for abandoning the US dollar as the main global reserve currency, saying it has been unable to safeguard value. But several European officials attending a high-level meeting of the UN Economic and Social Council countered by saying that the market, not politicians, would determine what currencies [...]
US stocks tumbled on Tuesday, with both the S&P and Nasdaq settling at their lowest levels in 2010, as downbeat economic news made investors worry that the global economic rebound was weakening. The Dow Jones industrial average ended 268.22 points lower to 9, 908.92, after once tumbling more than 300 points during the session. The [...]
Industrial production in Japan slipped 0.1 percent in May from a month earlier, marking the first decrease in three months, the Ministry of Economy, Trade and Industry (METI) said in a preliminary report Tuesday. The decline follows a sharp rise in April from a month earlier of a revised 1.2 percent and METI said that [...]
The won and ringgit strengthened against the dollar and the yen, and concerns about defaults diminished after leaders from the Group of 20 nations endorsed targets to slash budget deficits once the world’s economic recoveries are cemented. The won gained 1.1 percent to 1,201.89 per dollar in evening trade in Tokyo, rising for the first [...]
Developed economies should do more to ensure that emerging economies have a greater say in the International Monetary Fund (IMF), with China’s increased voting power reflecting the real role of the nation’s economy, said Dominique Strauss-Kahn, the IMF’s managing director. Speaking at a press briefing at the end of the G20 summit, Strauss-Kahn said that [...]
South Korea posted a six-month high current account surplus on the back of strong exports, decreased dividend payouts to foreign investors, and a fall in overseas travel spending, the central bank said Tuesday. According to the Bank of Korea (BOK), the May current account surplus stood at $3.83 billion, soaring from a revised $1.42 billion [...]
Leaders of the G20 nations and organizations arrived in Toronto with divergent agendas. But they ended their two days of discussions with the “spirit of unity” that Chinese President Hu Jintao called for in his address to the G20 summit. The final document – the G20 Toronto Summit Declaration – leaves room for the economies [...]
The United States will spend $136 million over three years on environment and climate change programs in Indonesia, according to a statement issued by the White House on Monday. The agreement between two of the world’s biggest emitters of planet-warming greenhouse gases follows Norway’s $1-billion commitment in May to environmental programs in Indonesia. Indonesia is [...]
Employment fell in June for the first time this year, reflecting a drop in federal census workers as the decennial population count began to wind down, economists said before a report this week. Payrolls declined by 110,000 last month, according to the median estimate of 51 economists surveyed by Bloomberg News ahead of a Labor [...]
Group of 20 leaders responded to the European debt crisis with deficit-reduction targets and agreed to pursue higher capital requirements for banks once economic recoveries take hold. Advanced G-20 economies will aim to halve deficits by 2013 and start to stabilize their debt-to-output ratios by 2016, the group said in a statement yesterday after a [...]
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