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A new IMF report says a gradual recovery continues, but global growth is forecast to be slightly down for 2015, reflecting an unexpected setback to economic activity in the first quarter of 2015, mostly in North America. IMF’s economist Olivier Blanchard said, “If you look at advanced economies, they’re actually suffering from the legacies of the crisis. Looking forward, their potential growth is clearly lower. If you look at the emerging market economies, they really […]
(REUTERS) Chinese stocks rebounded around 6 percent on Thursday (July 9), as Beijing’s increasingly frantic attempts to arrest a sell-off that has roiled global financial markets finally appeared to gain some traction. China’s securities regulator took the drastic step late on Wednesday of ordering shareholders with stakes of more than 5 percent from selling shares for the next six months, in a bid to halt a plunge in stock prices. The banking regulator said […]
(REUTERS) Greece is a small part of the world economy, and its possible exit from the euro zone should have limited impact on the rest of the world, the IMF’s chief economist said on Thursday, though he warned similar crises could happen in other countries. Greece is racing to find a last-minute third bailout from its IMF and European Union creditors to avoid bankruptcy and exit from the euro zone. “In a world in which […]
Trading in all securities were halted on the New York Stock Exchange on Wednesday following earlier reports of technical difficulties, although NYSE-listed issues was still trading on other exchanges. After the halt, U.S. stocks extended their losses, but in low volumes, with the S&P 500 hitting a session low and the Dow Jones Industrial Average and Nasdaq both falling more than 1 percent. “It’s under control. We’re just waiting for word. There’s no sign […]
(Reuters) World markets were down on Wednesday (July 8) as investors worried about Greece’s debt crisis, a meltdown in Chinese markets and a slump in commodities. Euro zone leaders on Tuesday (July 7) gave Athens until the end of the week to come up with proposals for reforms in return for loans. Without the aid, Greece is likely to crash out of Europe’s single currency bloc. Markey analyst Chris Beauchamp said but a solution […]
(Reuters) Analyst said on Wednesday (July 8) that the measures taken by Chinese authorities to support its tumbled stock markets were seen as “backsliding” from its greater financial reform. Chinese stocks continued plunging on Wednesday after the country’s securities regulator warned investors were in the grip of “panic sentiment” and the market showed signs of freezing up as firms scrambled to escape the rout by having their shares suspended. “It’s very bad. It could […]
(Reuters) Big job cuts at Microsoft. The world’s largest software company is cutting up to 7,800 positions – most of them in its phone business. This move comes just one year after it launched one of the largest layoffs in tech history – some 18,000 jobs – as it tried to focus on cloud computing and mobile software services. Microsoft will write off $7.6 billion associated with Nokia’s handset unit it bought last year. It’s […]
(Reuters) — Greek pensioners queued outside banks in Athens once again on Wednesday (July 8) to withdraw their pensions as fears grew that the country’s cash reserves would soon run dry. The scenes have been repeated outside 1,000 bank branches across Greece since banks were closed and capital controls imposed on June 29. Banks were only opened during the last week to pensioners who do not have credit or debit cards. Other people stood in […]
(Reuters) — Asian shares fell on Wednesday (July 8) as investors fretted over Greece’s debt crisis and a recent plunge in Chinese stocks, while the euro steadied. Euro zone members gave Athens until the end of this week to propose reform measures in order to secure the funding it needs to stay in the euro zone. Investors nervously awaited the opening of China’s share markets, after they slumped on Tuedsay (July 7) despite a flurry […]
JULY 7 (Reuters) — Greek banks will remain closed on Tuesday (July 6) and Wednesday (July 7) and a daily limit on cash withdrawals will stay at 60 euros, the head of the Greek banking association said. Greek banks were shuttered all last week after the collapse of negotiations on an aid deal and had officially been due to reopen on Tuesday, before Greeks voted resoundingly to reject bailout terms sought by creditors in a […]
MANILA, July 7 (Eagle News) —The National Economic and Development Authority (NEDA) reported that the country experienced the lowest level of inflation in June compared to the last two decades due to sufficient supply of food and moderate price pressures in energy and oil rates. According to the Philippine Statistics Authority, headline inflation rate plunged further to 1.2 percent in June 2015 from 1.6 percent in the previous month, and 4.4 percent in June 2014. […]
(Reuters) Japan said on Saturday (July 3) it would extend around $6 billion in development aid to Mekong region countries, as China prepares to launch a new institutional lender seen as encroaching on the regional clout of Tokyo and ally Washington. Cambodia, Laos, Myanmar, Thailand and Vietnam all have strong economic growth potential, and are promising destinations for Japanese exporters of railway systems, power plants and other infrastructure. Tokyo’s planned assistance of about 750 […]
