Economy News Headlines - Yahoo! News

Pressure on Europe grows at Mexico G-20 meeting

2012-02-26T02:52:40Z

Pressure mounted on Europe Saturday to build an even bigger financial stabilization fund to head off sovereign debt concerns, with the United States, Brazil, and the Organization for Economic Cooperation and Development all urging an increase.

G20 finance ministers meeting starts in Mexico City

2012-02-26T00:57:25Z

Finance ministers and central bankers from the Group of 20 leading and developing economic powers kicked off a summit here Saturday, amid differing views on the eurozone debt crisis.

Buffett adds to bullish U.S. economic recovery signals

2012-02-25T23:08:27Z

(Reuters) - Anyone looking for more evidence of a strengthening U.S. economic recovery need only consider conglomerate Berkshire Hathaway , where businesses ranging from railroads and electric utilities to furniture and candy stores are racking up record profits. Even though Berkshire's Warren Buffett says with emphasis that the housing market is still in a depression, he was as upbeat as ever this weekend on the rest of the dozens of businesses he owns. ...

EU's Rehn sees deal on euro zone bailout funds in March

2012-02-25T23:06:28Z

MEXICO CITY (Reuters) - Euro zone countries are likely to reach a deal during March on raising the combined capacity of their bailout funds, in time for a follow-on deal on more crisis-fighting funds for the International Monetary Fund in April, Europe's top economic official said on Saturday. Olli Rehn, the European Union's Economic and Monetary Affairs Commissioner, said euro zone countries were in "constructive" talks with Germany, which has opposed boosting the bailout funds. ...

Consumers offer sign of hope in fourth quarter

2012-02-25T21:17:27Z

LONDON (Reuters) - The economy may avoid another recession after a rise in consumer spending and an upsurge in exports offered it a solid base to bounce back from a fourth quarter dip, but a vigorous return to health is unlikely. The Office for National Statistics confirmed its earlier estimate that the economy shrank by 0.2 percent in the final quarter of 2011, largely due to a slump in investment at a time when the turmoil in the euro zone was at its most disruptive. ...

Buffett says he was 'dead wrong' on housing market

2012-02-25T19:33:55Z

Billionaire investor Warren Buffett said Saturday that he was "dead wrong" with a prediction that the U.S. housing market would begin to recover by now, but he remains optimistic about the nation's economy.

World Bank chief says U.S. should lead some global bodies

2012-02-25T15:43:48Z

SINGAPORE (Reuters) - A solid U.S. candidate to head the World Bank would be good for the United States and the bank because the world's largest economy should be represented in top international bodies, outgoing President Robert Zoellick said on Saturday, while emphasizing he has no role in the selection process. ...

World Bank chief says US should lead some global bodies

2012-02-25T10:58:45Z

S&P 500 ends at highest since June '08

2012-02-25T08:24:00Z

NEW YORK (Reuters) - The S&P 500 inched higher on Friday to close at the highest since before the collapse of Lehman Brothers in 2008, continuing a pattern of steady gains on signs of U.S. economic recovery. Based on the latest available data, the Dow Jones industrial average was down 2.27 points, or 0.02 percent, at 12,982.42. The Standard & Poor's 500 Index was up 2.28 points, or 0.17 percent, at 1,365.74. The Nasdaq Composite Index was up 6.77 points, or 0.23 percent, at 2,963.75.

Vietnam's runaway inflation eases in February

2012-02-25T06:47:28Z

Vietnam's inflation fell for a sixth consecutive month in February to the lowest level in almost a year, according to official figures, following government efforts to concentrate on economic stabilisation.

Wall Street inches toward three-year highs

2012-02-25T00:59:00Z

US stock markets climbed steadily, if unspectacularly, this week, nearing three year highs despite worry over rising oil prices and Europe's slow boil debt crisis.

2012 Hawaii tourism economy off to strong start

2012-02-24T23:49:36Z

January was a good month for Hawaii's tourism economy.

No G20 deal on IMF cash this weekend, pressure on Europe

2012-02-24T23:01:04Z

MEXICO CITY (Reuters) - World economic powers told Europe on Friday it would have to do more to fight its financial crisis before they agree to provide back-up in the form of a bigger IMF war-chest. Finance ministers and central bankers from the Group of 20 top economies are gathering in Mexico City with Europe hoping that China, Japan and others will soon commit to giving the International Monetary Fund more money so it can help euro zone countries which suffer a cash crunch. But many G20 countries are insisting that Europe needs to take the first step by bolstering its own bailout funds. ...

TSX rally ends, but posts best week this year

2012-02-24T22:46:50Z

TORONTO (Reuters) - A three-day rally by Canadian stocks fizzled on Friday as a pullback in bullion prices knocked gold miners lower, offsetting a boost from rising oil prices and optimism over a further easing of the European debt crisis. While Toronto's main stock index ended slightly lower on the day, it still notched its best weekly gain this year, rising more than 2 percent on the strength of a long-awaited Greek debt swap deal and further signs of U.S. economic health. "We've taken the systemic risk issue off the table, at least in the short term. We have stronger than expected U.S. ...

Bankers urge G20 growth strategy, delay regulations

2012-02-24T22:10:57Z

(Reuters) - International bankers called on the world's top finance leaders on Friday to step up their efforts to promote economic growth, warning that risks from the euro zone remain and excessive bank regulation could undermine recovery. While the latest Greek rescue package is "a major step forward" and will help reduce uncertainty, the sovereign debt crisis is still unresolved and cutting spending too quickly could damage growth, the Institute of International Finance said on the eve of the Group of 20 finance meetings here. ...

Fed's Bullard sees risk of higher inflation

2012-02-24T22:05:53Z

NEW YORK (Reuters) - The U.S. economy is facing the threat of higher inflation given the latest round of energy price increases, St. Louis Federal Reserve Bank President James Bullard said on Friday. "Inflation risks are to the upside from where we are now," Bullard told reporters after a speech. (Reporting By Pedro da Costa and Jonathan Spicer)

Fed says policy appropriate, few hints of new stimulus

2012-02-24T22:05:53Z

NEW YORK (Reuters) - Top Federal Reserve officials said on Friday the U.S. central bank's ultra-easy monetary policy is appropriate for a sluggish economy but one policymaker said further easing would only be warranted if conditions worsen. St. Louis Federal Reserve Bank President James Bullard told CNBC television that now was a "natural time" for the U.S. central bank to pause and await more data given the economy and labor market are looking better. "With the better data, the super-easy policy already in place ... ...

Housing, confidence data bolster growth outlook

2012-02-24T22:04:16Z

WASHINGTON (Reuters) - New U.S. home sales fell in January but upward revisions to the prior months' data and a drop in the supply of properties on the market added to signs of a budding housing recovery. In a further boost to the economy, a separate report on Friday showed U.S. consumer confidence hit its highest point in a year this month despite a strong rise in gasoline prices. "We are guardedly optimistic that we may be at an important turning point for both the economy and the housing sector," said Millan Mulraine, a senior macro Strategist at TD Securities in New York. ...

S&P 500 posts highest close in nearly four years

2012-02-24T21:58:46Z

NEW YORK (Reuters) - The S&P 500 rose on Friday to close at the highest level since before the collapse of Lehman Brothers in 2008, continuing a pattern of steady gains on signs of U.S. economic recovery. The broad index has risen more than 8 percent this year, a rally built on a succession of modest gains, with only a handful of losses, none greater than a 0.7 percent drop. Many analysts still expect a more significant pullback, but worries about an impending correction have been blunted by a string of upbeat economic reports. ...

The Stock Market Is Getting More Bullish by the Day

2012-02-24T21:38:26Z

Three cheers for the Standard & Poor's, whose S&P 500 index closed on Friday at 1,365.74, its highest level since June 2008. Maybe that dang recession is finally over after all! But before anybody breaks out the bubbly, it's important to remember that such indices -- as well as the stock market in general -- are just one economic indicator. Though the Dow has been looking bullish lately, too, gas prices are on the rise, and conflict is heating up in the Middle East, pulling more and more American dollars into the fray. But for now, don't think too much about war. ...

Dollar weakens to near U.S. dollar parity; eyes oil, Europe

2012-02-24T21:21:24Z

TORONTO (Reuters) - The Canadian dollar ended slightly weaker near parity with the U.S. dollar on Friday as a quiet day on the economic front and market focus on the implementation of Greece's rescue deal kept the currency mostly on the sidelines. While oil prices rose above $125 a barrel, on track for a fifth straight weekly gain, the Canadian dollar ended the day and the week little changed, overlooked as traders watched developments in the euro zone and Iran for direction. ...

S&P faults New Jersey governor's proposed budget

2012-02-24T21:16:03Z

(Reuters) - The $32 billion budget plan New Jersey Governor Chris Christie proposed this week fails to solve a structural imbalance and relies on rosy assumptions for revenue increases, Standard & Poor's Ratings Services said on Friday. While New Jersey revenues might rebound, partly due to its progressive income tax rates, John Sugden-Castillo, S&P credit analyst, said in a report: "In our view, the economic assumptions that underpin the state's revenue forecast appear to be optimistic based on current and projected economic conditions at the state and national levels. ...

Euro rises to 11-week high against the dollar

2012-02-24T21:01:56Z

The euro rose to an 11-week high against the dollar Friday on increasing optimism about the global economy.

A look at recent tech-industry earnings

2012-02-24T20:59:22Z

Here is a summary of recent earnings and reports for selected technology companies and what they reveal about the state of spending and the overall economy:

January business borrowing up from year ago

2012-02-24T20:04:54Z

(Reuters) - Borrowing by U.S. companies to buy equipment jumped in January from a year ago, though it slid from December's rush to close loans before year-end, and credit quality improved to pre-recession levels, the Equipment Leasing and Finance Association said on Friday. Lingering uncertainty about the European economy is keeping businesses cautious, stuck largely in a cycle of purchases to replace aging equipment rather than for expansion. "New equipment acquisition will gradually and steadily improve," ELFA Chief Executive William Sutton said in an interview. ...