Top House Republicans reacted to President Barack Obama's 2012 budget proposal on Monday, saying that it would destroy jobs and that the President missed a unique opportunity to reduce the federal government's budget deficit, which would rise to $1.65 trillion under the plan.
Seeking to balance cuts while maintaining U.S. competitiveness and facing pressure from Republicans seeking even bigger reductions, President Barack Obama said on Monday his proposed 2012 budget was a down payment, on reducing the federal budget deficit, but said more work was needed to address long term challenges.
Japan's gross domestic product (GDP) growth rate fell 1.1 percent in the fourth quarter of 2010 on annual basis, recording its first contraction in five quarters, the Cabinet Office said on Monday.
Inflation eased slightly in January but was still higher than expected, reinforcing expectations the Reserve Bank of India (RBI) will keep tightening policy because price pressures are still above its comfort zone.
Japan officially confirmed on Monday that it lost its rank as the world's second largest economy to China in 2010.
Inflation is likely to rise further in Mauritius, central bank governor Rundheersing Bheenick said on Saturday, reinforcing speculation that the central bank may raise rates at its March meeting.
Prime Minister Manmohan Singh faces more political headaches after the Supreme Court pressed for deeper probes into a multi-billion dollar corruption case and a ruling coalition ally was implicated in the scandal.
Humans were able to store at least 295 exabytes of information as of 2007, says a new study that estimated the world's technological capacity to store, communicate, and compute. In decimal terms, an exabyte is equal to a billion gigabytes.
Spain, reeling under the weight of massive unemployment and a collapsed property market, saw its economy shrink by 0.1 percent last year, although it grew by 0.2 percent during the fourth quarter, according to the country’s National Statistics Institute.
New applications for unemployment benefits dropped to a 2-1/2-year low last week, pointing to a stronger footing for the labor market as the economic recovery gathers momentum. The fall in claims reported by the Labor Department on Thursday partly reflected the unwinding of a weather-related spike in late January but analysts said it was consistent with other indicators suggesting a strengthening labor market.
On Thursday, yields on the Portuguese 10-year sovereign debt reached an all-time euro-era high of 7.6 percent.
Growth in South Africa's manufacturing output slowed to just 0.2 percent on the year in December and was far below analysts forecasts, showing the vital sector still struggling to recover from a recession in 2009.
The Brazilian government plans to cut the federal budget by about $30 billion in 2011, which is more than double the budgetary cut last year, said a media report on Thursday.
Industrial production in the UK rose in December last year, mainly led by a sharp increase in the output of utilities.
The Romanian government has proposed a new bill under which people who practice witchcraft can be fined or even imprisoned if their predictions do not come true.
Chairman Ben S. Bernanke testimony on The Economic Outlook and Monetary and Fiscal Policy Before the Committee on the Budget, U.S. House of Representatives, Washington, D.C. February 9, 2011
While 1994 was dubbed as the worst year for fixed income investors, we believe that the next twelve months could be even worse
UK unemployment rate is expected to peak this year and will remain stubbornly high during 2012, the Confederation of British Industry (CBI) said on Wednesday.
Overcoming the blues of recession, US companies’ spend on business travel in 2010 increased by 5.3 percent for an average of $96,851, and is expected to advance by 5 percent in 2011.
As Ireland slowly recovers from its financial crisis, the economy will not be able to create any jobs and consumer spending will remain depressed, according to a study by NCB Group, the Dublin-based financial services firm.
Nationalising South Africa's mines is not the option, mines minister Susan Shabangu said on Tuesday in her strongest comments in a year against an idea that has unnerved investors in Africa's biggest economy.
A battle is brewing over control of South Africa’s key mining sector.
