A Senate wrangle over soaring budget deficits on Tuesday stopped the passage of a crucial extension of unemployed benefits to millions of Americans experiencing the sting of the worst jobs crisis in three decades. The failure of the lame duck Congress to extend benefits will cut off sustenance payments to two million people in December, adding to the woes of home losses, bankruptcies and foreclosures, besides also setting back the economic recovery.
Here's a quick lowdown on the situation.
Former Sen. Alan Simpson, R-WY, has a reputation of being frank to the point of being blunt. He did not disappoint today, when expressing what he called the main message from the National Commission on Fiscal Responsibility and Reform.
As investors continue to shovel mountains of cash into U.S. Treasuries and U.S. bonds, investors seeking yield and price outperformance are advised to look at bonds issued by the emerging markets nations.
While it was high public debt that did Greece in and a collapsed banking sector that sunk Ireland, Portugal's problems are low economic growth prospects and high private sector debt.
After enjoying nearly two decades of an unprecedented economic prosperity at home, many Irish are now seeking to leave for greener pastures elsewhere as the nation finds itself on the brink of an economic collapse.
USD/CAD is currently holding near its 200-day moving average but the formation of an ascending triangle from start of this month has made the situation ripe for a jump on Tuesday, especially ahead of key data from the US and Canada.
The Indian economy outpaced growth expectations in the third quarter to grow more than in the second quarter, boosted by stronger manufacturing growth and construction, according to data released by the government.
Surging demand from China, the world's second-largest gold buyer, is changing seasonal patterns in Gold Price trends for investors everywhere. At this current pace, private Chinese demand may overtake India's by 2014 (if not sooner).
The Office for Budget Responsibility (OBR), an independent economic forecasting entity of the British government, raised its
UK GDP forecast for this year to 1.8 percent from the previous 1.2 percent estimate.
The Indian economy is expected to have grown a little slower in the September quarter than the previous quarter, mainly due to a drop in capital goods production.
Standard & Poor’s said it cut its long-term sovereign credit rating on the Republic of Ireland to 'A' from 'AA-' and its short-term rating to 'A-1' from 'A-1+'.
The IMF published a study asserting that growing income inequality in the U.S. triggered the two most severe financial crises and economic downturns of the last 100 years by creating unsustainable imbalances.
The fall in initial jobless claims in the U.S. to the lowest level since July 2008 is not a right pointer to a possible labor market recovery, according to an analyst, who says the true test for the economy is the creation of anything above 200,000 payroll jobs in a month.
A reignited civil war after the Southern Sudan referendum on independence could cost the International community and the country at least $100 billion, a think-thank report said. The January 9 vote is likely to go in the favor of the oil-rich South Sudan's demand of secession from the North. Tensions have been escalating in the region with reports of a fresh wave of attacks led by the government troops on South Sudan regions.
Dollar, Korea, Ireland, Asian demand, inventories and technicals - a lot of things are weighing on oil now. But market participants find the question if the commodity has reached its bottom technically and on robust demand in some regions, or will a dollar rally or geopolitical developments force it break below the current range, tough to answer.
Even though Japan's exports expanded for the 11th straight month, the pace of growth continued to slow in October due to stronger yen and weak overseas demand.
The Nitish Kumar government set the state police free in arresting criminals, unlike before when the criminals enjoyed the support of politicians.
The government of Ireland has released a grim four-year austerity budget that seeks to alleviate the country's debt crisis.
US core durable goods demand fell unexpectedly in October, recording the largest decline since March 2009.
Personal spending in the U.S. rose 0.4 percent in October, marking a slight uptick in households' appetite for purchases even as a holiday season is kicking in.
Business confidence in Germany surged to record highs in November, despite sovereign debt woes in Ireland and fears of a contagion to other euro zone members.
UK economy grew in the third quarter, boosted mainly by a strong increase in exports of goods and services.
