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The perils of too much debt and subpar growth are the Scylla and Charybdis that will menace fiscal policymakers and make the route to economic recovery unlike any other in the nation's history. Like the mythological monsters on opposite sides of a narrow strait, the dual risks of a spike in interest rates or an economic relapse may leave little room for error. If Congressional Budget Office projections of President Obama's budget plan are accurate, the federal deficit could shrink from 13... Read Full Story
Wall Street swindler Bernard Madoff was handed a 150-year jail term Monday, the maximum sentence possible for his massive financial scam over years, that ruined high-end Hollywood clients and middle-class pensioners alike. "It is the judgment of this court that Bernard Madoff should be sentenced to 150 years in jail," Judge Denny Chin said, imposing the toughest possible sentence despite Madoff's courtroom apology to his victims. "I leave a legacy of shame to my family. I am responsible for... Read Full Story
Europe's main stock markets weakened further on Friday after sliding a day earlier on news of greater-than-expected job losses in the United States. In late morning trading, London's FTSE 100 index of leading shares dropped 0.25 percent to 4,223.88 points. Frankfurt's DAX 30 declined 0.36 percent to 4,701.29 points and the Paris CAC 40 shed 0.49 percent to 3,101.28 points nearing the half-way stage. The DJ Euro Stoxx 50 index of leading eurozone shares slid 0.33 percent to 2,361.83 points... Read Full Story
EVEN TOUGHER RULES ACROSS THE POND
President Barack Obama's plan to overhaul financial regulation covers everything from mortgages to hedge funds. But reform efforts in Europe may prove more significant for U.S. companies. European regulators are hashing out new rules for banks, insurers, and money managers that could put U.S. firms at a disadvantage. Why is Europe reaching across the Atlantic? European policymakers, like those in the U.S., want to show decisive action in the wake of the... Read Full Story
The dollar dipped Friday against the euro and the yen on better-than-expected US GDP numbers that encouraged investors to switch away from the safe-haven greenback, analysts said. In late morning London trade, the European single currency rose to 1.4051 dollars from 1.3986 dollars in New York late on Thursday. Against the Japanese currency, the dollar eased to 95.90 yen from 95.95 yen on Thursday. "The dollar weakened across the markets as US GDP data came in better than expected," said... Read Full Story
WASHINGTON (Reuters) - The U.S. Treasury would have to inform Congress by December 1 on whether it expects to lend more from the $700 billion financial rescue plan under legislation approved late on Tuesday by a House of Representatives panel. The House Appropriations Committee approved a $24.2 billion 2010 spending bill to bolster the Treasury Department and other government agencies like the Securities and Exchange Commission as they try to address the economic and financial crisis. The... Read Full Story
NEW YORK (Reuters) - U.S. commercial banks reported record trading revenue in the first quarter of 2009, benefiting from wide trading margins and gains from interest rate products, the Office of the Comptroller of the Currency said on Friday. Banks generated a record $9.8 billion in revenue from trading derivatives and cash instruments, compared with a loss of $9.2 billion in the fourth quarter of 2008, the OCC said. Interest rate products, including derivatives, generated the strongest... Read Full Story
(Reuters) - Citigroup said there is a high probability that American International Group Inc's <AIG.N> equity value is zero, given the risk of more credit default swap (CDS) losses and the management's eagerness to dispose of key businesses at low valuations. Potential markdowns in AIG Financial Product unit's regulatory CDS portfolio may result in collateral calls that would again put pressure on AIG's liquidity, Citigroup said. "Such collateral calls could also pressure rating agencies to... Read Full Story
British 12-month inflation slowed to 1.8 percent in June, dropping under the Bank of England's 2.0-percent target for the first time in almost two years, official data showed Tuesday. "Consumer Prices Index (CPI) annual inflation fell to 1.8 percent in June, down from 2.2 percent in May and the first time it has fallen below the government's 2.0-percent target since September 2007," the Office for National Statistics (ONS) said in a statement. It added: "The largest downward pressure on the... Read Full Story
Annual inflation slowed to 1.8 percent in June, dropping under the Bank of England's 2.0-percent target for the first time in almost two years, official data showed on Tuesday. "Consumer Prices Index (CPI) annual inflation fell to 1.8 percent in June, down from 2.2 percent in May and the first time it has fallen below the government's 2.0-percent target since September 2007," the Office for National Statistics (ONS) said in a statement. It added: "The largest downward pressure on the CPI... Read Full Story
