Communist leaders allowed China’s biggest corporate bond default yet on Thursday in a fresh sign of wrenching economic change as growth slows and Beijing gives market forces a bigger role in its financial system. The default by China Shanshui Cement Group, a major cement producer, highlights the decline of once-dominant heavy industry as Beijing tries […]
British Prime Minister David Cameron laid out his government’s demands for European Union reforms Tuesday, saying a looser “British model of membership” would let him argue his country shouldn’t walk away from the 28-nation bloc. Cameron said the European Union must agree to “irreversible changes” that would redefine Britain’s relationship with Brussels—and limit freedom of […]
The independent auditor of the European Union’s books is calling for a “wholly new approach” to the way the EU spends and invests its money. Why? Because he says the EU is too slow to respond to crises and too often misses the results target. European Court of Auditors President Vitor Caldeira says Tuesday “the […]
A slow-down in international trade could be a harbinger of a new recession for the world’s leading economies, a leading global policy organization warns Monday. The OECD says trade figures are “deeply concerning” because the stagnating or declining rates of trade this year “have, in the past, been associated with global recession.” Read: Unemployment inches […]
Greece doesn’t appear to have done enough to convince its European creditors to release the 2 billion euros ($2.2 billion) it’s due from its financial rescue package. Following a period of relative calm in its debt crisis, Greece is facing pressure to deliver on reforms to get the next installment from its bailout program, agreed […]
A former Federal Reserve bank examiner has pleaded guilty to a misdemeanour, admitting leaking confidential information to a Goldman Sachs employee that led to a $50 million penalty against the firm. Jason Gross entered the plea in Manhattan federal court Wednesday to a theft of information charge. He admitted giving information in August 2014 to […]
Federal Reserve Chair Janet Yellen said Wednesday that an interest rate hike in December would be a “live possibility” if the economy stays on track. Yellen described the U.S. economy as “performing well” right now, with solid growth in domestic spending. At their meeting last week, policymakers believed that the threat of global headwinds had […]
The European Central Bank (ECB) says Greece’s battered banks need 14.4 billion euros ($15.8 billion) in fresh money to get back on their feet and resume normal business. The figure announced Saturday is the result of an ECB review of Greece’s four main banks following an agreement on the troubled country’s third bailout: 86 billion […]
The annual inflation rate in the 19 countries that use the euro reached zero in October, which could push the European Central Bank to expand its stimulus program. The rate rose from -0.1% the month before, according to the European Union statistics agency. Read: Despite hope for a new bailout, Grexit threat remains Falling energy […]
Activist investor Carl Icahn urged American International Group Inc. to split up into smaller companies Wednesday, saying that the insurance provider is “too big to succeed.” Though his Twitter account, Icahn said that he has a “large stake” in the insurer, which has a market capitalization in excess of $81 billion, but he was not […]