Global Financial Crisis – International

WASHINGTON (AFP) – World markets were thrown into turmoil as investors worried that US growth — a key engine of the global economy — is coming coughing and spluttering to a halt.

WASHINGTON DC, United States—A key US government report Friday is expected to show already high unemployment nudging up as firms remain reluctant to hire in large numbers.

President Obama today told the AFL-CIO Executive Council, “We are going to keep fighting for an economy that works for everybody, not just a privileged few.” He also said that with the help of working families and their unions, we are going to rebuild our economy stronger than before, and at the heart of it…

WASHINGTON (AFP) – The US economy risks “Japanese-style” stagnation, a top Federal Reserve official warned Thursday, as a key economic report was expected to show the recovery is losing pace.

US economic growth slowed dramatically in the second quarter, the government said Friday, stoking fears that the recovery is losing steam and fueling a fierce political debate over how to respond.

WASHINGTON (AFP) – A year after bouncing back from a brutal recession, the US economy is losing steam and may enter a long period of sluggish growth inadequate to ease high unemployment, analysts warn.

WASHINGTON (AFP) – Federal Reserve chairman Ben Bernanke on Thursday vowed he would intervene if US unemployment worsens, amid evidence of a jobless and tepid recovery.

WASHINGTON—Shrugging off investors’ fears of a double-dip recession and punishing deflation, Federal Reserve chairman Ben Bernanke predicted on Wednesday that a moderate US economic expansion is likely to continue despite numerous threats to growth.

NEW YORK (AP) – Economists say the US recovery continued during the second quarter of this year with more businesses hiring workers and fewer cutting jobs, but the pace of growth has slowed, a new survey shows.

DAEJON, SOUTH KOREA—The crippling financial crisis in Asia more than a decade ago was said to have turned from bad to worse because the governments in the region were forced to adopt the wrong foreign policies.

DAEJEON – Asian financial policymakers must brace for possible further shocks given risks to the global economy such as the eurozone turmoil, the International Monetary Fund chief said Monday.

WASHINGTON: The US economy will lose steam as the year progresses but will not slide back into recession, even though unemployment is unlikely to fall significantly, according to a survey released on Saturday.

HONG KONG – The IMF raised Thursday its global growth forecast for this year despite renewed financial turbulence stemming from an European debt crisis that has sharply raised potential risks.

WASHINGTON—The International Monetary Fund (IMF) raised its forecast for global growth this year, reflecting a stronger-than-expected first half, while warning that financial- market turmoil has increased the risks to the recovery.

The Organization for Economic Co-operation and Development (OECD) said unemployment may have peaked in the OECD area in May 2010 (having reached 8.6%), but that nations in the region will have to create about 17 million news jobs to return employment levels back to where they were before the financial crisis.

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TORONTO – The leaders of the world’s most powerful economies pledged to slash back spiraling debts on Sunday as they sought to rebalance a global economy knocked off its axis by a financial crisis.

TORONTO, Canada— Ten thousand people marched against the G20 summit Saturday to protest for jobs and social causes.

“I am sometimes a bit worried about the loss of momentum” in the reform of the financial sector, in face of the “huge” task ahead, Strauss-Kahn told a conference.

WASHINGTON—The mixed bag of economic data released on Tuesday shows a wobbly recovery in danger of being toppled over, analysts said.

15 June 2010: The ITUC and TUAC will hold a press briefing on Tuesday 15 June from 13.30-14.30 at the Palais des Nations, Geneva (Room XI – interpretation: English, German, French and Spanish) to release the Global Unions’ Statement to the G8/G20 Ontario Summits. Speakers will include Michael Sommer, President of the Confederation of German…

GENEVA: European and US interest rates are unlikely to rise before next year so as not to hurt a global economic recovery that is being weakened by Europe’s debt crisis, the world’s top central bank body said Sunday. “In the United States, federal funds futures and options suggested that the first rate hike was not…

WASHINGTON — A strong global economic recovery — led by Asia — is under way, and is unlikely to be thrown off course by European debt woes or the improbable event of the bursting of an asset bubble in China, a top US Federal Reserve official said on Monday.

SINGAPORE – The IMF warned Asia Wednesday of the potential spillovers of the European debt crisis, saying it could dampen trade, make capital flows volatile and overheat economies in the region.

Two years after the financial markets suffered the worst of the US subprime and credit crises, another perfect storm is brewing across the horizon. In fact, several crosscurrents are currently sweeping through the markets, causing increasing turbulence. These are the following:

BUSAN, South Korea: Finance ministers from the world’s biggest economies must balance efforts to shore up a fragile global recovery with the need to slash deficits when a G20 meeting gets underway later Friday.

GENEVA — Market volatility and the European debt crisis are putting at risk efforts to cut unemployment which hit historic highs in 2009, the International Labor Organization (ILO) said Tuesday. In a report on the eve of its annual conference, the ILO said there were growing concerns the sovereign debt crisis could hit growth prospects.

The world is recovering robustly from the global downturn, but eurozone debt and a risk of overheating in emerging economies are dangers on the prowl, the OECD said.

MANILA, Philippines – The Philippines may experience weaker demand for its products exported to Europe because of the weakening of the financial markets in the euro area but this is not expected to affect the economy in general, the Union Bank of Switzerland said in its latest report on Asia.

MANILA, Philippines – Money sent home by Filipino seamen in the first quarter grew by 11% from a year ago to $888.95 million, but a prolonged economic crisis in Europe could hurt future remittances, the Trade Union Congress of the Philippines (TUCP) said on Sunday.