The U.S. economy grew at a much slower pace than initially thought in the third quarter, restrained by weak business investment and a slightly more aggressive liquidation of inventories, according to data on Tuesday. The Commerce Department's final estimate showed gross domestic product grew at a 2.2 percent annual rate instead of the 2.8 percent
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Oil slipped to around $73 per barrel on Tuesday after OPEC agreed to roll over its production targets and ahead of data expected to show a fall in crude and distillate inventories in the United States. OPEC oil ministers, content with oil prices, agreed to leave output unchanged and meet again on March 17. The
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Stock index futures were higher on Tuesday, extending gains from the previous session, as investors awaited a final reading on third-quarter economic growth and existing home sales data. Existing home sales are expected to post their third straight monthly increase in November, a sign that the troubled housing market could be stabilizing. Gross domestic product
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China has issued new Internet regulations, including what appears to be an effort to create a "whitelist" of approved websites that could potentially place much of the Internet off-limits to Chinese readers. The Ministry of Industry and Information Technology ordered domain management institutions and internet service providers to tighten control over domain name registration, in
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U.S. Senate Democrats cleared the second of three 60-vote hurdles on President Barack Obama's healthcare overhaul on Tuesday, moving the landmark legislation one step closer to passage by Christmas. For the second consecutive day, Democrats mustered 60 party-line votes to cut off debate on the healthcare reform bill and move toward final passage over unanimous
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Revenue from tourism continued to decline in November, falling by 15.7% over the same month of the previous year to EUR 61.0 mln in November, from EUR 72.4 mln in November 2008. Tourism arrivals in the same month fell by 8.4%. For the period January – November 2009 revenue from tourism is estimated at EUR
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Moody's cut Greece's debt to A2 from A1 on Tuesday over soaring deficits, becoming the third major rating agency to downgrade the highly-indebted country's rating this month. Greece has been in turmoil since then Prime Minister Costas Karamanlis called early elections in September, 2009 seeking a new mandate to deal with Greece's economic slowdown. He
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Britain's economy shrank by 0.2 percent in the third quarter of this year, a smaller upward revision than expected after stronger construction ouput was offset by a weakening in the services and industrial sectors. The previous estimate of third quarter GDP had showed a 0.3 percent decline. Britain remains officially in recession unlike most of
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OPEC oil producers agreed on Tuesday to keep output restrictions unchanged, an OPEC delegate told Reuters. Supply curbs by the 12-member Organization of the Petroleum Exporting Countries have helped recession-hit oil prices recover from $40 a barrel at the start of the year to just short of $74 a barrel on Tuesday. The delegate was
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World stocks rose for a second day running on Tuesday and oil also gained on rising expectations of U.S. economic recovery, which sent U.S. Treasury yields and the dollar higher. The euro and European stocks held onto gains after Moody's delivered a widely anticipated downgrade to Greece's sovereign rating. The cut was a smaller-than-expected one
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