European leaders were set on Friday to demand an overhaul of the rules of global finance after the International Monetary Fund (IMF) said that the economies of rich nations would shrink next year. South Korea cut interest rates for the third time in a month to shore up its economy after deep rate cuts in
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South Korea's central bank, anxious to soothe markets and shore up its economy, cut interest rates for the third time in a month on Friday after a flurry of deep rate cuts across Europe failed to calm panicky investors. Central bank action could not halt a slide in global stock markets and coincided with a
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Britain's ruling Labour Party won a parliamentary election in Scotland on Friday in a sign that Prime Minister Gordon Brown's handling of the financial crisis has turned around his political fortunes. Just months ago, some Labour members openly questioned Brown's leadership after the party lost a string of elections and fell 20 points behind the
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Barack Obama will have his campaign promises put to the test on Friday as he meets with economic advisers to discuss his transition to the White House and holds his first news conference as U.S. president-elect. After two straight days of huge losses on Wall Street, for a decline of roughly 10 percent since Tuesday's
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Most Asian stocks fell on Friday in the face of a rapidly slowing global economy, which dragged oil briefly below $60 a barrel, though hopes for more policy action to support growth brought markets back from their lows. Major European share markets were expected to open as much as 1 percent lower, according to financial
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Stocks fell 2 percent on Thursday as a disappointing revenue outlook from Cisco Systems and bleak sales from some major U.S. retailers pointed to a worsening economic downturn. Retailers adding to concerns about consumer spending heading into the holiday shopping season included AnnTaylor , whose shares slid more than 20 percent. The October jobs payroll
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Britain slashed borrowing costs by a surprising 1.5 percentage points Thursday and the European Central Bank (ECB) also cut rates, reflecting worldwide concern over the advance of global economic recession. The ECB, covering 15 European nations, met market expectations by reducing its interest rate by 0.5 percentage points, a move national leaders hope will help
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Major retail chains posted disappointing October sales as consumers, stunned by a financial crisis that threatened to derail the U.S. economy, shunned all but the most crucial of purchases. Discounter Wal-Mart Stores Inc stood out as one of the few bright spots. It posted a better-than-expected increase of 2.4 percent in October sales at U.S.
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The number of U.S. workers filing new claims for jobless benefits fell by 4,000 last week to 481,000, according to a Labor Department report on Thursday that still showed the job market under severe strain. The department revised up its estimate for jobless claims in the prior week to 485,000 from a previously reported 479,000.
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European shares hit session lows in afternoon trade on Thursday, led by banks and energy stocks and mirroring a slide on U.S. markets as the lift from more interest-rate cuts was quashed by fears about economic growth. By 1543 GMT the FTSEurofirst 300 index of top European shares was down 5.4 percent at the day's
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