global economy

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Dimon Issues Warning About Markets
About Markets

Dimon Issues Warning About Markets

JPMorgan Chase boss finds markets a little 'too happy'

(Newser) - He's been wrong about this before, as when he expected a major recession for last year, but still, Jamie Dimon has unique experience and a good view of the global economy. So reporters listened Friday when the chief executive of JPMorgan Chase elaborated on why he senses trouble ahead....

IMF Chief: Get Ready for 'Tougher' Year Than Last

Kristalina Georgieva warns that one-third of world will be in a recession over next 12 months

(Newser) - Thankful to have kicked 2022 to the curb? According to the head of the International Monetary Fund, we haven't yet escaped last year's economic woes, which will continue to play out in significant ways around the globe. "We expect one-third of the world economy to be in...

Closely Watched Deadline in China Passes in Silence

Investors in limbo as Evergrande does not make payment

(Newser) - The world's financial markets waited anxiously all day Thursday to see what the teetering Chinese behemoth Evergrande would do as a big bond payment came due. Aaaand ... crickets. The real estate conglomerate on the brink of default made no public statements, and, more crucially, apparently did not make the...

UN Reports 'Unprecedented' Job Losses in Pandemic

Toll is 4 times that of the global financial crisis in 2009

(Newser) - Four times as many jobs were lost last year due to the coronavirus pandemic as during the worst part of the global financial crisis in 2009, a UN report said Monday. The International Labor Organization estimated that the restrictions on businesses and public life destroyed 8.8% of all work...

Only One Country Beat US for Most Competitive Economy

Switzerland is No. 1 in World Economic Forum ranking

(Newser) - One of Donald Trump's platforms during the presidential campaign was to "restore America's competitive edge," but the US might not be doing so shabby after all. Quartz , which features the World Economic Forum's new Global Competitiveness Report , notes that the United States has actually ascended...

G20 Needs Better Bouncers
 G20 Needs Better Bouncers 

G20 Needs Better Bouncers

The group doesn't have to let in just everybody: essayists

(Newser) - Given the lousy state of the global economy, the nations now gathered for the G20 summit have some important work to do. Which is why it's surprising that the standards of membership are so lax, write Alex Brill and James Glassman in the Wall Street Journal . The invites got...

Obama: 'Private Sector Is Doing Fine'

Republicans pounce; Obama says Congress has 'no excuse' to dither

(Newser) - President Obama used a White House press conference today to chide Republicans for blocking his jobs proposals—"If Congress decides not do anything about all this because it’s an election year, they should explain to the American people why"—and to urge European leaders (in what MarketWatch...

In Turkey, Biden Tweaks Hosts

VP adds comments in response to prodding by Turkish official

(Newser) - Never one to sit quietly, Joe Biden traded boasts with a Turkish official in speeches last night, adding a pointed rebuttal to his prepared remarks, reports the New York Times . Turkey's deputy prime minister in charge of the economy boasted that Turkey's 7.5% growth rate this year...

Ahead of G20, Obama, Sarkozy Seek United Economic Front

French, American presidents meet at White House

(Newser) - President Obama and Nicolas Sarkozy discussed ways to stabilize the world economy and prevent another global financial crisis today at the White House ahead of the G8 and G20 meetings, Bloomberg reports. While the two countries would seem to be at odds on world finance—many French officials believe that...

Fed Fires Back at China, Germany

Soaring unemployment an 'unacceptable outcome,' says Ben Bernanke

(Newser) - Ben Bernanke offered a full-throated defense of the Fed’s recent actions in a speech in Frankfurt today, saying the $600 billion quantitative easing plan was essential to reducing joblessness. “On its current economic trajectory, the United States runs the risk of seeing millions of workers unemployed or underemployed...

Headline Writers Agree: Obama's World Clout Wanes

That's one quick theme emerging from the summit

(Newser) - Look like a theme is emerging from the G20, at least judging by a spate of instant-analysis headlines now moving. And the White House won't like it:
  • New York Times : "Traveling in Asia, Obama's Glow Dims"
  • Wall Street Journal : "China's Hu Rebuffs Weakened Obama at Summit"
  • Independent : "

'Guidelines,' No Specifics, at G20

Obama slams China over currency manipulation

(Newser) - G20 leaders have agreed to curb “persistently large imbalances” in saving and spending and set “indicative guidelines” against trade imbalances, but more specific decisions on how to identify and fix said imbalances were left until next year, reports the New York Times . The finance minsters are to agree...

Okay, Okay, I Praise China Too Much
Okay, Okay, I Praise
China Too Much
Thomas Friedman

Okay, Okay, I Praise China Too Much

Thomas Friedman: But it's because I'm worried about us

(Newser) - China is mocking us. At this year’s World Economic Forum, they aired a cartoon in which a runner representing America fell over panting, while others teased, “He ate too many hamburgers.” And given China’s incredible growth, they have room to tease, says Thomas Friedman in today’...

When It Comes to Global Competitiveness, US Is ... 4th

Large deficits, bleak economic outlook to blame

(Newser) - Today is not a great day for US dominance : For the second year in a row we've taken a hit in the global competitiveness rankings, this time falling from second to fourth due largely to our government debt and weak economic outlook. In first place until two years ago, we've...

G20 Leaders Head Home, Vowing to Cut Deficits

Economic powers set goals for reducing public debt

(Newser) - The leaders of the Group of 20 nations wrapped up their 2-day summit today in Toronto, striking an agreement to reduce deficits over the next 3 to 6 years without endangering the global economic rebound. The major economic powers vowed to cut their deficits in half by 2013 and "...

Volcker to Bankers: 'Wake Up, Gentlemen'

Former Fed chief blasts them on pay, 'innovation'

(Newser) - Former Fed chair Paul Volcker had some harsh words for international bankers and regulators about the poor practices that led to the global financial crisis—and continue to this day. Volcker, who advises President Obama, surprised a forum in Britain with this broadside on pay: “Has there been one...

Bartering Turns Into $10B Recession-Buster

More businesses signing on to trend of exchanging services

(Newser) - The global recession has made bartering hot, but don’t go thinking it’s all a backrub for a plumbing fix. Big money—though no cash—is changing hands through the world’s largest barter service, Bartercard. The worldwide service’s transactions are valued at $2 billion this year, up...

How Australia Dodged the Recession

How one country ducked the economic downturn

(Newser) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:
  • Befriending China: Australia used to export much of what it made to

IMF: Global Recession Is Over
 IMF: Global Recession Is Over 

IMF: Global Recession Is Over

World economy is growing, but recovery will be slow

(Newser) - The global recession is over, the International Monetary Fund said today, revising its economic forecasts in response to Asian growth and more than $2 trillion in stimulus packages worldwide. The IMF now says the world economy is growing and will expand by 3.1% in 2010, with China growing at...

G20 Near Deal to Open Economies to Scrutiny

'Peer review' system will let nations assess each other's policies

(Newser) - The G20 is on the brink of a deal this morning that will require members to "peer review" one another's economic policies—a substantial shift that will expose the US and China to wider scrutiny from less wealthy countries. The new top table for international negotiation wants less American...

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