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Economy, Government & Policy

  • APNewsBreak: Obama ties foreign profits tax to public works

    President Barack Obama's budget will propose an ambitious six-year, $478 billion public works program of highway, bridge and transit upgrades, half of it financed with a one-time mandatory tax on profits ...

  • Greece's leftist government on Sunday began its drive to persuade a sceptical Europe to accept a new debt agreement while it starts to roll back on austerity measures imposed under its existing bailout agreement. After a turbulent first week in office, the new government has made clear it wants to end the existing …

  • Obama makes a point with his finger as he delivers remarks at the House Democratic Issues Conference in Pennsylvania

    President Barack Obama's fiscal 2016 budget would impose a one-time 14 percent tax on some $2 trillion (1.3 trillion pounds) of accumulated U.S. corporate profits earned abroad and set up a 19 percent tax on future foreign earnings, a White House official said on Sunday. Obama's fiscal 2016 budget, which is set to be released …

  • Greek finance chief holds Paris talks amid tensions Associated Press - 1 hour 53 minutes ago

    Greece's finance minister is holding talks in Paris amid high tensions with international creditors, as his country's new leftist leadership seeks to renegotiate huge debts. Prime Minister Alexis Tsipras ...

  • Tsipras Targets Euro Area Deal Ahead of Diplomatic Push @ Bloomberg - 2 hours 8 minutes ago

    Greece will repay its debts to the European Central Bank and the International Monetary Fund, Tsipras said in a statement e-mailed to Bloomberg News on Saturday. “We can discuss, we can postpone, we can alleviate.

  • US coal prices hit six-year low @ Financial Times - 2 hours 51 minutes ago

    US coal prices have dropped to their lowest level in six years, as the global energy-price slump has hit a mining industry already battered by weak demand and tightening environmental regulations. The ...

  • The state of North Dakota got a reality check after the state’s legislative council released an updated revenue forecast cut the forecast for the state’s oil and gas tax revenues nearly in half for the ...

  • Panos Kammenos arrives for a swearing in ceremony at the presidential palace in Athens

    The junior partner in Greece's ruling coalition plans to propose a tax amnesty on undeclared income deposited in Greek banks in a bid to reverse the rising tide of funds fleeing the country, the party's leader said in an interview published on Sunday. Panos Kammenos, the head of the right-wing Independent Greeks party …

  • China PMI Contracts In January 24/7 Wall St. - 4 hours ago

      Showing just how much the Chinese economy has slowed, its PMI (purchasing manufacturers index) contracted in January. The measurement at 49.8 was released by the National Bureau of Statistics of China. ...

  • Obama budget sets up battle with GOP-controlled Congress

    With a blend of tax hikes and spending increases, President Barack Obama's budget spells out a policy agenda that will distinguish him from Republicans who now control Congress. It also will contain what ...

  • While it sent conflicting messages, Greece's new left-wing government spent most of its first week signalling determination to take the hard-line, anti-bailout stance that international investors and European leaders had feared. In fewer than seven days, Prime Minister Alexis Tsipras's administration in Athens has …

  • Sun rises to the east of the U.S. Federal Reserve building in Washington

    The Federal Reserve's upgraded view that growth in the world's biggest economy is "solid", and so capable of withstanding an interest rate rise this year, will be put to the test by U.S. jobs data this week. The Federal Reserve last week lifted its assessment of the U.S. expansion to "solid" from "moderate", with jobs …

  • Obama’s Spending Spree Could Push Long-Term Deficit over $1 Trillion

    The decrease in the federal budget deficit has been touted as an accomplishment by many—most recently by President Obama during his State of the Union Address—but America’s debt situation is far from resolved. The deficit for the 2014 calendar year fell to its lowest level since 2007 due to a $2 billion surplus in December, …

  • Thank Carney for Meddling in Europe @ Bloomberg - 6 hours ago

    Mark Carney, Governor of the Bank of England, made a notable speech last week. For the most part, Europe's governments continue to stare blankly at the mess they've made. Now that the European Central Bank is finally starting its long-delayed program of quantitative easing , Carney said, monetary policy is doing all it …

  • Detail from the front of the United States Federal Reserve Board building is shown in Washington

    The Federal Reserve's upgraded view that growth in the world's biggest economy is "solid", and so capable of withstanding an interest rate rise this year, will be put to the test by U.S. jobs data this week. The Federal Reserve last week lifted its assessment of the U.S. expansion to "solid" from "moderate", with jobs …

  • The Chinese government's vow to increase tax scrutiny of foreign companies has sent firms rushing to tax advisors ahead of the implementation on Sunday of new rules designed to rein in cross-border tax avoidance. Tax professionals and business lobbies alike have welcomed the move as an attempt to bring China's tax regime …

  • An employee looks on next to an assembly production line of Buick cars at a General Motors factory in Wuhan

    China's factory sector unexpectedly shrank for the first time in nearly 2-1/2 years in January and firms see more gloom ahead, an official survey showed, raising expectations that policymakers will take more action to forestall a sharper slowdown. The official Purchasing Managers' Index (PMI) fell to 49.8 in January, the …

  • Obama Wants 19% Global Minimum Tax Bloomberg - 13 hours ago

    (Bloomberg) -- President Barack Obama will propose that U.S.-based companies pay a minimum 19 percent tax on their future foreign earnings, capturing profits that are now often beyond the government’s ...

  • The European Central Bank is embarking on a trillion-euro QE program to revive the eurozone economy, and the euro currency is in free fall.

  • Crane carries a container from a ship at the PNC container terminal at the Busan New Port in Busan

    South Korea's exports in January fell less than expected, but effects from a plunge in oil prices, a sustained slump in Europe and slowdown in China all clouded prospects for a turnaround in global demand. A sharp drop in demand from the European Union and weaker prices of oil and related products were mainly to blame …

  • Factory Gauge Sinks to Two-Year Low Bloomberg - 14 hours ago

    The government’s Purchasing Managers’ Index fell to 49.8 last month from 50.1 in December, according to data released Sunday by the statistics bureau and the China Federation of Logistics and Purchasing in Beijing. China’s fiscal revenue increased the least since 1991 last year due to a property slump and declining factory …

  • The government’s Purchasing Managers’ Index fell to 49.8 in January from 50.1 in December, according to data released Sunday by the statistics bureau and the China Federation of Logistics and Purchasing in Beijing. China’s fiscal revenue increased the least since 1991 last year due to a property slump and declining factory …

  • Activity in China's factory sector contracted in January for the first time in more than two years, an official survey showed on Sunday, which will increase gloom about the outlook for the world's second-biggest economy this year. A housing slump, erratic growth in exports and a state-led slowdown in investment to …

  • Obama budget sets up battle with GOP-controlled Congress

    After a year of relative peace in Washington's budget battles, President Barack Obama will lay out a $4 trillion budget on Monday that needles Republicans with proposals for higher taxes on the wealthy ...

  • Russia’s economy minister said Saturday that the country’s gross domestic product is expected to shrink by 3% in 2015 with oil prices at $50 a barrel and an estimated capital outflow at $115 billion.

  • Brazil jumped 15 spots to take Bolivia out of No. 2 most cumbersome place to do business.

  • Greece hires Lazard to advise on debt @ Financial Times - 20 hours ago

    The Greek government has hired investment bank Lazard to advise it on managing sovereign debt in a sign that Syriza is serious about honouring its election pledge to restructure its debt pile - despite ...

  • Dijsselbloem, head of the euro zone finance ministers' group, and Greek Finance Minister Yanis Varoufakis shake hands after their common press conference at the ministry in Athens

    BERLIN/HELSINKI (Reuters) - German Chancellor Angela Merkel ruled out a debt writedown for Greece on Saturday, and a European Central Bank policymaker threatened to cut off funding to Greek banks if Athens does not agree to renew its bailout package. The euro zone's paymaster and the ECB are both taking a tough line with …

  • Greece's economy minister said it would be better to link the country's debt repayments to its economic growth rate as it needs a feasible solution to bring its sovereign debt under control. "At the moment, we spend around five percent of gross domestic product on servicing our debt. ...It would be better if we linked …

  • Greek Prime Minister Tsipras waits for European Parliament President Martin Schulz outside the Greek Premier's office in Athens

    New Greek Prime Minister Alexis Tsipras, striking a conciliatory note on debt talks after a turbulent start to office, has called the European Central Bank chief to assure him that Athens was seeking an agreement. The new government in Athens made clear from its first day in power that it would not back down on its election …

  • Russian Economy Minister Alexei Ulyukayev attends the Gaidar Forum in Moscow

    Russia's economy ministry said on Saturday it expected gross domestic product to fall 3 percent this year, more optimistic than many analysts' forecasts of a 4-5 percent drop. The economy has been hit by a sharp fall in oil prices and by sanctions imposed on Moscow for its role in the Ukraine crisis, leaving Russia facing …

  • Significant economic deterioration is looming in Russia due to lower oil prices, Western sanctions and monetary tightening in Dec.

  • Dijsselbloem commented Saturday in a text message to Bloomberg News after Greek Prime Minister Alexis Tsipras said he’s not seeking a conflict with the rest of the euro area over his government’s economic program. “I welcome today’s statement by Prime Minister Tsipras in which he said that the new Greek government wants …

  • Greek finance minister seeks support as EU tensions rise Reuters - Sat, Jan 31, 2015 10:35 AM EST

    Greek Finance Minister Yanis Varoufakis brought forward a planned meeting with his French counterpart to Sunday, amid signs of widening differences between the new leftwing government in Athens and its international creditors. A week after Alexis Tsipras swept into office as Greece's youngest prime minister, his government …

  • Greece's economy minister said it would be better to link the country's debt repayments to its economic growth rate as it needs a feasible solution to bring its sovereign debt under control. "At the moment, we spend around five percent of gross domestic product on servicing our debt. ...It would be better if we linked …

  • Lavish freebies from Saudi king to buoy economy, markets Reuters - Sat, Jan 31, 2015 9:10 AM EST
    Saudi King Salman is seen during U.S. President Obama's visit to Erga Palace in Riyadh

    A lavish payout to public employees ordered by Saudi Arabia's new King Salman will help to sustain the kingdom's consumer boom and reassure financial markets that the government is not slashing expenditure in the face of low oil prices. On Thursday, Salman ordered the immediate payment of two months of bonus salary to …

  • How Greece Could Run Out of Cash Bloomberg - Sat, Jan 31, 2015 8:07 AM EST

    The European Central Bank president controls the last source of funding that euro area lenders turn to when they’ve been denied money everywhere else. In the event of a political breakdown, it will be the ECB that has to decide whether or not to cut it. Greek banks, which play a key role in funding the government, lost …

  • Greece Sets Up Cash Crunch for March Telling EU It’s Over @ Bloomberg - Sat, Jan 31, 2015 8:06 AM EST

    The new government may be operating without a financial safety net for the first time in five years by March after Varoufakis challenged the euro area to agree to a new framework of support that allows for more spending. Greece won’t engage with officials from the troika who have been policing the conditions of its rescue …

  • Greece Starts Countdown to Cash Crunch Saying Bailout Over Bloomberg - Sat, Jan 31, 2015 8:06 AM EST

    The new government may be operating without a financial safety net for the first time in five years by March after Varoufakis challenged the euro area to agree to a new framework of support that allows for more spending. Greece won’t engage with officials from the troika who have been policing the conditions of its rescue …

  • Greece hires Lazard to advise on debt ahead of talks Reuters - Sat, Jan 31, 2015 8:04 AM EST

    Greece's Finance Ministry said on Saturday that it had hired financial advisors Lazard to consult on issues of public debt and fiscal management, as the new leftist government enters talks to renegotiate a bailout accord with creditors. Greece used Lazard during talks in 2012 over private sector involvement (PSI) …

  • Germany's Merkel says she doesn't see another Greek debt cut Associated Press - Sat, Jan 31, 2015 7:20 AM EST
    Germany's Merkel says she doesn't see another Greek debt cut

    German Chancellor Angela Merkel has underlined the refusal of Greece's European creditors to consider forgiving part of the debt-ridden country's rescue loans, though she stressed in an interview published ...

  • GDP: Back to Trend, Not Down the Drain @ Morningstar - Sat, Jan 31, 2015 7:00 AM EST

    Faulty seasonal factors, weather, and issues at ports have given the illusion of hypervolatility in recent GDP data, writes Morningstar's Bob Johnson.

  • Tens of thousand rally for Spain's Podemos before elections Reuters - Sat, Jan 31, 2015 6:53 AM EST

    Tens of thousands marched in Madrid on Saturday in the biggest show of support yet for anti-austerity party Podemos, whose surging popularity and policies have drawn comparisons with Greece's new Syriza rulers. Podemos ("We Can") was formed just a year ago, but produced a major shock by winning five seats in elections …

  • More young adults may leave nest in spark for economy @ USA TODAY - Sat, Jan 31, 2015 6:04 AM EST

    A shift toward stronger 'household formation' could be a boon for the economy.

  • Merkel rejects debt writedown for Greece - Die Welt Reuters - Sat, Jan 31, 2015 4:37 AM EST

    German Chancellor Angela Merkel and her finance minister have both ruled out a debt haircut for Greece, rejecting the new Greek government's demand to write off part of its 320 billion euro ($360 billion) debt. I don't see a further debt haircut," Merkel told German daily Die Welt in an interview published in its …

  • Stocks Stumble as Outlook on Greece Darkens @ Barrons.com - Sat, Jan 31, 2015 3:39 AM EST

    Dow Jones Global Indexes|Global Stock Markets European stocks were caught between Greece and its creditors this week as they traded blows over the country’s bailout terms. It began with the resounding election victory of Greece’s radical leftist Syriza party, headed by Alexis Tsipras, who staunchly opposes austerity measures …

  • India Changes GDP Calculation Method @ The Wall Street Journal - Sat, Jan 31, 2015 12:42 AM EST

    India surprised economists Friday evening by ratcheting up its official economic-expansion figure for the previous fiscal year, marking it as a year of sharp recovery rather than continuing stagnation....

  • Another Growth Dip @ The Wall Street Journal - Sat, Jan 31, 2015 12:38 AM EST

    Last year was the ninth in a row that U.S. GDP expanded by less than 3%.

  • Now Markets Get to Vote on Greece’s New Government @ The Wall Street Journal - Sat, Jan 31, 2015 12:38 AM EST

    Depositors continue to flee the banks, and Greek 10-year bond yields rose roughly two percentage points this week.

  • Employers Not Seeing Pressure to Lift Wages @ The Wall Street Journal - Sat, Jan 31, 2015 12:35 AM EST

    Falling unemployment isn’t putting much pressure on U.S. companies to boost compensation for their workers.

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