Oil prices have steadily rose over the last year, and experts are worrying further increases could snuff out an already-fragile global economic recovery.
President Barack Obama is expected to announce Wednesday his plan to open oil and natural gas drilling off the Atlantic Coast and Gulf of Mexico. The proposal aims to reduce the nation’s reliance [...]
Archive for the ‘Debt’ Category
Wall Street is driving up oil prices
March 31st, 2010 by Financial Writer
Tags: economic recovery, investors, oil prices, us consumers, wall street
more...European stock markets mainly rise
March 30th, 2010 by Financial Writer
European equities mostly advanced Tuesday, as investors eyed the upcoming holiday break and US economic data, and digested gains made overnight on Wall Street and earlier in Tokyo.
In late morning trade, Frankfurt’s DAX 30 won 0.09 percent to 6,162.42 points and the Paris CAC 40 added 0.06 percent to 4,003.10, while London’s benchmark FTSE 100 [...]
Tags: european equities, financial markets, investors, us economic, wall street
US government to sell stake in Citigroup
March 29th, 2010 by Financial Writer
The US Treasury Department on Monday announced it would sell its multi-billion-dollar stake in Citigroup this year, in what would be one of the largest stock sales in history.
The department said it intends “to fully dispose of its approximately 7.7 billion shares of Citigroup, Inc. common stock over the course of 2010 subject to market [...]
Tags: banks operating, citigroup, market rates, mortgage crisis, us treasury
U.S. unveils plan to shrink some home loans
March 26th, 2010 by Financial Writer
After months of criticism that it hasn’t done enough to prevent foreclosures, the Obama administration is announcing a plan to reduce the amount some troubled borrowers owe on their home loans.
The multifaceted effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing [...]
Tags: borrowers, foreclosures, homeowners, mortgage companies
Financial reform diluted with bankers in mix
March 24th, 2010 by Financial Writer
For all the proposals stuffed into its 1,336 pages, the financial reform bill that’s headed to the full Senate soon will change very little for the banks that brought us the most dire financial system crisis since the Great Depression, critics say.
When proposed a year ago by Senate Banking Committee Chairman Christopher Dodd, D-Conn., the [...]
Tags: bankers, banking system, financial reform, financial system, predatory lending
Walgreen 2Q profit up as prescription sales rise
March 23rd, 2010 by Financial Writer
Walgreen Co., the largest U.S. drugstore chain, said Tuesday its profit rose 4.5 percent during the fiscal second quarter on a boost in prescription drug sales.
The company said it earned $669 million, or 68 cents per share, up from $640 million, or 65 cents per share, a year earlier. Revenue rose 3.1 percent to $16.98 [...]
Tags: leading drugstore, physician visits, restructuring costs, us drugstore chain, walgreen
Employer health care costs rise 7.3 percent
March 22nd, 2010 by Financial Writer
Average health care costs for U.S. employers rose by 7.3 percent in 2009, surpassing inflation and the growth rate in overall health care spending, a Thomson Reuters report said Monday.
Overall U.S. health care spending, including Medicare, Medicaid, and other payers, grew by 4.8 percent in 2009, the report found.
“In a year when inflation was non-existent, [...]
Tags: healthcare, science business, us companies, us employers, us health
Geithner warns US unemployment will remain high
March 16th, 2010 by Financial Writer
US Treasury Secretary Timothy Geithner on Tuesday warned jobless Americans they face a torrid year ahead, predicting continued high unemployment levels despite advances “sometime this spring.”
Speaking in Congress, Geithner said some improvements in the decimated US job market would come soon, but not enough to eat into the near double-digit unemployment that has brought the [...]
Tags: americans' homes, economic recovery, geithner, us job market, us unemployment
China trims holdings of Treasury securities
March 15th, 2010 by Financial Writer
China retained its spot as the biggest foreign holder of U.S. Treasury debt in January even as it trimmed its holdings for a third straight month. The string of declines underscored worries that the U.S. government could face much higher interest rates to finance soaring budget deficits.
The Treasury Department said Monday that China’s holdings dipped [...]
Tags: China, chinese holdings, Debt, economic recovery, us government, us interest rates
European markets lifted by industrial output data
March 12th, 2010 by Financial Writer
European stock markets rose Friday after a strong set of industrial production figures for January stoked hopes that the recovery from recession in the 16 countries that use the euro may be stronger than previously thought.
The FTSE 100 index of leading British shares was up 18.60 points, or 0.3 percent, at 5,635.86 while Germany’s DAX [...]
Tags: economic recovery, european markets, european stock markets, us consumer, wall street
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