global economy

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Oil Sinks to $83 on Global Panic

(Newser) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and...

Global Economy Needs Shelter From the Storm
Global Economy Needs Shelter From the Storm
Opinion
Oct 9, 2008 11:28 AM CDT

Global Economy Needs Shelter From the Storm

Think of it as a bankruptcy; with help, it can recover and thrive

(Newser) - The global economy is in such chaos that it needs the equivalent of bankruptcy protection, David Ignatius writes in the Washington Post. "Bankruptcy, if properly managed, is a workout process that provides a pathway back to solvency," he argues. "Companies often reemerge from bankruptcy healthier than before;...

All Economy's Bubbles Have Burst at Once
All Economy's Bubbles
Have Burst at Once
Analysis
Oct 7, 2008 4:07 PM CDT

All Economy's Bubbles Have Burst at Once

Dominoes tumble from real estate to credit to commodities

(Newser) - The real reason the global economy is tanking is because a huge set of financial bubbles are all bursting at once, explains Steven Pearlstein in the Washington Post. The US real-estate bubble started the party, leading to a burst in the credit bubble, the corporate takeover bubble, and the commodities...

Views on the Meltdown From Across the Pond
Views on the Meltdown
From Across the Pond
OPINION
Sep 30, 2008 12:54 PM CDT

Views on the Meltdown From Across the Pond

How Europe, but mostly England sees the crisis

(Newser) - The banking crisis isn’t limited to the US—it’s a cross-continental phenomenon. Here’s what the British press saying about the mood:
  • France and Germany are livid, reports Charles Wyplosz of the Financial Times. There, individualism isn’t seen as a virtue, and free markets are greeted with
...

Stocks Plunging, Russia Closes Market

Micex falls 10%

(Newser) - Russia shut down trading for the second day in a row after the benchmark Micex index plummeted 10%, Bloomberg reports. The Finance Ministry announced that it was pouring $44 billion into Russia’s three top banks, Sberbank, VTB, and Gazprombank. But foreign investors have pulled $35 billion from Russia’s...

China Faces Rocky Road in Keeping Up Growth

The gains of the past 30 years will be hard to maintain as workers age

(Newser) - The opulence of the Beijing Olympics highlighted just how far China has come since opening its economy 30 years ago—it soon will be the world’s third largest. But with the success comes a plethora of challenges, reports the Wall Street Journal. And chief among them is how to...

World Economy Falls With US
 World Economy
 Falls With US
Aug 24, 2008 4:53 AM CDT

World Economy Falls With US

Nations hit hard by mortgage crisis, high fuel costs

(Newser) - Gone is the hope that the global economy will stay strong as America's financial fortunes flag. The world’s largest economies are showing signs of a slowdown, the New York Times reports. Japan, Germany, France, Italy, Spain, the UK, even famously fast-growing India and China are all taking a hit....

Eurozone Sees First Slump; Germans Lead Decline

For the first time in a decade the vaunted union of 15 nations sees a collective dip

(Newser) - The eurozone economy contracted 0.2% in the second quarter, the first time the 15-nation union has seen negative growth since it was formed a decade ago, reports the Guardian. The group of countries that share the euro saw 0.7% growth in the first quarter but were hurt this...

China Set to Surpass US as Largest Manufacturer

Second place awaits after 100 years on top

(Newser) - China will surpass the US as the world’s No. 1 manufacturer by next year, the Financial Times reports. China, which last year accounted for 13.2% of manufacturing, will soon account for 17%, just ahead of the US, which has been the planet's dominant manufacturer for more than a...

Financial Faith Is Crisis' Top Casualty
 Financial Faith Is 
 Crisis' Top Casualty 
ANALYSIS
Aug 4, 2008 2:35 PM CDT

Financial Faith Is Crisis' Top Casualty

One year in, credit crunch has upset all expectations about modern markets

(Newser) - Last summer, central banks injected hundreds of billions of dollars into the financial system, desperate to restore liquidity to battered markets. But by then the credit crunch was on—and after 12 months, it shows no signs of abating. The Financial Times looks at how risky US mortgages set off...

US Should Welcome New World Order
 US Should Welcome 
 New World Order 
OPINION
May 5, 2008 10:00 AM CDT

US Should Welcome New World Order

'Rise of the rest' good news for America, Zakaria argues

(Newser) - The age of American dominance is ending, and Americans should be fine with that, writes Fareed Zakaria in his new book The Post-American World. In an excerpt in Newsweek, Zakaria argues that America’s long-preached globalization gospel has produced a prosperous “post-American” landscape. “It is the rise of...

North American TV Sales Drag Philips Down

Profits off 28% in first quarter as electronics giant feel pinch

(Newser) - An expanding health-care sector in China couldn’t help Royal Philips Electronics offset poor television and video sales in North America, as the world’s leading lighting company reported core profits fell 28% in the first quarter, Reuters reports today. The company said it expects the global economic slowdown will...

Skyrocketing Yuan Hits Benchmark

Chinese currency's strengthening against the dollar could boost US inflation

(Newser) - For the first time since China unpegged its currency from America’s in 2005, a dollar bought less than 7 yuan at closing today in Beijing, the New York Times reports. Western countries protested for years the yuan was undervalued; its meteoric rise means Chinese goods are getting more expensive...

IMF OKs $11B Gold Sale
 IMF OKs $11B Gold Sale 
Apr 8, 2008 2:40 AM CDT

IMF OKs $11B Gold Sale

Global lender will also cut staff, change biz model

(Newser) - The International Monetary Fund has approved the sale of 400 tons of gold from its massive reserves for an expected $11 billion, the Financial Times reports. The global lender also plans to slash up to 15% of its workforce to improve its finances, which have been hit by falling demand...

Superclass Exposes Global Elite . . .Sort Of
Superclass Exposes Global Elite . . .Sort Of
Book Review
Mar 15, 2008 5:00 PM CDT

Superclass Exposes Global Elite . . .Sort Of

Ultra-powerful rule the world, author argues, and that's not all bad

(Newser) - What do Bill Clinton, Osama Bin Laden, and Bono have in common? All are members of the powerful global elite that’s reshaping the planet, David Rothkopf argues in his new book Superclass. But Rothkopf’s isn’t a conspiracy-laden indictment, writes Salon’s Laura Miller. Rather, he contends that...

Panel: US Math System 'Broken'
 Panel: US Math System 'Broken' 
Mar 13, 2008 1:38 PM CDT

Panel: US Math System 'Broken'

Group, worried about future competitive disadvantage, advises focus on basics

(Newser) - A presidential panel today called US math education “broken” and demanded greater focus on key skills ranging from preschool to middle school, the Washington Post reports. The National Mathematics Advisory Panel responded to concerns that Americans are growing less competitive in the realm, and pointed the way to better...

Global Markets Retreat Ahead of Fed Move

Investors worry rate cut won't be enough to avert US slump

(Newser) - European stocks followed declines in Asian markets as news of more subprime woes overshadowed an anticipated 50 basis point rate cut from the Federal Reserve and some positive economic data from the US, AFP reports. London’s FTSE 100 was down 0.85%, the Paris CAC was off 1.54%,...

World Economy May Dodge US Downturn
World Economy May Dodge US Downturn
Jan 30, 2008 3:01 AM CST

World Economy May Dodge US Downturn

IMF predicts slide, but not the crisis it would have been 5 years ago

(Newser) - The world economy will still catch a cold when America sneezes, but it won't be as bad as it would have been 5-10 years ago, the Washington Post reports. The International Monetary Fund predicts a 2008 global growth forecast of 4.1%—down from 4.9% last year—largely because...

Weaker Dollar Revamps World Economy
Weaker Dollar Revamps World Economy
Dec 24, 2007 11:04 AM CST

Weaker Dollar Revamps World Economy

Americans lose pride, buying power, but gain jobs and sales abroad

(Newser) - A declining US dollar is sparking changes worldwide, drawing jobs to the States and spurring sales of US goods, but also ending an age of rich Americans abroad and hurting economies that are pegged to the note. Its 7-year, 40% drop against the Euro is no short-term slide either, experts...

Internet Advertising to Overtake Radio Spending

Forecaster sees $$$ shift happening by 2008

(Newser) - Spending on Internet advertising will overtake radio advertising next year, a forecaster predicted today. A major advertising agency CEO said the Internet would get 9.4% of the ad market worldwide in 2008, compared to 7.9% for radio, reports AP. The two media are neck-and-neck this year, with 8....

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