World markets awaiting key US growth data amid some modest profit-taking at month-endLONDON — European stock markets fell modestly Friday amid some profit-taking following the previous day’s big rally as investors awaited a key U.S. economic report that could provide insight as to when the world’s largest economy will start growing again. Asian stocks rise as better-than-expected earnings lift sentiment; European shares weakerHONG KONG — Asian stock markets closed out a robust July with more gains Friday as better-than-expected earnings at companies from Japan to the U.S. reinforced hopes of stronger global growth. European markets were weaker in early trade. Cuba turns off air conditioners, shuts factories, shortens workdays to save money in recessionHAVANA — It’s hard to find a spare tire in Cuba these days, or a cup of yoghurt. India’s weak monsoon threatens to dent economic growth and spark inflationMUMBAI, India — India’s weak monsoon has begun to worry economists and policy makers, who fear it could drag down the nation’s resurgent economic growth. GDP report likely to show recession eased from April though June, shrinking at 1.5 pct paceWASHINGTON — The recession likely eased in the spring, with the U.S. economy no longer in free-fall. Obama says GDP report to indicate economy shrunk during 2nd quarter, nation recoveringWASHINGTON — President Barack Obama said he expects Friday’s report on the nation’s gross domestic product to show the economy contracted during the second quarter of the year but that the United States has, in his words, “stepped away from the precipice.” Meltdown 101: What does GDP report mean to you and your pocketbook? Plenty, so pay attentionWASHINGTON — The worst bite from the recession into the U.S. economy may well be past — but that doesn’t mean an end to the pain, especially when it comes to job losses. Putin: Russia to run deficit of 7.5 percent of GDP next year, says most country can affordMOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford without hurting economic stability, Prime Minister Vladimir Putin said Thursday. Putin: Russia to run 7.5 percent budget deficit next year _ the most it can affordMOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford, Prime Minister Vladimir Putin said Thursday. Stock futures rising following strong overseas gains, ahead of earnings, unemployment reportsNEW YORK — Stock futures are pointing toward a higher opening Tuesday on Wall Street as investors try to build further momentum amid fresh signs the global economy is recovering. Alcatel-Lucent, BT earns, Japanese industry data give world markets another boostLONDON — World stock markets rose strongly Thursday after another batch of better than expected corporate earnings and further signs that Japan, the world’s second-largest economy, could be on the road to recovery. Meltdown 101: Companies are slashing costs to prop up earnings, but is it sustainable?For anyone looking for signs that the recession may finally be giving up its firm grip on the economy, the steady stream of quarterly earnings reports coming out of the nation’s companies could offer some signs of hope. Fed survey: Economy finally shows signs of stabilizing in some parts of countryWASHINGTON — The economy is finally showing signs of stabilizing in some regions of the country — especially in parts of the Northeast and Midwest — bolstering hopes of a broader-based recovery this year. Spain says half-year budget deficit deepens to 3.64 percent of GDPMADRID — Spain’s budget deficit has deepened to 3.64 percent of gross domestic product in the first six months of the year because of the costs of recession, the government said Tuesday. Lithuania’s GDP plummets 22.4 percent in second quarter, heads toward worst in European UnionVILNIUS, Lithuania — Lithuania’s economy shrank 22.4 percent in the second quarter compared to the same period a year ago, the biggest drop since the Baltic country broke away from the Soviet Union in the early 1990s, officials said Tuesday. Clinton cites need to find ‘common ground’ in new dialogue with visiting Chinese delegationWASHINGTON — Secretary of State Hillary Rodham Clinton has opened talks with high-level Chinese officials, hailing an opportunity for better relations and saying the two countries share common interests and mutual threats. Report: African economic growth rate to halve amid global crisis; reforms to help reboundJOHANNESBURG — A new report says Africa has been “gravely affected” by the global economic downturn and that its growth rate will halve this year due to collapsing commodity prices and a decline in donor funding. Administration looking for Chinese help to narrow trade gap and boost US jobsWASHINGTON — Two days of high-level talks between the United States and China are expected to expose sharp differences on trade and soaring U.S. budget deficits, but the discussion could be more amicable in the area of foreign policy. AP INVESTIGATION: Small business loan write-offs hit record; more Main Street defaults seenREDWOOD CITY, Calif. — As the effects of the economic collapse began pouring down Main Street, the government last year was left holding a record $2.1 billion in write-offs of small business loans it had guaranteed. Officials expect the number of defaults to rise as the nation continues to climb out of the recession. UK 2Q GDP down 0.8 percent, worse than expected and fifth straight quarter of declineLONDON — Britain’s economy shrank by 0.8 percent in the second quarter, official figures showed Friday, marking the fifth straight quarter of declines in a severe recession and worse than analysts’ forecasts of a drop of 0.3 percent. South Korea’s economy surges to highest growth in 5½ years in second quarterSEOUL, South Korea — South Korea’s economy recorded its strongest growth in 5½ years in the second quarter as increased government spending and record low interest rates insulated it from the global recession. UK Q2 GDP down 0.8 percent, following 2.4 percent drop in 1QLONDON — Official data shows Britain’s economy shrank by 0.8 percent in the second quarter, the fifth straight quarterly decline and worse than analyst forecasts of a drop of 0.3 percent. South Korea’s economy surges to highest growth in 5 1/2 years in second quarterSEOUL, South Korea — Government pump-priming and easy credit jolted South Korea’s economy to its fastest growth in nearly six years in the second quarter, adding to evidence Asia is rebounding from the global slump. South Korea’s economy surges to highest growth in 5 1/2 yearsSEOUL, South Korea — South Korea’s economy recorded its strongest growth in 5½ years in the second quarter as increased government spending and record low interest rates insulated it from the global recession. Analysis: Amid polls showing growing doubt on economy, Obama steps up talk of budget restraintWASHINGTON — At a critical moment in his presidency, Barack Obama finds increasing need to talk about taming federal deficits as he struggles with a dour economy. Japan’s export fall by smallest margin in 6 months as recession easesTOKYO — Japan’s exports in June fell by the smallest margin in six months, adding to evidence that global demand is recovering as the recession loosens its grip. Giddy, up: Rodeos bucking recession woes as staycationers flock to ‘greatest show on dirt’MESQUITE, Texas — A few steps into the air-conditioned Mesquite Rodeo is all it takes to feel the relief. Stocks retreat after rally; Bernanke says Fed will wean economy from supports but not soonNEW YORK — Investors are putting the latest stock rally on hold as fears creep up again about how quickly the economy can recover. Bernanke defends Fed’s ability to take on supercop role, unwind stimulus to prevent inflationWASHINGTON — Federal Reserve Chairman Ben Bernanke ran into skepticism Tuesday from lawmakers wary of expanding the Fed’s duties to police big financial companies. They argued that the Fed failed to spot problems that led to the financial crisis in the first place. UK public sector net debt at 13 bln pounds in June, 56.6 percent of GDPLONDON — The British government borrowed a net total of 13 billion pounds ($21.4 billion) in June, raising national debt to 56.6 percent of GDP as tax receipts slumped amid the recession, the Office for National Statistics said Tuesday. |
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