International Business Times

Borrowing To Buy: How Much Do Americans Owe?

Lisa Mahapatra — Sat, 18 May 2013 15:46:22 GMT

Ever since total outstanding national household debt peaked at $12.68 trillion in the third quarter of 2008, Americans have continued to slowly but steadily chip away at what they owe. In the first quarter of 2013, total household debt in the U.S. declined by $110 billion, or about 1 percent of all the debt that Americans hold, according to the Federal Reserve of New York.

Roberto Azevedo To Become Next Head Of The World Trade Organization, Will Replace France’s Pascal Lamy

Cvand003 — Tue, 07 May 2013 18:30:15 GMT

Photo: Reuters Brazilian trade diplomat Roberto Azevedo is expect to succeed Pascal Lamy as the next head of the World Trade Organization.

Jobs Report - 5 Job Search Tips Every College Grad Should Know

jlazzaro — Fri, 03 May 2013 15:02:44 GMT

Most recent college grads, as well as those about to graduate in a few weeks, realize that the U.S. job market is a challenging one, to put it diplomatically.

Why Is There A State of Emergency In Guatemala? Protests Over Canadian-Owned Silver Mine Grow Increasingly Violent

mvulta — Fri, 03 May 2013 05:37:03 GMT

The Guatemalan government declared a state of emergency in the southeastern part of the country on Thursday following protests over a silver mine that's owned by a Canadian company.

General Motors Pulls Controversial Chevrolet Ad As It Hopes To Expand In China With New Manufacturing Facility [VIDEO]

Michelle FlorCruz — Wed, 01 May 2013 17:03:24 GMT

General Motors (NYSE: GM), the automaker behind deeply American car companies like Chevrolet, Buick and GMC, may be stepping away from its all-American reputation to pursue the ever-expanding Chinese market.

Personal Income, Consumer Spending Up 0.2 Percent In March, Bureau Of Economic Analysis Says

mikeobel — Mon, 29 Apr 2013 12:40:46 GMT

U.S. personal income in March rose 0.2 percent, or $30.9 billion, the Bureau of Economic Analysis said Monday, while consumer spending also climbed 0.2 percent, or $22.6 billion.

Consumer spending had been expected to remain flat, according to a survey of analysts by Thomson Reuters I/B/E/S. That compares with February's increase of 0.7 percent, or $143.2 billion.

Bitcoin Learns To Tango: High Inflation In Argentina Sparks Interest In Digital Currency

ryanvillarreal — Wed, 17 Apr 2013 20:38:40 GMT

The virtual currency known as bitcoin may be gaining popularity in Argentina, where citizens have been prohibited from exchanging their depreciating pesos for U.S. dollars.

Bitcoins, which have a finite supply like gold or silver and lack any sort of centralized regulation that can affect their value, offer Argentines an outlet to shield their savings from rising inflation.

Japan And US Agree To New Terms That Could Bring Japan Into The 11-Nation Trans-Pacific Partnership Free Trade Agreement

msingleton — Fri, 12 Apr 2013 14:50:27 GMT

Prime Minister Shinzo Abe has his sights set on a Japanese resurgence in the global economy and has agreed to a deal with the U.S. that could bring his country into the Trans- Pacific Partnership free trade network.

Tokyo and Washington have agreed bilaterally to a new set of terms despite opposition from labor and lobby groups on each side.

World's Richest Countries Suffered Slight Economic Contraction In 4Q 2012: OECD

mikeobel — Thu, 04 Apr 2013 11:29:01 GMT

The economies of the world's richest countries, except for China, fell by an overall 0.1 percent at the end of last year, the Organization for Economic Cooperation and Development (OECD) said on Thursday.

Companies reducing their inventory of products pulled down real GDP in the OECD by 0.3 percentage points. A contraction in government consumption reduced GDP by an additional 0.1 percentage point.

Brazil, Russia, India, China, South Africa – The BRICS Nations – Propose Creating Their Own Version Of The IMF, World Bank

Angelo.Young — Tue, 26 Mar 2013 13:30:31 GMT

Two of the world’s top development banks are both based in Washington, D.C., which is part of the reason why the International Monetary Fund and the World Bank are often viewed -- justifiably or not -- as organs of U.S. and Western economic interests.

Now the biggest emerging markets, Brazil, India, Russia, China and South Africa, known collectively as the BRICS, are proposing to create a workaround that would allow them an alternative source of development funds.

INRIX Gridlock Index Says Traffic Congestion Increases as Companies Ship More, Hire More And As Consumers Spend More

msingleton — Tue, 05 Mar 2013 17:21:16 GMT

The upside of traffic congestion is that it means the economy is becoming more active. More people are using their cars to head to work or actively look for work. It signals that consumers are out shopping and also that commerce is healthy as more distribution and delivery trucks are on the roads.

January 2013 data from the INRIX Gridlock Index show that vehicle traffic increased by almost two percent year-over-year. The 1.6 percent boost is the second consecutive month that gridlock rose above year-earlier levels, which breaks a series of declines dating to 2011.

Medellín: How Colombia's Second City Overcame Its Drug Cartel Past

ryanvillarreal — Tue, 05 Mar 2013 10:57:02 GMT

Colombia’s second-largest city, Medellín, is aiming to overcome a lingering reputation as a center of drug trafficking and is billing itself as a modernizing and increasingly safe place.

Medellín was recently named the winner of the 2012 “City of the Year” contest, held by the Urban Land Institute, a Washington-based nonprofit that researches land use and real estate development around the world.

Canada Is Dropping Its Penny - When Will The US Follow Suit?

Angelo.Young — Tue, 26 Feb 2013 13:38:56 GMT

Canada began this month the years-long process of phasing out its one-cent coin, joining New Zealand and Australia in officially dumping their lowest denomination coin.

It’s a common-sense decision to stop making a currency that costs more than its face value to manufacture and inject into the economy. But many countries, like Tanzania, Bangladesh, Armenia and others, still continue to circulate what are essentially worthless discs of metal.

Global Unemployment To Hit Record High In 2013: ILO

moranzhang — Tue, 22 Jan 2013 18:02:31 GMT

Global unemployment could top record levels in 2013 and continue rising until 2017, a new report by the United Nations labor agency warned Tuesday, adding that the labor market situation remains particularly bleak for the world’s youth.

US Trade Deficit, ECB Interest Rate Decision, China December Data: Economic Events For Jan 7-11

moranzhang — Fri, 04 Jan 2013 20:01:43 GMT

After the fiscal-cliff storm, this will be a quiet week for economic data releases in the U.S.

November's trade deficit likely narrowed slightly. Both exports and imports were probably affected by the strike at the ports of Los Angeles and Long Beach at the end of the month.

In Europe, the key event will be the European Central Bank’s interest-rate announcement and press conference on Jan. 10.

US, UK, Asian Manufacturing Revives In December, While Euro Zone Factories Struggle

moranzhang — Wed, 02 Jan 2013 17:26:28 GMT

While manufacturing in Asia and the U.S. closed out 2012 on the upswing, factory activity in the crisis-plagued euro zone shrank further in December, adding to evidence that the euro area economy may have slipped further into recession in the fourth quarter and will continue to struggle in early 2013 at least.

Manufacturers helped lift the 17-nation bloc out of the last recession, but new surveys released Wednesday showed the region’s manufacturing sector entered 2013 in a mostly downbeat fashion.

November US Jobs Report, ECB December Meeting: Economic Events For Dec. 4-7

moranzhang — Tue, 04 Dec 2012 18:27:26 GMT

Much of the data this week is expected to continue to show signs of Superstorm Sandy's impact, including the widely watched November government employment report, which is due Friday.

The sustained spike in initial jobless claims in the first three weeks of November, which isn’t that much smaller than the spike after Katrina, suggests there will be some lingering effect.

OECD Slashes Global Growth Forecast

mikeobel — Tue, 27 Nov 2012 14:25:51 GMT

The Organisation for Economic Co-operation and Development (OECD) has lowered its growth forecast for the global economy and expects the Eurozone to sink deeper into recession next year unless the region's leaders moderate their plans for deep government spending cuts.

The Paris-based Organisation for Economic Cooperation and Development said Tuesday it expects the global e

US Q3 GDP Second Estimate, Fed’s Beige Book, New Home Sales: Economic Events For Nov. 26-30

moranzhang — Mon, 26 Nov 2012 19:36:34 GMT

After returning from the Thanksgiving break, market participants will face a crowded economic calendar.

In the U.S., third-quarter gross domestic product is likely to be revised up to 2.8 percent, up from the initial 2 percent estimate. However, early evidence on economic activity in the current quarter will be less encouraging. October's durable goods and personal income & spending reports are likely to be disappointing, with Sandy accounting for only some of the expected weakness.

Greece Bailout, BoJ Meeting, US Housing Data: Economic Events For Nov. 19-23

moranzhang — Mon, 19 Nov 2012 14:59:48 GMT

Overall, a fairly thin week on data as the U.S. counts down to the Thanksgiving holiday.

While the markets continue to focus on the fiscal cliff negotiations, data flow will also receive attention. Topping the list in importance will be the Department of Labor’s weekly update on jobless claims, which should continue to reflect the impact of Superstorm Sandy.

Recent daily soundings suggest that the improvement in consumer sentiment leading up to the national elections has evaporated, while housing barometers are expected to be mixed.

Ikea 'Regrets' Using Forced Labor In Former East Germany

Charles Poladian — Fri, 16 Nov 2012 21:58:13 GMT

The Ikea Group has apologized for using forced labor in the former German Democratic Republic to manufacture certain products. The company acknowledged it was aware of the forced-labor conditions and profited from the practice.

An investigation of Ikea by Ernst & Young confirmed the use of forced labor by the company, Inter Ikea Systems B.V. said Friday. The forced labor involved criminal and political prisoners in the former East Germany between 25 and 30 years ago.

Argentina Should See Second Half Growth, Followed By Contraction -- Again

Angelo.Young — Thu, 15 Nov 2012 20:26:59 GMT

A rebound in agricultural production following a 2011/12 drought probably buoyed Argentina’s gross domestic product in the third quarter -- but the respite may be temporary.

Retail Sales, FOMC Minutes, Euro Zone Q3 GDP: Economic Events For Nov. 12-16

moranzhang — Tue, 13 Nov 2012 15:52:39 GMT

Market participants face a very crowded economic release calendar.

The release of October's retail sales and industrial production data and the early regional manufacturing surveys for November will give us a first insight into how badly Superstorm Sandy hit the economy.

US Presidential Election, Greek Parliament Vote, China’s Leadership Transition And October Data : Economic Events For Nov. 6-9

moranzhang — Tue, 06 Nov 2012 12:16:30 GMT

In a light week of data, the U.S. presidential election will likely dominate the headlines. Intrade and Iowa electronic markets put a high probability on a split government, meaning another four years of contentious debate in Washington.

Coming in the heels of the U.S. election, the Chinese Communist Party congress kicks off on Thursday. The new leadership will not take the helm until March, but the policy direction is becoming clearer.

October Jobs Report, ISM, Auto And Same-Store Sales: Economic Events For Oct 29-Nov 2

moranzhang — Sun, 28 Oct 2012 20:44:52 GMT

We start the week of Halloween with the personal income and spending report on Monday and finish with the October jobs report on Friday -- just four days before the U.S. general elections.

Economists’ projections point to an uninspiring rise in headline payrolls of about 123,000, only slightly better than the disappointing 114,000 job gains recorded in September. The unemployment rate, which unexpectedly fell to 7.8 percent in September, is expected to tick up to 7.9 percent in October.