Oil drops 7 percent to 3-1/2-year low below $50
NEW YORK - Oil prices dropped more than 7 percent to below $50 a barrel on Thursday as a bearish U.S. jobs report intensified concerns of a long and deep global recession and further crushed fuel demand expectations.
Nations:Kuwait Venezuela Saudi Arabia Activities:2007-8 Oil Crisis Source:(Reuters)
2008-11-20
World leaders agree action plan for growth
WASHINGTON (AFP) - World leaders, meeting for a crisis summit here, have agreed on an action plan to restore global growth and prevent future financial upheaval while promising new spending plans, a trade deal and a set of reforms.
Nations:India Brazil Russia People:Jim Leach Gordon Brown Barack Obama George W. Bush Activities:G20 Summit
2008-11-16
Leaders seek to prevent future economic crisis
WASHINGTON - World leaders battling a historic economic crisis agreed Saturday to flag risky investing and regulatory weak spots in hopes of avoiding future financial meltdowns.
Nations:Japan India Brazil U.K. France U.S. People:Nicolas Sarkozy Jim Leach Gordon Brown Robert Zoellick Angela Merkel Barack Obama Activities:G20 Summit
2008-11-15
Pelosi supports new help for ailing US automakers
WASHINGTON - Democratic congressional leaders want Congress to work in a lameduck session on a financial bailout for the troubled U.S. auto industry, which is suffering under the weight of poor sales, tight credit and a sputtering economy.
Nations:Colombia U.S. People:Carl Levin Harry Reid Nancy Pelosi Activities:2008 Automakers Downturn
2008-11-12
Obama, Bush discuss world of challenges
WASHINGTON (AFP) - US president-elect Barack Obama met President George W. Bush for face-to-face talks at the White House, with help for the ailing US auto industry reportedly a top issue.
Nations:U.S. Colombia People:Laura Bush Barack Obama John McCain Ronald Reagan Jimmy Carter George W. Bush Activities:Obama Admin. Bush Admin.
2008-11-11
China says stimulus plan important for world
BEIJING - China's massive stimulus package is meant to help support global growth by boosting Chinese investment and consumer spending, Premier Wen Jiabao said Monday.
Nations:Brazil People:Wen Jiabao Activities:2008 China Stimulus Plan China Hu Jintao Admin. Asian Markets Source:(AP)
2008-11-10
Accident on Russian nuclear sub suffocates 20
MOSCOW - The fire safety system on a brand-new Russian nuclear submarine accidentally turned on as the sub was being tested in the Sea of Japan, spewing chemicals that suffocated 20 people and sent 21 others to the hospital, officials said Sunday.
Nations:Russia Venezuela People:Dmitry Medvedev Vladimir Putin Source:(AP)
2008-11-09
Russian navy: sub accident kills more than 20
MOSCOW - An accident aboard a nuclear-powered Russian navy submarine doing a test run in the Pacific Ocean on Saturday killed more than 20 people, the navy said.
Nations:Russia Venezuela People:Dmitry Medvedev Vladimir Putin Source:(AP)
2008-11-08
Bush, Obama focus on economy in radio addresses
WASHINGTON - With the economy in a downward spiral, U.S. troops in Iraq and Afghanistan and the nation under threat from terrorists, President Bush pledged Saturday to make a smooth transition to an Obama administration a top priority for the rest of his days in office.
Nations:Afghanistan Colombia South Korea People:Laura Bush Activities:Obama Admin. 2008 Global Recession Bush Admin. Source:(AP)
2008-11-08
Obama approaches lawmaker about White House post
WASHINGTON - Barack Obama's campaign has approached Illinois Rep. Rahm Emanuel about possibly serving as White House chief of staff, officials said Thursday as the marathon presidential race entered its final, frenzied stretch with a Democratic tilt.
Nations:U.S. Colombia People:John McCain Barack Obama Warren Buffett Colin Powell Bill Clinton Activities:US Election 2008 Source:(AP)
2008-10-31
Economy shrinks as consumers cut back on spending
WASHINGTON - The government says the economy shrank in the third quarter as consumers cut back on their spending by the biggest amount in 28 years. It was the strongest signal yet the country has hurtled into recession.
Nations:Ukraine Brazil Mexico South Korea Hungary People:Ben Bernanke Activities:2008 Global Recession
2008-10-30
U.S., China kick off global round of rate cuts
NEW YORK - The United States and China kicked off what is likely to be a global round of interest rate cuts, part of a barrage of measures deployed around the world to fight a deep economic slowdown.
Nations:China South Korea U.S. Belarus Ukraine Pakistan People:Barack Obama John McCain Activities:Global Financial Crisis
2008-10-29
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