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Bernanke signals Fed to maintain stimulus efforts
Chairman Ben Bernanke told Congress Wednesday that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs. Reducing the Fed's efforts to keep borrowing rates low would "carry a substantial risk of slowing or ending the economic recovery," ...
IMF calls on Britain to do more for growth
The International Monetary Fund has called on Britain to do more to support the economic recovery, urging the government Wednesday to speed up investment in infrastructure and come up with a plan to privatize its bailed out banks. In a review of Britain's policies, which had been hotly anticipated after ...
Iceland forms center-right govt, halts EU talks
The leader of the center-right Progressive Party was chosen as Iceland's new prime minister Wednesday and promptly announced a halt to talks with the European Union about joining the 27-nation bloc. Sigmundur David Gunnlaugsson spoke about the policy shift at a press conference after being selected premier. "The government intends ...
Stocks surge as Bernanke retains dovish ton
Federal Reserve Chairman Ben Bernanke's signal that monetary policy will remain loose gave stocks another lift Wednesday, paving the way for many indexes to advance to new record highs. Following a run of upbeat U.S. economic news, largely related to housing and jobs, there had been talk in the markets ...
Stocks edge higher as investors watch the Fed
Stocks are opening slightly higher as investors watch for the latest moves from the Federal Reserve. The Dow Jones industrial average was up 39 points at 15,424 shortly after the opening bell Wednesday, a gain of 0.2 percent. The Standard & Poor's 500 index was up four points at 1,673, ...
Oil stays near $96 before crude stocks report, Fed
The price of oil was little changed above $96 a barrel Wednesday as investors waited confirmation of a rise in U.S. crude stocks and the Federal Reserve's latest views on the U.S. economy. By early afternoon in Europe, benchmark crude for July delivery was down 3 cents to $96.15 a ...
Sony mulls hedge fund's entertainment sale idea
Sony's CEO Kazuo Hirai says the electronics giant's board will discuss a proposal by U.S. hedge fund manager Daniel Loeb to spin off up to 20 percent of its movie, TV and music division. Hirai was asked about the proposal at a corporate strategy presentation Wednesday. He did not give ...
Weak yen a help for Japan, but headache elsewhere
A steady decline in the yen is proving a godsend for exporters such as Toyota and has won solid support from Japan's main trading partners, who are betting the impact on their own currencies will be offset by gains from a recovery in the world's third-largest economy. It's not such ...
Japan's central bank says economy picking up
Japan's central bank says the world's third-biggest economy is "picking up" as demand recovers in other countries and remains resilient at home, though the trade deficit widened in April, for the tenth straight month. The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy ...
North Korea sends leader's special envoy to China
North Korean leader Kim Jong Un dispatched a high-profile official and close confidant to travel to China on Wednesday as a special envoy while Beijing is under pressure to rein in its belligerent neighbor. Choe Ryong Hae, a top Workers' Party official and a vice marshal tasked with supervising the ...
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