Economy News

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House panel set for Tuesday vote on Fed transparency bill


WASHINGTON - The House Financial Services Committee said on Friday that it will vote on a bill next week aimed at bringing more transparency to the Federal Reserve, including the controversial requirement of adopting a rules-based approach to its policy.

Argentina fails to reach breakthrough in debt mediator talks

NEW YORK/BUENOS AIRES - Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors on Friday in talks that lasted just an hour, suggesting a settlement to avoid a default next week remains elusive.

25 Jul 2014

U.S. business spending data gives mixed signals on growth

WASHINGTON - A mixed reading on the health of U.S. business investment on Friday suggested the economy may not have rebounded as strongly in the second quarter as previously believed, but it offered hope for the rest of 2014.

25 Jul 2014

Detroit revs up for approval of bankruptcy plan

- Detroit could be on the fast track to complete the final, crucial phase of its historic bankruptcy case, as settlements with key creditors line up and city workers and retirees demonstrate overwhelming support for cost-saving retirement benefit changes.

25 Jul 2014

Change to big World Bank aid projects could cede policing to governments

WASHINGTON - The World Bank is considering putting governments in charge of policing its aid projects, a move watchdog groups worry could undermine social and environmental safeguards the lender currently has in place.

25 Jul 2014

Brazil to pump up to $20 billion in credit into ailing economy

RIO DE JANEIRO/BRASILIA - Brazil's central bank on Friday announced measures to inject as much as 45 billion reais ($20 billion) in credit into the country's ailing economy, which is weighed down by the highest borrowing costs in nearly three years.

25 Jul 2014

India threatens to derail WTO deal, prompts angry U.S. rebuke

NEW DELHI/GENEVA - India threatened on Friday to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a U.S. warning that its demands could kill global trade reform efforts.

Russia raises rates in move seen as arming for sanctions

MOSCOW - The Russian central bank unexpectedly raised interest rates on Friday, apparently preparing for possible further Western sanctions over Ukraine that could speed up capital flight from Moscow's already battered markets.

25 Jul 2014

IMF urges 'steady implementation' of Ukraine loan program

WASHINGTON - The International Monetary Fund urged Ukraine's leaders on Friday to press forward with "steady implementation" of economic reforms agreed with the fund, a day after the prime minister tendered his resignation.

25 Jul 2014

Puerto Rico creditor group gains $180 billion in new muscle

NEW YORK - A group of hedge funds supporting debt restructuring efforts in Puerto Rico has gained 14 new members, bringing the group's total assets under management to $240 billion, a spokesman for the group said on Friday.

25 Jul 2014


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