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Spending data lifts U.S. stocks more than 2 percent
NEW YORK — US stock markets rallied on Monday as upbeat data on consumer spending lifted hopes that economic growth would pick up speed, while Hurricane Irene caused less damage than feared. The Dow Jones Industrial Average was up 254.71 points (2.26 percent) to close at 11,539.25. The broader S&P…
S.Africa may dehorn rhinos, ban hunts to stop poaching
South Africa is investigating dehorning its rhino population and stopping legal trophy hunts to fight a poaching crisis that has killed 279 animals this year, the environment minister said Monday. Officials are considering putting a moratorium on rhino hunting to deal with abuses in the allocation of permits, which were…
Small business hiring slows in August, wages dip
WASHINGTON (Reuters) – Hiring by small businesses slowed in August and employers reduced hours, an independent survey showed on Sunday, suggesting the recent stock market turmoil may have dampened job creation. Intuit, a payrolls processing company, said small businesses added 35,000 jobs after increasing employment by 40,000 in July. The…
Economic leaders fear policy paralysis
JACKSON HOLE, Wyoming (Reuters) – The heads of the U.S. Federal Reserve, IMF and OECD stepped up pressure on political leaders on both sides of the Atlantic to shake off their inertia and tackle urgent economic problems. If politicians ignore their pleas — including a blunt call from International Monetary…
Futures gain as normal Wall St operations expected
NEW YORK (Reuters) – Stock index futures jumped on Monday, signaling a strong open on Wall Street, as investors were relieved to see Hurricane Irene caused less damage than feared in New York City over the weekend. The New York Stock Exchange and the Nasdaq will operate as normal, although…
Samsung, Apple tablet row heats up in Australia
Electronics giant Samsung Monday said it would launch a counter claim against US firm Apple in Australia as part of a dispute between the rival companies over tablet computers. The American company launched legal action against South Korea’s Samsung Electronics in Sydney earlier this month, accusing it of infringing its…
Dollar holds firm after Bernanke speech
The dollar held firm against other major currencies in Asia on Monday after a much-awaited speech by US Federal Reserve chairman Ben Bernanke boosted positive sentiment. The euro bought $1.4480 in Tokyo morning trade, slightly down from $1.4490 in New York late Friday. It was almost flat at 111.10 yen.…
Eurozone crisis over in ‘two to three years’
The head of the European Financial Stability Facility (EFSF), Klaus Regling, believes the eurozone will overcome its current debt crisis by 2014. “One can justifiably expect the crisis to be over within two to three years,” he told the magazine Spiegel out Sunday. “In all eurozone countries the fundamentals are…
New IMF chief says urgent action needed to protect recovery
JACKSON HOLE, Wyo (Reuters) – The new head of the IMF on Saturday urged global policymakers to pursue urgent action, including forcing European banks to bulk up their capital, to prevent a descent into a renewed world recession. “Developments this summer have indicated we are in a dangerous new phase,”…
Facebook shutting down online Deals program
Facebook is ending a Deals program launched in April which offered online bargains like Groupon, LivingSocial and other companies. “After testing Deals for four months, we’ve decided to end our Deals product in the coming weeks,” the Palo Alto, California-based social network said in a statement. “We think there is…
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- Bill Clinton to Israelis: There is ‘no alternative’ to a Palestinian state
- China now home to the world’s fastest supercomputer
- Watch: Funny or Die mocks Michele Bachmann’s retirement
- Pesticide contamination kills up to 42 percent of water life: study
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