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S&P lowers Spain’s debt rating a notch to ‘AA-’

WASHINGTON — Standard & Poor’s cut Spain’s credit rating by one notch to “AA-” from “AA” with a negative outlook on Thursday, following downgrades to the country’s top banks. S&P said Spain’s high unemployment, tighter financial conditions and “the likely economic slowdown in Spain’s main trading partners” prompted the downgrade.…

Obama ups pressure ahead of Senate jobs bill vote

WASHINGTON (Reuters) – President Barack Obama maintained his attack against congressional Republicans over his jobs bill on Saturday, upping pressure before it faces a vote in the Senate next week. Repeating a warning to make them explain to the American people why they oppose his measures, Obama said the country…

U.S. stocks rally on Fed report

NEW YORK — US stocks jumped on Wednesday after a German court ruling helped clear the way for a eurozone bailout plan and the Federal Reserve said the US economy was still growing slowly. The Dow Jones Industrial Average rose 275.56 points (2.47 percent) to close at 11,414.86, in a…

White House: Deficits to fall sharply by 2014

WASHINGTON — The United States will not fall into a new recession despite sharp cuts to government spending, but unemployment could remain above eight percent through 2013, the White House said Thursday. While growth will stay sluggish this year, in the 1.7-2.2 percent range, the economy is not expected to…

White House predicts surge in U.S. growth

The US economy will not fall into a new recession and the country’s budget deficit will decline sharply in the next three years, the White House said Thursday. While growth will remain sluggish this year, in the 1.7-2.2 percent range, the economy is not expected to contract, according to a…

Fed vows low rates for two more years

The Federal Reserve pledged Tuesday to hold interest rates near zero for two more years and said it was mulling the tools it has to boost a slowing economy. Meeting as worries grew of a new recession, the Fed’s policy board said growth so far this year had been “considerably…

Greenspan sees negative market take on downgrade

Former US Federal Reserve chairman Alan Greenspan said Sunday he believes the financial markets will react negatively to the downgrade of the US credit rating, and will take “a while” to settle. “Considering the momentum in which the market went down over the last week, it’s very unlikely — if…

Second U.S. recession could be worse than the first

A second recession, what many are calling the double-dip recession, could be on its way, economists warn. And should it come, it will probably be even more devastating than the previous period of economic woe. “It would be disastrous if we entered into a recession at this stage, given that…

UK banks must ‘resume lending’ to avoid fresh recession

LONDON — Britain risks falling back into recession unless its banks increase the amount they are lending to businesses and individuals, Business Secretary Vince Cable said in an interview with The Sunday Times. “The top priority now, to boost growth and jobs and avoid a double dip (recession), is making…

World stocks dive amid fresh recession fears

Global stocks plunged on Friday on the increasing prospect of a sharp economic downturn, with attention focused on US jobs data, widely expected to deepen the gloom of flagging growth and eurozone debt. European stock markets initially dived 3.0-4.0 percent after heavy falls in Asia and on Wall Street as…

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