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Standard and Poor’s downgrades Egypt’s rating

PARIS — Standard and Poor’s downgraded Egypt’s rating on Tuesday to BB-, citing weak prospects for public finances and rising risks to macroeconomic stability during the nation’s political transition. The agency lowered its long-term foreign-currency sovereign credit rating to BB- from BB and said that outlook remains negative. “The downgrade…

European stocks struggle to recover from slump

European equities edged higher on Friday as the G20 attempted to calm markets after the recent rout, but sentiment was plagued by global economic woes and the eurozone debt crisis centred on Greece. Asian indices fell for a second straight day on Friday, after more losses on Wall Street, on…

U.S. markets extend losses, Dow down 4%

NEW YORK — US stocks extended a brutal sell-off Thursday, plunging more than four percent in the final hours of trade, fueled by the Federal Reserve’s stark warning about the health of the US economy. The Dow Jones Industrial Average was down 478.47 points (4.30 percent) to 10,646.37 at 1800…

Economists: Threat of recession rising

WASHINGTON — The threat of a new recession is rising in the United States, economists say, as they slash their growth forecasts for the second half of the year. Slowing global expansion, the plunge in US stock markets after Standard & Poor’s cut the country’s credit rating, and political pressure…

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…

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