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Asia Stocks Plunge
 Asia Stocks Plunge 
May 21, 2010 3:42 AM CDT

Asia Stocks Plunge

Markets down on US unemployment, Europe debt

(Newser) - Following a dismal day on Wall Street, Asian markets fell sharply today on news of an unexpectedly high US unemployment rate and worries about the growing debt crisis in Europe. The MCSI Asia Pacific Index was down 1.6 percent at 111.79, a 9-month low. Japan's Nikkei 225 stock...

EU Forges $960B Bailout Fund
 EU Forges $960B Bailout Fund 
May 10, 2010 2:39 AM CDT

EU Forges $960B Bailout Fund

Officials hope it's enough to contain crisis

(Newser) - European officials hammered out a $960 billion bailout fund for nations facing the prospect of default. The bailout is nominally to provide the euro with stability, but is mainly pointed at Greece, with a secondary eye to Spain and Portugal, which are both teetering on economic chaos, reports the Times...

Greece Mess Means Big Trouble for Euro
 Greece Mess Means 
 Big Trouble for Euro 
Paul Krugman
May 7, 2010 8:35 AM CDT

Greece Mess Means Big Trouble for Euro

Athens will probably have to leave the currrency

(Newser) - Greece is not the "next Lehman," writes Paul Krugman. It's not "big enough or interconnected enough" to cause that scale of global mess, or even yesterday's nightmare on Wall Street. But don't be too reassured. "Greece’s problems are deeper than Europe’s leaders are willing...

Feds Investigate Whether Hedge Funds Sank Euro

'Idea meeting' may constitute collusion

(Newser) - The Justice Department has begun an investigation into a group of hedge funds that may have colluded to short-sell the euro, driving down its value and driving up their profits. Justice sent a letter to SAC, Greenlight, and Soros—among others—the same day the Wall Street Journal reported that...

Eurozone Mulls Greece Bailout
 Eurozone Mulls Greece Bailout 
Feb 9, 2010 2:32 AM CST

Eurozone Mulls Greece Bailout

Officials avoid B-word while planning 'rescue package'

(Newser) - Greece won't be getting a bailout from the EU itself, officials said yesterday, but they're scrambling to put together a package of loans from member nations to shore up the staggering Greek economy. The EU charter forbids the European Central Bank and national central banks from bailing out countries, but...

Count the US Dollar Down, But Not Out
Count the US Dollar Down, But Not Out
ANALYSIS
Oct 23, 2009 4:25 PM CDT

Count the US Dollar Down, But Not Out

Fears of a looming currency crash are overblown

(Newser) - With the US economy in a prolonged slump and the Fed likely to keep interest rates low for the foreseeable future, many worry that a dollar crash will be the next shoe to drop. Currency pessimists can point to a 6-month decline in the dollar; this week the currency hit...

Euro Cracks $1.50, Dollar Hits New Lows

Investors shun low-yielding greenback for riskier currencies

(Newser) - The dollar fell below the $1.50 threshold against the euro yesterday for the first time in 14 months, as investors with renewed appetites for risk continue to abandon the greenback. The dollar is at its lowest level against six other currencies in more than a year, and foreign exchange...

Oil States Plot to Ditch Dollar

Gulf Arabs in talks to replace greenback with mix of currencies

(Newser) - The American dollar is dropping against the yen and euro amid reports that the Gulf states are planning to replace use of the greenback in oil trading in favor of a basket of mixed currencies. The Arab states are in advanced discussions with China, Russia, Japan and France to end...

Best New Travel Websites
 Best New Travel Websites 
Aug 28, 2009 3:25 PM CDT

Best New Travel Websites

Get advice from locals, exchange currency, and more

(Newser) - The summer is winding down, but there’s still time for a last-minute vacation. The Times of London lists 10 new websites to check out:
  • Tripbod: Answer questions about your interests and hobbies, and a local expert will plan an itinerary for you.
  • Vimeo: The travel group on this video
...

Dollar Headed for Biggest Gains Since '81: Bankers

Greenback set for 17.1% gain against euro

(Newser) - The dollar is poised for its biggest advances in 28 years, according to Deutsche Bank, which predicts a 17.1% gain against the euro by the end of the year. Other banks polled by Bloomberg are similarly bullish about the greenback, which has just endured its worst quarter since 2002....

Dollar Hits 2009 Low
 Dollar Hits 2009 Low 
May 22, 2009 6:48 AM CDT

Dollar Hits 2009 Low

Credit rating fears send greenback falling against pound, euro

(Newser) - The dollar fell to its lowest level of the year today as investors grew nervous that the US could lose its triple-A credit rating, Reuters reports. The greenback declined to $1.39 against the euro and $1.58 against the pound, echoing similar drops across the world. Yesterday, Moody's said...

German Economy Dives 3.8%
 German Economy Dives 3.8% 

May 15, 2009 7:28 AM CDT

German Economy Dives 3.8%

Quarterly fall in GDP is worst in over 40 years

(Newser) - The German economy has suffered its worst decline in more than 40 years, with GDP shrinking by 3.8% in the first quarter of 2009. The fall is the most severe on record and worse than economists had predicted, reports the Guardian. News of the contraction in Europe's largest nation...

GDP Nosedives Across Atlantic
 GDP Nosedives Across Atlantic 
Feb 13, 2009 6:20 AM CST

GDP Nosedives Across Atlantic

4th-quarter GDP drop signals worsening recession

(Newser) - We're not alone: The euro zone’s recession worsened in the fourth quarter of last year as its GDP saw its biggest decline since records began in 1995, the Wall Street Journal reports. The GDP contracted 1.5% quarter-to-quarter and 1.2% since the year before, EU figures showed. Germany,...

Iceland Up for Emergency EU Membership

Brussels says it will fast-track process for crisis-stricken nation

(Newser) - Iceland will be fast-tracked into the European Union to rescue the tiny Nordic state from financial disaster, senior officials in Brussels tell the Guardian. Depending on the result of the Icelandic election, the country could apply for membership as soon as May. While accession to the EU normally takes years,...

4 Financial Doomsday Scenarios
 4 Financial Doomsday Scenarios 
ANALYSIS
Dec 17, 2008 11:20 AM CST

4 Financial Doomsday Scenarios

(Newser) - James Rickards is far more pessimistic about the economic crisis and its global implications than most of his analyst colleagues, Politico reports. But he’s also well respected by US intelligence and defense services. Here are four of his nightmare scenarios.
  • Terrorism: Al-Qaeda has long sought to disrupt the US 
...

Dollar's Long Rally Likely to Stall in 2009
Dollar's Long Rally Likely
to Stall in 2009
ANALYSIS
Dec 8, 2008 5:28 AM CST

Dollar's Long Rally Likely to Stall in 2009

Recession, low interest rates will catch up with buoyant greenback

(Newser) - The once moribund dollar has soared 20% against foreign currencies since July, one of the few bright spots in a grim financial landscape. The dollar traded against the euro at $1.28 this morning, down from a high of over $1.60 this summer. But the dollar's rally is expected...

Crisis Makes Former Skeptics Rethink Euro

From Poland to Iceland, once-resistant nations want to join up

(Newser) - When the euro was first proposed, skeptics cautioned of the dangers of an integrated system during a time of crisis. Now that the crisis is here, the euro has performed relatively well while smaller currencies have plunged in an investor "flight to quality." As the New York ...

Germany, Europe's Largest Economy, in Recession

Europe's largest economy posts worse-than-expected declines

(Newser) - New figures today confirmed that Germany, Europe's largest economy and the world's top exporter, is in recession. The nation's GDP contracted 0.5% in the third quarter, far worse than predicted and the biggest decline in growth in 12 years. The magnitude of the German contraction pushed the euro down...

Global Stocks Pounded, Dollar Hits Record Highs

Greenback soars to 5-year high against the pound

(Newser) - Stocks in Asia and Europe dove once again today, with banks leading losses as the continuing economic downturn hit corporate profits. The Nikkei in Tokyo closed down 6.8%, and London's FTSE opened down 2.3% after the Bank of England said that the country is in a recession. Meanwhile...

Euro Leaders Hope to Emerge With Crisis Action Plan Today

Europe scrambles to shore up banks

(Newser) - European leaders hoped to emerge today from a meeting in Paris with a detailed unified action plan to address the continuing worldwide economic crisis, Reuters reports. Banks continued to hold emergency talks today with officials in the British government, which is about to purchase major equity stakes in the nation's...

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