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A divided Fed wrestles with when to slow bond buys
The Federal Reserve is torn over when to slow its aggressive efforts to stimulate the economy. Its uncertainty burst into view Wednesday, when Chairman Ben Bernanke testified to Congress in the morning and the Fed in the afternoon released the minutes of its last policy meeting. Stock prices gyrated through ...
Iceland forms center-right govt, halts EU talks
The leader of the center-right Progressive Party was chosen as Iceland's new prime minister Wednesday and promptly announced a halt to talks with the European Union about joining the 27-nation bloc. Sigmundur David Gunnlaugsson spoke about the policy shift at a press conference after being selected premier. "The government intends ...
Fed weighed slowing its pace of bond purchases
Several Federal Reserve policymakers this month favored slowing the Fed's efforts to maintain record-low long-term interest rates as early as June — if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains. Minutes of the Fed's April 30-May 1 ...
Bernanke signals Fed to maintain stimulus efforts
Chairman Ben Bernanke told Congress Wednesday that the U.S. job market remains weak and that it is too soon for the Federal Reserve to slow its extraordinary stimulus programs. Reducing the Fed's efforts to keep borrowing rates low would "carry a substantial risk of slowing or ending the economic recovery," ...
Weak yen a help for Japan, but headache elsewhere
A steady fall in the value of the yen is proving a godsend for exporters such as Toyota. The cheaper yen is making their products more affordable overseas. Japan's trading partners are generally pleased, too, even though the lower yen makes their exports relatively more expensive. As many see it, ...
IMF calls on Britain to do more for growth
The International Monetary Fund has called on Britain to do more to support the economic recovery, urging the government Wednesday to speed up investment in infrastructure and come up with a plan to privatize its bailed out banks. In a review of Britain's policies, which had been hotly anticipated after ...
Stocks edge higher as investors watch the Fed
Stocks are opening slightly higher as investors watch for the latest moves from the Federal Reserve. The Dow Jones industrial average was up 39 points at 15,424 shortly after the opening bell Wednesday, a gain of 0.2 percent. The Standard & Poor's 500 index was up four points at 1,673, ...
Oil stays near $96 before crude stocks report, Fed
The price of oil was little changed above $96 a barrel Wednesday as investors waited confirmation of a rise in U.S. crude stocks and the Federal Reserve's latest views on the U.S. economy. By early afternoon in Europe, benchmark crude for July delivery was down 3 cents to $96.15 a ...
Sony mulls hedge fund's entertainment sale idea
Sony's CEO Kazuo Hirai says the electronics giant's board will discuss a proposal by U.S. hedge fund manager Daniel Loeb to spin off up to 20 percent of its movie, TV and music division. Hirai was asked about the proposal at a corporate strategy presentation Wednesday. He did not give ...
Japan's central bank says economy picking up
Japan's central bank says the world's third-biggest economy is "picking up" as demand recovers in other countries and remains resilient at home, though the trade deficit widened in April, for the tenth straight month. The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy ...
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