Billionaire investor George Soros offered a gloomy outlook for the US economy, stating that a depression is possible. Testifying at a US Lower House Oversight and Government Reform Committee hearing on Thursday, Soros predicted that not only will the US muddle through a deep recession, but that hedge funds will be decimated by the current financial crisis.
United States retail sales fell 2.8% in October, the largest drop on record for the month and another sign that US consumers are clamping down amid the faltering economy, the Commerce Department reported Friday.
President-elect Barack Obama named former Secretary of State Madeleine Albright and former Republican Representative Jim Leach as his emissaries at the international economic summit hosted by President George Bush in Washington on November 14/15.
The 700 billion US dollars bail-out package has already clearly helped stabilise the financial system, US Treasury Secretary Henry Paulson said on Wednesday but he also warned there were still many challenges ahead and market turbulence was likely to continue for some time.
No major changes or initiatives, but a change in tone” - that is the commonly-held view of Washington analysts on Barack Obama's likely policies towards Latin America.
US president-elect Barack Obama, vowed on Friday to confront the current economic crisis head on in his first news conference since his victory in Tuesday's election.
The world is sinking into a major global slowdown, likely to be the worst in a quarter-century, perhaps since the Great Depression. This crisis was made in America, in more than one sense.
US President-elect Barack Obama has appointed a team of high-level advisers including billionaire investor Warren Buffett and Google chief executive Eric Schmidt to guide his thoughts on the economy ahead of taking office on January 20.
Barack Obama has started forming his administration by asking Rahm Emanuel, a former adviser to President Clinton, to be his chief-of-staff. US President-elect Obama is expected to appoint a new treasury secretary soon.
A United States federal court in Miami has found a Venezuelan businessman guilty of acting as an illegal foreign agent in US territory to cover up a political scandal involving Argentina.