The head of the International Monetary Fund, Christine Lagarde, has warned that a US default could tip the world into recession. In a US TV interview she said a default would result in massive disruption the world over.
China has knocked the US from its top spot as the world's biggest net importer of oil, US government data shows. The country's fast-growing economy, as well as the rise in car sales, has led to its new status, according to September's data. Oil consumption in China had outstripped production by 6.3 million barrels a day, said the Energy Information Administration (EIA). In the US, the figure was 6.1 million.
President Barack Obama has nominated Federal Reserve Vice-Chair Janet Yellen to run the world's most influential central bank and urged the Senate to confirm her without delay. Yellen, an advocate for aggressive action to stimulate US economic growth through low interest rates and large-scale bond purchases, would replace Fed Chairman Ben Bernanke, whose second term ends on January 31.
The International Monetary Fund trimmed its forecasts for global output for the sixth time since early last year, saying stronger growth in most advanced economies would fail to make up for a more sluggish expansion in the developing world
The US Federal Reserve has issued a new hi-tech 100 dollar banknote comprising several new security features. It includes a blue 3D security ribbon and a bell and inkwell logo that authorities say are particularly difficult to replicate.
The United States has expelled Venezuela's top diplomat and two others, after Venezuela kicked out three U.S. diplomats it accused of plotting sabotage. The Caracas government criticized the US response, saying the Venezuelan diplomats had not been meeting with groups opposed to US President Barack Obama.
US President Barack Obama has warned that Wall Street should be concerned that a conservative faction of Republicans is willing to allow the country to default on its debt. The US government has partially closed after Congress failed to agree a budget and will run out of cash on 17 October unless its debt ceiling is raised.
Uruguay “does not need money; we need talent, students that complete their formation in the US and return to Uruguay to share and invest their knowledge” president Jose Mujica told US Vice-president Jose Biden during an hour long meeting on the sidelines of the UN General Assembly in New York.
US lawmakers have narrowly voted to cut food stamp benefits from next year despite a veto threat from the White House and opposition from lobby groups. The Republican-led House of Representatives passed the bill by 217-200. But it has little chance in the Democratic-held Senate.
The International Monetary Fund urged US policymakers to support major reforms at the global lender and bury political differences over the budget to ease one source of risk to the economy and markets.