United States President Barack Obama received a sobering message from billionaire Warren Buffett when he asked for the investment guru's views about the economic recovery, according to an interview Obama gave NBC News on Thursday.
Goldman Sachs has agreed to pay 550 million US dollars to settle civil fraud charges of misleading investors. The US financial watchdog, the Securities and Exchange Commission (SEC), said this was the biggest fine against a bank in its history.
United States Senate has given final approval to the biggest overhaul of US financial regulation in decades. The reforms are intended to avert a repeat of the 2008 crisis that brought the world economy to the brink of collapse.
US trade deficit widened to its highest level in 18 months in May, driven by demand for imported cars, computers and clothing. The deficit increased by 4.8% to 42.3 billion US dollars, the largest since November 2008, Commerce Department data showed.
The US economy is recovering after the global economic crisis, but consumers and financial institutions remain cautious as weak housing markets, high unemployment, and risks in Europe remain a concern, the IMF staff said in a press conference that followed its annual review of the world’s largest economy.
Shares of Smithfield Foods Inc., the top U.S. pork producer, jumped as much as 8.3% Tuesday on speculation the company may be a takeover target for Brazil-based meat processor JBS S.A. A report in the Brazilian publication Valor Economico, citing market sources said JBS may seek discussions over an acquisition with Smithfield.
US president Barack Obama whose father was from Kenya will be hosting next August a major event to celebrate the 50 years of independence of eighteen African countries, according to US sources.
The lion’s share (85%) of the gross profits from the cocaine business between South America and the United States ends in the wholesale and retail distribution network in the US according to Antonio Luigi Mazzitelli, head of the UN office on Drugs and Crime for Mexico and Central America.
Two days ahead of the Toronto G-20 summit the US Federal Reserve anticipates it will keep its main interest rate at a near zero level, for an extended period. The Federal Open Market Committee said on Wednesday that subdued inflation and other factors are likely to warrant keeping rates at their historic lows.
The number of US workers filing new claims for jobless benefits jumped last week after three straight declines, the Labour Department said on Thursday. First-time claims rose by 12,000 to a seasonally adjusted 472,000, the highest level in a month.