http://www.voanews.com Voice of America is an international news and broadcast organization serving Central and Eastern Europe, the Caucasus, Central Asia, Russia, the Middle East and Balkan countries http://www.voanews.com/img/voa/rssLogo_VOA.gif http://www.voanews.com en-US 2012 - VOA 60 Sat, 18 May 2013 14:15:50 -0400 Pangea CMS – VOA The Eurozone economy shrank more than expected in 2013, falling two tenths of one percent between January and March.  The new data means the 17-nation currency bloc has now been in recession for six consecutive quarters - longer even than the deep recession that followed the global financial crisis of 2008. Of the 17 nations that make up the common currency bloc - nine countries are now in recession. While not as steep as the recession that came after the 2008 financial crisis - ... http://www.voanews.com/content/europe-recession-financial-crisis/1661912.html http://www.voanews.com/content/europe-recession-financial-crisis/1661912.html Wed, 15 May 2013 18:50:36 -0400 Economy Mil Arcega New data shows the U.S. housing market strengthening.  The S&P Case Schiller Home Price Index shows average home prices in 20 of the biggest US cities rose more than nine percent in the last 12 months. That's the biggest gain in nearly seven years. Analysts say it may be one of the reasons why U.S. consumer confidence is improving. Five years after the collapse of the U.S. housing market, Americans seem ready to buy again. Pending home sales are up 7 percent over last year, ... http://www.voanews.com/content/us-housing-prices-increase/1652111.html http://www.voanews.com/content/us-housing-prices-increase/1652111.html Tue, 30 Apr 2013 18:56:38 -0400 Economy Mil Arcega China is cementing its reputation as the most important market for the auto industry.  Chinese auto sales are up 13 percent from a year ago -- with sales expected to top 20 million this year.  By comparison, total sales in the United States this year are forecast at just a little more than 15 million vehicles.  The importance of the Chinese market is reflected in the size and sophistication of the Shanghai auto show, where automakers are capitalizing on China's growing demand ... http://www.voanews.com/content/article/1649187.html http://www.voanews.com/content/article/1649187.html Thu, 25 Apr 2013 19:52:48 -0400 Asia Mil Arcega Despite an uneven recovery between advanced and developing economies, the heads of both the World Bank and the International Monetary Fund say the global financial crisis has eased substantially. But these global lending institutions say member countries must do more to spark sustainable economic growth.  The world's economy is growing at a slightly slower pace than the IMF's initial forecasts in January. But top financial officials gathered in Washington for the annual Spring ... http://www.voanews.com/content/imf_chief_says_global_financial_threat_is_easing/1645447.html http://www.voanews.com/content/imf_chief_says_global_financial_threat_is_easing/1645447.html Fri, 19 Apr 2013 23:07:33 -0400 Economy Mil Arcega http://www.voanews.com/content/imf_chief_says_global_financial_threat_is_easing/1645447.html#relatedInfoContainer The International Monetary Fund has cut its outlook for global economic growth, saying the recovery is likely to be uneven. The global lending organization predicts overall growth will average 3.3 percent this year - down from its earlier forecast of 3.5 percent.  The revised outlook comes as member nations gather in Washington for the annual IMF-World Bank Meetings.  The rise of emerging economies, a stagnant Europe and the plight of the world's poor takes center stage as ... http://www.voanews.com/content/imf-cuts-forecast-for-global-growth/1642516.html http://www.voanews.com/content/imf-cuts-forecast-for-global-growth/1642516.html Tue, 16 Apr 2013 10:58:33 -0400 Economy Mil Arcega http://www.voanews.com/content/imf-cuts-forecast-for-global-growth/1642516.html#relatedInfoContainer The White House released a new budget plan Wednesday that would reduce entitlement benefits for retired Americans.  The budget proposal seeks to limit Cost of Living Adjustments (COLA) to Social Security by using a less generous formula to measure inflation for computing future benefit increases.  Called "Chained CPI" -- some conservatives say the plan would save the government billions of dollars. But others say the proposed changes also place an unfair burden on people who ... http://www.voanews.com/content/us-budget-social-security/1638995.html http://www.voanews.com/content/us-budget-social-security/1638995.html Wed, 10 Apr 2013 18:42:36 -0400 USA Mil Arcega The Organization for Economic Cooperation and Development (OECD) says the outlook for growth in the world's most developed economies has strengthened.  The international economic research group says the United States and Japan will lead growth among advanced economies. But it says Europe will continue to lag.  New government data shows the U.S. economy expanded at a faster clip last year than earlier estimates.  And it's likely to perform better in 2013.  The ... http://www.voanews.com/content/oecd-says-global-economy-rebounds-but-not-in-europe/1630784.html http://www.voanews.com/content/oecd-says-global-economy-rebounds-but-not-in-europe/1630784.html Thu, 28 Mar 2013 18:59:21 -0400 Economy Mil Arcega After last-minute talks Friday, Cyprus lawmakers passed measures required by the European Union to secure a bank bailout. Finance ministers from the 17-nation eurozone still have to meet on Sunday to discuss the details. The country's 56-member parliament had until Monday to find ways to raise $7.5 billion or risk losing billions of dollars in emergency funding from the European Central Bank. Support from its European partners is needed to avoid a bleak financial future for Cyprus. Banks ... http://www.voanews.com/content/cyprus_parliament_passes_financial_measures_future_uncertain/1627224.html http://www.voanews.com/content/cyprus_parliament_passes_financial_measures_future_uncertain/1627224.html Sat, 23 Mar 2013 10:00:10 -0400 Europe Mil Arcega http://www.voanews.com/content/cyprus_parliament_passes_financial_measures_future_uncertain/1627224.html#relatedInfoContainer The Federal Reserve has cut its economic outlook for 2013 but says the unemployment rate is likely to fall faster than previously expected.  In a statement following a two-day meeting of central bank policy makers, Fed Chairman Ben Bernanke reassured financial markets, saying long-term interest rates would remain low for the foreseeable future. Despite a strong pickup in manufacturing and a much-improved housing market,  the outlook for the US economy remains mixed.  The ... http://www.voanews.com/content/bernanke-economy-us/1625591.html http://www.voanews.com/content/bernanke-economy-us/1625591.html Wed, 20 Mar 2013 19:12:32 -0400 Economy Mil Arcega Now that the deadline for a Congressional compromise has passed, the process of cutting $85 billion from the federal budget begins. Economists say the impact will not be immediate, but the fallout already has begun. With across the board budget cuts all but guaranteed, some government agencies already have placed a freeze on hiring. At the Federal Aviation Administration, up to 40 thousand workers expect to see their hours reduced. "It means I will probably be late on a house payment, ... http://www.voanews.com/content/imf_to_revise_us_growth_forecaster_and_sequester_is_blamed/1613820.html http://www.voanews.com/content/imf_to_revise_us_growth_forecaster_and_sequester_is_blamed/1613820.html Fri, 01 Mar 2013 21:28:23 -0500 USA Mil Arcega http://www.voanews.com/content/imf_to_revise_us_growth_forecaster_and_sequester_is_blamed/1613820.html#relatedInfoContainer Some $85 billion in automatic spending cuts will kick in Friday unless Congress and the Obama administration can agree on an alternate plan to reduce the deficit.  "Sequestration," as it's called, was initially agreed upon as a threat to force lawmakers to reach a compromise.  But U.S. Federal Reserve Chairman Ben Bernanke warned Tuesday that without a deal soon, the massive spending cuts pose a significant threat to the U.S. recovery.  With no progress in ... http://www.voanews.com/content/fed-chief-warns-of-economic-headwinds-from-budget-stalemate/1611443.html http://www.voanews.com/content/fed-chief-warns-of-economic-headwinds-from-budget-stalemate/1611443.html Tue, 26 Feb 2013 18:44:15 -0500 USA Mil Arcega The United States and the European Union are likely to begin negotiations as early as June on what some are calling a "ground breaking" free trade agreement. International trade experts say such an agreement would have substantial economic benefits on both sides of the Atlantic. But the obstacles are many and success is far from guaranteed. President Barack Obama raised the prospects of a Transatlantic free trade zone at his annual State of the Union address. "Because trade ... http://www.voanews.com/content/us-european-trade-free/1606962.html http://www.voanews.com/content/us-european-trade-free/1606962.html Tue, 19 Feb 2013 21:05:12 -0500 Economy Mil Arcega As President Barack Obama prepares to deliver his annual State of the Union address, the US is facing several economic challenges. Despite signs of recovery, economic growth remains sluggish, government debt continues to rise, and millions of Americans are struggling to find jobs.  President Obama faces a far different economy than the one he inherited four years ago. Although unemployment remains high, budget expert Stan Collender says the economy is gaining momentum.. "The ... http://www.voanews.com/content/economy-state-union-address/1601543.html http://www.voanews.com/content/economy-state-union-address/1601543.html Mon, 11 Feb 2013 14:51:33 -0500 Economy Mil Arcega Canadian smartphone maker Research In Motion (RIM), which makes the BlackBerry, says it's back. The company is trying to reclaim a market it once dominated by introducing two new devices. The last few years have been a painful time for the company as customers deserted its platform in favor of newer, more popular devices. This may be the company's last chance to remain a vital player in an increasingly crowded marketplace.  Two brand new devices and perhaps a fresh start ... http://www.voanews.com/content/blackberry-unveils-two-new-smartphones/1594164.html http://www.voanews.com/content/blackberry-unveils-two-new-smartphones/1594164.html Wed, 30 Jan 2013 19:38:33 -0500 Economy Mil Arcega http://www.voanews.com/content/blackberry-unveils-two-new-smartphones/1594164.html#relatedInfoContainer The U.S. may have avoided the fiscal cliff, but analysts say the last minute Congressional agreement at the start of the year to raise taxes on wealthy Americans and avoid massive spending cuts was only a temporary fix.  Now, even as President Barack Obama begins his second term, another financial crisis is looming - one with potentially severe implications for the world's largest economy. The U.S. government has already reached the congressionaly imposed borrowing limit of $16.4 ... http://www.voanews.com/content/us-economy-fiscal-cliff/1586206.html http://www.voanews.com/content/us-economy-fiscal-cliff/1586206.html Thu, 17 Jan 2013 20:16:05 -0500 Economy Mil Arcega U.S. President Barack Obama is expected to name his chief of staff, Jack Lew, to be his new secretary of the Treasury. Lew will replace Timothy Geithner, who received mix grades for his four years in office. Jack Lew began his career as a legislative aide in 1973 and later held key budget positions with Presidents Obama and Clinton. He also worked as an investment banker. Lew has a reputation as a tough negotiator with a keen understanding of the details of the immense U.S. budget. That ... http://www.voanews.com/content/us-treasury-secretary-jack-lew/1580956.html http://www.voanews.com/content/us-treasury-secretary-jack-lew/1580956.html Wed, 09 Jan 2013 19:33:33 -0500 USA Mil Arcega http://www.voanews.com/content/us-treasury-secretary-jack-lew/1580956.html#relatedInfoContainer Holiday shoppers were out in force hoping to get last minute bargains for Christmas but early indications suggest they didn't spend as much as in previous years.  Despite a slew of deep discounts - some retailers say 2012 has not been a great year.  Around the world, shoppers appeared subdued - not sure about what their economies might bring them in the New Year.  At U.S. shopping centers, parking lots were full - as thousands of last minute shoppers descended into crowded ... http://www.voanews.com/content/around-the-world-2012-holiday-shopping-subdued/1571608.html http://www.voanews.com/content/around-the-world-2012-holiday-shopping-subdued/1571608.html Mon, 24 Dec 2012 20:10:38 -0500 Economy Mil Arcega http://www.voanews.com/content/around-the-world-2012-holiday-shopping-subdued/1571608.html#relatedInfoContainer On the economic front, 2012 was a mixed year of cautious growth, surprises and setbacks.  It was also a year of politics and global tumult - a time to deal with unresolved issues and ideological positions.  In the United States, the jobless rate has declined to a 4-year low, the housing market has stabilized, and financial markets are flush with cash.    But as 2012 comes to a close, there is unanimous agreement that the recovery has not been as strong as everyone had ... http://www.voanews.com/content/us-economic-health-key-to-global-growth-in-2013/1568204.html http://www.voanews.com/content/us-economic-health-key-to-global-growth-in-2013/1568204.html Wed, 19 Dec 2012 13:20:26 -0500 Economy Mil Arcega Despite better than expected job growth in November, analysts say the US economy is far from healthy.  U.S. companies added 146 thousand jobs in November and the unemployment rate fell two tenths of a percent to 7.7 - the lowest since December 2008. The better than expected job numbers, however, don't tell the whole story. Despite wreaking havoc in the Northeast states and devastating hundreds of businesses, Hurricane Sandy's impact on jobs appears to have been minimal. The ... http://www.voanews.com/content/problems_persist_despite_better_than_expected_us_jobs_gains/1560925.html http://www.voanews.com/content/problems_persist_despite_better_than_expected_us_jobs_gains/1560925.html Fri, 07 Dec 2012 22:27:47 -0500 USA Mil Arcega http://www.voanews.com/content/problems_persist_despite_better_than_expected_us_jobs_gains/1560925.html#relatedInfoContainer No discussion on the fiscal cliff would be complete without first taking a look at the U.S. debt. But for many - talk of U.S. debt and the debt ceiling is often abstract because it lacks scale. It's not some architectural feature unique to Washington. The debt ceiling is a borrowing limit - passed by Congress in 1917 to fund the war effort. Back then, the ceiling was slightly more than $11 billion.   Economist Richard Rahn, a senior fellow at the CATO Institute, said the idea was to ... http://www.voanews.com/content/understanding_the_acope_of_the_us_debt_ceiling/1559347.html http://www.voanews.com/content/understanding_the_acope_of_the_us_debt_ceiling/1559347.html Wed, 05 Dec 2012 18:56:02 -0500 USA Mil Arcega http://www.voanews.com/content/understanding_the_acope_of_the_us_debt_ceiling/1559347.html#relatedInfoContainer