The Obama administration is ordering food companies to phase out the use of heart-clogging trans fats over the next three years, calling them a threat to public health. The move will remove artificial …
Small-caps, banks and biotechs could hold the key to the broad market outlook.
U.S. housing starts fell in May after a hefty increase the prior month, but a surge in permits for future construction to a near eight-year high suggested the pullback was temporary and pointed to underlying strength in housing. Groundbreaking dropped 11.1 percent to a seasonally adjusted annual pace of 1.04 mullion units, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast housing starts falling to a 1.10
Harare resident Alice Mhandara spent a U.S. dollar to take the bus into town to answer the government call to trade in her old Zimbabwe dollars, but she left the bank in disgust when her 90 trillion in …
Greek Prime Minister Alexis Tsipras told skeptical lawmakers in his left-wing government he had rejected demands from creditors to impose new austerity measures worth 1.8 billion euros ($2 billion), as …
The U.S. budget deficit will more than double as a share of economic output by 2040 if current tax and spending laws remain unchanged, the Congressional Budget Office said on Tuesday. The CBO, releasing its annual long-term budget outlook, said however, that overall U.S. debt levels in 2040 will be slightly lower than estimates made a year ago for 2039 because of expectations of lower long-term interest rates. CBO said
Greek Prime Minister Alexis Tsipras defied what he called an attempt to “humiliate” his government on Tuesday, saying that an insistence by international lenders on further cuts was politically motivated. “The mandate we have got from the Greek people is to end austerity policy,” he told lawmakers in his leftist Syriza party.
Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic crisis, International Energy Agency data show. If the Organization of Petroleum Exporting Countries were to keep pumping at current rates it would become the longest surplus since at least 1985 by the third quarter, the data show. Saudi Arabia, OPEC’s biggest member, will probably increase production to intensify pressure
U.S. stock index futures were lower on Tuesday as investors were cautious ahead of a two-day Federal Reserve meeting and as the Greek debt crisis showed no signs of abating.
Apparel retailer Gap Inc (GPS.N) said it would close a quarter of Gap specialty stores in North America over the next few years, including 140 this year, potentially affecting thousands of jobs as the company struggles with a slump in sales at its namesake brand. The company did not say how many employees would be laid off as a result of the store closures. As of Jan. 31, Gap had