Economy

Oil tumbles below $44 a barrel, gas hits new low

By Associated Press Thursday, December 4, 2008 - Added 2m ago COLUMBUS, Ohio — Oil tumbled below $44 a barrel today and average gasoline prices slipped under $1.80 a gallon, both four year lows, as unemployment benefit claims...

Yuan drop "extremely disturbing" - US manufacturers

WASHINGTON, Dec 4 (Reuters) - A sudden drop this week in the value of the Chinese yuan could reignite political tensions over the huge U.S. trade deficit with China, U.S. business groups said on Thursday.

Street largely holds ground in face of bad news

NEW YORK -- Wall Street showed relative signs of stability Thursday as investors calmly took in a flurry of downbeat economic and corporate data and largely held on to the gains they've made for more than a week.

China urges U.S. to stabilize economy

Published: Dec. 4, 2008 at 2:14 PM BEIJING, Dec. 4 (UPI) -- The United States must get its economic house in order, boost savings rates and protect Chinese investments, Chinese officials said Thursday. The comments by senior...

Street turns cautious ahead of employment report

The Associated Press Thursday, December 4, 2008; 4:50 PM NEW YORK -- A period of relative calm on Wall Street ended Thursday as stocks tumbled in the final hour of trading on growing investor anxiety about the government's...

Many US Democrats want a more assertive Obama

Democrats are growing impatient with President-elect Barack Obama's refusal to inject himself in the major economic crises confronting the country. Frank, who has been dealing with both the bailout of the financial industry and...

People draw unemployment benefits at 26-year high

WASHINGTON — More evidence of consumers' weary state and the nation's deteriorating job market came Thursday with reports that people continuing to draw unemployment benefits climbed to a 26-year high, while retail sales and...

Countries looking to US leadership on climate

Countries around the world are looking to the new U.S. administration for leadership in reaching a global climate treaty next year but no nation will be able to singlehandedly deliver a final agreement, a senior U.N. official...

London stocks end flat on rate cut (AFP)

AFP/File – The London Stock Exchange logo. The FTSE 100 index of shares closed flat on Thursday as investors took … LONDON (AFP) – The FTSE 100 index of shares closed flat on Thursday as investors took stock after the Bank of...

US economy sinks deeper as layoffs mount

Federal Reserve Chairman Ben Bernanke pleaded Thursday for more government action to relieve the foreclosure crisis and break a vicious cycle in which the housing meltdown is plunging the United States deeper into recession.