World Economy
Deutsche Bank nets €5 billion profit in 2009
By Stefan Steinberg, February 9, 2010
Germany’s biggest bank, Deutsche Bank, released figures last week for the 2009 business year, showing a massive net profit of €5 billion.
Bank executives get multimillion-dollar bonuses
By Andre Damon, February 9, 2010
Goldman Sachs and JP Morgan, the largest Wall Street banks, announced multi-million-dollar year-end payouts for their chief executives on Friday.
US youth unemployment soars
By Nancy Hanover, February 8, 2010
Even prior to the current economic crisis, today’s young adults were on average poorer and more in debt than their parents. Since the economic meltdown began in 2008, however, conditions facing youn...
Russian economic crisis fuels political tensions
By Andrea Peters, February 8, 2010
The Russian economy declined dramatically over the course of 2009, according to recently released data from the federal statistics service.
20,000 jobs lost in US as official unemployment rate falls
Revised figures show 8.7 million jobs lost since December 2007
By Andre Damon, February 6, 2010
The official US unemployment rate fell to 9.7 percent in January, despite 20,000 jobs lost, according to the Labor Department. Revised figures show a sharp increase in the number of jobs wiped out sin...
Sovereign debt fears signal new stage of global crisis
By Barry Grey, February 6, 2010
Stock markets in Europe and Asia fell sharply Friday in the second day of a near-panic selloff fueled by fears that the debt crisis facing weaker European economies will throw the world economy into a...
Sovereign debt fears trigger plunge in global markets
By Patrick O’Connor, February 5, 2010
Stock markets in the US, Europe and other regions plunged yesterday in response to growing fears over several countries’ sovereign debt.
AIG pays out $100 million in bonuses
By Tom Eley, February 4, 2010
On Wednesday, the insurance giant AIG paid out an estimated $100 million in year-end bonuses to traders in its financial products unit, part of a $195 million pool to be awarded by March—a total lar...
TARP inspector says bank bailout has increased danger of new financial crisis
By Andre Damon, February 3, 2010
A report from the special inspector general for the US bank bailout states that the fundamental problems in the financial system have yet to be addressed.
Behind rapid growth, US GDP figures reveal bleak economic situation
By Andre Damon, February 2, 2010
The US economy grew at an annualized rate of 5.7 percent in the fourth quarter of 2009, prompting claims that the downturn is abetting. But such triumphalism quickly gave way to concern, as more voice...
Greek PM promises to “draw blood” to salvage economy
By Alex Messenger, February 2, 2010
Greek Prime Minister George Papandreou launched a 48-hour “charm offensive” at Davos last week to reassure business leaders that his government will do whatever it takes to slash the budget defici...
Eurozone unemployment increases to 10 percent
By Stefan Steinberg, February 1, 2010
Unemployment in the 16 countries comprising the eurozone increased to an official average of 10 percent in December—the highest level of unemployment since the introduction of the euro in 1999.
