November 30, 2011 |
BRUSSELS, Belgium - Eurozone nations are calling for more International Monetary Fund resources to help out their embattled currency. The 17 eurozone finance ministers Tuesday agreed to seek new ways to increase the resources of the IMF through bilateral loans that could be used to protect EU nations facing financial trouble. The ministers also agreed on options to give the rescue fund more leverage power and build up its resources so it can help bigger troubled EU members such as Italy and Spain.
August 16, 2011
By Charles Rappleye With Congress and the White House at odds over the question of debt, it may be reassuring, even instructive, to consider that our nation was embroiled in a crisis over public debt at the very dawn of its history. In fact, the delegates' primary motive in convening the Constitutional Convention of 1787 was to sort out vexing questions of debt and taxes. The debt in question was owed by the American rebels to the governments of France and Holland, two key allies that had provided funds to support Washington's army.
July 26, 2011 |
JUBA, South Sudan - A Southern Sudanese official Monday accused northern Sudan of declaring "economic war" by issuing a new currency Sunday just weeks after the south's independence, a move that could leave the struggling new government with coffers full of useless currency. South Sudan began using its own currency nearly a week ago, after its July 9 independence. Both the new and old currencies are called pounds. Pagan Amum, secretary-general of the south's ruling Sudan People's Liberation Movement, said the northern-based Khartoum government violated an agreement to not introduce a new currency until six months after the south did. He said the move would cost the southern government at least $700 million - an added challenge as the new country begins delivering basic needs such as education, health services, water, and electricity to its more than eight million citizens.
May 5, 2011 |
This takes money laundering to a different level. Customs and Border Protection agents at Philadelphia International Airport seized more than $11,000 from a Jamaica-bound passenger on Saturday after he tried to hide the cash, stashing some of it in six boxes of Irish Spring Soap in his luggage, officials said today. There is no limit to how much cash can be brought in, or taken out, of the country, but travelers are required to declare amounts in excess of $10,000. The passenger was released and allowed to depart Saturday after agents returned $200 to him and seized the remaining $11,143 he was carrying.
February 19, 2011 |
Pride is Albert Pujols' chosen currency St. Louis Cardinals first baseman Albert Pujols will almost assuredly become a free agent after this season. Depending on whom you listen to (Tom Verducci or Jon Heyman at SI.com, Ken Rosenthal at Fox Sports, Tim Brown at Yahoo), the Cards offered Pujols a deal for somewhere around $22 million a year for about eight to 10 years. That's $3 million less per season than the Phillies will be paying Ryan Howard to strike out every 31/2 plate appearances from 2012 until 2016.
April 6, 2008 |
If you're annoyed at paying $2 for a small bottle of water at an airport before taking off to Europe, think of Philadelphia native George Terhanian. At the Barcelona, Spain, airport last week, he paid $3.50. That's just one example of rising costs vacationers and business travelers face because of the sinking value of the U.S. dollar against the euro, the British pound and other currencies. Adding to the pain, higher oil prices are driving up international airfares. While some travelers have found a way to cope with the higher costs, the dollar's decline - it has set new record lows against the euro in recent months - and a slowing economy mean fewer business trips, vacations closer to home, or more careful spending for everyone headed abroad, travelers and industry officials say. "I don't meet the number of people I used to meet coming to Europe to do business," said Terhanian, who grew up in Germantown and now lives in London, running the European office of market-research firm Harris Interactive Inc. "They're holding many more conference calls.
October 19, 2007 |
Software developer SAP AG said yesterday that its third-quarter earnings had risen 10 percent, but that its software-license sales had slowed in the Americas during the period. The German company, one of the world's largest makers of business-management software, has its headquarters for the Americas and 2,000 employees in Newtown Square. Net income in the quarter ended Sept. 30 rose to 408 million euros ($578.7 million, or 48 cents a share) from 370 million euros ($524.8 million, or 43 cents a share)
November 6, 2006 |
China has announced that its foreign-currency reserve will reach one trillion U.S. dollars this month, creating an extraordinary "miracle" in modern economic history: No country in the world has ever possessed so much ready money. While this is good news for Chinese leaders, the money also presents them with a new dilemma in relations with the United States. China's trillion-dollar cash reserve will inevitably raise new concerns in Washington and complicate election politics.
October 10, 2006 |
In a suburban house decorated with American flags and a pencil portrait of President Reagan, three men who call themselves patriots are waxing cranky about the United States. Their anger begins with the Federal Reserve and its monopoly on America money. "When the government owns the money, it controls the people. When the people own the money, they control the government," said Bert Olley, 84, a semiretired businessman whose basement office is a regional clearinghouse for the alternative currency called Liberty Dollars.
July 23, 2006 |
Vince Cignarella says his teenage daughter isn't impressed by the high-stakes currency trades he makes from Sovereign Bank's subterranean trading room. "She says we just instant-message people all day. And, you know, we do," Cignarella said Wednesday, tapping his computer keyboard and swiveling among three monitors flashing multiple data screens from Bloomberg and Reuters, and zipping price gossip to traders in New York, Toronto and other cities. But it's not idle chat. There's a lot riding on the questions and answers that securities and currency traders like Cignarella and his colleagues send around the globe every weekday and weeknight.