May 22, 2013 |
PARIS - The man charged with reviving France's shrinking economy and attracting businesses to invest is gaining a reputation for doing the opposite. As the country's first minister for industrial renewal, Arnaud Montebourg has told the world's largest steelmaker it is not welcome in France, exchanged angry letters with the head of an American tire company he was supposedly wooing, and scuttled Yahoo's offer to buy the majority of a video-sharing website. Montebourg, 50, a lawyer from Burgundy, is the public face of President Francois Hollande's plan to revitalize Europe's second-largest economy, which is in recession and grappling with 11 percent unemployment.
May 19, 2013 |
Over the centuries, the Irish have dispersed like clover in the wind, alighting in lands far from their native soil. This year, the Emerald Isle is calling them back to their roots. The Gathering, launched last year by government officials, is an extended family reunion of Ireland's diaspora. (Quick migration lesson: 70 million people worldwide claim Irish lineage, including 40 million in the United States.) More than 3,000 activities, held throughout the year in all 32 counties, including a few in Northern Ireland, salute the pillars of Irish culture: art, music, literature, food, drink, sports, community, and camaraderie.
May 13, 2013 |
Is it just me, or does it feel a little, I don't know, gross that, while we're awash in headlines about a "Doomsday Budget" for our public schools, a cadre of well-coiffed businessmen are sharing grandiose plans for yet another Philadelphia casino? How'd we get here? Seems as if, over the last decade, gaming has become a type of crack cocaine for a whole generation of politicians: With their budgets squeezed by economic downturn and an electorate all too willing to vote out of office anyone who considers a tax hike, our so-called leaders - rather than make the hard choices and right-size their governments - have opted for the quick-fix high of casinos, long-term consequences be damned.
May 6, 2013 |
WASHINGTON - Immigration, guns and national security are dominating the discussion on Capitol Hill, but Americans by and large are still focused on their bottom line. So President Obama is launching a series of quick jaunts around the country to remind Americans he's still got jobs and the economy on his mind. Obama will kick off the effort Thursday with a trip to Austin, Texas, the White House said. While in Texas, the president will visit a technical high school and meet with entrepreneurs.
May 2, 2013 |
NEW YORK - Signs of a slowing economy dragged down the stock market Wednesday. Even the prospect of continued stimulus from the Federal Reserve didn't help. Major market indexes fell by 0.9 percent, their worst decline in two weeks. Small-company stocks fell even more, 2.5 percent, as investors shunned risk. The yield on the benchmark U.S. government bond fell to its lowest of the year as investors sought safety. Stocks opened lower and kept sagging throughout the day, hurt by reports of a slowdown in hiring and manufacturing last month.
April 27, 2013 |
WASHINGTON - Americans shrugged off higher taxes to lift the economy at the start of the year. Government spending fell, though, and the impact of the tax increases along with federal budget cuts could slow growth later this year. Economic growth sped to a 2.5 percent annual rate in the January-March quarter, the Commerce Department said Friday. That was up from a pokey 0.4 percent annual growth rate in the October-December quarter. Consumer spending surged at an annual rate of 3.2 percent - its biggest jump since the end of 2010.
April 25, 2013 |
"Modest" economic growth will benefit the Philadelphia region's apartment market during the rest of 2013, with vacancy rates falling and effective rents rising, real estate brokerage Marcus & Millichap said Tuesday. Developers will add 2,000 rental apartments to the market, almost doubling the 1,031 completed in 2012, the report said. Building permits for multifamily housing, a measure of future growth, will rise by 5 percent to 3,900, comprising both condominiums for sale and rental units.
April 22, 2013
By Scott S. Powell U.S. stock prices have just reached record highs, erasing the losses since the previous 2007 peak. But the U.S. economy as measured by the labor-force participation rate, which captures the percentage of working-age people in the labor force, has just dropped to a new 34-year low of 63.3 percent. Since the Great Depression, recessions have always been followed by strong recoveries within two years of market bottoms. Not this time. Gross domestic product (GDP) growth from the market bottom in March 2009 has averaged 1.94 percent annually, the worst post-recession rebound in the last 70 years.
April 19, 2013 |
WASHINGTON - A strengthening housing recovery and robust auto sales contributed to moderate growth across the United States in late February and March, according to a Federal Reserve survey released Wednesday. All of the Fed's 12 banking districts grew moderately and growth accelerated in two districts - New York and Dallas - from January and early February. In the Philadelphia region, the Fed said business activity maintained a "modest pace of growth" evident earlier. "In particular, general services, staffing, tourism, and commercial real estate leasing continued to expand at modest rates," the survey said, while retail activity and residential construction in the area appeared to be slowing.
April 18, 2013 |
NEW YORK - As evidence of a slowing global economy grows, investors are showing some caution just one week after U.S. stocks hit an all-time high. Stocks fell Wednesday after lackluster earnings from Bank of America and an apparent drop in demand for Apple's iPad and iPhone dragged financial and technology stocks lower. New signs of weakness in Europe, where car sales are plunging and unemployment is rising, also weighed on the market. The Dow Jones industrial average fell 138 points, or 0.9 percent, to 14,618.59 Wednesday, wiping out most of the gain it made Tuesday.