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BUSINESS
July 28, 2013 | By Joe McDonald, Associated Press
BEIJING - China's government has ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars, affirming its determination to push ahead with a painful economic restructuring despite slowing growth. The industry ministry issued orders late Thursday to more than 1,400 companies to cut excess capacity that has led to financial trouble for manufacturers. The affected industries include steel, cement, copper, and glass. It requires some companies to close outright.
NEWS
July 27, 2013
By Carter Eskew Republicans are greeting President Obama's summer push on the economy with derision. To House Speaker John Boehner and others, the president seems like an aging rock star whose recycled hits became stale years ago. Yet he still tours, playing to smaller and smaller arenas. While the president is unlikely to be celebrated for his economic record, his presidency marks the end of Republican orthodoxy on economic matters dating to the late 1970s. The Republican frame for 40 years has been that Democrats are the party of tax, spend, and regulation, while Republicans are the party of tax cuts, austerity, and deregulation.
NEWS
July 26, 2013 | Associated Press
GALESBURG, Ill. - Seeking to build momentum for looming fiscal fights, President Obama yesterday cast himself as the champion for middle-class Americans struggling to make ends meet. He chided Washington for having "taken its eye off the ball" and declared that the economy would be the "highest priority" of his second term. Obama, in an hourlong address that was at times deeply partisan, also accused Republican lawmakers of succumbing to "an endless parade of distractions and political posturing and phony scandals.
NEWS
July 23, 2013 | By Chico Harlan, Washington Post
TOKYO - Japanese voters dealt a runaway election victory Sunday to the ruling Liberal Democratic Party, exit polls indicated, in a strong sign of approval for Prime Minister Shinzo Abe's ambitious plan to revive the world's third-largest economy. Sunday's vote, for seats in the upper house of parliament, gives Abe's ruling bloc control of both chambers - and it provides Abe with a mandate unmatched by any Japanese leader in nearly a decade. How Abe uses that political power will help determine the long-term health of Japan's economy and its relations with Asian neighbors.
BUSINESS
July 20, 2013
Cargoes were up 13.6 percent in the first six months of 2013 in the Port of Philadelphia, the fourth consecutive year of double-digit cargo growth and an indicator the economy is improving, officials said. Tonnage increases were seen in steel shipments, forest products including paper and lumber, sugar, cocoa beans and liquid bulk cargoes, the Philadelphia Regional Port Authority said. Liquid bulk cargoes, including the chemical cumene, arrive at Tioga Marine Terminal and are pumped via an elevated pipe bridge to Kinder Morgan Terminals at Delaware and Allegheny Avenues.
BUSINESS
July 17, 2013 | By Martin Crutsinger, Associated Press
WASHINGTON - The U.S. economy appears to be weaker than many economists had thought after a report Monday showed consumers spent cautiously in June at retail businesses. Americans bought more cars and trucks, furniture, and clothes. But they cut back on almost everywhere else. They spent less at restaurants and bars, reduced purchases at home improvement stores, and bought fewer computers and electronics. Overall retail spending rose 0.4 percent in June from May, the Commerce Department said.
NEWS
July 17, 2013 | By Angela Delli Santi, Associated Press
TRENTON - Democratic gubernatorial candidate Barbara Buono has unveiled her economic plan for the state, and it contrasts sharply with Gov. Christie's policies. Buono's plan, unveiled early Monday, focuses on shoring up the middle class. It provides tax breaks to small businesses, pledges to make higher education more affordable, and restores safety net cuts made by Christie during his first term. The former chairwoman of the state Senate budget committee says her plan "reflects an understanding that economic growth begins with the middle class.
BUSINESS
June 27, 2013 | By Christopher S. Rugaber and Martin Crutsinger, Associated Press
WASHINGTON - The U.S. housing recovery is strengthening. Factories are fielding more orders. And Americans' confidence in the economy has reached its highest point in 51/2 years. That brightening picture, captured in four reports Tuesday, suggests that the economy could accelerate in the second half of the year. It underscores the message last week from the Federal Reserve, which plans to slow its bond-buying program this year and end it next year if the economy continues to strengthen.
BUSINESS
June 23, 2013
The economy is slowly healing, and the time is coming for the Federal Reserve to unwind its massive efforts to right what was once a sinking ship. Given comments by Fed Chairman Ben Bernanke after the Fed's meeting last week, we now know that the policies that gave us extraordinarily low interest rates are coming to an end. If you borrow or invest, you have a big stake in how and when the Fed raises those rates. Making monetary policy is challenging even in normal times. In crazy circumstances, and that's what we had in 2008, it can be near impossible.
BUSINESS
June 18, 2013 | By Christina Rexrode, Associated Press
NEW YORK - Investors are playing a guessing game with the Federal Reserve. On Monday, they guessed that the central bank will continue trying to prop up the economy, and stocks went higher. The major indexes all rose about 1 percent in early trading and stayed there for most of the day before dipping slightly in the afternoon. The Standard & Poor's 500 index rose 12.31 points, or 0.8 percent, to 1,639.04. The Dow rose 109.67 points, or 0.7 percent, to 15,179.85. The Nasdaq composite rose 28.58, or 0.8 percent, to 3,452.13.
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