Author: Busman

The Turkish economy has fallen into recession for the first time in a decade, according to data released on Monday. The timing could not be worse for President Recep Tayyip Erdogan with critical local elections scheduled for the end of the month. According to state…

The U.S. on Monday sanctioned a Moscow-based bank jointly owned by Russian and Venezuelan state-owned companies for its support for Venezuela's embattled President Nicolas Maduro and the country's state-controlled oil industry. The U.S. Treasury said it was targeting Evrofinance Mosnarbank, which was founded in 2011…

White House economic adviser Larry Kudlow says that President Donald Trump will call for a 5 percent "across the board" cut in domestic government spending in 2020 when he proposes his new budget on Monday. "It will be a tough budget," Kudlow told the Fox…

After months of Brexit deadlock, this is it: decision time. At least for now.   With Britain scheduled to leave the European Union in less than three weeks, U.K. lawmakers are poised to choose the country's immediate direction from among three starkly different choices: deal,…

Federal Reserve Chairman Jerome Powell said Friday that the healthy U.S. economy and low inflation are allowing the central bank to take a “patient, wait-and-see approach” on interest rates. Speaking at Stanford University, Powell said the Fed is well along in its effort to normalize…

Hiring tumbled in February, with U.S. employers adding just 20,000 jobs, the smallest monthly gain in nearly a year and a half. The slowdown in hiring, though, might have been depressed by harsh winter weather and the partial shutdown of the government. Last month's weak…

U.S. President Donald Trump says he will not sign a trade deal with China unless it is a "very good deal." Trump made the comments Friday as he left the White House to tour tornado damage in the southern U.S. state of Alabama. The United…

Wall Street has rewarded its most patient investors handsomely over the past 10 years. Is there more to come? The S&P 500, the U.S. market's benchmark index, has gained about 309 percent since bottoming out at 676.53 points in March 2009 during the Great Recession,…

The International Monetary Fund on Thursday called Venezuela one of the most "complex situations" it had ever seen.    IMF spokesman Gerry Rice described Venezuela and its economy as a combination of "food and nutrition crises, hyperinflation, a destabilized exchange rate, debilitating human capital and…

Chinese tech giant Huawei has sued the U.S. government, arguing that legislation Congress passed last year restricting its business in the United States is "unconstitutional."  The case, which analysts see more as a public relations move, is the latest in an intensifying effort by the…

On a recent Sunday afternoon, thousands of shoppers crowded the hallways and stores of the Citygate Outlets shopping mall in Tung Chung, one of Hong Kong’s new town developments just a short train ride from the airport. Some visitors had recently arrived by plane, wheeling…

Marin Mendez leaned a shoulder into his rusty Chevy Malibu rolling it forward each time the line of cars inched closer to the pump. Waiting hours to fill up, he says, is the high cost he pays for gasoline that's nearly free in socialist Venezuela.…

Celebrity chef Mario Batali on Wednesday said he had cut ties with his U.S. restaurants after being accused of sexual harassment by multiple women. Batali has sold his shares in the 16-restaurant operation, including Babbo and Del Posto in New York, to former partners Tanya…

U.S. officials have warned at an energy conference in Brussels that the Trump administration will take punitive action against European companies that are building the Kremlin-favored Nord Stream 2 natural gas pipeline, which will deliver energy from Russia to Germany while bypassing Ukraine. Nord Stream…

The Organization for Economic Co-operation and Development is warning of a slowdown in most of the world's largest economies, citing concerns about ongoing trade tensions, policy uncertainty and a decrease in business and consumer confidence. In its Interim Economic Outlook released Wednesday, the OECD is…

In Zimbabwe, the high cost of bread is forcing citizens to look for alternatives to this basic commodity as food shortages and soaring prices continue to worsen. Columbus Mavhunga reports for VOA from Harare. ...

Leaders of Mexico's agricultural sector are urging "mirror measures" on U.S. farm imports in politically sensitive products such as yellow corn and poultry, in an effort they argue would counter decades of subsidized imports from the United States. The three-month-old government of President Andres Manuel…

The corporation behind a Florida detention camp for migrant children is abandoning its plans to go public as controversy grows around policies that lock up children crossing the Mexico border. The chairman of Caliburn International Corp., Thomas J. Campbell, sent a letter Tuesday to the…

The global travel industry is likely to expand by 4 percent in 2019 despite slowing economic growth in key areas such China and Europe, but a no-deal Brexit could wipe out 700,000 travel-related jobs, a top industry association said on Tuesday. The travel and tourism…

India has downplayed the impact of U.S. plans to end New Delhi's preferential trade status that allows duty free access to products worth $ 5.6 billion.   Saying that India has not assured the United States that it will provide “equitable and reasonable access” to…

Treasury Secretary Steven Mnuchin informed Congress on Monday that he will stop making payments into two government retirement funds now that the debt limit has gone back into effect. In a letter to congressional leaders, Mnuchin said that he would stop making investments into a…

Venezuelan opposition leader Juan Guaido named Harvard University economist Ricardo Hausmann as the country's representative to the Inter-American Development Bank (IDB), Guaido's envoy to the United States, Carlos Vecchio, wrote in a tweet on Monday. Guaido, who calls socialist President Nicolas Maduro a usurper after…

A U.S. judge on Monday acquitted a former top foreign exchange trader at Barclays Plc accused of illegally trading ahead of an $8 billion transaction for Hewlett-Packard, without letting the case go to a jury. The acquittal of Robert Bogucki, who led Barclays' foreign exchange…

The S&P 500 and the Dow Jones industrial average snapped a three-day run of losses on Friday as optimism about the prospects for a U.S.-China trade agreement countered downbeat U.S. and China manufacturing data.  The Nasdaq, meanwhile, marked its longest streak of weekly gains since late 1999.  Following…

U.S. consumer spending tumbled 0.5 percent in December, the biggest decline in nine years, as the holiday shopping season ended in disappointment. Meanwhile, incomes rose sharply in December but edged down in January. The fall in consumer spending followed sizable gains of 0.7 percent in…

Oregon Gov. Kate Brown signed the nation's first statewide mandatory rent control measure on Thursday, giving a victory to housing advocates who say spiraling rent costs in the economically booming state have fueled widespread homelessness and housing insecurity.      Brown, a Democrat, said the legislation…

Tesla says it is now taking orders for the long-awaited $35,000 Model 3, will close stores and move to online orders. Tesla says it is now taking orders for the long-awaited $35,000 Model 3, a car for the masses that is essential for the company…

Gap Inc. said Thursday that it would separate its Old Navy brand into a publicly traded company in order to focus on its struggling namesake apparel business, sending its shares up 18 percent.  Old Navy has had a better success than the Gap brand in recent years as a…