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global economy
French Offensive Against the Dollar Falls Flat
By Joseph Schuman - AOL NewsFrench President Nicolas Sarkozy is on a mission to save the international economy through his nation's presidency this year of the Group of 20 major economic powers. And one of his principal goals has been to tackle perceived financial imbalances by reducing the prominence of the U.S. dollar in global finance. But if Sarkozy was looking for support for his dollar offensive from President Barack Obama, he was disappointed. Halfway through several hours of summiteering today at the White House, Obama praised France as a strong ally that has fought side by side with the U.S. in Afghanistan and ...
Hard Economic Times Mean Every Country for Itself
By Joseph Schuman - AOL News
(Nov. 20) -- When the going gets tough, global economic rivalries get tougher. That eternal truth was especially evident this week in Frankfurt, Germany, where the European Central Bank gathered the world's senior finance officials to discuss lessons from the 2008-2009 financial crisis -- and where Ben Bernanke, chairman of the Federal Reserve, offered his latest defense of the Fed's recent and much-criticized plan to revive U.S. economic growth. The Fed this month launched an eight-month, $600 billion program of buying U.S. government bonds in a bid to drive down long-term interest rates ...
Global Chocolate Crisis Looms
By Dave Thier - AOL News(Nov. 9) -- Forget oil and freshwater -- the world may soon be running out of a precious resource that some Americans simply can't live without: chocolate. "In 20 years chocolate will be like caviar," John Mason, executive director of the Ghana-based Nature Conservation Research Council, told Britain's Independent. "It will become so rare and so expensive that the average Joe just won't be able to afford it." To American consumers used to grabbing a cheap Hershey bar in the checkout line, that might seem unfathomable, but the simple economics of cocoa cultivation may be working against that ...
Argentina Is the Real 'Latin American Tiger,' Not Brazil
By Paul Wachter - AOL News(Sept. 23) -- Who's king of the jungle? The Washington Post ran an article this week touting Brazil as a Latin American tiger due to its fast-growing economy. The "tiger" moniker, of course, being a common metaphor employed to describe national economic prosperity -- for instance, the rapid growth of Asian countries such as South Korea and Taiwan beginning in the 1960s. A world away, Brazil is "rapidly becoming one of the more important investors in Latin America and is making its presence felt as far away as the United States, Africa and Europe," writes the Post's Juan Ferero. But the ...
European Economic Woes Could Prolong Worldwide Downturn
By David Sessions - Politics DailyWorries about the stability of the European economy sent worldwide markets into a slide Thursday and fueled worries that the Euro zone's struggles with debt could affect the rest of the world, the New York Times reports. The Dow Jones dropped 2.61 percent yesterday, dipping below 10,000 for the first time since November. Stocks across Europe slumped as much as 6 percent, driving the euro down to its lowest value against the dollar in seven months. While some countries, including Germany and France, have acted quickly to help their economies recover from the global recession, others, such as ...
Will The Sun Never Set on Dubai's Debt?
By Joseph Schuman - AOL News(Nov. 30) -- There may be something in the financial woes of a Persian Gulf emirate that prompts gloating in the West, some latent ill will, perhaps, that dates from the oil shocks of the early 1970s. But the meltdown in Dubai, now shaking markets worldwide, is as American as a subprime mortgage loan and potentially just as risky. The head of Dubai's Department of Finance on Monday told Dubai television that the government won't guarantee the roughly $60 billion of debt incurred by Dubai World, the state-backed real estate, transport and investment conglomerate that has made Dubai a showcase ...
Michelle Obama Will Make International Hostess Debut at Pittsburgh G-20 Summit
By Lynn Sweet - Politics DailyIf you think First Lady Michelle Obama gets scrutinized on her overseas trips, just wait till she hosts spouses of international leaders at a summit in Pittsburgh Sept. 24-25, where the global economic crisis will top the agenda. The "Pittsburgh Summit 2009" is a meeting of the G-20, the Group of Twenty, an organization established in 1999 to bring together major world leaders to deal with global economic issues. The G-20 gathered in London last April. The East Wing is now planning Mrs. Obama's activities, working with the State Department. "She will host the spousal program," Mrs. Obama's ...
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