Business and Finance news

Federal Reserve Bank of Chicago President Charles Evans said the central bank needs a clear low- rate commitment or a third round of purchases of Treasuries and mortgage bonds to further stimulate a still struggling economy.
People outside the Fed have

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American Airlines’ parent is meeting with its unions this week to lay out cost cuts it wants to implement as part of its bankruptcy reorganization — moves that could cost many of the company’s 81,000 workers their jobs and a portion of their pension benefits.
AMR Corp. said at the time of its Nov. 29 […]

Restrained spending by consumers held growth in the U.S. economy to a 2.8% annual pace in the fourth quarter, slower than economists forecast while still the fastest pace in more than a year.
Gross domestic product, the value of all goods and services produced, climbed at a 2.8 percent annual pace following a 1.8 percent […]

South Africa

Home sales and construction will improve this year, contributing

U.S. Treasury Secretary Timothy F. Geithner

A national strike fueled by widespread dissent over spiraling gas prices paralyzed Nigeria on Monday, as tens of thousands of protesters took over the empty streets to criticize government corruption in one voice.
Protests remained largely peaceful across the country on the strike’s first day, though a police shooting in Lagos left one dead and four […]

Fear that Greece will default on its debt, perhaps triggering a financial chain reaction that will cause another global recession, hurt European stocks Monday and sent American stocks lower for a time.
The market tension came after a German politician suggested Greek finances are so bad the nation might have to leave the coalition of 17 […]

Jamestown Mall’s owner has a 90-day reprieve to find a buyer or otherwise resolve its default on a more than $2 million loan.
Jamestown Mall’s New York-based owner, Jamestown Mall Realty Management LLC, filed for Chapter 11 bankruptcy Aug. 8 to halt foreclosure proceedings brought by its lender, MFC Real Estate LLC. MFC alleged the mall owner defaulted on a […]

Global stocks continued their rebound Monday on hopes that the recent sharp volatility in the markets has run its course following a run of stronger than anticipated economic data and after Google announced a $12.5 billion deal.
Though concerns remain over the state of the global economy and Europe’s debt crisis, many investors think the recent […]