Andrew Burns News
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The World Bank cut its global growth forecast for this year as austerity measures, high unemployment and low business confidence weigh on economies in developed nations.
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Some European nations may experience a second economic slowdown if the region fails to manage its debt crisis, threatening countries from Central Asia to Latin America, the World Bank said.
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Western European banks’ deleveraging may make credit in eastern Europe scarcer, the World Bank’s Andrew Burns was quoted as saying in Austrian newspaper Wiener Zeitung.
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Gildan Activewear Inc.’s drive to take market share from Berkshire Hathaway Inc.’s Fruit of the Loom and Hanesbrands Inc. has made it the best performing North American underwear stock this year.
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Emerging-market economies, growing almost three times faster than their developed counterparts, need to speed spending cuts and interest-rate increases as they fight inflation and overheating, the World Bank said.
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Emerging-market economies, growing almost three times faster than their developed counterparts, need to speed spending cuts and interest-rate increases as they fight inflation and overheating, the World Bank said.
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Quiksilver Inc., the maker of clothing for skateboarders and surfers, climbed the most in almost six months after avoiding a wipeout in its European sales.
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The World Bank raised its forecast for economic growth in Sub-Saharan Africa to 5.3 percent in 2011 as the global economy recovers and the outlook improves for oil producers such as Nigeria and Angola.
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Oil and the euro fell while Spain’s 10-year yield rose to a record as an increase in bad Spanish loans fueled concern the debt crisis is deepening, overshadowing wins by pro-bailout parties in Greece. Most U.S. stocks rose.
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Asia’s economies signaled they are best placed to weather Europe’s debt crisis this week as data from China’s exports to job growth in South Korea and Australia surpassed analysts’ forecasts.
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