The U.S. House of Representatives approved the financial-overhaul bill, moving a step closer to enacting the broadest rewrite of Wall Street rules since the Great Depression. The House voted 237-192 in favor of the bill. It also will have to be approved by the Senate, which delayed action until after the weeklong July 4 recess, [...]

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President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.” The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first [...]

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European Central Bank President Jean- Claude Trichet and Treasury Secretary Timothy F. Geithnerdiverged on prescriptions to sustain growth, with Europe set to tighten budgets and the U.S. seeking stronger domestic demand. The impact of narrower budget gaps “on growth could not be considered negative because it would improve confidence,” Trichet told reporters yesterday after meeting with Group [...]

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WASHINGTON: US President Barack Obama on Thursday issued a fresh call to China to embrace a “market oriented” exchange rate for the yuan, saying such a move would help rebalance the global economy. Obama made his latest foray into the delicate US-China relationship in a major speech on trade, saying the world needed to rebalance [...]

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The political consensus may be that President Barack Obama’s handling of the economy has been weak. The judgment of money in all its forms has been overwhelmingly positive, and that may be the more lasting appraisal. One year after U.S stocks hit their post-financial-crisis low on March 9, 2009, the benchmark Standard & Poor’s 500 Index has [...]

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A bipartisan group of 15 U.S. senators Thursday insisted China’s currency practices are effectively a subsidy and urged Commerce Secretary Gary Locke to consider action against Chinese imports. “There can be no doubt that China’s policy of large-scale intervention in the exchange markets and the significant undervaluation of its currency acts as a subsidy to [...]

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Switzerland’s central bank was seen selling francs in Asian trading time on Friday, sending the euro leaping higher after it hit a 15-month low against the franc and helping it rise above an eight-month trough against the dollar. The euro has been under relentless selling pressure in the past month on concerns about sovereign debt [...]

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NEW YORK – The dollar climbed to its highest level against the euro in nearly a month Tuesday, boosted by concerns about weak investor confidence in Germany and Greece’s debt crisis. The European single currency fell to 1.4291 dollars at 2200 GMT from 1.4382 dollars late on Monday. Earlier the euro sank to 1.4252 dollars, [...]

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WASHINGTON: The US economy is heading down a path of lower living standards and diminished confidence without action to stem the massive budget deficit, a group of prominent researchers said on Wednesday. A National Research Council panel said the country faces difficult choices on tax increases and spending cuts to achieve a more sustainable fiscal [...]

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EW YORK: The US dollar traded mostly lower to open the new year on Monday, as strong economic reports from the US and China encouraged riskier trades away from the safe-haven greenback.  The euro rose to 1.4408 dollars at 2200 GMT, from 1.4323 dollars in New York late on Thursday before the New Year holiday [...]

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