US President Barack Obama has said that a single regulator would oversee big banks under proposed financial reforms to be unveiled Wednesday. The reforms aim to prevent a recurrence of financial turmoil.
In April, construction of new homes fell to their lowest pace on records going back a half-century.
Was it just a bump in the road to recovery or is the worst yet to come ? R. Kahane talked to Robert Shiller, professor at Yale University.
Stress tests carried out by the US Treasury on 19 top US banks show that 10 of them need to raise $74.6 billion to build up capital to cushion any additional hard economic knocks.
The unemployment rate in the United States jumped to 8.9 percent, its highest level since 1983. But the pace of job losses slowed appreciably, in a sign that the country's job market may be improving.
President Barack Obama has announced the government's decision to clamp down on tax havens and curb job outsourcing. The measures may lead to savings amounting to $210 billion over the next 10 years.
US automaker Ford posted losses of $1.4 billion dollars for the first quarter. Unlike GM and Chrysler, the group has not asked for public funds and hopes that restructuring measures will help to achieve "break-even or better" results by 2011.
David Kellermann, the chief financial officer of troubled US mortgage giant Freddie Mac, has been found dead at his home. He appeared to have committed suicide, according to local police. Kellermann worked for Freddie Mac for 16 years.
As the US economy struggles to crawl out of recession, data released on Thursday showed an unexpected drop in fresh claims for unemployment benefits earlier this month.
US President Barack Obama and his wife Michelle made 2.65 million dollars in 2008, mostly from royalties of his two best-selling books "Dreams of My Father" and "The Audacity of Hope", the White House said Wednesday.
US President Barack Obama promised to reform the US tax system as Americans rushed to meet the deadline to file tax returns. Obama's critics marked the day with "tea party" protests, styled on the Boston Tea Party tax revolt in 1773.
