Former treasury secretary Larry Summers has stopped working as a consultant for Citigroup while he is under consideration to be the next Federal Reserve chairman, Citigroup said Sunday. Summers was a consultant for the group in 2012 and this year, Citigroup…
Economics
Lufthansa boss ‘plans to quit’
The head of German airline Lufthansa, Christoph Franz, plans to step down, the daily Die Welt reported Sunday in its online edition, quoting his inner circle. Asked by AFP about the report, a Lufthansa spokesman said the company “never comments on speculation…
Portugal faces another bailout review
International auditors arrive in Lisbon on Monday to begin an eighth evaluation of Portugal’s economy under its 78-billion-euro bailout as government austerity measures get bogged down and borrowing costs soar. The experts from Portugal’s so-called “…
Low wages, the flip-side to booming German economy
Chancellor Angela Merkel often boasts during the campaign for September 22 elections that Germany has one of Europe’s lowest jobless rates — at around 6.8 percent. But it comes at a price. As many as three million people in Europe’s top economy earn…
British car industry roars by European rivals
Britain is accelerating away from its European competitors in the car-making sector with investment flowing into the factories of Nissan and Jaguar Land Rover as Chinese and American demand drives sales. Jaguar Land Rover said on Tuesday it was pumping…
Flying towards the stockmarket
WHEN the news came, it was delivered appropriately in the form of a tweet. On September 12th Twitter revealed via its own micro-blogging service that it had begun a process with America’s Securities & Exchange Commission that should ultimately lead…
Strike trouble for Greece ahead of creditor audit
Debt-wracked Greece is bracing for a fresh series of strikes this week against a redeployment scheme affecting thousands of civil servants, as its creditors arrive to examine reforms carried out by Athens in exchange for new loans. Greece has agreed…
Gulf’s $1.5 trillion oil wildcat play marks post-spill drilling ‘renaissance’
The satellite oil rig ‘Danny Adkins,’ owned by Noble Oil, is seen on the horizon from the Perdido platform in the Gulf of Mexico. (Jon Fahey/AP) Deep below the Gulf of Mexico lies a structure called the Lower Tertiary, long thought by academics to be…
Many Think its Useless for CBs to Publish Minutes [SURVEY]
The people have started to realize the importance of central bank meeting minutes being published. In 2008, only 34% of … Read more
Hong Kong’s hunt for homes threatens green spaces
As one of the world’s most densely populated cities, Hong Kong is searching for more space to house thousands priced out of its sky-high property market — raising fears for its cherished nature reserves. A government minister’s suggestion this week…
Business Sales Outpace Inventories According to Census Bureau
The U.S. Census Bureau reports that the combined value of distributive trade sales and manufacturers’ shipments for July, adjusted for seasonal … Read more
Euro finance ministers warn against complacency
Eurozone finance ministers met Friday, exuding more confidence as the bloc returns to growth, but still mindful that bailed-out member states must meet their targets amid speculation some need more help. The eurozone finally escaped a deep 18-month…
Consumer Sentiment Tanks To 76.8, Lowest Level Since April
The preliminary reading of consumer sentiment for the month of September was 76.8, the University of Michigan reports. This is a … Read more
Core PPI Stays Flat in the Month of August
The producer price index (PPI) for all finished goods increased 0.3% seasonally adjusted in the month of August, the U.S. Bureau of Labor … Read more
Japan railway unveils super-luxury train
A Japanese railway operator on Friday unveiled a new super-luxury train it hopes will appeal to well-heeled travellers who don’t mind splashing out to have their every travelling need fulfilled. Kyushu Railway’s “Nanatsuboshi” — Seven Stars — service…