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S&P affirms US AA+ rating, but raises outlook to stable

Standard & Poor's Ratings Services upgraded its outlook Monday, June 10, 2013, for the US government's long-term debt but affirmed its credit rating for the country at AA+.  AP PHOTO/HENNY RAY ABRAMS

Standard & Poor’s affirmed its credit rating for the United States at AA+ on Monday but raised its outlook for the rating from negative to stable.

Posted: June 11th, 2013 in Latest Business Stories | Read More »

Spaniards head to Latin America as crisis turns tide

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An elderly woman goes for a walk with her dog on a cold morning, in Pamplona, northern Spain on Sunday, Dec. 9, 2012. With Spain's jobless rate above 25 percent, and 52 percent among the under-24s, they are looking not only north within Europe, but south to countries such as booming Brazil or Venezuela to find work and start companies.  AP PHOTO/ALVARO BARRIENTOS

For years it was a source of labor: Latin America, from where Spain’s poor colonial cousins flocked to work on its booming building sites. A decade on, the trend has gone into reverse.

Posted: December 10th, 2012 in Latest Business Stories | Read More »

World Bank in talks to help Greece, Portugal

AFP FILE PHOTO

The World Bank is discussing providing technical assistance to struggling Greece and Portugal in a rare deployment of its resources to developed economies, a bank official said Monday.

Posted: November 6th, 2012 in Latest Business Stories | Read More »

G20 finance chiefs to tackle eurozone crisis

Greece's Prime Minister Antonis Samaras, right, and Germany's Chancellor Angela Merkel speak to each other after their statements to the media at the Maximos mansion in Athens, on Oct. 9, 2012. Finance ministers and central bank governors from the Group of 20 top economies will gather in Mexico City on Sunday, Nov.  4, 2012, as debt-riddled Greece continues to trouble Europe while Spain fights off pressure to seek a bailout.  AP PHOTO/THANASSIS STAVRAKIS, POOL

G20 finance chiefs begin Sunday two days of talks aimed at quelling fears of a global economic downturn amid a persistent eurozone debt crisis and a looming fiscal crunch in the United States.

Posted: November 4th, 2012 in Latest Business Stories | Read More »

IMF releases 1.5B euro loan tranche to Portugal

People shout slogans after setting a fire with banners and garbage outside the Portuguese parliament during a protest against the government's 2013 budget on Oct. 15, 2102, in Lisbon. The International Monetary Fund released Wednesday, Oct. 24, 2012, a 1.5 billion euro ($1.9 billion) loan installment to Portugal, after a review of its progress under a bailout program.  AP PHOTO/ FRANCISCO SECO

The International Monetary Fund released Wednesday a 1.5 billion euro ($1.9 billion) loan installment to Portugal, after a review of its progress under a bailout program.

Posted: October 25th, 2012 in Latest Business Stories | Read More »

Spain avoids junk-bond fate, economic agony remains

People mark the day against poverty, in Pamplona, northern Spain, Wednesday, October 17, 2012. Spain has won breathing space but nothing more, analysts said Wednesday, after it escaped a feared downgrade of its debt to junk-bond status. AP/ALVARO BARRIENTOS

Spain has won breathing space but nothing more, analysts said Wednesday, after it escaped a feared downgrade of its debt to junk-bond status.

Posted: October 18th, 2012 in Latest Business Stories,Photos & Videos | Read More »

Moody’s holds Spain rating at Baa3

A woman pushes her shopping cart along a street in Barcelona, Spain, Tuesday, Oct. 16, 2012. Moody's held Spain's debt rating Tuesday at Baa3, one step above "junk" grade.  AP PHOTO/EMILIO MORENATTI

WASHINGTON—Moody’s held Spain’s debt rating Tuesday at Baa3, one step above “junk” grade, but assigned Madrid a “negative outlook,” maintaining a threat to downgrade the country if conditions deteriorate.   Moody’s cited the European Central Bank’s willingness to buy Spanish government bonds to stabilize its borrowing rate as well as the government’s commitment to implementing [...]

Posted: October 17th, 2012 in Latest Business Stories | Read More »

ECB won’t print money to solve debt crisis—Draghi

The President of the European Central Bank Mario Draghi smiles as he talks during a public hearing at the committee on economic and monetary affairs at the European parliament in Brussels, Tuesday, Oct. 9, 2012. Draghi said Tuesday it will not simply print money to solve the eurozone debt crisis.  AP/GEERT VANDEN WIJNGAERT

The European Central Bank said Tuesday it will not simply print money to solve the eurozone debt crisis, but noted that Greece has made “significant” progress in tackling its deep financial problems.

Posted: October 9th, 2012 in Latest Business Stories | Read More »

Crisis could be over in ‘1-2 years’—EU bailout fund chief

Klaus Regling, chief executive of the European Financial Stability Facility:  Eurozone over in one or two years if…  AFP PHOTO / PETER PARKS

The head of Europe’s financial bailout fund, Klaus Regling, said the eurozone crisis could be over in “one or two years” if member states stick to their pledges, in an interview to be published Monday.

Posted: September 2nd, 2012 in Latest Business Stories | Read More »

Summer of gloom for crisis-hit Rome shops

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A woman sleeps in front of a closed shop window in Rome on Aug. 16, 2012. As the economic crisis hits locals and tourists alike, many shops have little choice but to close for good.  AP PHOTO/GREGORIO BORGIA

It is not just stifling summer heat that is keeping shoppers at bay on Rome’s Via del Corso. As the economic crisis hits locals and tourists alike, many shops have little choice but to close for good.

Posted: August 19th, 2012 in Featured Gallery,Latest Business Stories,Photos & Videos | Read More »

Investors pull record amounts of money out of Spain

A motorist, right, who got out of her car argues with a demonstrator as civil servants which included transport workers and police and firemen, out of uniform, blocked traffic during a protest against government cuts, in Madrid Monday July 30, 2012. Spanish and foreign investors have withdrawn a record 160 billion euros ($195 billion) from the struggling eurozone country this year, reflecting concerns over the economic outlook, official data showed Tuesday.  AP PHOTO/PAUL WHITE

Spanish and foreign investors have withdrawn a record 160 billion euros ($195 billion) from the struggling eurozone country this year, reflecting concerns over the economic outlook, official data showed Tuesday.

Posted: August 1st, 2012 in Latest Business Stories | Read More »

Middle-class family struggles in Spain’s crisis

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A demonstrator is detained by police officers during a protest against the recent austerity measures announced by the Spanish government, in front of the Popular Party in Madrid, Spain, Friday July 13, 2012. The economic crisis has brought low the middle class, which emerged in the 1980s after decades of dictatorship and flourished during the construction boom of the 1990s.  AP PHOTO/ANDRES KUDACKI

Before the Spanish economic crisis hit, Mercedes Gonzalez and her family lived comfortably, she working in a shoe shop and her husband and second son in construction.

Posted: July 15th, 2012 in Latest Business Stories | Read More »

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