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Is GOP trying to sabotage economy to hurt Obama?
WASHINGTON (AP) -- Are Republican lawmakers deliberately stalling the economic recovery to hurt President Barack Obama's re-election chances? Some top Democrats say yes, pointing to GOP stances on the debt limit and other issues that they claim are causing unnecessary economic anxiety and retarding growth. The latest Democratic complaint came after House Speaker John Boehner said Tuesday that when Congress raises the nation's borrowing cap in early 2013, he will again insist on big spending cuts to offset the increase. Boehner, R-Ohio, continues to reject higher tax rates, which Democrats demand from the wealthy. That led Sen. Chuck Schumer, D-N.Y., to say Boehner is virtually assuring...
Huge economic challenge awaits Egypt's next leader
When Egyptians joined a popular revolt last year, many were demanding economic change. They were suffering from high unemployment and prices, low wages, widespread poverty and crippling corruption. Over the last 15 months little has changed and many have even seen their finances worsen. On a bustling street in the Mohandisseen area of Cairo, people come from all walks of life. It is easy to get them to talk about the change in their personal fortunes. "I used to work as a store manager in a much better shop but after the revolution many shops closed down," says Muhammad Abdul Hamid. "For eight months, I stayed at home, but now I have a new job here." "I'm a...
China shadow looming, Taiwan's Ma set for 2nd term
TAIPEI, Taiwan (AP) — Taiwan's Ma Ying-jeou is set to begin his second presidential term caught between China's desire to exert greater influence over his democratic island and Taiwanese determination to maintain their de facto independence. Ma is to be sworn in again Sunday. Since taking office in 2008, he has leveraged growing economic ties with Beijing to reduce tensions across the 160-kilometer (100-mile)- wide Taiwan Strait to their lowest level since the sides split amid civil war in 1949. Trade volumes have soared, commercial barriers have tumbled, and tourism and other exchanges have become commonplace. But that may not be enough for China. It says Taiwan is part of its territory, to...
Greece Crisis: IMF chief warns on expensive cost of Greek exit from euro
Tweet ATHENS: IMF chief Christine Lagarde warned of "extremely expensive" consequences were Greece to leave the euro zone, a once taboo possibility that European leaders have begun to discuss openly after the nation descended into political chaos. Fears that Greece's dire state could drag the euro zone deeper into crisis rattled financial markets across the globe, as a little-known judge was installed to head an emergency government which will lead...
Oil falls to 5-month low near $94
Oil prices fell to near $94 a barrel today in Asia, extending a two-week sell-off that has brought crude to a five-month low amid concern about Europe's debt crisis. Benchmark oil for June delivery was down 44...
South Korean President Lee Myung-bak in key Burma visit
South Korean President Lee Myung-bak is to visit Burma, the first time a South Korean leader has visited the country since a deadly bomb attack 29 years ago. The North Korean attack, during a visit by former President Chun Doo-hwan to Rangoon in 1983, killed 21 people. Mr Lee is due to arrive in the capital, Nay Pyi Taw, later on Monday. He will meet Burma's President Thein Sein and senior officials to discuss economic co-operation, officials said. Details for the trip were kept secret due to security concerns in the wake of strong North Korean rhetoric...
At Least 100,000 March in Spain Over Austerity
MADRID—At least 100,000 Spaniards angered by grim economic prospects and the political handling of the international financial crisis turned out for street demonstrations in the country's cities Saturday, marking the one-year anniversary of a movement that inspired similar pressure groups in other countries. Enlarge ImageClose Tens of thousands of protesters in Madrid flooded into the central Puerta del Sol plaza in the evening and aimed to stay for three days. But authorities warned they wouldn't allow anyone to camp out overnight, and up to 2,000 riot police were expected to be on duty. "I'm here to defend the rights that we're...
Europe's bad mood: Does Obama need to worry?
JIM KUHNHENN Associated Press= WASHINGTON (AP) — The elections that drove Nicholas Sarkozy out of power in France and left Greece scrambling to build a coalition government pose a financial threat to the United States that could undermine President Barack Obama's efforts to cast himself as the agent of a U.S. economic revival. For Obama, the danger is that any economic turmoil unleashed by the French and Greek elections will spill over to the United States, slow the recovery even more and, ultimately, further jeopardize his re-election, adding him to the recent roster of politicians whose careers have been short-circuited by economic anger. At the same time it has shifted Europe's political...
IMF Awaits Economic Plan From Egypt
By LEILA HATOUM DUBAI—The International Monetary Fund is still waiting for the Egyptian government to present a viable economic-recovery plan that enjoys broad political support before it can approve a $3.2 billion loan to help the country deal with its financial difficulties, a senior IMF official said Wednesday. Masood Ahmed, the IMF's director for the Middle East and central Asia, said the plan will need...
Malaria affects economic growth - Mrs Binka
An Executive Secretary of African Media Malaria Research Network (AMMREN), Mrs Charity Binka has observed that malaria affected the socio-economic development and wellbeing of Ghanaians. She has therefore, called on individuals, government, health workers and stakeholders in the health sector to ensure stronger partnership in the fight against the disease. Mrs Binka made the observation at a forum in Accra, organised by AMMREN to mark World Malaria Day 2012, on the theme: "Sustain Gains, Save Lives; Invest in Malaria". The Network was supported by Indepth Network Effectiveness Safety and Study and...
US stock futures dip ahead of consumer spending
NEW YORK — U.S. stock market futures are sliding ahead of March consumer spending data. Dow Jones industrial average futures are down 0.17 percent at...
South Sudan facing food crisis
" />" /> A combination of bad weather, pests and a deteriorating relationship with the North has led to an economic crisis that is challenging South Sudan's food security. Ongoing clashes with Khartoum over the countries' contested border area have halted the import of cheap food goods from the North, leaving Juba to rely on high-cost goods imported from southern neighbour Uganda. Another full-scale war between the two rival Sudans would make an already tough situation much worse. Al Jazeera's Peter Greste reports from Juba. Source: Al Jazeera Email Print Share Send Feedback Featured on Al Jazeera Bahrain: Shouting in the dark The story of the Arab...
Climate change is a human rights issue – and that's how we can solve it
We can overcome the problems of delivering collective action on climate change by treating mining, deforestation, ocean degradation and more as violations of human rights Human rights issue ... deforestation in Sumatra. Photograph: Ulet Infansasti/AFP/Getty...
Indian economic advisor: no big reforms until 2014
NEW DELHI (AP) -- The Indian government's chief economic adviser says India won't likely pursue any major economic reforms until...
Will rein in Boko Haram threat: Nigeria President
Berlin: Nigeria's president is vowing that his government will rein in the threat from a radical Islamic sect that has waged an increasingly bloody sectarian fight in the...
Spanish king apologizes for elephant hunting trip
CIARAN GILES Associated Press= MADRID (AP) — Spain's king issued a rare apology Wednesday, saying it was clearly "a mistake" to have gone on an African elephant-hunting trip during his country's severe economic crisis. In an unprecedented gesture, King Juan Carlos said he was "very sorry. I made a mistake. It won't happen again." The 74-year-old monarch had come under scathing criticism this week after he went on an expensive safari to Botswana as both Spain and its citizens struggled amid an economic crisis that has worsened by the day. The trip — which even the government had not known about — came to light when the king fell Friday and ended up having to have hip replacement surgery. The...
IMF admits for first time that eurozone crisis could destroy the euro - and send ...
The eurozone could break up and trigger a global economic slump to rival the Great Depression, the IMF warned last night. In its World Economic Outlook report, the International Monetary Fund said the collapse of the crisis-torn single currency could not be ruled out. It was the first time the Washington-based institution has accepted the prospect of the eurozone splitting up and follows fears over the health of the Spanish economy. Bad outlook: International Monetary Fund (IMF) Director of Research, Olivier Blanchard, warns that the eurozone debt crisis 'could get very bad again' The IMF predicted a return to recession in the eurozone this year but upgraded its growth forecasts for Britain....
Italian PM Mario Monti to cut economic growth forecasts for 2012
Mario Monti is set to cut Italy's economic growth forecasts for 2012 in a move that will cast doubt on the viability of his austerity programme in the face of the advancing debt crisis. Italian PM Mario Monti is struggling to implement tough austerity measures Photo: AFP tag --> By Louise Armitstead 9:00PM BST 17 Apr 2012 Comments The technocrat prime minister is expected to admit that Italy's economy is likely to shrink by as much as 1.2pc this year - far more than the 0.4pc contraction the government forecast, according to a leaked draft of official documents. Mr Monti, who is struggling to implement the tough austerity measures, is due to hold a cabinet meeting in Rome ahead of...
King of Spain faces calls to abdicate after elephant hunt
The King of Spain who is recovering in hospital after injuring his hip during a fall while elephant hunting in Botswana faced calls to abdicate amid growing controversy over the trip. Left wing leaders called for greater transparency of Royal accounts and one even suggested it may be time for the once popular monarch to give up his throne. Photo: AP tag --> By Fiona Govan, Madrid 4:41PM BST 16 Apr 2012 Comments The 74-year-old monarch has faced a barrage of criticism over his extravagant lifestyle at a time when Spaniards are suffering harsh austerity measures in a nation mired in economic crisis. Left wing leaders called for greater transparency of Royal accounts and one even suggested...
Drought, falling tourism threaten Morocco economy
RABAT, Morocco (AP) -- Morocco's new Islamist government finally passed its 2012 budget last week - four months late - while outside parliament hundreds of unemployed protesters demanding government jobs clashed with police. Long seen as a haven of stability and relative prosperity in North Africa, this close U.S. ally has a rough year ahead. Its budget is overstretched, its farm fields drought-stricken, its credit rating is wobbly, and economic crisis is hobbling its closest trading partners in Europe, even as protests by disgruntled Moroccans are on the rise. Morocco escaped much of the unrest linked to the Arab Spring elsewhere in North Africa, where the governments of Libya, Tunisia and...