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News Tag: Barack Obama

August 1, 2011

US reach agreement on raising US debt ceiling

by Kay Mitchell
”US
US President Barack Obama has announced Republican and Democratic leaders have come to an agreement on raising the Government debt ceiling to avoid defaulting on its debt. "I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a ...




February 14, 2011

US reveals plans to reduce budget deficit

by Kay Mitchell
”US
US President Barack Obama has today unveiled his budget for 2012, aimed at reducing the country’s spiralling deficit. The measures come as many major economies embark on massive spending cuts to trim their deficits. However, like many other economies, tough measures introduced to trim the budget deficit could hamper economic growth and slow the economic recovery. Meanwhile, the US is aiming to shave ...




October 17, 2010

US budget deficit shrinks to $1.3tr

by Kay Mitchell
”US
According to Government figures, the US budget deficit fell to $1.294 trillion (£813 billion) in the 12 months to the end of September. The deficit equates to 8.9% of GDP, down from 10% of GDP in 2009, but still represents the highest since the end of the Second World War. The target for President Barack Obama's administration is to shave the deficit ...




September 24, 2010

Obama presses China over yuan issues

by Kay Mitchell
Obama presses China over yuan issues
Following a "candid" two-hour meeting yesterday between Chinese Premier, Wen Jiabao, and US President, Barack Obama, it appears China will still not bow to pressure over its currency. The object of the meeting was to urge China to revalue its currency, the yuan. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its ...




June 29, 2010

US consumer confidence takes a dive in June

by Kay Mitchell
’US
US consumer confidence took a dive in June after rising for three consecutive months. The closely-monitored Consumer Confidence Index from the Conference Board plummeted to 52.9 in June, down from a revised 62.7 in May. June’s figure was short of analysts forecasts of 62 and remains far away from the 90 points required to show that the world’s largest ...




June 28, 2010

China bows to G20 pressure and allows further yuan flexibility

by Kay Mitchell
China bows to G20 pressure and allows further yuan flexibility
China faced renewed pressure at this weekend’s G20 summit Toronto, Canada, after a draft said: “Emerging surplus economies will undertake reforms tailored to country circumstances to… enhance rate flexibility.” Beijing has previously ruled out a one-off appreciation of its currency and has previously said keeping the yuan stable is “an important contribution” to global recovery. China has already faced ...




June 17, 2010

BP shares up 9% as compensation fund unveiled

by Kay Mitchell
BP shares up 9% as compensation fund unveiled
BP shares have risen more than 9% this morning after it was revealed that a $20 billion (£13.5 billion) compensation fund for victims of the Gulf of Mexico oil leak is to be set up. Details of the fund emerged late yesterday following talks at the White House after BP’s chief executive Tony Hayward and chairman Carl-Henric Svanberg, were summoned ...




April 14, 2010

China firm on keeping yuan stable

by Kay Mitchell
’China
At the Nuclear Security Summit in Washington, Chinese President Hu Jintao told US President Barack Obama that China is committed to yuan reform but will not be pressurised into making changes to its currency peg. The Chinese President added that while Beijing is willing to make changes, it will do it on its own terms. Hu told Obama: "China will ...




March 26, 2010

US economy receives boost after jobless claims fall

by Kay Mitchell
”US
The Labor Department has announced the number of US workers filing for jobless benefits fell last week. According to the Labor Department, initial claims for state unemployment benefits fell in the week ended March 20 to 14,000 to 442,000 - boosting hopes that the recovery in the world’s largest economy is gathering momentum. Commenting on the data, Omair Sharif, an ...




February 18, 2010

Fed warns of higher unemployment

by Kay Mitchell
Fed warns of higher unemployment
In its latest forecast for the world’s largest economy, the US central bank, the Federal Reserve, has said economic growth will be between 2.8% and 3.5% in 2010 - better than its previous forecast of 2.5% to 3.5%. However, the Fed has warned that despite strong growth for this year, unemployment will remain high. Earlier this month, the Labor Department said the US ...




January 29, 2010

Bernanke wins second term

by Kay Mitchell
’Bernanke
Fifty-six-year old Ben Bernanke has won a second term as chairman of US central bank, the Federal Reserve. The US Senate confirmed the appointment after it voted 77-23 in favour of Bernanke, whose current term ends on Sunday. At the time of his nomination last August, US President Barack Obama said: “Mr Bernanke had helped prevent a repeat of the Great Depression.” Last weekend, Mr ...




January 25, 2010

Goldman Sachs London employees capping pay

by Kay Mitchell
”Goldman
Around 100 senior employees at Goldman Sachs in London are capping their 2009 pay and bonuses at £1 million each. The move comes as part of the Chancellor’s super tax, which was introduced to claw back some of the bailout funds used to rescue the banking industry. According to the BBC, the tax represents a considerable sacrifice of several hundred million pounds. Last ...




January 22, 2010

Global markets in decline after Obama proposals

by Kay Mitchell
Global markets in decline after Obama proposals
US President Barack Obama is proposing a severe crackdown on financial institutions in the US which has sent stock markets around the globe into decline. Yesterday, the Dow Jones closed down 2% - its worst decline since October, while Japan's Nikkei lost 3.6% - the biggest weekly loss in three months and closing a three-week low. Hong Kong’s Hang Seng ...




January 19, 2010

Citigroup reports Q4 loss of $7.6bn

by Kay Mitchell
Citigroup reports Q4 loss of $7.6bn
Citigroup, which is the third largest US bank, has today posted a loss for the fourth quarter of 2009, as a result of the repayment of Government loans. The bank said it repaid $20 billion to the US Government during the 2009 year. The Wall Street banking giant said losses totalled $7.6 billion (£4.7 billion) for the final three months of last ...




January 15, 2010

JPMorgan Chase kicks off reporting season with a bang

by Kay Mitchell
JPMorgan Chase kicks off reporting season with a bang
Wall Street banking giant JPMorgan has kicked off the reporting season with a bang by posting fourth quarter profits of $3.28 billion (£2 billion) compared with $702 million a year ago - at the height of the financial crisis. Meanwhile, the bank reported full-year profits of $11.7 billion, or $2.26 per share, on record revenue of $108.6 billion. ...




Super tax is threat to London warns Mayor

by Kay Mitchell
”Super
London Mayor, Boris Johnson, has warned that high-earning bankers are leaving the capital because of the super tax which has been introduced by the Government. In the recent Pre-Budget Report (PBR), UK Chancellor Alistair Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather than the bankers, will pay the ...




January 14, 2010

Obama pledges to recoup losses for American taxpayers

by Kay Mitchell
Obama pledges to recoup losses for American taxpayers
US President Barack Obama has pledged to repay taxpayers the losses they are owed from bailing out the banks as he criticised bankers for the "massive profits and obscene bonuses." The President said: "My commitment is to recover every single dime the American people are owed. "My determination to achieve this goal is only heightened when I see reports of ...




December 15, 2009

Obama tells US banks to increase lending to SMEs

by Kay Mitchell
Obama tells US banks to increase lending to SMEs
After the $700 billion (£430 billion) bailout of the banking industry, US President Barack Obama has now asked banks to do their part and increase lending to small and medium-size businesses. A meeting yesterday with executives from Goldman Sachs, JP Morgan Chase and Citigroup, among others, came a day after Mr Obama said he had not run for ...




December 8, 2009

TARP funds to be used to create jobs and halve US deficit

by Kay Mitchell
TARP funds to be used to create jobs and halve US deficit
US President Barack Obama has suggested using leftover funds from the Troubled Asset Relief Program (TARP) to create jobs and cut the US deficit. Mr Obama told reporters that "TARP has turned out to be much cheaper than we had expected although not cheap," and he is aiming to cut the country’s unemployment rate - which ...




November 19, 2009

US housing starts see unexpected fall in October

by Kay Mitchell
US housing starts see unexpected fall in October
According to the Commerce Department, construction of new US homes plunged 10.6% in October to an annual rate of 529,000 properties - the lowest level since April. Analysts had expected the rate to exceed the 600,000 mark. The decline in construction was led by a fall in demand for both single-family and multi-family occupancies. Meanwhile, applications for building permits, a barometer ...