US Current Account Drops to $101.5 Billion
The Commerce Department said today that America’s Current Account deficit – a measure of the amount of money flowing into a country – fell to $101.5 billion in the first quarter of 2009. This is a drop of 34.5 percent from the previous quarter and can be traced to the effect of the current recession reducing domestic demand for imported goods. More
US Government to Create New Consumer Protection Agency
President Barack Obama will release details today on a proposal to create a Consumer Financial Protection Agency. The new body would have legislative power to address “unfair terms and practices” and would have authority to levy fines and other penalties against offending financial firms. More
UK Unemployment at 12-Year High
The number of unemployed in Britain climbed to 2.261 million in April according to the Office for National Statistics. This is the highest unemployment level since July 1997. More
Over Valuation Concerns Drag Down Stock Markets
For the second day in a row, concerns of over valuation appear set to bring down stock values. In mid-morning trading in Europe, London’s FTSE 100 is down 35 points (0.8 percent), Germany’s DAX dropped 59 points (0.8 percent), while the CAC-40 in France is off 29 points (0.9 percent). More
