Vittorio Hernandez – AHN News
Ottawa, Ontario, Canada (AHN) – British Prime Minister David Cameron warned of a new economic crisis in his address before the Canadian Parliament on Thursday. Cameron pointed to the failure of U.S. and European leaders to address government deficits that led to the threats to the stability of the world economy. On the same day, stock markets across the globe dipped sharply again amid worries by politicians, central bank heads and investors that the rich nations would enter another recession because of huge government debts. The British leader said that while Britain and Canada are not yet staring done the barrel, the indicators point to that direction and warned British and Canadian families could face a tough time in coming months. He said the world is suffering from unparalleled debt levels [...] Continue Reading…

Vittorio Hernandez – AHN News
Wroclaw, Poland (AHN) – Several central banks are loaning dollars to European banks that use the euro currency to prevent a return to a situation similar to 2008. Participating in the three-month loan offers are the European Central Bank, the U.S. Federal Reserve, Bank of England, Bank of Japan and Switzerland’s Central Bank. News of the coordinated step caused global markets to go up. The Standard & Poor’s 500 index in the U.S. closed up by 1.7 percent, while the German stock market closed up by 3.2 percent. The announcement of the dollar loan was made at the European finance ministers meeting being held at Poland, which was attended by U.S. Treasury Secretary Timothy Geithner. The loans will be done through swap lines and will carry a fixed interest rate. The [...] Continue Reading…

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – The chance the Greece will default on its debts within the next five years has soared to 98 percent as Prime Minister George Papandreou failed to reassure the world that his country can survive the euro-region debt crisis. Fears of a Greek default sent stock markets tumbling all across the globe. Worries have mounted that Greece’s trouble may be contagious and that other European countries are poised for a similar fate. Eyes are carefully focused on Italy and Portugal for any signs of imminent financial dangers. Greece’s government expects the country’s economy to shrink more than 5 percent in 2011, more than the 3.8 percent previously predicted by the European Commission. The risk of contagion beyond Greece pushed credit default swaps on Portugal, Italy [...] Continue Reading…

Tom Ramstack – AHN News Legal Correspondent
Washington, D.C., United States (AHN) – Mail service nationwide will stop as soon as this winter without emergency funding from Congress, the head of the U.S. Postal Service said Tuesday. The agency has run up a debt of nearly $10 billion so far this year, Patrick R. Donahoe, U.S. Postmaster General, told the Senate Homeland Security and Governmental Affairs Committee. “We are at a critical juncture,” Donahoe said. The Postal Service also has no means of paying a $5.5 billion bill due Sept. 30 to fund retirees’ health care, Donahoe said. E-mail and faxes are reducing the need for regular mail but also reducing the Postal Service’s revenue. The agency delivers about three billion pieces of mail each week, which is down 22 percent from five years [...] Continue Reading…

Jupiter Kalambakal – AHN News Reporter
New York, NY, United States (AHN) – The United States stock market moved up mid-day Wednesday, recouping from the 2011 slump of the Dow Jones Industrial Average as investors see a stabilizing economy as indicated by new economic data released by the government. Standard & Poor’s 500 Index was up 1 percent as of 12:34 p.m. The Dow climbed 0.8 percent to 11,655.01, recovering from a year-to-date loss at a swelling 7.4 percent three weeks ago. Stocks were up as the government reported growth in factory orders that outdid projections. The S&P 500 peaked on Day 4, sustaining its rally that began Aug. 8 to almost 9 percent. The index rolled 18 percent between April 29 and Aug. 8 over issues that the economy was waning. S&P was about 5.4 percent [...] Continue Reading…

Vittorio Hernandez – AHN News
Athens, Greece (AHN) – Greece activated on Wednesday night the Emergency Liquidity Assistance after the country’s lenders run out of collateral acceptable to the European Central Bank. The Greek Central Bank made the move which is seen as the last stand for the country’s banks. The ELA allows national central banks to provide liquidity to its banks when they run out of collateral for trading use with the ECB. It is an obscure tool, supposed to be used temporarily. Besides Greece, Ireland was the only European Union nation that had used the fund for almost one year. The activation was discreetly done, but news of the move still spread and caused markets across Europe to be jittery. Bank stocks dipped again, while the German stock exchange was down 4 percent at one [...] Continue Reading…

Diane Alter – AHN News Trivia Writer
New York, NY, United States (AHN) – Same story, different day. Stocks fell again on Friday losing 172.93 points. The Dow Jones Industrial Average closed a volatile week at 10,817.65. Investors were met with another selloff as continued worries about the European Debt Crisis, global slowdowns and tepid economic data continued to be a drag on worldwide markets. Those looking for a safe haven piled into gold pushing the commodity up $25.70 to close at $1,850.60 an ounce. The shiny yellow metal hit an all time high during the day of 1881.40. Many see the precious metal as being in a bubble territory, while other say it still has much more room to run. Silver also looked stellar closing up $2.04 to end the day at $42.81 [...] Continue Reading…

Matthew Borghese – AHN News Contributor
Washington, D.C., United States (AHN) – President Barack Obama’s approval rating may have taken a beating following a contentious debt ceiling debate, but his party has pulled ahead of the GOP in a generic Congressional poll released Friday. Gallop’s first 2012 Congressional survey found 51 percent of voters prefer a Democratic candidate over the 44 percent of Americans who would elect a Republican; only 4 percent remain undecided ahead of November. The 3-day poll was conducted after the unsettling credit downgrade from Standard & Poor’s, but was completed a day before Wall Street’s dramatic tumble where the Dow Jones Industrial Average dove 635 points on Monday. “The Democratic Party may be better positioned today to win seats in the 2012 congressional elections than it was leading up to the 2010 midterms [...] Continue Reading…

Windsor Genova – AHN News News Writer
Frankfurt, Germany (AHN) – The European Central Bank on Sunday decided to buy eurozone government bonds to deter a possible panic selling on Monday’s opening of stock market trading. The decision was made through a tense evening video conference of the European Union’s 17 central bank governors, who were divided on the issue of purchasing sovereign debts after bailing out Portugal, Ireland and Greece last week. The downgrading by ratings agency Standard & Poor’s of U.S. government debt over the weekend from AAA to AA+ apparently prompted the meeting. The announcement was made amid selloffs of Italian and Spanish government bonds last week, a sign the two countries may face expensive fiscal borrowings making them the next likely candidates for bailout. Italy happens to the world’s third largest bond [...] Continue Reading…

Tom Ramstack – AHN News Legal Correspondent
Washington, DC, United States (AHN) – The Senate is scheduled to give final approval to a new debt ceiling Tuesday to save the U.S. economy from its first default in history within hours of running out of money. The House approved the measure Monday evening. Bickering between Republicans and Democrats continued down to the last hours before the vote. The agreement that allows the U.S. government to borrow another $2.4 trillion also comes with tough new restraints on spending. Spending levels would drop to the lowest levels since the Eisenhower Administration in the 1950s. International markets reacted positively to the deal in Congress Monday. U.S. stocks rose by 1 percent when the New York Stock Exchange opened while the U.S. dollar increased in value compared to some foreign [...] Continue Reading…

There are times when we need a little extra money. The reasons will vary, but you should consider what you need the loan for, what type of personal loan you want, and whether you are really ready to take on this extra debt. Personal loans can include payday loan no faxing, though they are not traditional loans. Payday loans are products without the banking regulations institutions like Wells Fargo have to follow. For this reason they can charge more than 400 percent APR on a loan. If you pay the loan back within the first 7 days you may only pay 7 percent interest; however, consider you could get a personal bank loan for 7 percent interest on an annual basis. In other words you pay less than one percent per month for that personal bank loan.
Payday loans work [...] Continue Reading…