Protesters Dispersed by Oakland Police with Use of...

Lingering Oakland protesters were dispersed by police on Thursday with tear gas to prevent the expansion of the protesters’ foothold. What the police called an unlawful assembly was a generally peaceful rally by demonstrators against economic inequality and police brutality. They said the financial system is only for the benefit of corporations and the rich. Over 200 officers who wore gas masks fired volleys of tear gas at...

$3 Trillion in Savings Sought by Democrats

Democrats proposed a budget cut of up to $3 trillion that would affect long-term spending like Medicare. They also propose to increase taxes of up to $1.5 trillion to help aid the country’s financial troubles that may increase the national debt. Republicans, however, resist the proposal which they say is not serious. The November 2012 congressional and presidential elections could be dividing the two parties over taxes. The...

Rising U.S. Deflation, a Dreadful Scenario

Deflation may be unlikely amidst a declining job market considering the recent growth recovery. The Federal Reserve is also expected to ward it off just in case but investors and economists believe the risk is real. This is a reason for this: prices of goods continue to rise and unemployment is seen to be near twice its pre-recession level by 2012. Merrill Lynch economist Joshua Dennerlin said everything points to deflation...

G20 Paris Summit to be Dominated by Euro Zone Cris...

Intent to resolve the crisis, officials attending the G20 summit in Paris on October 23 will have the euro zone crisis as their highlight. It will include Spain’s credit rating downgrade from S&P due to high unemployment – a larger economy threat Greece may face. South Africa Finance Minister Pravin Gordhan said International Monetary Fund’s and euro zone’s EFSF rescue fund are inadequate should the contagion...

Obama Hits China on Trade, Proud of Stabilizing Ti...

The U.S. president accused China of aggressively “gaming” the international trading system by undervaluing or manipulating its currency. However, Barack Obama remains cautious about supporting a bill on U.S. import tariffs that would press Beijing to revalue yuan but reiterated on global trade rules compliance. The bill is set for a final Senate vote on Thursday and is expected to pass but Beijing warned that this could...

Euro Crash Creates Huge Impact on Earnings Expecte...

The European debt crisis may cause a huge impact on earnings for Sony Corporation. Sony Treasurer Hiroshi Kurihara said the company does not purchase many components from Europe as its Asian suppliers stick to dollars, restraining its getting around the euro’s dip. Euro’s dip challenges Sony CEO Howard Stringer in its declining sales value from its biggest export market. In an effort to put a stop to losses, Stringer...

ECB Makes No Decision Yet on Debt-buying Program S...

Last month, the European Central Bank re-launched its bond-buying program to alleviate rising borrowing costs in Italy and Spain caused by financial troubles and government debt speculations. ECB Executive Board Member Jose Manuel Gonzales-Paramo said no decision has been made yet on the span of the unusual intervention. He said the majority of ECB’s board authorized the debt purchases and they will decide on its future. He...

Small Buys to Get Maximum Fees from Visa, MasterCa...

Effective October 1st, Visa Inc and MasterCard Inc will impose maximum fees even on the smallest debit-card purchases. The fees will be passed to the biggest lenders like JPMorgan Chase & Co. and Citigroup Inc. Retailers are now charged 1.55% of purchase amount in addition to 4 cents for small ticket transactions below $15 or 7 cents for a $2 coffee. Merchants cost would increase 3 times under Federal Reserve rules with...