South Korea should respond to the expected interest rate hike in the United States by devaluing its currency rather than cutting its policy rate further, a South Korean economic expert said Monday.
The U.S. Army plans to cut 40,000 soldiers from both domestic and foreign posts over the next two years, according to U.S. daily USA TODAY.
South Korea's central bank on Thursday put interest rates on hold at a record low to wait and see how the two rate cuts made in the second half of this year would affect the economy amid lingering expectations for additional monetary easing.
A fully-fledged cut of the reserve requirement ratio (RRR) for banks is unlikely, as the central bank prefers targeted monetary tools, economists have said, as speculation mounts about such a dramatic move to heat China's lukewarm economy.
Australian Prime Minister Tony Abbott has canceled his trip to Deakin University in Melbourne on Wednesday in consideration of security reasons, while angry students gathered to protest against budget cuts to education.
U.S. President Barack Obama made a major concession to Republicans Wednesday by calling for cuts in Social Security and Medicare during an ongoing budget battle in Congress.
Jacob Lew was confirmed on Wednesday by the U.S. Senate as Treasury Secretary, as Democrats and Republicans are haggling over the looming government spending cuts.
Back from his weekend Florida golf getaway, U.S. President Barack Obama on Tuesday sounded an alarm on harms to be caused by the looming government spending cuts, but offered no concrete and long-term plan to put U.S. fiscal house in order.
Back from his weekend Florida golf getaway, U.S. President Barack Obama on Tuesday sounded an alarm on harms to be caused by the looming government spending cuts, but offered no concrete and long-term plan to put U.S. fiscal house in order.
U.S. President on Tuesday urged Congress to delay massive government spending cuts in the near term to boost economic growth despite the spiking government debt, adding twists to the government's debt reduction efforts.
Near-term disaster averted, long-term problems remain Negotiations over the so-called “fiscal cliff” went down to the last possible moment before congressional policymakers finally approved legislation that voided sizable tax increases and spending cuts that would almost certainly have tipped the economy into recession.
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