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Economic News Articles – Archive for Week of 01-15-2012

Last week was a slow news week when it comes to the economy. Nothing continued to happen just as nothing has happened for months with respect to any resolution on the euro crisis. Businesses turned in mixed results for the year, but mildly better in some quarters than expected. The Iranium Reaction continued to simmer. Most of the news was about the Republican presidential primary and candidates and whether Mormons or Gingriches should have more wives and what they pay in taxes … so not related to global economics.

Economic indicators tracked in the headlines

  • Citi, JPMorgan Report Lowest Revenue Since ’08 Citigroup said fourth-quarter net income declined 11 percent, and investment banking tumbled 45 percent. Concern over the European debt crisis curbed trading volume. U.S. banks’ revenue growth in 2011 was the slowest since the Great Depression.
  • Stocks Post Broad Gains; Financials Fall U.S. stocks gained Tuesday after better-than-expected economic data in the U.S., China and Germany fueled optimism over the pace of global economic growth, setting up stock indexes for their highest closes in nearly half a year.

Euro crisis updates in the economic news this week

  • Hungary faces economic ruin as EU loses patience The European Commission has launched legal action against Hungary’s Fidesz government for violations of European Union treaty law and erosion of democracy, marking a dramatic escalation in the war of words with the EU’s enfant terrible.
  • S&P defends mass downgrade across Europe Amid a wave of criticism, Standard & Poor’s defended its decision to downgrade half of the European countries in the Eurozone and insisted that the region’s leaders aren’t doing enough to solve their debt crises.

News of the Iranium Reaction

  • Iran Face-Off Testing Obama the Candidate To appear to back off, when the Iranians are proceeding pell-mell with their nuclear program, would be difficult for the administration, particularly in an election year. On the other hand, sanctions could harm the economy and his re-election chances.
  • Not-so-covert Iran war buys West time, raises tension In this process of ever-accelerating sanctions, we have arrived at a point where sanctions begin to blur into actual warfare. If the sanctions succeed in cutting off oil exports from Iran, that’s equivalent to a blockade of Iran’s oil ports, an act of war

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