Irene brings rain, heavy seas to US coast


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Eurozone unemployment adds to gloom ahead of polls

Financial markets are braced for a rocky ride next week if voters in France and Greece strike a blow against the centrally imposed deficit targets that have been at the heart of Europe's response to the debt crisis over the past two year Rising unemployment and plunging business confidence in the euro area revealed the increasingly fragile state of the region's economy on Wednesday, as voters in France and Greece prepare to deliver their verdict on austerity in Sunday elections. Official figures showed that unemployment across the 17-member single currency zone increased by 169,000 in March, for the 11th consecutive month, to hit 17.37m. The unemployment rate was 10.9%, the highest level in its history. Even in Germany, which has so far largely escaped unscathed from the downturn sweep of the labour market, unemployment began to tick up in March, though it remained at just 5.6% of the workforce. There was also evidence that businesses are being hit by what many analysts expect ...
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As China Rolls Ahead, Fear Follows

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As China Rolls Ahead, Fear Follows - China kept economy growing in past couple of years by printing money. Now it's feeling consequences. Inflation in consumer prices, speculative bubble in property. Milk dearer in Shanghai than in New York Agence France-Presse — Getty Images China is looking to restructure its economy away from dependence on exports like textiles. For nearly two years, China’s turbocharged economy has raced ahead with the aid of a huge government stimulus program and aggressive lending by state-run banks. But a growing number of economists now worry that China — the world’s fastest growing economy and a pillar of strength during the global financial crisis — could be stalled next year by soaring inflation, mounting government debt and asset bubbles. Two credit ratings agencies, Moody’s and Fitch Ratings , say China is still poised for growth, yet they have also recently warned about hidden risks in its banking system. Fitch even hinted at the ...
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