G7 Meeting: Slower Growth, $400 B Subprime Loss
Feb 10, 1:52 PM EST |
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| G7 nations' finance ministers urged China to strenghten its currency in the view of the rising current account surplus and domestic inflation. |
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| The World economy is likey to slow in the short term and financial markets will experience prolonged turbulence, accrording to a statement released by G7. The formal statement takes a considerably dimmer view of the world economy from the last meeting in October but offered no remedies for the current malaise. The meeting of ministers also failed to announce coordinated measures. The ministers agreed that sub-prime losses may reach $400 billion, ten times more than the last estimate. |
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January Retail Sales Drop on Recession Concerns
Feb 08, 12:00 PM EST |
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| Same store sales in January at most retailers fell as consumers held back visits to stores and did not respond to discounts. |
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| Retailers reported weaker than anticipated same store sales rise in January. Discounts at several department stores failed to attract customers to stores as they grapple with economic anxieties. Falling home values, tight credit conditions, rising energy and gasoline prices have sapped consumers’ appetite for retail goods. Wal-Mart reported the lowest same-store sales rise in thirty years and most apparel retailers’ sales in January declined. Costco reported a 3% rise at domestic locations. |
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