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Greenspan Tells Gulf To Drop Dollar
By al Jazeera
Alan Greenspan, the former chairman of the US central bank, or Fed, has said that inflation rates in Gulf states, which are reaching near record levels, would fall "significantly" if oil producers dropped their US dollar pegs. Continue
Oil hits new peak at $102 a barrel as commodities boom: Oil powered to a new record above $102 a barrel on Wednesday, closing in on its inflation-adjusted peak, as a slumping dollar on lacklustre U.S. economic data triggered a surge across commodities markets.
Dollar sinks to low ($1.50) against euro: The dollar sank to a new low against the euro after the chairman of the Federal Reserve Bank said Wednesday that the U.S. would encounter more sluggish economic activity in the coming weeks and months.
Manufacturing data fuel US recession fears: US manufacturing orders on Wednesday recorded their biggest decline in five months and new home sales slumped to a 13-year low, compounding fears that the US economy may be sliding into recession.
U.S. Economy: Confidence Falls, Producer Prices Rise: U.S. consumer confidence fell to the lowest level in five years and wholesale inflation picked up, limiting the Federal Reserve's room to maneuver as it tries to avert a recession.
U.S. new-home sales for January fall 2.8%: The decline marked a 13-year low and constituted the latest sign of prolonged weakness in the U.S. housing market. January's sales pace was down 33.9% compared with January 2007.
U.S. Home Foreclosures Jump 90% as Mortgages Reset : Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.
US mortgage finance firm Fannie Mae posts 2.1 bln loss: Fannie Mae, a leading US financing provider for mortgages, said Wednesday it swung into a loss of 2.1 billion dollars in 2007 amid a deepening housing downturn and warned of "another tough year."
Key home price index shows record decline: U.S. home prices dropped 8.9 percent in the final quarter of 2007 compared with a year ago, Standard & Poor’s said Tuesday, the steepest decline in the 20-year history of its housing index.
Bush: US in 'slowdown' not recession : US President George W. Bush denied Tuesday that the US economy was in recession or would go into one despite a spate of downcast reports and gloomy indicators.
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