World Economy News

New York Fed lowers U.S. Q3, Q4 GDP growth view

The New York Federal Reserve on Friday scaled back its estimates of U.S. gross domestic product growth for the third and fourth quarter as Hurricanes Harvey and Irma hurt home construction and industrial output in September. The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 1.46 percent in […]

Eurozone Current Account Surplus Widened in August

The eurozone’s current account surplus widened slightly in August, data from the European Central Bank showed Friday. The surplus increased to 33.3 billion euros ($39.37 billion), from EUR31.5 billion in July. The data showed that the currency bloc posted a surplus in goods, services, and primary income, while posting a deficit in secondary income. Nevertheless, […]

Greek Banks Face ‘Gangs’ in Bad-Loans Battle With Defaulters

When Eurobank Ergasias SA, Greece’s third-biggest lender, recently went after a “strategic defaulter,” angry protesters stormed the courtroom to block its foreclosure attempt. The defaulter, whose name the lender won’t disclose, had not serviced its loans for the last five years and owed the bank 4.85 million euros ($5.7 million). Over the same period, it […]

China’s Bright Economic Future Is Bound Up in the Past

President Xi Jinping lauded China’s transition to high-quality growth as he opened a major leadership meeting this week. For now, though, smokestack industries are carrying the economy. It grew at a 6.8% pace in the third quarter, much above forecasts at the beginning of the year that warned of a slowdown. Nothing less than a […]