Americans and American businesses earning profits overseas will pay an estimated $210 billion dollars more in taxes over the next decade if Congress approves stricter international tax laws outlined by the Obama Administration Monday. The Administration is proposing severe restrictions on certain international tax deductions, as well as seeking mechanisms to extract more information from foreign b...

An outbreak of swine flu dampened tentative hopes for the global economy, sending markets lower on Monday and analysts fear a possible pandemic could force countries further into recession. Asian stocks weakened with worries about a global flu pandemic unnerving financial markets after an outbreak of swine flu in North America hurt shares of airlines and transport companies while prompting som...

In a speech to the Economic Club in Washington D.C., Treasury Secretary Timothy Geithner said the U.S. bears a “substantial share” of the responsibility for the global financial crisis, and he believes the U.S. must recover first in order to return the rest of the world to growth. Despite saying that the U.S. did have a substantial role to play in any global economic recovery, Geithner ...

WASHINGTON– The International Monetary Fund said Wednesday the world economy has fallen into a severe recession, cutting its forecast for global growth and calling for forceful action to spur a recovery. In its latest World Economic Outlook, the IMF said the global economy would likely contract 1.3% this year in the deepest post-World War Two recession by far. Growth is set to re-emerge ...

President Obama was pretty clear on March 30th that Chrysler as we know it is finished. “If they and their stakeholders are unable to reach such an agreement, and in the absence of any other viable partnership, we will not be able to justify investing additional tax dollar to keep Chrysler in business.” That blunt message was directed at Chrysler, the United Auto Workers union, Chrysler’s p...

A report of strong profits at Bank of America masked deeper credit problems on Monday, while first-quarter data from Russia and Germany showed the two economies remained deep in recession’s grip. Bank of America’s shares tumbled 15 percent, dragging world stocks down after it reported a big increase in troubled loans, even though its purchase of Merrill Lynch helped first-quarter prof...