ÔIt's a death spiral'

2011-12-22T02:30:14Z

Amid the worst recession in more than 50 years, the Clark County School District estimates it will need $5.1 billion (with a "b") to repair and modernize its school buildings over the next 10 years - work that was put off because there wasn't money to do it.

More than $3 billion is needed to fix dilapidated schools. Nine elementary schools need to be built to alleviate crowded classrooms. And the district wants t...

Retiring Baby Boomers give Florida a cold shoulder

2011-12-20T14:00:10Z

MIAMI (Reuters) - Florida just isn't what it used to be for retirees.

Meet Patti Keagy, an American Baby Boomer, who is looking at other possible retirement destinations.

"My mother says her generation and other people that she knew made a mistak...

Billabong shares plunge after profit warning

2011-12-19T03:30:21Z

Shares in iconic Australian sportswear company Billabong International plunged by almost half Monday after it issued a profit downgrade blamed on the European debt crisis.

The surfwear and sports apparel maker, which owns its flagship brand Billabong and others including Von Zipper, Nixon and Tigerlily, forecast a decline...

German economy set to contract, despite rise in output

2011-12-07T14:30:34Z

German industrial output rose in October, data showed on Wednesday, but analysts said the eurozone's biggest economy may still not be able to avoid a contraction at the end of the year.

Industrial production in October rose by a bigger-than-expected 0.8 percent in October compared to the previous month, the economy ministry said in a statement.

"Following two consecutive months of decline, industrial output saw something of a ...

Italy plans 20-25 billion euro austerity measures: sources

2011-12-02T13:00:14Z

ROME (Reuters) - Mario Monti's government will unveil austerity measures totaling 20-25 billion euros over the next two years on Monday, government sources said, as Italy seeks to shore up public finances but also help growth to head off an acute debt crisis.

About 10-12 billion euros...

NYS seeing low-paying jobs replacing high-pay ones

2011-11-29T10:00:36Z

ALBANY, New York (Reuters) - New York state has lost more than 500,000 job opportunities and about $31 billion in potential earnings from 2008-2011 as the state continues to feel the economic repercussions left by the recession and slow recovery, according to a report released on Tuesday.

Spain Christmas lottery fares well in lean times

2011-11-29T02:30:48Z

With hundreds of people queuing in the cold to buy lottery tickets, Spaniards' favourite form of Christmas spending is thriving -- despite and because of economic hardship.

"Even though there's a crisis, you always hope that you'll get lucky," says Ester Rubio, 21, who is unemployed, queuing in the cold outside Madrid's best-known lottery ticket shop, Dona Manolit...

Latvian bank Krajbanka set to be wound up

2011-11-25T14:30:13Z

Latvian bank Latvijas Krajbanka will likely be wound up, the government said Friday, after the Russian owner of its defunct Lithuanian parent Snoras was detained amid claims of fraud.

"The main consideration was whether Snoras bank as the main shareholder was prepared to support Krajbanka," Prime Minister Valdis Dombrovskis told reporters.

"Now we know this scenario has been ruled out," he said after a meeting of Latv...

Financial guru bids farewell to LVCVA

2011-11-23T02:32:30Z

It was one of those comic-relief moments of the monthly Las Vegas Convention and Visitors Authority meeting.

Brenda Siddall, the LVCVA's vice president of finance, would face the board and its chairman, former Las Vegas Mayor Oscar Go...

Greece, EU head for showdown over bailout pledge

2011-11-15T11:30:40Z

ATHENS (Reuters) - Greek conservatives set themselves on a collision course with the European Commission on Tuesday, saying they would not bow to "dictates from Brussels" over a bailout designed to save their country from bankruptcy and safeguard the euro....

LVCVA boss in line for pay raise

2011-11-01T02:31:00Z

It would be Ralenkotter's first since 2007

The Las Vegas Convention and Visitors Authority's compensation committee is recommending a 4 percent raise and a 12.5 percent bonus for the organization's president and CEO, Rossi Ralenkotter.

That would be a $10,238 increase in Ralenkotter's annual salary to $266,182 and a one-time bonus ...

Washington D.C. economy feels chill as budget cuts loom

2011-10-26T12:30:26Z

WASHINGTON (Reuters) - Washington was long buffered from the Great Recession because of steady federal spending, but fears about budget cuts are putting the brakes on the economy of the nation's capital.

The culprit for the slowdown in the seventh-biggest U.S. metropolitan area is close at hand, analysts said -- the congressional "super committee" charged with finding $1.2 trillion in budget...

Intercontinental Hotels revenues rise in America

2011-10-24T00:00:13Z

LONDON (Reuters) - Intercontinental Hotels Group , the world's biggest hotelier, reported higher revenue growth at its American operations and said customer demand had remained strong despite the global economic slowdown.

"The Reuters) - China's economic growth will probably cool next year to the lowest annual rate in a decade, setting the pace for an Asia-wide slowdown as global demand fades, a Reuters poll released on Thursday showed.

But economists saw little risk of a severe slump. The slowdown should be modest and Asia's policymakers have room...

Unemployment rockets to 17-year high

2011-10-13T04:30:54Z

Britain's jobless total has hit a 17 year-high, stoking fears of a new recession and denting government hopes that the private sector can compensate for massive cuts in state jobs.

The number of jobless people jumped to 2.57 million in the three months to August, reaching the highest amount since late 1994, the Office for Nati...

British unemployment rockets to 17-year high

2011-10-12T14:30:28Z

Britain's jobless total has hit a 17 year-high, data showed Wednesday, stoking fears of a new recession and denting government hopes that the private sector can compensate for massive cuts in state jobs.

The number of jobless people jumped to 2.57 million in the three months to August, reaching the highest amount since late 1994, the President Barack Obama, the US Senate effectively killed a jobs bill at the heart of his efforts to turn the sour economy around in the run up to the November 2012 elections.

Lawmakers voted 50-49 to advance the $447 billion dollar plan, falling short of the 60 senators needed to do so, in the face of fierce opposition from Republicans eager to de...

Insight: New bankruptcy ripples may emerge in tough economy

2011-10-10T15:00:25Z

(Reuters) - Three years after the collapse of Lehman Brothers touched off a tidal wave of bankruptcy filings, corporate failures may be about to pick up again, with some big-name companies among those struggling for survival.

Companies in a range of businesses, including hair salons, restaurants, renewable energy, and th...

OECD indicators paint dark picture of global economy

2011-10-10T08:00:10Z

PARIS (Reuters) - The outlook for the world's major economies is continuing to darken according to the latest data from the OECD published on Monday, which showed sharp falls in leading indicators for all countries except Japan.

The Paris-based FRANKFURT (Reuters) - The euro single-currency system could be derailed unless European leaders resolve the debt crisis, a situation that has already prompted Fiat SpA and its affiliate Chrysler Group LLC

Fiat CEO says euro system could go "off the rails"

2011-09-13T04:00:14Z

FRANKFURT (Reuters) - Fiat chief executive Sergio Marchionne said the euro single currency system could "go off the rails" unless European leaders effectively resolve the current debt crisis.

Marchionne, who ...

Analysis: Time running out for Obama to pull Reagan recovery

2011-09-08T11:00:13Z

WASHINGTON (Reuters) - President Barack Obama has scant time left to build the muscular economic recovery that won Ronald Reagan his re-election in 1984 after he seemed similarly at risk of being a one-term president at the half way point in his administration...

Recession kicks entrepreneurship into high gear

2011-09-08T02:30:47Z

During the boom years, life for Dwayne Eshenbaugh was good. And now, having lost his job, he's wondering if it just got better.

An architect at one of Las Vegas' top firms, Eshenbaugh, 45, said there was no shortage of great projects during the fat years. He had a home in Henderson, a six-figure salary and lived a comfortable life helping raise two daughters.

But when the recession hit ...

Citigroup cuts 2011, 2012 global growth view

2011-08-25T02:00:08Z

(Reuters) - Citigroup cuts its global growth forecasts for this year and next, with sharp reductions for the United States, euro zone and United Kingdom<...

France to revise growth forecast

2011-08-24T09:30:33Z

France will announce a revised growth forecast Wednesday, the government said, as many economists warned it would be unable to meet the previous goal of two percent over the year.

Prime Minister Francois Fillon was due to announce a raft of austerity measures later in the day to reassure markets that France is tackling its budget deficit and head off threats to its...

VW's volumes jump in July, no sign growth ending

2011-08-19T02:30:08Z

FRANKFURT (Reuters) - Volkswagen increased vehicle sales in July sharply and said it remained on track for further growth, signaling that economic weakness has so far not had a material impact on its business.

"The Volkswagen Group is maintaining its growth tra...

IMF warns spending cuts will stall global recovery

2011-08-15T20:30:16Z

IMF chief Christine Lagarde on Monday warned governments not to slash spending to avoid sparking a new recession and stalling the feeble economic recovery from the 2008 crisis.

"For the advanced economies, there is an unmistakable need to restore fiscal sustainability through credible consolidation plans. At the same time we know that slamming on the brakes too quickly will hurt the recovery and worsen job prospects...

Greenspan sees negative market take on downgrade

2011-08-07T21:30:19Z

Former US Federal Reserve chairman Alan Greenspan said Sunday he believes the financial markets will react negatively to the downgrade of the US credit rating, and will take "a while" to settle.

"Considering the momentum in which the market went down over the last week, it's very unlikely -- if history is any guide -- that this isn't going to take awhi...

How the recession has altered plans at a Henderson intersection

2011-08-06T02:30:11Z

Grocery store, park to replace failed condo site

Three years ago - in the waning days of Las Vegas' building boom - developers envisioned high-rise condominiums and mixed-use retail at the intersection of Stephanie Street and Wigwam Parkway, just off Interstate 215 in Henderson.

What a difference a recession makes.

At the southeast corner of the intersection, the site of a failed $200 milli...

IMF urges S.Korea to raise interest rates

2011-08-04T19:30:36Z

The International Monetary Fund urged South Korea to raise its key interest rate and let the won appreciate further, saying the economy has moved beyond recovery into expansion.

The IMF on Friday said in a regular report that growth is expected to remain robust, allowing policymakers to start tightening monetary policy.

It tipped growth t...

Best Value Cities 2011:

2011-07-28T10:30:23Z

It offers college sports, the Smoky Mountains and an entrepreneurial spirit.

Knoxville has managed to avoid the sharpest impact of the Great Recession, thanks to such economic drivers as the Tennessee Valley Auth...

Economy still affects access to basic needs: Gallup

2011-07-15T10:30:38Z

WASHINGTON (Reuters) - Americans' access to basic needs, ranging from food and shelter to clean water and healthcare, has not significantly improved since the height of the recession, according to a Gallup study released on Friday.

The Basic Access Index, a 13-item measure of Americans' access to basic necessities, was at 82.0 in June, only slightly better than the low point of 81.5 recorded...

Minnesota loses AAA rating on Fitch downgrade

2011-07-07T14:30:13Z

NEW YORK (Reuters) - Minnesota lost its top credit rating on Thursday as Fitch Ratings downgraded the state's general obligation bonds one notch to AA-plus, citing the budget impasse.

Minnesota's state government has been shut since last Friday, when Democratic Governor

Nearly half states close budget gaps with cuts: CBPP

2011-06-28T14:30:19Z

WASHINGTON (Reuters) - A majority of U.S. states have passed their budgets for the fiscal year starting July 1, according to the Center on Budget and Policy Priorities.

As of Monday, 32 states had enacted their budgets, with at least 24 slashing spending on pu...

Romney ad taps Nevada angst

2011-06-24T02:30:16Z

Locals Ôhurt' by recession are cast in attack on Obama

WASHINGTON - When President Barack Obama told a group of workers at an auto plant in Ohio this month that "there are always going to be bumps on the road to recovery," Mitt Romney's campaign rushed to rural

Warren Buffett lunch bids already topping $1.5 million

2011-06-06T08:00:17Z

NEW YORK (Reuters) - Double-dip recession or not, people will still pay any price to have lunch with Warren Buffett.

The annual charity auction for lunch with the legendary 80-year-old investor began Sunday night, and by Monday morning bids already topped $1.5 million. The five bids placed thus far have come from two anonymous bidde...

Instant view: Payroll growth disappoints in May

2011-06-03T06:00:15Z

NEW YORK (Reuters) - U.S. employment rose far less than expected in May to record its weakest reading since September, while the jobless rate rose to 9.1 percent as high energy prices and the effects of Japan's earthquake bogged down the economy.

COMMENTS:

NIGEL GAULT

Travel Trip Colorado Skiing

2010-11-04T11:03:53Z

In this Sunday, Oct. 24, 2010 photo provided by Colorado Ski Country USA, a snowboarder jumps off a rail during the first day of skiing at Loveland Ski Area in Georgetown, Colo. With economists saying the Great Recession is over, Colorado ski areas now ...

Economy GDP

2010-11-01T13:33:59Z

In this Aug. 19, 2010 photo, a dumped sofa sits in front a half started house in Davie, Fla. Only three houses were started in the multi-million dollar, Parking Estate housing development in Davie, Fla. The recession that began in December 2007, after the housing bubble burst, became the Great Recession once the financial crisis erupted in September 2008. Economic recoveries that follow a financial crisis are typically long-lasting. Banks usually tak...

Dakota Discontent

2010-10-04T12:16:09Z

This Sept. 30, 2010 photo shows flags flying in downtown Hope, N.D. The recession that's brought misery to so much of America hasn't touched Walter Grotte. Like many of his fellow North Dakotans, the retired farmer has prospered in recent years with a business moving silos and grain bins that's so robust he says life is "bette...

Economy Leaders

2010-09-13T12:15:56Z

FILE - In this Feb. 22, 1020 file photograph, Berkshire Hathaway Chairman and CEO Warren Buffett is interviewed before lunch with officials from Salida Capital, a Canadian Investment firm, in New York. Famed investor Warren Buffett said Monday. Sept. 13, 2010, there will be no double-dip recession as some fear. He says banks are lending money again, businesses are hiring employees and he e...

Britain Economy

2010-08-11T07:30:38Z

Shoppers walk by a shop on Oxford Street in London, Wednesday, Aug. 11, 2010. The Bank of England has lowered its economic growth forecast for next year, warning that Britain faces a "choppy recovery" amid great uncertainty about the outlook for the

Recessions and Depressions