Wealth Divide Puts Globalization at Risk: Davos Report
A backlash against rising inequality—evident from the Occupy movement to the Arab Spring—risks derailing the advance of globalization and represents a key threat to economies worldwide, according to the World Economic Forum…
Copyright 2012 Thomson Reuters.
US Debt: Obama, Lawmakers Seek to Salvage US Debt Deal – CNBC.
President Barack Obama met for less than an hour Saturday with congressional leaders in crisis talks, and a leading Republican said afterward that top lawmakers were “committed to working on new legislation” to cut federal spending and avert an unprecedented U.S. default.
“The president wanted to know that there was a plan for preventing national default,” Senate GOP leader Mitch McConnell said in a statement issued shortly after the brief meeting at the White House.
“The bipartisan leadership in Congress is committed to working on new legislation that will prevent default while substantially reducing Washington spending,” McConnell said.
House of Representatives Democratic leader Nancy Pelosi told reporters Saturday that Obama and congressional leaders are “definitely not” considering a short-term debt limit increase in their weekend negotiations to break an impasse.
A Senate Democratic aide told Reuters that congressional leaders have agreed their staffs would “work together throughout the weekend” to try to craft a deficit reduction bill to clear the way for a debt limit increase…
Philly Fed: Philly Fed Factory Activity Picks Back Up in July – CNBC.
Factory activity in the U.S. Mid-Atlantic region bounced back in July after unexpectedly shrinking the month before, but still remained at a weak level, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index rose to positive 3.2 from minus 7.7 the month before. That topped economists’ expectations for 2.0, according to a Reuters poll. Any reading above zero indicates expansion in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
It is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management…