Economy: Latest Financial Topics from CNN Money

Here is the latest news on the Economy from CNN Money.


$10.10 minimum wage struck down in Birmingham, Alabama
Birmingham’s minimum wage hike was overruled before it took effect after the governor of Alabama passed a bill preventing cities from implementing their own increases.

G20: Brexit would be a ‘shock’
Finance ministers from the wealthiest nations have warned against Britain leaving the European Union.

U.S. economy did less terribly than feared at end of 2015
The fragile condition of the U.S. economy just got a big upgrade. Fourth-quarter GDP growth was upwardly revised to 1%.

Marco Rubio: Bankruptcy isn’t right for Puerto Rico
Read full story for latest details.

Canadians are losing faith in their oil industry
Alberta, the heartland of Canada’s oil and gas industry, is struggling to cope with the oil price collapse.

Michael Kors’ secret to success
The Michael Kors brand is hip again — in the fashion world and on Wall Street. The stock is the best performer of the year.

This pocket of London is the richest place in Europe
West London GDP per head is more than 5 times the EU average.

Dessert and a sleepover: How India makes its budget
Roughly 100 employees of India’s finance ministry have been locked in a basement for the past week. Why? They are printing the country’s budget.

Many Americans are rising out of the middle class, but are they better off?
Families that have risen above the middle class may still be doing worse than they were in 2000 because median income has declined, a Stateline analysis found.

Puerto Ricans don’t want a bailout. They want this…
Puerto Rico is a mess. People are fleeing the island and the government has too much debt. There’s growing support for a federal control board to step in.

Venezuela is shipping gold to pay debt
Read full story for latest details.

Oil crash: Halliburton slashes another 5,000 jobs
Halliburton plans to cut its global workforce by another 8%, or roughly 5,000 positions.

Exclusive: OPEC president says output freeze will work
Qatar’s oil minister says more countries will agree to freeze production, and supply will fall as some firms with higher costs go to the wall.

Big countries must take “bold action” to boost growth
The International Monetary Fund has urged the world’s richest countries to plan a coordinated stimulus program to boost sluggish global growth.

Yes, Sanders could get us to 3.8% unemployment, liberal experts say
Prominent experts defend rosy analysis of Bernie Sanders’ plans for the economy.

Saudi Arabia tries to make nice with U.S. shale oil
Saudi Arabia’s oil minister insists the OPEC leader hasn’t declared war on the U.S. shale oil industry — despite the crisis ripping through the American oil patch.

Candidates’ plans for drug prices may miss the mark
There is more than one reason drug prices are rising, and no single solution. Candidates’ proposals likely won’t help.

IMF chief warns UK against Brexit
IMF head Christine Lagarde has warned that both the UK and European Union will suffer if separated.

The $100,000 job: Garbage workers
Read full story for latest details.

What would a President Trump mean for the Fed?
Read full story for latest details.

South Africa’s first black female winemaker ready to go it alone
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she’s about to launch her own brand.

Puerto Rico freezes condom prices
The government of Puerto Rico has ordered a price freeze on condoms, insect repellents and other items in an effort to prevent the spread of the Zika virus.

Currency comeback? Losers rally on oil hopes
Currencies that have been crushed by low oil prices rallied Monday on an IEA report that forecast that oil prices could rise by the end of 2016.

Oil still has a chokehold on stocks
So far in 2016, oil and the S&P 500 have moved together 87% of the time.

Egypt’s recovery held back by tourism slump
The downing of a Russian plane over Egypt in November delivered a shock to the economy that will hold growth back this year.

Big businesses back UK staying in Europe
Dozens of big businesses in the U.K. have spoken out in favor of keeping Britain in the European Union.

British oil industry warns it may collapse
The oil industry says nearly half of British oil fields in the North Sea will lose money in 2016 if crude prices remain around $30 a barrel.

U.S. recession fears fade after market rally
Read full story for latest details.

The worst may finally be over for stocks
Investors are no longer afraid about an impending market collapse. But low oil prices are still a big wild card.

I’ve lost over $200,000 on Puerto Rican bonds
Puerto Rico’s debt crisis isn’t just hedge funds versus the island. About 30% of the debt is held by regular Puerto Ricans. Another 15% is held by other Americans via bond funds.

My heating oil savings are paying for a Disney trip
Average nationwide prices for heating oil have gone from from just over $4 per gallon in early 2014, to just over $2 now. Natural gas has dropped even more.

Oil investment is weakest in 30 years
Collapsing oil prices have squeezed investment to the weakest levels in 30 years, a new report by the International Energy Agency said.

Brexit vote: A short guide to the next four months
The debate has begun over Britain’s future in Europe and financial markets are nervous. Here’s what happens next in the EU referendum.

British pound hit as risk of Brexit rises
The British pound is tanking after the mayor of London Boris Johnson said he would campaign for the UK to leave the European Union.

China’s weapons sales to other countries are soaring
China’s arms exports surged 88% in recent years, with its biggest customers elsewhere in Asia, according to a new study.

There’s a big sale on Puerto Rican homes
Puerto Rico is turning into Detroit. It currently has the second-highest foreclosure rate in the U.S. and home values are plummeting.

Brexit: The big numbers you need to know
British voters will soon decide whether the U.K. stays part of the European Union, or leaves the bloc. What do the numbers say?

SF techie: ‘I shouldn’t have to see the despair of homeless people’
A San Francisco entrepreneur wrote an open letter to Mayor Ed Lee about the city’s homeless problem. Here’s why it sparked a backlash.

The worst quarter for earnings since 2009
Fourth quarter earnings last year were the worst since 2009 based on earnings growth, according to Bank of America.

Fed sees more ‘downside risks’ to U.S. economy
The Federal Reserve’s committee expressed increased uncertainty over the economy’s future in its January meeting minutes.

Warren Buffett is betting big on oil stocks
Read full story for latest details.

Texas congressman: OPEC is dead
OPEC is dead and has lost its clout in world markets according to Joe Barton, the Texas congressman who got Congress to lift the oil export ban.

Bank bailout’s father: Banks still too big to fail
Neel Kashkari, chief of Minneapolis Fed, says breaking up too big to fail banks may be best way to avoid future bailouts.

Gulf investors look to India with hope
Gulf investors are eager to get more exposure to India.

I live in the world’s most polluted city
Read full story for latest details.

China leads global U.S. debt dump
Read full story for latest details.

China’s debt mountain is growing fast
Loans are skyrocketing in China and so is the risk of defaults. It’s a reminder of the debt bomb that could go off one day.

Scrap the $100 bill and make life tougher for criminals, Larry Summers says
Read full story for latest details.

China’s big bet on Latin America is going bust
Read full story for latest details.

America’s bull market may end soon, but…
There’s a 50% chance the U.S. stock market falls into a bear market this year, according to a CNNMoney survey of experts.

Russian vodka exports slump 40% because of sanctions
Exports of Russian vodka slumped over 40% to the lowest level in a decade last year, a report in Russian business newspaper Kommersant said.

China’s options to try to dodge a currency crisis
Beijing retains significant control over trading in the yuan, but its task has become a lot trickier amid slowing economic growth and efforts to gain global acceptance of its currency.

Is London’s luxury real estate bubble finally bursting?
Sales of London homes priced at £10 million and more fell by a third in 2015, as rising taxes and global economic slowdown hurt investors.

Oil prices jump again on hope of supply cut
Oil prices are rising again on a report that the world’s two biggest exporters, Saudi Arabia and Russia, are meeting Tuesday to talk about a production cut.

What crisis? Luxury car sales boom in Russia
The Russian economy is plunging, the ruble is near record lows, poverty is rising. But luxury car sales are booming.

Central bankers ‘don’t have a clue’ – Jim Rogers
Famed investor Jim Rogers is warning that financial Armageddon is just around the corner, and it’s being fueled by moronic central bankers.

Why the big banks really hate ‘Brexit’
Big banks are trying to trump each other with scary predictions of what would happen if Britain decides to leave the European Union.

Why Saudi Arabia and Russia are still flooding the oil market
Investors sense that oil producers are working on a deal to cut supply but public comments suggest neither Russia nor Saudi Arabia are ready to blink yet.

Modi’s magic: Is India’s economic miracle a mirage?
India is the world’s fastest-growing major economy. Yet there are concerns about the government’s ability to keep up the pace.

Japan’s economy is shrinking again
Japanese GDP contracted in the last three months of 2015 despite sustained efforts to boost growth and inflation.

After Scalia’s death, 6 pending cases about companies, jobs and money
Antonin Scalia’s death leaves the Supreme Court with eight justices to decide dozens of remaining cases. The pending docket includes a number of matters of interest to businesses, workers and investors.

Ikea accused of dodging $1.1 billion in taxes
Ikea is accused of dodging 1 billion euros ($1.1 billion) in taxes between 2009 and 2014.

Pollution is scaring away top recruits for global companies
In India and other polluted countries, finding talented corporate executives is tough. Is the water contaminated? Is the air toxic? If yes, execs will say “no thanks.”

Bulls and bears in India
Outside the Bombay Stock Exchange in Mumbai, India, traders try to reconcile falling stock prices with a booming economy.

India’s finance minister isn’t afraid of robots
India’s finance minister isn’t worried about jobs being lost in the country’s manufacturing sector despite warnings that industrial robots will dramatically reduce the need for factory workers in coming decades.

Market mayhem: Central banks may be fueling the fire
Read full story for latest details.

How Abraham Lincoln tried to get someone a job
Read full story for latest details.

John Paulson: Why I put billions in Puerto Rico
Hedge fund billionaire John Paulson has been making a big personal investment in Puerto Rican properties because he believes it’s like Miami in the 1980s.

What slowdown? European growth holds steady
For the 19 countries that use the euro, economic growth held steady in the final three months of 2015.

Is India primed for an economic revolution?
India is the world’s fastest-growing major economy. But will it capitalize on its position?

Latin America: China’s power play right under the U.S.
China pour nearly $30 billion into Latin America last year, the second highest total ever. At the same time, U.S. investors fled the region.

Janet Yellen: Negative rates possible in U.S.
Five central banks now have NEGATIVE interest rates. CNNMoney explains what that means and how that works.

Markets may be tanking but the U.S. economy isn’t
The S&P 500 has lost 11% in the first six weeks of the year and the Nasdaq is near bear market territory. But the U.S. economy is not in a crisis.

Why people are freaking out about cheap oil
Cheap oil is great when it comes time to fill up at the pump. But the crash in energy prices is also rocking your retirement account, causing tons of job losses and raising the specter of a wave of bankruptcies in the oil patch.

U.S. oil bankruptcies spike 379%
The crash in oil prices has caused a dramatic spike in the number of bankruptcies by oil and natural gas companies. Last year alone there were 67 companies that filed for bankruptcy.

Poor earnings and Sweden’s rate cut slam European banks
Disappointing earnings from one of the Europe’s biggest banks and the prospect of even lower interest rates are scaring investors.

Oil crashes below $27 a barrel
Oil prices dropped 3% Thursday, diving below $27 for the second time this year.

4 takeaways from Janet Yellen’s testimony
The Fed Chair was criticized on a range of issues, from China and monetary policy to black unemployment and the strong dollar.

Ukraine’s huge bailout is at risk
The head of the International Monetary Fund has told Ukraine to get tough on corruption or face going bust.

Janet Yellen: Market turmoil and dollar could hurt economy
Fed Chair Janet Yellen’s testimony highlighted concerns about the most recent volatility in global markets as well as the economy’s gains.

Why investors are freaking out over European banks (again)
Worries about the global economy and crashing oil prices are causing investors to question the health of big banks — especially ones in Europe.

10 things Obama would do if only he could
President Obama’s $4.15 trillion budget won’t go anywhere this year with Republican lawmakers. But sometimes the proposals of outgoing presidents can influence future policy debates. Here are some of Obama’s ideas from his last budget blueprint.

America has near record 5.6 million job openings
The number of job openings in December was just shy of a record high and a reminder of the vast job skills gap

Why gas prices in California are so high
Gas prices in California are higher than the national average — here’s a look at why that’s the case.

U.S. stocks remain turbulent after global selloff
The Dow, S&P 500 and Nasdaq are all experiencing whiplash on Tuesday following steep losses overseas.

Global central banks are running ‘out of ammo’
Read full story for latest details.

Don’t expect oil prices to rise soon, IEA warns
Oil prices are unlikely to rise any time soon, the International Energy Agency has warned. Here is why.

Hillary won’t rule out Wall St. Treasury Secretary
Read full story for latest details.

Yelp is really struggling
Yelp announced another loss Monday afternoon as its sales growth slows. The company also said its CFO is stepping down.

Europe wants big companies to come clean about their taxes
European regulators could soon start forcing big international companies to reveal their earnings and tax bills in each of the 28 European Union countries.

Under Sanders, income and jobs would soar, economist says
Bernie Sanders’ economic plan would create nearly 26 million jobs and increase median income by more than $22,000, according to University of Massachusetts Amherst economics professor Gerald Friedman.

Gas is near $1 a gallon in some places
Gas for less than $1.50 a gallon is now common and some markets even have gas near a buck.

India bucks global trend with 7.3% growth
India has once again posted growth of more than 7%, securing its standing as the world’s fastest growing major economy.

Record number of Americans dump U.S. passports
The number of citizens and long-term residents cutting their official ties to the U.S. jumped more than 20% last year to a new record of 4,279.

Global currency collapse: Winners and losers
Russia, Mexico and southeast Asia stand to lose from the fall in global currencies while others stand to gain, depending on their trade ties with China.

Stunning lack of women in corporate leadership roles worldwide
A new study finds women still are poorly represented on corporate boards and in C-suite jobs of publicly traded companies globally. But it also found that companies that have more women in leadership roles do better financially.

The silence in the IPO market is deafening
No companies have gone public so far in 2016, the first month of IPO silence since September 2011.

Saudis not being rational, says Madeleine Albright
Former U.S. Secretary of State Madeleine Albright says don’t expect the Saudis to cut back on oil production. Their top goal is maintaining market share.

North Dakota’s oil bust blows $1 billion hole in state budget
Read full story for latest details.

India’s accelerating growth revs up car sales
Consumers in the world’s fastest-growing major economy are kicking into gear, buying more cars and helping India’s auto industry shatter sales records.

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