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The one American industry unaffeted by the general depression of trade is the beauty industry. American women continue to spend on their faces and bodies as much as they spent before the coming of the slump--about three million pounds a week. These f

Obama, Lawmakers Hold Round Four of Debt Talks

President Barack Obama along with several Republican and Democratic congressional leaders held a fourth round of negotiations in as many days Wednesday at the White House aimed at achieving a deficit reduction and debt compromise. With media reports

Obama,Lawmakers Meet for Third Day on US Debt

Negotiations between President Barack Obama and Republican lawmakers appear deadlocked, with Republican leaders sharply criticizing Mr. Obama's approach in talks about slashing U.S. budget deficits and raising the government's borrowing limit. The pr

Obama: Lawmakers Need to Do Right Thing on Debt

President Barack Obama says congressional leaders from both political parties need to do the right thing and work with him to achieve the largest possible compromise to cut deficit spending and raise the national debt limit. Mr. Obama used a news con

Obama Enters Talks on US Debt, Spending Cuts

With a little more than a month until a deadline to raise the nation's debt limit, President Barack Obama met on Monday with the top U.S. Senate Democratic and Republican leaders to try to narrow differences in long-running talks on reducing governme

Government Debt Could Stifle Economic Recovery

The head of the International Monetary Fund says economic recovery is still possible, but it is getting harder. In Washington, IMF Managing Director Christine Lagarde said Thursday that troubled economies have fewer resources now than at the start of

Friday 'Important Moment' In Debt Talks

White House officials say they will assess Friday whether they can reach a deal with opposition Republicans on raising the U.S. governments legal borrowing limit. President Barack Obama negotiated with top lawmakers from both parties Thursday, with a

US Senate Blocks Republican-Backed Debt Plan

The Democratic Party-controlled U.S. Senate has blocked a plan passed by the Republican-controlled House of Representatives to cut the country's budget and raise its debt ceiling. The vote Friday puts the emphasis on talks between the White House and

Greece optimistic over debt buyback scheme

ATHENS, Dec. 7 (Xinhua) -- Greek finance ministry officials appeared confident over the outcome of the debt buyback plan shortly before the Friday evening deadline, expressing optimism that targets set would be reached and the country's debt burden w

U.S. stocks mixed on U.S. GDP, Greek debt talks

NEW YORK, Jan. 27 (Xinhua) -- The U.S. stocks closed mixed on Friday as U.S. economic growth in the last quarter last year missed the expectation, while the near-conclusion Greek debt talks inject optimism. The Dow Jones industrial average lost 74.17

Intra-Partisan Divisions Snarl US Debt Negotiations

Amid the specter of a possible default on U.S. debt obligations - and dire warnings from economists, investors, and credit ratings agencies - Washington remains mired in a political standoff, blocking a deficit-reduction deal that would pave the way

Obama: Time Running Out On Big Debt Deal

President Barack Obama says U.S. lawmakers have a unique opportunity to stabilize the nations economy for a decade or more. But, the president said Friday time is running out for a deal to raise the governments legal debt limit and cut deficits. At h

Greece, Spain Face New Debt Pressures

Greece and Spain faced new pressure Tuesday from the European debt crisis. The European Union bluntly told the Athens government it would not receive its next $11 billion installment from last year's bailout unless its fractious political leaders sig

China ready for a bigger part in European debt solution

BEIJING, Feb. 14 (Xinhua) -- Chinese Premier Wen Jiabao said Tuesday that China has been ready for a bigger part in the resolution of the European sovereign debt issue. Wen made the remarks when meeting reporters with European Council President Herma

US Congressional Vote on Debt Issue Delayed

The White House says it remains confident that congressional leaders can come together and work out a way to raise the U.S. debt ceiling before an August 2 deadline. A top aide to President Obama spoke as Republicans controlling the House of Represen

China cuts interest rates, allows freer fluctuation

BEIJING, June 7 (Xinhua) -- China announced Thursday its first cut in benchmark interest rates in more than three years after slower-than-expected growth in the world's second-largest economy raised concerns of a hard landing. The People's Bank of Ch

US Debt Deal Compromise Leaves Many Unhappy

The U.S. House of Representatives has approved a compromise deal to raise the country's debt limit and cutting spending, one day before the government is due to start defaulting on its debt. In a vote Monday night, 269 House members approved the deal

US Debt Drama Engulfs Both Houses of Congress

The U.S. House of Representatives is expected to vote Thursday on a Republican plan to trim government spending and raise the federal borrowing limit. The vote comes days before a deadline to avert a possible default on U.S. debt obligations that Pre

Senate Votes to Kill House Debt Ceiling Bill

In another dramatic evening on Capitol Hill, the Republican-controlled U.S. House of Representatives passed a bill to cut spending and raise the debt ceiling. The Democratic-controlled Senate moved quickly, however, to vote to kill the House bill. It

Obama: Euro Debt Deal Is 'Progress'

President Barack Obama says there is no doubt that the European Unions agreement to slash Greeces debt and enlarge a bailout fund is progress. The president says strong execution of the plan is essential. After meeting Thursday with the Czech Republi