A drop in consumer spending resulted in the US economy growth slowing to an annual rate of 1.5% according to the Commerce Department. That’s down almost a full percentage point from the first quarter of the year.
The Commerce Department also put some of the blame on an increase in imports during the same time period.
“As campaigning [for President] gets serious, the economy is losing momentum not gaining,” Mark Gregory of the BBC reported. “That’s bad news for President Obama’s chances of hanging onto his job in November.” Continue reading →
The president of the European Central Bank said they will do “whatever it takes” to keep the euro solvent bringing a run on various stock markets.
The Spanish Ibex share index jumped 6% on the news with the main share index closing up 5.6% The news also drew Spain’s 10-year bonds down .6% from the record high it had been maintaining for weeks. Continue reading →
More terrorist bombings and shootings have left over 107 confirmed dead in Iraq on Thursday and medical officials say it’s likely the final death toll will be higher.
Most of the dead are Iraqi Security Forces and they appear to have been the targets of the assaults. At least 41 people were killed in the biggest assault on a Sunni neighborhood north of Baghdad. At least 19 Iraqi towns and cities were hit in the coordinated attacks. Continue reading →
A 24-year-old woman died from injuries she received getting an abortion at a Chicago Planned Parenthood Clinic.
According to the Chicago Tribune, Tonya Reaves death was caused by hemorrhage and ruled an “accident” by the Cook County Medical Examiner. The abortion was listed as a contributing factor in the death. Continue reading →
A strong typhoon hammered China and Hong Kong overnight disrupting air travel and leaving over a hundred seeking help from area hospitals.
Hundreds of trees have been blown down and flooding has been reported in multiple areas. Continue reading →
Flooding in Nigeria’s Plateau state has killed 39 people after rainfall caused a breach in a dam near the city of Jos.
The Red Cross reports that over 200 homes were destroyed or submerged. Most of the destroyed homes were huts made from mud. Officials say that at least 35 more people are missing and they expect the death toll to rise. Continue reading →
Germany’s AAA credit rating is in danger of a downgrade after Moody’s changed the outlook for the nation’s credit to negative. The move is a possible first step into downgrading the country’s overall rating.
Moody’s stated that the exit of Greece from the Euro is increasing and the increasing financial decline in Spain. A full bailout of Spain is considered to be more likely as the cost of Spanish bonds remains at a record high. Continue reading →
Aleppo, the largest city in the country of Syria, has been hit by gunships as fighting in the country’s civil war intensifies, according to BBC reports.
Rebels have launched a major offensive against government forces in the city in an attempt to wrest control of the region. US Secretary of State Hillary Clinton said that territorial gains by the rebels would help to create a “safe haven” for those opposed to the current Syrian regime. Continue reading →
Over 100 people were killed in a series of terrorist attacks in Iraq on Monday as the resurgence of Al Qaeda gains momentum.
In addition, over 200 people were wounded in the attacks. It’s the deadliest day of violence since US troops left Iraq in December. Continue reading →
The continued debt problems in Spain, despite the country receiving banking bailouts, is rippling across Europe and driving the Euro down against foreign currencies.
The euro fell to 94.37 yen this morning, the lowest point for the Euro since November 2000. The fall came after news late Friday that Spain’s Valencia region had requested emergency funds from a new rescue fund. Madrid’s borrowing costs skyrocketed to levels that analysts see as impossible to sustain in the long run. Continue reading →
