Negotiations for a landmark free trade agreement between the United States and the European Union have been terminated because of the current U.S. government shutdown.
U.S. officials had been scheduled to meet in Brussels with EU negotiators but their travel schedules were cancelled and the negotiations deemed “non-essential” by White House staff.
U.S. trade representative Michael Froman told the EU team that Washington wants to continue working on a deal with the EU but that everything would have to wait until the shutdown was over because he would not be able to send a full team to Brussels.
European Trade Commissioner Karel De Gucht called the delay “unfortunate” and said that the delay would not “distract us from our overall aim of achieving an ambitious trade and investment deal.”
The cancellation comes after President Obama announced he would be canceling a trip to Asia because of the government shutdown and restrictions on travel.
While many government workers will not be showing up at their jobs Tuesday because of the government shutdown, some workers will be looking at a financial windfall thanks to regulations.
Employees who are considered essential and “excepted” will not only continue to work but will be able to pick up overtime, compensatory time and other benefits. Continue reading →
The U.S. Federal Reserve downgraded the outlook for the U.S. economy through 2014 and highlighted concerns that led the Fed to continue the pace of stimulus.
The Fed said the economy would grow from 2 to 2.3 percent this year down .3 from previous predictions. Next year’s growth is predicted to be a “barely healthy” 3 percent. Continue reading →
In an audio message marking the 12th anniversary of the group’s attack on the United States, al-Qaeda leader Ayman al-Zawahiri says the U.S. has “fled” Iraq and Afghanistan “in defeat.”
Al-Zawahiri also called for small-scale, “lone wolf” style attacks to damage the U.S. economy. Continue reading →
The Eurozone showed 0.3% growth from April to June meaning the group is officially out of a recession. It was the first major growth since the third quarter of 2011.
The report of the zone’s growth was expected by most economists after the biggest economy in the zone, Germany, drew 0.7% during the same period. Continue reading →
The ongoing crisis in the Eurozone has led the International Monetary Fund to call for more action to help increase bank lending.
The IMF commended steps taken by European leaders to stabilize financial markets and said their actions decreased the likelihood of a breakup of the Euro. However, the IMF report said that further cuts to interest rates by the European Central Bank would be needed to boost growth. Continue reading →
Sales of existing homes fell 1% in June across the country according to the National Association of Realtors.
Sales fell to an annual rate of 5.08 million in June. That figure is lower than the revised version for May which was lowered to 5.14 million. Continue reading →
History was made late Thursday afternoon when the nation’s 18th largest city filed for bankruptcy protection.
Detroit’s filing marks years of decline for a once iconic city that houses America’s automotive industry. Financial mismanagement, population loss and a shrunken tax base are all being blamed for the city’s dire state. Continue reading →
Clothing, gas and service price increases drove a 1.8% increase in inflation during the month of June according to U.S. government reports.
The rise was 0.4% above May but below the government’s target figure of 2%. The consumer price index rose half a percent in June. Continue reading →
Analysts were disappointed with the slow growth in the American retail sector in June.
The seasonally adjusted rate of growth was 0.4%, half the amount expected by most financial analysts. Sales of building materials fell 2.2% in the month according to the commerce department which depressed the overall sales number. Continue reading →
