VOA Economic Report

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Voa Economic Report - What's Up in the Bond Market?

Voa Economic Report - World Trade Talks Break Down as the Group of 4 Fail to Reach Agreement

Voa Economic Report - The Value of Teaching About Money

Voa Economic Report - Junior Achievement Teaches Business Skills to Young People

Voa Economic Report - Trying to Renew Trust in 'Made in China' Label

Voa Economic Report - Murdoch's News Corp to Buy Dow Jones

Voa Economic Report - Will Credit Risk Weigh Down Debt Markets?

Voa Economic Report - Economics Not Such a Dismal Science for US High School Students

Voa Economic Report - Recalls Add to Pressure on Toy Industry

Voa Economic Report - How Bad Loans in US Have a Far Reach

Voa Economic Report - Starting a Business Means Getting Organized

Voa Economic Report - Homeowners Struggle With Rising Loan Rates, Falling House Prices

Voa Economic Report - US Central Bank Moves to Ease Credit, Protect Economy

Voa Economic Report - GM Deal on Health Costs Signals Change for US Auto Industry

Voa Economic Report - Agflation' Raises Grain Prices, but Not Corn Ethanol

Voa Economic Report - Making Sense of a Weak Dollar

Voa Economic Report - 2007 Nobel in Economics: Designing Better Markets

Voa Economic Report - Microsoft, the EU and Facebook

Voa Economic Report - Finance: Merrill Lynch CEO O'Neal Is Out After Huge Loss

Voa Economic Report - Citigroup's Prince Resigns as CEO

voa economic report - Citigroup's Prince Resigns as CEO

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is the VOA Special English Economics Report. Last week, told you about big losses at the investment bank Lynch. But the losses may be even bigger at nation's biggest bank, Citigroup. Citigroup estimated this week that would take losses of eight billion to eleven billion on investments in risky housing loans. Many people who houses with subprime mortgages are now unable to pay back. The estimated write-downs are for the bank's current , October through December. Citigroup says they represent five to billion dollars after taxes. The bank reported six and half billion dollars in credit-related losses for the third of the year. Charles Prince, Citigroup's chief executive officer, under pressure on Sunday. He led the New York-based since two thousand three. He took over for Sanford who built Citi into one of the world's largest groups. Win Bischoff, chairman of Citi Europe and a and German citizen, will serve as chief executive for . Former United States treasury secretary Robert Rubin was named of the board. He will help lead the search a permanent replacement for the CEO... Charles Prince was second head of a major bank to be forced in recent days. Last week, Stan ONeal resigned at Lynch after his company reported a loss for the quarter of over two billion dollars. Merrill Lynch had write-down eight billion dollars in mortgage-related losses. Citigroup announced it has fifty-five billion dollars worth of investments directly to subprime mortgages. Forty-three billion dollars of that is complex investments called collateralized debt obligations. A big problem banks is putting a value on the mortgage-related securities they hold. Investors are no longer interested in trading securities. This has frozen the market for them. So like Citigroup depend on mathematical models to place a on these complex investments. Credit rating agencies reacted to week's bad news. Moody's Investors Service lowered Citigroup's credit one level to its third highest rating. Moody's said expected write-downs would result in a sizeable quarterly loss Citigroup. And that's the VOA Special English Economics Report, by Mario Ritter. To learn more about the problems subprime mortgages, go to voaspecialenglishcom.. I'm Steve Ember.

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voa economic report - Finance: Merrill Lynch CEO O'Neal Is Out After Huge Loss

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is the VOA Special English Economics Report. This week, of investment bank Merrill Lynch forced out its chief officer, Stan ONeal'. He retired less than a week Merrill reported its first quarterly loss in six years, the biggest in its ninety-three-year history. Merrill is the largest brokerage company. It lost over two billion dollars the period from July through September. That was because more than eight billion dollars in write-downs-. A write-down a reduction in the value of investments or other . The results were mostly related to subprime mortgages ---- loans to people with risky credit histories. Merrill has the largest losses so far of any American bank investments tied to subprime loans. Many of these investments complex securities called collateralized debt obligations. Merrill had almost billion dollars in write-downs on CDOs and subprime mortgages. was even more than the four and one-half billion expected. Its other divisions, however, remained profitable. Stan ONeal for Merrill Lynch for twenty-one years. He held the job since two thousand two. Board members were angry the losses and at reports that he proposed a deal with Wachovia Bank without their approval. He chose of the members of that board. Critics say he to listen to warnings about the risk of subprime . Yet his decisions to make riskier investments than chief before him helped produce record profits for the company. also pushed to reduce costs, including thousands of job ---- a culture change for a company that was as "Mother Merrill." He leaves with about one hundred million dollars worth of stock and retirement pay. Stan was the first African-American to lead a major Wall investment bank. He rose out of poverty. As a he picked cotton on a family farm in Alabama. he was a factory worker at General Motors. Some watchers think Merrill Lynch may have to write down additional four billion dollars in the fourth quarter of year. But the company was not alone in reporting third-quarter losses. In Europe the investment bank UBS said lost about seven hundred million dollars. It wrote down than three billion dollars of investments linked to subprime . And UBS warned that it could end the year more losses. And that's the VOA Special English Economics . I'm Mario Ritter.

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voa economic report - Microsoft, the EU and Facebook

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is the VOA Special English Economics Report. This week, agreed to end its fight against European Union competition . The world's largest software company withdrew its remaining appeals a European court. Microsoft has faced record European Union and may still owe more. But it says it to put its energies into meeting its legal duties strengthening its relationship with the European Commission. In two four, the commission ordered Microsoft to share information with . This information would help them develop software for server to ",interoperate," or work easily, with Windows. Windows is Microsoft operating system found on more than ninety percent personal computers. The company argued that it needed to trade secrets. But now, Microsoft has agreed to share information with developers for a one-time payment of ten euros. That is about fourteen thousand dollars at current rates. Microsoft also wanted to charge competitors almost six of the sales from products that use its information. in the end it agreed to charge less than a percent for worldwide use. The European Union began investigate Microsoft in nineteen ninety-eight after Sun Microsystems accused company of being anti-competitive-. Microsoft, based in Redmond, Washington, back. But last month, it lost a big ruling. second-highest court in the European Union agreed that Microsoft its market position. In a separate case, Microsoft decided week not to appeal a thirty-four million dollar fine the Fair Trade Commission in South Korea. But Microsoft at least claim a victory in one of its to expand its Internet business. This week it won right to invest in Facebook and to expand an partnership with the social networking site. Facebook chose Microsoft Google, the leading Internet search company. Microsoft will invest hundred forty million dollars to buy a one and percent interest. Microsoft values Facebook at fifteen billion dollars. reportedly expects about one hundred fifty million dollars in this year. The company will be four years old February and says the site has almost fifty million users. And that's the VOA Special English Economics Report, by Mario Ritter. Our reports are online with transcripts voaspecialenglishcom.. I'm Jim Tedder.

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voa economic report - 2007 Nobel in Economics: Designing Better Markets

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is the VOA Special English Economics Report. Many things effectively but not efficiently. To be efficient means to a desired effect with as little waste as possible. can markets be designed to make them more efficient? is a question that the three winners of this Nobel Prize in economics have tried to answer. They mechanism design theory. It began with work by Leonid of the University of Minnesota in nineteen sixty. Eric of the Institute for Advanced Study in Princeton, New , and Roger Myerson of the University of Chicago further it. The three Americans will share the award worth one and a half million dollars. The Royal Swedish of Sciences announced the winners this week. In everyday , there are many things that get in the way efficient markets. There may not be true competition. Buyers sellers may keep some information private from each other. , the production and use of goods may result in like pollution or social costs. Mechanism design theory permits to identify situations where markets work well and where do not. For example, it shows why an auction generally the most efficient way to sell many kinds goods. In fact, experts say the theory explains why version called a double auction is often the best to trade. In a double auction, buyers and sellers make price bids. The Swedish academy says the theory explains why there is often no good market solution providing some goods, like uncrowded roads. Mechanism design theory part of the wider economic idea of game theory it has many uses ---- including in political science. Myerson even built a mathematical model for elections. He a voting system that he says would have helped avoid its problems in the two thousand presidential election. Nobel Prize award ceremonies will take place on December . The official name of the economics award is the Riksbank Prize in Economic Sciences in Memory of Alfred . The Swedish central bank created the prize in nineteen -. Leo Hurwicz was born in Russia in nineteen seventeen. developed new ways to understand markets. He began his after World War Two. At ninety years old, he the oldest person ever to win a Nobel Prize. that's the VOA Special English Economics Report, written by Ritter. I'm Bob Doughty.

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voa economic report - Making Sense of a Weak Dollar

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is the VOA Special English Economics Report. Weak or . Which is better? If the question is about the dollar, the answer depends on whom you ask. The has been weakening against several major currencies. One euro currently worth about one dollar forty cents. A British is worth over two dollars. Many widely traded products bought and sold in dollars. These commodities include oil, and metals like copper. A weak dollar can mean better deal for foreign buyers. But for oil producers countries that tie the value of their own money the dollar, weakness reduces their purchasing power. A weak , though, may help reduce the American trade deficit because makes American exports less costly. But in the United it can raise the cost of imports. An exception imports from China. The Chinese government sets the value the yuan on foreign exchanges. This year the yuan increased less than four percent against the weakening dollar. has kept the prices of Chinese imports low. In cases, however, a weak dollar hurts American businesses that in imported goods. They may have to raise prices sacrifice profits. Many companies do not want to raise prices for fear that they may lose market share. Federal Reserve has said that inflation remains under control. the Fed says it is prepared to take action inflationary pressures increase. Last month the central bank cut interest rates by half a point. It did so help keep problems in the housing and credit markets harming the wider economy and causing a recession. But economic worries appeared to ease after the latest jobs last Friday. The Labor Department said employment increased by hundred ten thousand jobs in September. Also, new numbers August showed a gain of close to ninety thousand . The department had earlier reported that the economy lost thousand jobs in August, the first report of job in four years. Still, critics warn of dangers from weaker dollar and lower interest rates, which reduce the on dollar-based investments. A New York Times commentary, for , said dollar weakness is rooted in the borrow-and-spend behavior the government and the public. It said foreign lenders be less and less likely to want to invest dollars, and that will only make things a lot . And that's the VOA Special English Economics Report, written Mario Ritter. I'm Jim Tedder.

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voa economic report - Agflation Raises Grain Prices, but Not Corn Ethanol

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is the VOA Special English Economics Report. Right now, people around the world are feeling the pain of ". ." Agricultural inflation has been hitting the price of grains other products. Food prices have risen under pressure from costs and growing world demand for food, as well local problems like the weather. In the United States, prices are reaching historic highs. And supplies have dropped lows not seen since the nineteen seventies. For one America's leading crops, the growing use of corn to fuel has driven up the price. The government has supported ethanol production. In two thousand five, Congress set national goal of using twenty-eight billion liters of ethanol year by two thousand twelve. President Bush and Congress since expanded that goal. As a result, farmers are more corn. But more hectares of maize for ethanol fewer hectares for crops like soybeans. Meat producers now to pay more for soybeans because there is less for animal feed. This is how corn-based ethanol affects price of meat products. Rising grain prices could signal change for agricultural commodities around the world. For years, countries have opposed government support for farmers in wealthy . They make the case that farm subsidies drive down for agricultural products, hurting poor farmers. Subsidies have been of the major disputes limiting progress in the Doha round of world trade talks. Now, there is worry the increasing demand for food could drive prices too , hurting the buying power of the world's poor. Many countries have a growing middle class. More people than have money to buy high-value agricultural products like meat milk. In China, for example, Premier Wen Jiabao has for increased milk production. More milking cows means the for more feed. Yet prices are not rising for agriculture-based products. In the United States, while the price corn remains high, it has not affected ethanol prices. fact, in recent months, those prices have dropped about percent. Production has expanded faster than demand, so now is a big oversupply of ethanol. And that's the Special English Economics Report, written by Mario Ritter. Transcripts archives of our broadcasts are at voaspecialenglishcom.. I'm Steve .

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voa economic report - GM Deal on Health Costs Signals Change for US Auto Industry

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is the VOA Special English Economics Report. Labor relations the American auto industry took a new turn this with a deal that many are calling historic. General and the United Auto Workers agreed on a proposed contract after a strike that lasted two days. Seventy-three union workers walked off the job. Job security was top issue for union members. The UAW... is seeking protect jobs in the United States and limit the of temporary workers used by General Motors. For GM.., main issue was to find a way to cut costs for health care for retired workers. The nation's automaker estimates its long-term responsibilities at more than fifty dollars. Under the agreement, GM.. would create a trust a volunteer employee benefit association. This VEBA would pay care costs for retirees. GM.. is expected to invest thirty-five billion dollars to start the fund. The fund be independently administered and the union would supervise it. Auto Workers President Ron Gettelfinger said the fund should benefits for retirees for the next eighty years. GM.. seen its share of the North American market shrink its labor costs have remained far above its biggest , Toyota. The deal would give GM.. the right to pay for some new employees. The agreement is likely provide an example for coming talks with the two major American automakers, Ford and Chrysler. The new contract needs final approval by the union. Until then the details are not being released. The union expects its to begin voting this weekend. The trust would also approval by the courts and the Securities and Exchange . The process is expected to take two years. After , GM.. would no longer have to pay for health for its retirees. Chief Executive Rick Wagoner said the will help his company become more competitive. This, he , will permit GM.. to keep a strong manufacturing presence the United States and make future investments. This was first nationwide strike against GM.. since nineteen seventy. The contract ended at midnight on September fourteenth. Union members working until their leaders called the strike Monday morning. strike ended early Wednesday after negotiators reached the agreement. that's the VOA Special English Economics Report, written by Ritter. I'm Bob Doughty.

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voa economic report - US Central Bank Moves to Ease Credit, Protect Economy

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is the VOA Special English Economics Report. A listener Indonesia named Efendy asks why the Federal Reserve is important and how it works. This week offered a example. The Federal Reserve System is the United States bank. Its Federal Open Market Committee, led by Fed Ben Bernanke, makes monetary policy. It makes decisions that the cost of money and credit in the economy. Tuesday the committee lowered its target for the federal rate to four and three-quarters percent. This rate is banks pay other banks to borrow money overnight. It the first cut in four years. Major banks including of America, Wachovia and Wells Fargo soon followed with in their prime rate. This is what banks charge best customers. Financial markets expected a rate cut from Fed. But the size ---- fifty basis points, or a percentage point ---- was double what many people . And it persuaded many that the Fed is more about the possibility of a recession than about inflation. concerns rose earlier this month on news that in the economy lost jobs for the first time in years. That added to worries about the housing finance . The committee said economic growth was moderate during the half of the year. But it said the reduced of credit could intensify the current housing problems and economic growth. The policy makers also said that some risks remain and will be watched carefully. The Fed's will help some homeowners and other borrowers. What is clear, though, is how much it will do for homeowners facing sharply higher payments. Their payments on adjustable-rate will still go up, though not as high as would have. By the end of next year, an two million or more holders of subprime loans will their rates reset higher. These loans were made to with weak credit histories. The Fed also cut its rate for direct loans to banks by half a , to five and one-quarter percent, to increase their lending . The traditional opinion of borrowing from the so-called discount was that it represented a sign of weakness. Stock rose sharply after the Fed cut interest rates. But everyone was so pleased. Some experts warn that cutting could raise inflation. They also say it helps those made unwise borrowing decisions. And that's the VOA Special Economics Report, written by Mario Ritter. I'm Jim Tedder.

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voa economic report - Homeowners Struggle With Rising Loan Rates, Falling House Prices

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is the VOA Special English Economics Report. In the few years, many Americans have bought houses with ARMs: mortgages. These loans usually begin with lower interest rates the first two or three years than fixed-rate mortgages. the rate changes as major interest rates rise or . Holders could be surprised by their new, larger monthly as their loans reset to a higher rate. Some may not even know they have adjustable-rate mortgages. Some and brokers who found loans for people are accused misleading borrowers. Yet borrowers often did not even have show proof of earnings. Now, many people who took adjustable-rate mortgages may not be able to make their . And not only holders of risky subprime loans; even with better credit histories could lose their homes. Next , the Federal Reserve in Washington is expected to cut target rate for short-term loans between banks. But long-term are the ones that affect things like housing loans, these have been rising. Investors have been demanding higher in exchange for the risk of keeping money in securities. Federal Reserve records show that homebuyers currently hold hundred fifty billion dollars in subprime adjustable-rate mortgages. The Center for Responsible Lending points to numbers from UBS Research. These show that two hundred twelve billion dollars subprime ARMs will reset to a higher rate this . Over one hundred seventy billion dollars in loans will next year. The Center for Responsible Lending says subprime are the ones having the most trouble right now. in five of them who received their loans in last two years could lose their home. Some homeowners to refinance their loans to avoid higher payments. But is a bad time in the housing market. Falling prices could make it difficult to refinance. This is especially for buyers who were permitted to use little no money of their own to buy their house. weeks ago, President Bush announced some steps to help avoid losing their homes while faced with rising payments. last Friday there was more bad news: the economy four thousand jobs last month. It was the first employers have cut jobs in four years. And that's VOA Special English Economics Report, written by Mario Ritter. Steve Ember.

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