President Barack Obama and congressional Republicans struggled inconclusively Thursday to find common ground that could avert an economy-tanking default and possibly end the 10-day-old partial government shutdown that has idled 350,000 federal workers.“We expect further conversations tonight,” Majority Leader Eric Cantor said cryptically, after he, Speaker John Boehner and a delegation of House Republicans had met for an hour or so with Obama at the White House.He spoke at dusk, long after Boehn

IMF warns that any U.S. default on its debt obligations would imperil global economy

The European Central Bank’s next monetary-policy move will be a non-standard one, economists say. While almost three in four of them predict President Mario Draghi will unveil new liquidity measures such as longer-term refinancing operations, the majority of forecasters say interest rates will remain unchanged through the first half of 2015, according to separate surveys by Bloomberg News. The ECB, which has kept its benchmark interest rate at a record low of 0.5 percent since May, is assessing

In a history-making selection, President Barack Obama nominated Janet Yellen to be chairman of the Federal Reserve, a critical post as the nation continues its fitful economic recovery. If confirmed she would be the first woman to lead the powerful central bank.Yellen, who currently holds the No. 2 spot at the Fed, would replace Ben Bernanke, whose eight-year tenure at the helm of the Fed ends Jan. 31.Obama introduced Yellen as a “proven leader.” `'And she's tough, not just because she's from Br

If she becomes the next Federal Reserve chair, the challenges that lay ahead for Janet Yellen will require both the steely intellect and the personable style that many attribute to her.The job as the world's most important banker comes with a daunting to-do list: deciding when to slow the Fed's stimulus, forging consensus from a fractious policy committee and calculating the effects of any economic slowdown from Washington's budget fight. That's in addition to monitoring volatile financial marke

NEW YORK -- Stocks ground lower Tuesday as budget gridlock in Washington brought the U.S. closer to an unprecedented default on its debt.After opening relatively flat, the stock market moved steadily lower in late morning trading. Nervous investors dumped short-term government debt as they worried that the standoff in Washington could jeopardize the nation's ability to pay its bills, including interest on its debt, as early as next week if Congress doesn't raise the nation's borrowing limit.Hous

A possible national default loomed closer on Monday as the partial federal government shutdown continued, rattling markets in the U.S. and overseas. A gridlocked Congress betrayed little or no urgency toward resolving either of the threats.The shutdown centers on a fight over funding for President Barack Obama's new health care law. Economists say the default that could follow might trigger a financial crisis and recession that would echo the 2008 financial crisis, which plunged the country into

Chinese President Xi Jinping sought Monday to reassure Asian business and political leaders that his country only aspires to peace and that he is confident its economic growth will remain robust despite a recent slowdown.China's growth and other indicators are within reasonable expectations, Xi told a business conference on the sidelines of the annual summit of the Asia-Pacific Economic Cooperation forum.``I want to emphasize that I am fully confident about the future of China,'' Xi said in a ke