U.S., Switzerland move to punish banks that aid tax evasion
Swiss banks that have helped Americans set up offshore accounts to avoid taxes could soon be forced to pay billions of dollars in fines and disclose information about American account holders. The measures are part of a deal reached between the U.S. and Switzerland. The New York Times/DealBook blog (8/29)
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U.S., U.K. and Japan lead global economic growth
The global economy is growing unevenly, the Organization for Economic Cooperation and Development said Tuesday. The U.S., the U.K. and Japan are growing steadily, whereas the eurozone and emerging markets are expanding at a slower pace. The New York Times (9/3)
Brazilian companies expected to seek loan restructurings
More Brazilian companies are expected to seek help restructuring their loans as they struggle to refinance existing loans or make new ones, according to Eleazar de Carvalho, a senior partner a venture capital firm. The worsening economy has raised concerns about the recovery of some of Brazil's largest companies. Reuters (9/3)
U.S. firms likely to see higher borrowing costs
Borrowing costs are expected to increase as the Federal Reserve begins to reduce bond purchases. Higher debt costs could reduce buyback and dividend increases. Bloomberg (9/3)
European investors concerned about contingent convertible bonds
Investors are concerned that European banks are issuing contingent convertible bonds in order to push losses onto bondholders and generate capital. Financial Times (8/28)
U.S. QE uncertainty hits emerging markets, official says
The U.S. needs to be more transparent about plans for its quantitative easing program, because uncertainty is hurting emerging economies, says Chatib Basri, Indonesia's finance minister. Financial Times (9/3)
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U.S. manufacturing index reaches highest level in 2 years
The Institute for Supply Management's index rose to 55.7 in August, up from 55.4 a month earlier, indicating growth in U.S. manufacturing. The index reached its highest level since June 2011, exceeding economists' expectations. Bloomberg (9/3)
Home construction spending rises to 5-year high
Home construction spending increased in July to its highest level since September 2008, while overall construction spending increased to its highest level since June 2009, according to the Commerce Department. The Wall Street Journal/Real Time Economics blog (9/3)
Job woes are worst for long-term unemployed
The job market for the long-time unemployed is stagnant despite U.S. GDP growth, research indicates. At the same time, job prospects are improving for workers who have been unemployed for six months or less. The Wall Street Journal (9/2)
Consumer spending, income saw tepid gains in July
Consumer spending rose 0.1% in July, with income also rising only 0.1% amid steep government spending cuts that reduced federal workers' salaries. Overall wages and salaries fell $21.8 billion in July, with a third of the decline coming from forced furloughs of federal workers. The New York Times (8/30)
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-- Charles Dickens, British writer
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