Finance counsels

Housing starts jumped more than forecast in May while industrial production tumbled, offering a picture of an American economy still struggling to emerge from the deepest recession in half a century.
Builders broke ground on 532,000 dwellings at an annual rate, with single-family starts posting a third straight gain, Commerce Department figures showed today […]

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Latvia’s lawmakers will approve cuts in government spending as early as today, enabling bailout payments to resume and allaying concern about a currency devaluation.
The Riga-based parliament is poised to vote on cuts of $1 billion, equal to 10 percent of budget spending, in an effort to unlock a 1.7 billion-euro ($2.4 billion) tranche […]

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Europe’s economy lost a record 1.22 million jobs in the first quarter as companies cut spending to survive the worst global economic slump in more than six decades.
Employment payrolls in the 16-member euro region fell 0.8 percent from the fourth quarter, when they declined 0.4 percent, the European Union statistics office in Luxembourg […]

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German Finance Minister Peer Steinbrueck signaled concern that some European countries may have their sovereign credit ratings cut as tax revenue shrinks and borrowing costs rise.
“What’s going to happen to our friends in the European Union that are not getting the same conditions” as Germany when borrowing money from capital markets, Steinbrueck said […]

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Chrysler took its first steps with Italy’s Fiat Wednesday, signing a deal and unveiling the new leadership in charge of bringing the company out of bankruptcy and into the future.
While Fiat isn’t putting any money into Chrysler, what Fiat does offer is technology, engineering and vehicles that Chrysler can use. That’s about $10 […]

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Retail sales rose in May for the first time in three months as U.S. shoppers returned to showrooms seeking bargains from ailing carmakers, with little sign of an underlying rebound in spending.
The pending demise of thousands of Chrysler LLC and General Motors Corp. dealers attracted customers constrained by rising unemployment and falling home […]

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Brazil’s central bank will probably slow the pace of interest-rate cuts, lowering the benchmark rate at its meeting today by the smallest amount this year on signs an economic recovery is starting to take hold.
Policy makers, led by bank president Henrique Meirelles, will reduce the so-called Selic rate by 0.75 percentage point to […]

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Regulators should continue to conduct stress tests on banks as long as they keep large amounts of illiquid mortgage securities on their books, a group overseeing the U.S. financial bailout said.
The Congressional Oversight Panel, in a report issued today, also said that the Fed should release more information about the exams, including some […]

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President Dmitry Medvedev says the Russian economy will rebound faster than expected. An audience of government officials and executives meeting at the weekend mainly agreed, while demurring on the shape of the recovery.
“I expect the Russian economy, as one of these rapidly developing markets, to overcome its problems more quickly than had perhaps […]

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Federal Reserve officials surprised bankers in the past week by demanding they raise specific amounts of new capital before repaying taxpayer funds, applying a more stringent assessment than the stress tests in May.
JPMorgan Chase & Co. and American Express Co. were told they need to boost common equity, less than four weeks after […]

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