AP – Wal-Mart Stores Inc.’s business offers insight into how Americans are reacting in the slow economic recovery: they will spend, but only if they believe they’re getting the lowest prices.
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Wal-Mart’s 4Q results show rebounding US business
(AP)
AP – Relishing a political victory, President Barack Obama said Tuesday that Congress “did the right thing” by extending payroll tax cuts for millions of Americans. He urged lawmakers to push forward on more measures, from assistance to struggling homeowners to increased taxes on the wealthy, saying the looming election was no excuse for inaction in Washington.
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Obama to Congress: ‘Keep going’ on economy front
(AP)
AP – Federal workers have become the go-to targets as Congress, and the White House, search for ways to lower the deficit, pay for tax cuts and put off looming reductions to defense spending.
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Congress targets federal workers for savings
(AP)
Reuters – Euro zone finance ministers agreed a 130-billion-euro ($172 billion) rescue for Greece on Tuesday to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.
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Europe seals new Greek bailout but doubts remain
(Reuters)
Reuters – In mid-2011, with the U.S. economy at risk of a new recession, top Federal Reserve officials began to explore a different way to shore up the recovery: looking for fixes for the battered housing market.
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Fed’s housing blueprint is lost in din of politics
(Reuters)
Reuters – Greece will need additional relief if it is to cut its debts to 120 percent of GDP by 2020 and if it doesn’t follow through on structural reforms and other measures, its debt could hit 160 percent by 2020, a confidential analysis conducted by the IMF, European Central Bank and European Commission shows.
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Exclusive: Greek debt may remain at 160 percent in ’20: IMF/ECB
(Reuters)
Reuters – Britain, the Netherlands, Italy and nine other countries called on Monday for Europe to shift its focus from tough budget cuts towards measures to create growth as the region looks headed for its second recession in three years.
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Britain, Netherlands call for EU to focus on growth
(Reuters)
Reuters – Hedge funds are cranking up their bets in equities and credit in 2012′s buoyant markets in the belief that the euro zone, U.S. and Chinese economies will fare better than many were fearing last year.
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Bullish hedge funds hike their bets in 2012 rally
(Reuters)
Reuters – A senior U.S. regulator was “optimistic” on Monday about finding a framework for the world’s top economy to use global book keeping rules for investors to compare cross-border companies.
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U.S. official "optimistic" on global accounting move
(Reuters)
AP – Japan posted a record high trade deficit in January after its nuclear crisis shut down nearly all the nation’s reactors for tougher checks, sending fuel imports surging. Exports were hurt by a strong yen and weak demand.
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Japan trade deficit balloons as fuel imports surge
(AP)