Global Economy

Cuba gears up for change

Big and small businesses from the U.S. and Cuba are gearing up to compete in a whole new economic marketplace.

New chapter for U.S.-Cuba relations

President Obama announced sweeping changes to U.S. policy with Cuba that could, eventually, create opportunities for both investors and business.

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The U.S. is starting talks with Cuba to normalize full diplomatic relations and open an embassy, according to U.S. officials. The expanded relationship would also open imports of Cuban cigars somewhat, according to a CNN report. U.S. President Obama, Cuba’s Raul Castro plan to speak separately at noon ET about relations between the two countries. …

Russian currency plummets

Russia’s ruble suffered its steeped drop in 16 years as the country’s economy is getting hit by both tumbling oil prices and financial sanctions.

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Five thousand rouble notes.

The Russian central bank’s dramatic rate hike further threatens financial stability in the troubled economy and is thus unlikely to put a floor under the country’s currency or stocks, say analysts. The Central Bank of Russia (CBR) unexpectedly hiked rates by 650 basis points to 17 percent overnight after the beleaguered ruble plunged to a …

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Five thousand rouble notes.

The Central Bank of Russia (CBR) raised its key interest rate by 100 basis points on Thursday in an effort to support its currency, which has fallen over 65 percent against the dollar this year. The Russian ruble hit an all-time low of 55.46 against the dollar following the announcement. The central bank raised its …

Global worries weigh on stocks

Global worries sent stocks sharply lower at the open, but sentiment shifted and stocks closed just slightly lower. Dominic Chu explains the turn of events.

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Traders on the floor of the New York Stock Exchange.

U.S. stocks declined on Tuesday, extending losses into a second session, as Wall Street echoed a global rout that came as China toughened collateral rules for short-term loans, increasing worries about the global economy. “It’s all about the news out of China; what really spooked the market is they restricted riskier forms of debt for …

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With Russia hit hard by a slump in the ruble, tumbling oil prices and Western sanctions, could President Vladimir Putin be wondering whether Ukraine was worth the pain? “Putting a few things together, I am beginning to think that Putin might just be getting cold feet about Ukraine, and what it has cost him,” Timothy …

Putting Putin in context

President Vladimir Putin addressed his parliament as Russia’s economy and currency face hard times. Dina Gusovsky explains how sanctions are impacting the country.

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Russian bond yields and the cost of insuring the country against default rose on Wednesday, as investors fretted over intensifying sanctions, the prospect of a recession and falling oil prices. Russia’s benchmark 10 year domestic ruble bond rose 14 basis points to 10.9 percent during Wednesday. Meanwhile the cost of insuring Russia’s five year debt …

Big central bank moves

Two of the world’s most prominent central banks in Europe and China triggered a stock market rally across the globe.

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Abandoned buildings are shown at the Caofeidian Environmental Industries Park in Caofeidian, China.

So now they start easing credit. Five years after an epic spree of reckless mortgage lending in the U.S. sank the global financial system, U.S. banks are healing relatively well, thanks to aggressive rate slashing and money printing early on by U.S. central bankers. That’s a big reason the U.S. recovery, though halting, shows signs …

Japan’s monetary stimulus

The Bank of Japan is raising questions about Prime Minister Shinzo Abe’s fiscal policies and whether the country’s economy can turn around.

Japan’s Abe delays tax hike

Japanese Prime Minister Shinzo Abe announced a delay in a sales-tax hike after the country unexpectedly fell into recession.