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The US Federal Reserve is under pressure to cut interest rates even further after shocking service sector data spooked stock markets on both sides of the Atlantic, prompting predictions that the downturn in the American economy could be worse than that seen in 2001.
Not a goog sign.The Federal Reserve on Thursday pumped its biggest temporary daily infusion into the U.S. banking system since just after the September 11, 2001 attacks as short-term lending rates rose on both sides of the Atlantic.
Stock markets on both sides of the Atlantic concluded their worst week in months on Friday as deepening economic gloom prompted investors to ratchet up bets that the US Federal Reserve would be forced to cut rates again in the face of mounting credit losses.
Endangered North Atlantic right whales have been given special protection against container-ship traffic in an area off southwest Nova Scotia.The federal government announced Wednesday that the International Maritime Organization has designated the Roseway Basin as an "area to be avoided" in order to prevent whales from being struck by the props.
Under federal investigation for lying about his U.S. military service to illegally collect veterans’ benefits, the scandal-plagued mayor of Atlantic City New Jersey has disappeared and fellow city officials want him removed from office.