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White House fears deep damage from spending cuts

The White House warned Friday that billions of dollars in automatic budget cuts set to kick in on March 1 were a "blunt" instrument that could wreak deep damage to the already fragile US economy.

White House fears deep damage from spending cuts
Britain's Cameron stands firm in EU budget battle
Britain's Cameron stands firm in EU budget battle

Prime Minister David Cameron stood firm on his demand for further cuts in the EU budget on Friday, despite coming under pressure over his pledge to hold a referendum on Britain's membership of the bloc.

Britain's Cameron stands firm in EU budget battle
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Brazil auto workers, GM fail to agree on job cuts

Brazilian auto workers on Friday failed to talk General Motors out of cutting 1,598 jobs as the two sides agreed to meet again next week.

Brazil auto workers, GM fail to agree on job cuts
House Majority Leader Eric Cantor. ©REUTERS
US House Republicans back 3-month debt limit rise

Republicans proposed a three-month increase to the US debt ceiling Friday as they mulled breaking a protracted fiscal impasse, but warned any long-term deal would require Congress to pass a budget that cuts spending.

US House Republicans back 3-month debt limit rise
US fiscal cliff deal boosts world markets
US fiscal cliff deal boosts world markets

World markets soared Wednesday after a tense New Year break, relieved after US lawmakers agreed a last-minute deal to avert massive tax hikes and pull their nation back from the fiscal cliff.

US fiscal cliff deal boosts world markets
The US Capitol.
US House to vote imminently on 'fiscal cliff' deal

The House of Representatives will vote late Tuesday on a bill already approved by the Senate to avert huge New Year tax hikes and spending cuts known as the "fiscal cliff".

US House to vote imminently on 'fiscal cliff' deal
Vietnam seeks economic boost with fresh rate cuts
Vietnam seeks economic boost with fresh rate cuts

Vietnam on Monday cut its key interest rates for the sixth time in 2012 in an attempt to boost an economy growing at the weakest pace in more than a decade.

Vietnam seeks economic boost with fresh rate cuts
Spanish health workers stage fresh protest against cuts
Spanish health workers stage fresh protest against cuts

Thousands of Spanish health workers clad in white medical garb marched in Madrid on Sunday in a fresh protest against government health cuts and privatisation plans, just days after a similar demonstration.

Spanish health workers stage fresh protest against cuts
Moody's cuts top French rating, terms outlook negative
Moody's cuts top French rating, terms outlook negative

France came under fresh economic pressure as the international ratings agency Moody's cut the French government bond rating by one notch from the highest level to "Aa1".

Moody's cuts top French rating, terms outlook negative
IMF cuts global forecast, says risks rising
IMF cuts global forecast, says risks rising

The IMF slashed its global growth forecast and warned things could get much worse if the eurozone crisis is not quelled and Washington fails to reverse the looming "fiscal cliff" austerity plan.

IMF cuts global forecast, says risks rising
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Emerging powers press rich nations on emissions cuts

Brazil, China, India and South Africa urged industrialized nations to commit to deeper cuts in greenhouse gas emissions at a United Nations meeting later this year.

Emerging powers press rich nations on emissions cuts
Power cut blacks out 300 million in northern India
Power cut blacks out 300 million in northern India

A massive power cut blacked out a vast swathe of northern India Monday, leaving an estimated 300 million people without power in the worst outage in more than a decade.

Power cut blacks out 300 million in northern India