The head of the International Monetary Fund, Christine Lagarde, has warned that the global economy is at risk of being plunged into a "lost decade".
ING's announcement follows job cuts by other big Dutch lenders. Nationalised Dutch bank ABN Amro is shedding 2,350 jobs as the state readies it for a return to private hands, while Rabobank said it planned 1,200 job cuts to save costs.
The International Monetary Fund (IMF) has cut its growth forecasts for Asia over worries about eurozone debt and new fears for the US economy.
The US Senate has voted through a bill which aims to punish China for keeping its currency artificially undervalued.
Their causes include such diverse issues as global warming, gas prices and corporate greed - though most seem to be fueled by the common thread of anger at the wealthy and powerful at the expense of the middle class and less fortunate.
American companies have yet another reason not to boost hiring: rising unemployment taxes.
South Korea's LG Display Co. said Friday localization is a priority in its China business in order to further expand its presence in the world's No. 2 economy.
Gold prices continued to plunge on September 23, despite the market turmoil that often drives investors to the traditional safe haven.
The latest monthly readings released Thursday on manufacturing in the eurozone, the UK and China all were weaker than they had been, as was a report on the service sector in Europe.
Taiwan's dollar weakened for a fourth day, sliding to an eight-month low, on concern that slowing global growth will weaken demand for the island's exports and slow job creation. Bonds rose.
Japan's exports rose less than expected as slowing growth abroad and the strength of the yen have held back the country's economic recovery.
International regulators raised the pressure on European policymakers to shore up the continent's banks, warning the impact of the sovereign debt crisis on bank capital posed an escalating threat to financial stability.
The Financial Times
The proposal's name refers to billionaire Warren Buffett, who has complained that wealthy Americans like himself pay less than their fair share in taxes under the current tax code.
Japan's economy contracted more severely in the second quarter than was initially estimated, revised government data has shown. The decline came as companies cut back spending due to concerns about a slowing global economy and a rising yen.
Calling for unity and an end to a "political circus" US President Barack Obama told Republicans to immediately pass a US$447 billion jobs plan to jolt the stalled economy and cheer a disillusioned nation.
AFP (via Yahoo News)
The US's biggest industrial companies face an average bill of at least US$100m each over the next five years as they struggle to fill the skills gaps left by the looming retirement of "baby boomer" factory workers.
The Financial Times
Austerity measures in rich countries to reduce budget deficits risk triggering economic downturn, Unctad report says. But poorer economies offer GDP growth.
Facing a frustrated public and a skeptical Congress, President Barack Obama will pitch at least $300 billion in jobs proposals aimed at getting Americans back to work quickly and forcing Republicans to take a share of the responsibility for solving the country's economic woes.
AP (via Forbes)
Americans are growing more pessimistic about the economy in the wake of a recession that left a more lasting impression on many families than any other event in the past decade.
Wall Street Journal
Japan's Sumco, the world's No.2 supplier of silicon wafers used to make chips, slashed its annual operating profit forecast by 37% on weak PC demand and slower-than-expected growth in smartphones and tablet PCs, and it said the fragile economy could make chip demand retreat further.
German exports fell by 1.8% in July, much more than expected, official figures have shown.
The US economy failed to add jobs in August.
The Financial Times
China's Purchasing Managers Index (PMI) rose to 50.9 in August from 50.7 the previous month, up for the first time in four months.
Recession in rich countries has discouraged some would-be incomers from trying their luck. America, for instance, has seen a sharp decline in Mexicans trying to cross its southern border. Immigration to Europe has slowed. Some studies also suggest that increased inflows of migrants are a leading indicator of a pickup in growth.
Reserve Bank of Australia Governor Glenn Stevens and Bank of Israel Governor Stanley Fischer were among the six central bankers to receive the top grade from the Global Finance magazine. The others were Lebanon's Riad Salameh, Malaysia's Zeti Akhtar Aziz, Amando Tetangco of the Philippines and Taiwan's Fai-Nan Perng.
Political leaders anywhere in the world, however great they are, often do not have the luxury of actually making choices; choices are usually forced upon them by economic or political circumstances.
The Federal Reserve chairman, Ben S. Bernanke, said Friday that the economy is recovering and the nation's long-term prospects remained strong, an upbeat assessment that offered little indication of any plans for additional measures to boost short-term growth.
New York Times
The price of gold has plunged 9.3%, after hitting a record US$1,913.50 an ounce on August 23, as markets became more upbeat about the economy.
Moody's now holds rating for Japan at Aa3, on a par with rival agency Standard & Poor's, which rates the world's third-largest economy at AA-, the same level as China.
The Financial Times
New data on the US economy, including a huge drop in a regional manufacturing survey, has heightened market fears of a new recession.
Wall Street ended one of its most dizzying, volatile weeks in history on a relatively quiet note Friday...
Ben Bernanke and the Federal Reserve did not offer ailing markets the short-term salve they were looking for Tuesday with an announcement of additional asset purchases in a bid to stimulate US growth, but the central bank did signal that its accommodative interest rate policy will remain in place until at least mid-2013.
The prime minister has returned early from his holiday to discuss the unrest, which first flared on Saturday after a peaceful protest in Tottenham over the fatal shooting of a man by police.
Gold prices hit another record on August 9, slicing through the US$1,750-a-troy-ounce milestone as a massive sell-off in global equity markets drew safety-seeking investors to the metal.
Marketwatch.com (Dow Jones)
S&P's decision to lower the US credit rating was proceeded last week by a downgrade of US debt by a less-known Chinese rating agency, Dagong Global Credit Rating Co. It was Dagong's second such downgrade, moves Xinhua painted as prescient.
The rating agency's move to downgrade US debt could make it a leader among rating agencies or blow up in its face.
Weeks of political infighting in Washington have produced a budget deal that aims to cut the US government budget deficit by US$2.4 trillion over 10 years.
Latest figures from the US Treasury Department show that the country has an operating cash balance of US$73.7 billion. Apple's most recent financial results put its reserves at US$76.4 billion.
Air security is expected to tighten, particularly for international flights into the US, in light of recent intelligence that terrorists might be considering boarding flights with surgically implanted explosive devices, an American security official said Wednesday.
New York Times
Pyeongchang's triumph of the 2018 Winter Olympics is expected to cultivate more than just national pride, paving the way for the South Korean economy to rake in an estimated US$27 billion, according to the Korean Institute for Industrial Economics and Trade, a state-run think tank.