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Singapore Minister Says: Global Economic Environment Has Become Dichotomous, Volatile

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01:49 PM

SINGAPORE -(Dow Jones)- The global economic environment has become dichotomous and volatile with many developed countries still on a slow road to recovery while Asia continues to log strong growth, S. Iswaran, Singapore’s minister in the prime minister’s office, said Thursday.

“The sovereign debt crisis in Europe continues to cast a pall over the region. The U.S. economy has yet to find a solid footing, with continuing concerns over its fiscal deficit and structural issues such as unemployment. Global markets have seen far greater volatility arising from these uncertainties,” Iswaran, who is also the second minister for home affairs, trade & industry, said at an event organized by the Singapore Institute of International Affairs.

UK’s NIESR Cuts GDP Forecast, Urges Osborne To Cut Taxes

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10:07 AM

LONDON -(Dow Jones)- Chancellor of the Exchequer George Osborne should relax his tough austerity regime to boost sagging demand in the U.K. and not rely on the Bank of England to rescue the economy with more quantitative easing, a leading U.K. research group said Wednesday.

The National Institute of Economic and Social Research said fiscal policy in the U.K. is too tight and Osborne should consider temporary tax cuts for the low paid to spur domestic demand, which has collapsed as a consequence of high levels of household debt, high inflation and stagnant wage growth.

U.S. Stocks In Worst Streak Since Credit Crisis

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10:05 AM

By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) — U.S. stocks fell hard Tuesday, posting their longest losing streak since the heart of the 2008 credit crisis, on investor worries about upcoming federal spending cuts and a likely stall in the recovery.

The Dow Jones Industrial Average (DJI) fell 265.87 points, or 2.2%, to 11,866.62, its worst one-day loss since June 1. The eight-day losing stretch was the longest since October 2008, weeks after the collapse of Lehman Bros. and by some measures, the peak of the U.S. credit crisis.

US Plans Borrowing $331 Billion In July Through September -Treasury

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00:35 PM

WASHINGTON -(Dow Jones)- The U.S. Treasury cut its borrowing estimate for the third quarter by $74 billion as spending grew less than expected.

The Treasury Department said it expects to issue $331 billion in new debt during the July to September period, $74 billion less than the $405 billion estimated in May. The agency cited lower outlays and more cash than expected, but did not provide further details.

Despite the change, the Treasury is sticking to its Aug. 2 debt ceiling deadline. Beyond Tuesday, Treasury has said the federal government will have exhausted its capacity to borrow more funds–and officials have warned that the U.S. may not be able to pay all of its bills if Congress doesn’t act before then.