Argentina will receive the first tranche of yuan worth up to $1 billion in a massive currency swap with China before the end of this year. The deal will boost the troubled economy's foreign reserves. It comes as part of a loan worth $11 billion signed in July by Argentina's President Cristina Fernandez de Kirchner and Chinese counterpart Xi Jinping during hisLatin America tour- shortly before t [...]

America – its government, businesses, and people – are nearly $60 trillion in debt, according to the latest economic data from the St. Louis Federal Reserve. And private debt – not government borrowing – is the biggest reason for the huge deficit. Total US debt at the end of the first quarter of 2014, on March 31 totaled almost $59.4 trillion – up nearly $500 billion from the end of t [...]

The widening gap between America's richest and the middle and working classes is unsustainable and is unlikely to improve a survey released on Monday by the Harvard Business School has found. The study which is called “an economy doing half its job” said that while large American companies were showing signs of recovery and were maintaining their competitive edge on the world stage, many mi [...]

Nearly 500 protesters were arrested in three dozen US cities on Thursday as fast-food workers and supporters staged sit-ins and acts of civil disobedience nationwide to call attention to their low wages and lack of union representation. Organizers of the strike said that, all told, actions at fast-food restaurants occurred at about 150 cities nationwide, from Manhattan’s Times Square to Littl [...]

The European Central Bank unexpectedly cut interest rates to 0.05% from 0.15% in a strong response to combat deflation. The move comes as the EU is struggling to boost its stagnating economy, which Draghi. “Growth recovery was losing momentum,” ECB President Mario Draghi said at the news conference after the announcement was made to cut rates further. [...]

Financing the military offensive in eastern Ukraine is now proving to be a major economic headache for Kiev. The cost of rebuilding conflict-torn eastern Ukraine may reach $8 billion, Prime Minister Arseny Yatsenyuk has indicated. As long as the military offensive in the east continues, Ukraine has to further dig into its fast-depleting state coffers to support the operation. If the war continu [...]

One person dies as a result of suicide every 40 seconds, according to a new World Health Organization report released on Thursday, citing economic factors and noting that three times as many men as women kill themselves. “Suicide is an amazing public health problem. There is one suicide every 40 seconds -- it is a huge number,” said Shekhar Saxena, director of WHO's mental health department [...]

Russia's decision to impose a food embargo in response to Western sanctions may cost the European Union €5 billion ($6.6 billion) a year, according to an internal EU document. "The overall temporary restrictions currently applied by Russia potentially jeopardize €5 billion worth of trade," the report seen by Reuters states. [...]

Moscow's 15-month marathon of energy deals with China will boost the credit of Russian oil and gas companies and reduce Russia's reliance on European energy markets, Moody's Ratings Agency said in a note. Russia’s oil majors- Rosneft, Gazprom, and Novatek have all struck major deals with Chinese partners, which provide long-term financial stability for the companies, which are at risk of West [...]

Evidence of America's widening wealth gap since the 2007 financial crisis show that the bottom tier of US income earners is falling rapidly behind on the nutrition front. Meanwhile, the diets of higher wage earners are also sub-par. Despite government efforts to promote nutritional awareness, a 12-year study shows that eating habits in the United States remain a national concern. [...]

Growth in Germany contracted 0.2 percent in the second quarter, the first fall in over a year, stoking worries Europe's biggest economy is slowing down, as the Ukraine crisis and weaker trade drag down what was once a glowing model for the rest of Europe. The seasonally-adjusted gross domestic product (GDP) from April to June was confirmed Monday by Germany's Federal Statistics Office to have d [...]

Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli have launched the construction of the first part of Gazprom’s Power of Siberia pipeline - which will deliver 4 trillion cubic meters of gas to China over 30 years. “The new gas branch will significantly strengthen the economic cooperation with countries in the Asia-Pacific region and above all - our key partner China,� [...]

Around 110 million Americans are now receiving welfare benefits, including food stamps, Medicaid and subsidized housing. This has prompted calls to raise the minimum wage to $10.10 an hour. A third of Americans are now on welfare benefits, prompting calls to raise the minimum wage and encourage more people to stay in work. [...]

The International Monetary Fund has given a green light for Ukraine to receive the second tranche of financial assistance totalling $1.39 billion, meaning more austerity measures for the already struggling economy. “The Executive Board of the International Monetary Fund (IMF) today completed the first review of Ukraine’s performance under an economic program supported by a Stand-By Arrangem [...]

A New Jersey woman who worked four jobs, who sometimes "wouldn't sleep for five days," according to a co-worker, died Monday while napping between shifts in her car on the side of the road. Maria Fernandes died in her 2001 Kia Sportage after inhaling carbon monoxide and fumes from an overturned gas container she kept in the car, according to the New York Daily News. [...]

In an interview discussing Ukraine's plans to cut off gas transit from Russia, an RT news anchor asks whether or not the August 12 vote in Kiev on sanctions against Russia will go through.From the interview:"I think, given the bellicose nature of the Prime Minister Yatsenyuk thus far and the reckless manner in which he is governing, I would certainly expect them to. Really, what Ukraine is doin [...]

"Stunningly destructive" and "dismal failure" is how Nobel laureates describe growth in the European Union after destructive austerity policies and the euro crisis. Economists are casting doubt on the effectiveness of monetary policy in the 18-member eurozone, which is yet to fully shake off recession and produce sustained growth. [...]

The Fitch ratings agency has downgraded Ukraine one step closer to default grade, as the Ukrainian currency the hryvnia hits a record low, and the economy balances on the brink of a collapse. Fitch cut the long-term local currency Issuer Default Rating (IDR) of Ukraine from B-,signifying a default risk, to CCC, where default is a real possibility, and affirmed its long-term foreign currency IDR [...]

The French government has resigned despite being formed just 4 months ago. They quit after ministers slammed President Francois Hollande's plans for taxation and cuts, while also being critical of Germany's austerity program. The statement published on Monday said the new office would be formed on Tuesday and would be in the "direction he (the president) has defined for our country." [...]