Economy News

Uber logo is seen on a vehicle near Union Square in San Francisco, California

Uber drivers granted class action status in lawsuit over employment

By Dan Levine SAN FRANCISCO (Reuters) - Uber drivers are entitled to class action status in litigation over whether they are independent contractors or employees, a key development in a case threatening Uber's business model and that of other hot startups dependent on similar service workers. Three drivers sued Uber in a federal court in San Francisco, contending they are employees and entitled …

  • Employee works on an assembly line producing Mercedes-Benz cars at a factory of Beijing Benz Automotive Co. in Beijing
    China manufacturing contracts, euro … Reuters - 10 hours ago

    By Jonathan Cable LONDON (Reuters) - China's giant manufacturing industry contracted and euro zone and U.S. growth eased in August in data published on Tuesday, while … More »China manufacturing contracts, euro …

    Employee works on an assembly line producing Mercedes-Benz cars at a factory of Beijing Benz Automotive Co. in Beijing

    By Jonathan Cable LONDON (Reuters) - China's giant manufacturing industry contracted and euro zone and U.S. growth eased in August in data published on Tuesday, while the International Monetary Fund cut its forecast for world growth this year. "As a consequence central banks which are thinking about raising interest rates …

  • Conservative leader and Canada's PM Harper speaks during a campaign event in Ottawa
    Canada PM pledges rebound as recession … Reuters - 11 hours ago

    By Leah Schnurr OTTAWA (Reuters) - Having staked his reputation on strong economic management, Canadian Prime Minister Stephen Harper has decided that the best way to … More »Canada PM pledges rebound as recession …

    Conservative leader and Canada's PM Harper speaks during a campaign event in Ottawa

    By Leah Schnurr OTTAWA (Reuters) - Having staked his reputation on strong economic management, Canadian Prime Minister Stephen Harper has decided that the best way to win re-election when the headlines say recession is to convince the country it is no longer in one. Tuesday brought the worst kind of news for a prime minister …

  • Construction workers build a new house in Calgary
    Hit by cheap oil, Canada's economy … Reuters - 11 hours ago

    Canada's economy contracted by an annualized 0.5 percent in the second quarter, according to Statistics Canada data on Tuesday. More »Hit by cheap oil, Canada's economy …

    Construction workers build a new house in Calgary

    Canada's economy contracted by an annualized 0.5 percent in the second quarter, according to Statistics Canada data on Tuesday.

  • TSX sheds almost 400 points as oil price … CBC - 15 hours ago

    The Toronto Stock Exchange lost 377 points today after following the lead of a global stock sell-off and investors digested underwhelming GDP data out of Statistics Canada. … More »TSX sheds almost 400 points as oil price …

    The Toronto Stock Exchange lost 377 points today after following the lead of a global stock sell-off and investors digested underwhelming GDP data out of Statistics Canada. In addition to the GDP number showing contraction in the second quarter, Canada's benchmark stock index was also dragged lower by oil prices that came …

  • Turkey's G20 presidency becomes … Reuters - 16 hours ago

    By David Dolan and Dasha Afanasieva ANKARA (Reuters) - When Turkey took over the helm of the G20 this year, it hoped to promote an image of an emerging economic power … More »Turkey's G20 presidency becomes …

    By David Dolan and Dasha Afanasieva ANKARA (Reuters) - When Turkey took over the helm of the G20 this year, it hoped to promote an image of an emerging economic power forging a strategy to tackle sluggish global growth and giving low-income nations a stronger voice. Political upheaval at home and conflict on its borders …

  • Production Associates inspect cars moving along assembly line at Honda manufacturing plant in Alliston, Ontario.
    Canada manufacturing falters again in … Reuters - 16 hours ago

    OTTAWA, Sept 1 (Reuters) - - Canada's manufacturing sector turned down again in August, with activity contracting as output and employment declined, data showed on Tuesday. … More »Canada manufacturing falters again in …

    Production Associates inspect cars moving along assembly line at Honda manufacturing plant in Alliston, Ontario.

    OTTAWA, Sept 1 (Reuters) - - Canada's manufacturing sector turned down again in August, with activity contracting as output and employment declined, data showed on Tuesday. The RBC Canadian Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, fell to a seasonally adjusted 49.4 …

  • International Monetary Fund Managing Director Lagarde leaves after a euro zone finance ministers' meeting on Greece, in Brussels,
    IMF's Lagarde sees weaker than expected … Reuters - 20 hours ago

    By Eveline Danubrata JAKARTA (Reuters) - Global economic growth is likely to be weaker than earlier expected, the head of the International Monetary Fund said on Tuesday, … More »IMF's Lagarde sees weaker than expected …

    International Monetary Fund Managing Director Lagarde leaves after a euro zone finance ministers' meeting on Greece, in Brussels,

    By Eveline Danubrata JAKARTA (Reuters) - Global economic growth is likely to be weaker than earlier expected, the head of the International Monetary Fund said on Tuesday, due to a slower recovery in advanced economies and a further slowdown in emerging nations. IMF Managing Director Christine Lagarde also warned emerging …

  • Recession confirmed as Canada's … CBC - 20 hours ago

    Canada's economy expanded in June but declined by 0.1 per cent for the second quarter as a whole, meeting the bar of what is legally defined as a recession. The economy … More »Recession confirmed as Canada's …

    Canada's economy expanded in June but declined by 0.1 per cent for the second quarter as a whole, meeting the bar of what is legally defined as a recession. The economy expanded by 0.5 per cent in June, Statistics Canada said. The economy also shrank in the first quarter, which means Canada's economy has met the bare …

  • An oil pump jack pumps oil in a field near Calgary
    Canada's Alberta forecasts record … Reuters - Mon, 31 Aug, 2015

    The Canadian province of Alberta, which has been hammered by falling crude prices, is forecasting a record budget deficit of C$5.9 billion ($4.49 billion) this year, … More »Canada's Alberta forecasts record …

    An oil pump jack pumps oil in a field near Calgary

    The Canadian province of Alberta, which has been hammered by falling crude prices, is forecasting a record budget deficit of C$5.9 billion ($4.49 billion) this year, a number that could increase to C$6.5 billion, Finance Minister Joe Ceci said on Monday. Alberta, home to Canada's oil sands and the largest source of U.S. …

  • August's toll on stocks: TSX down … CBC - Mon, 31 Aug, 2015

    August is shaping up to be the cruellest month in stock markets this year, with stocks in Europe and Asia down more than 10 per cent since the beginning of the month. … More »August's toll on stocks: TSX down …

    August is shaping up to be the cruellest month in stock markets this year, with stocks in Europe and Asia down more than 10 per cent since the beginning of the month. Stocks on China's Shanghai index are down close to 40 per cent from their peak in June, popping a stock market bubble fuelled by government meddling and …

  • Oil price jumps to $49 US a barrel as … CBC - Mon, 31 Aug, 2015

    At 10 a.m. ET, the price for West Texas Intermediate was slightly down from Friday's close, changing hands at $43.75 per barrel. It was also less than the country churned … More »Oil price jumps to $49 US a barrel as …

    At 10 a.m. ET, the price for West Texas Intermediate was slightly down from Friday's close, changing hands at $43.75 per barrel. It was also less than the country churned out in May, which was good news for oil traders who have been scared off by an oil glut that has seen the world pump as much as two million more barrels …

  • Toronto, Vancouver housing affordability deteriorates to 'risky' levels: RBC
    Toronto, Vancouver housing affordability … CBC - Mon, 31 Aug, 2015

    Rising prices in Vancouver and Toronto pushed housing affordability closer to "risky levels" in the second quarter of 2015, according to a report from RBC. Lack of affordability … More »Toronto, Vancouver housing affordability …

    Toronto, Vancouver housing affordability deteriorates to 'risky' levels: RBC

    Rising prices in Vancouver and Toronto pushed housing affordability closer to "risky levels" in the second quarter of 2015, according to a report from RBC. Lack of affordability in Vancouver is at a record level, according to RBC's quarterly housing affordability report released Monday. It is approaching 1990 levels in …

  • Cambodia says no plan to take more refugees … Reuters - Mon, 31 Aug, 2015

    By Prak Chan Thul and Lincoln Feast PHNOM PENH/SYDNEY (Reuters) - Cambodia said on Monday it did not intend to accept any more refugees from a South Pacific detention … More »Cambodia says no plan to take more refugees …

    By Prak Chan Thul and Lincoln Feast PHNOM PENH/SYDNEY (Reuters) - Cambodia said on Monday it did not intend to accept any more refugees from a South Pacific detention center under an agreement with Australia, dealing a blow to the controversial resettlement scheme criticized by rights groups. Australia has vowed to stop …

  • China's great fall, loonie's … CBC - Fri, 28 Aug, 2015

    China dominated the business headlines this week, as the world's second-largest economy took investors on a white-knuckle ride on equity markets. Slowing growth, or … More »China's great fall, loonie's …

    China dominated the business headlines this week, as the world's second-largest economy took investors on a white-knuckle ride on equity markets. Slowing growth, or fears that China's booming economy is slowing down enough to hurt just about every nation on earth that exports there. The word on the lips of traders was …

  • An investor monitors share market prices in Kuala Lumpur, Malaysia
    Global funds buy more bonds as China-fueled … Reuters - Fri, 28 Aug, 2015

    By Sujata Rao This month's wild ride in global stocks and fears of an emerging market crisis led funds to raise bond allocations to eight-month highs, even though most … More »Global funds buy more bonds as China-fueled …

    An investor monitors share market prices in Kuala Lumpur, Malaysia

    By Sujata Rao This month's wild ride in global stocks and fears of an emerging market crisis led funds to raise bond allocations to eight-month highs, even though most investors remain bullish on the outlook for Japan and the West. The monthly Reuters survey of 47 fund managers and chief investment officers in the United …

  • Canada's economy: 5 reasons not … CBC - Fri, 28 Aug, 2015
    Canada's economy: 5 reasons not to panic

    News of plummeting oil prices, the struggling stock market and a loonie that recently dipped below the 75-cent US level for the first time in more than a decade have Canadians on edge and fearful for their futures, as economists debate whether this country is in a recession.

  • An oil well pump jack is seen at an oil field supply yard near Denver

    By Barani Krishnan and Jonathan Leff NEW YORK (Reuters) - Oil rocketed more than 10 percent higher on Thursday, posting its biggest one-day rally in over six years as recovering equity markets and news of diminished crude supplies set off a short-covering scramble by bearish traders. Front month Brent crude for October …