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Today's Financial News

Canada in recession; PM Harper denies it despite new negative numbers as election looms

14 hours ago

TORONTO (AP) — Prime Minister Stephen Harper, campaigning for a fourth term on a record of economic growth, has refused to recognize that Canada is in a recession, despite new data to the contrary. That could spell trouble for Harper, whose Conservative Party already faced an uphill battle ahead of the Oct. 19. election. Analysts call the three-way race a toss-up.

Mexican president's state-of-the-nation address beset by doubts

14 hours ago

MEXICO CITY (AP) — Mexican President Enrique Pena Nieto is set to deliver his third state-of-the-nation address amid rising violence, a falling currency and a slowing economy. While Pena Nieto's biggest pledge was to reduce Mexico's drug-war violence, homicide numbers now are creeping up again. And his approval ratings have fallen to about 35 percent, unusually low for a Mexican president.

US, global stocks fall sharply on more signs of weakness in China's economy

14 hours ago

NEW YORK (AP) — Stocks plunged again Tuesday, continuing a rocky ride for Wall Street, after gloomy economic data out of China rekindled fears that the world's second-largest economy is slowing more than previously anticipated. "Monday's relatively peaceful markets are a distant memory as Chinese data and shares sparked another severe overnight reaction from the developed world," said John Briggs, head of fixed income strategy at RBS.

Egypt gas bonanza sparks panic in Israel about developers abandoning Israel's own gas reserves

14 hours ago

JERUSALEM (AP) — Egypt's new natural gas bonanza is causing an uproar in Israel, with energy stocks plummeting and recriminations over indecisiveness and infighting that have delayed production from the country's own gas fields. Israel's offshore gas reserves had long been regarded as a future cash cow for the resource-poor country, and gas exporters in Egypt were expected to be the key customers of Israel's yet untapped Leviathan field.

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