International and Economic News

A stock retreat spread around the world, with European markets down around 2 percent. Wall Street was also down in early trading.    

The computer maker said it earned $127 million in the quarter as sales of smartphones and mobile computing technology expanded.    

Ford cited a strong currency and high costs for the decision to close its engine plant in Geelong and its vehicle assembly plant in Broadmeadows.    

While Wednesday's I.R.S. hearing felt like an unforgiving, angry inquisition, senators seemed halfhearted in their desire to beat up on Apple, which has been accused of dodging taxes.    

Somehow, in the looking-glass world of Mr Osborne's Treasury, the IMF's litany of criticisms counts as relatively good newsThe IMF on Wednesday told George Osborne that the UK remains a "long way from ... recovery"; that "persistent slow growth could permanently damage medium-term growth prospects"; that, six years on from the collapse of Northern Rock, British banks are still not back to "healthy functionality"; and that the centrepiece of the chancellor's last budget - the help-to-buy scheme...

Shares are performing close to their best - but any success built on QE rather than sound economic gains cannot lastCarry on as you were. Ben Bernanke didn't put it like that but the chairman of the Federal Reserve, in his testimony to congress, said nothing to frighten the horses, let alone the bulls now dominating stock markets.There was a nod to the lobby that wants ultra-loose monetary policy to end sooner rather than later, but that was all. The Fed seeks "economic conditions consistent...

International Monetary Fund advises chancellor to defer cuts programme and instead stimulate faltering economyHit the austerity pause button. Invest more in social housing, schools and road repairs. Growth is more important in the short term than deficit reduction. Couched in suitably polite language, that was the uncomfortable message from the International Monetary Fund to George Osborne .The chancellor could take some comfort from the fact that the fund was rather more diplomatic about his...

Washington lender advises chancellor to bring on infrastructure spending plans to avoid jeopardising tepid recoveryGeorge Osborne was on Wednesday urged by the International Monetary Fund to rethink his plans for a £10bn tax-and-spending squeeze this year, as part of a broad based attack on the coalition's economic policies.After a fortnight's fact-finding mission in London, the Washington-based lender warned that the planned package of spending cuts and tax rises would "pose headwinds" to...