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Forex News and Rumors

Budget Set to More Than Triple US Deficit

Early indications are that President Barack Obama’s upcoming budget will increase the US deficit to $1.75 trillion from last year’s $455 billion. The plan is also expected to show how Obama intends to cut the US deficit in half by 2013. More [1]

US Initial Jobless Claims Rise

Unemployment claims made by first-time claimants rose unexpectedly last week increasing by 36,000 to a total of 667,000 new claimants for the week ending February 21. This is the highest single-week new claimant total since 1982 and brings total US unemployment to 5.112 million. More [2]

RBS Loses £24.14 Billion

The Royal Bank of Scotland lost £24.14 billion ($34.4 USD billion) on its yearly operations marking the largest single-corporation loss in British history. The bank has announced a massive restructuring program centered on the off-loading of much of its international business. More [3]

GM Suffers $9.6 B Loss for Fourth Quarter

General Motors burned through $6.2 billion on its way to losing $9.6 billion for the fourth quarter making yearly losses a whopping $30.9 billion. Revenue for the quarter fell from $46.8 billion in 2007 to $30.8 billion. More [4]

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Scott Boyd

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