World Economy

The largest growing economic force in the world isn't the China or India -- it's women. The earning power of women globally is expected to reach $18 trillion by 2014 -- a $5 trillion rise for current income, according to World Bank estimates. That is more than twice the estimated 2014 GDP of China and India combined. For companies, the growing economic power of women would seem an obvious market to capture. But according to a global study by the Boston Consulting Group, women feel at best underserved by companies, and at worst ignored.

The man who dictates and shapes the UK's economic policy has said there are "real risks" for the world economy following the September 11 attacks in the U.S. Chancellor Gordon Brown predicted that the British economy would weather the world economic slowdown better than most economists had forecast. In a pre-Budget statement to the House of Commons on Tuesday, Brown painted a gloomy picture of the world economy post-September 11. He said the UK armed forces will receive ?100 million ($150 million)

Madam Speaker, Vice President Cheney, Members of Congress, distinguished guests, and fellow citizens: Seven years have passed since I first stood before you at this rostrum. In that time, our country has been tested in ways none of us could have imagined. We faced hard decisions about peace and war, rising competition in the world economy, and the health and welfare of our citizens. These issues call for vigorous debate, and I think it's fair to say we've answered the call.

After firing the CEO of General Motors and putting Chrysler on a path that could lead to bankruptcy, the still-popular President Obama moved from the domestic battlefield to the international one. But the subject is the same, with no relief in sight: the woeful world economy. The president and a staff of hundreds took off this week on Air Force One and backup planes to attend his first international summit, the G-20 meeting in London, England. The eyes of a nervous world are looking to the new American president, as well as the leaders of 18 other countries and the European Union, with some hope that they can get us out of this world financial crisis.

Time magazine on Wednesday named Federal Reserve Chairman Ben Bernanke as its 2009 Person of the Year, calling him "the most powerful nerd on the planet." Bernanke will be featured on the cover of the magazine that hits stores Friday. He beat out Jamaican sprinter Usain Bolt, President Obama, Apple CEO Steve Jobs and House Speaker Nancy Pelosi among other finalists. Time said Bernanke was the reason the U.S. financial crisis wasn't worse. "The story of the year was a weak economy that could have been much, much weaker.

The world economy was slowing before last week's terror attacks. Now there are fears of a further dip in economic activity. The fallout from the attacks in New York and Washington is spreading: Extra police on London's streets will cost $7 million every month. Fewer passengers and increased security have airlines and aerospace firms laying off staff and looking for government support. Military action could add billions of dollars to governments' defence spending.

The world needs a "global New Deal" to haul it out of the economic crisis it faces, Prime Minister Gordon Brown of the United Kingdom said Sunday. "We need a global New Deal -- a grand bargain between the countries and continents of this world -- so that the world economy can not only recover but... so the banking system can be based on... best principles," he said, referring to the 1930s American plan to fight the Great Depression. Brown was speaking as the leaders of Europe's biggest economies met to try to forge a common position on the global financial crisis ahead of a major summit in London in April.

Last year, the world economy barely weathered the epidemic among the Asian Tigers; this year, Japan has just about staved off the collapse of its banking system. But tailspinning bourses around the world are signaling that the ruble debacle was one crisis too far. Although the overheated markets were due for a sharp correction anyway, the acrid smell of 1931 is wafting across the West. That was the fateful year when the default of the Austrian Creditanstalt triggered the Great Depression.

Rep. Dick Gephardt took on the Bush administration Tuesday, tying the nation's foreign relations strategy to its economic policies and warning that alienation of other democratic nations would seriously damage America's ability to be a world leader. Gephardt, the Missourian seeking the Democratic presidential nomination, told the Council on Foreign Relations in New York that the United States should look beyond a simplistic good guy-bad guy world view and address the "root causes" of terrorism.

The economy and the conflict in Chechnya were the two key issues discussed by Russian President Vladimir Putin during his annual state of the nation speech. It was the first time the 49-year-old had made the high profile speech to the Duma, or lower house, and the Federation Council, or upper chamber, after being elected almost exactly a year ago. The president told both chambers that recent data showed there was reason for concern over the economy. "In the last few months the worsening state of several economic indicators raises concern, especially against the background of the uncertain development of the world economy," he said.

Time magazine on Wednesday named Federal Reserve Chairman Ben Bernanke as its 2009 Person of the Year, calling him "the most powerful nerd on the planet." Bernanke will be featured on the cover of the magazine that hits stores Friday. He beat out Jamaican sprinter Usain Bolt, President Obama, Apple CEO Steve Jobs and House Speaker Nancy Pelosi among other finalists. Time said Bernanke was the reason the U.S. financial crisis wasn't worse. "The story of the year was a weak economy that could have been much, much weaker.

The largest growing economic force in the world isn't the China or India -- it's women. The earning power of women globally is expected to reach $18 trillion by 2014 -- a $5 trillion rise for current income, according to World Bank estimates. That is more than twice the estimated 2014 GDP of China and India combined. For companies, the growing economic power of women would seem an obvious market to capture. But according to a global study by the Boston Consulting Group, women feel at best underserved by companies, and at worst ignored.

One of the most revealing moments of President Obama's European tour came early in the trip at the close of the G-20 summit in London, England, where expectations were sky high for the new guy. He had just scored some victories on the financial crisis, while also taking some lumps. And now he had to face the media. Pushed by a reporter on why he couldn't get more done, the president was ready with a comeback about how it was far easier for American and British leaders to get their way at summits in years gone by. "Well, if there's just Roosevelt and Churchill sitting in a room with a brandy, that's a -- that's an easier negotiation," the president said to laughter from reporters.

April 3, 2009 Quick Guide G-20 Summit Wrap - Discover how the G-20 hopes to prevent future financial crises. An Erroneous Email - Explore one university's accidental acceptance of all applicants. Operation Pretty & Polished - Find out how one parent is helping struggling students attend prom. Transcript THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. U.S. PRESIDENT BARACK OBAMA: We've learned the lessons of history.

After firing the CEO of General Motors and putting Chrysler on a path that could lead to bankruptcy, the still-popular President Obama moved from the domestic battlefield to the international one. But the subject is the same, with no relief in sight: the woeful world economy. The president and a staff of hundreds took off this week on Air Force One and backup planes to attend his first international summit, the G-20 meeting in London, England. The eyes of a nervous world are looking to the new American president, as well as the leaders of 18 other countries and the European Union, with some hope that they can get us out of this world financial crisis.

French President Nicolas Sarkozy insisted Wednesday that new financial regulation is a "non-negotiable" aim of the G-20 Summit in London, as world leaders gathered for the event. Sarkozy, who is reportedly considering walking out of the meeting if it fails to live up to his demands, says he wants "major reform of financial regulation" with tax havens and hedge funds first in the firing line. Earlier, U.S. President Barack Obama said world leaders meeting at the G-20 summit "cannot afford half-measures" as they try to hammer out ways to address the global financial crisis.

The world needs a "global New Deal" to haul it out of the economic crisis it faces, Prime Minister Gordon Brown of the United Kingdom said Sunday. "We need a global New Deal -- a grand bargain between the countries and continents of this world -- so that the world economy can not only recover but... so the banking system can be based on... best principles," he said, referring to the 1930s American plan to fight the Great Depression. Brown was speaking as the leaders of Europe's biggest economies met to try to forge a common position on the global financial crisis ahead of a major summit in London in April.

World leaders unveiled a set of sweeping plans Saturday aimed at tackling the ever-expanding economic crisis, which has roiled financial markets worldwide. Following a historic two-day meeting in Washington, presidents and prime ministers from Group of 20 countries managed to find some common ground on both the causes of the crisis and areas that need to be fixed. President Bush, characterized the summit as "very productive" but was quick to point out that much work is ahead.

Madam Speaker, Vice President Cheney, Members of Congress, distinguished guests, and fellow citizens: Seven years have passed since I first stood before you at this rostrum. In that time, our country has been tested in ways none of us could have imagined. We faced hard decisions about peace and war, rising competition in the world economy, and the health and welfare of our citizens. These issues call for vigorous debate, and I think it's fair to say we've answered the call.