Recessions and depressions
DETROIT - The leader of the United Auto Workers union has rejected a new level of lower wages for members who make auto parts ahead of contract talks with automakers that start in the summer.
There have been reports that General Motors Co. and Ford Motor Co. may propose a new pay level that is lower than the two existing groups.
WASHINGTON - America's retailers enjoyed a record 2011 and their first $400 billion sales months ever. But the final month of the year was a dud.
Sales eked out a 0.1 per cent increase in December, to a seasonally adjusted $400.6 billion.
It was the second straight month that sales topped $400 billion. Revised government data showed that sales in November also surpassed that level.
MUMBAI, India - A skyscraper building boom in China and India may be a sign of an impending economic correction in two of Asia's largest economies, according to a new report by Barclays Capital.
Barclays has mapped an "unhealthy correlation" between construction of the world's tallest buildings and impending financial crises over the last 140 years.
Today, China is home to half of the world's skyscrapers — defined as buildings over 240 metres tall — currently under construction.