President Barack Obama challenged Congress on Thursday to enact a $447 billion package of tax cuts and new spending to revive a stalled job market but he faces an uphill fight to win over Republicans and restore public faith in his economic stewardship.

China's attempts to cool persistent price increases appear to be taking effect as the pace of inflation slowed in August from a three-year high in July.

The Canadian credit rating agency DBRS, used by the US Federal Reserve and European Central Bank, has issued its first ever opinion on the US, rating it triple A with a stable outlook.

Standard & Poor's lowered credit ratings on debt issued by Fannie Mae, Freddie Mac and other lenders backed by the federal government, citing the US loss of its AAA status, Bloomberg writes.

Bank of America is poised to announce a three-year programme to slash costs by as much as 15 per cent - or $10bn - shedding up to 40,000 jobs in the process.

World financial markets have been thrown into fresh turmoil after the abrupt resignation of Germany's member of the European Central Bank's board exposed the deepening divisions over the bank's handing of the eurozone debt crisis.

Kazakhstan's central bank said on Wednesday it would be buying up the Central Asian nation's entire gold bullion output until at least 2014-15 to ease its exposure to the sagging dollar.

Kazakhstan has blacklisted Morgan Stanley and Goldman Sachs after the controversial restructuring of BTA, which was once the central Asian country's biggest bank.

Yahoo Inc Chairman Roy Bostock fired CEO Carol Bartz over the phone on Tuesday, ending a tumultuous tenure marked by stagnation and a rift with Chinese partner Alibaba.

Almaty, September 06, 2011 - Due to recent volatility on the local market in August, the management of Eurasian Bank has decided to release its August 2011 financial information on the Bank's website www.eubank.kz and to the press. Although the regular plan is only to release information quarterly, semi-annually and annually, releasing interim information is consistent with the Bank's goal of transparency.

Iran's first nuclear power plant has finally begun to provide electricity to the national grid, official media reported on Sunday, a long-delayed milestone in the nuclear ambitions of a country the West fears is covertly try to develop atomic bombs.

When Helge Lund, Statoil chief executive, received a phone call late one Friday afternoon last month, he braced for an unpleasant surprise.

Alan Krueger is nominated to head the Council of Economic Advisers.

After downgrading the U.S., Standard & Poor's gives top grades to subprime deals.

Bank of New York Mellon's (BK.N) Chief Executive Robert Kelly stepped down in a surprise move, because of what the company said was "differences in approach to managing the company."