Economy

Economy

Treasury takes strong stance on China's yuan

The Obama administration issued a report Tuesday criticizing China for recent drops in the value of its currency and vowing to closely monitor the yuan’s progress and press for further policy changes. 

The Treasury Department called China’s currency "significantly undervalued" but didn’t go as far as to deem China or any other nation a currency manipulator in its semiannual report to Congress.

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Report: Working women boosted economic growth by $1.7T since 1979

A surge of hours worked by women over the past 35 years has boosted household incomes as well as economic growth, a new report showed on Tuesday. 

The economy cranked out about $1.7 trillion more output in 2012, about 11 percent higher than 1979, as women, including mothers, worked more, according to the report released by the Center for American Progress and the Center for Economic and Policy Research.

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GM: Recalls cost $1.3 billion

General Motors said Thursday that its recall of more than two million of its vehicles is expected to cost $1.3 billion. 

The company made the announcement as it said it was adding another fix to its prior recalls of the ignition switch and power steering mechanism of its older models like the Chevrolet Cobalt and Saturn Ion. 

GM has come under fire from lawmakers and regulators for allegedly delaying an issue of the recalls on purpose for cars that are in some cases as old as a decade because it did not want to pay for repairs. 

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