Puerto Rico's crisis ... in 2 minutes

Puerto Rico has been dubbed "America's Greece." The island is expected to default on its debt for the first time ever on Monday. If you're just catching up, here's the latest on Puerto Rico's crisis and what you need to know. Last updated August 3 at 12 noon ET.

Greek leader seeks party backing as EU warns on cash deal hopes

Greek Prime Minister Alexis Tsipras called on his fractious Syriza party to rally behind the government on Tuesday as time runs critically short to unlock funding from international lenders and avert a debt default.

South Africa Stocks Rally to Record in Best Week Since January

South African stocks advanced to an all-time high as emerging markets benefit from low global interest rates, which are prompting investors to seek assets deemed as risky for higher returns.

David Cameron warns of looming second global crash

David Cameron has issued a stark message that “red warning lights are flashing on the dashboard of the global economy” in the same way as when the financial crash brought the world to its knees six years ago.

George Osborne faces backlash after branding charities ‘anti-business’

George Osborne has triggered a backlash from charities after he urged companies to defend the economy against their “anti-business views” and those of pressure groups and trade unions.

Fed's George urges halt to bond reinvestment before rate hike

(Reuters) - The Federal Reserve should let its balance sheet begin shrinking before raising interest rates, Kansas City Federal Reserve President Esther George said on Tuesday in remarks that highlight divisions over how to wind down years of crisis response.

Bank of England to stick with low rates even as recovery builds

(Reuters) - The Bank of England looks set to keep interest rates at a record low on Thursday, despite signs that the recovery is picking up more speed and that house prices are surging.

Wages beat inflation as unemployment falls below 7%

Wage growth has finally started to outpace inflation after years of falling real earnings, and unemployment has fallen to its lowest level in five years, figures released on Wednesday show.

Odds narrow on China stimulus as Q1 economy seen weakest in five years

(Reuters) - The odds of Beijing intervening to support the sluggish Chinese economy are narrowing following a slew of data that points to the weakest growth for China since the global financial crisis.

Fed's Kocherlakota blasts new rate guidance

(Reuters) - The Federal Reserve should have promised to keep rates near zero until U.S. unemployment falls below 5.5 percent, as long as inflation and financial stability risks are contained, said the lone dissenter to the Fed's policy decision this week.

Renzi’s Cabinet to Pass Italy Tax Cuts, Job Market Overhaul Plan

Italian Prime Minister Matteo Renzi’s cabinet is poised to pass tax cuts worth as much as 10 billion euros ($14 billion) and approve plans to overhaul the labor market, as he sets out to jump-start the euro area’s third-biggest economy.

G-20 vows to boost world economy by $2 trillion

SYDNEY (AP) - Finance chiefs from the 20 largest economies agreed Sunday to implement policies that will boost world GDP by more than $2 trillion over the coming five years.

Australia jobless rate hits decade high, sinks A$

(Reuters) - Australia's jobless rate unexpectedly jumped to a decade high in January, intensifying concerns about the future of the manufacturing sector as global carmakers prepare to pull out.

Carney Seeks to Maintain Low-Rate Outlook as Economy Gains

Bank of England Governor Mark Carney and his colleagues are debating how they can reflect the strength of the U.K. economy in their forecasts without suggesting that interest rates are about to go up.

Euro zone morale climbs as recovery strengthens

(Reuters) - Optimism in the euro zone about its economic prospects continued to improve in January with a jump in morale in the bloc's two largest economies, Germany and France.

Analysis: Hardest yet to come for France's Hollande on reforms

(Reuters) - French President Francois Hollande has won cautious backing from Berlin, Brussels and financial markets for a centrist reform push that could be his last chance to get the euro zone's second largest economy motoring.

Interest rates 'should stay' at 0.5% says Item Club

Interest rates should be held at 0.5% until squeezed real-term wages begin to grow - to avoid choking the recovery, a leading economic forecaster has said.

A new year of worries about the world economy

As the year that saw the world's strongest economy brought to the precipice of a default comes to a close, many wonder if 2014 promises any more stability.

Greece plays up progress as it takes on delicate EU presidency

(Reuters) - Greece took over the presidency of the European Union on Wednesday and chose the moment to deliver a staunch defense of its efforts to recover from six years of recession and two bailouts that have cost it more than 200 billion euros.

France's Hollande flags need to cut labor costs

(Reuters) - President Francois Hollande said on Friday France needed to cut the high cost of labor in France to bring down stubbornly high unemployment in the euro zone's second-biggest economy.