JAKARTA, Indonesia - June 14, 2011 - The head of the world's largest gold producer, Newmont Mining, is tipping the rapid economic rise of China to push gold to the $2000 an ounce mark in the next five years.

ATHENS, Greece - June 13, 2011 - Greece's recovery plans have suffered another hammer blow after Standard & Poor's cut the country's credit rating because of "a significantly higher likelihood of one or more defaults".

The rating agency reduced the long-term rating on Greek sovereign debt from B to CCC - only four notches above default. It added that in its view the country's credit outlook was "negative".

NEW YORK - June 12, 2011 - A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring, and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.

There’s a one-in-three chance the factors will combine to stunt growth from 2013, Roubini said in a June 11 interview in Singapore. Other possible outcomes are “anemic but OK” global growth or an “optimistic” scenario in which the expansion improves.

BEIJING, China - June 10, 2011 - A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

"In our opinion, the United States has already been defaulting," said Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, according to the Global Times.

SAN FRANCISCO, Kalifornia - June 9, 2011 - Shoppers paid 4% more for a basket of 16 food items at the supermarket in May compared to February, the American Farm Bureau Federation said Thursday in its latest informal survey.

The total average cost of 16 items used to prepare one or more meals was $51.17, up $2.10 from the previous survey, with sirlion tip roast, russet potatoes, sliced deli ham and bacon increasing the most in price.

WASHINGTON (PNN) - June 9, 2011 - Falling home prices have shrunk equity so much that the proportion of their homes that Amerikans actually own is near its lowest point since World War II.

The Federal Reserve says average home equity plunged from more than 61% at the start of 2001 to 38% in the January-March quarter this year. That drop comes as home prices in big metro areas have reached their lowest level since 2002.

NEW YORK (PNN) - June 9, 2011 - The number of Amerikans filing new claims for unemployment aid unexpectedly edged higher last week, stoking fears of a continuing Depression even as a separate report showed record U.S. exports in April.

Initial claims for state jobless benefits increased by 1,000, to 427,000, according to the U.S. Dept. of Labor. However, economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 422,000.