World economy

China struggles to keep economy on track to 'new normal'

   

The slowdown started as a side effect of the Communist Party's plan to steer the world's second-largest economy to a "new normal" of lower, steadier growth. It has turned into a nose dive the party is struggling to reverse.

The party's plans call for keeping economic growth close to 7 percent this year while China shifts from reliance on trade and investment to more self-sustaining growth based on domestic consumption.

US crude closes under $40 a barrel to breach long-time low

Already trading at six-year lows on a prolonged slump, U.S. crude fell $2.21 to finish at $38.24 per barrel. Oil hadn't closed below $40 since February 2009, although it briefly traded below that level on Friday. Monday's closing price was the lowest since Feb. 18, 2009.

Brent crude, a benchmark for international oils used by many U.S. refineries, slipped $2.77 to $42.69 Monday and is at its lowest levels since March 2009.