Consumer confidence slipped in June
2012-06-27 08:47:58 UTC
NEW YORK (AP) — Americans can't seem to shake their uneasy feeling about the economy.
Consumer confidence fell in June for the fourth straight month as worries about jobs and the overall economy outweighed relief at the gas pump and an improvement in the housing market, according to a private ...
Asian stocks up slightly on improving US home data
2012-06-27 07:26:45 UTC
BANGKOK (AP) — Asian stock markets edged up Wednesday as rising home prices in the U.S. eased jitters over the robustness of the world's No. 1 economy.
A report showing that U.S. home prices rose 1.3 percent in April, indicating an uptick a sector closely tied to the health of the overall econ...
European plan tries to convince Germany to do more
2012-06-26 18:07:30 UTC
BRUSSELS (AP) — Top European officials have called on countries that use the euro to surrender more control over their national budgets, a move apparently aimed at easing Germany's fears of sharing debt burdens with struggling governments like Spain or Italy.
The plan is meant to be a grand vi...
Asia stocks down after Spain asks for bank bailout
2012-06-26 06:20:50 UTC
BANGKOK (AP) — Asian stock markets fell Tuesday, a day after Spain formally requested help to rescue its ailing banks and investors lost hope that an upcoming summit of European leaders would yield meaningful results.
Investors already worried about an economic slowdown in the U.S. and China w...
Moody's cuts debt ratings of 28 Spanish banks
2012-06-26 06:16:04 UTC
Spain's battered banks have taken another hit, this time in the form of a sweeping downgrade by Moody's.
The rating agency said that it is cutting its views on the debt issued by 28 Spanish banks, including international heavyweights Banco Santander and Banco Bilbao Vizcaya Argentaria.
Oil falls to below $79 amid EU summit doubts
2012-06-26 06:12:24 UTC
SINGAPORE (AP) — Oil fell slightly to below $79 a barrel Tuesday in Asia, taking its cue from weak global stock markets as hopes fade an EU summit will fix Europe's debt and economic problems.
Benchmark oil for August delivery was down 30 cents at $78.91 a barrel in electronic trading on the N...
Spain asks for bank rescue
2012-06-26 05:44:12 UTC
MADRID (AP) — Spain has made a formal request for a loan to help clean up its troubled banking sector, the Economy Ministry said Monday.
However, the country has yet to specify how much of the €100 billion ($125.39 billion) loan package offered by the 17 countries that use the euro it will ask...
US new-home sales rose at fastest pace in 2 years
2012-06-25 20:47:19 UTC
WASHINGTON (AP) — Americans bought new homes in May at the fastest pace in more than two years. The increase suggests a modest recovery is continuing in the U.S. housing market, despite weaker job growth.
The Commerce Department said Monday that sales of new homes increased 7.6 percent in May ...
Stocks head lower as Spain seeks help for banks
2012-06-25 20:43:15 UTC
NEW YORK (AP) — Europe's latest efforts to quell its financial crisis left investors exasperated, causing steep losses in stock markets on both sides of the Atlantic.
The Dow Jones industrial average dropped 138 points to close Monday at 12,503. That's a loss of 1.1 percent. The Standard & Poo...
Greece faces more woes: Finance minister resigns
2012-06-25 20:41:03 UTC
ATHENS, Greece (AP) — The banker who was chosen to be Greece's next finance minister resigned for health reasons Monday three days after he was rushed to the hospital, while the country's prime minister was confined to his home, recovering from serious eye surgery.
Greece's debt woes took a ba...
Survey: US gas prices drop 15 cents over 2 weeks
2012-06-24 20:04:49 UTC
CAMARILLO, Calif. (AP) — The average U.S. price of a gallon of gasoline has dropped 15 cents over the past two weeks.
That's according to the Lundberg Survey of fuel prices, released Sunday, which puts the price of a gallon of regular at $3.48.
Midgrade costs an average of $3.65 a gallon, a...
Royal Bank of Scotland protests downgrade
2012-06-24 10:10:10 UTC
LONDON (AP) — Royal Bank of Scotland, one of four big British banks to be downgraded by Moody's Investors Service, complained Friday that the rating is "backward-looking."
Part-nationalized RBS was downgraded Thursday along with HSBC, Barclays and Lloyds Banking Group as well as other banks li...
Bank downgrades could hurt loans, credit cards
2012-06-23 18:15:18 UTC
NEW YORK (AP) — When a major bank's credit rating is cut, it deals a psychological blow — to customers, the public and financial markets.
So Thursday's downgrading of 15 of the world's largest banks is almost sure to cause wide concern. Most deposits are perfectly safe, but the downgrades coul...
Negotiators closing in on student loan deal
2012-06-23 18:09:27 UTC
WASHINGTON (AP) — Congressional bargainers appeared to be closing in on a compromise that would head off a July 1 doubling of interest rates on federal loans to 7.4 million college students and end an election-year battle between President Barack Obama and Congress.
Senate aides from both part...
Greek outlines issues it wants renegotiated
2012-06-23 18:03:21 UTC
ATHENS, Greece (AP) — Greece's new coalition government said Saturday it will seek to repeal some taxes, halt layoffs and extend by two years the deadlines for tough austerity measures imposed under its international bailout agreement.
The policy statement issued by the three-party coalition c...
EU countries divided on financial transaction tax
2012-06-22 16:32:45 UTC
LUXEMBOURG (AP) — A plan for European Union countries to tax financial transactions and use the proceeds to fund future bank bailouts ran aground on Friday, with just nine out of 27 countries ready to support it, raising the prospect the tax will be implemented in the end only by a subset of EU c...
Oil near $78 amid global economic growth worries
2012-06-22 16:21:55 UTC
Oil prices made small gains above $78 a barrel Friday but remained near eight-month lows after signs of slowing global economic growth triggered a sharp plunge this week.
By early afternoon in Europe, benchmark oil for August delivery was up 33 cents at $78.53 a barrel in electronic trading on...
Feds probe engine stalling in Chrysler 200
2012-06-22 16:14:39 UTC
DETROIT (AP) — Federal safety regulators are investigating complaints about engine stalling in some Chrysler 200 midsize sedans.
The probe includes about 87,000 of the cars from the 2011 model year that have 3.6-liter V-6 engines.
The National Highway Traffic Safety Administration says that...
Feds probe Ford Explorer power steering problems
2012-06-22 16:10:16 UTC
DETROIT (AP) — Federal safety regulators are investigating complaints that the power steering can fail on 2011 Ford Explorer SUVs.
Fifteen drivers have complained that the popular Explorer can suddenly lose its power steering assist, making it harder to steer the SUVs.
The problem could aff...
European leaders push for $163 bln in measures
2012-06-22 16:02:19 UTC
ROME (AP) — The leaders of France, Germany, Italy and Spain have agreed to push for a €130 billion ($163 billion) growth package at a key European Union summit next week.
Italian Premier Mario Monti told a news conference after the four-way summit that the leaders recognize that steps taken so...
Stocks plunge after weak manufacturing reports
2012-06-21 19:55:37 UTC
NEW YORK (AP) — A quiet start on Wall Street quickly turned into a rout Thursday as the bad news piled up.
Commodity prices slumped in early trading after a report said manufacturing in China fell this month. Then, around 10 a.m., the Philadelphia branch of the Federal Reserve reported a sharp...
Survey: Asia's millionaires outnumber NAmerica's
2012-06-20 06:42:23 UTC
HONG KONG (AP) — Asia's millionaires outnumbered North America's for the first time last year even as the world's wealthy saw their fortunes decline amid turbulent financial markets, a new survey says.
The Asia-Pacific region was home to 3.37 million high net-worth individuals, who are defined...
US stocks meander as European debt crisis festers
2012-06-18 20:31:59 UTC
Crisis-weary investors scoffed Monday at what had appeared to be a hopeful turn in the European debt crisis: a victory for pro-Europe parties in a Greek election. U.S. stocks were little changed, and borrowing costs for Spain surged to alarming levels.
Investors appeared fed up with policy mak...
Europe's relief from Greek vote likely fleeting
2012-06-18 19:33:38 UTC
ATHENS, Greece (AP) — Greece's election result has eased fears of imminent financial disaster for Europe, but the continent's leaders are still searching for a way to contain a debt crisis that threatens the global economy.
A narrow victory for the New Democracy party in Greece means that the ...
European leaders discuss continent's debt crisis
2012-06-15 18:31:29 UTC
LONDON (AP) — British Prime Minister David Cameron's office says European leaders have held a video conference on the continent's worsening debt crisis.
Cameron's office said Friday that German Chancellor Angela Merkel, French President Francois Hollande, Italian Prime Minister Mario Monti, Sp...