Economy

  • Asia stocks rise amid hopes for central bank help
    N0295361339730934193a 2012-06-15 07:20:42 UTC
    BANGKOK (AP) — Asian stock markets rose Friday as investors waded back into riskier assets amid hopes that central banks in the U.S. and elsewhere were gearing up for action to help their beleaguered economies. Jobs data out of the U.S. Thursday led investors to speculate that the U.S. Federal...

  • US unemployment aid applications rise to 386K
    2de461c9cd6440ccb6d1f0f1b26f4551-d17b06ac7a2343fbbe6063f5d1abba73-2 2012-06-14 16:50:42 UTC
    WASHINGTON (AP) — More Americans sought unemployment aid last week, suggesting hiring remains sluggish. The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week. ...

  • UK government to announce bank reforms
    Banksummary_1995859b 2012-06-14 08:10:27 UTC
    LONDON (AP) — The British government is announcing its proposals for banking reform to prevent the repeat of the crisis which forced taxpayers to bail out two major banks. The Treasury has confirmed that the government will legislate to isolate retail banking from problems which may arise from...

  • Spain bond yields soar after latest downgrade
    Spain_bond_yields_soar_after_latest_downgrade_ 2012-06-14 08:07:04 UTC
    MADRID (AP) — The yield on Spanish 10-year bonds shot up to a record 6.86 percent after a credit ratings agency downgraded the country's debt rating to just one notch above junk status. The interest rate demanded by investors rose 15 basis points after trading started Wednesday. Moody's dow...

  • Merkel firmly behind euro, but will she act?
    1360262_h_200_pd_1_w_300 2012-06-14 07:10:45 UTC
    BERLIN (AP) — Germany's Chancellor Angela Merkel has insisted repeatedly that "if the euro fails, Europe fails." Now the crisis in the 17 countries that use the euro is coming back to the boil, with Spain admitting it needs help to rescue its banks and voters in Greece deciding whether to back...

  • Lower gas prices not enough to lift US economy
    Lower_gas_prices_not_enough_to_lift_us_economy_ 2012-06-13 19:32:07 UTC
    WASHINGTON (AP) — Cheaper gas has yet to cause consumers to spend enough on other goods to boost the slumping economy. Americans barely increased their spending at retail businesses this spring, leading economists to predict slower economic growth in the April-June quarter. But the news fro...

  • US retail sales dropped 0.2 percent in May
    Us_retail_sales_dropped_0.2_percent_in_may_ 2012-06-13 17:43:48 UTC
    WASHINGTON (AP) — Americans barely increased their spending at retail businesses in April and May, constrained by weak job creation and paltry wage increases. A sharp drop in gas prices pulled down overall sales in both months by 0.2 percent, the Commerce Department said Wednesday. But excl...

  • Stocks slip on Wall Street as Italy's rates soar
    Stocks_slip_on_wall_street_as_italy's_rates_soar_ 2012-06-13 17:38:57 UTC
    NEW YORK (AP) — U.S stocks struggled for direction Wednesday, with the debt maelstrom in Europe as an ominous backdrop. The major stock indexes opened lower, then briefly turned positive. Shortly before noon, the Dow Jones industrial average and the Standard & Poor's 500 were down, while the N...

  • JPMorgan CEO says execs may have pay taken back
    Jpmorgan_ceo_says_execs_may_have_pay_taken_back_ 2012-06-13 17:33:24 UTC
    WASHINGTON (AP) — JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company. "It's likely that there will be clawbacks," Dimon told the Senate Banking Committee....

  • UnitedHealth plans to keep overhaul elements
    Health_care_bill_20120406193814_640_480 2012-06-12 06:19:05 UTC
    Insurer UnitedHealth Group Inc. sees some parts of the health care overhaul as sound medicine and plans to keep them even if the law fails to survive an upcoming Supreme Court ruling. The nation's largest health insurer said Monday that it will still cover preventive care like immunizations wi...

  • Spain bank rescue glee morphs into markets rout
    Img_500x280_0906-spain-bank-aid-bankia-flag-rtr32tre 2012-06-12 05:52:28 UTC
    MADRID (AP) — Euphoria over a lifeline of up to €100 billion ($125 billion) to rescue Spain's hurting banks morphed into a financial markets rout in a matter of hours Monday, as investors digested the still-undefined plan and became concerned the country may be unable to repay the new loans. T...

  • Asia stocks fall as Spain, Italy worry investors
    Data 2012-06-12 05:46:43 UTC
    BANGKOK (AP) — Asian stock markets slid Tuesday as enthusiasm for a European plan to rescue Spain's teetering banks turned to skepticism. An offer by the 17 countries that use the euro to loan Spain up to €100 billion ($125 billion) to revive banks crushed by bad real estate loans was initiall...

  • Investors see Spain rescue as only 'temporary fix'
    Spanish-bonds-gi-blog 2012-06-11 19:34:48 UTC
    NEW YORK (AP) — Investors aren't sold on a rescue of Spanish banks. Stocks fell on Wall Street, an early rally faded on European stock exchanges, and borrowing costs for Spain crept higher on the bond market Monday — all expressions of doubt about the latest fix for a debt crisis in Europe. ...

  • Freedom Communications sold to 2100 Trust
    Untitled 2012-06-11 19:26:17 UTC
    LOS ANGELES (AP) — Freedom Communications Inc., the owner of The Orange County Register and six other daily newspapers, is being sold to an investment group that had earlier tried to purchase The Boston Globe. The sale to 2100 Trust LLC represents the last of six pieces of Freedom that have be...

  • Asia stocks, euro rise as Spain banks get lifeline
    Untitled 2012-06-11 07:59:52 UTC
    BANGKOK (AP) — Asian stocks and the euro climbed Monday after Spain sought a lifeline for its ailing banks, easing fears that Europe's debt crisis was about to spin out of control. Spain on Saturday asked finance ministers from the 17 countries that use the euro to rescue its banks, which have...

  • China's exports jump 15.3 percent in May
    Untitled 2012-06-11 06:44:01 UTC
    BEIJING (AP) — China's exports jumped in May from a year earlier, the government said, although the increase is unlikely to be enough to ease pressure on the country's leaders to reverse a sharp economic slump. Export growth climbed a robust 15.3 percent compared to May 2011, up from April's 4...

  • Oil above $86 as Spain gets funds to rescue banks
    Oil 2012-06-11 06:25:08 UTC
    SINGAPORE (AP) — Oil jumped above $86 a barrel Monday in Asia after Europe offered Spain a $125 billion rescue loan for its troubled banks. Benchmark oil for July delivery was up $2.00 to $86.10 per barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The ...

  • Bailout for Spain's banks buys time for Europe
    Untitled 2012-06-10 04:50:59 UTC
    WASHINGTON (AP) — The plan to bail out Spain's banks with up to $125 billion in aid buys European policymakers time to try to save the euro and eases deep fears in global financial markets. The deterioration of Spain's banks and the pressing need for a rescue was threatening to bankrupt its go...

  • Cost to lunch with Warren Buffett: $3.5 million
    Untitled 2012-06-10 03:32:03 UTC
    OMAHA, Neb. (AP) — The cost to dine with investor Warren Buffett has apparently spiked in value, with one deep-pocketed bidder forking over nearly $3.5 million during a charity auction. The annual auction for a private lunch with the Nebraska billionaire closed following a flurry of activity i...

  • Europe bailout of Spain could cost $125 billion
    640x392_30720_219628 2012-06-10 02:45:51 UTC
    MADRID (AP) — Spain became the fourth and largest country Saturday to ask Europe to rescue its failing banks, a bailout of up to €100 billion ($125 billion) that leaders hoped would stabilize a financial crisis that threatens to break apart the 17-country eurozone. The rescue offer follows gro...

  • Fed proposes stricter capital rules for banks
    Untitled_2 2012-06-07 20:20:49 UTC
    WASHINGTON (AP) — The Federal Reserve wants U.S. banks to set aside more money to cushion against unexpected losses, a key step in preventing another financial crisis. The Fed on Thursday proposed rules requiring the nation's largest banks hold at least 6 percent of their assets in capital res...

  • US consumer cut back on credit card use in April
    Untitled 2012-06-07 20:22:06 UTC
    WASHINGTON (AP) — Americans cut back sharply on their credit card purchases in April, a sign that some may be worried about the slowdown in hiring. The Federal Reserve said Thursday that consumers increased borrowing by $6.5 billion in April, just half of the March gain. The gain was driven...

  • Merkel urges gradual political union in Europe
    Untitled 2012-06-07 19:44:11 UTC
    BERLIN (AP) — German Chancellor Angela Merkel has called for Europe to take a gradual path towards political union, frustrating the appeals of many of her colleagues for quick, bold moves to fight the continent's raging financial crisis. After a meeting with British Prime Minister David Camero...

  • Dow leaps 286 points, its biggest day of the year
    Untitled 2012-06-06 23:38:07 UTC
    NEW YORK (AP) — Speculation that governments in the U.S. and Europe will act to help their economies sent stocks surging to their best day this year. Atlanta Federal Reserve President Dennis Lockhart said in a speech that weak job growth over the past two months highlighted the "halting and te...

  • Stocks inch higher as investors await Europe news
    4fce73d654881.image 2012-06-05 23:51:40 UTC
    NEW YORK (AP) — As world leaders searched for a way out of Europe's mounting debt crisis, U.S. investors moved to the sidelines. The major market indexes closed modestly higher, after wavering between slight gains and losses throughout the morning. Trading volume was light and the stock moves ...