Key ECB steps to combat Europe's debt crisis
2012-06-05 19:01:32 UTC
Here are some of the key steps the European Central Bank has taken to try to stem Europe's crisis over too much debt in some countries.
CHEAP LOANS TO BANKS: The ECB announced late last year that it would make unlimited loans for a record three years available to the 7,500 banks in the eurozon...
ECB holds off to force politicians' hand in crisis
2012-06-05 18:55:55 UTC
FRANKFURT, Germany (AP) — The European Central Bank has a powerful weapon that just might push political leaders into solving the continent's financial crisis once and for all: withholding further help.
The ECB isn't likely to take any new steps when it meets Wednesday, analysts say, even as a...
Spain offers dour prediction, but US stocks rise
2012-06-05 18:35:57 UTC
NEW YORK (AP) — As U.S. stocks struggled for direction, world finance leaders struggled for a way out of Europe's mounting debt crisis.
Major market indexes ricocheted between slight gains and losses in morning trading, then settled into modest gains by mid-afternoon. European markets were mix...
US factory orders fell 0.6 percent in April
2012-06-04 16:43:36 UTC
WASHINGTON (AP) — Companies placed fewer orders to U.S. factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the economy is weakening.
The Commerce Department said Monday that orders for factory goods fell 0.6 percent in ...
Worries about slowing global economy pressures oil
2012-06-04 16:37:28 UTC
The price of oil moved very little Monday, coming off a week where questions about a global economic slowdown sparked an 8 percent decline.
New signs of weakness in the U.S. economy emerged following Friday's disappointing jobs report. Meanwhile, China's economic growth is slowing and Europe i...
Chinese developer unveils replica Austrian village
2012-06-03 06:40:28 UTC
HUIZHOU, China (AP) — A group of Austrians whose scenic mountain village has been copied down to the statues by a Chinese developer attended Saturday's opening in China for the high-end residential project but were still miffed about how the company did it.
Minmetals Land Inc.'s replica of Hal...
Clinton urges cooperation in resource-rich Arctic
2012-06-03 06:34:16 UTC
TROMSO, Norway (AP) — U.S. Secretary of State Hillary Rodham Clinton on Saturday ventured north of the Arctic Circle and urged international cooperation in a region that could become a new battleground for natural resources.
On her trip to the northern Norwegian city of Tromso, she conveyed th...
Q&A: Hard times for Obama from economic recovery
2012-06-02 18:25:15 UTC
WASHINGTON (AP) — Nothing upsets a president's re-election groove like ugly economic numbers.
A spring slowdown in hiring and a rise in the unemployment rate are weighing on President Barack Obama, while enhancing Republican challenger Mitt Romney's argument that the Democratic incumbent is in...
Oil falls on fresh signs of global slowdown
2012-06-01 19:25:43 UTC
Oil prices plunged as bleak reports on U.S. job growth and manufacturing heightened worries about a slowing global economy.
Benchmark oil fell $3.49 to $83.04 per barrel Friday in New York after earlier dropping to $82.56 per barrel. The 3.7 percent drop adds to a 17 percent decline in May. Br...
For US employers, 'hiring is a function of demand'
2012-06-01 17:42:40 UTC
WASHINGTON (AP) — The U.S. economy suddenly looks a lot weaker.
Only 69,000 jobs were added in May, the fewest in a year, and the unemployment rate rose from 8.1 percent to 8.2 percent.
The dismal jobs data will heighten fears that the economy is sputtering. It also puts President Barack Ob...
US economy appears weaker ahead of jobs report
2012-05-31 21:36:17 UTC
WASHINGTON (AP) — The U.S. economy is looking slightly weaker one day before a critical report on May job growth.
Economic growth was a little slower in the first three months of the year than first estimated, largely because governments and consumers spent less and businesses restocked their ...
Will shoppers' increased spending in May last?
2012-05-31 21:27:54 UTC
NEW YORK (AP) — Americans loosened their purse strings in May, but it may have been a temporary splurge.
Some major retailers such as Target and Macy's on Thursday posted sales increases that beat Wall Street estimates as shoppers were lured in by Mother's Day promotions and colorful new style...
Sell in May and go away: Stocks close dismal month
2012-05-31 21:13:53 UTC
NEW YORK (AP) — They sold in May and went away, all right.
With a disappointing finish on Thursday, the stock market closed what was by some measures its worst month in two years. Over five dismal weeks, Facebook fizzled, a debt crisis in Europe loomed, and nobody was in the mood to buy.
Euro setup is unsustainable, ECB chief warns
2012-05-31 21:03:56 UTC
FRANKFURT, Germany (AP) — The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the current financial crisis.
Mario Draghi said Th...
Computer virus briefly hits Iran's oil industry
2012-05-30 17:46:44 UTC
TEHRAN, Iran (AP) — Iran's key oil industry was briefly affected by the powerful computer virus known as "Flame" that has unprecedented data-snatching capabilities and can eavesdrop on computer users, a senior Iranian military official said Wednesday.
The comment is the first direct link betwe...
Oil headed for biggest drop since 2008
2012-05-30 17:34:57 UTC
NEW YORK (AP) — The price of oil is headed for its biggest monthly decline since December 2008.
Benchmark U.S. crude has dropped nearly 16 percent so far in May on growing expectations that world won't use as much as previously thought this year. The futures contract fell $2.93, or 3.2 percent...
Facebook stock climbs, still down from IPO
2012-05-30 17:28:37 UTC
NEW YORK (AP) — Facebook's stock is getting some relief, inching higher following a steep decline in the wake of its initial public offering.
Shares of Facebook Inc. are up 43 cents to $29.27 in morning trading on Wednesday. That's still down about 23 percent from its IPO price of $38. Faceboo...
EU calls for 'banking union' to ease crisis
2012-05-30 17:20:43 UTC
BRUSSELS (AP) — The European Union's executive office on Wednesday said the 17-country eurozone needs a "banking union" that can centrally oversee and — if needed — bail out the sector, which has become a weak link in the continent's financial system.
Fears that the cost of bank rescues could ...
Stocks plummet as outlook in Europe dims
2012-05-30 17:12:02 UTC
Traders fearful of a rupture in Europe's financial system retreated Wednesday from risky investments. They punished stocks and fled to the safety of U.S. bonds, pushing the yield on the benchmark 10-year Treasury note to a record low.
Major U.S. stock indexes fell more than 1 percent. European...
Obama signs Ex-Im Bank bill into law
2012-05-30 17:08:10 UTC
WASHINGTON (AP) — President Barack Obama has signed legislation that renews the charter of the Export-Import Bank for three years and increases the bank?s lending cap to $140 billion from the current $100 billion. The bank is the government?s vehicle for promoting U.S. export sales.
Consumer confidence in the economy plunged in May
2012-05-29 18:17:01 UTC
NEW YORK (AP) — Here we go again.
Americans confidence in the economy suffered the biggest drop in eight months as worries about the weak jobs, housing and stock markets rattled them again. The decline comes after a few months of optimism amid some positive economic news.
The Conference Boa...
Bank of America, Barclays sell Archstone stake
2012-05-25 21:49:08 UTC
NEW YORK (AP) — Bank of America Corp. and Barclays Bank PLC are selling their stake in the apartment building owner Archstone to Lehman Brothers Holdings Inc.'s bankruptcy estate for $1.58 billion.
The transaction disclosed Friday for the banks' 26.5 percent interest will give Lehman's estate ...
Oil holds near 2012 low
2012-05-25 21:45:32 UTC
NEW YORK (AP) — The price of oil held near the lowest levels of the year on a quiet Friday ahead of the holiday weekend.
Benchmark U.S. crude on Friday added 20 cents to finish the week at $90.86 per barrel in New York while Brent crude rose by 28 cents to end at $106.83 per barrel in London.
Stocks fall on Wall Street as Spanish bank teeters
2012-05-25 21:39:29 UTC
NEW YORK (AP) — Another flare-up in Europe's debt crisis knocked U.S. markets lower Friday. This time, it was more trouble at a major Spanish bank.
Stock indexes were waffling between small gains and losses until news broke in the afternoon that Bankia, a hobbled Spanish lender, asked that cou...
Apple CEO Cook gives up $75M in stock dividends
2012-05-25 21:35:13 UTC
NEW YORK (AP) — Apple CEO Tim Cook is giving up $75 million in dividends on restricted stock that the company is awarding to all of its employees.
In a filing with the Securities and Exchange Commission on Thursday, Apple Inc. said that Cook requested that his restricted stock units not receiv...