Spain's Bankia to ask for $24BN state aid
2012-05-25 21:21:52 UTC
MADRID (AP) — The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($23.8 billion) in financial support.
Jose Ignacio Goirigolzarri, the bank's president, said late Friday that the bailout would "reinforced the solvency, liquidity and solidi...
Morgan Stanley may refund some Facebook investors
2012-05-25 01:31:26 UTC
NEW YORK (AP) — Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate retail investors who overpaid when they bought Facebook's stock in Friday's IPO, according to a source familiar with the matter.
The person said the firm is reviewing orders...
Weekly US jobless aid applications dip to 370,000
2012-05-24 20:51:37 UTC
WASHINGTON (AP) — The number of people seeking unemployment benefits changed little last week, signaling modest job growth.
The Labor Department said Thursday that weekly applications for benefits dipped by 2,000 to a seasonally adjusted 370,000.
Applications have leveled off this month aft...
EU running out of time as Greece nears the exit
2012-05-25 01:30:53 UTC
ATHENS, Greece (AP) — European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone, but until after elections it's uncertain whether it can implement the austerity that E...
Stock indexes drift lower as Europe fears loom
2012-05-24 20:52:25 UTC
NEW YORK (AP) — The Dow Jones industrial average and other stock indexes drifted lower Thursday after a meeting of European leaders failed to deliver any new steps to ease the region's debt crisis.
The Dow dropped 54 points to 12,443 shortly before 3 p.m. Eastern. Fears that Europe's troubles ...
US bank earnings rose this winter to 5-year high
2012-05-24 20:51:06 UTC
WASHINGTON (AP) — U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years and the number of troubled banks fell for the fourth straight quarter.
The mostly positive first-quarter earnings released Thursday illustrate how far the banking industry ...
US sales of new homes rose 3.3 percent in April
2012-05-23 19:00:26 UTC
WASHINGTON (AP) — Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover.
New-home sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,000, the Commerce Department said Wednesday. Sales r...
SAP to buy Ariba for $4.5B, extending cloud push
2012-05-23 04:56:06 UTC
NEW YORK (AP) — Business software maker SAP AG on Tuesday said it will buy Ariba Inc., which makes Web-based software that connects suppliers and buyers online, for about $4.51 billion.
The deal continues Germany-based SAP's rivalry with database maker Oracle Corp. Both companies are buying up...
Regulators probe bank's role in Facebook IPO
2012-05-23 04:41:24 UTC
WASHINGTON (AP) — Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading.
Market breaks losing streak, with China's help
2012-05-22 00:53:56 UTC
NEW YORK (AP) — Forget Facebook. This is still Apple's stock market.
Apple — the world's most valuable company — climbed nearly 6 percent on Monday, helping propel major U.S. stock indexes to gains after a week of losses. The Standard & Poor's 500, where Apple accounts for 4 percent of the ind...
Stock market breaks losing streak; Facebook falls
2012-05-21 19:41:01 UTC
NEW YORK (AP) — After three weeks of dumping stocks, investors finally found something to be hopeful about.
Major U.S. indexes climbed Monday after falling every day last week. Investors latched on to weekend statements from China's Premier Wen Jiabao, who promised to boost the country's consu...
Yahoo to sell half of its Alibaba stake for $7.1B
2012-05-21 19:34:19 UTC
HONG KONG (AP) — Struggling Internet company Yahoo Inc. has secured a lifeline after agreeing to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion, with most of the cash going to shareholders.
The deal, announced Sunday in the U.S., calls for Alibaba Grou...
Where are Facebook's friends? Stock down after IPO
2012-05-21 18:53:35 UTC
NEW YORK (AP) — Facebook's stock is tumbling well below its $38 IPO price in the social network's second day of trading as a public company on Monday.
By early afternoon, the stock was at $34.04, down 11 percent from Friday's closing price of $38.23.
Investors and technology industry watche...
APNewsBreak: 22 states join campaign finance fight
2012-05-20 23:08:59 UTC
HELENA, Mont. (AP) — Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending.
The states led by New York are asking the hi...
Europe faces difficult search for growth
2012-05-20 22:58:23 UTC
WASHINGTON (AP) — On paper at least, European leaders agree: They need stronger growth measures to help their economies expand out of their 2½-year-old government debt crisis. Figuring out exactly what those new steps might be will be the hard part.
Under urging from U.S. President Barack Obam...
Stocks fall on Europe worries; Facebook debuts
2012-05-19 17:46:14 UTC
It's going to take more than Facebook's initial public offering to push the stock market higher.
Facebook shares rose 23 cents above their $38 offering price. It seemed like everything else fell.
The Dow Jones industrial average has been in a slump over the past two weeks as traders saw an ...
Electric car network gets first test in Israel
2012-05-19 17:41:56 UTC
ROSH HAAYIN, Israel (AP) — Israeli entrepreneur Shai Agassi has begun rolling out the world's first nationwide electric car network. Now, will the drivers come?
After more than $400 million in outlays and months behind schedule, dozens of electric cars have hit the road in Israel, the test sit...
Fire risk prompts recall of nearly 87,000 Jeeps
2012-05-19 17:35:23 UTC
DETROIT (AP) — Chrysler is recalling nearly 87,000 Jeep Wranglers in the U.S., Canada and elsewhere due to a risk of fires.
The recall affects only Wranglers from the 2010 model year that have automatic transmissions and were built before July 14, 2010, the National Highway Traffic Safety Admi...
Google gets China OK for Motorola deal
2012-05-19 17:33:51 UTC
NEW YORK (AP) — Google says authorities in China have approved its acquisition of Motorola Mobility. This brings the Internet search giant closer to completing its biggest deal ever.
Google Inc. is buying the mobile phone maker for $12.5 billion. The deal was announced last August and had rece...
Greek politics, Spain banks test eurozone survival
2012-05-18 17:50:09 UTC
MADRID (AP) — Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no respite in sight, as Germany's finance minister predic...
Wal-Mart's 1Q profit up 10.1 percent
2012-05-17 22:13:33 UTC
NEW YORK (AP) — Wal-Mart may have gotten its groove back, but an alleged bribery scheme threatens to curtail its progress.
As Wal-Mart reported first-quarter profit on Thursday that beat Wall Street estimates, the world's largest retailer also disclosed that it is expanding an internal probe i...
Oil hovers below $93 after sharp 2-week sell-off
2012-05-18 05:41:51 UTC
SINGAPORE (AP) — Oil prices hovered below $93 a barrel Friday in Asia, pausing after the latest twists in Europe's debt crisis triggered a sharp two-week selloff.
Benchmark oil for June delivery was up 4 cents to $92.60 a barrel at midday Singapore time in electronic trading on the New York Me...
Oil rises above $93 as traders mull Europe turmoil
2012-05-17 03:53:39 UTC
SINGAPORE (AP) — Oil prices hovered near $93 a barrel Thursday in Asia as traders mulled whether concern over Europe's debt crisis justifies extending a sharp sell-off during the last two weeks.
Benchmark oil for June delivery was up 26 cents to $93.07 a barrel at late morning Singapore time i...
Companies ask: Does advertising on Facebook pay?
2012-05-17 01:43:33 UTC
NEW YORK (AP) — Responding to extraordinary demand, Facebook said Wednesday that it would sell more stock in the company's initial public offering. But ahead of the IPO, a debate emerged between two of the nation's largest automakers: Does it pay to advertise on the social network?
Price of oil still falling as supplies grow
2012-05-16 23:48:33 UTC
NEW YORK (AP) — The price of oil continues to decline on the expectation that world markets will be flush with extra supplies this year.
Benchmark U.S. crude on Wednesday fell by $1.17 to finish at a seven-month low of $92.81 per barrel in New York. Oil is down nearly 13 percent since the begi...