Economy

  • Sprint loss widens on Nextel, iPhone lifts sales
    Untitled 2012-04-25 17:49:47 UTC
    NEW YORK (AP) — The iPhone boosted struggling Sprint Nextel Corp. in the latest quarter, letting it beat AT&T and perhaps even Verizon in recruiting high-paying phone subscribers to the Sprint network. Sprint started selling the iPhone in October, after AT&T and Verizon. To get it, it had to p...

  • Caterpillar 1Q profit jumps 29 pct, boosts outlook
    539w 2012-04-25 17:42:37 UTC
    Caterpillar's first-quarter profit jumped 29 percent and it boosted its outlook for the year as U.S. builders replaced old gear and global demand for mining equipment boomed. The company generated $1.59 billion net income, or $2.37 per share, during the quarter. That's up from last year's $1.2...

  • US orders for long-lasting goods plunge in March
    File2tuysy 2012-04-25 17:37:52 UTC
    WASHINGTON (AP) — Orders for long-lasting factory goods fell by the largest amount in three years last month, mostly because demand for commercial aircraft plummeted. But companies also ordered less machinery and other equipment, a sign manufacturing output may slow. Orders for durable goods d...

  • Fed: Economy growing moderately; no policy changes
    539w 2012-04-25 17:24:48 UTC
    WASHINGTON (AP) — The Federal Reserve says the economy is growing moderately while cautioning that risks from Europe remain. It's holding off on taking any further steps to boost the recovery. In a statement after a two-day meeting, the Fed said Wednesday that the job market has improved sligh...

  • Sales of handset arm lifts Sweden's Ericsson in QI
    Default 2012-04-25 07:47:09 UTC
    STOCKHOLM (AP) — LM Ericsson, the world-leading wireless equipment maker in terms of market share, saw its first quarter profits more than double, largely on the back of proceeds made from the sale of its stake in handset maker Sony Ericsson. The Stockholm-headquartered group posted Wednesday ...

  • Poor economy worsens Social Security's finances
    Timothy_geithner 2012-04-23 18:42:41 UTC
    WASHINGTON (AP) — High energy prices and an economy that has been slow to rebound are worsening Social Security's finances, shortening the life of the trust funds that support program by three years, the government said Monday. Those trust funds will now run dry in 2033, according to a report ...

  • Oil little changed, investors weigh global economy
    Oil_prices 2013-01-18 20:16:30 UTC
    NEW YORK (AP) — The price of oil remained at a four-month high Friday after new data showed China's economy rebounded and a global demand forecast rose. Benchmark oil for February delivery rose 7 cents to finish at $95.56 per barrel on the New York Mercantile Exchange, the highest since Se...

  • After 4-month surge, gas prices start falling
    Oil-station 2012-04-21 06:21:56 UTC
    NEW YORK (AP) — The worst appears to be over. Gasoline prices are going down. After a four-month surge pushed gasoline to nearly $4 per gallon in early April, drivers, politicians and economists worried that prices might soar past all-time highs, denting wallets, angering voters and dragging d...

  • IMF moves to calm market fears over European debt
    Picture_2 2012-04-21 20:55:10 UTC
    WASHINGTON (AP) — An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe's prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jit...

  • Internet advertising climbs to $31 billion in 2011
    Internet 2012-04-18 17:04:36 UTC
    (Reuters) - Internet advertising revenue in the United States jumped 22 percent to $31 billion in 2011 setting a record high. The bulk of last year's spend went to search and display advertising, according to a report from the Interactive Advertising Bureau an...

  • IMF inches toward deal on boosting bailout funds
    Untitled 2012-04-17 23:17:55 UTC
    WASHINGTON (Reuters) - The International Monetary Fund appeared to be inching toward a deal on increasing its financial firepower on Tuesday, with Japan, Sweden and Denmark committing a total of $77 billion to help contain the euro zone's debt crisis. The pledges were made ahead of meetings of...

  • Yahoo shows signs of life, Alibaba in the cards again
    Tag-reuters 2012-04-17 23:07:36 UTC
    SAN FRANCISCO (Reuters) - Yahoo Inc reported an uptick in revenue that marked its first quarterly sales growth in three years, as new Chief Executive Scott Thompson spearheads the latest attempt to revamp the struggling Web company. Thompson told analysts on a conference call that Yahoo was on...

  • Analysis: Marine insurance: the stranglehold on Iran?
    1328070844076979500 2012-04-17 08:07:37 UTC
    HONG KONG/TOKYO (Reuters) - Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran's nuclear program. A European Union oil embargo on Iran, set to take effect in July, prohibits EU insurers from c...

  • Japan vows $60 billion to boost IMF firepower
    Untitled 2012-04-17 05:50:19 UTC
    TOKYO (Reuters) - Japan said on Tuesday it will provide $60 billion in loans to the International Monetary Fund, becoming the first non-European nation to commit money to boost the fund's financial firepower to contain the euro zone debt crisis. Finance Minister Jun Azumi said Japan hoped Toky...

  • World Bank picks health expert Kim as president
    Kim 2012-04-17 00:33:07 UTC
    WASHINGTON (Reuters) - The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington's grip on the job and leaving developing countries frustrated with the selection process. Kim, a physician and anthropologist who makes for a somew...

  • China stocks czar faces battle to win back investor trust
    Untitled 2012-04-15 20:56:02 UTC
    SHANGHAI (Reuters) - In little over six months as China's top securities watchdog, Guo Shuqing has let loose a flurry of reforms targeting insider trading, market manipulation and dodgy disclosure that have hamstrung China's stock markets even as its economy surges. But China's more than 72 mi...

  • U.S. politics clash with reality over China currency
    China 2012-04-13 22:39:50 UTC
    WASHINGTON (Reuters) - The United States was keeping a wary eye on North Korea after the reclusive state's unsuccessful launch of a long-range rocket, and President Barack Obama said on Friday that Pyongyang faced further isolation if it kept defying the international community. The White Hous...

  • Colombia's Ocampo withdraws from World Bank challenge
    Untitled 2012-04-13 22:07:04 UTC
    WASHINGTON (Reuters) - Former Colombian finance minister Jose Antonio Ocampo said Friday he was withdrawing his candidacy for World Bank president to allow developing nations to rally behind a single nominee to challenge the United States for the job. Ocampo said Nigerian Finance Minister Ngoz...

  • GM Uzbekistan 22 per cent decrease in car sales in Russia
    C150ce81f128 2012-04-13 17:18:37 UTC
    GM Uzbekistan JV sold 14,092 cars in Russia in January-March 2012, or 22.4 per cent less compared to the same period of 2011, the Automobile Manufacturers Committee of the Association of European Businesses said on Wednesday. In particular, 8441 Nexia cars (a 21.9 per cent decline compared to ...

  • Ocampo to withdraw from World Bank race:sources
    World_bank 2012-04-13 16:25:25 UTC
    WASHINGTON/BRASILIA (Reuters) - Former Colombian finance minister Jose Antonio Ocampo is set to withdraw his nomination for the World Bank presidency on Friday in an agreement among emerging and developing countries to coalesce around one nominee, three sources said. Nigerian Finance Minister ...

  • Big banks face $638 billion shortfall on new rules
    Basel_3 2012-04-12 17:04:33 UTC
    LONDON/ZURICH (Reuters) - The world's biggest banks would have needed to find more than $600 billion if tough new capital rules to be phased in from 2013 had been in place last year. The Basel Committee of global regulators said if the new rules, known as Basel III, had been in force at the mi...

  • Roche Q1 sales solid as Illumina bid battle rages
    Images 2012-04-12 16:19:40 UTC
    ZURICH (Reuters) - Swiss drugmaker Roche said it would have to rethink its tactics if shareholders of reluctant U.S. bid target Illumina did not back its approach as it reported strong first-quarter pharmaceutical sales helped by top cancer drugs. Genetics specialist Illumina has rejected Roch...

  • Stronger demand in Europe boosts global PC demand
    Pc 2012-04-11 22:15:18 UTC
    (Reuters) - Global PC shipments increased in the first quarter of 2012 as demand in Europe, Middle East and Africa was stronger than forecast on the back of robust demand by business, according to the research firm Gartner. The results exceeded Gartner's earlier projections of a 1.2 percent de...

  • Algeria's frosty business climate may thaw
    Screen_shot_2012-04-11_at_10.09.56_am 2012-04-11 17:09:37 UTC
    ALGIERS (Reuters) - After a three-year campaign against one of its biggest foreign investors chilled Algeria's business climate, the country is sending out tentative signals that it may be ready for a thaw. A period of aggressive economic nationalism, symbolized by the state's drive to take co...

  • Treasury bond prices drop as investors take profits
    6a00d8341c630a53ef0153929503bd970b-600wi 2012-04-11 16:39:51 UTC
    NEW YORK (Reuters) - Treasury debt prices fell on Wednesday as investors took profits on the previous day's gains and worked to cheapen prices ahead of a debt sale later in the afternoon. Investors were also taking cues from weaker European debt prices, while strength in U.S. stocks undermined...