Cyprus bailout relief turns sour on banks concern
2013-03-25 18:13:10 UTC
LONDON (AP) — A relief rally in stock markets in the wake of the Cypriot bailout deal proved short-lived Monday after a top European official warned that a similarly tough strategy should be used across the region.
In the immediate aftermath of the deal between the Mediterranean island nation and international credi...
Cyprus secures bailout, avoids bankruptcy
2013-03-25 04:21:00 UTC
BRUSSELS (AP) — Cyprus secured a 10 billion euro ($13 billion) package of rescue loans in tense, last-ditch negotiations early Monday, saving the country from a banking system collapse and bankruptcy that could have destabilized the entire euro area.
"We've put an end to the uncertainty that has affected Cyprus ...
What happens if Cyprus collapses?
2013-03-23 08:40:04 UTC
PARIS (AP) — What happens if Cyprus' banks collapse? If its government goes broke? If it leaves the euro?
The European Union, the International Monetary Fund, the European Central Bank and the country's leaders are trying to find a deal to secure a 10 billion euro ($13 billion) loan for Cyprus and stave off a failure of its ...
US rate on 30-year mortgage declines to 3.54 pct.
2013-03-21 17:23:43 UTC
WASHINGTON (AP) — Average U.S. rates on fixed mortgages fell this week and remained near historic lows, a trend that has supported a recovery in housing.
Freddie Mac said Thursday that the average rate for the 30-year loan fell to 3.54 percent from 3.63 percent last week. That's near the 3.31 percent reached in Nov...
South Korea: Chinese address source of attack
2013-03-21 04:35:47 UTC
SEOUL, South Korea (AP) — A Chinese Internet address was the source of a cyberattack on one company hit in a massive network shutdown that affected 32,000 computers at six banks and media companies in South Korea, initial findings indicated Thursday.
It's too early to assign blame — Internet addresses can easily be manip...
Japan's Feb trade deficit at $8.1B as exports lag
2013-03-21 04:34:44 UTC
TOKYO (AP) — Japan recorded a trade deficit of 777.5 billion yen ($8.1 billion) in February despite the weaker yen as exports of cars and auto parts slipped while energy-related imports surged nearly 12 percent.
It was the eighth consecutive monthly deficit following a record monthly deficit of 1.63 trillion yen in ...
Asia stocks mixed after Cyprus vote on bailout
2013-03-20 06:28:01 UTC
BANGKOK (AP) — Asian stock markets were mixed Wednesday after Cypriot lawmakers rejected a tax on bank deposits that would have partly funded an emergency bailout to save the Mediterranean country from financial collapse.
The vote in the Cyprus parliament Tuesday rejected a plan cobbled together by international lenders to provide t...
Oil falls as traders eye US data, Europe concerns
2013-03-19 17:42:24 UTC
NEW YORK (AP) — The price of oil fell slightly Tuesday as traders weighed encouraging housing data against the prospect of rising crude supplies in the U.S.
Benchmark oil for April delivery fell 27 cents to $93.84 a barrel on the New York Mercantile Exchange. Brent crude, used to price many kinds of oil imported by U.S. refi...
Stocks falter following Cyprus's bailout plan
2013-03-19 06:18:17 UTC
NEW YORK (AP) — Stocks fell for a second day on Wall Street on concern that a proposed bank bailout for the Mediterranean island nation of Cyprus could cause the euro crisis to flare up again.
The Dow Jones industrial average was down 23 points, or 0.2 percent, to 14,489 as of noon EDT. The Dow fell as much as 110 points in the earl...
Cyprus secures $13 bn bailout from eurozone, IMF
2013-03-16 06:39:02 UTC
BRUSSELS (AP) — Cash-strapped Cyprus secured a €10 billion ($13 billion) bailout package from its European partners and the International Monetary Fund in a bid to prevent the island nation from entering a bankruptcy that could rekindle the region's debt crisis, officials said early Saturday.
In a major departure f...
Pacific trade pact calls for tough Japan reforms
2013-03-15 04:21:23 UTC
TOKYO (AP) — Prime Minister Shinzo Abe is set to announce Japan will join talks on a Pacific trade pact that would oblige the country to undertake major reforms, especially in farming.
The expected announcement later Friday confirming plans to seek participation in the U.S.-led Trans-Pacific Partnership, or TPP, is raising protest...
Software glitch delays 660,000 tax refunds
2013-03-14 20:32:20 UTC
WASHINGTON (AP) — The Internal Revenue Service says 660,000 taxpayers will have their refunds delayed by up to six weeks because of a problem with the software they used to file their tax returns.
The delay affects people claiming education tax credits who filed returns between Feb. 14 and Feb. 22.
H&R Block, the tax prepar...
Dow extends streak to 10, its longest since 1996
2013-03-14 20:27:08 UTC
NEW YORK (AP) — The Dow Jones industrial average has reached another milestone, recording its longest winning streak since 1996.
The index rose for the tenth day in a row Thursday, gaining 83 points to close at 14,539, an increase of 0.6 percent.
It broke through its previous all-time high March 5th and has kept going. The Dow ...
Obama: House GOP budget would cut deeply
2013-03-12 23:30:47 UTC
WASHINGTON (AP) — President Barack Obama is criticizing a proposed House Republican budget, saying it would turn Medicare into a voucher-like program, cut deeply into programs such as Medicaid and increase tax payments by the middle class in order to achieve promised lower tax rates.
Asked in an ABC World News interview Tues...
Markets sluggish after Chinese data dump
2013-03-11 13:27:43 UTC
LONDON (AP) — Markets have started the week sluggishly Monday as investors pause for breath following a dash that's seen the Dow Jones index in the U.S. record a series of all-time highs.
Chinese economic figures over the weekend were largely disappointing and prompted many investors to book some recent gains and take to the...
China's leaders take aim at Railways Ministry
2013-03-10 17:38:39 UTC
BEIJING (AP) — In the annals of Chinese bureaucratic power, the Railways Ministry stood apart. Running everything from one of the world's busiest rail systems to a special police force, the ministry was so pervasive and powerful it resisted government reform efforts for years. Chinese called it "Boss Railway."
On Sunday, the...
US adds 236K jobs, unemployment falls to 7.7 pct.
2013-03-08 20:04:27 UTC
WASHINGTON (AP) — A burst of hiring last month added 236,000 U.S. jobs and reduced the unemployment rate to 7.7 percent from 7.9 percent in January. The robust gains suggested that the economy can strengthen further despite higher taxes and government spending cuts.
The February jobs report issued Friday by the Labor Depart...
Fed says 18 biggest US banks in stronger position
2013-03-07 22:31:06 UTC
WASHINGTON (AP) — The nation's largest banks are more prepared to withstand a severe U.S. recession and a global downturn than at any time since the 2008 financial crisis, the Federal Reserve says.
The Fed's annual "stress tests" showed Thursday that as a group, the 18 banks hold fewer bad loans compared with last year, help...
US household wealth regains pre-recession peak
2013-03-07 22:14:04 UTC
WASHINGTON (AP) — It took 5½ years.
Surging stock prices and steady home-price increases have finally allowed Americans to regain the $16 trillion in wealth they lost to the Great Recession. The gains are helping support the economy and could lead to further spending and growth.
The regained wealth — most of it from stock...
Dow hits record, erasing Great Recession losses
2013-03-06 10:07:16 UTC
NEW YORK (AP) — The stock market is back.
Five and a half years after the start of a frightening drop that erased $11 trillion from stock portfolios and made investors despair of ever getting their money back, the Dow Jones industrial average has regained all the losses suffered during the Great Recession and reached a new h...
US home prices rose by most in nearly 7 years
2013-03-05 19:11:12 UTC
WASHINGTON (AP) — U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season.
Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That's up from an 8.3 percent increase in December and the biggest annual gain si...
Obama to tap Walmart's Burwell for budget chief
2013-03-04 07:24:45 UTC
WASHINGTON (AP) — President Barack Obama on Monday will nominate Walmart's Sylvia Mathews Burwell as his next budget director, a senior administration official said.
If confirmed by the Senate, Burwell would take the helm at the Office of Management and Budget at a time of heated budget battles between the White House and co...
Spending cuts seem here to stay
2013-03-04 07:16:53 UTC
WASHINGTON (AP) — The spending cuts are here to stay if you believe the public posturing Sunday.
The Senate's Republican leader Mitch McConnell called them modest. House Speaker John Boehner isn't sure the cuts will hurt the economy. The White House's top economic adviser, Gene Sperling, said the pain isn't that bad right now....
Jump in factory growth lifts hopes for US economy
2013-03-01 21:58:21 UTC
WASHINGTON (AP) — Busier factories and growing optimism among consumers could help the U.S. economy withstand the drag from government spending cuts and tax increases this year.
Manufacturing grew in February at the fastest pace in 20 months, according to a report Friday from the Institute for Supply Management. And a survey from th...
Gridlock: No budging at the budget-cuts deadline
2013-03-01 21:54:39 UTC
WASHINGTON (AP) — Gridlocked once more, President Barack Obama and Republican congressional leaders refused to budge in their budget standoff Friday as $85 billion in across-the-board spending cuts bore down on individual Americans and the nation's still-recovering economy. "None of this is necessary," said the president after a steril...