THE RESET: Gov't slowing economic and job growth
2013-02-01 19:22:08 UTC
President Barack Obama declared last June that "the private sector is doing fine." And President Ronald Reagan liked to tell audiences, "Government is not the solution to our problem, government is the problem." Two major economic reports this week seem to lend some new weight to both provocative assertions.
The government c...
US consumer spending up slight 0.2 percent
2013-01-31 18:17:49 UTC
WASHINGTON (AP) — U.S. consumers increased their spending in December at a slower pace, while their income grew by the largest amount in eight years. Income surged because companies rushed to pay dividends before income taxes increased on high-earners.
The Commerce Department said Thursday that consumer spending rose 0.2 perce...
US economy shifted into reverse in late 2012
2013-01-31 00:45:02 UTC
WASHINGTON (AP) — The U.S. economy shrank unexpectedly late last year, a reminder of the biggest threat it faces in 2013: sharp government spending cuts and prolonged political budget fights.
A plunge in defense spending helped push the economy into negative territory for the first time since mid-2009. The contraction in the...
New brand costs dent H&M's Q4 profits
2013-01-30 09:24:38 UTC
STOCKHOLM (AP) — Fashion retailer Hennes & Mauritz AB blamed higher costs developing a new brand and the effects of a stronger Swedish krona for a 1 percent fall in fourth-quarter profits.
The decline broke a three-quarter streak of rising earnings for H&M, which specializes in offering trendy fashion lines at low prices.
US consumer confidence plunges on higher taxes
2013-01-29 18:55:47 UTC
WASHINGTON (AP) — U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.
The Conference Board said Tuesday that its consumer confidence index dropped 8.1 points in January from December to a reading of 58.6, the...
AP Interview: CERN chief firmer on 'God particle'
2013-01-27 08:05:26 UTC
DAVOS, Switzerland (AP) — The world should know with certainty by the middle of this year whether a subatomic particle discovered by scientists is a long-sought Higgs boson, the head of the world's largest atom smasher said Saturday.
Rolf Heuer, director of the European Organization for Nuclear Research, or CERN, said he is ...
S&P closes above 1,500 for 1st time since 2007
2013-01-26 07:43:44 UTC
NEW YORK (AP) — Passing another milestone on the nation's long journey back from the Great Recession, the Standard and Poor's 500 index closed above 1,500 for the first time in more than five years Friday after a wave of good earnings reports.
It took scores of incremental gains, several stalled rallies and a few sickening f...
Cameron: I don't want a country called Europe
2013-01-25 08:35:23 UTC
DAVOS, Switzerland (AP) — British Prime Minister David Cameron wants nothing to do with a United States of Europe, an idea that's gaining currency as the countries that use the euro struggle to fix their debt crisis.
But what if it's a choice between a single country called Europe or a splintered continent? Cameron is determ...
Asia stocks gain as China manufacturing improves
2013-01-24 05:47:13 UTC
BANGKOK (AP) — Asian stock markets were mostly higher Thursday, supported by Congress averting a U.S. government default and a pickup in China's manufacturing in January.
HSBC Bank said its China manufacturing index rose to a two-year high of 51.9 in January from 51.5 in December. A reading above 50 indicates expansion on a...
AP IMPACT: Recession, tech kill middle-class jobs
2013-01-23 07:09:19 UTC
Publishable Editors Notes:
EDITOR'S NOTE: First in a three-part series on the loss of middle-class jobs in the wake of the Great Recession, and the role of technology.
NEW YORK (AP) — Five years after the start of the Great Recession, the toll is terrifyingly clear: Millions of middle-class jobs have been lost in develo...
Microsoft may invest in Dell buyout
2013-01-22 20:48:08 UTC
NEW YORK (AP) — Microsoft has joined the negotiations to buy struggling computer maker Dell, according to media reports.
Both CNBC and The Wall Street Journal reported that Microsoft Corp. may invest some of the money needed to take Dell Inc. private after 25 years as a publicly traded company. Tuesday's stories cited unidentified...
Public trust in government, business leaders falls
2013-01-21 10:44:17 UTC
FRANKFURT, Germany (AP) — A survey shows that public trust in business, government and media leaders has fallen in the wake of financial and political scandals.
The 2013 edition of the Trust Barometer from U.S.-based public relations firm Edelman shows people increasingly regard experts such as academics or even their peers as m...
World stocks tentative amid US debt impasse
2013-01-21 09:30:01 UTC
BANGKOK (AP) — World stock markets made limited gains Monday amid a holiday in the U.S. and nervousness over whether political leaders in Washington will be able to reach a deal on the government's debt limit.
Congress must agree to raise the limit on how much debt the U.S. can have by the end of February otherwise the country risks...
Death toll climbs past 80 in siege in the Sahara
2013-01-21 10:12:44 UTC
ALGIERS, Algeria (AP) — The death toll from the terrorist siege at a natural gas plant in the Sahara climbed past 80 on Sunday as Algerian forces searching the refinery for explosives found dozens more bodies, many so badly disfigured it was unclear whether they were hostages or militants, a security official said.
Surge in home construction likely to continue
2013-01-18 09:19:58 UTC
WASHINGTON (AP) — The aftermath of the housing bust forced many homebuilders to dramatically scale back construction on new homes to avoid the risk of ending up saddled with a trove of newly built, yet unsold properties.
But an improving housing market has homebuilders feeling more confident about sales, and that's likely to k...
Jamie Dimon will get a pay cut after trading loss
2013-01-16 19:10:36 UTC
NEW YORK (AP) — JPMorgan Chase's Chief Executive Jamie Dimon will get his pay cut by half because of a trading loss that cost the bank more than $6 billion last year and drew sanctions from federal regulators.
The bank, the country's biggest by assets, said it would cut Dimon's pay to $11.5 million for 2012, consisting of $1.5 milli...
Cost-cut talk is long on emotion, short on details
2013-01-15 10:05:07 UTC
WASHINGTON (AP) — In the heated talk about deep spending cuts that will dominate Congress in the coming weeks, one thing is likely to be in short supply: details.
The reason is simple. Americans embrace the general, abstract idea of reducing federal spending. Their support quickly fades, however, when specific programs are t...
UPS $6.9 billion TNT Express takeover falls apart
2013-01-14 09:42:11 UTC
AMSTERDAM (AP) — United Parcel Service Inc. has ditched its €5.2 billion ($6.9 billion) takeover of TNT Express NV after learning that European regulators would reject the deal in its current form.
Though TNT will receive a €200 million ($265.5 million) break fee, it faces an uncertain future on its own. Its shares plummeted...
Samsung sells 100 million Galaxy S smartphones
2013-01-14 09:59:07 UTC
SEOUL, South Korea (AP) — Samsung Electronics Co. said Monday that global sales of its Galaxy S smartphones surpassed 100 million units since the first model in the series was released less than three years ago.
Samsung said it has sold more than 25 million Galaxy S smartphones, 40 million Galaxy S II smartphones and 41 million Gala...
Ford, others step up hiring to meet demand
2013-01-11 11:29:05 UTC
DETROIT (AP) — Ford says it plans to hire 2,200 engineers, computer programmers and other white-collar workers this year as U.S. demand for new vehicles picks up.
That's in addition to the 8,100 salaried and hourly jobs Ford added in the U.S. last year as it increased production and introduced new cars. U.S. car and truck sales ro...
China trade rebounds in sign of economic recovery
2013-01-10 09:06:11 UTC
BEIJING (AP) — China's trade growth has rebounded strongly in a positive sign for the recovery of the world's second-largest economy.
Data on Thursday showed export growth in December more than doubled from the previous month to 14 percent. Imports rose 6 percent, up from November's lack of growth, in a sign of increasing domestic d...
Unemployment risks creating new divide in Europe
2013-01-08 18:20:42 UTC
BRUSSELS (AP) — Record unemployment and fraying social welfare systems in southern Europe risk creating a new divide in the continent, the EU warned Tuesday, when figures showed joblessness across the 17 EU countries that use the euro hit a new high.
Eurozone unemployment rose to 11.8 percent in November, the highest since t...
Lampert faces tough road as Sears CEO
2013-01-08 18:10:42 UTC
NEW YORK (AP) — Shares of Sears Holdings fell Tuesday, a day after the retailer announced that chairman and hedge fund billionaire Edward Lampert will take over the role of CEO.
The investor queasiness came even as the Hoffman Estates, Ill.-based company offered an update on holiday sales that showed some improvements at its...
Stocks edge higher as retailers rally
2013-01-15 22:12:40 UTC
NEW YORK (AP) — Stocks edged higher on Wall Street after a rally in retail stocks offset concerns about flaring tensions in Washington over increasing the country's borrowing limit.
The Dow Jones industrial average ended the day up 27.57 points at 13,534.89. The Dow moved higher in the late afternoon after being down as much...
10 banks agree to pay $8.5B for foreclosure abuse
2013-01-07 17:36:03 UTC
WASHINGTON (AP) — Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay billions to homeowners to ...