Company vows continued search near burned Gulf rig
2012-11-18 08:59:05 UTC
NEW ORLEANS (AP) — The company that owns an oil platform that caught fire in the Gulf of Mexico has vowed to continue searching for a second missing worker after a body was recovered in the waters near the site.
The remains of the unidentified person were found Saturday night by divers hired b...
As eurozone economy shrinks, gov't debt loads grow
2012-11-17 19:29:59 UTC
FRANKFURT, Germany (AP) — Europe's government-debt crisis is no longer panicking financial markets. But it won't end until the region's economy starts growing strongly again.
And that will be a while.
The economy of the 17 countries that use the euro has shrunk for two straight quarters — a...
BP agrees to pay $4.5B; 3 employees charged
2012-11-16 10:06:43 UTC
NEW ORLEANS (AP) — A day of reckoning arrived for BP on Thursday as the oil giant agreed to plead guilty to a raft of charges in the deadly Gulf of Mexico spill and pay a record $4.5 billion, including the biggest criminal fine in U.S. history. Three BP employees were also charged, two of them wi...
US AG sets news conference on BP spill settlement
2012-11-15 17:18:27 UTC
NEW ORLEANS (AP) — U.S. Attorney General Eric Holder will speak in New Orleans about the government's $4.5 billion settlement with BP over the massive 2010 oil spill in the Gulf of Mexico.
The Department of Justice said Holder and top U.S. officials will hold a news conference at 1:00 p.m. CST...
Obama pressing business and labor on fiscal cliff
2012-11-14 20:58:59 UTC
WASHINGTON (AP) — In a challenge to Republicans, President Barack Obama urged Congress on Wednesday to extend expiring tax cuts immediately for all but the highest income earners as a way to eliminate half of the so-called fiscal cliff that threatens to send the economy back into recession.
Best Buy CEO outlines turnaround plans
2012-11-13 22:56:22 UTC
NEW YORK (AP) — Best Buy's new CEO said Tuesday that its time for the struggling electronics chain to try to embrace one of its biggest problems, "showrooming" — when customers check out electronics at its stores and then buy them cheaper online.
Ten weeks into the job, CEO Hubert Joly and oth...
Oil falls as IEA predicts demand growth will slow
2012-11-13 22:13:51 UTC
NEW YORK (AP) — The price of oil fell slightly Tuesday after the International Energy Agency predicted demand will grow at a slower pace into next year because of the sluggish global economy.
Benchmark oil dropped 19 cents to end at $85.38 per barrel in New York. Brent crude, which is used to ...
After 3 bumpy years, Europe turns corner on crisis
2012-11-09 19:05:59 UTC
FRANKFURT, Germany (AP) — The worst of Europe's financial crisis appears to be over.
European leaders have taken steps to ease the panic that has plagued the region for three turbulent years. Financial markets are no longer in a state of emergency over Europe's high government debts and weak b...
World stocks mixed as US faces fiscal crunch
2012-11-08 09:15:12 UTC
BANGKOK (AP) — Asian stock markets tumbled Thursday after a ratings agency threatened to downgrade the U.S. if a solution to the so-called fiscal cliff isn't found. But markets elsewhere turned positive following sharp losses the day before.
European shares were higher in early trading. Britai...
World stocks rise after Obama wins re-election
2012-11-07 09:15:35 UTC
BANGKOK (AP) — World stock markets rose Wednesday after President Barack Obama won a fiercely contested race for re-election, allowing him to refocus his attention on issues other than the campaign.
Stock markets had been in a state of suspended animation throughout the week as investors waite...
Where will housing be found for Sandy's victims?
2012-11-06 05:42:04 UTC
NEW YORK (AP) — Government leaders are turning their attention to the next crisis unfolding in the aftermath of Superstorm Sandy: finding housing for potentially tens of thousands of people left homeless.
The Federal Emergency Management Agency said it has already dispensed close to $200 milli...
Electricity explains why some have gas, some don't
2012-11-04 17:14:07 UTC
NEW YORK (AP) — It's a question that's rankled and bewildered many in the Northeast: Why do some areas struck by Superstorm Sandy have plenty of gasoline and others still don't?
It turns out we need electricity to drive. Even if we're driving cars that run on gasoline. And many areas still hav...
US stocks higher after historic 2-day close
2012-10-31 17:43:36 UTC
NEW YORK (AP) — Wall Street is back in business.
Traffic is snarled, streets are flooded, subways are out of commission and power is out in many parts of New York City, but the stock exchange at 11 Wall Street opened trading without hitch Wednesday after an historic two-day shutdown, courtesy ...
Merkel challenger earned $1.6 million for lectures
2012-10-30 14:02:44 UTC
BERLIN (AP) — German Chancellor Angela Merkel's center-left rival in next year's election issued a bold challenge Tuesday to her government — going well beyond legal requirements to state that he earned €1.25 million ($1.6 million) over three years giving lectures.
The move by Peer Steinbrueck...
All US exchanges shut down before Hurricane Sandy
2012-10-29 10:42:08 UTC
NEW YORK (AP) — All major U.S. stock exchanges will remain closed with Hurricane Sandy due to make landfall on the East Coast.
There had been plans to allow electronic trading to go forward Monday on the New York Stock Exchange, but with all mass transit shut down, getting people in and out o...
Layoffs, perks, labor costs trap French govt
2012-10-29 08:48:57 UTC
PARIS (AP) — The 35-hour work week? Untouchable. The social safety net? Untrimmable.
So how on earth can France's Socialist government keep its promise to make the country, and Europe, more competitive in the global marketplace? Slowly and carefully, President Francois Hollande says.
Microsoft CEO hails imminent release of Windows 8
2012-10-25 20:40:01 UTC
NEW YORK (AP) — Microsoft CEO Steve Ballmer celebrated the imminent release of the company's Windows operating system after two years of work.
Windows 8 is the most dramatic overhaul of the personal computer market's dominant operating system in 17 years.
Microsoft Corp. redesigned it so it...
US may soon become world's top oil producer
2012-10-24 03:27:47 UTC
NEW YORK (AP) — U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer.
Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an avera...
Facebook 3Q results show mobile ad growth
2012-10-24 03:02:28 UTC
NEW YORK (AP) — Facebook finally has proof that it can make money from mobile advertising.
As part of Tuesday's third-quarter results, the world's biggest social media company disclosed for the first time that some 14 percent of its ad revenue came from mobile advertising. It started showing a...
Yahoo CEO starts reign with encouraging 3Q report
2012-10-23 07:37:01 UTC
SAN FRANCISCO (AP) — Yahoo CEO Marissa Mayer turned in an encouraging report card covering her first few months running the troubled Internet company.
The third-quarter results announced Monday weren't astounding, but they were better than analysts anticipated. Most importantly, Yahoo's net re...
Why Greg Smith left Goldman Sachs
2012-10-22 15:31:53 UTC
Greg Smith wrote the essay that echoed across Wall Street like a thunderclap.
Smith was a vice president at Goldman Sachs until March. He announced his departure from the investment bank with a blistering Op-Ed in The New York Times, accusing Goldman of routinely deceiving clients and ...
China shows signs economic recovery taking shape
2012-10-18 08:13:49 UTC
BEIJING (AP) — China's worst slump since the global financial crisis leveled out in the latest quarter and retail sales picked up in a sign an economic rebound is taking shape, adding to hopes for a global recovery.
The world's second-largest economy grew 7.4 percent from the year before in th...
In a surprise, Pandit steps down as Citigroup CEO
2012-10-17 00:56:10 UTC
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director.
The move shocked Wall Street, and Citigroup offered no explanation. There had been no hint of the departure Mond...
Expect small '13 Social Security benefit increase
2012-10-15 10:37:36 UTC
WASHINGTON (AP) — Social Security recipients shouldn't expect a big increase in monthly benefits come January.
Preliminary figures show the annual benefit boost will be between 1 percent and 2 percent, which would be among the lowest since automatic adjustments were adopted in 1975. Monthly be...
Dems in coal states diverge on Obama policies
2012-10-13 04:25:18 UTC
ST. CLAIRSVILLE, Ohio (AP) — Friends of coal are certain they know the enemy.
They fault President Barack Obama and his Environmental Protection Agency for new clean air rules they deride as a devastating blow to a multibillion-dollar industry that has been the lifeblood of Appalachia for gene...