Global markets slip as Fed-driven euphoria fades
2012-09-17 11:37:32 UTC
LONDON (AP) — Global stock markets were muted Monday as the boost faded from the Federal Reserve's announcement last week of new measures to energize the U.S. economy.
Signs that European governments will take longer than expected to agree the details and set up their banking supervisor also weighed on sentiment.
In early Europ...
India central bank cuts cash reserve ratio
2012-09-17 11:06:48 UTC
NEW DELHI (AP) — India's central bank Monday cut the cash reserve ratio as it tries to kick-start flagging growth and welcomed government efforts to open Asia's third-largest economy to more foreign investment.
The Reserve Bank of India said the share of deposits that banks must keep with it as reserves was cut by a quarter percen...
Spanish rail and subway transport hit by strikes
2012-09-17 11:01:28 UTC
MADRID (AP) — Hundreds of Spanish train services have been canceled, resulting in traffic jams on roads into Madrid and Barcelona, as rail and subway workers staged strikes to protest wage cuts and reforms.
State rail company RENFE said Monday it had canceled some 300 high-speed and intercity trains. It said minimum services agree...
Federal judge hands Samsung setback against Apple
2012-09-15 22:05:39 UTC
NEW YORK (AP) — In a preliminary move, a federal judge has denied Samsung's request for a ban on imports of the iPhone, iPad and iPod.
It's another setback for Samsung in a globe-spanning legal battle, where each company is accusing the other of violating its patents.
A judge at the International Trade Commission in Washington ru...
Dow average dumps Kraft Foods for UnitedHealth
2012-09-14 18:17:06 UTC
NEW YORK (AP) — The Dow Jones industrial average is dumping Cool Whip for copays.
The Dow, perhaps the most widely known barometer of the U.S. stock market, announced Friday that it would boot Kraft Foods to make room for UnitedHealth Group, the insurance company.
The change takes effect Sept. 24. S&P Dow Jones Indices, which man...
Fed to spend $40B a month on bond purchases
2012-09-13 19:17:02 UTC
WASHINGTON (AP) — The Federal Reserve unleashed a series of bold and open-ended steps Thursday to stimulate the economy by making it cheaper for consumers and businesses to borrow and spend.
The Fed said it will spend $40 billion a month to buy mortgage bonds for as long as it deems necessary to make home buying more affordable. It ...
As Fed ends meeting, many expect bold action
2012-09-13 04:20:08 UTC
WASHINGTON (AP) — The Federal Reserve ends a two-day meeting Thursday with expectations high for some new action to jolt the lackluster U.S. economy.
Many investors hope the Fed will take the bold step of launching a third bond-buying program. The goal would be to try to lower long-term interest rates and spur borrowing and spending...
New iPhone with taller screen out next week
2012-09-12 19:10:11 UTC
SAN FRANCISCO (AP) — Apple is holding an event in San Francisco during which it announced a new iPhone, capable of faster data speeds and sporting a taller screen. It also unveiled new iTunes software and new iPod devices.
The iPhone 5 will go on sale next week. It will work with fourth-generation, or 4G, cellular networks, somethin...
Spain PM's bailout comments spur market wariness
2012-09-11 17:54:42 UTC
MADRID (AP) — Investors reacted warily Tuesday to comments by Spain's prime minister that he won't accept certain conditions in return for a European Central Bank proposal to buy Spanish government bonds.
In his first televised interview since being elected last November, Mariano Rajoy warned Monday night that there are "certain red...
Philips to cut 2,200 more jobs by 2014
2012-09-11 08:32:47 UTC
AMSTERDAM (AP) — Royal Philips Electronics NV, the largest maker of lights, said Tuesday it plans to cut another 2,200 jobs by 2014 to save €300 million ($383 million) a year.
The company had already planned 4,500 cuts for 2011-2014. The company employed 122,000 at the end of 2011.
Philips Chief Executive Officer Frans van Houten...
Silicon Valley isn't sharing Facebook's misery
2012-09-10 19:20:15 UTC
MENLO PARK, Calif. (AP) — Silicon Valley, it turns out, doesn't revolve around the stock prices of Facebook and its playful sidekick, Zynga.
By most indications, tech companies in this hub of innovation are humming along, even as two of its rising stars endure steep declines in their stock prices that have wiped out more than $60 bi...
Asia stocks nearly flat ahead of Fed meeting
2012-09-10 06:42:22 UTC
BANGKOK (AP) — Asian stock markets ran into resistance Monday, ahead of a meeting by Federal Reserve policy makers who are expected to announce new plans to stimulate a sluggish U.S. economy in response to a disappointing jobs report.
The U.S. government reported Friday that 96,000 jobs were created in the U.S. last month, fewer tha...
China factory output weakest in 3 years in August
2012-09-09 17:38:45 UTC
BEIJING (AP) — Growth in China's factory production slowed to a three-year low in August, suggesting Beijing might need to launch more stimulus efforts to reverse a painful slowdown in the world's second-largest economy.
Inflation climbed to 2 percent as food prices rose, and further increases could complicate efforts by the governm...
Pacific Rim leaders vow freer trade to buoy growth
2012-09-08 12:33:51 UTC
VLADIVOSTOK, Russia (AP) — China will ensure steady and robust growth by boosting domestic demand and rebalancing its economy to help counter the obstacles hindering a global recovery, President Hu Jintao pledged Saturday to Asia-Pacific leaders gathered for a regional summit.
Asia remains the brightest spot in the global economy bu...
Unemployment rate dips
2012-09-07 21:33:05 UTC
WASHINGTON (AP) — U.S. employers added 96,000 jobs in August, a tepid figure that points to the economy's persistent weakness and slowing prospects for the unemployed.
The unemployment rate fell to 8.1 percent from 8.3 percent in July. But that was only because more people gave up looking for jobs. People out of work are counted as ...
US jobs outlook improves as campaign heats up
2012-09-06 22:07:50 UTC
WASHINGTON (AP) — The jobs outlook in the U.S. brightened a bit Thursday just before President Barack Obama was to make his case for re-election to the American people.
Fewer people applied for unemployment benefits last week, the government reported. And companies boosted hiring in August, according to a private survey.
A far mo...
ECB unveils bond-buying program to fight crisis
2012-09-06 17:42:25 UTC
FRANKFURT, Germany (AP) — The European Central Bank unveiled its most ambitious plan yet to halt Europe's financial crisis on Thursday with a pledge to buy unlimited amounts of the government bonds of countries struggling to manage their debts.
Large-scale purchases of short-term government bonds would drive up their price and push ...
US productivity grew at 2.2 pct. rate in spring
2012-09-05 17:50:32 UTC
WASHINGTON (AP) — U.S. companies got more output from their workers this spring than initially thought. Productivity rose at a modest 2.2 percent annual rate in the April-June quarter, largely because employers cut back sharply on hiring.
Most economists expect productivity will slow later this year, a trend that could boost hiring....
Pickups drive US auto sales in August
2012-09-04 20:32:38 UTC
DETROIT (AP) — Strong pickup demand fueled a big jump in U.S. auto sales last month.
GM's August U.S. sales rose 10 percent compared with a year earlier, while Ford's rose 13 percent and Chrysler's 14 percent.
Most automakers reported strong gains as Americans flowed into dealer showrooms, drawn by model-year closeouts, low-inter...
Toys R Us waives fee for layaway program
2012-09-04 08:11:07 UTC
WAYNE, N.J. (AP) — Toys R Us is making it easier for shoppers to use its layaway program ahead of the crucial holiday season, waiving its service fee and minimum purchase requirement beginning Tuesday.
As brick-and-mortar stores face increasingly tough competition from online retailers, chains like Toys R Us, Wal-Mart, Sears and oth...
Spain sees $125 billion as enough for banks
2012-09-03 17:12:42 UTC
MADRID (AP) — Spain's ailing banks won't likely need to tap all the €100 billion ($125.7 billion) that's been made available by the country's euro partners, Economy Minister Luis de Guindos said Monday.
In a further indication that Spain's economic problems are not as acute as some in the markets have been fearing, De Guindos also i...
Bernanke: With unemployment high, Fed can do more
2012-08-31 18:18:14 UTC
JACKSON HOLE, Wyo. (AP) — Chairman Ben Bernanke made clear Friday that the Federal Reserve will do more to boost the economy because of high U.S. unemployment and an economic recovery that remains "far from satisfactory."
He also argued that the Fed's moves so far to keep interest rates at record lows and encourage borrowing and spe...
Retailers report strong gains for August
2012-08-30 12:25:38 UTC
NEW YORK (AP) — Retailers are reporting strong sales gains for August despite escalating worries about an anemic economic recovery.
As merchants released their sales figures Thursday, Target Corp., Costco Wholesale Corp. and Limited Brands Inc. all reported results that beat Wall Street estimates. Among the stragglers was teen merch...
US economy grew at 1.7 percent rate in 2nd quarter
2012-08-29 16:35:57 UTC
WASHINGTON (AP) — The U.S. economy grew at a tepid 1.7 percent annual rate in the April-June quarter, suggesting growth will stay weak in the second half of the year.
Slightly stronger consumer spending and greater exports were the main reasons the Commerce Department reported Wednesday that growth was better than its initial estima...
Ford breaks ground on new plant in eastern China
2012-08-29 10:01:39 UTC
HANGZHOU, China (AP) — Ford Motor Co. is developing a lower-priced small car for the Chinese market but has no plans to start a separate, cheaper brand in China as rivals General Motors and Volkswagen have.
Ford executives discussed their plans during a three-day tour that ended Wednesday at the groundbreaking of a new assembly plan...