US economy appears weaker as retail sales slump
2012-07-16 21:16:07 UTC
WASHINGTON (AP) — The outlook for the U.S. economy appeared dimmer Monday after a report that Americans spent less at retail businesses for a third straight month in June.
The report led some economists to downgrade their estimates for economic growth in the April-June quarter. Many now think ...
Microsoft, NBC dissolve MSNBC.com joint venture
2012-07-16 04:41:19 UTC
SAN FRANCISCO (AP) — Microsoft is pulling out of the joint venture that owned MSNBC.com, freeing the world's largest software maker to build its own online news service.
The breakup announced late Sunday dissolves the final shreds of a 16-year marriage between Microsoft Corp. and NBC News, whi...
Asia stocks muted after China cautions on economy
2012-07-16 02:57:16 UTC
BANGKOK (AP) — Asian stock markets are mixed after China's premier said weakness in the world's second-biggest economy is not yet over.
The weekend comments from Wen Jiabao came after China on Friday reported that quarterly economic growth slipped to a three year low.
Hong Kong's Hang Seng ...
How Penn State can repair its image
2012-07-14 18:21:59 UTC
NEW YORK (AP) — A scathing report accusing Penn State coach Joe Paterno and other top university officials of hiding what they knew about Jerry Sandusky's sexual abuse of children is another crippling blow to a school and football program already reeling from one of the worst scandals in sports h...
NY Fed told of interest rate manipulation in '07
2012-07-14 13:02:19 UTC
WASHINGTON (AP) — The Federal Reserve Bank of New York released documents Friday that show it learned five years ago of big banks understating their borrowing costs to manipulate a key interest rate.
The documents also show Treasury Secretary Timothy Geithner, who was then president of the New...
JPMorgan traders may have sought to conceal losses
2012-07-14 12:57:10 UTC
NEW YORK (AP) — JPMorgan Chase said Friday that its traders may have tried to conceal the losses from a soured bet that has embarrassed the bank and cost it almost $6 billion — far more than its CEO first suggested.
The bank said an internal investigation had uncovered evidence that led execut...
Fewer auto closings reduce US unemployment claims
2012-07-12 22:29:50 UTC
WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits plunged last week. But a big reason is that automakers have skipped some of their usual summer shutdowns to keep up with demand, causing fewer temporary auto layoffs.
Economists expect the number of Americans seeking une...
Democrats block Senate vote on Obama tax plan
2012-07-11 19:55:20 UTC
WASHINGTON (AP) — Democrats blocked a Senate vote Wednesday on President Barack Obama's plan to extend expiring tax cuts for a year for everyone but the highest-earning Americans as the two parties maneuvered to try embarrassing each other on one of the election year's foremost issues.
Asian stocks fall as outlook for earnings dims
2012-07-11 06:11:03 UTC
SINGAPORE (AP) — Asian stock markets fell Wednesday as the global economic slowdown threatens to reduce corporate profits.
Companies start reporting second-quarter results this week and investors were dismayed when chip maker Advanced Micro Devices said Tuesday that weaker sales in China and E...
Euro finance ministers agree on bailout for Spain
2012-07-10 06:49:08 UTC
BRUSSELS (AP) — Euro area finance ministers agreed early Tuesday on the terms of a bailout for Spain's troubled banks, saying that €30 billion ($36.88 billion) can be ready by the end of this month.
The finance ministers for the 17 countries that use the euro as their official currency will re...
Diplomats: Regling will head ESM bailout fund
2012-07-10 00:05:35 UTC
BRUSSELS (AP) — Diplomats say that Klaus Regling, a German economist who currently heads the temporary EU bailout fund, has been chosen to head the European Stability Mechanism — the permanent bailout fund meant to head off instability in the eurozone.
Finance ministers from the 17 countries t...
China inflation falls, giving leeway for stimulus
2012-07-09 11:16:11 UTC
BEIJING (AP) — China's inflation fell to a 29-month low in June, giving Beijing more room to fight a deepening economic slowdown.
Consumer prices rose 2.2 percent over a year earlier, down from May's 3 percent, government data showed Monday. Food costs rose 3.8 percent.
Lower inflation clea...
Obama challenges Romney on China trade
2012-07-07 10:39:09 UTC
WASHINGTON (AP) — President Barack Obama challenged rival Mitt Romney's promise to get tough on China, saying in a new ad released Saturday that Romney "made a fortune" allowing China to take U.S. jobs.
Obama's ad turns again to a report that several businesses backed by Romney's former privat...
US stocks drop after weak June jobs report
2012-07-06 15:37:47 UTC
NEW YORK (AP) — Stocks retreated on Wall Street Friday after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.
The Dow Jones industrial average dropped 157 points to 12,739 a half-hour before noon on Friday. The loss wiped out the...
Consumers asked to pay more for milk to save farms
2012-07-05 08:24:36 UTC
MONTPELIER, Vt. (AP) — Consumers will pay a little more for coffee and chocolate to ensure the farmers who produce those foods get a fair wage, so why not ask them to pay more for milk?
That is the notion behind a program designed to raise money for struggling New England dairy farms while edu...
AP survey: Next president faces high unemployment
2012-07-04 17:35:13 UTC
WASHINGTON (AP) — A majority of economists in the latest Associated Press Economy Survey expect the national unemployment rate to stay above 6 percent — the upper bounds of what's considered healthy — for at least four more years.
If the economists are correct, the job market will still be unh...
Global stocks muted ahead of central bank meetings
2012-07-04 08:51:27 UTC
SINGAPORE (AP) — Global stocks were muted Wednesday in holiday-thinned trade as markets looked to European central bankers for new steps to buoy sluggish economic growth.
Global equities and commodities have rallied so far this week amid growing expectations that policymakers will use fiscal a...
Big US banks submit "living wills" to regulators
2012-07-03 18:25:49 UTC
Nine of the largest U.S. banks have submitted plans to the federal regulators that show how they would break up and sell off their assets if they are in danger of failing.
The Federal Deposit Insurance Corp. released summaries of the "living wills" on Tuesday for Bank of America, Barclays, Cit...
Airbus to build 1st US assembly plant in Alabama
2012-07-02 22:46:09 UTC
MOBILE, Ala. (AP) — European aerospace giant Airbus will start building planes in Mobile, Ala., planting its first factory on U.S. soil and aiming to compete better against archrival Boeing.
Airbus, based in France, said it plans to employ 1,000 people at the plant building its A320s, deliveri...
Asian stocks inch higher on Europe optimism
2012-07-02 06:05:02 UTC
SINGAPORE (AP) — Asian stock markets inched higher Monday amid continued optimism over Europe's moves to ease its debt crisis and economic malaise.
Japan's Nikkei 225 index rose 0.4 percent to 9,037.95 and South Korea's Kospi gained 0.2 percent to 1,857.08. Australia's S&P/ASX 200 index added ...
Stocks rally as Europe unveils debt crisis plans
2012-06-29 16:36:19 UTC
The Dow Jones industrial average jumped more than 200 points, joining a surge in global markets, after European leaders agreed to easier bank bailouts and regional oversight for their troubled financial sector.
Leaders in Brussels unveiled a plan to funnel money to banks directly from a region...
Merkel: no quick solution to crisis
2012-06-27 15:57:11 UTC
BERLIN (AP) — German Chancellor Angela Merkel on Wednesday brushed aside the latest push to pool European debt, arguing that it would be "economically wrong and counterproductive" to make such a move before governments can be made to comply with budget rules.
In the run-up to another European ...
Stocks rise on stronger US housing, factory data
2012-06-27 15:51:39 UTC
U.S. stocks are trading solidly higher at midday after a two pieces of good news about the U.S. economy.
The National Association of Realtors said Wednesday that Americans signed more contracts to buy previously occupied homes in May. It was the latest sign of the housing market's slow recover...
Asian stocks up slightly on improving US home data
2012-06-27 07:26:45 UTC
BANGKOK (AP) — Asian stock markets edged up Wednesday as rising home prices in the U.S. eased jitters over the robustness of the world's No. 1 economy.
A report showing that U.S. home prices rose 1.3 percent in April, indicating an uptick a sector closely tied to the health of the overall econ...
European plan tries to convince Germany to do more
2012-06-26 18:07:30 UTC
BRUSSELS (AP) — Top European officials have called on countries that use the euro to surrender more control over their national budgets, a move apparently aimed at easing Germany's fears of sharing debt burdens with struggling governments like Spain or Italy.
The plan is meant to be a grand vi...