Headline

  • For US employers, 'hiring is a function of demand'
    Nybz120_1487101e 2012-06-01 17:42:40 UTC
    WASHINGTON (AP) — The U.S. economy suddenly looks a lot weaker. Only 69,000 jobs were added in May, the fewest in a year, and the unemployment rate rose from 8.1 percent to 8.2 percent. The dismal jobs data will heighten fears that the economy is sputtering. It also puts President Barack Ob...

  • Euro setup is unsustainable, ECB chief warns
    16133282 2012-05-31 21:03:56 UTC
    FRANKFURT, Germany (AP) — The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the current financial crisis. Mario Draghi said Th...

  • Obama signs Ex-Im Bank bill into law
    Untitled 2012-05-30 17:08:10 UTC
    WASHINGTON (AP) — President Barack Obama has signed legislation that renews the charter of the Export-Import Bank for three years and increases the bank?s lending cap to $140 billion from the current $100 billion. The bank is the government?s vehicle for promoting U.S. export sales. Obama says...

  • Asia stocks fall as Spain woes intensify
    086e1_69380217 2012-05-30 08:01:28 UTC
    BANGKOK (AP) — Investors unnerved by Spain's worsening financial condition and a report that China has no plans for a major economic stimulus dragged Asian stock markets lower Wednesday. Worries about Europe's financial stability worsened after a ratings agency slapped Spain with a downgrade T...

  • Consumer confidence in the economy plunged in May
    Untitled 2012-05-29 18:17:01 UTC
    NEW YORK (AP) — Here we go again. Americans confidence in the economy suffered the biggest drop in eight months as worries about the weak jobs, housing and stock markets rattled them again. The decline comes after a few months of optimism amid some positive economic news. The Conference Boa...

  • Spain's Bankia to ask for $24BN state aid
    Untitled 2012-05-25 21:21:52 UTC
    MADRID (AP) — The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($23.8 billion) in financial support. Jose Ignacio Goirigolzarri, the bank's president, said late Friday that the bailout would "reinforced the solvency, liquidity and solidi...

  • Morgan Stanley may refund some Facebook investors
    Untitled 2012-05-25 01:31:26 UTC
    NEW YORK (AP) — Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate retail investors who overpaid when they bought Facebook's stock in Friday's IPO, according to a source familiar with the matter. The person said the firm is reviewing orders...

  • EU running out of time as Greece nears the exit
    Untitled 2012-05-25 01:30:53 UTC
    ATHENS, Greece (AP) — European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone, but until after elections it's uncertain whether it can implement the austerity that E...

  • US bank earnings rose this winter to 5-year high
    111003_money_cash_bills_1 2012-05-24 20:51:06 UTC
    WASHINGTON (AP) — U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years and the number of troubled banks fell for the fourth straight quarter. The mostly positive first-quarter earnings released Thursday illustrate how far the banking industry ...

  • US sales of new homes rose 3.3 percent in April
    Untitled 2012-05-23 19:00:26 UTC
    WASHINGTON (AP) — Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover. New-home sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,000, the Commerce Department said Wednesday. Sales r...

  • Regulators probe bank's role in Facebook IPO
    Facebook-ipo-stocks-001-640x480 2012-05-23 04:41:24 UTC
    WASHINGTON (AP) — Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading. Rick Ketchum,...

  • Market breaks losing streak, with China's help
    11058327-large 2012-05-22 00:53:56 UTC
    NEW YORK (AP) — Forget Facebook. This is still Apple's stock market. Apple — the world's most valuable company — climbed nearly 6 percent on Monday, helping propel major U.S. stock indexes to gains after a week of losses. The Standard & Poor's 500, where Apple accounts for 4 percent of the ind...

  • Where are Facebook's friends? Stock down after IPO
    0521-mark-zuckerberg-facebook-1 2012-05-21 18:53:35 UTC
    NEW YORK (AP) — Facebook's stock is tumbling well below its $38 IPO price in the social network's second day of trading as a public company on Monday. By early afternoon, the stock was at $34.04, down 11 percent from Friday's closing price of $38.23. Investors and technology industry watche...

  • Europe faces difficult search for growth
    Cam_2217277b 2012-05-20 22:58:23 UTC
    WASHINGTON (AP) — On paper at least, European leaders agree: They need stronger growth measures to help their economies expand out of their 2½-year-old government debt crisis. Figuring out exactly what those new steps might be will be the hard part. Under urging from U.S. President Barack Obam...

  • Electric car network gets first test in Israel
    Electric_cars_t653 2012-05-19 17:41:56 UTC
    ROSH HAAYIN, Israel (AP) — Israeli entrepreneur Shai Agassi has begun rolling out the world's first nationwide electric car network. Now, will the drivers come? After more than $400 million in outlays and months behind schedule, dozens of electric cars have hit the road in Israel, the test sit...

  • US stocks edge lower on Europe worries
    Stock-prices-fall-on-the-asx-data 2012-05-18 18:25:09 UTC
    It's going to take more than Facebook's initial public offering to push the stock market higher. U.S. stock indexes were flat-to-down slightly in early afternoon trading Friday. Facebook made its Wall Street debut, fashionably late, after a computer glitch. Facebook shares were supposed to sta...

  • Greek politics, Spain banks test eurozone survival
    Images 2012-05-18 17:50:09 UTC
    MADRID (AP) — Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no respite in sight, as Germany's finance minister predic...

  • Oil hovers below $93 after sharp 2-week sell-off
    6638166.bin 2012-05-18 05:41:51 UTC
    SINGAPORE (AP) — Oil prices hovered below $93 a barrel Friday in Asia, pausing after the latest twists in Europe's debt crisis triggered a sharp two-week selloff. Benchmark oil for June delivery was up 4 cents to $92.60 a barrel at midday Singapore time in electronic trading on the New York Me...

  • Stocks fall on Europe, worrisome economic reports
    Untitled 2012-05-17 17:57:19 UTC
    NEW YORK (AP) — Stocks slipped Thursday after a couple of downbeat economic reports from the U.S. and unease over Europe overshadowed positive earnings from the largest American retailer and an encouraging jobs report. The Dow Jones industrial average was down 64 points at 12,534 shortly after...

  • Cannes live pictures: P Diddy jets 50 friends to France
    Bildschirmfoto_2012-05-17_um_16.21.03 2012-05-17 17:52:26 UTC
    US hip-hop legend P Diddy has arranged for 50 of his friends to be flown to the 65th Cannes Film Festival. The glitzy annual movie event kicked off last night, with the premiere of Wes Anderson's movie Moonrise Kingdom. Diddy has moved into film recently and enjoys attending the prestigious...

  • Oil rises above $93 as traders mull Europe turmoil
    Untitled 2012-05-17 03:53:39 UTC
    SINGAPORE (AP) — Oil prices hovered near $93 a barrel Thursday in Asia as traders mulled whether concern over Europe's debt crisis justifies extending a sharp sell-off during the last two weeks. Benchmark oil for June delivery was up 26 cents to $93.07 a barrel at late morning Singapore time i...

  • Price of oil still falling as supplies grow
    11031058-large 2012-05-16 23:48:33 UTC
    NEW YORK (AP) — The price of oil continues to decline on the expectation that world markets will be flush with extra supplies this year. Benchmark U.S. crude on Wednesday fell by $1.17 to finish at a seven-month low of $92.81 per barrel in New York. Oil is down nearly 13 percent since the begi...

  • Asia stocks fall amid political turmoil in Greece
    Untitled 2012-05-16 03:59:34 UTC
    BANGKOK (AP) — Asian stocks fell Wednesday after a failure by Greece's political leaders to form a coalition government set the stage for new elections next month, keeping Europe's debt crisis centerstage. Japan's Nikkei 225 index dropped 0.8 percent to 8,831.04 as investors remained focused o...

  • Dimon survives votes on pay, chairmanship
    Dc039cd8065944d4813a78259b111c63-e5ed10e8efc14bf9b56a670fc4d2452e-3 2012-05-15 19:45:05 UTC
    TAMPA, Fla. (AP) — The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank. CEO Jamie Dimon also won a shareholder endorsement of his pay package from last year, which t...

  • Euro minsters plead with Greece to stay the course
    Eu's_juncker_on_brexit_talks_-_we_have_made_the_breakthrough_we_needed 2012-05-14 19:28:05 UTC
    BRUSSELS (AP) — Leading European Union finance officials have pleaded with Greece not to renege on its bailout terms and to stay the course of its painful austerity program to prevent even worse economic hardship. Greeks fed up with the painful austerity measures gave support to anti-bailout p...