US consumer spending slowed in March, income rose
2012-04-30 20:11:08 UTC
WASHINGTON (AP) — Americans increased their spending more slowly in March, suggesting some are worried that their paychecks aren't growing fast enough.
The Commerce Department said Monday that consumer spending increased just 0.3 percent last month after a 0.9 percent gain in February.
Tech exec gets 22 years prison for $30M fraud
2012-04-30 19:02:22 UTC
SAN FRANCISCO (AP) — A former high-tech executive convicted of defrauding investors of at least $30 million on Monday was given one of the harshest sentences meted out in a white-collar criminal case.
A federal judge in San Francisco sentenced Samuel "Mouli" Cohen to 22 years in prison. Judge ...
Asia stocks rise on hopes of new Fed stimulus move
2012-04-30 05:13:57 UTC
BANGKOK (AP) — Asian stock markets rose Monday in holiday-thinned trade as sluggish U.S. growth figures boosted hopes for more measures from the Federal Reserve to help the world's No. 1 economy.
South Korea's Kospi added 0.2 percent to 1,980.27 amid improving business sentiment among manufact...
UK's Cameron: No pact with Murdoch over takeover
2012-04-29 18:43:37 UTC
LONDON (AP) — Prime Minister David Cameron acknowledged Sunday that he wooed Rupert Murdoch as he attempted to win power in Britain, but insisted he never struck a tit-for-tat deal to support the media mogul's business dealings in return for favorable coverage.
Ties between Cameron's governmen...
US raises hope of sale of new fighters to Taiwan
2012-04-28 04:33:50 UTC
TAIPEI, Taiwan (AP) — The administration of President Barack Obama is raising the possibility that it could sell new jet fighter aircraft to Taiwan to help redress the island's air power deficit with China.
If the move goes through, it would infuriate Beijing, which claims the democratic islan...
A weaker first quarter doesn't mean a weak year
2012-04-27 19:39:44 UTC
WASHINGTON (AP) — The U.S. economy grew more slowly in the first three months of this year. Governments spent less, and businesses cut back on investment. But consumers spent at the fastest pace in more than a year.
The result suggests that the economy will continue to expand, slowly but stead...
Daimler Q1 net rises 20 percent, Mercedes slips
2012-04-27 06:13:47 UTC
FRANKFURT, Germany (AP) — Automaker Daimler AG says net profit rose 20 percent to €1.42 billion ($1.88 billion) in the first quarter despite a slip in earnings at its key Mercedes luxury car business.
Revenues rose 9 percent to €27.01 billion.
Divisional earnings slipped 3 percent at the Me...
Chrysler posts best quarterly profit in 13 years
2012-04-26 20:42:48 UTC
DETROIT (AP) — Chrysler had its best quarterly profit in 13 years. Not bad for a company that almost died three years ago.
The company earned $473 million in the first quarter, mainly from strong U.S. sales, which rose 39 percent from January through March. Customers snapped up Ram pickups, Je...
Gasoline prices continue to creep lower
2012-04-26 20:16:08 UTC
NEW YORK (AP) — Retail gasoline prices continued their surprising spring slide Thursday, dropping a penny to $3.83 per gallon.
It's the 10th straight day of declines for the national average retail price. Pump prices are 4 cents lower than they were last year at this time.
Retail gasoline p...
Murdoch: Hacking scandal changed my entire company
2012-04-26 20:20:00 UTC
LONDON (AP) — Rupert Murdoch used his testimony before a U.K. inquiry on Thursday to portray himself as the victim, not perpetrator, of a cover-up over phone hacking — a bold claim unlikely to be accepted by those suing his company for invading their privacy.
The 81-year-old media magnate apol...
Fed: Economy growing moderately; no policy changes
2012-04-25 17:24:48 UTC
WASHINGTON (AP) — The Federal Reserve says the economy is growing moderately while cautioning that risks from Europe remain. It's holding off on taking any further steps to boost the recovery.
In a statement after a two-day meeting, the Fed said Wednesday that the job market has improved sligh...
Sales of handset arm lifts Sweden's Ericsson in QI
2012-04-25 07:47:09 UTC
STOCKHOLM (AP) — LM Ericsson, the world-leading wireless equipment maker in terms of market share, saw its first quarter profits more than double, largely on the back of proceeds made from the sale of its stake in handset maker Sony Ericsson.
The Stockholm-headquartered group posted Wednesday ...
Germany's Merkel defends budget discipline drive
2012-04-24 15:55:21 UTC
BERLIN (AP) — Germany defended its pro-austerity stance on Tuesday, with Chancellor Angela Merkel and two ministers pressing for Europe to stick with a policy of fiscal discipline in spite of the latest bout of political uncertainty.
Financial markets in the 17 countries that use the euro were...
China's dream of electric car leadership elusive
2012-04-24 07:37:35 UTC
BEIJING (AP) — China's leaders are finding it's a lot tougher to create a world-beating electric car industry than they hoped.
In 2009, they announced bold plans to cash in on demand for clean vehicles by making China a global power in electric car manufacturing. They pledged billions of dolla...
Poor economy worsens Social Security's finances
2012-04-23 18:42:41 UTC
WASHINGTON (AP) — High energy prices and an economy that has been slow to rebound are worsening Social Security's finances, shortening the life of the trust funds that support program by three years, the government said Monday.
Those trust funds will now run dry in 2033, according to a report ...
US stocks slide on economic tremors from Europe
2012-04-23 14:09:55 UTC
NEW YORK (AP) — Stocks are opening sharply lower with new worries about Europe's health.
Reports out of Europe Monday showed government debt continues to pile up despite severe budget cuts that have led to unrest across the continent.
The Dow Jones industrial average is down 126 points to 1...
Asian stocks fall as European problems simmer
2012-04-23 05:12:04 UTC
BANGKOK (AP) — Asian stocks fell Monday after budget talks in the Netherlands collapsed over the weekend and a Socialist who wants to put France's austerity plans in reverse won the first round of the country's presidential election.
Japan's Nikkei 225 index fell 0.3 percent to 9,533.48, as a ...
Paper: UBS head calls tax flap 'economic war'
2012-04-23 04:40:47 UTC
GENEVA (AP) — The CEO of Swiss banking giant UBS AG has said the nation's tax disputes with the United States and some European nations are "an economic war" putting 20,000 jobs at risk.
Sergio Ermotti, appointed CEO in November in the wake of a trading scandal, is quoted by Zurich weekly news...
Hollande victory could roil US markets this week
2012-04-22 21:58:17 UTC
WASHINGTON (AP) — A strong showing by Socialist candidate Francois Hollande in the first round of France's presidential election Sunday may rattle U.S. and global financial markets in the coming weeks.
Hollande wants to renegotiate a European treaty, agreed to just last year, intended to limit...
Geithner urges creativity in Europe's debt crisis
2012-04-21 15:39:55 UTC
WASHINGTON (AP) — Treasury Secretary Timothy Geithner (GYT'-nur) says Europe needs to be creative in fighting its debt crisis.
Geithner says Europe's success will depend on the ability of its governments and central bank to creatively and aggressively support countries that are pursuing the ne...
After 4-month surge, gas prices start falling
2012-04-21 06:21:56 UTC
NEW YORK (AP) — The worst appears to be over. Gasoline prices are going down.
After a four-month surge pushed gasoline to nearly $4 per gallon in early April, drivers, politicians and economists worried that prices might soar past all-time highs, denting wallets, angering voters and dragging d...
IMF moves to calm market fears over European debt
2012-04-21 20:55:10 UTC
WASHINGTON (AP) — An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe's prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jit...
EU parliament slams Argentina's YPF seizure
2012-04-20 18:29:53 UTC
BRUSSELS (AP) — The European Union parliament on Friday condemned Argentina's move to seize control of the YPF division of Spanish oil and gas company Repsol and demanded that the EU take action against Buenos Aires at the World Trade Organization.
The parliament also called on the EU to look ...
Nokia posts $1.2 billion loss as sales plummet
2012-04-20 06:05:33 UTC
HELSINKI (AP) — Struggling cellphone maker Nokia has suffered one of its worst quarterly results ever, blaming tough competition for a huge €929 million ($1.2 billion) net loss as sales plunged, especially in the smartphone market.
The first-quarter loss compared with a net profit of €344 mill...
Travelers smashes estimates, insurance rates rising
2012-04-19 18:09:54 UTC
(Reuters) - Property insurer Travelers Cos Inc <TRV.N> blew past Wall Street earnings estimates for the first quarter and raised its dividend 12 percent as natural disaster losses declined and insurance rates continued to rise after years of weakness.
The company's shares rose 4.8 percent to $...