Political brinksmanship still threatens US economy
2013-01-02 07:12:41 UTC
WASHINGTON (AP) — Even if U.S. lawmakers avoid the so-called fiscal cliff, higher taxes and brinksmanship in Washington are likely to continue damaging the fragile economy well into 2013.
In the early hours of the new year, the Senate passed emergency legislation to prevent deep spending cuts ...
US may skirt 'fiscal cliff' but faces higher taxes
2013-01-01 20:01:18 UTC
WASHINGTON (AP) — A last-ditch tax deal in the Senate might let the U.S. economy escape the worst of the so-called fiscal cliff and avoid going back into recession. But even if the House goes along, the tax increases likely coming in 2013 will dent economic growth anyway.
In the early...
Congress tightens belt, trims spy budget for 2013
2013-01-01 11:34:39 UTC
WASHINGTON (AP) — Congress has drastically trimmed the budget for U.S. spies and satellites for 2013, though not quite as deeply as the White House wanted.
In one of the last votes of the year, House lawmakers voted Monday 373-29 in favor of a Senate-passed bill to slightly boost the ...
Obama says fiscal cliff deal close, not done
2013-01-01 01:48:02 UTC
WASHINGTON (AP) — Agonizingly close to a New Year's Eve compromise, the White House and congressional Republicans agreed Monday to block across-the-board tax increases set for midnight, but held up a final deal as they haggled away the final hours of 2012 in a dispute over spending cuts.
German trade group predicts record exports in 2013
2012-12-30 17:00:34 UTC
BERLIN (AP) — Germany's exports are expected to reach record levels this year and grow again in 2013.
An industry group predicts German exports will rise 4 percent to €1.103 trillion ($1.45 trillion) in 2012 from €1.06 trillion the previous year.
The Federation of German Wholesale, Foreig...
German FinMin says worst of euro debt crisis over
2012-12-27 13:15:09 UTC
BERLIN (AP) — Germany's finance minister says the worst of euro area's debt crisis appears to be over after three years of worries over Greece and other members of the group of 17 European Union countries that use the single currency.
Finance Minister Wolfgang Schaeuble was quoted Thursday a...
If cut, fiscal deal will pale against expectations
2012-12-30 20:06:36 UTC
WASHINGTON (AP) — The top Senate negotiators on the effort to prevent the government from going over the "fiscal cliff" offered a pessimistic assessment Sunday barely 24 hours before a deadline to avert tax hikes on virtually every worker.
Senate Republican leader Mitch McConnell said ...
Spain's Santander studying how to absorb Banesto
2012-12-17 09:22:47 UTC
MADRID (AP) — Share trading in Banco Santander, the biggest bank by market value in the 17-country eurozone, has been suspended after it revealed that it is studying how it can absorb its affiliate Banesto.
Banco Santander S.A. owns some 90 percent of Banesto. It acquired the entity, once on...
Right-to-work Nevada a rare bright spot for labor
2012-12-17 09:07:13 UTC
The future of the American labor movement may lie just off the Las Vegas Strip, inside a squat building huddled in the shadow of the Stratosphere casino.
That's the home of the Culinary Workers Local 226, a fast-growing union of hotel and casino employees that has thrived despite being in a ri...
Crop insurance juicy target in 'fiscal cliff' deal
2012-12-16 08:57:55 UTC
WASHINGTON (AP) — Rural lawmakers worry that $9 billion in annual federal crop insurance subsidies are an easy target for spending cuts in a "fiscal cliff" deal so they're shopping around for a late compromise on a farm bill to protect them.
The chairmen of the House and Senate Agricul...
Conservationists team up with ranchers, loggers
2012-12-16 08:42:37 UTC
FRIANT, Calif. (AP) — Two cowboys on horses pushed cattle across an expanse of golden hills overgrown with tall grasses and oak trees, up an unpaved road toward another pasture.
From the Sierra Nevada foothills, the cattle will be sent for processing into beef, prized by consumers looking for ...
Movement seen in 'fiscal cliff' talks
2012-12-17 09:02:52 UTC
WASHINGTON (AP) — The White House and congressional Republicans are a long way from agreeing on a plan to deal with the "fiscal cliff." But it seems like some progress is being made.
House Speaker John Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the t...
German exports edge up in October
2012-12-11 16:17:09 UTC
BERLIN (AP) — Official data show that exports from Germany, Europe's biggest economy, edged higher in October following a substantial drop the previous month.
The Federal Statistical Office said Monday that exports rose 0.3 percent compared with September, following a 2.4 percent drop a month ...
China November trade weak in challenge to economy
2012-12-11 16:17:20 UTC
BEIJING (AP) — China's trade weakened sharply in November, adding to challenges for the world's second-largest economy as a gradual recovery takes shape.
Export growth plunged to 2.9 percent over a year earlier from the previous month's 11.6 percent, customs data showed Monday. Imports were fl...
US consumer borrowing rises to record $2.75T
2012-12-09 21:06:14 UTC
WASHINGTON (AP) — Americans swiped their credit cards more often in October and borrowed more to attend school and buy cars. The increases drove U.S. consumer debt to an all-time high.
The Federal Reserve said Friday that consumers increased their borrowing by $14.2 billion in October fr...
US job gains defy Sandy and fears of fiscal cliff
2012-12-08 10:41:16 UTC
WASHINGTON (AP) — It takes more than a superstorm to derail the U.S. job market.
Employers added 146,000 jobs in November and the unemployment rate dipped to 7.7 percent, a four-year low, the government said Friday.
Though modest, the job growth was encouraging because it defied dis...
Citigroup to cut 11,000 jobs, a familiar story
2012-12-05 19:19:47 UTC
NEW YORK (AP) — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.
The cuts amount to about 4 percent of Citi's workforce. The bulk of them, about 6,200 jobs, will come from Citi's consumer banking unit, which handles everyday functions like bra...
US home prices rise in October by most in 6 years
2012-12-04 20:52:31 UTC
WASHINGTON (AP) — A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.
Core Logic also said Tuesday that prices declined 0.2 percent in October from...
White House to GOP: It's your move
2012-12-03 11:49:34 UTC
WASHINGTON (AP) — The White House says Republicans should come clean about how much they're willing to raise tax rates on the rich. Republicans counter that President Barack Obama's latest plan is a joke that avoids tough decisions on the nation's biggest entitlement programs, including Medicare....
Moody's downgrade eurozone bailout fund
2012-12-01 13:46:58 UTC
BERLIN (AP) — Rating agency Moody's has stripped the eurozone's new €500 billion ($615 billion) bailout fund of its top credit rating.
Moody's announced Friday to downgrade the European Stability Mechanism's long-term debt rating from AAA to Aa1, maintaining a negative outlook.
Strike slows activity at busy Calif. port complex
2012-12-01 13:44:11 UTC
LOS ANGELES (AP) — A strike dramatically slowed activity at the ports of Los Angeles and Long Beach — the nation's busiest cargo complex — despite renewed efforts to end the walkout.
Seven of eight terminals in Los Angeles and three of six in Long Beach were closed to cargo container traffic F...
Merkel acknowledges Germans' frustration on Greece
2012-12-01 13:40:10 UTC
BERLIN (AP) — Germany's chancellor says she understands the frustration felt by many Germans over the repeated bailout programs for Greece.
But Angela Merkel also insists that helping debt-ridden Greece is in her country's self-interest because it helps stabilize the 17-nation eurozone on wh...
Pressuring GOP, Obama takes his fiscal plan to Pa.
2012-11-30 09:17:11 UTC
WASHINGTON (AP) — President Barack Obama is taking his case for avoiding a potentially unsettling "fiscal cliff" to the Philadelphia suburbs, employing campaign-style tactics in hopes of mobilizing public support. The trip comes amid signs of impatience in the negotiations between Republican lead...
OECD: Global recovery is weakening _ again
2012-11-27 10:57:57 UTC
PARIS (AP) — A new forecast says the world's economic recovery will be "hesitant and uneven" next year, with Europe's debt troubles dragging down growth in more vibrant economies.
The Organization for Economic Cooperation and Development says in a report Tuesday that the 17-country eurozone ...
Greek bankruptcy averted _ for now
2012-11-27 10:02:12 UTC
ATHENS, Greece (AP) — Greece will not be defaulting on its debts anytime soon after the cash-strapped country finally struck a deal with its international creditors.
After weeks of negotiations, Greece's euro partners and the International Monetary Fund agreed to release a vital loan payment...