EU's van Rompuy: Greece to keep euro, must reform
2012-09-07 20:14:47 UTC
ATHENS, Greece (AP) — The EU Council President on Friday urged Greece to press ahead with promised economic reforms and improve tax efficiency, insisting that compliance will allow the debt-crippled country to stay in the euro.
Herman van Rompuy's comments in Athens came as austerity monitors ...
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, ac...
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 bo...
All eyes on Draghi's bond rescue plan for Europe
2012-09-05 17:57:05 UTC
FRANKFURT, Germany (AP) — European Central Bank President Mario Draghi gets another chance Thursday to spell out how the bank intends to rescue the 17 countries that use the euro from financial disaster.
Expectations have been high since late July when the ECB head vowed to do "whatever it tak...
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 mark...
Eurozone jobless rate stuck at record high in July
2012-08-31 09:28:11 UTC
BRUSSELS (AP) — Official figures show that the unemployment rate across the 17 countries that use the euro remained at a record high of 11.3 percent in July, the same as in June but up 1.2 points from a year earlier.
The data published Friday by the European Union's statistical agency, Eurosta...
Barclays appoints retail head as new CEO
2012-08-30 12:30:27 UTC
LONDON (AP) — Barclays PLC on Thursday named the head of its retail and business banking operations as its new chief executive, as shares in the crisis-hit group dropped following news of a new investigation into the bank's deals.
The bank announced that Antony Jenkins, 51, would fill the po...
Oil falls as US Gulf Coast storm heads inland
2012-08-30 05:25:41 UTC
BANGKOK (AP) — Oil prices fell Thursday after a powerful storm that had shut down refineries along the U.S. Gulf Coast started to ease as it moved inland.
Benchmark oil for October delivery was down 47 cents at midday Bangkok time to $95.02 per barrel in electronic trading on the New York Merc...
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 g...
Circumcision pluses outweigh risks: Pediatricians
2012-08-27 06:30:31 UTC
CHICAGO (AP) — The nation's most influential pediatricians group says the health benefits of circumcision in newborn boys outweigh any risks and insurance companies should pay for it.
In its latest policy statement on circumcision, a procedure that has been declining nationwide, the American A...
Swiss bank employee arrested in data theft case
2012-08-27 06:17:58 UTC
BERLIN (AP) — Swiss private bank Julius Baer says a Zurich-based employee has been arrested on suspicion of stealing confidential client information that was later passed to German tax investigators.
Bank spokesman Jan Vonder Muehll confirmed a report Sunday by Swiss weekly SonntagsZeitung...
AP Exclusive: Romney uses secretive data-mining
2012-08-24 15:09:39 UTC
WASHINGTON (AP) — Mitt Romney's success in raising hundreds of millions of dollars in the costliest presidential race ever can be traced in part to a secretive data-mining project that sifts through Americans' personal information — including their purchasing history and church attendance — to id...
Fed's discussion hints it may take new action soon
2012-08-23 02:32:14 UTC
WASHINGTON (AP) — Federal Reserve officials signaled Wednesday that they may be ready to launch a new bond buying program when they next meet in September.
The goal would be to try to lower long-term interest rates to encourage more borrowing and spending.
Minutes of the July 31-Aug. 1 po...
Samaras: Greece needs 'air to breathe'
2012-08-22 06:48:39 UTC
BERLIN (AP) — Greece's prime minister is insisting ahead of a visit to Germany that Athens doesn't want more money from creditors, but is indicating it would like more time to enact reforms and spending cuts.
Antonis Samaras pledged before coming to power to seek a two-year extension to the de...
Europe's leaders face post-holiday blues
2012-08-21 13:06:01 UTC
After their holidays spent soaking up the August sun, Europe's political leaders are bracing themselves for storm clouds this fall.
The latest economic figures show that Europe is edging closer to recession, dragged down by the crippling debt problems of the 17 countries that use the euro.
ECB official: Greece should remain in euro
2012-08-20 09:17:43 UTC
BERLIN (AP) — A top European Central Bank official says Greece should remain in the eurozone — arguing that, though an exit would be manageable, it would be very costly and push up unemployment in Europe.
The comments by ECB executive board member Joerg Asmussen came ahead of Monday talks in B...
Report: Merkel ally rejects concessions to Greece
2012-08-19 14:41:20 UTC
BERLIN (AP) — A senior ally of Chancellor Angela Merkel insisted that there is no room for concessions to Greece on fulfilling the conditions of its aid program and said in an interview published Sunday that he sees little chance of Germany's governing coalition supporting a third rescue package....
Europe on the edge of recession
2012-08-15 06:51:19 UTC
LONDON (AP) — Europe is edging closer to recession, dragged down by the crippling debt problems of the 17 countries that use the euro, official figures showed Tuesday.
Eurostat, Europe's statistics agency, revealed that the economies of both the eurozone and the European Union, which has 27 co...
Japan's economy slows as consumer spending flags
2012-08-13 13:48:35 UTC
TOKYO (AP) — Japan's economy grew at a slower-than-expected annualized rate of 1.4 percent in April-June, adding to worries over the global outlook, as consumer spending flagged following a rebound from last year's earthquake and tsunami disasters.
The protracted crisis in Europe took a heavy ...
How long can Spain take the financial heat?
2012-08-10 11:47:25 UTC
Imagine the interest rate on your mortgage going up and up until you can barely meet the monthly installments. How long do you hold on, scrimping and saving, before you throw in the towel?
That is the dilemma facing Spain, whose Prime Minister Mariano Rajoy is fighting to prevent his country b...
Increasing stereotypes threaten European unity
2012-08-08 23:14:05 UTC
BRUSSELS (AP) — Maybe the problem is those southerners lolling in the Mediterranean sun who overspent and tax-dodged their way to ruin. Or maybe it's the northerners, rigid beyond reason, so gloomy in their own lives that they're determined to see the southerners suffer.
Such, at least, are th...
Bank scandals tarnish London's reputation
2012-08-07 22:27:26 UTC
LONDON (AP) — It's been a tense summer in the City of London as one bank after another has faced allegations of massive misbehavior.
Bankers in the British capital, which has for centuries been a center for global business, fear its reputation has been tarnished indelibly and that a heavy-hand...
Draghi wins 1 vs. Bundesbank; but it's not over
2012-08-05 16:46:55 UTC
FRANKFURT, Germany (AP) — When he announced the European Central Bank's latest plans to drive down borrowing costs crippling Spain and Italy, ECB President Mario Draghi showed he was willing to overrule one of the most influential members of the bank's governing council — Germany's Bundesbank.
Italy bank chief: No need now for rescue aid
2012-08-05 16:42:13 UTC
ROME (AP) — Italy's central bank chief says there's no need "at the moment" to request help from European funds to fight soaring borrowing costs.
Ignazio Visco says whether Italy needs to do so in the future depends on whether markets are convinced the country has turned the tide in its financ...
Monti warns euro crisis threatens EU as a whole
2012-08-05 16:36:53 UTC
BERLIN (AP) — Italy's prime minister has warned that the eurozone's sprawling debt crisis has created resentment amid the bloc's nations, which could ultimately trigger a breakup of the wider European Union.
Mario Monti told German news magazine Der Spiegel in an interview published Sunday tha...