Failure of bank in Illinois brings '12 total to 40
2012-08-04 14:06:21 UTC
WASHINGTON (AP) — Regulators have closed a small bank in Illinois, bringing to 40 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday seized Waukegan Savings Bank, based in Waukegan, Ill.
The bank had about $88.9 million in assets and $77.5 million in d...
Economy generates 163K jobs in sign of resilience
2012-08-04 14:25:33 UTC
WASHINGTON (AP) — The U.S. economy generated jobs last month at the fastest pace since February, a sign it is resilient enough to pull out of a midyear slump and grow modestly even as the rest of the world slows down.
The 163,000 jobs employers added in July ended three months of weak hiring. ...
Gov't report: Tax cheats getting paid by Medicaid
2012-08-02 08:46:51 UTC
WASHINGTON (AP) — Thousands of Medicaid health care service providers still got paid by the government even though they owed hundreds of millions of dollars in federal taxes, congressional investigators say. A legal technicality is making it harder for the IRS to collect.
In a report being rel...
Markets look for more detail from Draghi
2012-08-02 08:41:11 UTC
FRANKFURT, Germany (AP) — The head of the European Central Bank has vowed to "do whatever it takes" to save the euro. Markets want to hear more about what exactly Mario Draghi meant by that.
It's not clear how much Draghi will be able to add to his remarks last week during his news conference ...
Summer hiring drops Spain jobless in July
2012-08-02 08:26:44 UTC
MADRID (AP) — The number of people registered as unemployed in Spain fell by 27,814 in July as more people found work in summer tourism.
The Labor Ministry says the total number of people registered as jobless is now 4.58 million. It was the fourth straight monthly decline.
Spain is in its ...
Fed could be moving to more bond buying
2012-07-31 20:15:28 UTC
WASHINGTON (AP) — The Federal Reserve appears to be moving toward announcing some new step to try to energize the troubled U.S. economy. The question is whether it will do so after its policy meeting this week.
Probably not, many economists say.
The U.S. economy grew at an annual rate of ju...
Senate panel OKs $604 billion defense bill
2012-07-31 19:03:27 UTC
WASHINGTON (AP) — A Senate panel has approved a $604 billion defense spending bill that reverses proposed Pentagon cuts in Air Force personnel and equipment.
The Appropriations defense subcommittee approved the bill by voice vote Tuesday. The measure would provide $511 billion for the base bud...
Eurogroup chair sees decisions soon in debt crisis
2012-07-30 05:27:07 UTC
BERLIN (AP) — The German and Italian leaders issued a new pledge to protect the eurozone, while the influential eurogroup chairman was quoted Sunday as saying that officials have no time to lose and will decide in the coming days what measures to take.
The weekend comments capped a string of a...
Spain under more financial pressure
2012-07-25 08:01:30 UTC
MADRID (AP) — The financial pressure on Spain shows no signs of abating as investors demanded more to buy the country's bonds.
The yield, or interest rate, on Spain's benchmark ten-year bond has spiked 0.11 percentage point to 7.65 percent in the first hour of trading Wednesday.
Spain is ba...
Senate ready for symbolic showdown on tax cuts
2012-07-25 07:34:54 UTC
WASHINGTON (AP) — The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff.
Senators planned to vote Wednesday on a $25...
Europe shaken by fear Spain will need full bailout
2012-07-23 17:17:33 UTC
FRANKFURT, Germany (AP) — Europe is on the brink again. The crisis over too much debt in the 17 countries that use the euro flared dangerously on Monday.
Fears that Spain was next in line for a full-blown government bailout intensified following a weekend of bad news about the country's econom...
UK hacking scandal spreads, 100-plus new claims
2012-07-23 11:24:34 UTC
LONDON (AP) — The police investigation spawned by last year's phone hacking scandal has spread to new U.K. tabloids, with detectives now seeking information from the Trinity Mirror PLC newspaper group as well as Britain's Express Newspapers, a senior Scotland Yard official said Monday.
ECB's Draghi: euro not in danger
2012-07-21 20:57:00 UTC
BERLIN (AP) — The head of the European Central Bank said the euro is "absolutely not" in danger as the continent's financial crisis simmers, and insisted in an interview published Saturday that the multi-nation currency is "irrevocable."
Worries about the 17-nation eurozone's future health hav...
Spain awaits bailout approval as bond rates rise
2012-07-20 12:20:49 UTC
MADRID (AP) — Finance ministers from the 17 euro countries are expected to approve a bailout for Spanish banks on Friday, as the country's borrowing rates in bond markets kept rising to unsustainable levels — a sign investors worry the government itself may need rescuing.
The document the mini...
US economic data add to signs of slowing recovery
2012-07-19 21:20:37 UTC
WASHINGTON (AP) — A raft of economic news Thursday sketched a picture of a weakening U.S. economy held back by sluggish home buying and factory production.
Americans bought fewer homes in June than in May. Manufacturing in the Federal Reserve's Philadelphia region contracted for a third straig...
Merkel holds off calling for quick bailout ruling
2012-07-16 04:53:10 UTC
BERLIN (AP) — German Chancellor Angela Merkel has refrained from pressing the country's top court to rule swiftly on Europe's bailout pact.
Finance Minister Wolfgang Schaeuble last week urged Germany's Federal Constitutional Court not to delay a new permanent European bailout fund and budget d...
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...
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...
German exports up in May
2012-07-09 11:35:05 UTC
BERLIN (AP) — Germany's Federal Statistical Office says the country's exports rose in May despite difficulties in the 17-nation eurozone, but the trade balance narrowed as imports increased by an even greater amount.
Exports in May rose by a seasonally adjusted 3.9 percent while imports rose b...
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...
Diamond in the rough; Banker Bob falls on sword
2012-07-03 18:52:58 UTC
LONDON (AP) — He was a poster boy for corporate arrogance, telling Parliament last year that the time for bankers to apologize had passed.
Now Bob Diamond is just the latest victim of growing public anger at a British establishment they regard as greedy and ethically challenged. Bankers, polit...
ECB to trim interest rates, but no more
2012-07-03 18:34:38 UTC
FRANKFURT, Germany (AP) — Europe's sinking economy and wobbly banks could get modest help Thursday from an interest rate cut by the European Central Bank.
Economists think the ECB will cut its benchmark refinancing rate by at least a quarter point to 0.75 percent, a record low. On Tuesday, the...
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...
Spain erupts in joy after historic Euro 2012 win
2012-07-02 05:59:54 UTC
MADRID (AP) — Spaniards blasted off fireworks and jumped for joy after their soccer team won the European Championship on Sunday night, giving temporary relief from the crushing economic woes that have engulfed the nation.
Tens of thousands gathered in central Madrid to watch their team beat I...
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 ...