Oil price drops to lowest point of 2012
2012-05-07 17:51:03 UTC
NEW YORK (AP) — The price of oil dropped Monday to its lowest level of the year after elections in Europe created uncertainty over the region's plan for recovery.
In afternoon trading, benchmark U.S. crude lost $1.10 to $97.39 per barrel in New York. It fell as low as $95.34 per barrel earlier in the day, 10 cents below the previous...
April retail sales worst since 2009
2012-05-03 18:22:23 UTC
NEW YORK (AP) — Americans' spending — much like the economy — continues to yo-yo.
Major retailers such as Costco and Macy's reported on Thursday that April revenue rose less that 1 percent in the worst performance since 2009 when the U.S. economy was just coming out of a bad recession.
The disappointing results follow two consecu...
Oil price falls on concerns about global economy
2012-05-02 19:48:54 UTC
NEW YORK (AP) — Oil prices fell Wednesday on concerns of a weakening European economy and disappointing job growth in the U.S.
Benchmark West Texas Intermediate crude gave up 86 cents to $105.30 per barrel in New York. Brent crude, which helps set the price of oil imported into the U.S., lost $1.35 to $118.31 per barrel in London.
Detroit unions weigh strike option as layoffs loom
2012-05-02 18:16:55 UTC
DETROIT (AP) — Unions angry that Detroit is trying to mend its financially-battered books by laying off hundreds of workers and imposing steep contract concessions on those who remain are considering an illegal strike.
Several Detroit municipal union leaders said striking is one of several options that have been discussed at union s...
Oil near $102 on Egypt protests, US demand outlook
2013-07-03 07:09:49 UTC
BANGKOK (AP) — The price of oil neared $102 a barrel Wednesday for the first time since May last year as Egypt's political crisis intensified, raising the risk of fuel supply disruptions.
Benchmark crude for August delivery was up $2.07 to $101.65 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Excha...
Energy Transfer Partners to buy Sunoco for $5.3B
2012-04-30 20:29:35 UTC
NEW YORK (AP) — Energy Transfer Partners is buying Sunoco in a $5.3 billion deal that creates one of the more diverse pipeline companies in the country.
The acquisition includes nearly 8,000 miles of pipeline, as well as 4,900 gas stations in 24 Eastern states. Those stations will keep the iconic Sunoco brand name and its diamond-an...
Barnes & Noble and the e-reader competition
2012-04-30 20:15:07 UTC
Barnes & Noble Inc. makes a variety of Nooks with black-and-white screens, dedicated to reading, and the Nook Color and Nook Tablet, which add color screens, third-party applications and Internet browsing to the mix.
Here's how its sales stacked up against competitors in both the tablet and e-reader market in the October to December...
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 government and Murdoch's News Corp. are under scr...
Spain crisis deepens with jobless rise, downgrade
2012-04-27 16:13:33 UTC
MADRID (AP) — The hole in Spain's economy is getting deeper.
The government reported Friday that unemployment rose to 24.4 percent in the first quarter — compared with 22.9 percent in the fourth quarter — and that more than half of Spaniards under 25 are now without jobs. The bleak employment report came one day after ratings agency...
Natural gas prices rise; oil declines slightly
2012-04-27 15:59:12 UTC
Natural gas is rising as cooler weather and production cuts are raising expectations that demand may improve.
Natural gas rose 2.1 cents to $2.147 per 1,000 cubic feet Friday in early trading. Last week the price dropped to the lowest level in more than a decade.
The price plunged this year as a natural gas production boom create...
Exxon Mobil 1Q profit drops 11 percent
2012-04-26 20:50:29 UTC
NEW YORK (AP) — Exxon Mobil struggled just about everywhere in the first quarter.
It produced less oil and natural gas. Profits dropped at its chemical plants and U.S. refineries. And its overall net income fell 11 percent, the first decline in quarterly earnings since late 2009.
America's largest energy company earned $9.45 bill...
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, Jeep Grand Cherokee SUVs and Chrysler 200 ...
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 apologized. He said he had failed. He noted ...
Senate Dems ready bill freezing student loan costs
2012-04-25 18:08:08 UTC
WASHINGTON (AP) — President Barack Obama is playing politics with his push to prevent interest rates on federal student loans from increasing in an election-year effort to embarrass Republicans, the Senate's GOP leader said Wednesday.
Senate Minority Leader Mitch McConnell, R-Ky., aimed his remarks at Obama as the president spent a ...
Delta, US Airways see strong travel demand
2012-04-25 17:46:03 UTC
MINNEAPOLIS (AP) — Rising fares haven't kept passengers away, judging by financial results at Delta Air Lines and US Airways.
Both airlines reported quarterly profits on Wednesday. They each said travel demand appears to be holding up, suggesting that planes will be full and fares will be higher for the busy summer travel season.
Apple's blowout quarter propels Nasdaq to big gain
2012-04-25 17:33:59 UTC
NEW YORK (AP) — The Nasdaq composite index shot 2 percent higher Wednesday, powered by a surge in Apple. The iPhone maker's stock climbed more than $50 after the company once again blew past Wall Street's profit forecasts.
The technology-focused Nasdaq was headed for one of its best days this year.
Apple, by far the biggest compo...
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 slightly but that unemployment remains elevat...
Oil little changed, investors weigh global economy
2013-01-18 20:16:30 UTC
NEW YORK (AP) — The price of oil remained at a four-month high Friday after new data showed China's economy rebounded and a global demand forecast rose.
Benchmark oil for February delivery rose 7 cents to finish at $95.56 per barrel on the New York Mercantile Exchange, the highest since Sept. 17, when crude was above $96 a barre...
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 newspaper SonntagsZeitung as saying Switzerl...
Bee Gee Robin Gibb wakes from coma
2012-04-22 22:39:54 UTC
LONDON (AP) — Robin Gibb's spokesman says the Bee Gees star has woken from a coma and is showing signs of recovery.
The 62-year-old singer fell into a coma last week after contracting pneumonia.
Doug Wright on Saturday said that Gibb had been able to nod and communicate with his family members, who have surrounded his bedside for...
A divided Congress confronts a rising cyberthreat
2012-04-21 21:13:20 UTC
WASHINGTON (AP) — The mysterious caller claimed to be from Microsoft and offered step-by-step instructions to repair damage from a software virus. The electric power companies weren't falling for it.
The caller, who was never traced or identified, helpfully instructed the companies to enable specific features in their computers that...
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 jittery markets and raising the economic da...
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 at the "possible partial suspension of t...
Internet advertising climbs to $31 billion in 2011
2012-04-18 17:04:36 UTC
(Reuters) - Internet advertising revenue in the United States jumped 22 percent to $31 billion in 2011 setting a record high.
The bulk of last year's spend went to search and display advertising, according to a report from the Interactive Advertising Bureau and PwC released on Wednesday.
China gives currency more freedom with new reform
2012-04-14 05:24:12 UTC
BEIJING (Reuters) - China took a milestone step in turning the yuan into a global currency on Saturday by doubling the size of its trading band against the dollar, pushing through a crucial reform that further liberalizes its nascent financial markets.
The People's Bank of China said it would allow the yuan to rise or fall 1 percent...