ECB holds off to force politicians' hand in crisis
2012-06-05 18:55:55 UTC
FRANKFURT, Germany (AP) — The European Central Bank has a powerful weapon that just might push political leaders into solving the continent's financial crisis once and for all: withholding further help.
The ECB isn't likely to take any new step...
Spain offers dour prediction, but US stocks rise
2012-06-05 18:35:57 UTC
NEW YORK (AP) — As U.S. stocks struggled for direction, world finance leaders struggled for a way out of Europe's mounting debt crisis.
Major market indexes ricocheted between slight gains and losses in morning trading, then settled into modest...
US factory orders fell 0.6 percent in April
2012-06-04 16:43:36 UTC
WASHINGTON (AP) — Companies placed fewer orders to U.S. factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the economy is weakening.
The Commerce Department said Monday ...
Worries about slowing global economy pressures oil
2012-06-04 16:37:28 UTC
The price of oil moved very little Monday, coming off a week where questions about a global economic slowdown sparked an 8 percent decline.
New signs of weakness in the U.S. economy emerged following Friday's disappointing jobs report. Meanwhil...
Chinese developer unveils replica Austrian village
2012-06-03 06:40:28 UTC
HUIZHOU, China (AP) — A group of Austrians whose scenic mountain village has been copied down to the statues by a Chinese developer attended Saturday's opening in China for the high-end residential project but were still miffed about how the compa...
Clinton urges cooperation in resource-rich Arctic
2012-06-03 06:34:16 UTC
TROMSO, Norway (AP) — U.S. Secretary of State Hillary Rodham Clinton on Saturday ventured north of the Arctic Circle and urged international cooperation in a region that could become a new battleground for natural resources.
On her trip to the ...
Q&A: Hard times for Obama from economic recovery
2012-06-02 18:25:15 UTC
WASHINGTON (AP) — Nothing upsets a president's re-election groove like ugly economic numbers.
A spring slowdown in hiring and a rise in the unemployment rate are weighing on President Barack Obama, while enhancing Republican challenger Mitt Rom...
Oil falls on fresh signs of global slowdown
2012-06-01 19:25:43 UTC
Oil prices plunged as bleak reports on U.S. job growth and manufacturing heightened worries about a slowing global economy.
Benchmark oil fell $3.49 to $83.04 per barrel Friday in New York after earlier dropping to $82.56 per barrel. The 3.7 pe...
For US employers, 'hiring is a function of demand'
2012-06-01 17:42:40 UTC
WASHINGTON (AP) — The U.S. economy suddenly looks a lot weaker.
Only 69,000 jobs were added in May, the fewest in a year, and the unemployment rate rose from 8.1 percent to 8.2 percent.
The dismal jobs data will heighten fears that the econo...
US economy appears weaker ahead of jobs report
2012-05-31 21:36:17 UTC
WASHINGTON (AP) — The U.S. economy is looking slightly weaker one day before a critical report on May job growth.
Economic growth was a little slower in the first three months of the year than first estimated, largely because governments and co...
Will shoppers' increased spending in May last?
2012-05-31 21:27:54 UTC
NEW YORK (AP) — Americans loosened their purse strings in May, but it may have been a temporary splurge.
Some major retailers such as Target and Macy's on Thursday posted sales increases that beat Wall Street estimates as shoppers were lured in...
Sell in May and go away: Stocks close dismal month
2012-05-31 21:13:53 UTC
NEW YORK (AP) — They sold in May and went away, all right.
With a disappointing finish on Thursday, the stock market closed what was by some measures its worst month in two years. Over five dismal weeks, Facebook fizzled, a debt crisis in Europ...
Euro setup is unsustainable, ECB chief warns
2012-05-31 21:03:56 UTC
FRANKFURT, Germany (AP) — The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the...
Computer virus briefly hits Iran's oil industry
2012-05-30 17:46:44 UTC
TEHRAN, Iran (AP) — Iran's key oil industry was briefly affected by the powerful computer virus known as "Flame" that has unprecedented data-snatching capabilities and can eavesdrop on computer users, a senior Iranian military official said Wednes...
Oil headed for biggest drop since 2008
2012-05-30 17:34:57 UTC
NEW YORK (AP) — The price of oil is headed for its biggest monthly decline since December 2008.
Benchmark U.S. crude has dropped nearly 16 percent so far in May on growing expectations that world won't use as much as previously thought this yea...
Facebook stock climbs, still down from IPO
2012-05-30 17:28:37 UTC
NEW YORK (AP) — Facebook's stock is getting some relief, inching higher following a steep decline in the wake of its initial public offering.
Shares of Facebook Inc. are up 43 cents to $29.27 in morning trading on Wednesday. That's still down a...
EU calls for 'banking union' to ease crisis
2012-05-30 17:20:43 UTC
BRUSSELS (AP) — The European Union's executive office on Wednesday said the 17-country eurozone needs a "banking union" that can centrally oversee and — if needed — bail out the sector, which has become a weak link in the continent's financial sys...
Stocks plummet as outlook in Europe dims
2012-05-30 17:12:02 UTC
Traders fearful of a rupture in Europe's financial system retreated Wednesday from risky investments. They punished stocks and fled to the safety of U.S. bonds, pushing the yield on the benchmark 10-year Treasury note to a record low.
Obama signs Ex-Im Bank bill into law
2012-05-30 17:08:10 UTC
WASHINGTON (AP) — President Barack Obama has signed legislation that renews the charter of the Export-Import Bank for three years and increases the bank?s lending cap to $140 billion from the current $100 billion. The bank is the government?s vehi...
Consumer confidence in the economy plunged in May
2012-05-29 18:17:01 UTC
NEW YORK (AP) — Here we go again.
Americans confidence in the economy suffered the biggest drop in eight months as worries about the weak jobs, housing and stock markets rattled them again. The decline comes after a few months of optimism amid ...
Bank of America, Barclays sell Archstone stake
2012-05-25 21:49:08 UTC
NEW YORK (AP) — Bank of America Corp. and Barclays Bank PLC are selling their stake in the apartment building owner Archstone to Lehman Brothers Holdings Inc.'s bankruptcy estate for $1.58 billion.
The transaction disclosed Friday for the banks...
Oil holds near 2012 low
2012-05-25 21:45:32 UTC
NEW YORK (AP) — The price of oil held near the lowest levels of the year on a quiet Friday ahead of the holiday weekend.
Benchmark U.S. crude on Friday added 20 cents to finish the week at $90.86 per barrel in New York while Brent crude rose by...
Stocks fall on Wall Street as Spanish bank teeters
2012-05-25 21:39:29 UTC
NEW YORK (AP) — Another flare-up in Europe's debt crisis knocked U.S. markets lower Friday. This time, it was more trouble at a major Spanish bank.
Stock indexes were waffling between small gains and losses until news broke in the afternoon tha...
Apple CEO Cook gives up $75M in stock dividends
2012-05-25 21:35:13 UTC
NEW YORK (AP) — Apple CEO Tim Cook is giving up $75 million in dividends on restricted stock that the company is awarding to all of its employees.
In a filing with the Securities and Exchange Commission on Thursday, Apple Inc. said that Cook re...
Typical CEO made $9.6M last year, AP study finds
2012-05-25 21:27:11 UTC
NEW YORK (AP) — Profits at big U.S. companies broke records last year, and so did pay for CEOs.
The head of a typical public company made $9.6 million in 2011, according to an analysis by The Associated Press using data from Equilar, an executi...